Wheeler Real Estate Investment Trust (WHLR) 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Wheeler Real Estate Investment Trust, Inc.
Entity Central Index Key	0001527541
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		9,693,271

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS:
Investment properties, net	$ 422,838	$ 433,142
Cash and cash equivalents	4,159	3,544
Restricted cash	14,446	14,455
Rents and other tenant receivables, net	5,594	5,539
Notes receivable, net	5,000	5,000
Assets held for sale	10,431	8,982
Above market lease intangibles, net	6,793	7,346
Operating lease, right-of-use asset	11,833	0
Deferred costs and other assets, net	28,003	30,073
Total Assets	509,097	508,081
LIABILITIES:
Loans payable, net	348,651	360,117
Liabilities associated with assets held for sale	6,684	4,632
Below market lease intangibles, net	9,265	10,045
Operating lease liabilities	11,962	0
Accounts payable, accrued expenses and other liabilities	10,504	12,077
Total Liabilities	387,066	386,871
EQUITY:
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,693,271 and 9,511,464 shares issued and outstanding, respectively)	97	95
Additional paid-in capital	233,861	233,697
Accumulated deficit	(235,131)	(233,184)
Total Shareholders’ Equity	40,302	42,061
Noncontrolling interests	2,207	2,194
Total Equity	42,509	44,255
Total Liabilities and Equity	509,097	508,081
Series D Preferred
LIABILITIES:
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,600,636 shares issued and outstanding; $94.40 million and $91.98 million aggregate liquidation preference, respectively)	79,522	76,955
Series A Preferred
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)	$ 41,022	$ 41,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
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)	9,693,271	9,511,464
Common stock, shares outstanding (in shares)	9,693,271	9,511,464
Series D Preferred
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	3,600,636
Preferred stock, shares outstanding (in shares)	3,600,636	3,600,636
Preferred stock, aggregate liquidation preference	$ 94,400,000	$ 91,980,000
Series A Preferred
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	1,875,748
Preferred stock, shares outstanding (in shares)	1,875,748	1,875,748
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
	Mar. 31, 2019	Mar. 31, 2018
REVENUE:
Rental revenues	$ 15,770	$ 15,821
Asset management fees	13	125
Total Revenue	15,995	16,293
OPERATING EXPENSES:
Property operations	4,726	4,599
Non-REIT management and leasing services	23	36
Depreciation and amortization	5,816	7,476
Corporate general & administrative	1,814	2,508
Total Operating Expenses	12,379	14,619
Gain on disposal of properties	1,839	1,055
Operating Income	5,455	2,729
Interest income	1	1
Interest expense	(4,793)	(4,577)
Net Income (Loss) Before Income Taxes	663	(1,847)
Income tax expense	(8)	(25)
Net Income (Loss)	655	(1,872)
Less: Net income (loss) attributable to noncontrolling interests	13	(47)
Net Income (Loss) Attributable to Wheeler REIT	642	(1,825)
Preferred Stock dividends - declared	0	(3,207)
Preferred Stock dividends - undeclared	(3,657)	0
Net Loss Attributable to Wheeler REIT Common Shareholders	$ (3,015)	$ (5,032)
Basic and Diluted	$ (0.31)	$ (0.57)
Weighted-average number of shares:
Basic and Diluted (in shares)	9,606,249	8,900,416
Commissions
REVENUE:
Non-lease revenues	$ 42	$ 14
Other revenues
REVENUE:
Non-lease revenues	$ 170	$ 333

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Series B Preferred Stock	Total Shareholders’ Equity	Total Shareholders’ EquitySeries B Preferred Stock	Preferred StockSeries A Preferred	Preferred StockSeries B Preferred Stock	Common Stock	Common StockSeries B Preferred Stock	Additional Paid-in Capital	Additional Paid-in CapitalSeries B Preferred Stock	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	170	$ 22		$ 22		$ 22
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							(9,706)					(9,706)
Conversion of operating partnership units to Common Stock			64				$ 0		64			$ (64)
Shares Issued							43,459
Issuance of Common Stock under Share Incentive Plan	330		330				$ 0		330
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			505						505			(505)
Dividends and distributions	(3,207)		(3,207)								(3,207)
Net Income	(1,872)		(1,825)								(1,825)	$ (47)
Ending balance, shares at Mar. 31, 2018					562	1,875,748	8,947,416					625,312
Ending balance at Mar. 31, 2018	66,999		60,527		$ 453	$ 40,935	$ 89		229,007		(209,957)	$ 6,472
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
Ending balance, shares at Dec. 31, 2018					562	1,875,748	9,511,464					235,032
Ending balance at Dec. 31, 2018	44,255		42,061		$ 453	$ 41,000	$ 95		233,697		(233,184)	$ 2,194
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount	170	$ 22		$ 22		$ 22
Shares Issued							181,807
Issuance of Common Stock under Share Incentive Plan	166		166				$ 2		164
Dividends and distributions	(2,589)		(2,589)								(2,589)
Net Income	655		642								642	$ 13
Ending balance, shares at Mar. 31, 2019					562	1,875,748	9,693,271					235,032
Ending balance at Mar. 31, 2019	$ 42,509		$ 40,302		$ 453	$ 41,022	$ 97		$ 233,861		$ (235,131)	$ 2,207

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 655	$ (1,872)
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities:
Depreciation	3,187	3,173
Amortization	2,629	4,303
Loan cost amortization	392	379
Above (below) market lease amortization, net	(226)	(22)
Straight Line Rent Adjustments	47	5
Share-based compensation	90	419
Gain on disposal of properties	(1,839)	(1,055)
Credit losses on operating lease receivables	90	21
Changes in assets and liabilities, net of acquisitions
Rent and other tenant receivables, net	251	978
Unbilled rent	(155)	(83)
Related party receivables	0	84
Deferred costs and other assets, net	(625)	(197)
Accounts payable, accrued expenses and other liabilities	(1,778)	371
Net operating cash flows used in discontinued operations	(21)	(30)
Net cash provided by operating activities	2,697	6,474
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions, net of restricted cash acquired	0	(23,153)
Capital expenditures	(285)	(1,472)
Cash received from disposal of properties	3,584	1,160
Cash received from disposal of properties-discontinued operations	19	0
Net cash provided by (used in) investing activities	3,318	(23,465)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs	(28)	(128)
Dividends and distributions paid	0	(5,480)
Proceeds from sales of Preferred Stock, net of expenses	0	21,158
Loan proceeds	0	7,403
Loan principal payments	(5,350)	(848)
Net financing cash flows used in discontinued operations	(31)	(54)
Net cash (used in) provided by financing activities	(5,409)	22,051
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	606	5,060
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	17,999	12,286
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	18,605	17,346
Non-Cash Transactions:
Debt incurred for acquisitions	0	58,867
Conversion of common units to common stock	0	64
Conversion of Series B Preferred Stock to Common Stock	0	2
Issuance of Common Stock for acquisition	0	1,130
Accretion of preferred stock discounts	170	170
Other Cash Transactions:
Cash paid for interest	$ 4,430	$ 3,911

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , the Trust, through the Operating Partnership, owned and operated sixty-two 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. The Operating Companies perform property management and leasing functions for certain related and non-related third parties (the “Non-REIT Properties”), primarily through WRE. 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, 2018 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 2018 Annual Report filed on Form 10-K for the year ended December 31, 2018 (the “ 2018 Form 10-K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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 future operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. Estimated discounted 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. 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. Assets Held For Sale and Discontinued Operations The Company may decide to sell properties that are held for use. The Company records these properties 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. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell an impairment charge is recognized. The Company estimates fair value, less estimated closing costs based on similar real estate sales transactions. 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. 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. 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 March 31, 2019 and December 31, 2018 , the Company’s allowance for uncollectible accounts totaled $1.03 million and $1.26 million , respectively. Upon adoption of ASC Topic 842 "Leases," reserves for uncollectible accounts were recorded and reclassified to revenue. Prior to adoption, reserves for uncollectible accounts were recorded as an operating expense, provision for credit losses. The standard also provides guidance on calculating reserves; however, those did not impact the Company. During the three months ended March 31, 2019 and 2018, the Company recorded a provision for credit losses in the amount of $90 thousand and $98 thousand , respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on an assessment of the tenant’s credit-worthiness. These are included in rental revenues on the condensed consolidated statements of operations. During the three months ended March 31, 2019 and 2018 , 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 a 2nd deed of trust on 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. 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 to third parties in connection with lease originations. The Company generally records amortization of lease origination costs on a straight-line basis over the terms of the related leases. 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. Revenue Recognition Lease Contract Revenue The Company has two classes of underlying assets relating to rental revenue activity, retail and office space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. 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 March 31, 2019 and December 31, 2018, there were $3.54 million and $3.12 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 as variable lease income. 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. These reimbursements are considered nonlease components which the Company combines with the lease component. 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 tenant reimbursements as variable lease income. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material for the three months ended March 31, 2019 and 2018. Additionally, the Company has tenants who pay real estate taxes directly to the taxing authority. The Company excludes these Company costs paid directly by the tenant to third parties on the Company’s behalf from both variable revenue payments recognized and the associated property operating expenses. The Company does not evaluate whether certain sales taxes and other similar taxes are the Company’s costs or tenants costs. Instead, the Company accounts for these costs as tenant costs. The Company recognizes lease termination fees, which is included in "other revenue" on the condensed consolidated statements of operations, 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. 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 and 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 and document preparation. 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. The below table disaggregates the Company’s revenue by type of service for the three months ended March 31, 2019 and 2018 (in thousands, unaudited): Three Months Ended 2019 2018 Minimum rent $ 12,461 $ 12,610 Tenant reimbursements - variable lease revenue 3,287 3,222 Percentage rent - variable lease revenue 112 87 Lease termination fees 49 246 Asset management fees 13 125 Commissions 42 14 Other 121 87 Subtotal 16,085 16,391 Credit losses on operating lease receivables (90 ) (98 ) Total $ 15,995 $ 16,293 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 $22 thousand and $13 thousand , respectively, for federal and state income taxes as of March 31, 2019 and December 31, 2018. 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). 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 For Leasing Activities The Company expenses advertising and promotion costs as incurred. The Company incurred advertising and promotion costs associated with leasing activities of $49 thousand and $43 thousand for the three months ended March 31, 2019 and 2018, respectively. 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, unaudited): Three Months Ended 2019 2018 Compensation and benefits $ 676 $ 1,001 Professional fees 599 861 Corporate administration 305 342 Capital related costs 74 53 Taxes and licenses 62 165 Other 98 122 1,814 2,544 Less: Allocation of CG&A to Non-REIT management and leasing services — (36 ) Total $ 1,814 $ 2,508 An allocation of professional fees, compensation and benefits, corporate administration and travel is included in Non-REIT management and leasing services on the condensed consolidated statements of operations, which can vary period to period depending on the relative operational fluctuations of these respective services. Leases Commitments The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our condensed consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The company elects the practical expedient to combine lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases. Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Condensed consolidated statements 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. Adoption of ASC Topic 842, “Leases” In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842)”, to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. The Company adopted ASU 2016-02 as of January 1, 2019 using the modified retrospective approach within ASU 2018-11, which allows for the application date to be the beginning of the reporting period in which the entity first applies the new standard. The Company did not have a cumulative-effect adjustment as of the adoption date. In addition, the Company implemented internal controls to enable the preparation of financial information upon adoption. The Company elected the package of transition practical expedients where the company is either the lessee or lessor, which among other things, allowed the Company to carry forward the historical lease classifications and use hindsight in determining the lease terms. The standard had a material impact on the Company's condensed consolidated balance sheets, but did not have a material impact on the condensed consolidated statements of operations. The most significant impact was the recognition of ROU assets and lease liabilities of approximately $11.90 million and $11.99 million , respectively, for operating leases as of January 1, 2019, calculated based on an incremental borrowing rate of 4.84% . The difference between the ROU assets and lease liabilities at adoption represents the accrued straight-line rent liability previously recognized under ASC 840. The standard had no impact on the Company's cash flows. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Loses (Topic 326): Measurement of Credit Losses on Financial Instruments". This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s estimate of expected credit losses and the reasons for those changes. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)". This update modifies the disclosure requirements on fair value measurements in Topic 820 with several removals and additions for disclosures. The guidance will add disclosures related to the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2019. The Company anticipates that there will be no material impact on its consolidated financial statements upon adoption of the guidance. Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows. Reclassifications The Company has reclassified certain prior period amounts in the accompanying condensed consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net income, total assets, total liabilities or equity. Tenant reimbursements and provision for credit losses were reclassified to rental revenues on the condensed consolidated statements of operations to conform to 2019 presentation as a result of adopting ASU 2016-02, “Leases (Topic 842).” The reclassifications within the condensed consolidated statement of cash flows pertain to the straight-line expense operating activity adjustment and the presentation of discontinued operations within operating and financing activities. This reclassification did not impact cash provided by (used in) operating, investing, or financing activities.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate	Real Estate Investment properties consist of the following (in thousands): March 31, 2019 December 31, 2018 (unaudited) Land and land improvements $ 97,279 $ 98,846 Buildings and improvements 367,786 374,485 Investment properties at cost 465,065 473,331 Less accumulated depreciation (42,227 ) (40,189 ) Investment properties, net $ 422,838 $ 433,142 The Company’s depreciation expense on investment properties was $3.19 million and $3.17 million for the three months ended March 31, 2019 and 2018, 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. Assets Held for Sale At December 31, 2018, assets held for sale included six undeveloped land parcels (the "Land Parcels"), Graystone Crossing and Jenks Plaza. Graystone Crossing and Jenks Plaza were sold during the three months ended March 31, 2019. Additionally, in 2019 the Board committed to a plan to sell Perimeter Square which is classified as assets held for sale as of March 31, 2019. 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. As of March 31, 2019 and December 31, 2018, assets held for sale and associated liabilities, excluding discontinued operations, consisted of the following (in thousands): March 31, 2019 December 31, 2018 (unaudited) Investment properties, net $ 7,475 $ 4,912 Rents and other tenant receivables, net 64 72 Above market leases, net — 420 Deferred costs and other assets, net 34 228 Total assets held for sale, excluding discontinued operations $ 7,573 $ 5,632 March 31, 2019 December 31, 2018 (unaudited) Loans payable $ 6,497 $ 3,818 Below market leases, net 1 — Accounts payable 123 240 Total liabilities associated with assets held for sale, excluding discontinued operations $ 6,621 $ 4,058 As of March 31, 2019 and December 31, 2018, assets held for sale and associated liabilities for discontinued operations, consisted of the following (in thousands): March 31, 2019 December 31, 2018 (unaudited) Investment properties, net $ 2,858 $ 3,350 Total assets held for sale, discontinued operations $ 2,858 $ 3,350 March 31, 2019 December 31, 2018 (unaudited) Loans payable $ 43 $ 533 Accounts payable 20 41 Total liabilities associated with assets held for sale, discontinued operations $ 63 $ 574 Dispositions The following properties were disposed of during the three months ended March 31, 2019 and 2018: Disposal Date Property Contract Price Gain Net Proceeds (in thousands, unaudited) March 18, 2019 Graystone Crossing $ 6,000 $ 1,452 $ 1,744 February 7, 2019 Harbor Pointe Land Parcel (1.28 acres) 550 — 19 January 11, 2019 Jenks Plaza 2,200 387 1,840 January 12, 2018 Chipotle Ground Lease at Conyers Crossing 1,270 1,055 1,160 The sale of the Chipotle ground lease at Conyers Crossing, Jenks Plaza and Graystone Crossing 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.

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2019
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. Sea Turtle Development was a related party as Jon Wheeler, the Company's former CEO and shareholder of the Company, is the managing member as discussed in Note 11. Both promissory notes are collateralized by a 2nd 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 March 31, 2019, the Company in total has recognized $7.00 million in impairment charges on the notes receivable reducing the carrying value to $5.00 million . In 2018, the Company placed the notes receivable on nonaccrual status and has not recognized $355 thousand of interest income due on the notes for the three months ended March 31, 2019 and 2018. As of March 31, 2019, the Company believes the estimated fair market value of the development upon stabilization and lease up at a future date will provide for the cash required to repay the $5.00 million carrying value of the notes receivable in the event of a sale. The Company’s estimated fair value of the project is based upon cash flow models that include information available to the Company at March 31, 2019, including assumptions on future lease up and the estimated fair value at full stabilization. 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 $20.00 million 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.

Deferred Costs

Deferred Costs	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs	Deferred Costs Deferred costs, net of amortization and other assets are as follows (in thousands): March 31, 2019 December 31, 2018 (unaudited) Leases in place, net $ 19,836 $ 21,785 Tenant relationships, net 3,228 3,764 Ground lease sandwich interest, net 2,420 2,488 Lease origination costs, net 1,192 1,261 Legal and marketing costs, net 54 59 Other 1,273 716 Total deferred costs and other assets, net $ 28,003 $ 30,073 As of March 31, 2019 and December 31, 2018 , the Company’s intangible accumulated amortization totaled $52.16 million and $50.55 million , respectively. During the three months ended March 31, 2019 and 2018, the Company’s intangible amortization expense totaled $2.63 million and $4.30 million , respectively. Future amortization of lease origination costs, leases in place, legal and marketing costs, tenant relationships, and ground lease sandwich interests is as follows (in thousands, unaudited): Leases In Place, net Tenant Relationships, net Ground Lease Sandwich Interest, net Lease Origination Costs, net Legal & Marketing Costs, net Total For the remaining nine months ending December 31, 2019 $ 4,486 $ 1,040 $ 205 $ 169 $ 9 $ 5,909 For the years ending: December 31, 2020 4,539 863 274 188 11 5,875 December 31, 2021 2,840 451 274 175 9 3,749 December 31, 2022 2,172 357 274 134 6 2,943 December 31, 2023 1,691 230 274 116 6 2,317 December 31, 2024 1,177 130 274 101 3 1,685 Thereafter 2,931 157 845 309 10 4,252 $ 19,836 $ 3,228 $ 2,420 $ 1,192 $ 54 $ 26,730

Loans Payable

Loans Payable	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 December 31, 2018 Harbor Pointe (1) $ 11,024 5.85 % December 2018 $ — $ 460 Perimeter Square (1) Interest only 6.50 % March 2019 6,250 6,250 Perimeter Square construction loan (1) Interest only 6.50 % March 2019 247 247 KeyBank Line of Credit (6) Interest only Libor + 250 basis points March 2019 2,980 3,830 Revere Term Loan $ 109,658 10.00 % April 2019 — 1,059 Senior convertible notes $ 234,199 9.00 % June 2019 692 1,369 DF I-Moyock (1) $ 10,665 5.00 % July 2019 43 73 Rivergate $ 141,230 Libor + 295 basis points December 2019 21,974 22,117 KeyBank Line of Credit (6) Interest only Libor + 250 basis points December 2019 48,272 48,272 Folly Road $ 32,827 4.00 % March 2020 6,035 6,073 Columbia Fire Station $ 25,452 4.00 % May 2020 4,154 4,189 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,491 5,539 First National Bank Line of Credit $ 24,656 Libor + 300 basis points September 2020 1,379 2,938 Lumber River $ 10,723 Libor + 350 basis points October 2020 1,438 1,448 JANAF Bravo $ 36,935 4.65 % January 2021 6,476 6,500 Walnut Hill Plaza $ 26,850 5.50 % September 2022 3,840 3,868 Twin City Commons $ 17,827 4.86 % January 2023 3,032 3,048 New Market $ 48,747 5.65 % June 2023 6,859 6,907 Benefit Street Note (3) $ 53,185 5.71 % June 2023 7,515 7,567 Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,695 5,713 JANAF $ 333,159 4.49 % July 2023 51,838 52,253 Tampa Festival $ 50,797 5.56 % September 2023 8,189 8,227 Forrest Gallery $ 50,973 5.40 % September 2023 8,491 8,529 Riversedge North $ 11,436 5.77 % December 2023 1,791 1,800 South Carolina Food Lions Note (5) $ 68,320 5.25 % January 2024 11,819 11,867 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,351 6,379 Port Crossing $ 34,788 4.84 % August 2024 6,120 6,150 Freeway Junction $ 41,798 4.60 % September 2024 7,828 7,863 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,469 3,486 Graystone Crossing (1) $ 20,386 4.55 % October 2024 — 3,863 Bryan Station $ 23,489 4.52 % November 2024 4,452 4,472 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 (4) 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 5,038 5,065 Chesapeake Square $ 23,857 4.70 % August 2026 4,411 4,434 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) 359,926 369,612 Unamortized debt issuance cost (1) (4,735 ) (5,144 ) Total Loans Payable, including Assets Held for Sale 355,191 364,468 Less loans payable on assets held for sale, net loan amortization costs 6,540 4,351 Total Loans Payable, net $ 348,651 $ 360,117 (1) Includes loans payable on assets held for sale, see Note 3. (2) Collateralized by LaGrange Marketplace, Ridgeland and Georgetown. (3) Collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park. (4) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons. (5) Collateralized by Clover Plaza, South Square, St. George, Waterway Plaza and Westland Square. (6) Collateralized by Darien Shopping Center, Devine Street, Laburnum Square, Lake Murray, Litchfield Market Village, Moncks Corner, Shoppes at Myrtle Park, South Lake, St. Matthews and Village of Martinsville. 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 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% . At December 31, 2018, a $3.83 million over advance (the “Overadvance”) on the Borrowing Base Availability (as defined in the Amended and Restated Credit Agreement) existed as a result of the 2018 refinancing of six assets off the KeyBank Line of Credit. The Company was to repay the Overadvance of $3.83 million by February 28, 2019 or otherwise properly balance the Borrowing Base Availability. On March 11, 2019, KeyBank extended the time which the Company is to repay the Overadvance to March 31, 2019 or otherwise properly balance the Borrowing Base Availability. On March 19, 2019, the Company made a $850 thousand principal payment. As of March 31, 2019, $51.25 million is borrowed on the KeyBank Line of Credit pursuant to the Amended and Restated Credit Agreement, which is collateralized by 10 properties and, of this amount $2.98 million is the remaining Overadvance currently due. At March 31, 2019, the outstanding borrowings are accruing interest at 5.00% . 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 March 31, 2019. 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 March 31, 2019, the Company has not received any notice of default under the Amended and Restated Credit Agreement. Revere Term Loan On January 29, 2019, the Company entered into a Sixth Amendment to Loan Documents to the Revere Term Loan (the “Revere Sixth Amendment”). The Revere Sixth Amendment extended the maturity date to April 1, 2019 from February 1, 2019 and creates an additional “Exit Fee” of $20 thousand . As of March 31, 2019, the Revere Term Loan has been paid in full using proceeds from the following: • $323 thousand with proceeds from the sale of Jenks Plaza on January 11, 2019; • $30 thousand in conjunction with the sale of a Harbor Pointe parcel on February 7, 2019; • $300 thousand in monthly scheduled principal payments; and, • $406 thousand , the remaining principal balance and the $20 thousand Exit Fee on March 29, 2019 from operating cash flows. First National Bank Line of Credit On January 11, 2019, the Company paid $1.51 million on the First National Bank Line of Credit, the portion collateralized by Jenks Plaza, as detailed in Note 3. Perimeter Square Refinance and Construction Loan On January 15, 2019, the Company renewed the promissory notes for $6.25 million and $247 thousand at Perimeter Square. The loans mature in March 2019 with interest only payments beginning February 15, 2019. The loans bear interest at 6.50% . See Note 12 regarding extension of loan subsequent to March 31, 2019. Harbor Pointe On February 7, 2019, the principal balance on the Harbor Pointe loan was paid in full with the sale of a 1.28 acre parcel located at the property, as detailed in Note 3. Graystone Crossing On March 18, 2019, the principal balance on the Graystone Crossing loan was paid in full with the sale of the property, as detailed in Note 3. Loan Covenants Certain of the Company’s loans payable have covenants with which the Company is required to comply. As of March 31, 2019, 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 March 31, 2019 , including assets held for sale, are as follows (in thousands, unaudited): For the remaining nine months ended December 31, 2019 $ 83,751 December 31, 2020 22,138 December 31, 2021 10,554 December 31, 2022 8,075 December 31, 2023 84,900 December 31, 2024 43,537 Thereafter 106,971 Total principal repayments and debt maturities $ 359,926 We have 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 year ended March 31, 2020 of $90.83 million , including $51.25 million on the KeyBank Line of Credit which is collateralized by ten properties within our portfolio. The Company plans to pay this obligation through a combination of refinancings, dispositions and operating cash. The KeyBank Line of Credit may be extended at the Company’s option for an additional one year period, subject to certain customary conditions. The $6.50 million in Perimeter Square loans will be paid upon sale of the center, see subsequent events Note 12. The Senior convertible notes and DF I-Moyock loans fully amortize through their respective maturities. 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: • suspension of Series A Preferred, Series B Preferred and Series D Preferred dividends; • available cash and cash equivalents; • cash flows from operating activities; • refinancing of maturing debt; and • intended sale of six undeveloped land parcels and sale of additional properties, if necessary. Management is currently working with lenders to refinance certain properties off of the KeyBank Line of Credit in an effort to reduce the balance prior to maturity. 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	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 are as follows (in thousands, unaudited): For the remaining nine months ended December 31, 2019 $ 34,858 December 31, 2020 40,093 December 31, 2021 32,078 December 31, 2022 25,407 December 31, 2023 19,771 December 31, 2024 13,918 Thereafter 34,390 Total minimum rents $ 200,515

Equity and Mezzanine Equity

Equity and Mezzanine Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Equity and Mezzanine Equity	Equity and Mezzanine Equity Series A Preferred Stock At March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018, the Company had 1,875,748 shares 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 permitted 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 expired on April 29, 2019. Series D Preferred Stock - Redeemable Preferred Stock At March 31, 2019 and December 31, 2018, the Company had 3,600,636 issued and 4,000,000 authorized shares of Series D Preferred with a $25.00 liquidation preference per share, or $94.40 million and $91.98 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. Dividends on the Series D Preferred cumulate from the end of the most recent dividend period for which dividends have been paid. Dividends on the Series D Preferred cumulate whether or not (i) we have earnings, (ii) there are funds legally available for the payment of such dividends and (iii) such dividends are authorized by our Board of Directors or declared by us. Dividends on the Series D Preferred Stock do not bear interest. If the Company, fails to pay any dividend within three (3) business days after the payment date for such dividend, the then-current dividend rate increases following the payment date by an additional 2.0% of the $25.00 stated liquidation preference per share, or $0.50 per annum, until we pay the dividend, subject to our ability to cure the failure. On December 20, 2018, the Company suspended the Series D Preferred dividend. As such, the Series D Preferred shares began accumulating dividends at 10.75% beginning January 1, 2019 and will continue to accumulate dividends at this rate until all accumulated dividends have been paid. Holders of shares of the Series D Preferred have no voting rights. However, if dividends on the Series D Preferred are in arrears for six or more consecutive quarterly periods, the number of directors on our Board of Directors will automatically be increased by two , and holders of shares of the Series D Preferred and the holders of shares of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable (voting together as a single class) will be entitled to vote, at a special meeting called upon the written request of the holders of at least 20% of such stock or at our next annual meeting and at each subsequent annual meeting of stockholders, for the election of two additional directors to serve on our Board of Directors, until all unpaid dividends on such Series D Preferred and Parity Preferred Stock, if any, have been paid or declared and a sum sufficient for the payment thereof set apart for payment. The Series D Preferred Directors will be elected by a plurality of the votes cast in the election. For the avoidance of doubt, the Board of Directors shall not be permitted to fill the vacancies on the Board of Directors as a result of the failure of the holders of 20% of the Series D Preferred Stock and Parity Preferred Stock to deliver such written request for the election of the Series D Preferred Directors. The changes in the carrying value of the Series D Preferred for the three months ended as of March 31, 2019 and 2018 is as follows: Series D Preferred (unaudited) Balance December 31, 2018 $ 76,955 Accretion of Preferred Stock discount 148 Undeclared dividends 2,419 Balance March 31, 2019 $ 79,522 Series D Preferred (unaudited) Balance December 31, 2017 $ 53,236 Accretion of Preferred Stock discount 148 Undeclared dividends — Issuance of Preferred Stock for acquisition of JANAF 21,158 Balance March 31, 2018 $ 74,542 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 income (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 income (loss) attributable to noncontrolling interests, by the weighted-average number of common shares including any dilutive shares. As of March 31, 2019 , 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. March 31, 2019 Outstanding shares Potential Dilutive Shares (unaudited) Common units 235,032 235,032 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 — 248,325 Dividends The following table summarizes the preferred stock dividends (unaudited, in thousands except for per share amounts): Series A Preferred Series B Preferred Series D Preferred Record Date/Arrears Date Declared Arrears Per Share Declared Arrears Per Share Declared Arrears Per Share 12/31/2018 $ — $ 13 $ 22.50 $ — $ 1,055 $ 0.56 $ — $ 1,969 $ 0.55 3/31/2019 — 13 $ 22.50 — 1,055 $ 0.56 — 2,419 $ 0.67 For the three months ended March 31, 2019 — 26 — 2,110 — 4,388 3/31/2018 $ 13 $ — $ 22.50 $ 1,055 $ — $ 0.56 $ 1,969 $ — $ 0.55 For the three months ended March 31, 2018 $ 13 $ — $ 1,055 $ — $ 1,969 $ — 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. The 2015 Incentive Plan replaced the 2012 Stock Incentive Plan ("Stock Incentive Plan"). As of March 31, 2019, there are 41,104 shares available for issuance under the Company’s 2015 Incentive Plan. There were no shares issued during the three months ended March 31, 2019 and 2018. 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. For the Three Months ended March 31, Shares Issued Market Value (in thousands, unaudited) 2019 181,807 $ 166 2018 43,459 330 As of March 31, 2019, there are 132,707 shares available for issuance under the Company’s 2016 Incentive Plan.

Lease Commitments Lease Commitm

Lease Commitments Lease Commitments	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease Commitments	Leases Commitments The Company has ground leases and an administrative office lease, both of which are accounted for as operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 50 years. The following properties are subject to leases which require the Company to make fixed annual rental payments and variable lease payments, which are immaterial and include escalation clauses and renewal options as follows (unaudited, in thousands): Three Months Ended March 31, 2019 2018 Expiration Year Amscot $ 6 $ 5 2045 Beaver Ruin Village 14 11 2054 Beaver Ruin Village II 6 5 2056 Leased office space Charleston, SC 25 25 2019 Moncks Corner 30 30 2040 Devine Street 99 63 2051 (1) JANAF (2) 67 60 2069 Total ground leases $ 247 $ 199 (1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051. (2) Includes $30 thousand and $24 thousand in variable percentage rent, during the three months ended March 31, 2019 and 2018, respectively. Supplemental information related to leases is as follows (in thousands, unaudited): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 170 Leased assets obtained in exchange for new operating lease liabilities $ 11,904 March 31, 2019 (unaudited) Weighted-average remaining lease term 36 years Weighted-average discount rate 4.84% Undiscounted cash flows of our scheduled obligations for future minimum lease payments due under the operating leases, including applicable automatic extension options and options reasonably certain of being exercised, as of March 31, 2019 and a reconciliation of those cash flows to the operating lease liabilities at March 31, 2019 are as follows (in thousands, unaudited): For the remaining nine months ended December 31, 2019 $ 475 December 31, 2020 583 December 31, 2021 637 December 31, 2022 640 December 31, 2023 642 December 31, 2024 644 Thereafter 23,109 Total minimum lease payments (1) 26,730 Discount (14,768 ) Operating lease liabilities $ 11,962 (1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 March 31, 2019 . 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, 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 Circuit Court for 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. The non-jury trial of the lawsuit was scheduled for April 17-18, 2019, but was continued over the Company’s objections. The new trial date is December 17-18, 2019. At this juncture, the outcome of the matter cannot be predicted. 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 has filed an answer denying liability and, the parties are engaging in discovery. Trial has been scheduled for March 2-6, 2020. At this early juncture, the outcome of the matter cannot be predicted. 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. The parties are presently engaging in discovery. At this juncture, the outcome of the matter cannot be predicted. In April, 2019, BOKF, N.A. (Bank of Arkansas) filed suit against WD-I Associates, LLC, Jon S. Wheeler and the Company's subsidiary - Wheeler Real Estate, LLC in the Court of Common Pleas for Beaufort County, South Carolina. The lawsuit alleges that WD-I and Jon S. Wheeler are in default as to certain construction loans made by BOKF to WD-I Associates, LLC, which Jon Wheeler personally guaranteed. The Complaint seeks approximately $21.00 million in damages for the defaults. Wheeler Real Estate, LLC is named as a nominal defendant, only for purposes of providing an accounting for that period in which it served as the management company for WD-I Associates. Subsidiaries of the Company loaned $11.00 million and $1.00 million , respectively, to WD-I, and both those loans are also in default. Wheeler Real Estate, LLC will shortly file its response to the Complaint. At this early juncture, we express no opinion as to the outcome of this matter, but no damages are sought from Wheeler Real Estate, LLC. Harbor Pointe Tax Increment Financing On September 1, 2011, the Grove Economic Development Authority issued the Grove Economic Development Authority Tax Increment Revenue Note, Taxable Series 2011 in the amount of $2,415,000 , bearing a variable interest rate of 2.29% , not to exceed 14% and payable in 50 semi-annual installments. The proceeds of the bonds were to provide funding for the construction of public infrastructure and other site improvements and to be repaid by incremental additional property taxes generated by development. Harbor Pointe Associates, LLC, then owned by an affiliate of Jon Wheeler, entered into an Economic Development Agreement with the Grove Economic Development Authority for this infrastructure development and in the event the ad valorem taxes were insufficient to cover annual debt service, Harbor Pointe Associates, LLC would reimburse the Grove Economic Development Authority (the “Agreement”). In 2014, Harbor Pointe Associates, LLC was acquired by the Company. The total debt service shortfall over the life of the bond is uncertain as it is based on ad valorem taxes, assessed property values, property tax rates, LIBOR and future potential development ranging until 2036. The Company’s future total principal obligation under the Agreement will be no more than $2.28 million , the principal amount of the bonds, as of March 31, 2019. In addition, the Company may have an interest obligation on the note based on the principal balance and LIBOR rates in effect at future payment dates. During the three months ended March 31, 2019 and 2018, the Company did not fund any debt service shortfalls. No amounts have been accrued for this as of March 31, 2019 as a reasonable estimate of future debt service shortfalls cannot be determined based on variables noted above.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The following summarizes related party activity for the three months ended March 31, 2019 and 2018 and as of March 31, 2019 and December 31, 2018. The amounts disclosed below reflect the activity between the Company and its affiliates (in thousands). March 31, 2019 2018 (unaudited) Amounts paid to affiliates $ — $ 8 Amounts received from affiliates $ 6 $ 87 March 31, December 31, 2019 2018 (unaudited) Notes receivable $ 5,000 $ 5,000 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. As of March 31 2019, the Company in total has recognized $7.00 million in impairment charges on the notes receivable reducing the carrying value to $5.00 million , as discussed in greater detail in Note 4. The Company has placed the notes receivable on nonaccrual status and has not recognized $355 thousand of interest income due on the notes for the three months ended March 31, 2019 and 2018. 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 due 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 months ended March 31, 2019 and 2018, respectively, which were previously reserved. The recovery is included in “asset management fees” on the condensed consolidated statements of operations. The total allowance on related party receivables at March 31, 2019 and December 31, 2018 is $2.20 million . There were no additional reserves recorded for the three months ended March 31, 2019 and the year ended December 31, 2018.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Publicly Traded Warrants (CUSIP No.: 963025119) (NASDAQ: WHLRW) On April 29, 2019, the 1,986,600 warrants exchangeable into 248,325 shares of Common Stock expired. Perimeter Square In April 2019, the Company executed a contract for the sale of Perimeter Square for $7.43 million . It is expected to close in the second quarter of 2019. In addition, the Company extended the $6.50 million in Perimeter Square loans to June 5, 2019. JANAF In April 2019, the Company absorbed an approximately 30,000 square foot outparcel at JANAF as a result of an unlawful detainer with a delinquent tenant, Mariner Finance, LLC. KeyBank Line of Credit On April 25, 2019, the Company entered into a First Amendment to the Amended and Restated Credit Agreement (the "First Amendment"). In conjunction with the First Amendment, the Company made a $1.00 million principal payment on the KeyBank Line of Credit and will begin making monthly principal payments of $250 thousand on May 1, 2019. The First Amendment, among other provisions, waives the Overadvance (as defined in the Amended and Restated Credit Agreement) and replaced the Borrowing Base Availability (as defined in the Amended and Restated Credit Agreement) with an interest coverage ratio. Additionally, the KeyBank Line of Credit shall be reduced to $27.00 million by July 31, 2019, $7.50 million by September 30, 2019 and the interest rate increases to Libor plus 350 basis points on August 31, 2019 if the outstanding balance is not below $11.00 million .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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 future operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. Estimated discounted 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. 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.
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 a 2nd deed of trust on 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.
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.
Revenue Recognition	Revenue Recognition
Lease Contract Revenue	Lease Contract Revenue The Company has two classes of underlying assets relating to rental revenue activity, retail and office space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. Additionally, certain of the lease agreements contain provisions that grant additional rents based on tenants’ sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements as variable lease income. 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. These reimbursements are considered nonlease components which the Company combines with the lease component. 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 tenant reimbursements as variable lease income. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material for the three months ended March 31, 2019 and 2018. Additionally, the Company has tenants who pay real estate taxes directly to the taxing authority. The Company excludes these Company costs paid directly by the tenant to third parties on the Company’s behalf from both variable revenue payments recognized and the associated property operating expenses. The Company does not evaluate whether certain sales taxes and other similar taxes are the Company’s costs or tenants costs. Instead, the Company accounts for these costs as tenant costs. The Company recognizes lease termination fees, which is included in "other revenue" on the condensed consolidated statements of operations, 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.
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 and 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 and document preparation. 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.
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 $22 thousand and $13 thousand , respectively, for federal and state income taxes as of March 31, 2019 and December 31, 2018. 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). 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 For Leasing Activities The Company expenses advertising and promotion costs as incurred.
Noncontrolling interests	Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the 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 statements 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	Adoption of ASC Topic 842, “Leases” In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842)”, to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. The Company adopted ASU 2016-02 as of January 1, 2019 using the modified retrospective approach within ASU 2018-11, which allows for the application date to be the beginning of the reporting period in which the entity first applies the new standard. The Company did not have a cumulative-effect adjustment as of the adoption date. In addition, the Company implemented internal controls to enable the preparation of financial information upon adoption. The Company elected the package of transition practical expedients where the company is either the lessee or lessor, which among other things, allowed the Company to carry forward the historical lease classifications and use hindsight in determining the lease terms. The standard had a material impact on the Company's condensed consolidated balance sheets, but did not have a material impact on the condensed consolidated statements of operations. The most significant impact was the recognition of ROU assets and lease liabilities of approximately $11.90 million and $11.99 million , respectively, for operating leases as of January 1, 2019, calculated based on an incremental borrowing rate of 4.84% . The difference between the ROU assets and lease liabilities at adoption represents the accrued straight-line rent liability previously recognized under ASC 840. The standard had no impact on the Company's cash flows. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Loses (Topic 326): Measurement of Credit Losses on Financial Instruments". This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s estimate of expected credit losses and the reasons for those changes. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)". This update modifies the disclosure requirements on fair value measurements in Topic 820 with several removals and additions for disclosures. The guidance will add disclosures related to the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2019. The Company anticipates that there will be no material impact on its consolidated financial statements upon adoption of the guidance. 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)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of details of deferred costs, net of amortization and other assets	Deferred costs, net of amortization and other assets are as follows (in thousands): March 31, 2019 December 31, 2018 (unaudited) Leases in place, net $ 19,836 $ 21,785 Tenant relationships, net 3,228 3,764 Ground lease sandwich interest, net 2,420 2,488 Lease origination costs, net 1,192 1,261 Legal and marketing costs, net 54 59 Other 1,273 716 Total deferred costs and other assets, net $ 28,003 $ 30,073
Schedule of future amortization of lease origination costs, financing costs and in place leases	Future amortization of lease origination costs, leases in place, legal and marketing costs, tenant relationships, and ground lease sandwich interests is as follows (in thousands, unaudited): Leases In Place, net Tenant Relationships, net Ground Lease Sandwich Interest, net Lease Origination Costs, net Legal & Marketing Costs, net Total For the remaining nine months ending December 31, 2019 $ 4,486 $ 1,040 $ 205 $ 169 $ 9 $ 5,909 For the years ending: December 31, 2020 4,539 863 274 188 11 5,875 December 31, 2021 2,840 451 274 175 9 3,749 December 31, 2022 2,172 357 274 134 6 2,943 December 31, 2023 1,691 230 274 116 6 2,317 December 31, 2024 1,177 130 274 101 3 1,685 Thereafter 2,931 157 845 309 10 4,252 $ 19,836 $ 3,228 $ 2,420 $ 1,192 $ 54 $ 26,730
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, unaudited): Three Months Ended 2019 2018 Compensation and benefits $ 676 $ 1,001 Professional fees 599 861 Corporate administration 305 342 Capital related costs 74 53 Taxes and licenses 62 165 Other 98 122 1,814 2,544 Less: Allocation of CG&A to Non-REIT management and leasing services — (36 ) Total $ 1,814 $ 2,508
Schedule of disaggregation of Company's revenue	The below table disaggregates the Company’s revenue by type of service for the three months ended March 31, 2019 and 2018 (in thousands, unaudited): Three Months Ended 2019 2018 Minimum rent $ 12,461 $ 12,610 Tenant reimbursements - variable lease revenue 3,287 3,222 Percentage rent - variable lease revenue 112 87 Lease termination fees 49 246 Asset management fees 13 125 Commissions 42 14 Other 121 87 Subtotal 16,085 16,391 Credit losses on operating lease receivables (90 ) (98 ) Total $ 15,995 $ 16,293

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate	Real Estate Investment properties consist of the following (in thousands): March 31, 2019 December 31, 2018 (unaudited) Land and land improvements $ 97,279 $ 98,846 Buildings and improvements 367,786 374,485 Investment properties at cost 465,065 473,331 Less accumulated depreciation (42,227 ) (40,189 ) Investment properties, net $ 422,838 $ 433,142 The Company’s depreciation expense on investment properties was $3.19 million and $3.17 million for the three months ended March 31, 2019 and 2018, 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. Assets Held for Sale At December 31, 2018, assets held for sale included six undeveloped land parcels (the "Land Parcels"), Graystone Crossing and Jenks Plaza. Graystone Crossing and Jenks Plaza were sold during the three months ended March 31, 2019. Additionally, in 2019 the Board committed to a plan to sell Perimeter Square which is classified as assets held for sale as of March 31, 2019. 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. As of March 31, 2019 and December 31, 2018, assets held for sale and associated liabilities, excluding discontinued operations, consisted of the following (in thousands): March 31, 2019 December 31, 2018 (unaudited) Investment properties, net $ 7,475 $ 4,912 Rents and other tenant receivables, net 64 72 Above market leases, net — 420 Deferred costs and other assets, net 34 228 Total assets held for sale, excluding discontinued operations $ 7,573 $ 5,632 March 31, 2019 December 31, 2018 (unaudited) Loans payable $ 6,497 $ 3,818 Below market leases, net 1 — Accounts payable 123 240 Total liabilities associated with assets held for sale, excluding discontinued operations $ 6,621 $ 4,058 As of March 31, 2019 and December 31, 2018, assets held for sale and associated liabilities for discontinued operations, consisted of the following (in thousands): March 31, 2019 December 31, 2018 (unaudited) Investment properties, net $ 2,858 $ 3,350 Total assets held for sale, discontinued operations $ 2,858 $ 3,350 March 31, 2019 December 31, 2018 (unaudited) Loans payable $ 43 $ 533 Accounts payable 20 41 Total liabilities associated with assets held for sale, discontinued operations $ 63 $ 574 Dispositions The following properties were disposed of during the three months ended March 31, 2019 and 2018: Disposal Date Property Contract Price Gain Net Proceeds (in thousands, unaudited) March 18, 2019 Graystone Crossing $ 6,000 $ 1,452 $ 1,744 February 7, 2019 Harbor Pointe Land Parcel (1.28 acres) 550 — 19 January 11, 2019 Jenks Plaza 2,200 387 1,840 January 12, 2018 Chipotle Ground Lease at Conyers Crossing 1,270 1,055 1,160 The sale of the Chipotle ground lease at Conyers Crossing, Jenks Plaza and Graystone Crossing 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.
Schedule of investment properties	Investment properties consist of the following (in thousands): March 31, 2019 December 31, 2018 (unaudited) Land and land improvements $ 97,279 $ 98,846 Buildings and improvements 367,786 374,485 Investment properties at cost 465,065 473,331 Less accumulated depreciation (42,227 ) (40,189 ) Investment properties, net $ 422,838 $ 433,142
Schedule of dispositions	As of March 31, 2019 and December 31, 2018, assets held for sale and associated liabilities, excluding discontinued operations, consisted of the following (in thousands): March 31, 2019 December 31, 2018 (unaudited) Investment properties, net $ 7,475 $ 4,912 Rents and other tenant receivables, net 64 72 Above market leases, net — 420 Deferred costs and other assets, net 34 228 Total assets held for sale, excluding discontinued operations $ 7,573 $ 5,632 March 31, 2019 December 31, 2018 (unaudited) Loans payable $ 6,497 $ 3,818 Below market leases, net 1 — Accounts payable 123 240 Total liabilities associated with assets held for sale, excluding discontinued operations $ 6,621 $ 4,058 As of March 31, 2019 and December 31, 2018, assets held for sale and associated liabilities for discontinued operations, consisted of the following (in thousands): March 31, 2019 December 31, 2018 (unaudited) Investment properties, net $ 2,858 $ 3,350 Total assets held for sale, discontinued operations $ 2,858 $ 3,350 March 31, 2019 December 31, 2018 (unaudited) Loans payable $ 43 $ 533 Accounts payable 20 41 Total liabilities associated with assets held for sale, discontinued operations $ 63 $ 574

Deferred Costs (Tables)

Deferred Costs (Tables)	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of details of deferred costs, net of amortization and other assets	Deferred costs, net of amortization and other assets are as follows (in thousands): March 31, 2019 December 31, 2018 (unaudited) Leases in place, net $ 19,836 $ 21,785 Tenant relationships, net 3,228 3,764 Ground lease sandwich interest, net 2,420 2,488 Lease origination costs, net 1,192 1,261 Legal and marketing costs, net 54 59 Other 1,273 716 Total deferred costs and other assets, net $ 28,003 $ 30,073
Schedule of future amortization of lease origination costs, financing costs and in place leases	Future amortization of lease origination costs, leases in place, legal and marketing costs, tenant relationships, and ground lease sandwich interests is as follows (in thousands, unaudited): Leases In Place, net Tenant Relationships, net Ground Lease Sandwich Interest, net Lease Origination Costs, net Legal & Marketing Costs, net Total For the remaining nine months ending December 31, 2019 $ 4,486 $ 1,040 $ 205 $ 169 $ 9 $ 5,909 For the years ending: December 31, 2020 4,539 863 274 188 11 5,875 December 31, 2021 2,840 451 274 175 9 3,749 December 31, 2022 2,172 357 274 134 6 2,943 December 31, 2023 1,691 230 274 116 6 2,317 December 31, 2024 1,177 130 274 101 3 1,685 Thereafter 2,931 157 845 309 10 4,252 $ 19,836 $ 3,228 $ 2,420 $ 1,192 $ 54 $ 26,730

Loans Payable (Tables)

Loans Payable (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 December 31, 2018 Harbor Pointe (1) $ 11,024 5.85 % December 2018 $ — $ 460 Perimeter Square (1) Interest only 6.50 % March 2019 6,250 6,250 Perimeter Square construction loan (1) Interest only 6.50 % March 2019 247 247 KeyBank Line of Credit (6) Interest only Libor + 250 basis points March 2019 2,980 3,830 Revere Term Loan $ 109,658 10.00 % April 2019 — 1,059 Senior convertible notes $ 234,199 9.00 % June 2019 692 1,369 DF I-Moyock (1) $ 10,665 5.00 % July 2019 43 73 Rivergate $ 141,230 Libor + 295 basis points December 2019 21,974 22,117 KeyBank Line of Credit (6) Interest only Libor + 250 basis points December 2019 48,272 48,272 Folly Road $ 32,827 4.00 % March 2020 6,035 6,073 Columbia Fire Station $ 25,452 4.00 % May 2020 4,154 4,189 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,491 5,539 First National Bank Line of Credit $ 24,656 Libor + 300 basis points September 2020 1,379 2,938 Lumber River $ 10,723 Libor + 350 basis points October 2020 1,438 1,448 JANAF Bravo $ 36,935 4.65 % January 2021 6,476 6,500 Walnut Hill Plaza $ 26,850 5.50 % September 2022 3,840 3,868 Twin City Commons $ 17,827 4.86 % January 2023 3,032 3,048 New Market $ 48,747 5.65 % June 2023 6,859 6,907 Benefit Street Note (3) $ 53,185 5.71 % June 2023 7,515 7,567 Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,695 5,713 JANAF $ 333,159 4.49 % July 2023 51,838 52,253 Tampa Festival $ 50,797 5.56 % September 2023 8,189 8,227 Forrest Gallery $ 50,973 5.40 % September 2023 8,491 8,529 Riversedge North $ 11,436 5.77 % December 2023 1,791 1,800 South Carolina Food Lions Note (5) $ 68,320 5.25 % January 2024 11,819 11,867 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,351 6,379 Port Crossing $ 34,788 4.84 % August 2024 6,120 6,150 Freeway Junction $ 41,798 4.60 % September 2024 7,828 7,863 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,469 3,486 Graystone Crossing (1) $ 20,386 4.55 % October 2024 — 3,863 Bryan Station $ 23,489 4.52 % November 2024 4,452 4,472 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 (4) 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 5,038 5,065 Chesapeake Square $ 23,857 4.70 % August 2026 4,411 4,434 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) 359,926 369,612 Unamortized debt issuance cost (1) (4,735 ) (5,144 ) Total Loans Payable, including Assets Held for Sale 355,191 364,468 Less loans payable on assets held for sale, net loan amortization costs 6,540 4,351 Total Loans Payable, net $ 348,651 $ 360,117 (1) Includes loans payable on assets held for sale, see Note 3. (2) Collateralized by LaGrange Marketplace, Ridgeland and Georgetown. (3) Collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park. (4) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons. (5) Collateralized by Clover Plaza, South Square, St. George, Waterway Plaza and Westland Square. (6) Collateralized by Darien Shopping Center, Devine Street, Laburnum Square, Lake Murray, Litchfield Market Village, Moncks Corner, Shoppes at Myrtle Park, South Lake, St. Matthews and Village of Martinsville.
Schedule of Company's scheduled principal repayments on indebtedness	The Company’s scheduled principal repayments on indebtedness as of March 31, 2019 , including assets held for sale, are as follows (in thousands, unaudited): For the remaining nine months ended December 31, 2019 $ 83,751 December 31, 2020 22,138 December 31, 2021 10,554 December 31, 2022 8,075 December 31, 2023 84,900 December 31, 2024 43,537 Thereafter 106,971 Total principal repayments and debt maturities $ 359,926

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 are as follows (in thousands, unaudited): For the remaining nine months ended December 31, 2019 $ 34,858 December 31, 2020 40,093 December 31, 2021 32,078 December 31, 2022 25,407 December 31, 2023 19,771 December 31, 2024 13,918 Thereafter 34,390 Total minimum rents $ 200,515

Equity and Mezzanine Equity (Ta

Equity and Mezzanine Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Changes in Carrying Value of Series D Preferred	The changes in the carrying value of the Series D Preferred for the three months ended as of March 31, 2019 and 2018 is as follows: Series D Preferred (unaudited) Balance December 31, 2018 $ 76,955 Accretion of Preferred Stock discount 148 Undeclared dividends 2,419 Balance March 31, 2019 $ 79,522 Series D Preferred (unaudited) Balance December 31, 2017 $ 53,236 Accretion of Preferred Stock discount 148 Undeclared dividends — Issuance of Preferred Stock for acquisition of JANAF 21,158 Balance March 31, 2018 $ 74,542
Schedule of Potentially Dilutive Shares	As of March 31, 2019 , 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. March 31, 2019 Outstanding shares Potential Dilutive Shares (unaudited) Common units 235,032 235,032 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 — 248,325
Schedule of Summary of Preferred Stock Dividends	The following table summarizes the preferred stock dividends (unaudited, in thousands except for per share amounts): Series A Preferred Series B Preferred Series D Preferred Record Date/Arrears Date Declared Arrears Per Share Declared Arrears Per Share Declared Arrears Per Share 12/31/2018 $ — $ 13 $ 22.50 $ — $ 1,055 $ 0.56 $ — $ 1,969 $ 0.55 3/31/2019 — 13 $ 22.50 — 1,055 $ 0.56 — 2,419 $ 0.67 For the three months ended March 31, 2019 — 26 — 2,110 — 4,388 3/31/2018 $ 13 $ — $ 22.50 $ 1,055 $ — $ 0.56 $ 1,969 $ — $ 0.55 For the three months ended March 31, 2018 $ 13 $ — $ 1,055 $ — $ 1,969 $ —
Schedule of Shares Issued Under 2016 Long-Term 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. For the Three Months ended March 31, Shares Issued Market Value (in thousands, unaudited) 2019 181,807 $ 166 2018 43,459 330 As of March 31, 2019, there are 132,707 shares available for issuance under the Company’s 2016 Incentive Plan.

Lease Commitments (Tables)

Lease Commitments (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Ground Lease Payments and Supplemental Information Related to Leases	The following properties are subject to leases which require the Company to make fixed annual rental payments and variable lease payments, which are immaterial and include escalation clauses and renewal options as follows (unaudited, in thousands): Three Months Ended March 31, 2019 2018 Expiration Year Amscot $ 6 $ 5 2045 Beaver Ruin Village 14 11 2054 Beaver Ruin Village II 6 5 2056 Leased office space Charleston, SC 25 25 2019 Moncks Corner 30 30 2040 Devine Street 99 63 2051 (1) JANAF (2) 67 60 2069 Total ground leases $ 247 $ 199 (1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051. (2) Includes $30 thousand and $24 thousand in variable percentage rent, during the three months ended March 31, 2019 and 2018, respectively. Supplemental information related to leases is as follows (in thousands, unaudited): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 170 Leased assets obtained in exchange for new operating lease liabilities $ 11,904 March 31, 2019 (unaudited) Weighted-average remaining lease term 36 years Weighted-average discount rate 4.84%
Schedule of Undiscounted Cash Flows of Scheduled Obligations for Under Operating Leases	Undiscounted cash flows of our scheduled obligations for future minimum lease payments due under the operating leases, including applicable automatic extension options and options reasonably certain of being exercised, as of March 31, 2019 and a reconciliation of those cash flows to the operating lease liabilities at March 31, 2019 are as follows (in thousands, unaudited): For the remaining nine months ended December 31, 2019 $ 475 December 31, 2020 583 December 31, 2021 637 December 31, 2022 640 December 31, 2023 642 December 31, 2024 644 Thereafter 23,109 Total minimum lease payments (1) 26,730 Discount (14,768 ) Operating lease liabilities $ 11,962 (1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transaction [Line Items]
Schedule of related party activity	The following summarizes related party activity for the three months ended March 31, 2019 and 2018 and as of March 31, 2019 and December 31, 2018. The amounts disclosed below reflect the activity between the Company and its affiliates (in thousands). March 31, 2019 2018 (unaudited) Amounts paid to affiliates $ — $ 8 Amounts received from affiliates $ 6 $ 87 March 31, December 31, 2019 2018 (unaudited) Notes receivable $ 5,000 $ 5,000

Organization and Basis of Pre_2

Organization and Basis of Presentation and Consolidation (Details)	Mar. 31, 2019PropertypropertyBuilding
Accounting Policies [Abstract]
Number of real estate properties | property	62
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 ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jan. 01, 2019
Property, Plant and Equipment [Line Items]
Other	$ 98,000	$ 122,000
Asset Impairment Charges	$ 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	$ 1,030,000		$ 1,260,000
Tenant recoveries realized from previous charge-offs	0	0
Finite-lived intangible assets, accumulated amortization	52,160,000		50,550,000
Amortization of intangible assets	$ 2,630,000	4,300,000
Property management fee, percent fee	3.00%
Asset management fee, percent fee	2.00%
Minimum percentage of taxable income to be distributed to stockholders (as percent)	90.00%
Advertising	$ 49,000	43,000
Provision for federal income taxes	$ (22,000)		$ 13,000
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
Increase in cash provided by operating activities	$ 2,697,000	6,474,000
Reduction in cash from investing activities	(3,318,000)	23,465,000
ROU assets	11,833,000		$ 0
Provision for credit losses	$ 90,000	$ 98,000
ASU 2016-02
Property, Plant and Equipment [Line Items]
ROU assets				$ 11,900,000
Lease liability				$ 11,990,000
Incremental borrowing rate on leases				4.84%
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	$ 3,540,000		$ 3,120,000
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	Mar. 31, 2019	Dec. 31, 2018
Deferred Costs And Other Assets [Line Items]
Tenant relationships, net	$ 3,228	$ 3,764
Lease origination costs, net	1,273	716
Other	1,192	1,261
Total Deferred Costs and Other Assets, net	28,003	30,073
Leases in place, net
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	19,836	21,785
Ground lease sandwich interest, net
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	2,420	2,488
Legal and marketing costs, net
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	$ 54	$ 59

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Rental revenues	$ 15,770	$ 15,821
Asset management fees	13	125
Subtotal	16,085	16,391
Credit losses on operating lease receivables	(90)	(98)
Total Revenue	15,995	16,293
Minimum rent
Disaggregation of Revenue [Line Items]
Rental revenues	12,461	12,610
Tenant reimbursements - variable lease revenue
Disaggregation of Revenue [Line Items]
Variable lease revenue	3,287	3,222
Percentage rent - variable lease revenue
Disaggregation of Revenue [Line Items]
Variable lease revenue	112	87
Lease termination fees
Disaggregation of Revenue [Line Items]
Non-lease revenues	49	246
Asset management fees
Disaggregation of Revenue [Line Items]
Asset management fees	13	125
Commissions
Disaggregation of Revenue [Line Items]
Non-lease revenues	42	14
Other
Disaggregation of Revenue [Line Items]
Non-lease revenues	$ 121	$ 87

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - CG&A Schedule (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CG&A Schedule [Abstract]
Corporate administration	$ 676	$ 1,001
Professional fees	599	861
Corporate administration	305	342
Capital related costs	74	53
Taxes and licenses	62	165
Other	98	122
Other Selling, General and Administrative Expense	1,814	2,544
Less: Allocation of CG&A to Non-REIT management and leasing services	0	(36)
Total	$ 1,814	$ 2,508

Real Estate - Investment Proper

Real Estate - Investment Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Line Items]
Investment properties at cost	$ 465,065	$ 473,331
Less accumulated depreciation and amortization	(42,227)	(40,189)
Investment properties, net	422,838	433,142
Land
Real Estate [Line Items]
Investment properties at cost	97,279	98,846
Building and building improvements
Real Estate [Line Items]
Investment properties at cost	$ 367,786	$ 374,485

Real Estate - Additional Inform

Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)parcel	Mar. 31, 2018USD ($)	Dec. 31, 2018parcel
Real Estate [Abstract]
Depreciation expense | $	$ 3,187	$ 3,173
Business Acquisition [Line Items]
Number of undeveloped parcels	6
Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of undeveloped parcels			6

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) $ in Thousands	Mar. 15, 2019USD ($)	Feb. 07, 2019USD ($)a	Jan. 11, 2019USD ($)	Jan. 12, 2018USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation					$ 3,187	$ 3,173
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Graystone Crossing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price	$ 6,000
Gain	1,452
Net Proceeds	$ 1,744
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Harbor Point (undeveloped land)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price		$ 550
Gain		0
Net Proceeds		$ 19
Area of land | a		1.28
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Jenks Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price			$ 2,200
Gain			387
Net Proceeds			$ 1,840
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Chipotle Ground Lease at Conyers Crossing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price				$ 1,270
Gain				1,055
Net Proceeds				$ 1,160

Real Estate - Assets Held for S

Real Estate - Assets Held for Sale (Details) - USD ($) $ in Thousands	Mar. 15, 2019	Feb. 07, 2019	Jan. 11, 2019	Jan. 12, 2018	Mar. 31, 2019	Dec. 31, 2018
Assets
Assets held for sale					$ 10,431	$ 8,982
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Loans payable					6,684	4,632
Held-for-sale, Not Discontinued Operations
Assets
Investment properties, net					7,475	4,912
Rents and other tenant receivables, net					64	72
Above market leases, net					0	420
Deferred costs and other assets, net					34	228
Assets held for sale					7,573	5,632
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Loans payable					6,497	3,818
Below market leases, net					1	0
Accounts payable					123	240
Total liabilities associated with assets held for sale					6,621	4,058
Held-for-sale, Discontinued Operations
Assets
Investment properties, net					2,858	3,350
Assets held for sale					2,858	3,350
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Loans payable					43	533
Accounts payable					20	41
Total liabilities associated with assets held for sale					$ 63	$ 574
Graystone Crossing | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Contract Price	$ 6,000
Gain	1,452
Net Proceeds	$ 1,744
Harbor Point (undeveloped land) | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Contract Price		$ 550
Gain		0
Net Proceeds		$ 19
Jenks Plaza | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Contract Price			$ 2,200
Gain			387
Net Proceeds			$ 1,840
Chipotle Ground Lease at Conyers Crossing | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Contract Price				$ 1,270
Gain				1,055
Net Proceeds				$ 1,160

Notes Receivable (Details)

Notes Receivable (Details) $ in Thousands	Sep. 29, 2016USD ($)a	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Allowance for Loan and Lease Losses, Write-offs		$ 7,000
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%
Consideration for Sale of Land Note | Real Estate | Junior Lien
Related Party Transaction [Line Items]
Note receivable from related parties	$ 1,000
Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Note receivable from related parties	$ 11,000	5,000		$ 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		355	$ 355
Partial Funding of Sea Turtle Development Note | Fair Value, Inputs, Level 3
Related Party Transaction [Line Items]
Note receivable from related parties		5,000
Partial Funding of Sea Turtle Development Note | Real Estate | Junior Lien
Related Party Transaction [Line Items]
Note receivable from related parties	$ 11,000
Partial Funding of Sea Turtle Development Note | Real Estate | Senior Lien | Fair Value, Inputs, Level 3
Related Party Transaction [Line Items]
Note receivable from related parties		$ 20,000

Deferred Costs - Deferred Costs

Deferred Costs - Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 28,003	$ 30,073
Tenant Relationships	3,228	3,764
Lease origination costs, net	1,192	1,261
Other	1,273	716
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	19,836	21,785
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	2,420	2,488
Legal and marketing costs, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 54	$ 59

Deferred Costs - Additional Inf

Deferred Costs - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2,630	$ 4,300
Finite-lived intangible assets, accumulated amortization	$ 52,160		$ 50,550

Deferred Costs - Future Amortiz

Deferred Costs - Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
For the remaining nine months ending December 31, 2019	$ 5,909
December 31, 2020	5,875
December 31, 2021	3,749
December 31, 2022	2,943
December 31, 2023	2,317
December 31, 2024	1,685
Thereafter	4,252
Total	26,730
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
For the remaining nine months ending December 31, 2019	4,486
December 31, 2020	4,539
December 31, 2021	2,840
December 31, 2022	2,172
December 31, 2023	1,691
December 31, 2024	1,177
Thereafter	2,931
Total	19,836
Tenant Relationships, net
Finite-Lived Intangible Assets [Line Items]
For the remaining nine months ending December 31, 2019	1,040
December 31, 2020	863
December 31, 2021	451
December 31, 2022	357
December 31, 2023	230
December 31, 2024	130
Thereafter	157
Total	3,228
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
For the remaining nine months ending December 31, 2019	205
December 31, 2020	274
December 31, 2021	274
December 31, 2022	274
December 31, 2023	274
December 31, 2024	274
Thereafter	845
Total	2,420
Lease Origination Costs, net
Finite-Lived Intangible Assets [Line Items]
For the remaining nine months ending December 31, 2019	169
December 31, 2020	188
December 31, 2021	175
December 31, 2022	134
December 31, 2023	116
December 31, 2024	101
Thereafter	309
Total	1,192
Legal and marketing costs, net
Finite-Lived Intangible Assets [Line Items]
For the remaining nine months ending December 31, 2019	9
December 31, 2020	11
December 31, 2021	9
December 31, 2022	6
December 31, 2023	6
December 31, 2024	3
Thereafter	10
Total	$ 54

Loans Payable - Summary of Loan

Loans Payable - Summary of Loans Payable (Details) - USD ($)	Mar. 29, 2019	Feb. 07, 2019	Jan. 29, 2019	Jan. 11, 2019	Mar. 31, 2019	Jan. 15, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument, interest rate. stated percentage					5.00%
Loans payable, net					$ 348,651,000		$ 360,117,000
Total Principal Balance					359,926,000		369,612,000
Unamortized debt issuance cost					(4,735,000)		(5,144,000)
Total Loans Payable, including Assets Held for Sale					355,191,000		364,468,000
Less loans payable on assets held for sale, net loan amortization costs					6,540,000		4,351,000
First National Bank Line of Credit
Debt Instrument [Line Items]
Debt instrument, periodic payment					24,656
Loans payable, net					1,379,000		2,938,000
Lumber River
Debt Instrument [Line Items]
Debt instrument, periodic payment					10,723
Loans payable, net					$ 1,438,000		1,448,000
Lumber River | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					3.50%
Revere Loan
Debt Instrument [Line Items]
Debt instrument, periodic payment	$ 406,000	$ 30,000		$ 323,000	$ 300,000
Senior convertible notes
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 234,199
Debt instrument, interest rate. stated percentage					9.00%
Loans payable, net					$ 692,000		1,369,000
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					6.50%	6.50%
Loans payable, net					$ 6,250,000	$ 6,250,000	6,250,000
Perimeter Square Construction Loan
Debt Instrument [Line Items]
Debt instrument, payment terms					Interest only
Debt instrument, interest rate. stated percentage					6.50%
Loans payable, net					$ 247,000	$ 247,000	247,000
Riversedge North
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 11,436
Debt instrument, interest rate. stated percentage					5.77%
Loans payable, net					$ 1,791,000		1,800,000
DF I-Moyock
Debt Instrument [Line Items]
Debt instrument, periodic payment					10,665
Loans payable, net					43,000		73,000
Rivergate
Debt Instrument [Line Items]
Debt instrument, periodic payment					141,230
Loans payable, net					$ 21,974,000		22,117,000
Rivergate | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.95%
Folly Road
Debt Instrument [Line Items]
Debt instrument, payment terms					32827
Debt instrument, interest rate. stated percentage					4.00%
Loans payable, net					$ 6,035,000		6,073,000
Columbia Fire Station
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 25,452
Debt instrument, interest rate. stated percentage					4.00%
Loans payable, net					$ 4,154,000		4,189,000
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					$ 5,491,000		5,539,000
JANAF Bravo
Debt Instrument [Line Items]
Debt instrument, payment terms					36935
Debt instrument, interest rate. stated percentage					4.65%
Loans payable, net					$ 6,476,000		6,500,000
Walnut Hill Plaza
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 26,850
Debt instrument, interest rate. stated percentage					5.50%
Loans payable, net					$ 3,840,000		3,868,000
Twin City Commons
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 17,827
Debt instrument, interest rate. stated percentage					4.86%
Loans payable, net					$ 3,032,000		3,048,000
Twin City Commons
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 48,747
Debt instrument, interest rate. stated percentage					5.65%
Loans payable, net					$ 6,859,000		6,907,000
Shoppes at Eagle Harbor
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 53,185
Debt instrument, interest rate. stated percentage					5.71%
Loans payable, net					$ 7,515,000		7,567,000
New Market
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 33,340
Debt instrument, interest rate. stated percentage					5.71%
Loans payable, net					$ 5,695,000		5,713,000
JANAF
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 333,159
Debt instrument, interest rate. stated percentage					4.49%
Loans payable, net					$ 51,838,000		52,253,000
Deutsche Bank
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 50,797
Debt instrument, interest rate. stated percentage					5.56%
Loans payable, net					$ 8,189,000		8,227,000
JANAF
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 50,973
Debt instrument, interest rate. stated percentage					5.40%
Loans payable, net					$ 8,491,000		8,529,000
Forrest Gallery
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 68,320
Debt instrument, interest rate. stated percentage					5.25%
Loans payable, net					$ 11,819,000		11,867,000
Cypress Shopping Center
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 34,360
Debt instrument, interest rate. stated percentage					4.70%
Loans payable, net					$ 6,351,000		6,379,000
Port Crossing
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 34,788
Debt instrument, interest rate. stated percentage					4.84%
Loans payable, net					$ 6,120,000		6,150,000
Freeway Junction
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 41,798
Debt instrument, interest rate. stated percentage					4.60%
Loans payable, net					$ 7,828,000		7,863,000
Harrodsburg Marketplace
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 19,112
Debt instrument, interest rate. stated percentage					4.55%
Loans payable, net					$ 3,469,000		3,486,000
Graystone Crossing
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 20,386
Debt instrument, interest rate. stated percentage					4.55%
Loans payable, net					$ 0		3,863,000
Bryan Station
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 23,489
Debt instrument, interest rate. stated percentage					4.52%
Loans payable, net					$ 4,452,000		4,472,000
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					$ 5,038,000		5,065,000
Chesapeake Square
Debt Instrument [Line Items]
Debt instrument, periodic payment					$ 23,857
Debt instrument, interest rate. stated percentage					4.70%
Loans payable, net					$ 4,411,000		4,434,000
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			$ 20,000		$ 109,658
Debt instrument, interest rate. stated percentage					10.00%
Loans payable, net					$ 0		1,059,000
Harbor Point
Debt Instrument [Line Items]
Loans payable, net					$ 0		460,000
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					$ 2,980,000		3,830,000
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		$ 48,272,000
Line of Credit | KeyBank Line of Credit Maturing December 2019 | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.50%

Loans Payable - Additional Info

Loans Payable - Additional Information (Details)	Mar. 29, 2019USD ($)	Mar. 19, 2019USD ($)	Feb. 07, 2019USD ($)a	Jan. 29, 2019USD ($)	Jan. 11, 2019USD ($)	Dec. 31, 2018USD ($)propertydirectorquarter	Oct. 15, 2018USD ($)	Dec. 21, 2017	Mar. 31, 2019USD ($)parcelproperty	Jan. 15, 2019USD ($)
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months									$ 90,830,000
Debt instrument, interest rate. stated percentage									5.00%
Loans payable, net						$ 360,117,000			$ 348,651,000
Number of undeveloped parcels | parcel									6
Perimeter Square Loan and Perimeter Square Construction Loan [Member]
Debt Instrument [Line Items]
Loans payable, net									$ 6,500,000
First National Bank Line of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 1,510,000
Debt instrument, periodic payment									24,656
Loans payable, net						2,938,000			1,379,000
Deutsche Bank
Debt Instrument [Line Items]
Debt instrument, periodic payment									$ 33,340
Debt instrument, interest rate. stated percentage									5.71%
Loans payable, net						5,713,000			$ 5,695,000
Revere Loan
Debt Instrument [Line Items]
Debt instrument, periodic payment	$ 406,000		$ 30,000		$ 323,000				300,000
Twin City Commons
Debt Instrument [Line Items]
Debt instrument, periodic payment									$ 48,747
Debt instrument, interest rate. stated percentage									5.65%
Loans payable, net						6,907,000			$ 6,859,000
Lumber River
Debt Instrument [Line Items]
Debt instrument, periodic payment									10,723
Loans payable, net						1,448,000			$ 1,438,000
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
Debt instrument, interest rate. stated percentage									5.71%
Loans payable, net						7,567,000			$ 7,515,000
Perimeter Square
Debt Instrument [Line Items]
Debt instrument, interest rate. stated percentage									6.50%	6.50%
Loans payable, net						6,250,000			$ 6,250,000	$ 6,250,000
Perimeter Square Construction Loan
Debt Instrument [Line Items]
Debt instrument, interest rate. stated percentage									6.50%
Loans payable, net						247,000			$ 247,000	$ 247,000
Revere Loan
Debt Instrument [Line Items]
Debt instrument, periodic payment				$ 20,000					$ 109,658
Debt instrument, interest rate. stated percentage									10.00%
Loans payable, net						$ 1,059,000			$ 0
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]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months									$ 51,250,000
Line of credit facility, extension period									1 year
Debt instrument, periodic payment		$ 850,000
Long-term Line of Credit									$ 51,250,000
Number of collateral properties | property						10			10
Line of Credit Facility, Commitment Fee Percentage									5.00%
Line of Credit | KeyBank | Amended and Restated Credit Agreement
Debt Instrument [Line Items]
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 | KeyBank | Ladson Crossing, Lake Greenwood and South Park [Member] | Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Repayments of overadvance						$ 3,830,000	$ 2,980,000
Harbor Point | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt Instrument [Line Items]
Area of real estate property leased | a			1.28
Series D Preferred Stock
Debt Instrument [Line Items]
Preferred Stock, Minimum Consecutive Quarterly Periods for Dividends in Arrears | quarter						6
Number of Additional Directors | director						2
Preferred Stock, Percentage of Holders of Shares Outstanding						20.00%

Loans Payable - Summary of Comp

Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Details) $ in Thousands	Mar. 31, 2019USD ($)
Debt Disclosure [Abstract]
For the remaining nine months ended December 31, 2019	$ 83,751
December 31, 2021	22,138
December 31, 2022	10,554
December 31, 2023	8,075
December 31, 2024	84,900
Long-term Debt, Maturities, Repayments of Principal in Year Six	43,537
Thereafter	106,971
Total principal repayments and debt maturities	$ 359,926

Rentals under Operating Lease_2

Rentals under Operating Leases (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
For the remaining nine months ended December 31, 2019	$ 34,858
December 31, 2020	40,093
December 31, 2021	32,078
December 31, 2022	25,407
December 31, 2023	19,771
December 31, 2024	13,918
Thereafter	34,390
Total minimum rents	$ 200,515

Equity and Mezzanine Equity - A

Equity and Mezzanine Equity - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)shares	Dec. 31, 2018USD ($)directorquarter$ / sharesshares	Jun. 28, 2018$ / shares	Jun. 15, 2016shares	Jun. 04, 2015shares	Apr. 29, 2014$ / sharesshares
Equity [Line Items]
Convertible Preferred Stock, Terms of Conversion	P20D
Preferred Stock, Redemption Price Per Share | $ / shares	$ 25
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0	0
Series D Preferred
Equity [Line Items]
Preferred stock, shares outstanding (in shares)	3,600,636		3,600,636
Accretion of Preferred Stock discount | $	$ 148,000	$ 148,000
Series A Preferred
Equity [Line Items]
Preferred stock, shares outstanding (in shares)	562		562
Preferred stock, liquidation price per share (in dollars per share) | $ / shares	$ 1,000		$ 1,000
Preferred Stock, Liquidation Preference, Value | $	$ 562,000		$ 562,000
Preferred stock shares issued (in shares)	562		562
Preferred stock, shares authorized (in shares)	4,500		4,500
Series B Convertible Preferred Stock
Equity [Line Items]
Preferred stock, liquidation price per share (in dollars per share) | $ / shares	$ 25
Preferred Stock, Liquidation Preference, Value | $	$ 46,900,000
Preferred Stock, Dividend Rate, Percentage	9.00%
Preferred stock shares issued (in shares)	1,875,748
Preferred stock, shares authorized (in shares)	5,000,000
Preferred Stock Adjusted Conversion Price Per Share | $ / shares	$ 58
Preferred Stock, Redemption Price Per Share | $ / shares	$ 40
Series D Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)	3,600,636
Preferred stock, liquidation price per share (in dollars per share) | $ / shares	$ 25		$ 25	$ 25
Preferred Stock, Liquidation Preference Per Share Per Annum | $ / shares			$ 0.50
Preferred Stock, Liquidation Preference, Value | $	$ 94,400,000		$ 91,980,000
Preferred Stock, Dividend Rate, Percentage	10.75%		8.75%
Preferred stock shares issued (in shares)	3,600,636
Preferred stock, shares authorized (in shares)	4,000,000
Preferred Stock, Minimum Consecutive Quarterly Periods for Dividends in Arrears | quarter			6
Preferred Stock, Initial Liquidation Preference Per Share | $ / shares	$ 2.1875
Preferred Stock, Dividend Over Initial Rate, Percentage	2.00%		2.00%
Convertible Preferred Stock Conversion Price | $ / shares	$ 16.96
Preferred Stock, Percentage of Holders of Shares Outstanding			20.00%
Number of Additional Directors | director			2
Redeemable Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)	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 | $ / shares							$ 44
Common Stock | 2015 Share Incentive Plan
Equity [Line Items]
Maximum number of shares authorized under Share Incentive Plan (in shares)						125,000
Shares available for issuance under Share Incentive Plan (in shares)	41,104
Common Stock | 2016 Share Incentive Plan
Equity [Line Items]
Maximum number of shares authorized under Share Incentive Plan (in shares)					625,000
Shares available for issuance under Share Incentive Plan (in shares)	132,707
Maximum | Series D Preferred Stock
Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage	14.00%
Equity Distribution Agreement | Series A Preferred | Preferred Stock
Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage	9.00%
Conversion Price Percentage	103.00%

Equity and Mezzanine Equity - C

Equity and Mezzanine Equity - Changes in Carrying Value of Series D Preferred (Details) - Series D Preferred - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Temporary Equity [Line Items]
Series D Preferred, Beginning Balance	$ 76,955	$ 53,236
Accretion of Preferred Stock discount	148	148
Undeclared dividends	2,419	0
Issuance of Preferred Stock for acquisition of JANAF		21,158
Series D Preferred, Ending Balance	$ 79,522	$ 74,542

Equity and Mezzanine Equity -_2

Equity and Mezzanine Equity - Antidilutive Securities Excluded From Calculation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding (in shares)	1,875,748	1,875,748
Potential Dilutive Shares (in 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
Potential Dilutive Shares (in shares)	5,307,541
Warrants to purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential Dilutive Shares (in shares)	248,325
Common units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding units (in shares)	235,032
Potential Dilutive Shares (in shares)	235,032

Equity and Mezzanine Equity - S

Equity and Mezzanine Equity - Summary of Preferred Stock Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Series A Preferred
Dividends Payable [Line Items]
Declared	$ 0	$ 0	$ 13	$ 0	$ 13
Arrears	$ 13	$ 13	$ 0	26	0
Per Share	$ 22.50	$ 22.50	$ 22.50
Series B Preferred
Dividends Payable [Line Items]
Declared	$ 0	$ 0	$ 1,055	0	1,055
Arrears	$ 1,055	$ 1,055	$ 0	2,110	0
Per Share	$ 0.56	$ 0.56	$ 0.56
Series D Preferred
Dividends Payable [Line Items]
Declared	$ 0	$ 0	$ 1,969	0	1,969
Arrears	$ 2,419	$ 1,969	$ 0	$ 4,388	$ 0
Per Share	$ 0.67	$ 0.55	$ 0.55

Equity and Mezzanine Equity -_3

Equity and Mezzanine Equity - Summary of Compensation Costs (Details) - 2016 Share Incentive Plan - Common Stock - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Shares Issued	181,807,000	43,459,000
Market Value	$ 166	$ 330

Lease Commitments - Additional

Lease Commitments - Additional Information (Details)	Mar. 31, 2019
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	50 years

Lease Commitments - Payments fo

Lease Commitments - Payments for Gound Leases (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Lessor, Lease, Description [Line Items]
Total ground leases	$ 247	$ 199
Amscot
Lessor, Lease, Description [Line Items]
Total ground leases	6	5
Expiration Year			2045
Beaver Ruin Village
Lessor, Lease, Description [Line Items]
Total ground leases	14	11
Expiration Year			2054
Beaver Ruin Village II
Lessor, Lease, Description [Line Items]
Total ground leases	6	5
Expiration Year			2056
Leased office space Charleston, SC
Lessor, Lease, Description [Line Items]
Total ground leases	25	25
Expiration Year			2019
Moncks Corner
Lessor, Lease, Description [Line Items]
Total ground leases	30	30
Expiration Year			2040
Devine Street
Lessor, Lease, Description [Line Items]
Total ground leases	99	63
Expiration Year			2051
JANAF
Lessor, Lease, Description [Line Items]
Total ground leases	67	60
Expiration Year			2069
Ground leases variable percentage rent	$ 30	$ 24

Lease Commitments - Supplementa

Lease Commitments - Supplemental Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 170
Leased assets obtained in exchange for new operating lease liabilities	$ 11,904
Weighted-average remaining lease term	36 years
Weighted-average discount rate	4.84%

Lease Commitments - Undiscounte

Lease Commitments - Undiscounted Cash Flows of Scheduled Obligations Under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
For the remaining nine months ended December 31, 2019	$ 475
December 31, 2020	583
December 31, 2021	637
December 31, 2022	640
December 31, 2023	642
December 31, 2024	644
Thereafter	23,109
Total minimum lease payments	26,730
Discount	(14,768)
Operating lease liabilities	$ 11,962	$ 0
Operating lease payments with option to extend	7.54

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended
	Apr. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 28, 2018	Sep. 01, 2011
Loss Contingencies [Line Items]
Debt instrument, interest rate. stated percentage		5.00%
Series D Preferred Stock
Loss Contingencies [Line Items]
Preferred stock, liquidation price per share (in dollars per share)		$ 25	$ 25	$ 25
Northeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent		4.00%
Mid Atlantic
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent		19.00%
Southeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent		76.00%
Southwest
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent		1.00%
Grove Economic Development Authority Tax Increment Revenue Note | Harbor Pointe Associates, LLC | Notes Payable, Other Payables | Guarantor Subsidiaries | Grove Economic Development Authority
Loss Contingencies [Line Items]
Debt issued					$ 2,415,000
Number of semi-annual payment installments					50
Guarantor obligations, maximum exposure amount					$ 2,280,000
Amounts accrued for guarantor obligations		$ 0
Minimum | Grove Economic Development Authority Tax Increment Revenue Note | Harbor Pointe Associates, LLC | Notes Payable, Other Payables | Guarantor Subsidiaries | Grove Economic Development Authority
Loss Contingencies [Line Items]
Debt instrument, interest rate. stated percentage					2.29%
Maximum | Grove Economic Development Authority Tax Increment Revenue Note | Harbor Pointe Associates, LLC | Notes Payable, Other Payables | Guarantor Subsidiaries | Grove Economic Development Authority
Loss Contingencies [Line Items]
Debt instrument, interest rate. stated percentage					14.00%
Guarantee of Indebtedness of Others | Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, amount of damages sought	$ 21,000,000
Guarantee of Indebtedness of Others | Subsequent Event | Guarantor Subsidiaries
Loss Contingencies [Line Items]
Loss contingency, amount of damages sought	0
Guarantee of Indebtedness of Others | Subsequent Event | Guarantor Subsidiaries | WD-I Associates
Loss Contingencies [Line Items]
First loan amount in default	11,000,000
Second loan amount in default	$ 1,000,000

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Notes receivable, net	$ 5,000		$ 5,000
Pineland Shopping Center
Related Party Transaction [Line Items]
Notes receivable, net	5,000		$ 5,000
Wheeler Interests and Affiliates
Related Party Transaction [Line Items]
Amounts paid to affiliates	0	$ 8
Amounts received from affiliates	$ 6	$ 87

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Sep. 29, 2016
Related Party Transaction [Line Items]
Allowance for Loan and Lease Losses, Write-offs		$ 7,000,000
Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Note receivable from related parties		5,000,000		$ 6,740,000	$ 11,000,000
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans		355,000	$ 355,000
Impaired Financing Receivable, Related Allowance, Recoveries		0	$ 77,000
Impaired Financing Receivable, Related Allowance		$ 2,200,000
Provision for Loan and Lease Losses				$ 0
Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Note receivable from related parties					$ 1,000,000
Pineland Shopping Center
Related Party Transaction [Line Items]
Development Fee, Percent Fee	5.00%

Subsequent Events (Details)

Subsequent Events (Details) ft² in Thousands

Aug. 31, 2019USD ($)

May 01, 2019USD ($)

Apr. 25, 2019USD ($)

Mar. 19, 2019USD ($)

Sep. 30, 2019USD ($)

Jul. 31, 2019USD ($)

Apr. 30, 2019USD ($)ft²

Apr. 29, 2019shares

Mar. 31, 2019USD ($)

Jan. 15, 2019USD ($)

Dec. 31, 2018USD ($)

Apr. 29, 2014shares

Subsequent Event [Line Items]

Loans payable, net

$ 348,651,000

$ 360,117,000

Subsequent Event

Subsequent Event [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

248,325

Common Stock

Subsequent Event [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

1,986,600

Common Stock | Subsequent Event

Subsequent Event [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

1,986,600

Perimeter Square | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event

Subsequent Event [Line Items]

Contract Price

$ 7,430,000

JANAF Outparcel Mariner [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event

Subsequent Event [Line Items]

Area of real estate property leased | ft²

30

Perimeter Square

Subsequent Event [Line Items]

Loans payable, net

6,250,000

$ 6,250,000

$ 6,250,000

Promissory Note [Member] | Perimeter Square | Subsequent Event

Subsequent Event [Line Items]

Loans payable, net

$ 6,500,000

KeyBank | Line of Credit

Subsequent Event [Line Items]

Debt instrument, periodic payment

$ 850,000

Long-term Line of Credit

$ 51,250,000

KeyBank | Line of Credit | Subsequent Event

Subsequent Event [Line Items]

Debt instrument, periodic payment

$ 250,000

$ 1,000,000

Long-term Line of Credit

$ 7,500,000

$ 27,000,000

Line of Credit Facility, Maximum Borrowing Capacity

$ 11,000,000

LIBOR | KeyBank | Line of Credit | Subsequent Event

Subsequent Event [Line Items]

Debt instrument, basis spread on variable rate

350.00%