Wheeler Real Estate Investment Trust (WHLR) 10-Q 7 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 07, 2018
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, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		9,453,250

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS:
Investment properties, net	$ 426,972	$ 375,199
Cash and cash equivalents	3,638	3,677
Restricted cash	16,708	8,609
Rents and other tenant receivables, net	4,675	5,619
Notes receivable, net	6,739	6,739
Goodwill	5,486	5,486
Assets held for sale	22,111	9,135
Above market lease intangible, net	7,945	8,778
Deferred costs and other assets, net	32,814	34,432
Total Assets	527,088	457,674
LIABILITIES:
Loans payable, net	354,093	307,375
Liabilities associated with assets held for sale	12,423	792
Below market lease intangible, net	10,948	9,616
Accounts payable, accrued expenses and other liabilities	12,707	10,579
Dividends payable	3,037	5,480
Total Liabilities	393,208	333,842
EQUITY:
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,401,936 and 8,744,189 shares issued and outstanding, respectively)	94	87
Additional paid-in capital	233,001	226,978
Accumulated deficit	(218,498)	(204,925)
Total Shareholders’ Equity	56,028	63,508
Noncontrolling interests	3,014	7,088
Total Equity	59,042	70,596
Total Liabilities and Equity	527,088	457,674
Series D Preferred Stock
LIABILITIES:
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,600,636 and 2,237,000 shares issued and outstanding; $90.02 million and $55.93 million aggregate liquidation preference, respectively)	74,838	53,236
Series A Preferred Stock
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding), Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,748 and 1,875,848 shares issued and outstanding, respectively; $46.90 million aggregate liquidation preference)	453	453
Series B Preferred Stock
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding), Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,748 and 1,875,848 shares issued and outstanding, respectively; $46.90 million aggregate liquidation preference)	$ 40,978	$ 40,915

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
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)	9,401,936	8,744,189
Common stock, shares outstanding (in shares)	9,401,936	8,744,189
Series D Preferred Stock
Preferred stock, no par value (in dollars per share)
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	3,600,636	2,237,000
Preferred stock, shares outstanding (in shares)	3,600,636	2,237,000
Preferred stock, aggregate liquidation preference	$ 90,020,000	$ 55,930,000
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
Preferred stock, aggregate liquidation preference	$ 562,000	$ 562,000
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)	1,875,748	1,875,848
Preferred stock, shares outstanding (in shares)	1,875,748	1,875,848
Preferred stock, aggregate liquidation preference	$ 46,900,000	$ 46,900,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUE:
Rental revenues	$ 12,755	$ 11,109	$ 38,363	$ 33,265
Asset management fees	48	145	143	807
Total Revenue	16,222	15,198	49,642	44,239
OPERATING EXPENSES:
Property operations	4,687	3,726	13,804	11,467
Non-REIT management and leasing services	23	618	59	1,525
Depreciation and amortization	6,045	7,746	20,943	20,455
Provision for credit losses	149	23	335	443
Corporate general & administrative	1,703	1,306	6,479	4,855
Other operating expenses	250	0	250	0
Total Operating Expenses	12,857	13,419	41,870	38,745
Gain (loss) on disposal of properties	1,257	(1)	2,312	1,021
Operating Income	4,622	1,778	10,084	6,515
Interest income	1	364	3	1,080
Interest expense	(5,183)	(4,250)	(14,940)	(12,997)
Net Loss from Continuing Operations Before Income Taxes	(560)	(2,108)	(4,853)	(5,402)
Income tax expense	(30)	(65)	(72)	(175)
Net Loss from Continuing Operations	(590)	(2,173)	(4,925)	(5,577)
Income from discontinued operations	0	0	0	16
Gain on disposal of properties	0	0	903	1,502
Net Income from Discontinued Operations	0	0	903	1,518
Net Loss	(590)	(2,173)	(4,022)	(4,059)
Less: Net income (loss) attributable to noncontrolling interests	12	(111)	(70)	(165)
Net Loss Attributable to Wheeler REIT	(602)	(2,062)	(3,952)	(3,894)
Preferred stock dividends	(3,208)	(2,496)	(9,621)	(7,473)
Net Loss Attributable to Wheeler REIT Common Shareholders	$ (3,810)	$ (4,558)	$ (13,573)	$ (11,367)
Loss per share from continuing operations (basic and diluted)	$ (0.41)	$ (0.52)	$ (1.58)	$ (1.48)
Income per share from discontinued operations	0	0	0.10	0.16
Loss per share, basic and diluted (in usd per share)	$ (0.41)	$ (0.52)	$ (1.48)	$ (1.32)
Weighted-average number of shares:
Basic and Diluted (in shares)	9,385,666	8,692,543	9,179,366	8,625,523
Commissions
REVENUE:
Non-lease revenues	$ 52	$ 449	$ 102	$ 758
Tenant reimbursements
REVENUE:
Non-lease revenues	3,150	2,711	9,337	8,127
Development and other revenues
REVENUE:
Non-lease revenues	$ 217	$ 784	$ 1,697	$ 1,282

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2018 - 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, shares at Dec. 31, 2017					562	1,875,848	8,744,189			635,018
Beginning balance at Dec. 31, 2017	$ 70,596		$ 63,508		$ 453	$ 40,915	$ 87	$ 226,978	$ (204,925)	$ 7,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount	509	$ 65		$ 65		$ 65
Conversion of Series B Preferred Stock to Common Stock, shares						(100)	62
Conversion of Series B Preferred Stock to Common Stock						$ (2)		2
Conversion of operating partnership units into common stock, shares							339,468			(339,468)
Conversion of operating partnership units to Common Stock			1,298				$ 3	1,295		$ (1,298)
Issuance of common stock under Share Incentive Plan, shares							168,217
Issuance of Common Stock under Share Incentive Plan	894		894				$ 2	892
Issuance of Common Stock for acquisition of JANAF, shares							150,000
Issuance of Common Stock for acquisition of JANAF	1,130		1,130				$ 2	1,128
Adjustment for noncontrolling interest in operating partnership			2,706					2,706		(2,706)
Dividends and distributions	(9,621)		(9,621)						(9,621)
Net Loss	(4,022)		(3,952)						(3,952)	$ (70)
Ending balance, shares at Sep. 30, 2018					562	1,875,748	9,401,936			295,550
Ending balance at Sep. 30, 2018	$ 59,042		$ 56,028		$ 453	$ 40,978	$ 94	$ 233,001	$ (218,498)	$ 3,014

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (4,022)	$ (4,059)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities
Depreciation	9,553	7,958
Amortization	11,390	12,497
Loan cost amortization	1,682	2,509
Above (below) market lease amortization, net	(421)	448
Share-based compensation	727	735
Gain on disposal of properties	(2,312)	(1,021)
Gain on disposal of properties-discontinued operations	(903)	(1,502)
Provision for credit losses	335	443
Changes in assets and liabilities, net of acquisitions
Rent and other tenant receivables, net	919	(612)
Unbilled rent	(1,037)	(955)
Related party receivables	78	(866)
Deferred costs and other assets, net	71	(606)
Accounts payable, accrued expenses and other liabilities	2,487	3,819
Net operating cash flows provided by discontinued operations	(7)	32
Net cash provided by operating activities	18,540	18,820
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions	(23,153)	0
Capital expenditures	(3,841)	(4,262)
Cash received from disposal of properties	3,231	2,416
Cash received from disposal of properties-discontinued operations	2,747	1,871
Net investing cash used in discontinued operations	(5)	0
Net cash (used in) provided by investing activities	(21,021)	25
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs	(1,192)	(646)
Dividends and distributions paid	(11,554)	(15,264)
Proceeds from sales of Preferred Stock, net of expenses	21,158	78
Loan proceeds	28,487	17,170
Loan principal payments	(26,192)	(17,566)
Net financing cash flows used in discontinued operations	(166)	(1,844)
Net cash provided by (used in) financing activities	10,541	(18,072)
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	8,060	773
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	12,286	14,515
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	20,346	15,288
Non-Cash Transactions:
Debt assumed for acquisition	58,867	0
Conversion of common units to common stock	1,298	1,296
Conversion of Series B Preferred Stock to Common Stock	2	0
Conversion of senior convertible debt into common stock	0	31
Issuance of Common Stock for acquisition	1,130	0
Accretion of preferred stock discounts	509	605
Other Cash Transactions:
Cash paid for taxes	39	220
Cash paid for interest	$ 13,084	$ 10,404

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	9 Months Ended
	Sep. 30, 2018
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, 2018 , the Trust, through the Operating Partnership, owned and operated sixty-five centers, one office building and six undeveloped properties 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 then 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, 2017 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. The condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. 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 2017 Annual Report filed on Form 10-K for the year ended December 31, 2017 (the “ 2017 Form 10-K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
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. Estimated undiscounted operating income before depreciation and amortization includes various level 3 fair value assumptions including renewal and renegotiations of current leases, estimates of operating costs and fluctuating market conditions. The renewal and renegotiations of leases in some cases must be approved by additional third parties outside the control of the Company and the tenant. If such renewed or renegotiated leases are approved at amounts below correct estimates, then impairment adjustments may be necessary in the future. 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 no t record any impairment adjustments to its properties during the three and nine months ended September 30, 2018 and 2017 . 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, leasing costs and tenant security deposits. 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, 2018 and December 31, 2017 , the Company’s allowance for uncollectible accounts totaled $959 thousand and $705 thousand , respectively. During the three and nine months ended September 30, 2018 , the Company recorded bad debt expenses in the amount of $149 thousand and $412 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, 2017, the Company recorded bad debt expenses in the amount of $23 thousand and $443 thousand , respectively. During the three and nine months ended September 30, 2018 and 2017 , the Company did not realize any recoveries related to tenant receivables previously written off. Notes Receivable Notes receivable represent financing to Sea Turtle Development as discussed in Note 4 for development of the project. The notes are secured by the underlying real estate known as Sea Turtle Development. The Company evaluates the collectability of both the interest and principal of the notes receivable based primarily upon the projected fair market value of the project at stabilization. The notes receivable are determined to be impaired when, based upon current information, it is no longer probable that the Company will be able to collect all contractual amounts due from the borrower. The amount of impairment loss recognized is measured as the difference between the carrying amount of the loan and its estimated realizable value. Goodwill Goodwill is deemed to have an indefinite economic life and is not subject to amortization. Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. To test for impairment, the Company first assesses qualitative factors, such as current macroeconomic conditions and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company proceeds with the two-step approach to evaluating impairment. First, the Company estimates the fair value of the reporting unit and compares it to the reporting unit’s carrying value. If the carrying value exceeds fair value, the Company proceeds with the second step, which requires us to assign the fair value of the reporting unit to all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied value of goodwill and is used to determine the amount of impairment. The Company would recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value. As of September 30, 2018 and December 31, 2017, no adjustments were made to goodwill. 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, tenant relationship and ground lease sandwich interest 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, 2018 December 31, 2017 (unaudited) Leases in place, net $ 24,032 $ 25,118 Tenant relationships, net 4,328 6,804 Ground lease sandwich interest, net 2,557 — Lease origination costs, net 1,180 1,077 Other 657 810 Deposits — 547 Legal and marketing costs, net 60 76 Total Deferred Costs and Other Assets, net $ 32,814 $ 34,432 Amortization of lease origination costs, leases in place, legal and marketing costs, tenant relationships and ground lease sandwich interest represents a component of depreciation and amortization expense. As of September 30, 2018 and December 31, 2017 , the Company’s intangible accumulated amortization totaled $47.48 million and $41.83 million , respectively. During the three and nine months ended September 30, 2018 , the Company’s intangible amortization expense totaled $2.99 million and $11.39 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. As of September 30, 2018 , the Company's annual amortization for its lease origination costs, leases in place, legal and marketing costs, tenant relationships, and ground lease sandwich interests is as follows (in thousands): Leases In Place, net Tenant Relationships, net Legal & Marketing Costs, net Ground Lease Sandwich Interest, net Lease Origination Costs, net Total For the remaining three months ending December 31, 2018 $ 2,074 $ 564 $ 3 $ 68 $ 63 $ 2,772 For the years ending: December 31, 2019 6,498 1,567 12 274 214 8,565 December 31, 2020 4,615 865 11 274 175 5,940 December 31, 2021 2,855 453 9 274 162 3,753 December 31, 2022 2,181 359 6 274 121 2,941 December 31, 2023 1,696 232 6 274 103 2,311 Thereafter 4,113 288 13 1,119 342 5,875 $ 24,032 $ 4,328 $ 60 $ 2,557 $ 1,180 $ 32,157 Revenue Recognition Adoption of ASC Topic 606, “Revenue from Contracts with Customers” As detailed in “Recent Accounting Pronouncements,” the Company adopted Topic 606, Revenue from Contracts with Customers on January 1, 2018. The cumulative effect of initially applying the standard recognized on this date was immaterial. As a result, the Company has changed its accounting policies for revenue recognized on non-real estate lease contracts. As of adoption, non-lease revenue streams are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. Lease Contract Revenue 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, 2018 and December 31, 2017, there were $2.78 million and $2.34 million , respectively, 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. 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). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the average total square footage of all leasable buildings at the property. The Company also receives escrow payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material for the three and nine months ended September 30, 2018 and 2017. The Company recognizes lease termination fees in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company provides for losses related to unrecovered intangibles and other assets. Termination fees for the nine months ended September 30, 2018 are a result of the lease termination fees on Southeastern Grocers' recaptures and the early termination of the Berkley Shopping Center Farm Fresh. Asset Management Fees Asset management fees are generated from Non-REIT properties. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively for services performed. Revenues are governed by the management fee agreements for the various properties. Obligations under the agreements include and are not limited to: managing of maintenance, janitorial, security, landscaping, vendors, back office (collecting rents, paying bills), etc. Each of the obligations are bundled together to be one service and are satisfied over time. Non-REIT Properties are billed monthly and typically pay monthly for these services. Commissions Commissions are generated from Non-REIT properties. The Non-REIT Properties 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). Revenues are governed by the leasing commission agreements for the various properties. Obligations under the agreements include and are not limited to: monitoring upcoming vacancies, new tenant identification, proposal preparation, lease negotiation, document preparation, etc. Each of the obligations are bundled together to be one service as the overall objective of these services is to maintain the overall occupancy of the property. Revenue is recognized and billed upon lease execution. Development Income Non-REIT properties pay development fees of 5% of hard costs. Revenues are governed by the development agreements for each development. Obligations under the agreements include overseeing the development of the project. The Company’s performance creates or enhances the project that the Non-REIT property controls as such this revenue is recognized over time. The projects are billed monthly and typically pay monthly for these services. The below table disaggregates the Company’s revenue by type of service for the three and nine months ended September 30, 2018 and 2017 (unaudited, in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Minimum rent $ 12,703 $ 11,079 $ 38,186 $ 33,100 Tenant reimbursements 3,150 2,711 9,337 8,127 Lease termination fees (15 ) 470 1,269 491 Percentage rent 51 30 176 165 Asset management fees 48 145 143 807 Commissions 52 449 102 758 Development income — 155 — 454 Other 233 159 429 337 Total $ 16,222 $ 15,198 $ 49,642 $ 44,239 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 $49 thousand and $15 thousand , respectively, for federal and state income taxes as of September 30, 2018 and December 31, 2017. 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 $36 thousand and $194 thousand for the three and nine months ended September 30, 2018 , respectively. The Company incurred advertising and promotion costs of $52 thousand and $195 thousand for the three and nine months ended September 30, 2017, 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" ("CG&A") line item from the condensed consolidated statements of operations is presented below (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Professional fees $ 638 $ 361 $ 2,309 $ 1,499 Compensation and benefits 554 639 2,001 2,009 Corporate administration 299 267 968 858 Capital related costs 110 82 408 468 Acquisition and development costs 82 233 346 832 Taxes and licenses 23 29 227 113 Advertising 36 52 194 195 Travel 50 52 177 196 1,792 1,715 6,630 6,170 Less: Allocation of CG&A to Non-REIT management and leasing services (89 ) (409 ) (151 ) (1,315 ) Total Corporate General & Administrative $ 1,703 $ 1,306 $ 6,479 $ 4,855 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. Other Operating Expense In July 2018, the Company recorded lease termination expense of $250 thousand to allow the space to be available for a high credit grocery store tenant. 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 Company 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 Financial Accounting Standards Board (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)." On January 1, 2018, the Company adopted Topic 606 retrospectively. The cumulative effect of initially applying the standard as of this date to those contracts which were not completed as of January 1, 2018 was immaterial. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. 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 adoption of this standard does not have a material impact on our financial position or results of operations. The Company has increased disclosures around revenue recognition in the notes to condensed consolidated financial statements to comply with the standard. 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)." In July 2018, the FASB issued ASU 2018-10, "Codification Improvements to Topic 842, Leases" and ASU 2018-11 "Leases (Topic 842): Targeted Improvements". ASU 2018-10 provides narrow amendments that clarify how to apply certain aspects of the guidance in ASU 2016-02. ASU 2018-11 provides lessors with a practical expedient in combining lease and non-lease components, if certain criteria are met. 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 and the related ASU amendments on its financial statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Real Estate	Real Estate Investment properties consist of the following (in thousands): September 30, 2018 December 31, 2017 (unaudited) Land and land improvements $ 96,945 $ 91,108 Land held for improvement — 2,305 Buildings and improvements 366,217 312,831 Investment properties at cost 463,162 406,244 Less accumulated depreciation (36,190 ) (31,045 ) Investment properties, net $ 426,972 $ 375,199 The Company’s depreciation expense on investment properties was $3.05 million and $9.55 million for the three and nine months ended September 30, 2018 , respectively. 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. 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 Property Contract Price Gain Net Proceeds (in thousands) January 12, 2018 Chipotle Ground Lease at Conyers Crossing $ 1,270 $ 1,042 $ 1,160 July 19, 2018 Laskin Road Land Parcel (1.5 acres) 2,858 903 2,747 September 27, 2018 Shoppes at Eagle Harbor 5,705 1,270 2,071 $ 9,833 $ 3,215 $ 5,978 The sale of the Chipotle ground lease at Conyers Crossing and Shoppes at Eagle Harbor did 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. JANAF Acquisition On January 18, 2018, the Company acquired JANAF, a retail shopping center located in Norfolk, Virginia, for a purchase price of $85.65 million , paid through a combination of cash, restricted cash, debt assumption and the issuance of 150,000 shares of Common Stock at $7.53 per share. The shopping center, anchored by BJ's Wholesale Club, totals 810,137 square feet and was 94% leased at the acquisition date. The following summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed in conjunction with the acquisition described above in accordance with ASU 2017-01, along with a description of the methods used to determine the purchase price allocation (in thousands, unaudited). In determining the purchase price allocation, the Company considered many factors including, but not limited to, cash flows, market cap rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. Purchase price allocation of assets acquired: Investment property (a) $ 75,123 Lease intangibles and other assets (b) 10,718 Above market leases (d) 2,019 Restricted cash (c) 2,500 Below market leases (d) (4,710 ) Net purchase price allocation of assets acquired: $ 85,650 Purchase consideration: Consideration paid with cash $ 23,153 Consideration paid with restricted cash (c) 2,500 Consideration paid with assumption of debt (e) 58,867 Consideration paid with common stock 1,130 Total consideration (f) $ 85,650 a. Represents the purchase price allocation of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The purchase price allocation was determined using following approaches: i. the market approach valuation methodology for land by considering similar transactions in the markets; ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, “go dark” analyses and residual calculations incorporating the land values; and iii. the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the purchase price allocation of lease intangibles and other assets. Lease intangibles includes in place leases and ground lease sandwich interests associated with replacing existing leases. The income approach was used to determine the allocation of these intangible assets which included estimated market rates and expenses. c. Represents the purchase price allocation of deleveraging reserve (the “Deleveraging Reserve”) released upon the maturity or earlier payment in full of the loan or until the reduction of the principal balance of the loan to $50,000,000 . d. Represents the purchase price allocation of above/below market leases. The income approach was used to determine the allocation of above/below market leases using market rental rates for similar properties. e. Assumption of $53.71 million of debt at a rate of 4.49% , maturing July 2023 with monthly principal and interest payments of $333,159 and assumption of $5.16 million of debt at a rate of 4.95% , maturing January 2026 with monthly principal and interest payments of $29,964 . f. Represents the components of purchase consideration paid. Assets Held for Sale In 2018, the Company’s management and Board of Directors committed to a plan to sell the seven undeveloped land parcels (the “Land Parcels”), along with Monarch Bank Building currently occupied by Chartway Federal Credit Union, Shoppes at Eagle Harbor, Graystone Crossing, Jenks Plaza and Perimeter Square. Accordingly, these properties have been classified as held for sale. The sale of the Land Parcels represents discontinued operations as it is a strategic shift that has a major effect on the Company's financial position or results of operations. Accordingly, the assets and liabilities associated with the Land Parcels have been reclassified for all periods presented. See Note 5, for disclosure of operating results of discontinued operations. As of September 30, 2018 and December 31, 2017, assets held for sale and associated liabilities, excluding discontinued operations, consisted of the following (in thousands): September 30, 2018 December 31, 2017 (unaudited) Investment properties, net $ 13,486 $ — Rents and other tenant receivables, net 611 — Above market lease, net 420 — Deferred costs and other assets, net 307 — Total assets held for sale, excluding discontinued operations $ 14,824 $ — September 30, 2018 December 31, 2017 (unaudited) Loans payable $ 11,276 $ — Below market lease, net 6 — Accounts payable 522 — Total liabilities associated with assets held for sale, excluding discontinued operations $ 11,804 $ — As of September 30, 2018 and December 31, 2017, assets held for sale and associated liabilities for discontinued operations, consisted of the following (in thousands): September 30, 2018 December 31, 2017 (unaudited) Investment properties, net $ 7,287 $ 9,135 Total assets held for sale, discontinued operations $ 7,287 $ 9,135 September 30, 2018 December 31, 2017 (unaudited) Loans payable $ 581 $ 747 Accounts payable 38 45 Total liabilities associated with assets held for sale, discontinued operations $ 619 $ 792

Notes Receivable

Notes Receivable	9 Months Ended
	Sep. 30, 2018
Notes Receivable [Abstract]
Notes Receivable	Notes Receivable On September 29, 2016, the Company entered into an $11.00 million note receivable for the partial funding of the Sea Turtle Development and a $1.00 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. As of December 31, 2017, the Company recognized a $5.26 million impairment charge on the notes receivable reducing the carrying value to $6.74 million as of September 30, 2018 and December 31, 2017. The Company placed the notes receivable on nonaccrual status and has not recognized $363 thousand and $1.08 million of interest income due on the notes for the three months and nine months ended September 30, 2018, respectively. As of September 30, 2018, the Company believes the estimated fair market value of the development upon stabilization at a future date will provide for the cash required to repay the $6.74 million carrying value of the notes receivable due the Company in the event of a sale. The Company’s estimated fair value of the project is based upon cash flow models that include development costs to date, anticipated cost to complete, executed leases, and financing available to complete and stabilize the project. Capitalization rates utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for the respective project. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 3 inputs. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. If the holder of the 1st deed of trust proceeds to foreclosure, this may have an adverse effect on assumptions used in the Company's fair value analysis leading to further impairment.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations The net income from discontinued operations for the three and nine months ended September 30, 2018 and 2017, consists of the gain on disposal of Laskin Road as noted in Note 3 and the gain on disposal and related operating activity of Ruby Tuesday’s and Outback Steakhouse at Pierpont Centre sold in 2017. The following is a summary of the income from discontinued operations for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 (unaudited) Revenues $ — $ — $ — $ 26 Expenses — — — 1 Operating income — — — 25 Interest expense — — — 9 Income from discontinued operations before gain on disposal of properties — — — 16 Gain on disposal of properties — — 903 1,502 Net Income from discontinued operations $ — $ — $ 903 $ 1,518

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2018
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, 2018 December 31, 2017 First National Bank Line of Credit $ 24,656 Libor + 350 basis points October 2018 $ 2,969 $ 3,000 Lumber River $ 10,723 Libor + 350 basis points October 2018 1,459 1,500 Revere Loan $ 100,000 9.00 % November 2018 1,758 6,808 Senior convertible notes Interest only 9.00 % December 2018 1,369 1,369 Harbor Point (1) $ 11,024 5.85 % December 2018 477 553 Perimeter Square (1) Interest only 5.50 % December 2018 6,250 5,382 Riversedge North $ 8,802 6.00 % January 2019 822 863 KeyBank Line of Credit Interest only Libor + 250 basis points February 2019 3,830 15,532 Monarch Bank Building (1) $ 7,340 4.85 % June 2019 1,246 1,266 DF I-Moyock (1) $ 10,665 5.00 % July 2019 104 194 Rivergate $ 141,547 Libor + 295 basis points December 2019 22,260 22,689 KeyBank Line of Credit Interest only Libor + 250 basis points December 2019 48,272 52,500 LaGrange Marketplace $ 15,065 Libor + 375 basis points March 2020 — 2,317 Folly Road $ 32,827 4.00 % March 2020 6,109 6,181 Columbia Fire Station construction loan Interest only 4.00 % May 2020 4,200 3,421 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,587 5,727 JANAF Bravo Interest only 4.65 % January 2021 6,500 — Walnut Hill Plaza Interest only 5.50 % September 2022 3,903 3,903 Twin City Commons $ 17,827 4.86 % January 2023 3,064 3,111 Shoppes at Eagle Harbor (1) $ 26,528 5.10 % March 2023 — 3,341 New Market $ 48,747 5.65 % June 2023 6,955 — Benefit Street Note (3) $ 53,185 5.71 % June 2023 7,600 — Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,730 — JANAF $ 333,159 4.49 % July 2023 52,656 — Tampa Festival $ 50,797 5.56 % September 2023 8,263 8,368 Forrest Gallery $ 50,973 5.40 % September 2023 8,565 8,669 South Carolina Food Lions Note $ 68,320 5.25 % January 2024 11,915 12,050 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,406 6,485 Port Crossing $ 34,788 4.84 % August 2024 6,179 6,263 Freeway Junction $ 41,798 4.60 % September 2024 7,896 7,994 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,503 3,553 Graystone Crossing (1) $ 20,386 4.55 % October 2024 3,880 3,928 Bryan Station $ 23,489 4.52 % November 2024 4,491 4,547 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre Interest only 4.15 % February 2025 8,113 8,113 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 JANAF BJ's $ 29,964 4.95 % January 2026 5,091 — Chesapeake Square $ 23,857 4.70 % August 2026 4,454 4,507 Berkley/Sangaree/Tri-County 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 (1) 371,520 313,778 Unamortized debt issuance cost (1) (5,570 ) (5,656 ) Total Loans Payable, including Assets Held for Sale 365,950 308,122 Less loans payable on assets held for sale, net loan amortization costs 11,857 747 Total Loans Payable, net $ 354,093 $ 307,375 (1) Includes loans payable on assets held for sale, see Note 3. (2) This loan is collateralized by LaGrange Marketplace, Ridgeland and Georgetown. (3) This loan is collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park. KeyBank Credit Agreement On December 21, 2017, the Company entered into an Amended and Restated Credit Agreement to the KeyBank Credit Agreement (the “Amended and Restated Credit Agreement”). The Amended and Restated Credit Agreement provides for an increase in borrowing capacity from $50.00 million to $52.50 million and also increases the accordion feature by $50.00 million to $150.00 million . Additionally, the Amended and Restated Credit Agreement provides for an extension of the requirement to reduce the outstanding borrowings under the facility from $68.03 million to $52.50 million by July 1, 2018. The revolving facility will mature on December 21, 2019, but may be extended at the Company’s option for an additional one year period, subject to certain customary conditions. The interest rate remains the same at Libor plus 250 basis points based on the Company’s Consolidated Leverage Ratio (as defined in the Amended and Restated Credit Agreement). The unutilized amounts available to the Company under the Amended and Restated Credit Agreement accrue fees which are paid at a rate of 0.25% . On March 2, 2018, KeyBank reduced the liquidity requirement from $5.00 million to $3.50 million through March 31, 2018. The liquidity requirement reverts back to $5.00 million subsequent to March 31, 2018 until such time as the Total Commitment (as defined in the Amended and Restated Credit Agreement) has been reduced to $52.50 million and $3.50 million at all times thereafter. The Company refinanced the New Market, Ridgeland and Georgetown collateralized portions of the Amended and Restated Credit Agreement resulting in a paydown of $9.13 million . On August 7, 2018, the Company and KeyBank agreed to modify the existing Amended and Restated Credit Agreement effective July 1, 2018 which provided for an extension to August 23, 2018 by which the outstanding borrowings were to be reduced to $52.50 million , in addition to modifying certain covenants. The Company and KeyBank anticipated that an over advance (the “Overadvance”) on the Borrowing Base Availability (as defined in the Amended and Restated Credit Agreement) would exist and agreed that the Company should have a period through October 31, 2018 to repay such Overadvance or otherwise properly balance the Borrowing Base Availability. In September 2018, the Company refinanced the Ladson Crossing, Lake Greenwood and South Park collateralized portion of the Amended and Restated Credit Agreement resulting in a paydown of $6.80 million and a $3.83 million Overadvance on the Borrowing Base Availability. On October 15, 2018, KeyBank extended the time which the Company is to repay the Overadvance of $3.83 million to February 28, 2019 or otherwise properly balance the Borrowing Base Availability. As of September 30, 2018, the Company has borrowed $52.10 million under the Amended and Restated Credit Agreement, which is collateralized by 10 properties. At September 30, 2018, the outstanding borrowings are accruing interest at 4.74% . The Amended and Restated Credit Agreement contains certain financial covenants that the Company must meet, including minimum leverage, fixed charge coverage and debt service coverage ratios as well as a minimum tangible net worth requirement. The Company was in compliance with the financial covenants as of September 30, 2018. The Amended and Restated Credit Agreement also contains certain events of default, and if they occur, may cause KeyBank to terminate the Amended and Restated Credit Agreement and declare amounts owed to become immediately due and payable. As of September 30, 2018, the Company has not incurred an event of default under the Amended and Restated Credit Agreement. First National Bank Line of Credit Renewal On January 10, 2018, the Company extended the $3.00 million First National Bank line of credit ("First National Bank Line of Credit") to June 15, 2018 with interest only payments due monthly at a rate of Libor + 3.00% with a floor of 4.25% . On June 15, 2018 the Company extended the $3.00 million First National Bank Line of Credit to October 10, 2018 with principal and interest payments due monthly at a rate of Libor + 3.50% . JANAF On January 18, 2018, the Company executed a promissory note for $53.71 million for the purchase of JANAF at a rate of 4.49% . The loan matures in July 2023 with monthly principal and interest payments of $333,159 . JANAF - BJ's On January 18, 2018, the Company executed a promissory note for $5.16 million for the purchase of JANAF at a rate of 4.95% . The loan matures in January 2026 with monthly principal and interest payments of $29,964 . JANAF - Bravo On January 18, 2018, the Company executed a promissory note for $6.50 million for the purchase of JANAF at a rate of 4.65% . The loan matures in January 2021 with interest due monthly. Shoppes at Eagle Harbor Renewal and Payoff On March 11, 2018, the Company renewed the promissory note for $3.32 million on Shoppes at Eagle Harbor for five years. The loan matures in March 2023 with monthly principal and interest payments of $26,528 . The loan bears interest at 5.10% . On September 27, 2018, the Company paid down the remaining balance on the Shoppes at Eagle Harbor promissory note in conjunction with the sale of Shoppes at Eagle Harbor, as detailed in Note 3. Revere Loan Extension and Second Amendment On May 3, 2018, the Company extended the $6.81 million Revere Loan to May 15, 2018. On May 14, 2018, the Company entered into a Second Amendment to Loan Documents to the Revere Loan (the "Revere Second Amendment"). The Revere Second Amendment extends the maturity from May 15, 2018 to November 1, 2018 with monthly principal payments of $200 thousand , until the balance of the Revere Loan is less than $3.50 million , at which time the monthly principal payments are reduced to $100 thousand . The Revere Second Amendment increased the interest rate from 8.00% to 9.00% and increased the “Exit Fee” from $360 thousand to $500 thousand . If the balance of the Revere Loan was not less than $3.50 million by July 15, 2018, then the interest rate would increase to 10% . As of July 15, 2018, the Company was in compliance with this loan balance stipulation. The Company paid $500 thousand on the Revere Loan in conjunction with the Second Amendment. On June 19, 2018, the Company paid down $2.60 million on the Revere Loan in conjunction with the sale of the undeveloped land parcel at Laskin Road, as detailed in Note 3, and made a $150,000 principal payment on June 28, 2018 as part of the Deutsche Bank refinance, as discussed below. On September 27, 2018, the Company paid down $1.30 million on the Revere Loan in conjunction with the sale of Shoppes at Eagle Harbor, as detailed in No te 3 and per Third Amendment to the Loan Documents to the Revere Loan the Company paid a $75 thousand release fee. As of September 30, 2018, the balance of the Revere Loan was $1.76 million with future monthly principal payments of $100 thousand at a rate at 9.00% . New Market Refinance On May 23, 2018, the Company executed a promissory note for $7.00 million for the refinancing of New Market at a rate of 5.65% . The loan matures in June 2023 with monthly principal and interest payments of $48,747 . Lumber River Renewal On June 15, 2018, the Company extended the $1.48 million promissory note on Lumber River to October 10, 2018 with monthly principal and interest payments of $10,723 at a rate of Libor + 3.50% . Deutsche Bank On June 28, 2018, the Company executed a loan agreement for $5.74 million on Georgetown, Ridgeland and LaGrange Marketplace at a rate of 5.71% . The loan matures in July 2023 with monthly principal and interest payments of $33,340 . Benefit Street Refinance On September 7, 2018, the Company executed a promissory note for $7.60 million for the refinancing of Ladson Crossing, Lake Greenwood Crossing and South Park at a rate of 5.71% . The loan matures in June 2023 with monthly principal and interest payments of $53,185 . Loan Covenants Certain of the Company’s loans payable have covenants with which the Company is required to comply. As of September 30, 2018, the Company believes it is in compliance with covenants and is not considered in default on any loans. Debt Maturity The Company’s scheduled principal repayments on indebtedness as of September 30, 2018 , including assets held for sale, are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2018 $ 15,423 December 31, 2019 80,509 December 31, 2020 19,551 December 31, 2021 10,591 December 31, 2022 8,113 December 31, 2023 83,333 Thereafter 154,000 Total principal repayments and debt maturities $ 371,520 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 and principal payments for the three months ended December 31, 2018 of $15.42 million and $80.51 million for the year ended December 31, 2019. 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 • intended sale of six undeveloped land parcels, Graystone, Jenks Plaza, Perimeter Square, and 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, 2018
Leases [Abstract]
Rentals under Operating Leases	Rentals under Operating Leases Future minimum rents to be received under noncancelable tenant operating leases, excluding rents on assets held for sale properties, for each of the next five years and thereafter, excluding CAM and percentage rent based on tenant sales volume, as of September 30, 2018 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2018 $ 11,795 December 31, 2019 45,680 December 31, 2020 38,009 December 31, 2021 29,760 December 31, 2022 23,583 December 31, 2023 17,751 Thereafter 45,627 Total minimum rents $ 212,205

Equity and Mezzanine Equity

Equity and Mezzanine Equity	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Equity and Mezzanine Equity	Equity and Mezzanine Equity Series A Preferred Stock At September 30, 2018 and December 31, 2017, the Company had 562 shares of Series A Preferred Stock, without par value (“Series A Preferred”) issued and outstanding and 4,500 shares authorized 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, 2018 and December 31, 2017, the Company had 1,875,748 and 1,875,848 shares, respectively, and 5,000,000 shares of Series B Convertible Preferred Stock, without par value (“Series B Preferred”) issued and authorized with a $25.00 liquidation preference per share, or $46.90 million in aggregate. 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 In January 2018, the Company, issued and sold 1,363,636 shares of Series D Cumulative Convertible Preferred Stock, without par value (“Series D Preferred”), in a public offering. Each share of Series D Preferred Stock was sold to investors at an offering price of $16.50 per share. Net proceeds from the public offering totaled $21.16 million , which includes the impact of the underwriters' selling commissions and legal, accounting and other professional fees. At September 30, 2018 and December 31, 2017, the Company had 3,600,636 and 2,237,000 , respectively, and 4,000,000 shares of Series D Preferred issued and authorized with a $25.00 liquidation preference per share, or $90.02 million and $55.93 million in aggregate, respectively. 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. On May 3, 2018, the Company filed a Certificate of Correction (the “Certificate of Correction”) with the State Department of Assessments and Taxation of Maryland (the “SDAT”) correcting an inadvertently omitted reference to “accumulated amortization” in “Section 10(a) (Mandatory Redemption for Asset Coverage)” of the Articles Supplementary for the Series D Preferred that was previously filed with SDAT on September 16, 2016. The Certificate of Correction became effective upon filing. Accretion of Series D Preferred was $148 thousand and $444 thousand for the three and nine months ended September 30, 2018, respectively. Accretion of Series D Preferred was $184 thousand and $540 thousand for the three and nine months ended September 30, 2017, respectively. 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, 2018 , 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, 2018 Outstanding shares Potential Dilutive Shares (unaudited) Common units 295,550 295,550 Series B Preferred Stock 1,875,748 1,172,343 Series D Preferred Stock 3,600,636 5,307,541 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 2018 2017 2018 2017 (unaudited) Common unit and common shareholders $ — $ 3,187 $ — $ 10,288 Preferred shareholders 3,208 2,496 9,621 7,473 Total $ 3,208 $ 5,683 $ 9,621 $ 17,761 During the three months ended September 30, 2018 , the Company declared quarterly dividends of $3.04 million to preferred shareholders of record as of September 30, 2018 to be paid on October 15, 2018. Accordingly, the Company has accrued $3.04 million as of September 30, 2018 for these dividends. Three Months Ended Nine Months Ended 2018 2017 2018 2017 (unaudited) Dividends declared per common share $ — $ 0.34 $ — $ 1.10 Dividends declared per Series A Preferred share $ 22.50 $ 22.50 $ 67.50 $ 67.50 Dividends declared per Series B Preferred share $ 0.56 $ 0.56 $ 1.69 $ 1.69 Dividends declared per Series D Preferred share $ 0.55 $ 0.55 $ 1.64 $ 1.64 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, 2018 , the Company issued no shares to employees for services rendered to the Company under the 2015 Incentive Plan. As of September 30, 2018 , 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, 2018 , the Company issued 168,217 shares to directors and employees for services rendered to the Company under the 2016 Incentive Plan. The market value of these shares at the time of issuance was approximately $894 thousand . As of September 30, 2018 , there are 352,655 shares available for issuance under the Company’s 2016 Incentive Plan.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
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, 2018 2017 2018 2017 Expiration Year Amscot $ 5 $ 5 $ 14 $ 14 2045 Beaver Ruin Village 11 11 34 34 2054 Beaver Ruin Village II 5 5 15 14 2056 Leased office space Charleston, SC 25 25 75 75 2019 Moncks Corner 30 30 91 91 2040 Devine Street 63 63 188 188 2035 JANAF 65 — 191 — 2069 Total Ground Leases $ 204 $ 139 $ 608 $ 416 JANAF ground lease expense of $65 thousand and $191 thousand for the three and nine months ended September 30, 2018, respectively, includes $29 thousand and $82 thousand , respectively, in percentage rent. Future minimum lease payments due under the operating leases, including applicable automatic extension options, as of September 30, 2018 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2018 $ 170 December 31, 2019 644 December 31, 2020 583 December 31, 2021 635 December 31, 2022 638 December 31, 2023 640 Thereafter 16,063 Total minimum lease payments $ 19,373 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% , 19% , 76% and 1% , respectively, of the total annualized base rent of the properties in its portfolio as of September 30, 2018 . 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. In addition to the above, the below legal proceedings are in process. In May 2018, former Chief Executive Officer and President Jon S. Wheeler filed suit against the Company in the City of Virginia Beach, Virginia, asserting claims for breaches of his employment agreement with the Company and retaliatory termination. The Company is vigorously defending the claims set forth in the lawsuit; however, there can be no assurance that the Company will be successful. The non-jury trial of the lawsuit is scheduled for April 17-18, 2019. Due to the preliminary nature of the suit, the outcome is uncertain. On or about June 28, 2018, JCP Investment Partnership, LP and JCP Investment Partnership II, Master Fund LP filed suit against the Company in the Circuit Court for Baltimore County, Maryland, alleging the Company failed to maintain the designated asset coverage ratio under the Articles Supplementary governing the issuance of the Company’s Series D Preferred Stock, and is therefore required to redeem those Preferred Shares at the price of $25.00 per share. The Company is responding to the lawsuit, defending the lawsuit and has filed an answer denying liability; however, there can be no assurance that the Company will be successful. Due to the preliminary nature of the suit, the outcome is uncertain. In September, 2018, former Chief Executive Officer and President Jon S. Wheeler filed claims for defamation and tortious interference with contract expectancy, prospective business relationships and economic advantage in the Circuit Court for the City of Virginia Beach, Virginia, asserting current CEO and President David Kelly defamed him in communications with an industry association. The Company’s D&O carrier has retained counsel for Mr. Kelly, who is vigorously defending the lawsuit. A demurrer (motion to dismiss) and plea in bar have been filed on his behalf. Due to the preliminary nature of the suit, the outcome is uncertain.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The amounts disclosed below reflect the activity between the Company and its affiliates (in thousands). September 30, 2018 2017 (unaudited) Amounts paid to affiliates $ 15 $ 39 Amounts received from affiliates $ 113 $ 1,573 September 30, December 31, 2018 2017 (unaudited) Notes receivable $ 6,739 $ 6,739 As discussed in Note 4, the Company 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. At December 31, 2017, the Company recognized a $5.26 million impairment charge on the note receivable as discussed in greater detail in Note 4. The Company has placed the notes receivable on nonaccrual status and has not recognized $363 thousand and $1.08 million of interest income due on the notes for the three and nine months ended September 30, 2018, respectively. In February 2018, the Company's agreement to perform development, leasing, property and asset management services for Sea Turtle Development was terminated. Sea Turtle Development is a related party as Jon Wheeler, the Company's former CEO and shareholder of the Company, is the managing member. Prior to the termination of the agreements, development fees of 5% of hard costs incurred were paid to the Company. Leasing, property and asset management fees were consistent with those charged for services provided to non-related properties. The Company recovered $0 thousand and $77 thousand in amounts due from related parties for the three and nine months ended September 30, 2018, respectively, which were previously reserved. The recovery is included in “provision for credit losses” on the condensed consolidated statements of operations. The total allowance on related party receivables at September 30, 2018 and December 31, 2017 is $3.41 million and $2.36 million , respectively. These amounts are included in "related party receivables, net" on the consolidated balance sheets on our Form 10-K for 2017 . Amounts due from Sea Turtle Development are reserved due to uncertainty surrounding the collectability given the information currently available to the Company. Amounts due from other non-REIT properties have been reserved based on available cash flows at the respective properties and payment history. The management agreements for these properties have been terminated.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Monarch Bank Building On October 22, 2018 the Company completed the sale of the Monarch Bank Building for a contract price of $1.75 million , resulting in a gain of $152 thousand with net proceeds of $299 thousand , which were used to further paydown the Revere Loan. First National Bank Line of Credit and Lumber River loan First National Bank has approved a twenty-four months extension on the First National Bank Line of Credit and Lumber River loans. Revere Loan Extension On November 5, 2018, the Company entered into a Fourth Amendment to Loan Documents to the Revere Loan (the “Revere Fourth Amendment”). The Fourth Amendment extends the maturity date to February 1, 2019 from November 1, 2018, increased the “Exit Fee” to $575 thousand from $500 thousand and increased the interest rate to 10% from 9% . The Company paid down $100,000 on the Revere Loan in conjunction with this Fourth Amendment. As of November 7, 2018, the principal balance of the Revere Term Loan was $1.26 million .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
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. Estimated undiscounted operating income before depreciation and amortization includes various level 3 fair value assumptions including renewal and renegotiations of current leases, estimates of operating costs and fluctuating market conditions. The renewal and renegotiations of leases in some cases must be approved by additional third parties outside the control of the Company and the tenant. If such renewed or renegotiated leases are approved at amounts below correct estimates, then impairment adjustments may be necessary in the future. 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.
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, leasing costs and tenant security deposits. 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.
Notes Receivable	Notes Receivable Notes receivable represent financing to Sea Turtle Development as discussed in Note 4 for development of the project. The notes are secured by the underlying real estate known as Sea Turtle Development. The Company evaluates the collectability of both the interest and principal of the notes receivable based primarily upon the projected fair market value of the project at stabilization. The notes receivable are determined to be impaired when, based upon current information, it is no longer probable that the Company will be able to collect all contractual amounts due from the borrower. The amount of impairment loss recognized is measured as the difference between the carrying amount of the loan and its estimated realizable value.
Goodwill	Goodwill Goodwill is deemed to have an indefinite economic life and is not subject to amortization. Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. To test for impairment, the Company first assesses qualitative factors, such as current macroeconomic conditions and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company proceeds with the two-step approach to evaluating impairment. First, the Company estimates the fair value of the reporting unit and compares it to the reporting unit’s carrying value. If the carrying value exceeds fair value, the Company proceeds with the second step, which requires us to assign the fair value of the reporting unit to all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied value of goodwill and is used to determine the amount of impairment. The Company would recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value.
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	Amortization of lease origination costs, leases in place, legal and marketing costs, tenant relationships and ground lease sandwich interest represents a component of depreciation and amortization expense. 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, tenant relationship and ground lease sandwich interest 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.
Revenue Recognition	Revenue Recognition Adoption of ASC Topic 606, “Revenue from Contracts with Customers” As detailed in “Recent Accounting Pronouncements,” the Company adopted Topic 606, Revenue from Contracts with Customers on January 1, 2018. The cumulative effect of initially applying the standard recognized on this date was immaterial. As a result, the Company has changed its accounting policies for revenue recognized on non-real estate lease contracts. As of adoption, non-lease revenue streams are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605.
Lease Contract Revenue	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. 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). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the average total square footage of all leasable buildings at the property. The Company also receives escrow payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material for the three and nine months ended September 30, 2018 and 2017. The Company recognizes lease termination fees in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company provides for losses related to unrecovered intangibles and other assets. Termination fees for the nine months ended September 30, 2018 are a result of the lease termination fees on Southeastern Grocers' recaptures and the early termination of the Berkley Shopping Center Farm Fresh. Lease Contract Revenue 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.
Asset Management Fees	Asset Management Fees Asset management fees are generated from Non-REIT properties. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively for services performed. Revenues are governed by the management fee agreements for the various properties. Obligations under the agreements include and are not limited to: managing of maintenance, janitorial, security, landscaping, vendors, back office (collecting rents, paying bills), etc. Each of the obligations are bundled together to be one service and are satisfied over time. Non-REIT Properties are billed monthly and typically pay monthly for these services.
Commissions	Commissions Commissions are generated from Non-REIT properties. The Non-REIT Properties 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). Revenues are governed by the leasing commission agreements for the various properties. Obligations under the agreements include and are not limited to: monitoring upcoming vacancies, new tenant identification, proposal preparation, lease negotiation, document preparation, etc. Each of the obligations are bundled together to be one service as the overall objective of these services is to maintain the overall occupancy of the property. Revenue is recognized and billed upon lease execution.
Development Income	Development Income Non-REIT properties pay development fees of 5% of hard costs. Revenues are governed by the development agreements for each development. Obligations under the agreements include overseeing the development of the project. The Company’s performance creates or enhances the project that the Non-REIT property controls as such this revenue is recognized over time. The projects are billed monthly and typically pay monthly for these services.
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 $49 thousand and $15 thousand , respectively, for federal and state income taxes as of September 30, 2018 and December 31, 2017. 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 and Discontinued Operations	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 Company 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 Financial Accounting Standards Board (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)." On January 1, 2018, the Company adopted Topic 606 retrospectively. The cumulative effect of initially applying the standard as of this date to those contracts which were not completed as of January 1, 2018 was immaterial. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. 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 adoption of this standard does not have a material impact on our financial position or results of operations. The Company has increased disclosures around revenue recognition in the notes to condensed consolidated financial statements to comply with the standard. 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)." In July 2018, the FASB issued ASU 2018-10, "Codification Improvements to Topic 842, Leases" and ASU 2018-11 "Leases (Topic 842): Targeted Improvements". ASU 2018-10 provides narrow amendments that clarify how to apply certain aspects of the guidance in ASU 2016-02. ASU 2018-11 provides lessors with a practical expedient in combining lease and non-lease components, if certain criteria are met. 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 and the related ASU amendments on its financial statements. 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 periods presented. The Company adopted this ASU as of January 1, 2018 and applied retrospectively. The adoption resulted in an increase of $306 thousand in net cash provided by operating activities and reduction of $333 thousand in net cash provided by investing activities for the nine months ended September 30, 2017 on the condensed consolidated statements of cash flows. 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. The Company adopted this ASU as of January 1, 2018. As a result of this adoption, the acquisition costs incurred in 2018 with the purchase of JANAF were capitalized as a cost of the asset. 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 adopted this ASU as of January 1, 2018. The adoption did not have a material impact on the financial position or results of operations. In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” This update 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 adopted this ASU as of January 1, 2018. The adoption did not have a material impact on the financial position or results of operations. Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Schedule of 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, 2018 December 31, 2017 (unaudited) Leases in place, net $ 24,032 $ 25,118 Tenant relationships, net 4,328 6,804 Ground lease sandwich interest, net 2,557 — Lease origination costs, net 1,180 1,077 Other 657 810 Deposits — 547 Legal and marketing costs, net 60 76 Total Deferred Costs and Other Assets, net $ 32,814 $ 34,432
Schedule of future amortization of lease origination costs, financing costs and in place leases	As of September 30, 2018 , the Company's annual amortization for its lease origination costs, leases in place, legal and marketing costs, tenant relationships, and ground lease sandwich interests is as follows (in thousands): Leases In Place, net Tenant Relationships, net Legal & Marketing Costs, net Ground Lease Sandwich Interest, net Lease Origination Costs, net Total For the remaining three months ending December 31, 2018 $ 2,074 $ 564 $ 3 $ 68 $ 63 $ 2,772 For the years ending: December 31, 2019 6,498 1,567 12 274 214 8,565 December 31, 2020 4,615 865 11 274 175 5,940 December 31, 2021 2,855 453 9 274 162 3,753 December 31, 2022 2,181 359 6 274 121 2,941 December 31, 2023 1,696 232 6 274 103 2,311 Thereafter 4,113 288 13 1,119 342 5,875 $ 24,032 $ 4,328 $ 60 $ 2,557 $ 1,180 $ 32,157
Schedule of corporate general and administrative expenses	A detail for the "corporate general & administrative" ("CG&A") line item from the condensed consolidated statements of operations is presented below (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Professional fees $ 638 $ 361 $ 2,309 $ 1,499 Compensation and benefits 554 639 2,001 2,009 Corporate administration 299 267 968 858 Capital related costs 110 82 408 468 Acquisition and development costs 82 233 346 832 Taxes and licenses 23 29 227 113 Advertising 36 52 194 195 Travel 50 52 177 196 1,792 1,715 6,630 6,170 Less: Allocation of CG&A to Non-REIT management and leasing services (89 ) (409 ) (151 ) (1,315 ) Total Corporate General & Administrative $ 1,703 $ 1,306 $ 6,479 $ 4,855
Schedule of disaggregation of Company's revenue	The below table disaggregates the Company’s revenue by type of service for the three and nine months ended September 30, 2018 and 2017 (unaudited, in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Minimum rent $ 12,703 $ 11,079 $ 38,186 $ 33,100 Tenant reimbursements 3,150 2,711 9,337 8,127 Lease termination fees (15 ) 470 1,269 491 Percentage rent 51 30 176 165 Asset management fees 48 145 143 807 Commissions 52 449 102 758 Development income — 155 — 454 Other 233 159 429 337 Total $ 16,222 $ 15,198 $ 49,642 $ 44,239

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Schedule of investment properties	Investment properties consist of the following (in thousands): September 30, 2018 December 31, 2017 (unaudited) Land and land improvements $ 96,945 $ 91,108 Land held for improvement — 2,305 Buildings and improvements 366,217 312,831 Investment properties at cost 463,162 406,244 Less accumulated depreciation (36,190 ) (31,045 ) Investment properties, net $ 426,972 $ 375,199
Schedule of dispositions	Dispositions Property Contract Price Gain Net Proceeds (in thousands) January 12, 2018 Chipotle Ground Lease at Conyers Crossing $ 1,270 $ 1,042 $ 1,160 July 19, 2018 Laskin Road Land Parcel (1.5 acres) 2,858 903 2,747 September 27, 2018 Shoppes at Eagle Harbor 5,705 1,270 2,071 $ 9,833 $ 3,215 $ 5,978 he following is a summary of the income from discontinued operations for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 (unaudited) Revenues $ — $ — $ — $ 26 Expenses — — — 1 Operating income — — — 25 Interest expense — — — 9 Income from discontinued operations before gain on disposal of properties — — — 16 Gain on disposal of properties — — 903 1,502 Net Income from discontinued operations $ — $ — $ 903 $ 1,518
Schedule of recognized identified assets acquired and liabilities assumed	The following summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed in conjunction with the acquisition described above in accordance with ASU 2017-01, along with a description of the methods used to determine the purchase price allocation (in thousands, unaudited). In determining the purchase price allocation, the Company considered many factors including, but not limited to, cash flows, market cap rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. Purchase price allocation of assets acquired: Investment property (a) $ 75,123 Lease intangibles and other assets (b) 10,718 Above market leases (d) 2,019 Restricted cash (c) 2,500 Below market leases (d) (4,710 ) Net purchase price allocation of assets acquired: $ 85,650 Purchase consideration: Consideration paid with cash $ 23,153 Consideration paid with restricted cash (c) 2,500 Consideration paid with assumption of debt (e) 58,867 Consideration paid with common stock 1,130 Total consideration (f) $ 85,650 a. Represents the purchase price allocation of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The purchase price allocation was determined using following approaches: i. the market approach valuation methodology for land by considering similar transactions in the markets; ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, “go dark” analyses and residual calculations incorporating the land values; and iii. the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the purchase price allocation of lease intangibles and other assets. Lease intangibles includes in place leases and ground lease sandwich interests associated with replacing existing leases. The income approach was used to determine the allocation of these intangible assets which included estimated market rates and expenses. c. Represents the purchase price allocation of deleveraging reserve (the “Deleveraging Reserve”) released upon the maturity or earlier payment in full of the loan or until the reduction of the principal balance of the loan to $50,000,000 . d. Represents the purchase price allocation of above/below market leases. The income approach was used to determine the allocation of above/below market leases using market rental rates for similar properties. e. Assumption of $53.71 million of debt at a rate of 4.49% , maturing July 2023 with monthly principal and interest payments of $333,159 and assumption of $5.16 million of debt at a rate of 4.95% , maturing January 2026 with monthly principal and interest payments of $29,964 . f. Represents the components of purchase consideration paid.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule of income from discontinued operations	Dispositions Property Contract Price Gain Net Proceeds (in thousands) January 12, 2018 Chipotle Ground Lease at Conyers Crossing $ 1,270 $ 1,042 $ 1,160 July 19, 2018 Laskin Road Land Parcel (1.5 acres) 2,858 903 2,747 September 27, 2018 Shoppes at Eagle Harbor 5,705 1,270 2,071 $ 9,833 $ 3,215 $ 5,978 he following is a summary of the income from discontinued operations for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 (unaudited) Revenues $ — $ — $ — $ 26 Expenses — — — 1 Operating income — — — 25 Interest expense — — — 9 Income from discontinued operations before gain on disposal of properties — — — 16 Gain on disposal of properties — — 903 1,502 Net Income from discontinued operations $ — $ — $ 903 $ 1,518

Loans Payable (Tables)

Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule 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, 2018 December 31, 2017 First National Bank Line of Credit $ 24,656 Libor + 350 basis points October 2018 $ 2,969 $ 3,000 Lumber River $ 10,723 Libor + 350 basis points October 2018 1,459 1,500 Revere Loan $ 100,000 9.00 % November 2018 1,758 6,808 Senior convertible notes Interest only 9.00 % December 2018 1,369 1,369 Harbor Point (1) $ 11,024 5.85 % December 2018 477 553 Perimeter Square (1) Interest only 5.50 % December 2018 6,250 5,382 Riversedge North $ 8,802 6.00 % January 2019 822 863 KeyBank Line of Credit Interest only Libor + 250 basis points February 2019 3,830 15,532 Monarch Bank Building (1) $ 7,340 4.85 % June 2019 1,246 1,266 DF I-Moyock (1) $ 10,665 5.00 % July 2019 104 194 Rivergate $ 141,547 Libor + 295 basis points December 2019 22,260 22,689 KeyBank Line of Credit Interest only Libor + 250 basis points December 2019 48,272 52,500 LaGrange Marketplace $ 15,065 Libor + 375 basis points March 2020 — 2,317 Folly Road $ 32,827 4.00 % March 2020 6,109 6,181 Columbia Fire Station construction loan Interest only 4.00 % May 2020 4,200 3,421 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,587 5,727 JANAF Bravo Interest only 4.65 % January 2021 6,500 — Walnut Hill Plaza Interest only 5.50 % September 2022 3,903 3,903 Twin City Commons $ 17,827 4.86 % January 2023 3,064 3,111 Shoppes at Eagle Harbor (1) $ 26,528 5.10 % March 2023 — 3,341 New Market $ 48,747 5.65 % June 2023 6,955 — Benefit Street Note (3) $ 53,185 5.71 % June 2023 7,600 — Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,730 — JANAF $ 333,159 4.49 % July 2023 52,656 — Tampa Festival $ 50,797 5.56 % September 2023 8,263 8,368 Forrest Gallery $ 50,973 5.40 % September 2023 8,565 8,669 South Carolina Food Lions Note $ 68,320 5.25 % January 2024 11,915 12,050 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,406 6,485 Port Crossing $ 34,788 4.84 % August 2024 6,179 6,263 Freeway Junction $ 41,798 4.60 % September 2024 7,896 7,994 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,503 3,553 Graystone Crossing (1) $ 20,386 4.55 % October 2024 3,880 3,928 Bryan Station $ 23,489 4.52 % November 2024 4,491 4,547 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre Interest only 4.15 % February 2025 8,113 8,113 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 JANAF BJ's $ 29,964 4.95 % January 2026 5,091 — Chesapeake Square $ 23,857 4.70 % August 2026 4,454 4,507 Berkley/Sangaree/Tri-County 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 (1) 371,520 313,778 Unamortized debt issuance cost (1) (5,570 ) (5,656 ) Total Loans Payable, including Assets Held for Sale 365,950 308,122 Less loans payable on assets held for sale, net loan amortization costs 11,857 747 Total Loans Payable, net $ 354,093 $ 307,375 (1) Includes loans payable on assets held for sale, see Note 3. (2) This loan is collateralized by LaGrange Marketplace, Ridgeland and Georgetown. (3) This loan is collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park.
Schedule of Company's scheduled principal repayments on indebtedness	The Company’s scheduled principal repayments on indebtedness as of September 30, 2018 , including assets held for sale, are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2018 $ 15,423 December 31, 2019 80,509 December 31, 2020 19,551 December 31, 2021 10,591 December 31, 2022 8,113 December 31, 2023 83,333 Thereafter 154,000 Total principal repayments and debt maturities $ 371,520

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2018
Leases [Abstract]
Schedule of future minimum rentals to be received under noncancelable tenant operating leases	Future minimum rents to be received under noncancelable tenant operating leases, excluding rents on assets held for sale properties, for each of the next five years and thereafter, excluding CAM and percentage rent based on tenant sales volume, as of September 30, 2018 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2018 $ 11,795 December 31, 2019 45,680 December 31, 2020 38,009 December 31, 2021 29,760 December 31, 2022 23,583 December 31, 2023 17,751 Thereafter 45,627 Total minimum rents $ 212,205

Equity and Mezzanine Equity (Ta

Equity and Mezzanine Equity (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Schedule of potentially dilutive shares	As of September 30, 2018 , 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, 2018 Outstanding shares Potential Dilutive Shares (unaudited) Common units 295,550 295,550 Series B Preferred Stock 1,875,748 1,172,343 Series D Preferred Stock 3,600,636 5,307,541 Warrants to purchase Common Stock 329,378
Schedule of 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 2018 2017 2018 2017 (unaudited) Common unit and common shareholders $ — $ 3,187 $ — $ 10,288 Preferred shareholders 3,208 2,496 9,621 7,473 Total $ 3,208 $ 5,683 $ 9,621 $ 17,761

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2018
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, 2018 2017 2018 2017 Expiration Year Amscot $ 5 $ 5 $ 14 $ 14 2045 Beaver Ruin Village 11 11 34 34 2054 Beaver Ruin Village II 5 5 15 14 2056 Leased office space Charleston, SC 25 25 75 75 2019 Moncks Corner 30 30 91 91 2040 Devine Street 63 63 188 188 2035 JANAF 65 — 191 — 2069 Total Ground Leases $ 204 $ 139 $ 608 $ 416
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, 2018 are as follows (in thousands, unaudited): For the remaining three months ended December 31, 2018 $ 170 December 31, 2019 644 December 31, 2020 583 December 31, 2021 635 December 31, 2022 638 December 31, 2023 640 Thereafter 16,063 Total minimum lease payments $ 19,373

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of related party activity	The amounts disclosed below reflect the activity between the Company and its affiliates (in thousands). September 30, 2018 2017 (unaudited) Amounts paid to affiliates $ 15 $ 39 Amounts received from affiliates $ 113 $ 1,573 September 30, December 31, 2018 2017 (unaudited) Notes receivable $ 6,739 $ 6,739

Organization and Basis of Pre_2

Organization and Basis of Presentation and Consolidation (Details)	Sep. 30, 2018PropertypropertyBuilding
Accounting Policies [Abstract]
Number of real estate properties | property	65
Number of office buildings | Building	1
Undeveloped land parcels | Property	6

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Other operating expenses	$ 250,000	$ 250,000	$ 0	$ 250,000	$ 0
Asset Impairment Charges			0	$ 0	0
Maturity of highly liquid investments				90 days
Insurance coverage amount				$ 250,000
Past due rent charge term				5 days
Allowance for uncollectible accounts		959,000		$ 959,000		$ 705,000
Provision for doubtful accounts		149,000	23,000	412,000	443,000
Tenant recoveries realized from previous charge-offs		0	0	0	0
Finite-lived intangible assets, accumulated amortization		47,480,000		47,480,000		41,830,000
Amortization of intangible assets		2,990,000	5,090,000	$ 11,390,000	12,500,000
Property management fee, percent fee				3.00%
Asset management fee, percent fee				2.00%
Development Fee, Percent Fee				5.00%
Minimum percentage of taxable income to be distributed to stockholders (as percent)				90.00%
Advertising		$ 36,000	$ 52,000	$ 194,000	195,000
Provision for federal income taxes				$ 49,000		$ 15,000
Term of disqualification to be taxed as a REIT due to loss of REIT status				5 years
Common Stock, Par or Stated Value Per Share		$ 0.01		$ 0.01		$ 0.01
Increase in cash provided by operating activities				$ 18,540,000	18,820,000
Reduction in cash from investing activities				$ 21,021,000	(25,000)
Accounting Standards Update 2016-18 [Member]
Property, Plant and Equipment [Line Items]
Increase in cash provided by operating activities					306,000
Reduction in cash from investing activities					$ 333,000
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		$ 2,780,000		$ 2,780,000		$ 2,340,000
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 Accoun_5

Summary of Significant Accounting Policies - Details of Deferred Costs, Net of Amortization and Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Deferred Costs And Other Assets [Line Items]
Tenant relationships, net	$ 4,328	$ 6,804
Lease origination costs, net	657	810
Other	1,180	1,077
Deposits	0	547
Total Deferred Costs and Other Assets, net	32,814	34,432
Leases in place, net
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	24,032	25,118
Ground lease sandwich interest, net
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	2,557	0
Legal and marketing costs, net
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	$ 60	$ 76

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Future Amortization of Lease Origination Costs, Financing Costs and in Place Leases (Details) $ in Thousands	Sep. 30, 2018USD ($)
Future Amortization Of Deferred Costs And Other Assets [Line Items]
For the remaining three months ending December 31, 2018	$ 2,772
December 31, 2019	8,565
December 31, 2020	5,940
December 31, 2021	3,753
December 31, 2022	2,941
Thereafter	2,311
Finite-Lived Intangible Assets, Amortization Expense, Rolling after Year Six	5,875
Amortization of Intangible Assets	32,157
Leases In Place, net
Future Amortization Of Deferred Costs And Other Assets [Line Items]
For the remaining three months ending December 31, 2018	2,074
December 31, 2019	6,498
December 31, 2020	4,615
December 31, 2021	2,855
December 31, 2022	2,181
Thereafter	1,696
Finite-Lived Intangible Assets, Amortization Expense, Rolling after Year Six	4,113
Amortization of Intangible Assets	24,032
Tenant Relationships, net
Future Amortization Of Deferred Costs And Other Assets [Line Items]
For the remaining three months ending December 31, 2018	564
December 31, 2019	1,567
December 31, 2020	865
December 31, 2021	453
December 31, 2022	359
Thereafter	232
Finite-Lived Intangible Assets, Amortization Expense, Rolling after Year Six	288
Amortization of Intangible Assets	4,328
Legal & Marketing Costs, net
Future Amortization Of Deferred Costs And Other Assets [Line Items]
For the remaining three months ending December 31, 2018	3
December 31, 2019	12
December 31, 2020	11
December 31, 2021	9
December 31, 2022	6
Thereafter	6
Finite-Lived Intangible Assets, Amortization Expense, Rolling after Year Six	13
Amortization of Intangible Assets	60
Ground lease sandwich interest, net
Future Amortization Of Deferred Costs And Other Assets [Line Items]
For the remaining three months ending December 31, 2018	68
December 31, 2019	274
December 31, 2020	274
December 31, 2021	274
December 31, 2022	274
Thereafter	274
Finite-Lived Intangible Assets, Amortization Expense, Rolling after Year Six	1,119
Amortization of Intangible Assets	2,557
Lease Origination Costs, net
Future Amortization Of Deferred Costs And Other Assets [Line Items]
For the remaining three months ending December 31, 2018	63
December 31, 2019	214
December 31, 2020	175
December 31, 2021	162
December 31, 2022	121
Thereafter	103
Finite-Lived Intangible Assets, Amortization Expense, Rolling after Year Six	342
Amortization of Intangible Assets	$ 1,180

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Total Revenue	$ 16,222	$ 15,198	$ 49,642	$ 44,239
Minimum rent
Disaggregation of Revenue [Line Items]
Non-lease revenues	12,703	11,079	38,186	33,100
Tenant reimbursements
Disaggregation of Revenue [Line Items]
Non-lease revenues	3,150	2,711	9,337	8,127
Lease termination fees
Disaggregation of Revenue [Line Items]
Non-lease revenues	(15)	470	1,269	491
Percentage rent
Disaggregation of Revenue [Line Items]
Non-lease revenues	51	30	176	165
Asset management fees
Disaggregation of Revenue [Line Items]
Non-lease revenues	48	145	143	807
Commissions
Disaggregation of Revenue [Line Items]
Non-lease revenues	52	449	102	758
Development income
Disaggregation of Revenue [Line Items]
Non-lease revenues	0	155	0	454
Other
Disaggregation of Revenue [Line Items]
Non-lease revenues	$ 233	$ 159	$ 429	$ 337

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - CG&A Schedule (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CG&A Schedule [Abstract]
Corporate administration	$ 638	$ 361	$ 2,309	$ 1,499
Compensation and benefits	554	639	2,001	2,009
Corporate administration	299	267	968	858
Capital related costs	110	82	408	468
Acquisition and development costs	82	233	346	832
Taxes and licenses	23	29	227	113
Advertising	36	52	194	195
Travel	50	52	177	196
Other Selling, General and Administrative Expense	1,792	1,715	6,630	6,170
Less: Allocation of CG&A to Non-REIT management and leasing services	(89)	(409)	(151)	(1,315)
Total Corporate General & Administrative	$ 1,703	$ 1,306	$ 6,479	$ 4,855

Real Estate - Investment Proper

Real Estate - Investment Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real Estate [Line Items]
Investment properties at cost	$ 463,162	$ 406,244
Land held for development	0	2,305
Less accumulated depreciation and amortization	(36,190)	(31,045)
Investment properties, net	426,972	375,199
Land
Real Estate [Line Items]
Investment properties at cost	96,945	91,108
Building and building improvements
Real Estate [Line Items]
Investment properties at cost	$ 366,217	$ 312,831

Real Estate - Additional Inform

Real Estate - Additional Information (Details) $ / shares in Units, $ in Thousands	Jan. 18, 2018USD ($)ft²$ / sharesshares	Sep. 30, 2018USD ($)parcel	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)parcel	Sep. 30, 2017USD ($)
Real Estate [Abstract]
Depreciation expense		$ 3,050	$ 2,650	$ 9,553	$ 7,958
Business Acquisition [Line Items]
Number of undeveloped parcels | parcel		6		6
JANAF
Business Acquisition [Line Items]
Consideration paid in acquisition	$ 85,650
JANAF | VIRGINIA
Business Acquisition [Line Items]
Consideration paid in acquisition	$ 85,650
Share price (in dollars per share) | $ / shares	$ 7.53
Area of real estate property leased | ft²	810,137
Percentage real estate property leased	94.00%
JANAF | Common Stock | VIRGINIA
Business Acquisition [Line Items]
Number of shares issued in acquisition (in shares) | shares	150,000
Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of undeveloped parcels | parcel		7		7

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) $ in Thousands	Jan. 12, 2018USD ($)a	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 27, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation		$ 3,050	$ 2,650	$ 9,553	$ 7,958
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price		9,833		9,833
Gain				3,215
Net Proceeds		$ 5,978		$ 5,978
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Conyers Crossing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price	$ 1,270
Gain	1,042
Net Proceeds	1,160
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Laskin Road Land Parcel (1.5 acres)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price	2,858
Gain	903
Net Proceeds	$ 2,747
Area of land | a	1.5
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Shoppes at Eagle Harbor
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price						$ 5,705
Gain	$ 1,270
Net Proceeds						$ 2,071

Real Estate - Purchase Price Al

Real Estate - Purchase Price Allocation of Assets and Liabilities Acquired (Details)	Jan. 18, 2018USD ($)
JANAF
Business Acquisition [Line Items]
Investment property	$ 75,123,000
Lease intangibles and other assets	10,718,000
Above market leases	2,019,000
Restricted cash	2,500,000
Purchase price allocation of assets acquired:	(4,710,000)
Net purchase price allocation of assets acquired:	85,650,000
Consideration paid with cash	23,153,000
Consideration paid with restricted cash	2,500,000
Consideration paid with assumption of debt	58,867,000
Consideration paid with common stock	1,130,000
Total consideration	85,650,000
Debt assumed in business acquisition, deleveraging reserve	50,000,000
JANAF | Maturity Date July 2023
Business Acquisition [Line Items]
Consideration paid with assumption of debt	$ 53,710,000
Debt instrument, interest rate. stated percentage	4.49%
Debt instrument, periodic payment	$ 333,159
JANAF | Maturity Date January 2026
Business Acquisition [Line Items]
Debt instrument, interest rate. stated percentage	4.49%
JANAF BJ's | Maturity Date January 2026
Business Acquisition [Line Items]
Consideration paid with assumption of debt	$ 5,160,000
Debt instrument, interest rate. stated percentage	4.95%
Debt instrument, periodic payment	$ 29,964

Real Estate - Assets Held for S

Real Estate - Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Assets held for sale	$ 22,111	$ 9,135
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Loans payable	12,423	792
Held-for-sale, Not Discontinued Operations
Assets
Investment properties, net	13,486	0
Rents and other tenant receivables, net	611	0
Above market lease, net	420	0
Deferred costs and other assets, net	307	0
Assets held for sale	14,824	0
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Loans payable	11,276	0
Below market lease, net	6	0
Accounts payable	522	0
Total liabilities associated with assets held for sale	11,804	0
Held-for-sale, Discontinued Operations
Assets
Investment properties, net	7,287	9,135
Assets held for sale	7,287	9,135
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Loans payable	581	747
Accounts payable	38	45
Total liabilities associated with assets held for sale	$ 619	$ 792

Notes Receivable (Details)

Notes Receivable (Details) $ in Thousands	Sep. 29, 2016USD ($)a	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Allowance for Loan and Lease Losses, Write-offs				$ 5,260
Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Note receivable from related parties	$ 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%
Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Note receivable from related parties	$ 11,000	$ 6,740	$ 6,740	$ 6,740
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%
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans		$ 363	$ 1,080

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Gain on disposal of properties	$ 0	$ 0	$ 903	$ 1,502
Net Income from Discontinued Operations	0	0	903	1,518
Discontinued Operations, Disposed of by Sale
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Revenues	0	0	0	26
Expenses	0	0	0	1
Operating income	0	0	0	25
Interest expense	0	0	0	9
Income from discontinued operations before gain on disposal of properties	0	0	0	16
Gain on disposal of properties	0	0	903	1,502
Net Income from Discontinued Operations	$ 0	$ 0	$ 903	$ 1,518

Loans Payable - Summary of Loan

Loans Payable - Summary of Loans Payable (Details) - USD ($)	Sep. 27, 2018	Jun. 28, 2018	Jun. 19, 2018	Jun. 15, 2018	May 23, 2018	Mar. 11, 2018	Jan. 10, 2018	Sep. 30, 2018	Sep. 07, 2018	Jul. 15, 2018	May 14, 2018	May 03, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Loans payable, net								$ 354,093,000					$ 307,375,000
Total Principal Balance								371,520,000					313,778,000
Unamortized debt issuance cost								(5,570,000)					(5,656,000)
Total Loans Payable, including Assets Held for Sale								365,950,000					308,122,000
Less loans payable on assets held for sale, net loan amortization costs								11,857,000					747,000
First National Bank Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				3.50%			3.00%
Lumber River
Debt Instrument [Line Items]
Debt instrument, periodic payment				$ 10,723				10,723
Debt instrument, interest rate. stated percentage				3.50%
Loans payable, net				$ 1,480,000				$ 1,459,000					1,500,000
Lumber River | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								3.50%
Harbor Point
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 11,024
Debt instrument, interest rate. stated percentage								5.85%
Perimeter Square
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								5.50%
Loans payable, net								$ 6,250,000					5,382,000
Riversedge North
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 8,802
Debt instrument, interest rate. stated percentage								6.00%
Loans payable, net								$ 822,000					863,000
Monarch Bank Building
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 7,340
Debt instrument, interest rate. stated percentage								4.85%
Loans payable, net								$ 1,246,000					1,266,000
DF I-Moyock
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 10,665
Debt instrument, interest rate. stated percentage								5.00%
Loans payable, net								$ 104,000					194,000
Rivergate
Debt Instrument [Line Items]
Debt instrument, periodic payment								141,547
Loans payable, net								$ 22,260,000					22,689,000
Rivergate | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								2.95%
LaGrange Marketplace
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 15,065
Loans payable, net								$ 0					2,317,000
LaGrange Marketplace | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								3.75%
Folly Road
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 32,827
Debt instrument, interest rate. stated percentage								4.00%
Loans payable, net								$ 6,109,000					6,181,000
Columbia Fire House construction loan
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.00%
Loans payable, net								$ 4,200,000					3,421,000
Shoppes at TJ Maxx
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 33,880
Debt instrument, interest rate. stated percentage								3.88%
Loans payable, net								$ 5,587,000					5,727,000
JANAF Bravo
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.65%
Loans payable, net								$ 6,500,000					0
Walnut Hill Plaza
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								5.50%
Loans payable, net								$ 3,903,000					3,903,000
Twin City Commons
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 17,827
Debt instrument, interest rate. stated percentage								4.86%
Loans payable, net								$ 3,064,000					3,111,000
Shoppes at Eagle Harbor
Debt Instrument [Line Items]
Debt instrument, periodic payment						$ 26,528		$ 26,528
Debt instrument, interest rate. stated percentage						5.10%		5.10%
Loans payable, net						$ 3,320,000		$ 0					3,341,000
New Market
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 48,747			$ 48,747
Debt instrument, interest rate. stated percentage					5.65%			5.65%
Loans payable, net					$ 7,000,000			$ 6,955,000					0
Benefit Street
Debt Instrument [Line Items]
Debt instrument, periodic payment		$ 53,185						$ 53,185
Debt instrument, interest rate. stated percentage								5.71%	5.71%
Loans payable, net								$ 7,600,000	$ 7,600,000				0
Deutsche Bank
Debt Instrument [Line Items]
Debt instrument, periodic payment		$ 33,340						$ 33,340
Debt instrument, interest rate. stated percentage		5.71%						5.71%
Loans payable, net		$ 5,740,000						$ 5,730,000					0
JANAF
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 333,159
Debt instrument, interest rate. stated percentage								4.49%
Loans payable, net								$ 52,656,000					0
Tampa Festival
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 50,797
Debt instrument, interest rate. stated percentage								5.56%
Loans payable, net								$ 8,263,000					8,368,000
Forrest Gallery
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 50,973
Debt instrument, interest rate. stated percentage								5.40%
Loans payable, net								$ 8,565,000					8,669,000
South Carolina Food Lions Note
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 68,320
Debt instrument, interest rate. stated percentage								5.25%
Loans payable, net								$ 11,915,000					12,050,000
Cypress Shopping Center
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 34,360
Debt instrument, interest rate. stated percentage								4.70%
Loans payable, net								$ 6,406,000					6,485,000
Port Crossing
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 34,788
Debt instrument, interest rate. stated percentage								4.84%
Loans payable, net								$ 6,179,000					6,263,000
Freeway Junction
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 41,798
Debt instrument, interest rate. stated percentage								4.60%
Loans payable, net								$ 7,896,000					7,994,000
Harrodsburg Marketplace
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 19,112
Debt instrument, interest rate. stated percentage								4.55%
Loans payable, net								$ 3,503,000					3,553,000
Graystone Crossing
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 20,386
Debt instrument, interest rate. stated percentage								4.55%
Loans payable, net								$ 3,880,000					3,928,000
Bryan Station
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 23,489
Debt instrument, interest rate. stated percentage								4.52%
Loans payable, net								$ 4,491,000					4,547,000
Crockett Square
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.47%
Loans payable, net								$ 6,338,000					6,338,000
Pierpont Centre
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.15%
Loans payable, net								$ 8,113,000					8,113,000
Alex City Marketplace
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								3.95%
Loans payable, net								$ 5,750,000					5,750,000
Butler Square
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								3.90%
Loans payable, net								$ 5,640,000					5,640,000
Brook Run Shopping Center
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.08%
Loans payable, net								$ 10,950,000					10,950,000
Beaver Ruin Village I and II
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.73%
Loans payable, net								$ 9,400,000					9,400,000
Sunshine Shopping Plaza
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.57%
Loans payable, net								$ 5,900,000					5,900,000
Barnett Portfolio
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.30%
Loans payable, net								$ 8,770,000					8,770,000
Fort Howard Shopping Center
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.57%
Loans payable, net								$ 7,100,000					7,100,000
Conyers Crossing
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.67%
Loans payable, net								$ 5,960,000					5,960,000
Grove Park Shopping Center
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.52%
Loans payable, net								$ 3,800,000					3,800,000
Parkway Plaza
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.57%
Loans payable, net								$ 3,500,000					3,500,000
Winslow Plaza
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.82%
Loans payable, net								$ 4,620,000					4,620,000
JANAF BJ's
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 29,964
Debt instrument, interest rate. stated percentage								4.95%
Loans payable, net								$ 5,091,000					0
Chesapeake Square
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 23,857
Debt instrument, interest rate. stated percentage								4.70%
Loans payable, net								$ 4,454,000					4,507,000
Berkley/Sangaree/Tri-County
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.78%
Loans payable, net								$ 9,400,000					9,400,000
Riverbridge
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.48%
Loans payable, net								$ 4,000,000					4,000,000
Franklin
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								4.93%
Loans payable, net								$ 8,516,000					8,516,000
Revere Loan
Debt Instrument [Line Items]
Debt instrument, periodic payment	$ 1,300,000	$ 150,000	$ 2,600,000					$ 100,000
Debt instrument, interest rate. stated percentage								9.00%		10.00%	9.00%	8.00%
Loans payable, net								$ 1,758,000		$ 3,500,000	$ 3,500,000	$ 6,810,000	6,808,000
Harbor Point
Debt Instrument [Line Items]
Loans payable, net								477,000					553,000
Line of Credit | First National Bank Line of Credit
Debt Instrument [Line Items]
Debt instrument, periodic payment								24,656
Loans payable, net								$ 2,969,000					3,000,000
Line of Credit | First National Bank Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								3.50%
Line of Credit | KeyBank Line of Credit Maturing February 2019
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Loans payable, net								$ 3,830,000					15,532,000
Line of Credit | KeyBank Line of Credit Maturing February 2019 | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								2.50%
Line of Credit | KeyBank Line of Credit Maturing December 2019
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Loans payable, net								$ 48,272,000					52,500,000
Line of Credit | KeyBank Line of Credit Maturing December 2019 | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								2.50%
Senior convertible notes | Senior convertible notes
Debt Instrument [Line Items]
Debt instrument, payment terms								Interest only
Debt instrument, interest rate. stated percentage								9.00%
Loans payable, net								$ 1,369,000					$ 1,369,000

Loans Payable Loans Payable - A

Loans Payable Loans Payable - Additional Information (Details)	Nov. 05, 2018USD ($)	Oct. 15, 2018USD ($)	Sep. 27, 2018USD ($)	Jul. 15, 2018USD ($)	Jun. 28, 2018USD ($)	Jun. 19, 2018USD ($)	Jun. 15, 2018USD ($)	May 23, 2018USD ($)	May 14, 2018USD ($)	Mar. 11, 2018USD ($)	Jan. 18, 2018USD ($)	Jan. 10, 2018	Dec. 21, 2017USD ($)	Sep. 30, 2018USD ($)parcel	Sep. 30, 2018USD ($)parcel	Nov. 07, 2018USD ($)	Sep. 07, 2018USD ($)	Jul. 01, 2018USD ($)	May 03, 2018USD ($)	Apr. 01, 2018USD ($)	Mar. 31, 2018USD ($)	Mar. 02, 2018USD ($)	Dec. 31, 2017USD ($)property	Oct. 07, 2017USD ($)
Debt Instrument [Line Items]
Loans payable, net														$ 354,093,000	$ 354,093,000								$ 307,375,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months														$ 15,420,000	$ 15,420,000								80,510,000
Number of undeveloped parcels | parcel														6	6
First National Bank Line of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 3,000,000
First National Bank Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							3.50%					3.00%
Debt Instrument, Floor Rate												4.25%
Deutsche Bank
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 33,340										$ 33,340
Debt instrument, interest rate. stated percentage					5.71%									5.71%	5.71%
Loans payable, net					$ 5,740,000									$ 5,730,000	$ 5,730,000								0
Shoppes at Eagle Harbor
Debt Instrument [Line Items]
Debt instrument, periodic payment										$ 26,528					$ 26,528
Debt instrument, interest rate. stated percentage										5.10%				5.10%	5.10%
Loans payable, net										$ 3,320,000				$ 0	$ 0								3,341,000
Debt Instrument, Term										5 years
New Market
Debt Instrument [Line Items]
Debt instrument, periodic payment								$ 48,747							$ 48,747
Debt instrument, interest rate. stated percentage								5.65%						5.65%	5.65%
Loans payable, net								$ 7,000,000						$ 6,955,000	$ 6,955,000								0
Lumber River
Debt Instrument [Line Items]
Debt instrument, periodic payment							$ 10,723								10,723
Debt instrument, interest rate. stated percentage							3.50%
Loans payable, net							$ 1,480,000							$ 1,459,000	$ 1,459,000								1,500,000
Lumber River | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate															3.50%
Benefit Street
Debt Instrument [Line Items]
Debt instrument, periodic payment					53,185										$ 53,185
Debt instrument, interest rate. stated percentage														5.71%	5.71%		5.71%
Loans payable, net														$ 7,600,000	$ 7,600,000		$ 7,600,000						0
Revere Loan
Debt Instrument [Line Items]
Debt instrument, periodic payment			$ 1,300,000		150,000	$ 2,600,000									$ 100,000
Debt instrument, interest rate. stated percentage				10.00%					9.00%					9.00%	9.00%				8.00%
Loans payable, net				$ 3,500,000					$ 3,500,000					$ 1,758,000	$ 1,758,000				$ 6,810,000				6,808,000
Debt instrument, exit fees			$ 75,000						500,000										$ 360,000
Debt instrument, one-time paydown				$ 500,000
Revere Loan | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, interest rate. stated percentage	10.00%
Loans payable, net																$ 1,260,000
Debt instrument, exit fees	$ 575,000
Debt instrument, one-time paydown	$ 100,000
Revere Loan | Montly Principal Payments Until Balance is less than $3.50 millions
Debt Instrument [Line Items]
Debt instrument, periodic payment									200,000
Revere Loan | Monthly Principal Payments After Balance is less than $3.50 millions
Debt Instrument [Line Items]
Debt instrument, periodic payment									$ 100,000
JANAF
Debt Instrument [Line Items]
Consideration paid with assumption of debt											$ 58,867,000
JANAF | Maturity Date July 2023
Debt Instrument [Line Items]
Debt instrument, periodic payment											333,159
Consideration paid with assumption of debt											$ 53,710,000
Debt instrument, interest rate. stated percentage											4.49%
JANAF | Maturity Date January 2026
Debt Instrument [Line Items]
Debt instrument, interest rate. stated percentage											4.49%
JANAF BJ's | Maturity Date January 2026
Debt Instrument [Line Items]
Debt instrument, periodic payment											$ 29,964
Consideration paid with assumption of debt											$ 5,160,000
Debt instrument, interest rate. stated percentage											4.95%
JANAF Bravo | Maturity Date January 2026
Debt Instrument [Line Items]
Consideration paid with assumption of debt											$ 6,500,000
Debt instrument, interest rate. stated percentage											4.65%
Accordion Feature | KeyBank | Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity, Accordion Feature													$ 150,000,000											$ 50,000,000
Line of Credit | First National Bank Line of Credit
Debt Instrument [Line Items]
Debt instrument, periodic payment															24,656
Loans payable, net														2,969,000	$ 2,969,000								$ 3,000,000
Line of Credit | First National Bank Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate															3.50%
Line of Credit | KeyBank
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 9,130,000
Long-term Line of Credit														52,100,000	$ 52,100,000
Number of collateral properties | property																							10
Line of Credit Facility, Commitment Fee Percentage															4.74%
Line of Credit | KeyBank | Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity													$ 52,500,000											$ 50,000,000
Line of Credit Facility, Current Borrowing Capacity																		$ 52,500,000					$ 68,030,000
Line of credit facility, extension period													1 year		1 year
Debt instrument, basis spread on variable rate															2.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage													0.25%
Line of Credit Facility, Liquidity Requirement																				$ 5,000,000	$ 3,500,000	$ 5,000,000
Reduction in borrowing capacity of line credit facility																		$ 52,500,000		52,500,000
Reduction in liquidity requirement of line of credit facility																				$ 3,500,000
Line of Credit | KeyBank | Ladson Crossing, Lake Greenwood and South Park [Member] | Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Paydown														6,800,000
Repayments of overadvance														$ 3,830,000
Line of Credit | KeyBank | Ladson Crossing, Lake Greenwood and South Park [Member] | Amended and Restated Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Repayments of overadvance		$ 3,830,000

Loans Payable - Summary of Comp

Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Details) $ in Thousands	Sep. 30, 2018USD ($)
Debt Disclosure [Abstract]
For the remaining three months ended December 31, 2018	$ 15,423
December 31, 2019	80,509
December 31, 2020	19,551
December 31, 2021	10,591
December 31, 2022	8,113
December 31, 2023	83,333
Thereafter	154,000
Total principal repayments and debt maturities	$ 371,520

Rentals under Operating Lease_2

Rentals under Operating Leases (Details) $ in Thousands	Sep. 30, 2018USD ($)
Leases [Abstract]
For the remaining three months ended December 31, 2018	$ 11,795
December 31, 2019	45,680
December 31, 2020	38,009
December 31, 2021	29,760
December 31, 2022	23,583
December 31, 2023	17,751
Thereafter	45,627
Total minimum rents	$ 212,205

Equity and Mezzanine Equity - A

Equity and Mezzanine Equity - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 28, 2018	Dec. 31, 2017	Jun. 15, 2016	Jun. 04, 2015	Apr. 29, 2014
Equity [Line Items]
Convertible Preferred Stock, Terms of Conversion				P20D
Preferred Stock, Redemption Price Per Share		$ 25		$ 25
Dividends payable		$ 3,037,000		$ 3,037,000			$ 5,480,000
Common Stock
Equity [Line Items]
Issuance of common stock under Share Incentive Plan, shares				168,217
Preferred Stock
Equity [Line Items]
Dividends payable		$ 3,040,000		$ 3,040,000
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				0
Shares available for issuance under Share Incentive Plan (in shares)		41,104		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				168,217
Value of stock issued Share Incentive Plan				$ 894,000
Shares available for issuance under Share Incentive Plan (in shares)		352,655		352,655
Series D Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)		3,600,636		3,600,636			2,237,000
Temporary Equity, Accretion to Redemption Value		$ 148,000	$ 184,000	$ 444,000	$ 540,000
Series A Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)		562		562			562
Preferred stock, liquidation price per share (in dollars per share)		$ 1,000		$ 1,000			$ 1,000
Preferred Stock, Liquidation Preference, Value		$ 562,000		$ 562,000			$ 562,000
Preferred stock shares issued (in shares)		562		562			562
Preferred stock, shares authorized (in shares)		4,500		4,500			4,500
Series B Convertible Preferred Stock
Equity [Line Items]
Preferred stock, liquidation price per share (in dollars per share)		$ 25		$ 25
Preferred Stock, Liquidation Preference, Value		$ 46,900,000		$ 46,900,000
Preferred Stock, Dividend Rate, Percentage				9.00%
Preferred stock shares issued (in shares)		1,875,748		1,875,748			1,875,848
Preferred stock, shares authorized (in shares)		5,000,000		5,000,000
Preferred Stock Adjusted Conversion Price Per Share		$ 58		$ 58
Preferred Stock, Redemption Price Per Share		$ 40		$ 40
Series D Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)		3,600,636		3,600,636
Preferred stock, liquidation price per share (in dollars per share)		$ 25		$ 25		$ 25
Preferred Stock, Liquidation Preference, Value		$ 90,020,000		$ 90,020,000			$ 55,930,000
Preferred Stock, Dividend Rate, Percentage				8.75%
Preferred stock shares issued (in shares)		3,600,636		3,600,636			2,237,000
Preferred stock, shares authorized (in shares)		4,000,000		4,000,000
Preferred Stock, Initial Liquidation Preference Per Share		$ 2.1875		$ 2.1875
Preferred Stock, Dividend Over Initial Rate, Percentage				2.00%
Convertible Preferred Stock Conversion Price				$ 16.96
Redeemable Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)		562		562
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										$ 44
Line of Credit
Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		750,000		750,000
Maximum | Series D Preferred Stock
Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage				14.00%
Equity Distribution Agreement | Series A Preferred Stock | Preferred Stock
Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage				9.00%
Conversion Price Percentage				103.00%
Public Offering [Member] | Series D Preferred Stock
Equity [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	1,363,636
Sale of Stock, Price Per Share	$ 16.50
Sale of Stock, Consideration Received on Transaction	$ 21,160,000

Equity and Mezzanine Equity -_2

Equity and Mezzanine Equity - Antidilutive Securities Excluded From Calculation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding (in shares)	1,875,748	1,875,848
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	1,172,343
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding (in shares)	3,600,636
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	5,307,541
Warrants to purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	329,378
Common units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	295,550
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	295,550

Equity and Mezzanine Equity - D

Equity and Mezzanine Equity - Dividends Declared To Holders Of Common Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Dividends Payable [Line Items]
Common unit and common shareholders	$ 0	$ 3,187	$ 0	$ 10,288
Preferred shareholders	3,208	2,496	9,621	7,473
Total	$ 3,208	$ 5,683	$ 9,621	$ 17,761
Common Stock
Dividends Payable [Line Items]
Dividends declared per common share (in usd per share)	$ 0	$ 340	$ 0	$ 1,100
Series A Preferred Stock
Dividends Payable [Line Items]
Dividends declared per common share (in usd per share)	22,500	22,500	67,500	67,500
Series B Preferred Stock
Dividends Payable [Line Items]
Dividends declared per common share (in usd per share)	560	560	1,690	1,690
Series D Preferred Stock
Dividends Payable [Line Items]
Dividends declared per common share (in usd per share)	$ 550	$ 550	$ 1,640	$ 1,640

Commitments and Contingencies -

Commitments and Contingencies - Fixed Annual Rental Payments on Ground Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Loss Contingencies [Line Items]
Total Ground Leases and Rent Expense	$ 204	$ 139	$ 608	$ 416
JANAF
Loss Contingencies [Line Items]
Ground leases expense	65	0	$ 191	0
Long term ground leases expiration period			2,069
Amscot
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	5	$ 15	14
Long term ground leases expiration period			2,056
Leased office space Charleston, SC
Loss Contingencies [Line Items]
Operating leases, rent expense, net	25	25	$ 75	75
Long term ground leases expiration period			2,019
Moncks Corner
Loss Contingencies [Line Items]
Ground leases expense	30	30	$ 91	91
Long term ground leases expiration period			2,040
Devine Street
Loss Contingencies [Line Items]
Ground leases expense	$ 63	$ 63	$ 188	$ 188
Long term ground leases expiration period			2,035

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 28, 2018
Series D Preferred Stock
Loss Contingencies [Line Items]
Preferred stock, liquidation price per share (in dollars per share)	$ 25		$ 25		$ 25
JANAF
Loss Contingencies [Line Items]
Ground leases expense	$ 65	$ 0	$ 191	$ 0
Ground lease expense rent percentage	$ 29		$ 82
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	19.00%		19.00%
Southeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent	76.00%		76.00%
Southwest
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent	1.00%		1.00%

Commitments and Contingencies_3

Commitments and Contingencies - Future Minimum Lease Payments Due Under Operating Leases (Details) $ in Thousands	Sep. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
For the remaining three months ended December 31, 2018	$ 170
December 31, 2019	644
December 31, 2020	583
December 31, 2021	635
December 31, 2022	638
December 31, 2023	640
Thereafter	16,063
Total minimum lease payments	$ 19,373

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Notes receivable, net	$ 6,739		$ 6,739
Wheeler Interests and Affiliates
Related Party Transaction [Line Items]
Amounts paid to affiliates	15	$ 39
Amounts received from affiliates	113	$ 1,573
Notes receivable, net	$ 6,739		$ 6,739

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2018	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Sep. 29, 2016
Related Party Transaction [Line Items]
Allowance for Loan and Lease Losses, Write-offs				$ 5,260
Development Fee, Percent Fee			5.00%
Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Note receivable from related parties		$ 6,740	$ 6,740	6,740	$ 11,000
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans		363	1,080
Impaired Financing Receivable, Related Allowance, Recoveries		0	77
Impaired Financing Receivable, Related Allowance		$ 3,410	$ 3,410	$ 2,360
Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Note receivable from related parties					$ 1,000
Pineland Shopping Center
Related Party Transaction [Line Items]
Development Fee, Percent Fee	5.00%

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details) - USD ($) $ in Thousands	Nov. 06, 2018	Nov. 05, 2018	Oct. 22, 2018	Jul. 15, 2018	Sep. 30, 2018	Nov. 07, 2018	Sep. 27, 2018	May 14, 2018	May 03, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Loans payable, net					$ 354,093					$ 307,375
Revere Loan
Subsequent Event [Line Items]
Debt instrument, exit fees							$ 75	$ 500	$ 360
Debt instrument, interest rate. stated percentage				10.00%	9.00%			9.00%	8.00%
Debt instrument, one-time paydown				$ 500
Loans payable, net				$ 3,500	$ 1,758			$ 3,500	$ 6,810	$ 6,808
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Contract Price					9,833
Gain on sale of properties					3,215
Net proceeds on sale of properties					$ 5,978
Subsequent Event | Revere Loan
Subsequent Event [Line Items]
Debt instrument, exit fees		$ 575
Debt instrument, interest rate. stated percentage		10.00%
Debt instrument, one-time paydown		$ 100
Loans payable, net						$ 1,260
Subsequent Event | Line of Credit | First National Bank
Subsequent Event [Line Items]
Line of credit facility, extension period	24 months
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Monarch Bank Building
Subsequent Event [Line Items]
Contract Price			$ 1,750
Gain on sale of properties			152
Net proceeds on sale of properties			$ 299