Wheeler Real Estate Investment Trust (WHLR) 10-K 26 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 24, 2020	Jun. 30, 2019
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	Wheeler Real Estate Investment Trust, Inc.
Entity Central Index Key	0001527541
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		9,694,284
Entity Public Float			$ 12,218,760

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS:
Investment properties, net	$ 416,215	$ 436,006
Cash and cash equivalents	5,451	3,544
Restricted cash	16,140	14,455
Rents and other tenant receivables, net	6,905	5,539
Notes receivable, net	0	5,000
Assets held for sale	1,737	6,118
Above market lease intangibles, net	5,241	7,346
Operating lease right-of-use assets	11,651	0
Deferred costs and other assets, net	21,025	30,073
Total Assets	484,365	508,081
LIABILITIES:
Loans payable, net	340,913	360,190
Liabilities associated with assets held for sale	2,026	4,520
Below market lease intangibles, net	6,716	10,045
Operating lease liabilities	11,921	0
Accounts payable, accrued expenses and other liabilities	9,557	12,116
Total Liabilities	371,133	386,871
EQUITY:
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,694,284 and 9,511,464 shares issued and outstanding, respectively)	97	95
Additional paid-in capital	233,870	233,697
Accumulated deficit	(251,580)	(233,184)
Total Shareholders’ Equity	23,927	42,061
Noncontrolling interests	2,080	2,194
Total Equity	26,007	44,255
Total Liabilities and Equity	484,365	508,081
Series D Cumulative Convertible Preferred Stock
LIABILITIES:
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,600,636 shares issued and outstanding; $101.66 million and $91.98 million aggregate liquidation preference, respectively)	87,225	76,955
Series A Preferred Stock
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding), Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,748 shares issued and outstanding; $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 shares issued and outstanding; $46.90 million aggregate liquidation preference)	$ 41,087	$ 41,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Common stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common stock, Shares Authorized (in shares)	18,750,000	18,750,000
Common stock, Shares Issued (in shares)	9,694,284	9,511,464
Common Stock, Shares Outstanding (in shares)	9,694,284	9,511,464
Series D Cumulative Convertible Preferred Stock
Cumulative Convertible Preferred Stock, No Par Value (in dollars per share)
Cumulative Convertible Preferred Stock, Shares Authorized (in shares)	4,000,000	4,000,000
Cumulative Convertible Preferred Stock, Shares Issued (in shares)	3,600,636	3,600,636
Cumulative Convertible Preferred Stock, Shares Outstanding (in shares)	3,600,636	3,600,636
Cumulative Convertible Preferred Stock, Aggregate Liquidation Preference	$ 101,660,000	$ 91,980,000
Preferred stock, Shares Authorized (in shares)	4,000,000
Series A Preferred Stock
Cumulative Convertible Preferred Stock, Shares Outstanding (in shares)	562
Preferred stock, No Par Value (in dollars per share)
Preferred stock, Shares Authorized (in shares)	4,500	4,500
Preferred stock, Shares Issued (in shares)	562	562
Preferred stock outstanding (in shares)	562	562
Preferred Stock, Liquidation Preference Value	$ 562,000	$ 562,000
Series B Preferred Stock
Preferred stock, No Par Value (in dollars per share)
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 outstanding (in shares)	1,875,748	1,875,748
Preferred Stock, Liquidation Preference Value	$ 46,900,000	$ 46,900,000
Common stock, Par Value (in dollars per share)	$ 0.01

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
REVENUE:
Rental revenues	$ 62,442,000	$ 63,036,000
Asset management fees	60,000	266,000
Total Revenue	63,162,000	65,275,000
OPERATING EXPENSES:
Property operations	19,127,000	18,473,000
Non-REIT management and leasing services	25,000	75,000
Depreciation and amortization	21,319,000	27,094,000
Impairment of goodwill	0	5,486,000
Impairment of notes receivable	5,000,000	1,739,000
Impairment of real estate	0	3,938,000
Impairment of assets held for sale	1,598,000	0
Corporate general & administrative	6,633,000	8,228,000
Other operating expenses	0	250,000
Total Operating Expenses	53,702,000	65,283,000
Gain on disposal of properties	1,394,000	2,463,000
Operating Income	10,854,000	2,455,000
Interest income	2,000	4,000
Interest expense	(18,985,000)	(20,228,000)
Net Loss from Continuing Operations Before Income Taxes	(8,129,000)	(17,769,000)
Income tax expense	(15,000)	(40,000)
Net Loss from Continuing Operations	(8,144,000)	(17,809,000)
Discontinued Operations
Net Income from Discontinued Operations	0	903,000
Net Loss	(8,144,000)	(16,906,000)
Less: Net loss attributable to noncontrolling interests	(105,000)	(406,000)
Net Loss Attributable to Wheeler REIT	(8,039,000)	(16,500,000)
Preferred Stock dividends - declared	0	(9,790,000)
Preferred Stock dividends - undeclared	(14,629,000)	(3,037,000)
Net Loss Attributable to Wheeler REIT Common Shareholders	$ (22,668,000)	$ (29,327,000)
Loss per share:
Loss per share from continuing operations (basic and diluted) (in dollars per share)	$ (2.34)	$ (3.26)
Income per share from discontinued operations (in dollars per share)	0	0.09
Total loss per share (in dollars per share)	$ (2.34)	$ (3.17)
Weighted-average number of shares:
Basic and Diluted (in shares)	9,671,847	9,256,234
Commissions
REVENUE:
Non-lease revenues	$ 65,000	$ 140,000
Other revenues
REVENUE:
Non-lease revenues	$ 595,000	$ 1,833,000

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Series B Preferred Stock	Total Shareholders' Equity	Total Shareholders' EquitySeries B Preferred Stock	Preferred StockSeries A Preferred Stock	Preferred StockSeries B Preferred Stock	Common Stock	Common StockSeries B Preferred Stock	Additional Paid-in Capital	Additional Paid-in CapitalSeries B Preferred Stock	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in 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	678	$ 87		$ 87		$ 87
Conversion of preferred stock to common stock (in shares)						(100)		62
Conversion of preferred stock to common stock						$ (2)				$ 2
Conversion of operating partnership units to Common Stock (in shares)							399,986					(399,986)
Conversion of operating partnership units to Common Stock			1,518				$ 4		1,514			$ (1,518)
Issuance of common stock under Share Incentive Plan (in shares)							206,358
Issuance of Common Stock under Share Incentive Plan	1,057		1,057				$ 2		1,055
Issuance of Common Stock outside Share Incentive Plan (in shares)							10,869
Issuance of Common Stock outside Share Incentive Plan	50		50						50
Issuance of Common Stock for acquisition of JANAF (in shares)							150,000
Issuance of Common Stock for acquisition of JANAF	1,130		1,130				$ 2		1,128
Adjustment for noncontrolling interest in operating partnership			2,970						2,970			(2,970)
Dividends and distributions	(11,759)		(11,759)								(11,759)
Net Loss	(16,906)		(16,500)								(16,500)	$ (406)
Ending balance (in 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	680	$ 87		$ 87		$ 87
Conversion of operating partnership units to Common Stock (in shares)							1,013					(1,013)
Conversion of operating partnership units to Common Stock			2						2			$ (2)
Issuance of common stock under Share Incentive Plan (in shares)							181,807
Issuance of Common Stock under Share Incentive Plan	166		166				$ 2		164
Adjustment for noncontrolling interest in operating partnership			7						7			(7)
Dividends and distributions	(10,357)		(10,357)								(10,357)
Net Loss	(8,144)		(8,039)								(8,039)	$ (105)
Ending balance (in shares) at Dec. 31, 2019					562	1,875,748	9,694,284					234,019
Ending balance at Dec. 31, 2019	$ 26,007		$ 23,927		$ 453	$ 41,087	$ 97		$ 233,870		$ (251,580)	$ 2,080

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended		24 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (8,144,000)	$ (16,906,000)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities
Depreciation	12,020,000	12,660,000
Amortization	9,299,000	14,434,000
Loan cost amortization	1,707,000	2,363,000
Above (below) market lease amortization, net	(1,261,000)	(695,000)
Straight-line expense	188,000	20,000
Share-based compensation	2,000	940,000
Gain on disposal of properties	(1,394,000)	(2,463,000)
Gain on disposal of properties-discontinued operations	0	(903,000)
Credit losses on operating lease receivables	449,000	511,000
Impairment of notes receivable	5,000,000	1,739,000
Impairment of goodwill	0	5,486,000
Impairment of real estate	0	3,938,000
Impairment of assets held for sale	1,598,000	0
Changes in assets and liabilities, net of acquisitions
Rent and other tenant receivables, net	(1,592,000)	(145,000)
Unbilled rent	(100,000)	(820,000)
Deferred costs and other assets, net	(312,000)	(236,000)
Accounts payable, accrued expenses and other liabilities	(2,205,000)	2,081,000
Net operating cash flows used in discontinued operations	(2,000)	(2,000)
Net cash provided by operating activities	15,253,000	22,002,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions, net of restricted cash acquired	(24,000)	(23,153,000)
Capital expenditures	(2,711,000)	(5,574,000)
Cash received from disposal of properties	3,584,000	3,530,000
Cash received from disposal of properties-discontinued operations	19,000	2,747,000
Net cash provided by (used in) investing activities	868,000	(22,450,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs	(779,000)	(1,870,000)
Dividends and distributions paid	0	(14,591,000)
Proceeds from sales of Preferred Stock, net of expenses	0	21,158,000
Loan proceeds	31,665,000	30,534,000
Loan principal payments	(43,415,000)	(28,977,000)
Net financing cash flows used in discontinued operations	0	(93,000)
Net cash (used in) provided by financing activities	(12,529,000)	6,161,000
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	3,592,000	5,713,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH , beginning of year	17,999,000	12,286,000	$ 12,286,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year	21,591,000	17,999,000	21,591,000
Non-cash Transactions:
Debt incurred for acquisitions	0	58,867,000
Conversion of Series B Preferred Stock to Common Stock	0	2,000
Conversion of common units to Common Stock	2,000	1,518,000
Issuance of Common Stock for acquisition	0	1,130,000
Accretion of Preferred Stock discounts	680,000	678,000
Other Cash Transactions:
Cash paid for taxes	6,000	42,000
Cash paid for interest	17,379,000	17,574,000
Cash and cash equivalents	5,451,000	3,544,000	5,451,000
Restricted cash	$ 16,140,000	$ 14,455,000	$ 16,140,000

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation and Consolidation	Organization and Basis of Presentation and Consolidation Wheeler Real Estate Investment Trust, Inc. (the “Trust” or “REIT”) is a Maryland corporation formed on June 23, 2011. The Trust serves as the general partner of Wheeler REIT, L.P. (the “Operating Partnership”) which was formed as a Virginia limited partnership on April 5, 2012. As of December 31, 2019 , the Trust, through the Operating Partnership, owned and operated sixty-one centers, one office and six undeveloped properties. Thirteen of these properties are located in Virginia, three are located in Florida, seven are located in North Carolina, twenty-four are located in South Carolina, twelve are located in Georgia, two are located in Kentucky, two are located in Tennessee, one is located in New Jersey, one is located in Alabama, one is located in West Virginia, one is located in Oklahoma and one is located in Pennsylvania. The Company’s portfolio had total net rentable space of approximately 5,619,000 square feet and a leased level of approximately 89.8% at December 31, 2019 . Accordingly, the use of the word “Company” refers to the Trust and its consolidated subsidiaries, except where the context otherwise requires. The Company includes the Trust, the Operating Partnership, the entities included in the REIT formation and the entities acquired since November 2012. The Company prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, or GAAP. All material balances and transactions between the consolidated entities of the Company have been eliminated. The Company owns, leases and operates income producing strip centers, neighborhood, grocery-anchored, community centers and free-standing retail properties with a strategy to acquire high quality retail properties that generate attractive risk-adjusted returns. The Company targeted competitively protected properties in communities that have stable demographics and have historically exhibited favorable trends, such as strong population and income growth. The Company considers competitively protected properties to be located in the most prominent shopping districts in their respective markets, ideally situated at major “Main and Main” intersections. The Company generally leases its properties to national and regional supermarket chains and selects retailers that offer necessity and value oriented items and generate regular consumer traffic. The Company’s tenants carry goods that are less impacted by fluctuations in the broader U.S. economy and consumers’ disposable income, which it believes generates more predictable property-level cash flows. 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, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 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 at fair value 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 to 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 undiscounted operating income before depreciation and amortization includes various level 3 fair value assumptions including renewal and renegotiations of current leases, estimates of new leases on vacant spaces, 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 for vacant spaces 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. See Note 3 for additional details on impairment of investments for the years ended December 31, 2019 and 2018. 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 2 and 3 inputs. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. 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. See Note 3 for additional details on impairment of assets held for sale for the years ended December 31, 2019 and 2018. 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. Conditional Asset Retirement Obligation A conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement depends on a future event that may or may not be within the Company’s control. Currently, the Company does not have any conditional asset retirement obligations. However, any such obligations identified in the future would result in the Company recording a liability if the fair value of the obligation can be reasonably estimated. Environmental studies conducted at the time the Company acquired its properties did not reveal any material environmental liabilities, and the Company is unaware of any subsequent environmental matters that would have created a material liability. The Company believes that its properties are currently in material compliance with applicable environmental, as well as non-environmental, statutory and regulatory requirements. The Company did no t record any conditional asset retirement obligation liabilities as of December 31, 2019 and 2018. 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 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 December 31, 2019 and 2018 , the Company’s allowance for uncollectible tenant receivables totaled $1.14 million and $1.07 million , respectively. Upon adoption of ASC Topic 842 "Leases," reserves for uncollectible accounts were recorded and reclassified to "rental revenues". 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 years ended December 31, 2019 and 2018 , the Company recorded a credit loss on operating lease receivables in the amount $449 thousand and $511 thousand , respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on the an assessment of the tenant’s credit-worthiness. During the years ended December 31, 2019 and 2018 , the Company did no t 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 second 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 note and its estimated realizable value. The impairment on the Sea Turtle Development note is further discussed at Note 4. Goodwill Goodwill is deemed to have an indefinite economic life and is not subject to amortization. Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. The Company performed its goodwill impairment test using the simplified method, whereby the fair value of this reporting unit is compared to its carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not considered impaired. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then goodwill is considered impaired by an amount equal to that difference. During the last quarter of 2018, the market capitalization of the Company’s common stock sustained a significant decline so that it fell below the book value of the Company’s net assets. The outcome of the annual goodwill impairment test resulted in a full impairment of goodwill of $5.49 million , which was recorded in the consolidated financial statements during the year ended December 31, 2018, which reduced the carrying value to zero . See Note 6 for assessment of Goodwill impairment. 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 relationships 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 December 31, 2019 and 2018, there were $3.41 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 monthly 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 years ended December 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 revenues" on the 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. Lease termination fees during the year ended December 31, 2018 are primarily a result of early lease termination fees on SEG recaptures and the early termination of the Farm Fresh at Berkley Shopping Center. Asset Management Fees Asset management fees are generated from Non-REIT properties. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively for services performed. Revenues are governed by the management fee agreements for the various properties. Obligations under the agreements include and are not limited to: managing of maintenance, janitorial, security, landscaping, vendors, back office (collecting rents, paying bills), etc. Each of the obligations are bundled together to be one service and are satisfied over time. Non-REIT Properties are billed monthly and typically pay monthly for these services. Commissions Commissions are generated from Non-REIT properties. The Non-REIT Properties pay WRE leasing commissions based on the total contractual revenues to be generated under the new/renewed lease agreement ( 6% for new leases and 3% for renewals). Revenues are governed by the leasing commission agreements for the various properties. Obligations under the agreements include and are not limited to: monitoring upcoming vacancies, new tenant identification, proposal preparation, lease negotiation, document preparation, etc. Each of the obligations are bundled together to be one service as the overall objective of these services is to maintain the overall occupancy of the property. Revenue is recognized and billed upon lease execution. The below table disaggregates the Company’s revenue by type of service for the years ended December 31, 2019 and 2018 (in thousands): Years Ended December 31, 2019 2018 Minimum rent $ 49,188 $ 50,698 Tenant reimbursements - variable lease revenue 13,369 12,595 Percentage rent - variable lease revenue 334 254 Lease termination fees 117 1,271 Commissions 65 140 Asset management fees 60 266 Other 478 562 Subtotal 63,611 65,786 Credit losses on operating lease receivables (449 ) (511 ) Total $ 63,162 $ 65,275 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 at December 31, 2019 and 2018, respectively, for federal and state income tax expenses. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to reasonable cause and certain other conditions were satisfied. Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes and has determined that the Company had no uncertain income tax positions. 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 particular property 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 $276 thousand and $261 thousand for the years ended December 31, 2019 and 2018 , respectively. Corporate General and Administrative Expense A detail for the "corporate general & administrative" ("CG&A") line item from the consolidated statements of operations is presented below (in thousands): December 31, 2019 2018 Professional fees $ 2,534 $ 2,844 Compensation and benefits 1,991 2,673 Corporate administration 1,259 1,272 Advertising 276 261 Taxes and licenses 206 212 Travel 197 240 Capital related costs 144 576 Acquisition and development costs 26 300 6,633 8,378 Less: Allocation of CG&A to Non-REIT management and leases services — (150 ) Total $ 6,633 $ 8,228 An allocation of professional fees, compensation and benefits, corporate administration and travel is included in Non-REIT management and leasing services on the 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 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. Other Operating Expense In July 2018, the Company recorded lease termination expense of $250 thousand to allow a space to be available for a high credit grocery store tenant. Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Consolidated statements of equity include beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s $0.01 par value per share common stock ("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. 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 consolidated balance sheets, but did not have a material impact on the 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 Losses (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, 2022, per FASB's issuance of ASU 2019-10, "Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates". 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, but will contain additional disclosures 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 consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net loss, total assets, total liabilities or equity. Tenant reimbursements and provision for credit losses were reclassified to rental revenues on the consolidated statements of operations to conform to 2019 presentation as a result of adopting ASU 2016-02, “Leases (Topic 842).” There are two reclassifications within the consolidated statement of cash flows, one pertains to the straight-line expense operating activity adjustment on those leases which the Company is a lessee and the other is the presentation of credit losses on operating lease receivables. These reclassifications did not impact cash provided by (used in) operating, investing, or financing activities. During 2019, it was determined that the six undeveloped Land Parcels (the “Land Parcels”) previously classified as assets held for sale within discontinued operations at December 31, 2018 no longer meet the definition of assets held for sale. Management’s intention to sell the parcels has not changed; however, they are in secondary and tertiary markets with minimal land sales and it is not probable they will sell in the next twelve months. Accordingly, the assets and liabilities of the Land Parcels were reclassified to “land and land improvements” within investment properties for all periods presented, see Note 3, and the impairment losses rela

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Real Estate	Real Estate Investment properties consist of the following (in thousands): December 31, 2019 2018 Land and land improvements $ 100,599 $ 101,696 Buildings and improvements 366,082 374,499 Investment properties at cost 466,681 476,195 Less accumulated depreciation (50,466 ) (40,189 ) Investment properties, net $ 416,215 $ 436,006 The Company’s depreciation expense on investment properties was $12.02 million and $12.66 million for the years ended December 31, 2019 and 2018 , respectively. A significant portion of the Company’s land, buildings and improvements serve as collateral for its mortgage loans. Accordingly, restrictions exist as to the encumbered property's transferability, use and other common rights typically associated with property ownership. JANAF Acquisition On January 18, 2018, the Company acquired JANAF, a retail shopping center located in Norfolk, Virginia, for a purchase price of $85.65 million , paid through a combination of cash, restricted cash, debt assumption and the issuance of 150,000 shares of Common Stock at $7.53 per share. The shopping center, anchored by BJ's Wholesale Club, totaled 810,137 square feet and was 94% leased at the acquisition date. The following summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed in conjunction with the acquisition described above in accordance with ASU 2017-01, along with a description of the methods used to determine the purchase price allocation (in thousands, unaudited). In determining the purchase price allocation, the Company considered many factors including, but not limited to, cash flows, market cap rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. Purchase price allocation of assets acquired: Investment property (a) $ 75,123 Lease intangibles and other assets (b) 10,718 Above market leases (d) 2,019 Restricted cash (c) 2,500 Below market leases (d) (4,710 ) Net purchase price allocation of assets acquired: $ 85,650 Purchase consideration: Consideration paid with cash $ 23,153 Consideration paid with restricted cash (c) 2,500 Consideration paid with assumption of debt (e) 58,867 Consideration paid with common stock 1,130 Total consideration (f) $ 85,650 a. Represents the purchase price allocation of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The purchase price allocation was determined using following approaches: i. the market approach valuation methodology for land by considering similar transactions in the markets; ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, “go dark” analyses and residual calculations incorporating the land values; and iii. the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the purchase price allocation of lease intangibles and other assets. Lease intangibles includes in place leases and ground lease sandwich interests associated with replacing existing leases. The income approach was used to determine the allocation of these intangible assets which included estimated market rates and expenses. c. Represents the purchase price allocation of deleveraging reserve (the “Deleveraging Reserve”) released upon the maturity or earlier payment in full of the loan or until the reduction of the principal balance of the loan to $50.00 million. d. Represents the purchase price allocation of above/below market leases. The income approach was used to determine the allocation of above/below market leases using market rental rates for similar properties. e. Assumption of $53.71 million of debt at a rate of 4.49% , maturing July 2023 with monthly principal and interest payments of $333,159 and assumption of $5.16 million of debt at a rate of 4.95% , maturing January 2026 with monthly principal and interest payments of $29,964 . f. Represents the components of purchase consideration paid. Assets Held for Sale At December 31, 2018, assets held for sale included a 1.28 acre undeveloped land parcel at Harbor Pointe ("Harbor Pointe land parcel"), Graystone Crossing and Jenks Plaza. All three were sold during the year ended December 31, 2019. Additionally, in 2019 the Board committed to a plan to sell Perimeter Square and St. Matthews. Perimeter Square sold in July 2019. St. Matthews is classified as assets held for sale as of December 31, 2019. The Harbor Pointe land parcel sale represents discontinued operations as it was 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 Harbor Pointe land parcel have been reclassified for all periods presented. The impairment charge on assets held for sale was $1.60 million and $0 million for the years ended December 31, 2019 and 2018, respectively. These impairment charges resulted from reducing the carrying value of Perimeter Square and St. Matthews for the amounts that exceeded the properties' fair value less estimated selling costs. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 inputs. As of December 31, 2019 and 2018, assets held for sale and associated liabilities, excluding discontinued operations, consisted of the following (in thousands): December 31, 2019 2018 Investment properties, net $ 1,651 $ 4,912 Rents and other tenant receivables, net 77 72 Above market leases, net — 420 Deferred costs and other assets, net 9 228 Total assets held for sale, excluding discontinued operations $ 1,737 $ 5,632 December 31, 2019 2018 Loans payable $ 1,974 $ 3,818 Accounts payable 52 240 Total liabilities associated with assets held for sale, excluding discontinued operations $ 2,026 $ 4,058 As of December 31, 2019 and 2018, assets held for sale and associated liabilities for discontinued operations, consisted of the following (in thousands): December 31, 2019 2018 Investment properties, net $ — $ 486 Total assets held for sale, discontinued operations $ — $ 486 December 31, 2019 2018 Loans payable $ — $ 460 Accounts payable — 2 Total liabilities associated with assets held for sale, discontinued operations $ — $ 462 Dispositions In May 2019, an approximate 10,000 square foot outparcel at the JANAF property was demolished resulting in a $331 thousand write-off to make way for a new approximate 20,000 square foot building constructed by a new grocer tenant. The following properties were sold during the years ending December 31, 2019 and 2018: Disposal Property Contract Price Gain (Loss) Net Proceeds (in thousands) July 12, 2019 Perimeter Square $ 7,200 $ (95 ) $ — March 18, 2019 Graystone Crossing 6,000 1,433 1,744 February 7, 2019 Harbor Pointe Land Parcel (1.28 acres) 550 — 19 January 11, 2019 Jenks Plaza 2,200 387 1,840 October 22, 2018 Monarch Bank Building 1,750 151 299 September 27, 2018 Shoppes at Eagle Harbor 5,705 1,270 2,071 June 19, 2018 Laskin Road Land Parcel (1.5 acres) 2,858 903 2,747 January 12, 2018 Chipotle Ground Lease at Conyers Crossing 1,270 1,042 1,160 The sale of the Chipotle ground lease at Conyers Crossing, Shoppes at Eagle Harbor, Monarch Bank Building, Jenks Plaza, Graystone Crossing and Perimeter Square did not represent a strategic shift that has a major effect on the Company's financial position or results of operations. Accordingly, the operating results of these properties remains classified within continuing operations for all periods presented. JANAF Executive Building In April 2019, the Company absorbed an approximate 25,000 square foot outparcel at JANAF as a result of an unlawful detainer with a delinquent tenant, Mariner Investments, LTD. Impairment of Investment Properties The annual review of investment properties for impairment performed for the year ended December 31, 2019 resulted in no impairment adjustment for the Company's properties in continuing operations. During 2018, the Company made the strategic decision to sell the undeveloped land parcels as opposed to holding for development purposes. Upon this determination the properties were classified as held for sale. Based on real estate sales transactions for undeveloped land within the surrounding markets it was determined that the carrying value of the properties exceeded the fair value, less estimated selling costs by $3.94 million ; accordingly, an impairment loss of that amount was recognized in 2018 and was previously included in the loss from discontinued operations in the consolidated statement of operations, but has been reclassified as continuing operations as of December 31, 2019 as detailed in Note 2. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 3 inputs. There was no impairment loss recorded during 2019 for the undeveloped land parcels.

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2019
Accounts and Financing Receivable, after Allowance for Credit Loss [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 (“Sea Turtle”) and a $1.00 million note receivable in consideration for the sale of 10.39 acres of land owned by the Company. Sea Turtle was a related party as Jon Wheeler, the Company's former CEO, is the managing member as discussed in Note 12. The rate on the loans is 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. Both promissory notes are subordinated to the construction loans made by the Bank of Arkansas (“BOKF”), totaling $20.00 million . On or about April 9, 2019, BOKF filed a Verified Complaint in state court in Beaufort County, South Carolina for Sea Turtle’s default on payment of the BOKF construction loans, and for the appointment of a receiver, injunctive relief and accounting records. On May 7, 2019, Sea Turtle filed a Chapter 11 Voluntary Petition for Bankruptcy in the United States Bankruptcy Court for the District of South Carolina in Charleston. The bankruptcy petition automatically stayed BOKF’s suit. The pleadings in the state court action and the bankruptcy action state that Sea Turtle has been in default on its payments to BOKF since September, 2018. The pleadings further state that the project is $8.00 million over budget as of August 8, 2018. Sea Turtle has retained a broker to try and sell the property. There is a possibility that a judicially approved sale of the property will not bring a price that exceeds what is owed to BOKF on its construction loans. If a sale is not approved through the bankruptcy court in 2020, it is expected that the bankruptcy petition will be dismissed and BOKF will resume its suit in South Carolina state court, possibly leading to a foreclosure on the property. The pending legal proceedings have provided additional uncertainty with regards to the estimated fair market value of the development. As such, the Company recognized $5.00 million in impairment charges on the notes receivable for the year ended December 31, 2019, as the estimated fair value of Sea Turtle is not expected to provide for the cash required to repay the notes receivable in the event of a judicially approved sale. For the year ended December 31, 2018, the Company recognized a $1.74 million impairment charge on the notes receivable. The total impairment charge on the notes receivable is $12.00 million and the carrying value is zero as of December 31, 2019. The fair market value of Sea Turtle is based on the three-level valuation hierarchy for fair value measurement and represents 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. Additionally, the Company placed the notes receivable on nonaccrual status and has not recognized $1.44 million and $1.44 million of interest income due on the notes for the years ended December 31, 2019 and 2018, respectively. Subsequent to December 31, 2019, the Bankruptcy Court approved BOKF’s credit bid purchase of Sea Turtle in February, 2020, for $18.75 million .

Deferred Costs Deferred Costs

Deferred Costs Deferred Costs	12 Months Ended
	Dec. 31, 2019
Deferred Costs [Abstract]
Deferred Costs	5. Deferred Costs Deferred costs, net of amortization and other assets are as follows (in thousands): December 31, 2019 2018 Leases in place, net $ 14,968 $ 21,785 Tenant relationships, net 2,173 3,764 Ground lease sandwich interest, net 2,215 2,488 Lease origination costs, net 1,038 1,261 Legal and marketing costs, net 43 59 Other 588 716 Total deferred costs and other assets, net $ 21,025 $ 30,073 As of December 31, 2019 and 2018, the Company’s intangible accumulated amortization totaled $57.15 million and $50.55 million , respectively. During the years ended December 31, 2019 and 2018, the Company’s intangible amortization expense totaled $9.30 million and $14.43 million , respectively. Amortization expense for the year ended December 31, 2018 includes $1.38 million of accelerated amortization on intangibles related to the SEG early lease termination at Ladson Crossing, South Park, St. Matthews and Tampa Festival. Future amortization of lease origination costs, leases in place, legal and marketing costs, tenant relationships and ground lease sandwich interest is as follows (in thousands): For the Years Ended December 31, Leases In Place, net Tenant Relationships, net Ground Lease Sandwich Interest, net Lease Origination Costs, net Legal & Marketing Costs, net Total 2020 $ 4,325 $ 860 $ 274 $ 65 $ 9 $ 5,533 2021 2,788 448 274 172 9 3,691 2022 2,141 354 274 130 6 2,905 2023 1,661 227 274 112 6 2,280 2024 1,147 128 274 98 3 1,650 Thereafter 2,906 156 845 461 10 4,378 $ 14,968 $ 2,173 $ 2,215 $ 1,038 $ 43 $ 20,437

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill As part of the acquisition of the Operating Companies on October 24, 2014, the Company recorded preliminary goodwill of $7.00 million . In June 2015, the Company finalized its valuation of the Operating Companies. In accordance with the valuation, the Company recorded a fair value discount of $1.18 million to the $6.75 million in common units issued for the acquisition of the Operating Companies due to the one year restriction on their conversion into shares of Common Stock, and reallocated $337 thousand to finite-lived intangibles during the year ended December 31, 2015. Effective December 1, 2018, the Company early adopted ASU 2017-04, Intangibles – Goodwill and Other: Simplifying the Accounting for Goodwill Impairment (Topic 350), which eliminates the requirement to compute the implied fair value of goodwill to test for impairment. Instead, a goodwill impairment is measured as the amount by which the carrying amount of a reporting unit exceeds its fair value. For the purposes of the goodwill impairment test performed during the year ended December 31, 2018, the Company estimated the fair value of its sole reporting unit, described above, using the market approach. Under the market approach, the Company utilized the market capitalization of its Common Stock, Series B Preferred, Series D Preferred and noncontrolling operating partnership units. The significant inputs used in this analysis are readily available from public markets and can be derived from identical market transactions, as such they have been classified as level 1 within the fair value hierarchy. Based on this approach, the Company determined that the carrying value of its sole reporting unit exceeded its fair value by more than the goodwill balance $5.49 million , resulting in a $5.49 million impairment of goodwill for the year ended December 31, 2018, reducing the carrying value to zero .

Loans Payable

Loans Payable	12 Months Ended
	Dec. 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 December 31, 2019 December 31, 2018 Harbor Pointe (1) $ 11,024 5.85 % December 2018 $ — $ 460 Perimeter Square (1) Interest only 6.50 % June 2019 — 6,250 Perimeter Square construction loan (1) Interest only 6.50 % June 2019 — 247 Revere Term Loan $ 109,658 10.00 % April 2019 — 1,059 Senior convertible notes $ 234,199 9.00 % June 2019 — 1,369 DF I-Moyock $ 10,665 5.00 % July 2019 — 73 Rivergate $ 132,968 LIBOR + 295 basis points December 2019 21,545 22,117 KeyBank Line of Credit (6) $ 350,000 LIBOR + 350 basis points Various (6) 17,879 52,102 Folly Road $ 32,827 4.00 % March 2020 5,922 6,073 Columbia Fire Station $ 25,452 4.00 % May 2020 4,051 4,189 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,344 5,539 First National Bank Line of Credit (7) $ 24,656 LIBOR + 300 basis points September 2020 1,214 2,938 Lumber River $ 10,723 LIBOR + 350 basis points October 2020 1,404 1,448 JANAF Bravo $ 36,935 4.65 % January 2021 6,372 6,500 Walnut Hill Plaza $ 26,850 5.50 % September 2022 3,759 3,868 Litchfield Market Village $ 46,057 5.50 % November 2022 7,452 — Twin City Commons $ 17,827 4.86 % January 2023 2,983 3,048 New Market $ 48,747 5.65 % June 2023 6,713 6,907 Benefit Street Note (3) $ 53,185 5.71 % June 2023 7,361 7,567 Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,642 5,713 JANAF $ 333,159 4.49 % July 2023 50,599 52,253 Tampa Festival $ 50,797 5.56 % September 2023 8,077 8,227 Forrest Gallery $ 50,973 5.40 % September 2023 8,381 8,529 Riversedge North $ 11,436 5.77 % December 2023 1,767 1,800 South Carolina Food Lions Note (5) $ 68,320 5.25 % January 2024 11,675 11,867 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,268 6,379 Port Crossing $ 34,788 4.84 % August 2024 6,032 6,150 Freeway Junction $ 41,798 4.60 % September 2024 7,725 7,863 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,416 3,486 Graystone Crossing (1) $ 20,386 4.55 % October 2024 — 3,863 Bryan Station $ 23,489 4.52 % November 2024 4,394 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 4,957 5,065 Chesapeake Square $ 23,857 4.70 % August 2026 4,354 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 Village Interest only 4.93 % January 2027 8,516 8,516 Village of Martinsville $ 89,664 4.28 % July 2029 16,351 — Laburnum Square Interest only 4.28 % September 2029 7,665 — Total Principal Balance (1) 347,059 369,612 Unamortized debt issuance cost (1) (4,172 ) (5,144 ) Total Loans Payable, including assets held for sale 342,887 364,468 Less loans payable on assets held for sale, net loan amortization costs 1,974 4,278 Total Loans Payable, net $ 340,913 $ 360,190 (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, Lake Murray, Moncks Corner, Shoppes at Myrtle Park, South Lake and St. Matthews (assets held for sale). The various maturity dates are disclosed below within Note 7 under the KeyBank Line of Credit. (7) Collateralized by Surrey Plaza and Amscot Building. KeyBank Line of Credit As of December 31, 2019, the Company has borrowed $17.88 million under the Amended and Restated Credit Agreement with KeyBank National Association ("KeyBank"), which is collateralized by 7 properties. At December 31, 2019, the outstanding borrowings are accruing interest at 5.29% . 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 December 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 payable. As of December 31, 2019, the Company has not incurred an event of default under the Amended and Restated Credit Agreement. The KeyBank Line of Credit had the following activity during the years ended December 31, 2019 and 2018: • On March 2, 2018, KeyBank reduced the liquidity requirement from $5.00 million to $3.50 million through March 31, 2018. The liquidity requirement reverted back to $5.00 million subsequent to March 31, 2018 until such time as the Total Commitment (as defined in the Amended and Restated Credit Agreement) has been reduced to $52.50 million and $3.50 million at all times thereafter; • On August 7, 2018, the Amended and Restated Credit Agreement was modified effective July 1, 2018 which provided for an extension to August 23, 2018 by which the outstanding borrowings were to be reduced to $52.50 million , in addition to modifying certain covenants. The Company and KeyBank anticipated that an over advance (the “Overadvance”) on the Borrowing Base Availability (as defined in the Amended and Restated Credit Agreement) would exist and agreed that the Company should have a period through October 31, 2018 to repay such Overadvance or otherwise properly balance the Borrowing Base Availability; • On October 15, 2018, KeyBank extended the time which the Company is to repay the Overadvance of $3.83 million to February 28, 2019 or otherwise properly balance the Borrowing Base Availability; • 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; • $850 thousand principal paydown on March 19, 2019; • Entered into a First Amendment to the Amended and Restated Credit Agreement (the "First Amendment to the Amended and Restated Credit Agreement") on April 25, 2019. The First Amendment to the Amended and Restated Credit Agreement, among other provisions, waived the Overadvance 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 ; • $1.00 million principal payment and began making monthly principal payments of $250 thousand on May 1, 2019 in accordance with the First Amendment to the Amended and Restated Credit Agreement; and • Entered into the Second Amendment to the Amended and Restated Credit Agreement (the "Second Amendment to the Amended and Restated Credit Agreement") effective December 21, 2019 and the Company began making monthly principal payments of $350 thousand on November 1, 2019. The Second Amendment to the Amended and Restated Credit Agreement, among other provisions, requires a pledge of additional collateral of $15.00 million in residual equity interests. Additionally, the KeyBank Line of Credit shall be reduced to $10.00 million by January 31, 2020, $2.00 million by April 30, 2020 and fully matures on June 30, 2020. • The following collateralized portions of the Amended and Restated Credit Agreement had principal paydowns associated with each property’s refinancing as noted below: • $9.13 million paydown from New Market, Ridgeland and Georgetown, refinancing proceeds on June 28, 2018; • $6.80 million paydown and a $3.83 million reduction of Overadavance on the Borrowing Base Availability from Ladson Crossing, Lake Greenwood and South Park, refinancing proceeds in September 2018; • $15.46 million paydown from Village of Martinsville refinancing proceeds on June 28, 2019; • $7.55 million paydown from Laburnum Square refinancing proceeds on August 1, 2019; and • $7.16 million paydown from Litchfield Market Village refinancing proceeds on November 1, 2019. Revere Term Loan Agreement As of December 31, 2019, the Revere Term Loan was paid in full. The following amendments and payments were made to the Revere Term Loan during the years ended December 31, 2019 and 2018: • Second Amendment executed on May 14, 2018 extended the maturity from May 15, 2018 to November 1, 2018 with monthly principal payments of $200 thousand , until the balance of the Revere Term Loan is less than $3.50 million , at which time the monthly principal payments reduced to $100 thousand . The Second Amendment increased the interest rate from 8.00% to 9.00% and increased the “Exit Fee” from $360 thousand to $500 thousand . If the balance of the Revere Term Loan was not less than $3.50 million by July 15, 2018, then the interest rate would increase to 10% ; • Paid $500 thousand towards principal in conjunction with the Second Amendment; • Paid down $2.60 million on the Revere Term Loan in conjunction with the sale of the undeveloped land parcel at Laskin Road on June, 19, 2018 and made a $150 thousand principal payment on June 28, 2018 as part of the Deutsche Bank refinance, as discussed below; • Paid down $1.30 million on the Revere Term Loan in conjunction with the sale of Shoppes at Eagle Harbor and per the Third Amendment paid a $75 thousand release fee on September 27, 2018; • Paid down $299 thousand as part of the sale of Monarch Bank on October 22, 2018; • Fourth Amendment executed on November 5, 2018, extended the maturity date to February 1, 2019 from November 1, 2018, increased the “Exit Fee” to $575 thousand from $500 thousand and increased the interest rate to 10% from 9% ; • Paid down $100 thousand on the Revere Term Loan in conjunction with the Fourth Amendment; • Fifth Amendment executed on November 21, 2018, resulted in the Company paying the $575 thousand Exit Fee with proceeds from the Riversedge North refinance; • Sixth Amendment executed on January 29, 2019, extended the maturity date to April 1, 2019 from February 1, 2019 and created an additional “Exit Fee” of $20 thousand ; • Paid down $323 thousand with proceeds from the sale of Jenks Plaza on January 11, 2019; • Paid down $30 thousand in conjunction with the sale of a Harbor Pointe parcel on February 7, 2019; and • Paid down the remaining principal balance and the $20 thousand Exit Fee on March 29, 2019 from operating cash flows. Revere Warrant Agreement In connection with the Revere Term Loan, the Company and Revere entered into the Revere Warrant Agreement dated as of April 8, 2016, pursuant to which the Company agreed to issue the Warrant to Revere. The terms of the Revere Warrant Agreement provide that solely in the event of an Event of Default (as defined in the Revere Term Loan) under the Revere Term Loan, Revere shall have the right to purchase an aggregate of up to 750,000 shares of the Company’s Common Stock for an exercise price equal to $0.0001 per share. The Warrant was exercisable at any time and from time to time during the period starting on April 8, 2016 and expiring on February 1, 2019 at 11:59 p.m., Virginia Beach, Virginia time, solely in the event of an Event of Default under the Revere Term Loan. The Company did not receive any proceeds from the issuance of the Warrant; rather the Warrant served as collateral for the Revere Term Loan, the proceeds of which were used as partial consideration for the A-C Portfolio. The issuance of the Warrant was exempt from registration pursuant to the exemption provided by Rule 506 of Regulation D under the Securities Act of 1933, as amended based upon the above facts, because Revere was an accredited investor and because the issuance of the Warrant was a private transaction by the Company and did not involve any public offering. The Warrant was treated as embedded equity and separate disclosure is not necessary. The Warrants fully expired in 2019. Senior Convertible Notes Effective as of December 15, 2018, the Company extended the $1.37 million Amended Convertible Notes to June 15, 2019 with monthly principal and interest payments of $234,199 at a rate of 9.00% . On June 10, 2019, through scheduled principal and interest payments the senior convertible notes were paid in full. First National Bank Line of Credit Renewal On January 10, 2018, the Company extended the First National Bank Line of Credit to June 15, 2018 with interest only payments due monthly at a rate of LIBOR + 3.00% with a floor of 4.25% . On June 15, 2018 the Company extended the First National Bank Line of Credit to October 10, 2018 with principal and interest payments due monthly at a rate of LIBOR + 3.50% . On October 15, 2018, the Company extended the First National Bank Line of Credit to September 15, 2020 with interest only payments due monthly at a rate of LIBOR + 3.00% with a floor of 4.25% . 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. JANAF On January 18, 2018, the Company assumed a promissory note for $53.71 million for the purchase of JANAF at a rate of 4.49% . The loan matures in July 2023 with monthly principal and interest payments of $333,159 . JANAF - BJ's On January 18, 2018, the Company assumed a promissory note for $5.16 million for the purchase of JANAF at a rate of 4.95% . The loan matures in January 2026 with monthly principal and interest payments of $29,964 . JANAF - Bravo On January 18, 2018, the Company executed a promissory note for $6.50 million for the purchase of JANAF at a rate of 4.65% . The loan matures in January 2021 with interest due monthly through January 2019 and monthly principal and interest payments of $36,935 beginning in February 2019. Shoppes at Eagle Harbor Renewal and Payoff On March 11, 2018, the Company renewed the promissory note for $3.32 million on Shoppes at Eagle Harbor for five years. The loan matures in March 2023 with monthly principal and interest payments of $26,528 . The loan bears interest at 5.10% . On September 27, 2018, the Company paid down the remaining balance on the Shoppes at Eagle Harbor promissory note in conjunction with the sale of Shoppes at Eagle Harbor, as detailed in Note 3. New Market Refinance On May 23, 2018, the Company executed a promissory note for $7.00 million for the refinancing of New Market at a rate of 5.65% . The loan matures in June 2023 with monthly principal and interest payments of $48,747 . Lumber River Renewal On June 15, 2018, the Company extended the $1.48 million promissory note on Lumber River to October 10, 2018 with monthly principal and interest payments of $10,723 at a rate of LIBOR + 3.50% . On November 8, 2018, the Company extended the $1.46 million promissory note on Lumber River to October 10, 2020 with monthly principal and interest payments of $10,723 at a rate of LIBOR + 3.50% . Deutsche Bank Refinance On June 28, 2018, the Company executed a loan agreement for $5.74 million on Georgetown, Ridgeland and LaGrange Marketplace at a rate of 5.71% . The loan matures in July 2023 with monthly principal and interest payments of $33,340 . Benefit Street Refinance On September 7, 2018, the Company executed a promissory note for $7.60 million for the refinancing of Ladson Crossing, Lake Greenwood Crossing and South Park at a rate of 5.71% . The loan matures in June 2023 with monthly principal and interest payments of $53,185 . Perimeter Square Refinance and Construction Loan On October 5, 2018, the Company executed a promissory note for $247 thousand for construction at Perimeter at a rate of 6.00% with a December 2018 maturity date. Monthly interest only payments were due through December 2018. On January 15, 2019, the Company renewed the promissory notes for $6.25 million and $247 thousand at Perimeter Square. The loans were extended to March 2019 with interest only payments beginning February 15, 2019. The loans bear interest at 6.50% . In April 2019, the Company extended the $6.50 million of Perimeter Square loans to June 5, 2019. On July 12, 2019, the principal balance on the Perimeter Square loans were paid in full with the sale of the property, as detailed in Note 3. Monarch Bank Building Payoff On October 22, 2018, the principal balance on the Monarch Bank Building loan was paid in full with the sale of the property, as detailed in Note 3. Riversedge Refinance On December 11, 2018, the Company executed a promissory note for $1.80 million for the refinance of Riversedge to December 10, 2023 with monthly principal and interest payments of $11,436 at a rate of 5.77% . In conjunction with the refinance, the Company paid the $575 thousand exit fee on the Revere Term Loan. Harbor Pointe Payoff 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 Payoff 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. Village of Martinsville Refinance On June 28, 2019, the Company executed a promissory note for $16.50 million for the refinancing of Village of Martinsville at a rate of 4.28% . The loan matures on July 6, 2029 with monthly principal and interest payments of $89,664 . Laburnum Square Refinance On August 1, 2019, the Company executed a promissory note for $7.67 million for the refinancing of Laburnum Square at a rate of 4.28% . The loan is interest only through August 2024 with principal and interest payments of $37,842 beginning in September 2024. The loan matures on September 5, 2029. Litchfield Market Village Refinance On November 1, 2019 the Company executed a promissory note for $7.50 million for the refinancing of Litchfield Market Village at a fixed interest rate of 5.50% . The loan matures on November 1, 2022 with monthly principal and interest payments of $46,057 . Loan Covenants Certain of the Company’s loans payable have covenants with which the Company is required to comply. As of December 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 December 31, 2019 , including loans payable on assets held for sale, are as follows (in thousands): For the Years Ended December 31, 2020 $ 62,068 2021 11,093 2022 15,646 2023 85,326 2024 44,020 Thereafter 128,906 Total principal repayments and debt maturities $ 347,059 The Company has considered its short-term (one year or less) liquidity needs and the adequacy of its estimated cash flows from operating activities and other expected financing sources to meet these needs. In particular, the Company has considered its scheduled debt maturities for the year ending December 31, 2020 of $62.07 million , including $17.88 million on the KeyBank Line of Credit which is collateralized by seven properties within the portfolio. The Company plans to pay this obligation through a combination of refinancings, dispositions and operating cash. Subsequent to December 31, 2019, the $21.55 million Rivergate loan has been extended to March 20, 2020 and the KeyBank Line of Credit has been reduced to $10.00 million as of January 31, 2020, a result of refinancing of Shoppes at Myrtle Park and selling of St. Matthews combined with monthly principal payments. All loans due to mature are collateralized by properties within the 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; • possible sale of six undeveloped land parcels; and • sale of additional properties, if necessary. Management is 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	12 Months Ended
	Dec. 31, 2019
Lessor Disclosure [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 December 31, 2019 are as follows (in thousands): For the Years Ended December 31, 2020 $ 45,205 2021 38,521 2022 32,072 2023 25,902 2024 19,433 Thereafter 50,780 Total minimum rents $ 211,913

Equity and Mezzanine Equity

Equity and Mezzanine Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Equity and Mezzanine Equity	Equity and Mezzanine Equity The Company has authority to issue 33,750,000 shares of stock, consisting of 18,750,000 shares of $0.01 par value Common Stock (“Common Stock”) and 15,000,000 shares of preferred stock of which 5,000,000 shares have been classified as no par value Series B Preferred Stock (“Series B Preferred ”), 4,000,000 shares as Redeemable Preferred Stock ("Series D Preferred") and 4,500 shares of Series A Preferred Stock ("Series A Preferred"). Substantially all of our business is conducted through the Company’s Operating Partnership. The Trust is the sole general partner of the Operating Partnership and owned a 98.34% interest in the Operating Partnership as of December 31, 2019 . Limited partners in the Operating Partnership have the right to redeem their common units for cash or, at our option, common shares at a ratio of one common unit for one common share. Distributions to common unit holders are paid at the same rate per unit as dividends per share to the Trust’s common shareholders. As of December 31, 2019 and 2018 , there were 14,105,712 of common units outstanding with the Trust owning 13,871,693 and 13,870,680 , respectively, of these common units. Series A Preferred Stock At December 31, 2019 and December 31, 2018, the Company had 562 shares without par value Series A Preferred Stock ("Series A Preferred") issued and outstanding, 4,500 authorized and 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 December 31, 2019 and December 31, 2018, the Company had 1,875,748 shares and 5,000,000 shares of no par value Series B Preferred issued and authorized with a $25.00 liquidation preference per share, or $46.90 million . 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, $0.01 par value per share, 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. 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 Preferred B 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 issuances 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. On April 29, 2019, the 1,986,600 warrants exchangeable into 248,325 shares of Common Stock expired. The warrants were registered on the Nasdaq Stock Market under the trading symbol "WHLRW" (CUSIP No.: 963025119). Series D Preferred Stock- Redeemable Preferred Stock In January 2018, the Company, issued and sold 1,363,636 shares of Series D Preferred, in a public offering. Each share of Series D Preferred Stock was sold to investors at an offering price of $16.50 per share, resulting in net proceeds of $21.16 million , which included the impact of the underwriters' selling commissions and legal, accounting and other professional fees. At December 31, 2019 and 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 $101.66 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 holder’s 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 15 th , April 15 th , July 15 th and October 15 th of each year. On or after September 21, 2021, the Company, may at its option, redeem the Series D Preferred, for cash at a redemption price of $25.00 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date. The holder of the Series D Preferred may convert shares at any time into shares of the Company’s Common Stock at an initial conversion rate of $16.96 per share of Common Stock. On September 21, 2023, the holders of the Series D Preferred may, at their option, elect to cause the Company to redeem any or all of their shares at a redemption price of $25.00 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date, payable in cash or in shares of Common Stock, or any combination thereof, at the holder’s option. The Series D Preferred requires the Company maintain asset coverage of at least 200% . If we fail to maintain asset coverage of at least 200% calculated by determining the percentage value of (i) our total assets plus accumulated depreciation and accumulated amortization minus our total liabilities and indebtedness as reported in our financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) (exclusive of the book value of any Redeemable and Term Preferred Stock (defined below)) over (ii) the aggregate liquidation preference, plus an amount equal to all accrued and unpaid dividends, of outstanding shares of our Series D Preferred Stock and any outstanding shares of term preferred stock or preferred stock providing for a fixed mandatory redemption date or maturity date (collectively referred to as “Redeemable and Term Preferred Stock”) on the last business day of any calendar quarter (“Asset Coverage Ratio”), and such failure is not cured by the close of business on the date that is 30 calendar days following the filing date of our Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, for that quarter, or the “Asset Coverage Cure Date,” then we will be required to redeem, within 90 calendar days of the Asset Coverage Cure Date, shares of Redeemable and Term Preferred Stock, which may include Series D Preferred Stock, at least equal to the lesser of (i) the minimum number of shares of Redeemable and Term Preferred Stock that will result in us having a coverage ratio of at least 200% and (ii) the maximum number of shares of Redeemable and Term Preferred Stock that can be redeemed solely out of funds legally available for such redemption. In connection with any redemption for failure to maintain the Asset Coverage Ratio, we may, in our sole option, redeem any shares of Redeemable and Term Preferred Stock we select, including on a non-pro rata basis. We may elect not to redeem any Series D Preferred Stock to cure such failure as long as we cure our failure to meet the Asset Coverage Ratio by or on the Asset Coverage Cure Date. If shares of Series D Preferred Stock are to be redeemed for failure to maintain the Asset Coverage Ratio, such shares will be redeemed solely in cash at a redemption price equal to $25.00 per share plus an amount equal to all accrued but unpaid dividends, if any, on such shares (whether or not declared) to and including the redemption date. On May 3, 2018, the Company filed a Certificate of Correction (the “Certificate of Correction”) with the State Department of Assessments and Taxation of Maryland (the “SDAT”) correcting an inadvertently omitted reference to “accumulated amortization” in “Section 10(a) (Mandatory Redemption for Asset Coverage)” of the Articles Supplementary for the Series D Preferred that was previously filed with SDAT on September 16, 2016. The Certificate of Correction became effective upon filing. 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 years ended December 31, 2019 and 2018 is as follows (in thousands): Series D Preferred Balance December 31, 2017 $ 53,236 Accretion of Preferred Stock discount 592 Issuance of Preferred Stock for acquisition of JANAF 21,158 Undeclared dividends 1,969 Balance December 31, 2018 76,955 Accretion of Preferred Stock discount 593 Undeclared dividends 9,677 Balance December 31, 2019 $ 87,225 Earnings per share Basic earnings per share for the Company’s common shareholders is calculated by dividing income (loss) from continuing operations, excluding amounts attributable to preferred stockholders and the net loss attributable to noncontrolling interests, by the Company’s weighted-average shares of Common Stock outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) attributable to common shareholders, excluding amounts attributable to preferred shareholders and the net income (loss) attributable to noncontrolling interests, by the weighted-average number of common shares including any dilutive shares. As of December 31, 2019 and 2018 , the below shares are able to be converted to Common Stock. The common units, convertible preferred stock, cumulative convertible preferred stock, and warrants have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. December 31, 2019 December 31, 2018 Outstanding shares Potential Dilutive Shares Outstanding shares Potential Dilutive Shares Common units 234,019 234,019 235,032 235,032 Series B Preferred Stock 1,875,748 1,172,343 1,875,748 1,172,343 Series D Preferred Stock 3,600,636 5,307,541 3,600,636 5,307,541 Warrants to purchase Common Stock — — — 276,746 On December 20, 2018, the Board of Directors suspended payment of the fourth quarter dividends on shares of its Series A Preferred, Series B Preferred and Series D Preferred, which has not been reinstated as of December 31, 2019. The following table summarizes the preferred stock dividends (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 3/31/19 $ — $ 13 $ 22.50 $ — $ 1,055 $ 0.56 $ — $ 2,419 $ 0.67 6/30/19 — 13 $ 22.50 — 1,055 $ 0.56 — 2,419 $ 0.67 9/30/19 — 13 $ 22.50 — 1,056 $ 0.56 — 2,419 $ 0.67 12/31/19 — 12 $ 22.50 — 1,055 $ 0.56 — 2,420 $ 0.67 For the year ended December 31, 2019 $ — $ 51 $ — $ 4,221 $ — $ 9,677 3/31/18 $ 13 $ — $ 22.50 $ 1,055 $ — $ 0.56 $ 1,969 $ — $ 0.55 6/30/18 13 — $ 22.50 1,055 — $ 0.56 1,969 — $ 0.55 9/30/18 13 — $ 22.50 1,056 — $ 0.56 1,969 — $ 0.55 12/31/18 — 13 $ 22.50 — 1,055 $ 0.56 — 1,969 $ 0.55 For the year ended December 31, 2018 $ 39 $ 13 $ 3,166 $ 1,055 $ 5,907 $ 1,969 There were no dividends declared to holders of Common Stock for the years ended December 31, 2019 and 2018. 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 December 31, 2019, there are 41,104 shares available for issuance under the Company’s 2015 Incentive Plan and there were no shares issued in 2019 or 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 Years Ended December 31, Shares Issued Market Value (in thousands) 2019 181,807 $ 166 2018 206,358 1,057 As of December 31, 2019, there are 132,707 shares available for issuance under the Company’s 2016 Incentive Plan.

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Lease Commitments	10. Lease Commitments The Company has ground leases that are accounted for as operating leases. The Charleston, SC lease ended August 31, 2019 and was accounted for as an operating lease. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 50 years. As of December 31, 2019, the weighted average remaining lease term is 35 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 (in thousands): For the Years Ended December 31, 2019 2018 Expiration Year Amscot $ 25 $ 18 2045 Beaver Ruin Village 54 46 2054 Beaver Ruin Village II 22 19 2056 Leased office space Charleston, SC 67 100 2019 Moncks Corner 121 121 2040 Devine Street (1) 396 250 2051 JANAF (2) 290 258 2069 Total ground leases $ 975 $ 812 (1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051. (2) Includes $139 thousand and $113 thousand in variable percentage rent, during the years ended December 31, 2019 and 2018, respectively. Supplemental information related to leases is as follows (in thousands): For the Years Ended December 31, 2019 2018 Cash paid for amounts included in the measurement of operating lease liabilities $ 644 $ — Leased assets obtained in exchange for new operating lease liabilities $ 11,904 $ — 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 December 31, 2019 and a reconciliation of those cash flows to the operating lease liabilities at December 31, 2019 are as follows (in thousands): For the Years Ended December 31, 2020 $ 583 2021 637 2022 640 2023 642 2024 644 Thereafter 23,109 Total minimum lease payments (1) 26,255 Discount (14,334 ) Operating lease liabilities $ 11,921 (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	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
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 located in the Northeast, Mid-Atlantic and Southeast, which markets represented approximately 4% , 36% and 60% , respectively, of the total annualized base rent of the properties in its portfolio as of December 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. JCP Investment Partnership LP, et al v. Wheeler Real Estate Investment Trust, Inc., Circuit Court for Baltimore County, Maryland. This is an action brought by a large minority shareholder of the Company alleging that in 2018, the Company breached an asset coverage ratio covenant, so as to require the Company to buy back a portion of its Series D Preferred. The Company is defending this suit on the grounds it validly amended the Articles Supplementary through the Certificate of Correction filed with the Maryland Department of Taxation on or about May 3, 2018, curing any alleged breach of the covenant. Plaintiffs are no t seeking any specific damage amount; rather, their prayer for relief asks the Court to order that the Company must redeem the Series D Preferred in accordance with the terms of the original Articles Supplementary, not commit any further alleged violations of the Articles Supplementary, and award them their costs, expenses and attorneys' fees. In the event a redemption is required, the redemption provisions of the Articles Supplementary permit the Company to redeem those Series D Preferred that it chooses to redeem (not necessarily JCP's Preferred Shares). Accordingly, it is difficult to assess the Company's anticipated exposure in this case at this time. After discovery was completed, JCP filed a motion for summary judgment, which the Court denied on January 29, 2020. In February 2020, the parties reached a settlement which provides JCP will dismiss the lawsuit without prejudice. Jon Wheeler v. Wheeler Real Estate Investment Trust, Inc., Circuit Court for the City of Virginia Beach, Virginia. Former CEO, Jon Wheeler, alleges that he was improperly terminated and is owed severance and bonus payments pursuant to his Employment Agreement. Altogether, his alleged damages total approximately $1.00 million . The Company is defending the action on the grounds that Jon Wheeler was properly terminated for cause, including for his failure to properly apprise the Board of Directors of critical information, and placing his own personal interests above the Company's, including contracting counsel about filing suit on his behalf against the Company and the Board of Directors while he was still CEO and President of the Board. The Company has filed a Counterclaim against Jon Wheeler for approximately $150 thousand for reimbursement of personal expenses the Company paid, but that Jon Wheeler should have borne. Trial of this action was held on December 17-20, 2019. Post-trial briefs were submitted on January 31, 2020. The Court is expected to make its rulings by mid-March, 2020. At this juncture, the outcome of the matter cannot be predicted. BOKF, NA v. WD-1 Associates, LLC, et al, Court of Common Pleas for Beaufort County, South Carolina. This is a lawsuit filed by BOKF ("Bank of Arkansas") the lead lender for Sea Turtle project in Hilton Head, South Carolina against WD-1 Associates, LLC and Jon Wheeler for default on BOKF's two construction loans. BOKF seeks appointment of a Receiver to take over the financial management of the project that WD-1 was allegedly (mis)handling. The lawsuit pending in Beaufort County is presently stayed as to WD-1, pursuant to the Chapter 11 Bankruptcy proceeding it filed in Charleston, South Carolina. In the lawsuit pending in Beaufort County, BOKF has moved for a default judgment against Jon Wheeler, who personally guaranteed the two BOKF loans. The Company's subsidiary, Wheeler Real Estate, LLC is named in the lawsuit pending in Beaufort County solely in its position as the former property manager for WD-1 Associates, to obtain financial information. No damages are sought from Wheeler Real Estate, LLC in the Beaufort County action. The Company's subsidiaries are creditors in the Chapter 11 Bankruptcy. WD-1 is seeking a sale of the project real estate through the bankruptcy proceedings. BOKF’s credit bid purchase of Sea Turtle was approved by the Bankruptcy Court for $18.75 million in February, 2020. At this juncture, the proceeds, if any, awarded to the Company are expected to be immaterial. Jon Wheeler v. Wheeler Real Estate Investment Trust, Inc. and David Kelly, Individually, Circuit Court for the City of Virginia Beach, Virginia. 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 Chief Executive Officer and President, David Kelly, defamed him in communications with an industry association. In February, 2019, Jon Wheeler’s counsel amended the suit to add the Company as a Defendant, but dropped all but the defamation claims. Mr. Kelly and the Company are defending the lawsuit. Trial is set for June 10, 2020. At this juncture, the outcome of the matter cannot be predicted. 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 $2.42 million, 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 “Harbor Pointe 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 Harbor Pointe Agreement will be no more than $2.23 million , the principal amount of the bonds, as of December 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. In 2019 and 2018, we funded approximately $79 thousand and $73 thousand , respectively in debt service shortfalls. No amounts have been accrued for this as of December 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	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The following summarizes related party activity as of and for the years ended December 31, 2019 and 2018 . The amounts disclosed below reflect the activity between the Company and its affiliates (in thousands). December 31, 2019 2018 Amounts paid to affiliates $ — $ 15 Amounts received from affiliates $ 19 $ 116 Notes receivable, net $ — $ 5,000 As discussed in Note 4, the Company loaned $11.00 million for the partial funding of Sea Turtle and loaned $1.00 million for the sale of land to be used in the development. During the years ended December 31, 2019 and 2018, the Company recognized a $5.00 million and $1.74 million impairment charge, respectively, on the note receivable, reducing the carrying value to zero . The Company has placed the notes receivable on nonaccrual status and has not recognized $1.44 million and $1.44 million of interest income due on the notes for the years ended December 31, 2019 and 2018, respectively. At December 31, 2019, $4.22 million of accrued interest remains unpaid. 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, 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 $23 thousand and $77 thousand in amounts due from related parties for the years ended December 31, 2019 and 2018, respectively, which were previously reserved. These recoveries are included in the respective revenue category which they relate on the consolidated statements of operations. The total allowance on related party receivables at December 31, 2019 and 2018 is $2.15 million and $2.20 million , respectively. Amounts due from Sea Turtle Development are reserved due to uncertainty surrounding the collectability given the pending legal proceedings and bankruptcy further detailed in Note 4. Amounts due from other non-REIT properties have been reserved based on available cash flows at the respective properties and payment history. There were no additional reserves recorded in 2019 and 2018. In February 2018 the management agreements for these properties were terminated. There were no additional reserves recorded for the years ended December 31, 2019 and 2018. In 2016, in connection with the acquisition of Berkley and Sangaree/Tri-County, the Operating Partnership entered into a tax protection agreement that obligates the Operating Partnership to reimburse Jon Wheeler, the Company's former CEO, for his tax liabilities resulting from the recognition of certain taxable income or gain in the event the Operating Partnership takes certain action prior to November 10, 2023 with respect to Sangaree Plaza, Tri-County Plaza and Berkley.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events St. Matthews On January 21, 2020, the Company completed the sale of St. Matthews, which is collateral on the Amended and Restated Credit Agreement, for a contract price of $1.78 million , resulting in a paydown of $1.78 million to the KeyBank Line of Credit. Shoppes at Myrtle Park Refinance On January 23, 2020, the Company refinanced the Shoppes at Myrtle Park collateralized portion of the Amended and Restated Credit Agreement for $6.00 million at a fixed interest rate of 4.45% , resulting in a paydown of $5.75 million on the KeyBank Line of Credit. Rivergate Extension On January 30, 2020, effective December 21, 2019, the Company and the Synovus Bank agreed to extend the loan maturity to March 20, 2020.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation and Qualifying Accounts	Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule II-Valuation and Qualifying Accounts December 31, 2019 Description Balance at Beginning of Year Charged to Costs and Expense Deductions from Reserves Balance at End of Year (in thousands) Allowance for doubtful accounts: Year Ended December 31, 2019 $ 3,269 $ 426 $ (402 ) $ 3,293 Year Ended December 31, 2018 $ 3,069 $ 434 $ (234 ) $ 3,269

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III-Real Estate and Accumulated Depreciation	Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule III-Real Estate and Accumulated Depreciation December 31, 2019 Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at End of Period Property Name Land Building and Improvements Improvements (net) Carrying Costs Land Building and Improvements Total (in thousands) Amscot Building $ — $ 462 $ 31 $ — $ — $ 493 $ 493 Lumber River Village 800 4,487 151 — 942 4,496 5,438 Riversedge North 910 2,208 (37 ) — 910 2,171 3,081 Surrey Plaza 381 1,857 — — 381 1,857 2,238 The Shoppes at TJ Maxx 2,115 6,719 616 — 2,115 7,335 9,450 Twin City Commons 800 3,041 134 — 800 3,175 3,975 Walnut Hill Plaza 734 2,414 1,334 — 734 3,748 4,482 Tampa Festival 4,653 6,691 408 — 4,695 7,057 11,752 Forrest Gallery 3,015 7,455 1,073 — 3,015 8,528 11,543 Winslow Plaza 1,325 3,684 210 — 1,370 3,849 5,219 Clover Plaza 356 1,197 26 — 356 1,223 1,579 St. George Plaza 706 1,264 46 — 752 1,264 2,016 South Square 353 1,911 31 — 374 1,921 2,295 Westland Square 887 1,710 57 — 901 1,753 2,654 Waterway Plaza 1,280 1,248 285 — 1,299 1,514 2,813 Cypress Shopping Center 2,064 4,579 246 — 2,064 4,825 6,889 Harrodsburg Marketplace 1,431 2,485 72 — 1,509 2,479 3,988 Port Crossing Shopping Center 792 6,921 102 — 792 7,023 7,815 LaGrange Marketplace 390 2,648 273 — 430 2,881 3,311 DF I-Courtland (1) 196 — — — 196 — 196 Edenton Commons (1) 746 — — — 746 — 746 DF I-Moyock (1) 179 — — — 179 — 179 Freeway Junction 1,521 6,755 120 — 1,521 6,875 8,396 Bryan Station 1,658 2,756 77 — 1,658 2,833 4,491 Crockett Square 1,546 6,834 183 — 1,565 6,998 8,563 Harbor Pointe (1) 1,538 — (359 ) — 1,179 — 1,179 DF I-Berkley 250 — — — 250 — 250 Pierpont Centre 484 9,221 171 — 676 9,200 9,876 Brook Run Properties 300 — 8 — 300 8 308 Alex City Marketplace 454 7,837 1,616 — 707 9,200 9,907 Butler Square 1,024 6,401 197 — 1,024 6,598 7,622 Brook Run Shopping Center 2,209 12,919 573 — 2,377 13,324 15,701 Beaver Ruin Village 2,604 8,284 10 — 2,604 8,294 10,898 Beaver Ruin Village II 1,153 2,809 5 — 1,153 2,814 3,967 Columbia Fire Station 1,706 599 4,719 — 1,706 5,318 7,024 Chesapeake Square 895 4,112 922 — 1,232 4,697 5,929 Sunshine Plaza 1,183 6,368 148 — 1,183 6,516 7,699 Barnett Portfolio 3,107 8,912 168 — 3,193 8,994 12,187 Grove Park 722 4,590 22 — 741 4,593 5,334 Parkway Plaza 772 4,230 32 — 778 4,256 5,034 Fort Howard Square 1,890 7,350 396 — 1,928 7,708 9,636 Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at End of Period Property Name Land Building and Improvements Improvements (net) Carrying Costs Land Building and Improvements Total Conyers Crossing $ 2,034 $ 6,820 $ 67 $ — $ 2,034 $ 6,887 $ 8,921 Darien Shopping Center 188 1,054 — — 188 1,054 1,242 Devine Street 365 1,941 — — 365 1,941 2,306 Folly Road 5,992 4,527 — — 5,992 4,527 10,519 Georgetown 742 1,917 93 — 742 2,010 2,752 Ladson Crossing 2,981 3,920 106 — 3,052 3,955 7,007 Lake Greenwood Crossing 550 2,499 17 — 550 2,516 3,066 Lake Murray 447 1,537 — — 447 1,537 1,984 Litchfield I 568 929 60 — 568 989 1,557 Litchfield II 568 936 48 — 568 984 1,552 Litchfield Market Village 2,970 4,716 119 — 3,042 4,763 7,805 Moncks Corner — 1,109 — — — 1,109 1,109 Ridgeland 203 376 — — 203 376 579 Shoppes at Myrtle Park 3,182 5,360 817 — 3,182 6,177 9,359 South Lake 804 2,025 (33 ) — 804 1,992 2,796 South Park 943 2,967 84 — 1,005 2,989 3,994 St. Matthews (1) 338 1,490 (10 ) — 338 1,480 1,818 Berkley 1,005 2,865 (55 ) — 1,005 2,810 3,815 Sangaree 2,302 2,922 636 — 2,503 3,357 5,860 Tri-County 411 3,421 146 — 552 3,426 3,978 Riverbridge 774 5,384 — — 774 5,384 6,158 Laburnum Square 3,736 5,928 213 — 3,811 6,066 9,877 Franklin Village 2,608 9,426 30 — 2,608 9,456 12,064 Village at Martinsville 5,208 12,879 20 — 5,228 12,879 18,107 New Market Crossing 993 5,216 363 — 1,042 5,530 6,572 Rivergate Shopping Center 1,570 30,694 136 — 1,672 30,728 32,400 JANAF 8,267 66,549 333 — 8,327 66,822 75,149 Totals $ 98,878 $ 352,365 $ 17,256 $ — $ 100,937 $ 367,562 $ 468,499 (1) Includes impairment charges described in Note 3 of the consolidated audited financial statements. Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule III-Real Estate and Accumulated Depreciation Property Name Encumbrances Accumulated Depreciation Date of Construction Date Acquired Depreciation Life (in thousands) Amscot Building (3 ) $ 230 5/15/2004 5-40 years Lumber River Village $ 1,404 1,012 11/16/2012 5-40 years Riversedge North 1,767 1,419 4/17/2008 12/21/2012 5-40 years Surrey Plaza (3 ) 485 12/21/2012 5-40 years The Shoppes at TJ Maxx 5,344 1,966 11/16/2012 5-40 years Twin City Commons 2,983 691 12/18/2012 5-40 years Walnut Hill Plaza 3,759 2,150 12/14/2007 5-15 years Tampa Festival 8,077 1,636 8/26/2013 5-40 years Forrest Gallery 8,381 1,877 8/29/2013 5-40 years Winslow Plaza 4,620 888 12/19/2013 5-40 years Clover Plaza 1,986 209 12/23/2013 5-40 years St. George Plaza 2,503 231 12/23/2013 5-40 years South Square 2,038 303 12/23/2013 5-40 years Westland Square 2,601 302 12/23/2013 5-40 years Waterway Plaza 2,547 230 12/23/2013 5-40 years Cypress Shopping Center 6,268 750 7/1/2014 5-40 years Harrodsburg Marketplace 3,416 408 7/1/2014 5-40 years Port Crossing Shopping Center 6,032 1,701 7/3/2014 5-40 years LaGrange Marketplace (6 ) 518 7/25/2014 5-40 years DF I-Courtland (undeveloped land) — 8/15/2014 N/A Edenton Commons (undeveloped land) — 8/15/2014 N/A DF I-Moyock (undeveloped land) — 8/15/2014 N/A Freeway Junction 7,725 1,154 9/4/2014 5-40 years Bryan Station 4,394 464 10/2/2014 5-40 years Crockett Square 6,338 1,180 11/5/2014 5-40 years Harbor Pointe (undeveloped land) — 11/21/2014 N/A DF I-Berkley (undeveloped land) — 12/1/2014 N/A Pierpont Centre 8,113 1,425 1/14/2015 5-40 years Brook Run Properties (undeveloped land) — 3/27/2015 N/A Alex City Marketplace 5,750 1,335 4/1/2015 5-40 years Butler Square 5,640 870 4/15/2015 5-40 years Brook Run Shopping Center 10,950 3,166 6/2/2015 5-40 years Beaver Ruin Village (4 ) 1,078 7/1/2015 5-40 years Beaver Ruin Village II (4 ) 358 7/1/2015 5-40 years Columbia Fire Station 4,051 212 8/31/2018 7/1/2015 5-40 years Chesapeake Square 4,354 833 7/10/2015 5-40 years Sunshine Plaza 5,900 879 7/21/2015 5-40 years Property Name Encumbrances Accumulated Depreciation Date of Construction Date Acquired Depreciation Life (in thousands) Barnett Portfolio $ 8,770 $ 1,319 8/21/2015 5-40 years Grove Park 3,800 721 9/9/2015 5-40 years Parkway Plaza 3,500 553 9/15/2015 5-40 years Fort Howard Square 7,100 953 9/30/2015 5-40 years Conyers Crossing 5,960 1,109 9/30/2015 5-40 years Darien Shopping Center (1 ) 117 4/12/2016 5-40 years Devine Street (1 ) 200 4/12/2016 5-40 years Folly Road 5,922 484 4/12/2016 5-40 years Georgetown (6 ) 215 4/12/2016 5-40 years Ladson Crossing (7 ) 454 4/12/2016 5-40 years Lake Greenwood Crossing (7 ) 269 4/12/2016 5-40 years Lake Murray (1 ) 197 4/12/2016 5-40 years Litchfield I (5 ) 127 4/12/2016 5-40 years Litchfield II (5 ) 136 4/12/2016 5-40 years Litchfield Market Village (5 ) 553 4/12/2016 5-40 years Moncks Corner (1 ) 128 4/12/2016 5-40 years Ridgeland (6 ) 51 4/12/2016 5-40 years Shoppes at Myrtle Park (1 ) 695 4/12/2016 5-40 years South Lake (1 ) 207 4/12/2016 5-40 years South Park (7 ) 306 4/12/2016 5-40 years St. Matthews (1 ) 167 4/12/2016 5-40 years Berkley (2 ) 276 11/10/2016 5-40 years Sangaree (2 ) 470 11/10/2016 5-40 years Tri-County (2 ) 437 11/10/2016 5-40 years Riverbridge 4,000 557 11/15/2016 5-40 years Laburnum Square 7,665 602 12/7/2016 5-40 years Franklin Village 8,516 839 12/12/2016 5-40 years Village at Martinsville 16,351 1,333 12/16/2016 5-40 years New Market Crossing 6,713 522 12/20/2016 5-40 years Rivergate Shopping Center 21,545 2,745 12/21/2016 5-40 years JANAF 61,928 3,931 1/18/2018 5-40 years Totals $ 50,633 (1) Properties secure a $17.9 million mortgage note. (2) Properties secure a $9.4 million mortgage note. (3) These properties secure a $1.2 million bank line of credit. (4) Properties secure a $9.4 million mortgage note. (5) Properties secure a $7.5 million mortgage note. (6) Properties secure a $5.6 million mortgage note. (7) Properties secure a $7.4 million mortgage note. Schedule III-Real Estate and Accumulated Depreciation (Continued) 2019 2018 (in thousands) Balance at beginning of period $ 482,103 $ 415,379 Additions during the period: Acquisitions 35 75,123 Improvements 2,711 5,574 Impairments (1,598 ) (3,938 ) Disposals (14,752 ) (10,035 ) Balance at end of period $ 468,499 $ 482,103

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 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 at fair value 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 to 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 undiscounted operating income before depreciation and amortization includes various level 3 fair value assumptions including renewal and renegotiations of current leases, estimates of new leases on vacant spaces, 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 for vacant spaces 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. See Note 3 for additional details on impairment of investments for the years ended December 31, 2019 and 2018.
Assets Held for Sale and DIscontinued Operations	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 2 and 3 inputs. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. 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. See Note 3 for additional details on impairment of assets held for sale for the years ended December 31, 2019 and 2018. 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.
Conditional Asset Retirement Obligation	Conditional Asset Retirement Obligation A conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement depends on a future event that may or may not be within the Company’s control. Currently, the Company does not have any conditional asset retirement obligations. However, any such obligations identified in the future would result in the Company recording a liability if the fair value of the obligation can be reasonably estimated. Environmental studies conducted at the time the Company acquired its properties did not reveal any material environmental liabilities, and the Company is unaware of any subsequent environmental matters that would have created a material liability. The Company believes that its properties are currently in material compliance with applicable environmental, as well as non-environmental, statutory and regulatory requirements.
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 loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk.
Tenant Receivables and Unbilled Rent	Tenant Receivables and Unbilled Rent Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of December 31, 2019 and 2018 , the Company’s allowance for uncollectible tenant receivables totaled $1.14 million and $1.07 million , respectively. Upon adoption of ASC Topic 842 "Leases," reserves for uncollectible accounts were recorded and reclassified to "rental revenues". 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 years ended December 31, 2019 and 2018 , the Company recorded a credit loss on operating lease receivables in the amount $449 thousand and $511 thousand , respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on the an assessment of the tenant’s credit-worthiness.
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 second 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 note and its estimated realizable value.
Goodwill	Goodwill Goodwill is deemed to have an indefinite economic life and is not subject to amortization. Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. The Company performed its goodwill impairment test using the simplified method, whereby the fair value of this reporting unit is compared to its carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not considered impaired. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then goodwill is considered impaired by an amount equal to that difference. During the last quarter of 2018, the market capitalization of the Company’s common stock sustained a significant decline so that it fell below the book value of the Company’s net assets. The outcome of the annual goodwill impairment test resulted in a full impairment of goodwill of $5.49 million , which was recorded in the consolidated financial statements during the year ended December 31, 2018, which reduced the carrying value to
Above and Below Market Lease Intangibles, Net	Above and Below Market Lease Intangibles, net The Company determines the above and below market lease intangibles upon acquiring a property. Above and below market lease intangibles are amortized over the life of the respective leases. Amortization of above and below market lease intangibles is recorded as a component of rental revenues.
Deferred Costs and Other Assets, Net	Deferred Costs and Other Assets, net The Company’s deferred costs and other assets consist primarily of leasing commissions, leases in place, capitalized legal and marketing costs, tenant relationships 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.
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. At December 31, 2019 and 2018, there were $3.41 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 monthly 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 years ended December 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 revenues" on the 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. Lease termination fees during the year ended December 31, 2018 are primarily a result of early lease termination fees on SEG recaptures and the early termination of the Farm Fresh at Berkley Shopping Center.
Asset Management Fees	Asset Management Fees Asset management fees are generated from Non-REIT properties. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively for services performed. Revenues are governed by the management fee agreements for the various properties. Obligations under the agreements include and are not limited to: managing of maintenance, janitorial, security, landscaping, vendors, back office (collecting rents, paying bills), etc. Each of the obligations are bundled together to be one service and are satisfied over time. Non-REIT Properties are billed monthly and typically pay monthly for these services.
Commissions	Commissions Commissions are generated from Non-REIT properties. The Non-REIT Properties pay WRE leasing commissions based on the total contractual revenues to be generated under the new/renewed lease agreement ( 6% for new leases and 3% for renewals). Revenues are governed by the leasing commission agreements for the various properties. Obligations under the agreements include and are not limited to: monitoring upcoming vacancies, new tenant identification, proposal preparation, lease negotiation, document preparation, etc. Each of the obligations are bundled together to be one service as the overall objective of these services is to maintain the overall occupancy of the property. Revenue is recognized and billed upon lease execution.
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 at December 31, 2019 and 2018, respectively, for federal and state income tax expenses. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to reasonable cause and certain other conditions were satisfied. Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes and has determined that the Company had no uncertain income tax positions
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 particular property 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 for Leasing Activities	Advertising Costs For Leasing Activities The Company expenses advertising and promotion costs as incurred.
Lease Commitments	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 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 Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Consolidated statements of equity include beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s $0.01 par value per share common stock ("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. 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 consolidated balance sheets, but did not have a material impact on the 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 Losses (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, 2022, per FASB's issuance of ASU 2019-10, "Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates". 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, but will contain additional disclosures 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	Reclassifications The Company has reclassified certain prior period amounts in the accompanying consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net loss, total assets, total liabilities or equity. Tenant reimbursements and provision for credit losses were reclassified to rental revenues on the consolidated statements of operations to conform to 2019 presentation as a result of adopting ASU 2016-02, “Leases (Topic 842).” There are two reclassifications within the consolidated statement of cash flows, one pertains to the straight-line expense operating activity adjustment on those leases which the Company is a lessee and the other is the presentation of credit losses on operating lease receivables. These reclassifications did not impact cash provided by (used in) operating, investing, or financing activities. During 2019, it was determined that the six undeveloped Land Parcels (the “Land Parcels”) previously classified as assets held for sale within discontinued operations at December 31, 2018 no longer meet the definition of assets held for sale. Management’s intention to sell the parcels has not changed; however, they are in secondary and tertiary markets with minimal land sales and it is not probable they will sell in the next twelve months. Accordingly, the assets and liabilities of the Land Parcels were reclassified to “land and land improvements” within investment properties for all periods presented, see Note 3, and the impairment losses related to the Land Parcels were reclassified to "impairment of real estate" within operating expenses on the consolidated statements of operations.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of disaggregation of Company's revenue	The below table disaggregates the Company’s revenue by type of service for the years ended December 31, 2019 and 2018 (in thousands): Years Ended December 31, 2019 2018 Minimum rent $ 49,188 $ 50,698 Tenant reimbursements - variable lease revenue 13,369 12,595 Percentage rent - variable lease revenue 334 254 Lease termination fees 117 1,271 Commissions 65 140 Asset management fees 60 266 Other 478 562 Subtotal 63,611 65,786 Credit losses on operating lease receivables (449 ) (511 ) Total $ 63,162 $ 65,275
Schedule of corporate general and administrative expense	A detail for the "corporate general & administrative" ("CG&A") line item from the consolidated statements of operations is presented below (in thousands): December 31, 2019 2018 Professional fees $ 2,534 $ 2,844 Compensation and benefits 1,991 2,673 Corporate administration 1,259 1,272 Advertising 276 261 Taxes and licenses 206 212 Travel 197 240 Capital related costs 144 576 Acquisition and development costs 26 300 6,633 8,378 Less: Allocation of CG&A to Non-REIT management and leases services — (150 ) Total $ 6,633 $ 8,228

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of investment properties	Investment properties consist of the following (in thousands): December 31, 2019 2018 Land and land improvements $ 100,599 $ 101,696 Buildings and improvements 366,082 374,499 Investment properties at cost 466,681 476,195 Less accumulated depreciation (50,466 ) (40,189 ) Investment properties, net $ 416,215 $ 436,006
Summary of consideration paid and preliminary estimated fair values of assets acquired and liabilities assumed	The following summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed in conjunction with the acquisition described above in accordance with ASU 2017-01, along with a description of the methods used to determine the purchase price allocation (in thousands, unaudited). In determining the purchase price allocation, the Company considered many factors including, but not limited to, cash flows, market cap rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. Purchase price allocation of assets acquired: Investment property (a) $ 75,123 Lease intangibles and other assets (b) 10,718 Above market leases (d) 2,019 Restricted cash (c) 2,500 Below market leases (d) (4,710 ) Net purchase price allocation of assets acquired: $ 85,650 Purchase consideration: Consideration paid with cash $ 23,153 Consideration paid with restricted cash (c) 2,500 Consideration paid with assumption of debt (e) 58,867 Consideration paid with common stock 1,130 Total consideration (f) $ 85,650 a. Represents the purchase price allocation of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The purchase price allocation was determined using following approaches: i. the market approach valuation methodology for land by considering similar transactions in the markets; ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, “go dark” analyses and residual calculations incorporating the land values; and iii. the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the purchase price allocation of lease intangibles and other assets. Lease intangibles includes in place leases and ground lease sandwich interests associated with replacing existing leases. The income approach was used to determine the allocation of these intangible assets which included estimated market rates and expenses. c. Represents the purchase price allocation of deleveraging reserve (the “Deleveraging Reserve”) released upon the maturity or earlier payment in full of the loan or until the reduction of the principal balance of the loan to $50.00 million. d. Represents the purchase price allocation of above/below market leases. The income approach was used to determine the allocation of above/below market leases using market rental rates for similar properties. e. Assumption of $53.71 million of debt at a rate of 4.49% , maturing July 2023 with monthly principal and interest payments of $333,159 and assumption of $5.16 million of debt at a rate of 4.95% , maturing January 2026 with monthly principal and interest payments of $29,964 . f. Represents the components of purchase consideration paid.
Schedule of dispositions	The following properties were sold during the years ending December 31, 2019 and 2018: Disposal Property Contract Price Gain (Loss) Net Proceeds (in thousands) July 12, 2019 Perimeter Square $ 7,200 $ (95 ) $ — March 18, 2019 Graystone Crossing 6,000 1,433 1,744 February 7, 2019 Harbor Pointe Land Parcel (1.28 acres) 550 — 19 January 11, 2019 Jenks Plaza 2,200 387 1,840 October 22, 2018 Monarch Bank Building 1,750 151 299 September 27, 2018 Shoppes at Eagle Harbor 5,705 1,270 2,071 June 19, 2018 Laskin Road Land Parcel (1.5 acres) 2,858 903 2,747 January 12, 2018 Chipotle Ground Lease at Conyers Crossing 1,270 1,042 1,160 As of December 31, 2019 and 2018, assets held for sale and associated liabilities, excluding discontinued operations, consisted of the following (in thousands): December 31, 2019 2018 Investment properties, net $ 1,651 $ 4,912 Rents and other tenant receivables, net 77 72 Above market leases, net — 420 Deferred costs and other assets, net 9 228 Total assets held for sale, excluding discontinued operations $ 1,737 $ 5,632 December 31, 2019 2018 Loans payable $ 1,974 $ 3,818 Accounts payable 52 240 Total liabilities associated with assets held for sale, excluding discontinued operations $ 2,026 $ 4,058 As of December 31, 2019 and 2018, assets held for sale and associated liabilities for discontinued operations, consisted of the following (in thousands): December 31, 2019 2018 Investment properties, net $ — $ 486 Total assets held for sale, discontinued operations $ — $ 486 December 31, 2019 2018 Loans payable $ — $ 460 Accounts payable — 2 Total liabilities associated with assets held for sale, discontinued operations $ — $ 462

Deferred Costs (Tables)

Deferred Costs (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Costs [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): December 31, 2019 2018 Leases in place, net $ 14,968 $ 21,785 Tenant relationships, net 2,173 3,764 Ground lease sandwich interest, net 2,215 2,488 Lease origination costs, net 1,038 1,261 Legal and marketing costs, net 43 59 Other 588 716 Total deferred costs and other assets, net $ 21,025 $ 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 interest is as follows (in thousands): For the Years Ended December 31, Leases In Place, net Tenant Relationships, net Ground Lease Sandwich Interest, net Lease Origination Costs, net Legal & Marketing Costs, net Total 2020 $ 4,325 $ 860 $ 274 $ 65 $ 9 $ 5,533 2021 2,788 448 274 172 9 3,691 2022 2,141 354 274 130 6 2,905 2023 1,661 227 274 112 6 2,280 2024 1,147 128 274 98 3 1,650 Thereafter 2,906 156 845 461 10 4,378 $ 14,968 $ 2,173 $ 2,215 $ 1,038 $ 43 $ 20,437

Loans Payable (Tables)

Loans Payable (Tables)	12 Months Ended
	Dec. 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 December 31, 2019 December 31, 2018 Harbor Pointe (1) $ 11,024 5.85 % December 2018 $ — $ 460 Perimeter Square (1) Interest only 6.50 % June 2019 — 6,250 Perimeter Square construction loan (1) Interest only 6.50 % June 2019 — 247 Revere Term Loan $ 109,658 10.00 % April 2019 — 1,059 Senior convertible notes $ 234,199 9.00 % June 2019 — 1,369 DF I-Moyock $ 10,665 5.00 % July 2019 — 73 Rivergate $ 132,968 LIBOR + 295 basis points December 2019 21,545 22,117 KeyBank Line of Credit (6) $ 350,000 LIBOR + 350 basis points Various (6) 17,879 52,102 Folly Road $ 32,827 4.00 % March 2020 5,922 6,073 Columbia Fire Station $ 25,452 4.00 % May 2020 4,051 4,189 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,344 5,539 First National Bank Line of Credit (7) $ 24,656 LIBOR + 300 basis points September 2020 1,214 2,938 Lumber River $ 10,723 LIBOR + 350 basis points October 2020 1,404 1,448 JANAF Bravo $ 36,935 4.65 % January 2021 6,372 6,500 Walnut Hill Plaza $ 26,850 5.50 % September 2022 3,759 3,868 Litchfield Market Village $ 46,057 5.50 % November 2022 7,452 — Twin City Commons $ 17,827 4.86 % January 2023 2,983 3,048 New Market $ 48,747 5.65 % June 2023 6,713 6,907 Benefit Street Note (3) $ 53,185 5.71 % June 2023 7,361 7,567 Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,642 5,713 JANAF $ 333,159 4.49 % July 2023 50,599 52,253 Tampa Festival $ 50,797 5.56 % September 2023 8,077 8,227 Forrest Gallery $ 50,973 5.40 % September 2023 8,381 8,529 Riversedge North $ 11,436 5.77 % December 2023 1,767 1,800 South Carolina Food Lions Note (5) $ 68,320 5.25 % January 2024 11,675 11,867 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,268 6,379 Port Crossing $ 34,788 4.84 % August 2024 6,032 6,150 Freeway Junction $ 41,798 4.60 % September 2024 7,725 7,863 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,416 3,486 Graystone Crossing (1) $ 20,386 4.55 % October 2024 — 3,863 Bryan Station $ 23,489 4.52 % November 2024 4,394 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 4,957 5,065 Chesapeake Square $ 23,857 4.70 % August 2026 4,354 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 Village Interest only 4.93 % January 2027 8,516 8,516 Village of Martinsville $ 89,664 4.28 % July 2029 16,351 — Laburnum Square Interest only 4.28 % September 2029 7,665 — Total Principal Balance (1) 347,059 369,612 Unamortized debt issuance cost (1) (4,172 ) (5,144 ) Total Loans Payable, including assets held for sale 342,887 364,468 Less loans payable on assets held for sale, net loan amortization costs 1,974 4,278 Total Loans Payable, net $ 340,913 $ 360,190 (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, Lake Murray, Moncks Corner, Shoppes at Myrtle Park, South Lake and St. Matthews (assets held for sale). The various maturity dates are disclosed below within Note 7 under the KeyBank Line of Credit. (7) Collateralized by Surrey Plaza and Amscot Building.
Schedule of Company's scheduled principal repayments on indebtedness	The Company’s scheduled principal repayments on indebtedness as of December 31, 2019 , including loans payable on assets held for sale, are as follows (in thousands): For the Years Ended December 31, 2020 $ 62,068 2021 11,093 2022 15,646 2023 85,326 2024 44,020 Thereafter 128,906 Total principal repayments and debt maturities $ 347,059

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Lessor Disclosure [Abstract]
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 December 31, 2019 are as follows (in thousands): For the Years Ended December 31, 2020 $ 45,205 2021 38,521 2022 32,072 2023 25,902 2024 19,433 Thereafter 50,780 Total minimum rents $ 211,913

Equity and Mezzanine Equity (Ta

Equity and Mezzanine Equity (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2019 and 2018 is as follows (in thousands): Series D Preferred Balance December 31, 2017 $ 53,236 Accretion of Preferred Stock discount 592 Issuance of Preferred Stock for acquisition of JANAF 21,158 Undeclared dividends 1,969 Balance December 31, 2018 76,955 Accretion of Preferred Stock discount 593 Undeclared dividends 9,677 Balance December 31, 2019 $ 87,225
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	As of December 31, 2019 and 2018 , the below shares are able to be converted to Common Stock. The common units, convertible preferred stock, cumulative convertible preferred stock, and warrants have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. December 31, 2019 December 31, 2018 Outstanding shares Potential Dilutive Shares Outstanding shares Potential Dilutive Shares Common units 234,019 234,019 235,032 235,032 Series B Preferred Stock 1,875,748 1,172,343 1,875,748 1,172,343 Series D Preferred Stock 3,600,636 5,307,541 3,600,636 5,307,541 Warrants to purchase Common Stock — — — 276,746
Schedule of Dividends Declared	The following table summarizes the preferred stock dividends (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 3/31/19 $ — $ 13 $ 22.50 $ — $ 1,055 $ 0.56 $ — $ 2,419 $ 0.67 6/30/19 — 13 $ 22.50 — 1,055 $ 0.56 — 2,419 $ 0.67 9/30/19 — 13 $ 22.50 — 1,056 $ 0.56 — 2,419 $ 0.67 12/31/19 — 12 $ 22.50 — 1,055 $ 0.56 — 2,420 $ 0.67 For the year ended December 31, 2019 $ — $ 51 $ — $ 4,221 $ — $ 9,677 3/31/18 $ 13 $ — $ 22.50 $ 1,055 $ — $ 0.56 $ 1,969 $ — $ 0.55 6/30/18 13 — $ 22.50 1,055 — $ 0.56 1,969 — $ 0.55 9/30/18 13 — $ 22.50 1,056 — $ 0.56 1,969 — $ 0.55 12/31/18 — 13 $ 22.50 — 1,055 $ 0.56 — 1,969 $ 0.55 For the year ended December 31, 2018 $ 39 $ 13 $ 3,166 $ 1,055 $ 5,907 $ 1,969 There were no dividends declared to holders of Common Stock for the years ended December 31, 2019 and 2018
Share-based Payment Arrangement Cost	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 Years Ended December 31, Shares Issued Market Value (in thousands) 2019 181,807 $ 166 2018 206,358 1,057

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 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 (in thousands): For the Years Ended December 31, 2019 2018 Expiration Year Amscot $ 25 $ 18 2045 Beaver Ruin Village 54 46 2054 Beaver Ruin Village II 22 19 2056 Leased office space Charleston, SC 67 100 2019 Moncks Corner 121 121 2040 Devine Street (1) 396 250 2051 JANAF (2) 290 258 2069 Total ground leases $ 975 $ 812 (1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051. (2) Includes $139 thousand and $113 thousand in variable percentage rent, during the years ended December 31, 2019 and 2018, respectively. Supplemental information related to leases is as follows (in thousands): For the Years Ended December 31, 2019 2018 Cash paid for amounts included in the measurement of operating lease liabilities $ 644 $ — Leased assets obtained in exchange for new operating lease liabilities $ 11,904 $ —
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 December 31, 2019 and a reconciliation of those cash flows to the operating lease liabilities at December 31, 2019 are as follows (in thousands): For the Years Ended December 31, 2020 $ 583 2021 637 2022 640 2023 642 2024 644 Thereafter 23,109 Total minimum lease payments (1) 26,255 Discount (14,334 ) Operating lease liabilities $ 11,921 (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)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Summary of related party activity	The following summarizes related party activity as of and for the years ended December 31, 2019 and 2018 . The amounts disclosed below reflect the activity between the Company and its affiliates (in thousands). December 31, 2019 2018 Amounts paid to affiliates $ — $ 15 Amounts received from affiliates $ 19 $ 116 Notes receivable, net $ — $ 5,000

Organization and Basis of Pre_2

Organization and Basis of Presentation and Consolidation (Details)	12 Months Ended
	Dec. 31, 2019ft²PropertyBuildingsBuilding
Real Estate Properties [Line Items]
Number of properties | Buildings	61
Number of office buildings in portfolio | Building	1
Number of undeveloped real estate properties	6
Total net rentable space in Company's portfolio | ft²	5,619,000
Leased level	89.80%
VIRGINIA
Real Estate Properties [Line Items]
Number of properties	13
FLORIDA
Real Estate Properties [Line Items]
Number of properties	3
NORTH CAROLINA
Real Estate Properties [Line Items]
Number of properties	7
SOUTH CAROLINA
Real Estate Properties [Line Items]
Number of properties	24
GEORGIA
Real Estate Properties [Line Items]
Number of properties	12
KENTUCKY
Real Estate Properties [Line Items]
Number of properties	2
TENNESSEE
Real Estate Properties [Line Items]
Number of properties	2
NEW JERSEY
Real Estate Properties [Line Items]
Number of properties	1
ALABAMA
Real Estate Properties [Line Items]
Number of properties	1
WEST VIRGINIA
Real Estate Properties [Line Items]
Number of properties	1
OKLAHOMA
Real Estate Properties [Line Items]
Number of properties	1
PENNSYLVANIA
Real Estate Properties [Line Items]
Number of properties	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	1 Months Ended	12 Months Ended
	Jul. 31, 2018USD ($)	Dec. 31, 2019USD ($)Property$ / shares	Dec. 31, 2018USD ($)$ / shares	Jan. 01, 2019USD ($)	Dec. 31, 2017USD ($)
Property, Plant and Equipment [Line Items]
Asset retirement obligation		$ 0	$ 0
Maturity of highly liquid investments		90 days
Insurance coverage provided to a depositor's other deposit accounts held at an FDIC-insured institution		$ 250,000
Past due rent charge term		5 days
Allowance for uncollectible accounts		$ 1,140,000	1,070,000
Credit loss on operating receivables		449,000	511,000
Tenant recoveries realized from previous charge-offs		0	0
Impairment of goodwill		$ 0	5,486,000
Goodwill			0		$ 5,490,000
Property management fee percentage		3.00%
Asset management fee percentage		2.00%
Minimum percentage of taxable income to be distributed to stockholders		90.00%
Provision for federal and state income taxes		$ 22,000	13,000
Term of disqualification to be taxed as a REIT due to loss of REIT status		5 years
Advertising		$ 276,000	261,000
Lease termination expense	$ 250,000	$ 0	$ 250,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Operating lease right-of-use assets		$ 11,651,000	$ 0
Number of undeveloped land parcels | Property		6
ASU 2016-02
Property, Plant and Equipment [Line Items]
Operating lease right-of-use assets				$ 11,900,000
Operating lease liability				$ 11,990,000
Lease incremental borrowing rate				4.84%
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of buildings and improvements		5 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of buildings and improvements		40 years
Rent and other tenant receivables
Property, Plant and Equipment [Line Items]
Unbilled rent asset, net		$ 3,410,000	$ 3,120,000
New Lease
Property, Plant and Equipment [Line Items]
Commission fee percentage for new leases		6.00%
Renewed Lease
Property, Plant and Equipment [Line Items]
Commission fee percentage for new leases		3.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Subtotal	$ 63,611	$ 65,786
Credit losses on operating lease receivables	(449)	(511)
Total Revenue	63,162	65,275
Minimum rent
Disaggregation of Revenue [Line Items]
Revenues	49,188	50,698
Tenant reimbursements - variable lease revenue
Disaggregation of Revenue [Line Items]
Revenues	13,369	12,595
Percentage Rent - variable lease revenue
Disaggregation of Revenue [Line Items]
Variable lease revenue	334	254
Lease termination fees
Disaggregation of Revenue [Line Items]
Revenues	117	1,271
Commissions
Disaggregation of Revenue [Line Items]
Revenues	65	140
Asset management fees
Disaggregation of Revenue [Line Items]
Revenues	60	266
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 478	$ 562

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - CG&A Schedule (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CG&A Schedule [Abstract]
Professional fees	$ 2,534	$ 2,844
Compensation and benefits	1,991	2,673
Corporate administration	1,259	1,272
Advertising	276	261
Taxes and licenses	206	212
Travel	197	240
Capital related costs	144	576
Acquisition and development costs	26	300
Other Selling, General and Administrative Expense	6,633	8,378
Less: Allocation of CG&A to Non-REIT management and leases services	0	(150)
Total	$ 6,633	$ 8,228

Real Estate Investment Properti

Real Estate Investment Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Investment properties at cost	$ 466,681	$ 476,195
Less accumulated depreciation	(50,466)	(40,189)
Investment properties, net	416,215	436,006
Land and land improvements
Real Estate Properties [Line Items]
Investment properties at cost	100,599	101,696
Buildings and improvements
Real Estate Properties [Line Items]
Investment properties at cost	$ 366,082	$ 374,499

Real Estate - Consideration Pai

Real Estate - Consideration Paid and Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details)	Jan. 18, 2018USD ($)
JANAF
Fair value of assets acquired and liabilities assumed:
Investment property	$ 75,123,000
Lease intangibles and other assets	10,718,000
Above market leases	2,019,000
Restricted cash	2,500,000
Below market leases	(4,710,000)
Fair value of net assets acquired	85,650,000
Purchase consideration:
Consideration paid with cash	23,153,000
Consideration paid with restricted cash	2,500,000
Consideration paid with assumption of debt	58,867,000
Consideration paid with common units	1,130,000
Total consideration	85,650,000
Deleveraging reserve	50,000,000
JANAF | Maturity Date July 2023
Purchase consideration:
Consideration paid with assumption of debt	$ 53,710,000
Debt interest rate	4.49%
Debt periodic payment	$ 333,159
JANAF | Maturity Date January 2026
Purchase consideration:
Debt interest rate	4.49%
JANAF BJ's | Maturity Date January 2026
Purchase consideration:
Consideration paid with assumption of debt	$ 5,160,000
Debt interest rate	4.95%
Debt periodic payment	$ 29,964

Real Estate - Additional Inform

Real Estate - Additional Information (Details)	May 30, 2019USD ($)ft²	Feb. 07, 2019USD ($)a	Jan. 18, 2018USD ($)ft²$ / sharesshares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)a	Apr. 30, 2019ft²
Real Estate Properties [Line Items]
Depreciation				$ 12,020,000	$ 12,660,000
Impairment of assets held for sale				1,598,000	0
Impairment of real estate				0	3,938,000
Impairment of assets held for sale				1,598,000	$ 0
JANAF
Real Estate Properties [Line Items]
Purchase price			$ 85,650,000
VIRGINIA | JANAF
Real Estate Properties [Line Items]
Purchase price			$ 85,650,000
Business acquisition share price | $ / shares			$ 7.53
Area of real estate property | ft²			810,137
Property acquired, percentage of occupancy			94.00%
Common Stock | VIRGINIA | JANAF
Real Estate Properties [Line Items]
Common shares issued in acquisition (in shares) | shares			150,000
Harbor Point (undeveloped land) | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Area of real estate property | a		1.28
Area of land | a					1.28
Write off of real estate property		$ 0
JANAF Outparcel demolished | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Area of real estate property | ft²	10,000
Write off of real estate property	$ 331,000
JANAF Outparcel new grocer tenant
Real Estate Properties [Line Items]
Area of real estate property | ft²	20,000
JANAF Outparcel Mariner | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Area of real estate property | ft²						25,000
Fair Value, Inputs, Level 2 | Discontinued Operations, Held-for-sale or Disposed of by Sale
Real Estate Properties [Line Items]
Impairment of assets held for sale				$ 0	$ 3,940,000

Real Estate - Assets Held for S

Real Estate - Assets Held for Sale and Associated Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Total assets held for sale	$ 1,737	$ 6,118
Loans payable	2,026	4,520
Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Investment properties, net	1,651	4,912
Rents and other tenant receivables, net	77	72
Above market lease, net	0	420
Deferred costs and other assets, net	9	228
Total assets held for sale	1,737	5,632
Loans payable	1,974	3,818
Accounts payable	52	240
Total liabilities associated with assets held for sale	2,026	4,058
Discontinued Operations, Held-for-sale
Real Estate Properties [Line Items]
Investment properties, net	0	486
Total assets held for sale	0	486
Loans payable	0	460
Accounts payable	0	2
Total liabilities associated with assets held for sale	$ 0	$ 462

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands	Jul. 12, 2019USD ($)	Mar. 15, 2019USD ($)	Feb. 07, 2019USD ($)a	Jan. 11, 2019USD ($)	Oct. 22, 2018USD ($)	Sep. 27, 2018USD ($)	Jun. 19, 2018USD ($)a	Jan. 12, 2018USD ($)
Perimeter Square
Real Estate [Line Items]
Contract price	$ 7,200
Gain (loss)	(95)
Net proceeds	$ 0
Graystone Crossing
Real Estate [Line Items]
Contract price		$ 6,000
Gain (loss)		1,433
Net proceeds		$ 1,744
Harbor Point (undeveloped land)
Real Estate [Line Items]
Area of real estate property | a			1.28
Contract price			$ 550
Gain (loss)			0
Net proceeds			$ 19
Jenks Plaza
Real Estate [Line Items]
Contract price				$ 2,200
Gain (loss)				387
Net proceeds				$ 1,840
Monarch Bank Building
Real Estate [Line Items]
Contract price					$ 1,750
Gain (loss)					151
Net proceeds					$ 299
Shoppes At Eagle Harbor
Real Estate [Line Items]
Contract price						$ 5,705
Gain (loss)						1,270
Net proceeds						$ 2,071
Laskin Road
Real Estate [Line Items]
Area of real estate property | a							1.5
Contract price							$ 2,858
Gain (loss)							903
Net proceeds							$ 2,747
Conyers Crossing
Real Estate [Line Items]
Contract price								$ 1,270
Gain (loss)								1,042
Net proceeds								$ 1,160

Notes Receivable Notes Receivab

Notes Receivable Notes Receivable (Details)	Sep. 29, 2016USD ($)a	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Aug. 31, 2018USD ($)	Feb. 26, 2020USD ($)
Related Party Transaction
Impairment of notes receivable		$ 5,000,000	$ 1,739,000
Affiliated Entity | Construction Loan
Related Party Transaction
Notes receivables from related parties	$ 20,000,000	0		$ 0
Note receivable, effective interest rate	12.00%
Note receivable, only interest payment rate	8.00%
Note receivable, interest due at maturity rate	4.00%
Impairment of notes receivable		5,000,000	1,740,000	12,000,000
Interest not recognized on non-accrual note receivable		1,440,000	1,440,000
Affiliated Entity | Construction Loan | Sea Turtle
Related Party Transaction
Note receivable, over budget amount over construction loan					$ 8,000,000
Partial Funding of Sea Turtle Development Note
Related Party Transaction
Notes receivables from related parties	$ 11,000,000
Interest not recognized on non-accrual note receivable		1,440,000	$ 1,440,000
Partial Funding of Sea Turtle Development Note | Affiliated Entity | Construction Loan
Related Party Transaction
Notes receivables from related parties	11,000,000	$ 0		$ 0
Consideration for Sale of Land Note
Related Party Transaction
Notes receivables from related parties	1,000,000
Consideration for Sale of Land Note | Affiliated Entity | Construction Loan
Related Party Transaction
Notes receivables from related parties	$ 1,000,000
Area of land | a	10.39
Land | Affiliated Entity | Construction Loan | BOKF's | Subsequent Event [Member]
Related Party Transaction
Credit bid purchase approved by the bankruptcy court						$ 18,750,000

Deferred Costs Deferred Costs a

Deferred Costs Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 21,025	$ 30,073
Tenant relationships, net	2,173	3,764
Lease origination costs, net	1,038	1,261
Other	588	716
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	14,968	21,785
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	2,215	2,488
Legal & marketing costs, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 43	$ 59

Deferred Costs Additional Detai

Deferred Costs Additional Details (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs [Abstract]
Finite-lived intangible assets, accumulated amortization	$ 57,150	$ 50,550
Amortization of intangible assets	$ 9,300	14,430
Amortization of Deferred Charges		$ 1,380

Deferred Costs Future Amortizat

Deferred Costs Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
2020	$ 5,533
2021	3,691
2022	2,905
2023	2,280
2024	1,650
Thereafter	4,378
Total	20,437
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
2020	4,325
2021	2,788
2022	2,141
2023	1,661
2024	1,147
Thereafter	2,906
Total	14,968
Tenant relationships, net
Finite-Lived Intangible Assets [Line Items]
2020	860
2021	448
2022	354
2023	227
2024	128
Thereafter	156
Total	2,173
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
2020	274
2021	274
2022	274
2023	274
2024	274
Thereafter	845
Total	2,215
Lease origination costs, net
Finite-Lived Intangible Assets [Line Items]
2020	65
2021	172
2022	130
2023	112
2024	98
Thereafter	461
Total	1,038
Legal & marketing costs, net
Finite-Lived Intangible Assets [Line Items]
2020	9
2021	9
2022	6
2023	6
2024	3
Thereafter	10
Total	$ 43

Goodwill (Details)

Goodwill (Details) - USD ($)	Oct. 24, 2014	Jun. 30, 2015	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2015	Dec. 31, 2017
Goodwill [Line Items]
Goodwill				$ 0		$ 5,490,000
Restriction period for conversion of common units issued into shares	1 year
Impairment of goodwill			$ 0	$ 5,486,000
Operating companies
Goodwill [Line Items]
Goodwill	$ 7,000,000
Fair value discount on common units issued for acquisition		$ 1,180,000
Consideration paid with common units		$ 6,750,000
Allocation to finite-lived intangibles					$ 337,000

Loans Payable - Summary of Loan

Loans Payable - Summary of Loans Payable (Details) - USD ($)	Dec. 21, 2019	Nov. 01, 2019	Aug. 31, 2019	Aug. 01, 2019	Jun. 28, 2019	May 01, 2019	Apr. 25, 2019	Mar. 19, 2019	Jan. 29, 2019	Dec. 15, 2018	Dec. 11, 2018	Nov. 08, 2018	Oct. 15, 2018	Jun. 28, 2018	Jun. 15, 2018	May 23, 2018	Jan. 10, 2018	Dec. 31, 2019	Jan. 15, 2019	Dec. 31, 2018	Nov. 05, 2018	Oct. 05, 2018	Sep. 07, 2018	Jul. 15, 2018	May 14, 2018	May 03, 2018
Debt Instrument [Line Items]
Loans payable, net																		$ 340,913,000		$ 360,190,000
Total Principal Balance																		347,059,000		369,612,000
Unamortized debt issuance cost																		(4,172,000)		(5,144,000)
Total Loans Payable, including Assets Held for Sale																		342,887,000		364,468,000
Less loans payable on assets held for sale, net loan amortization costs																		1,974,000		4,278,000
Harbor Point
Debt Instrument [Line Items]
Monthly payment, amount																		$ 11,024
Debt interest rate																		5.85%
Perimeter Square
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		6.50%	6.50%			6.00%
Loans payable, net																		$ 0	$ 6,250,000	6,250,000
Perimeter Square Construction Loan
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		6.50%
Loans payable, net																		$ 0	$ 247,000	247,000		$ 247,000
Senior convertible notes
Debt Instrument [Line Items]
Monthly payment, amount																		$ 234,199
Debt interest rate																		9.00%
Loans payable, net																		$ 0		1,369,000
DF I-Moyock
Debt Instrument [Line Items]
Monthly payment, amount																		$ 10,665
Debt interest rate																		5.00%
Loans payable, net																		$ 0		73,000
Rivergate
Debt Instrument [Line Items]
Monthly payment, amount																		132,968
Loans payable, net																		$ 21,545,000		22,117,000
Rivergate | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage																		2.95%
Folly Road
Debt Instrument [Line Items]
Monthly payment, amount																		$ 32,827
Debt interest rate																		4.00%
Loans payable, net																		$ 5,922,000		6,073,000
Columbia Fire Station
Debt Instrument [Line Items]
Monthly payment, amount																		$ 25,452
Debt interest rate																		4.00%
Loans payable, net																		$ 4,051,000		4,189,000
Shoppes At Tj Maxx
Debt Instrument [Line Items]
Monthly payment, amount																		$ 33,880
Debt interest rate																		3.88%
Loans payable, net																		$ 5,344,000		5,539,000
Monarch Bank Line Of Credit | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage													3.00%		3.50%		3.00%
Lumber River
Debt Instrument [Line Items]
Monthly payment, amount												$ 10,723			$ 10,723			10,723
Debt interest rate												3.50%			3.50%
Loans payable, net												$ 1,460,000			$ 1,480,000			$ 1,404,000		1,448,000
Lumber River | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage																		3.50%
JANAF Bravo
Debt Instrument [Line Items]
Monthly payment, amount																		$ 36,935
Debt interest rate																		4.65%
Loans payable, net																		$ 6,372,000		6,500,000
Walnut Hill Plaza
Debt Instrument [Line Items]
Monthly payment, amount																		$ 26,850
Debt interest rate																		5.50%
Loans payable, net																		$ 3,759,000		3,868,000
Litchfield Market Village
Debt Instrument [Line Items]
Monthly payment, amount		$ 46,057																$ 46,057
Debt interest rate		5.50%																5.50%
Loans payable, net		$ 7,500,000																$ 7,452,000		0
Twin City Commons
Debt Instrument [Line Items]
Monthly payment, amount																		$ 17,827
Debt interest rate																		4.86%
Loans payable, net																		$ 2,983,000		3,048,000
New Market
Debt Instrument [Line Items]
Monthly payment, amount																$ 48,747		$ 48,747
Debt interest rate																5.65%		5.65%
Loans payable, net																$ 7,000,000		$ 6,713,000		6,907,000
Benefit Street Note
Debt Instrument [Line Items]
Monthly payment, amount														$ 53,185				$ 53,185
Debt interest rate																		5.71%					5.71%
Loans payable, net																		$ 7,361,000		7,567,000			$ 7,600,000
Deutsche Bank Note
Debt Instrument [Line Items]
Monthly payment, amount														$ 33,340				$ 33,340
Debt interest rate														5.71%				5.71%
Loans payable, net														$ 5,740,000				$ 5,642,000		5,713,000
JANAF
Debt Instrument [Line Items]
Monthly payment, amount																		$ 333,159
Debt interest rate																		4.49%
Loans payable, net																		$ 50,599,000		52,253,000
Tampa Festival
Debt Instrument [Line Items]
Monthly payment, amount																		$ 50,797
Debt interest rate																		5.56%
Loans payable, net																		$ 8,077,000		8,227,000
Forrest Gallery
Debt Instrument [Line Items]
Monthly payment, amount																		$ 50,973
Debt interest rate																		5.40%
Loans payable, net																		$ 8,381,000		8,529,000
Riversedge North
Debt Instrument [Line Items]
Monthly payment, amount											$ 11,436							$ 11,436
Debt interest rate											5.77%							5.77%
Loans payable, net											$ 1,800,000							$ 1,767,000		1,800,000
South Carolina Food Lions Note
Debt Instrument [Line Items]
Monthly payment, amount																		$ 68,320
Debt interest rate																		5.25%
Loans payable, net																		$ 11,675,000		11,867,000
Cypress Shopping Center
Debt Instrument [Line Items]
Monthly payment, amount																		$ 34,360
Debt interest rate																		4.70%
Loans payable, net																		$ 6,268,000		6,379,000
Port Crossing Shopping Center
Debt Instrument [Line Items]
Monthly payment, amount																		$ 34,788
Debt interest rate																		4.84%
Loans payable, net																		$ 6,032,000		6,150,000
Freeway Junction
Debt Instrument [Line Items]
Monthly payment, amount																		$ 41,798
Debt interest rate																		4.60%
Loans payable, net																		$ 7,725,000		7,863,000
Harrodsburg Marketplace
Debt Instrument [Line Items]
Monthly payment, amount																		$ 19,112
Debt interest rate																		4.55%
Loans payable, net																		$ 3,416,000		3,486,000
Graystone Crossing
Debt Instrument [Line Items]
Monthly payment, amount																		$ 20,386
Debt interest rate																		4.55%
Loans payable, net																		$ 0		3,863,000
Bryan Station
Debt Instrument [Line Items]
Monthly payment, amount																		$ 23,489
Debt interest rate																		4.52%
Loans payable, net																		$ 4,394,000		4,472,000
Crockett Square
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.47%
Loans payable, net																		$ 6,338,000		6,338,000
Pierpont Centre
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.15%
Loans payable, net																		$ 8,113,000		8,113,000
Alex City Marketplace
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		3.95%
Loans payable, net																		$ 5,750,000		5,750,000
Butler Square
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		3.90%
Loans payable, net																		$ 5,640,000		5,640,000
Brook Run Shopping Center
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.08%
Loans payable, net																		$ 10,950,000		10,950,000
Beaver Village I and II
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.73%
Loans payable, net																		$ 9,400,000		9,400,000
Sunshine Shopping Center
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.57%
Loans payable, net																		$ 5,900,000		5,900,000
Barnett Portfolio
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.30%
Loans payable, net																		$ 8,770,000		8,770,000
Fort Howard Shopping Center
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.57%
Loans payable, net																		$ 7,100,000		7,100,000
Conyers Crossing
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.67%
Loans payable, net																		$ 5,960,000		5,960,000
Grove Park Shopping Center
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.52%
Loans payable, net																		$ 3,800,000		3,800,000
Parkway Plaza
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.57%
Loans payable, net																		$ 3,500,000		3,500,000
Winslow Plaza
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.82%
Loans payable, net																		$ 4,620,000		4,620,000
JANAF BJ's
Debt Instrument [Line Items]
Monthly payment, amount																		$ 29,964
Debt interest rate																		4.95%
Loans payable, net																		$ 4,957,000		5,065,000
Chesapeake Square
Debt Instrument [Line Items]
Monthly payment, amount																		$ 23,857
Debt interest rate																		4.70%
Loans payable, net																		$ 4,354,000		4,434,000
Berkley/Sangaree/Tri-County
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.78%
Loans payable, net																		$ 9,400,000		9,400,000
Riverbridge
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.48%
Loans payable, net																		$ 4,000,000		4,000,000
Franklin Village
Debt Instrument [Line Items]
Monthly payment, interest only																		Interest only
Debt interest rate																		4.93%
Loans payable, net																		$ 8,516,000		8,516,000
Village at Martinsville
Debt Instrument [Line Items]
Monthly payment, amount					$ 89,664													$ 89,664
Debt interest rate					4.28%													4.28%
Loans payable, net					$ 16,500,000													$ 16,351,000		0
Laburnum Square
Debt Instrument [Line Items]
Monthly payment, amount				$ 37,842
Monthly payment, interest only																		Interest only
Debt interest rate				4.28%														4.28%
Loans payable, net				$ 7,670,000														$ 7,665,000		0
Senior convertible notes
Debt Instrument [Line Items]
Monthly payment, amount										$ 234,199
Debt interest rate										9.00%
Line of Credit
Debt Instrument [Line Items]
Loans payable, net																		1,200,000
Line of Credit | Monarch Bank Line Of Credit
Debt Instrument [Line Items]
Monthly payment, amount																		24,656
Loans payable, net																		$ 1,214,000		2,938,000
Line of Credit | Monarch Bank Line Of Credit | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage																		3.00%
Harbor Point
Debt Instrument [Line Items]
Loans payable, net																		$ 0		460,000
Revere Term Loan
Debt Instrument [Line Items]
Monthly payment, amount									$ 20,000									$ 109,658
Debt interest rate																		10.00%			10.00%			10.00%	9.00%	8.00%
Loans payable, net																		$ 0		1,059,000				$ 3,500,000	$ 3,500,000
KeyBank | Line of Credit
Debt Instrument [Line Items]
Monthly payment, amount	$ 350,000	$ 7,160,000		$ 7,550,000	$ 15,460,000	$ 250,000	$ 1,000,000	$ 850,000						$ 9,130,000				350,000
Loans payable, net																		$ 17,879,000		$ 52,102,000
KeyBank | Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage			3.50%															3.50%

Loans Payable - Additional Info

Loans Payable - Additional Information (Details)	Jan. 23, 2020USD ($)	Jan. 21, 2020USD ($)	Dec. 21, 2019USD ($)	Nov. 01, 2019USD ($)	Aug. 31, 2019USD ($)	Aug. 01, 2019USD ($)	Jun. 28, 2019USD ($)	May 01, 2019USD ($)	Apr. 25, 2019USD ($)	Mar. 19, 2019USD ($)	Feb. 07, 2019USD ($)a	Jan. 29, 2019USD ($)	Jan. 11, 2019USD ($)	Dec. 15, 2018USD ($)	Dec. 11, 2018USD ($)	Nov. 21, 2018USD ($)	Nov. 05, 2018USD ($)	Oct. 22, 2018USD ($)	Oct. 15, 2018USD ($)	Sep. 27, 2018USD ($)	Jun. 28, 2018USD ($)	Jun. 19, 2018USD ($)	Jun. 15, 2018	May 14, 2018USD ($)	Mar. 11, 2018USD ($)	Jan. 18, 2018USD ($)	Jan. 10, 2018	Sep. 30, 2018USD ($)	Dec. 31, 2019USD ($)property	Apr. 30, 2020USD ($)	Jan. 31, 2020USD ($)	Jan. 01, 2020USD ($)	Nov. 05, 2019USD ($)	Sep. 30, 2019USD ($)parcel	Jul. 31, 2019USD ($)	Apr. 30, 2019USD ($)	Apr. 29, 2019shares	Jan. 15, 2019USD ($)	Dec. 31, 2018USD ($)	Oct. 05, 2018USD ($)	Aug. 07, 2018USD ($)	Jul. 15, 2018USD ($)	May 03, 2018USD ($)	Apr. 01, 2018USD ($)	Mar. 31, 2018USD ($)	Mar. 02, 2018USD ($)	Apr. 08, 2016$ / sharesshares
Debt Instrument [Line Items]
Loans payable, net																													$ 340,913,000										$ 360,190,000
Private placement transaction, common stock shares under warrants issued | shares																																					248,325
Long-term debt maturities in 2020																													62,068,000
Number of undeveloped land parcels | parcel																																		6
Litchfield Market Village
Debt Instrument [Line Items]
Debt periodic payment				$ 46,057																									$ 46,057
Debt interest rate				5.50%																									5.50%
Loans payable, net				$ 7,500,000																									$ 7,452,000										0
Ladson Crossing, Lake Greenwood and South Park [Member]
Debt Instrument [Line Items]
Loans payable, net																													$ 7,400,000
Revere Term Loan
Debt Instrument [Line Items]
Debt periodic payment											$ 30,000		$ 323,000			$ 575,000	$ 100,000	$ 299,000		$ 1,300,000	$ 150,000	$ 2,600,000		$ 500,000
Perimeter Square Construction Loan
Debt Instrument [Line Items]
Debt interest rate																													6.50%
Loans payable, net																													$ 0									$ 247,000	247,000	$ 247,000
Perimeter Square
Debt Instrument [Line Items]
Debt interest rate																													6.50%									6.50%		6.00%
Loans payable, net																													$ 0									$ 6,250,000	6,250,000
Riversedge North
Debt Instrument [Line Items]
Debt periodic payment															$ 11,436														$ 11,436
Debt interest rate															5.77%														5.77%
Loans payable, net															$ 1,800,000														$ 1,767,000										1,800,000
Monarch Bank Line Of Credit
Debt Instrument [Line Items]
Maximum line of credit borrowing capacity													$ 1,510,000
Rivergate
Debt Instrument [Line Items]
Debt periodic payment																													132,968
Loans payable, net																													21,545,000										22,117,000
Shoppes At Eagle Harbor
Debt Instrument [Line Items]
Debt periodic payment																									$ 26,528
Debt interest rate																									5.10%
Loans payable, net																									$ 3,320,000
Term of credit facility																									5 years
Village at Martinsville
Debt Instrument [Line Items]
Debt periodic payment							$ 89,664																						$ 89,664
Debt interest rate							4.28%																						4.28%
Loans payable, net							$ 16,500,000																						$ 16,351,000										0
Laburnum Square
Debt Instrument [Line Items]
Debt periodic payment						$ 37,842
Debt interest rate						4.28%																							4.28%
Loans payable, net						$ 7,670,000																							$ 7,665,000										0
LIBOR | Monarch Bank Line Of Credit
Debt Instrument [Line Items]
Debt spread over variable basis percentage																			3.00%				3.50%				3.00%
Debt floor rate																			4.25%								4.25%
LIBOR | Rivergate
Debt Instrument [Line Items]
Debt spread over variable basis percentage																													2.95%
Line of Credit
Debt Instrument [Line Items]
Loans payable, net																													$ 1,200,000
Private placement transaction, common stock shares under warrants issued | shares																																															750,000
Private placement transaction, exercise price of warrants (in usd per share) | $ / shares																																															$ 0.0001
Line of Credit | Monarch Bank Line Of Credit
Debt Instrument [Line Items]
Debt periodic payment																													24,656
Loans payable, net																													$ 1,214,000										2,938,000
Line of Credit | LIBOR | Monarch Bank Line Of Credit
Debt Instrument [Line Items]
Debt spread over variable basis percentage																													3.00%
Senior convertible notes
Debt Instrument [Line Items]
Debt periodic payment														$ 234,199
Debt interest rate														9.00%
Conversion of senior convertible debt into Common Stock														$ 1,370,000
Promissory Note | Perimeter Square
Debt Instrument [Line Items]
Loans payable, net																																				$ 6,500,000
KeyBank | Line of Credit
Debt Instrument [Line Items]
Borrowings under line of credit																													$ 17,880,000						$ 27,000,000
Number of collateral properties | property																													7
Line of Credit Facility, Interest Rate at Period End																																		5.29%
Debt periodic payment			$ 350,000	$ 7,160,000		$ 7,550,000	$ 15,460,000	$ 250,000	$ 1,000,000	$ 850,000											$ 9,130,000								$ 350,000
Maximum line of credit borrowing capacity					$ 11,000,000																													$ 7,500,000
Loans payable, net																													17,879,000										52,102,000
Long-term debt maturities in 2020																													$ 17,880,000
KeyBank | Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage					3.50%																								3.50%
KeyBank | Line of Credit | Subsequent Event [Member]
Debt Instrument [Line Items]
Borrowings under line of credit																														$ 2,000,000	$ 10,000,000
Line of credit paydown	$ 5,750,000	$ 1,780,000
KeyBank | Amended and Restated Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit, liquidity requirement																																												$ 5,000,000	$ 3,500,000	$ 5,000,000
Line of credit, reduction in borrowing capacity																																									$ 52,500,000			52,500,000
Line of credit, liquidity requirement reduction																																												$ 3,500,000
KeyBank | Amended and Restated Credit Agreement | Line of Credit | Ladson Crossing, Lake Greenwood and South Park [Member]
Debt Instrument [Line Items]
Over-advance paydown																			$ 3,830,000									$ 3,830,000
Line of credit paydown																												$ 6,800,000
Revere Term Loan
Debt Instrument [Line Items]
Debt periodic payment												$ 20,000																	$ 109,658
Debt interest rate																	10.00%							9.00%					10.00%													10.00%	8.00%
Loans payable, net																								$ 3,500,000					$ 0										$ 1,059,000			$ 3,500,000
Debt exit fee															$ 575,000		$ 575,000			$ 75,000				500,000																			$ 360,000
KeyBank Line of Credit | Line of Credit | Subsequent Event [Member]
Debt Instrument [Line Items]
Loans payable, net																																$ 10,000,000
Debt Instrument, Redemption, Period One | Revere Term Loan
Debt Instrument [Line Items]
Debt periodic payment																								200,000
Debt Instrument, Redemption, Period Two | Revere Term Loan
Debt Instrument [Line Items]
Debt periodic payment																								$ 100,000
JANAF
Debt Instrument [Line Items]
Note assumed in business acquisitions																										$ 58,867,000
JANAF | Maturity Date July 2023
Debt Instrument [Line Items]
Debt periodic payment																										333,159
Note assumed in business acquisitions																										$ 53,710,000
Debt interest rate																										4.49%
JANAF | Maturity Date January 2026
Debt Instrument [Line Items]
Debt interest rate																										4.49%
JANAF BJ's | Maturity Date January 2026
Debt Instrument [Line Items]
Debt periodic payment																										$ 29,964
Note assumed in business acquisitions																										$ 5,160,000
Debt interest rate																										4.95%
JANAF Bravo | Maturity Date January 2026
Debt Instrument [Line Items]
Note assumed in business acquisitions																										$ 6,500,000
Debt interest rate																										4.65%
JANAF Bravo | Maturity Date January 2021
Debt Instrument [Line Items]
Debt periodic payment																										$ 36,935
Harbor Point | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt Instrument [Line Items]
Area of real estate property | a											1.28
Commercial Real Estate | KeyBank | Line of Credit
Debt Instrument [Line Items]
Borrowings under line of credit																																	$ 15,000,000

Loans Payable - Scheduled Princ

Loans Payable - Scheduled Principal Repayments on Indebtedness (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 62,068
2021	11,093
2022	15,646
2023	85,326
2024	44,020
Thereafter	128,906
Total principal maturities	$ 347,059	$ 369,612

Rentals under Operating Lease_2

Rentals under Operating Leases (Details) $ in Thousands	Dec. 31, 2019USD ($)
Lessor Disclosure [Abstract]
2020	$ 45,205
2021	38,521
2022	32,072
2023	25,902
2024	19,433
Thereafter	50,780
Total minimum rents	$ 211,913

Equity and Mezzanine Equity - A

Equity and Mezzanine Equity - Additional Information (Details)	Jan. 01, 2019	Jan. 31, 2018shares	Dec. 31, 2019USD ($)directorquarterholder$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Apr. 29, 2019shares	Mar. 31, 2018$ / shares	Jun. 15, 2016shares	Jun. 04, 2015shares	Apr. 29, 2014$ / sharesshares
Equity [Line Items]
Authority to issue stock (in shares)			33,750,000
Shares of common stock authorized (in shares)			18,750,000	18,750,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Ownership interest of operating partnership			98.34%
Units to stock conversion ratio			1
Common units outstanding (in shares)			14,105,712	14,105,712
Preferred Stock, Redemption Price Per Share | $ / shares			$ 25
Private placement transaction, common stock shares under warrants issued					248,325
Trust Owning [Member]
Equity [Line Items]
Common units outstanding (in shares)			13,871,693	13,870,680
Maximum | Exchange of Stock for Stock [Member]
Equity [Line Items]
Shares of common stock authorized (in shares)			18,750,000
Preferred stock, shares authorized (in shares)			15,000,000
Common Stock
Equity [Line Items]
Issuance of common stock under Share Incentive Plan (in shares)			181,807	206,358
Series D Cumulative Convertible Preferred Stock
Equity [Line Items]
Preferred stock, shares authorized (in shares)			4,000,000
Preferred stock shares redeemed (in shares)			3,600,636	3,600,636
Series A Preferred Stock
Equity [Line Items]
Preferred stock, shares authorized (in shares)			4,500	4,500
Preferred stock, Shares Issued (in shares)			562	562
Preferred stock outstanding (in shares)			562	562
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares			$ 1,000	$ 1,000
Preferred Stock, Liquidation Preference Value | $			$ 562,000	$ 562,000
Preferred stock cumulative dividend rate per annum			9.00%
Preferred stock shares redeemed (in shares)			562
Percentage of price at which common stock is sold in secondary offering			103.00%
Series B Preferred Stock
Equity [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.01
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 outstanding (in shares)			1,875,748	1,875,748
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares			$ 25	$ 25
Preferred Stock, Liquidation Preference Value | $			$ 46,900,000	$ 46,900,000
Preferred stock cumulative dividend rate per annum			9.00%
Convertible Preferred Stock, Terms of Conversion			20 days
Adjusted conversion price of preferred to common (in usd per share) | $ / shares			$ 58
Preferred Stock, Redemption Price Per Share | $ / shares			$ 40
Private placement transaction, common stock shares under warrants issued									1,986,600
Series D Preferred Stock
Equity [Line Items]
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 outstanding (in shares)			3,600,636	3,600,636
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares			$ 25	$ 25
Preferred Stock, Liquidation Preference Value | $			$ 101,660,000	$ 91,980,000
Preferred stock cumulative dividend rate per annum	10.75%
Preferred Stock, Redemption Price Per Share | $ / shares			$ 25
Proceeds from issuance of Series B convertible preferred stock | $				$ 21,160,000
Preferred Stock, Initial Liquidation Preference Per Share | $ / shares			$ 2.1875
Preferred Stock, Dividend Over Initial Rate, Percentage			2.00%
Secondary offering common stock price per share (in usd per share) | $ / shares			$ 16.96
Ratio of Asset Coverage to Total Debt			200.00%
Preferred Stock, Period To Pay Dividends After Payment Date			3 days
Preferred Stock, Liquidation Preference Per Share Per Annum | $ / shares			$ 0.50
Preferred Stock, Minimum Consecutive Quarterly Periods for Dividends in Arrears | quarter			6
Preferred Stock, Increase in Number or Holders of Shares | holder			2
Preferred Stock, Percentage of Holders of Shares Outstanding			20.00%
Number of Additional Directors | director			2
Series D Preferred Stock | Public Offering [Member]
Equity [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		1,363,636
Sale of Stock, Price Per Share | $ / shares						$ 16.50
Series D Preferred Stock | Minimum
Equity [Line Items]
Preferred stock cumulative dividend rate per annum			8.75%
Series D Preferred Stock | Maximum
Equity [Line Items]
Preferred stock cumulative dividend rate per annum			14.00%
Common Stock
Equity [Line Items]
Private placement transaction, common stock shares under warrants issued									1,986,600
Private placement transaction, exercise price of warrants (in usd per share) | $ / shares									$ 44
Warrants issued									0.125
Common Stock | 2015 Incentive Plan
Equity [Line Items]
Number of shares authorized under Share Incentive Plan								125,000
Shares available for issuance under the Company’s Share Incentive Plan (in shares)			41,104
Issuance of common stock under Share Incentive Plan (in shares)			0	0
Common Stock | 2016 Incentive Plan
Equity [Line Items]
Number of shares authorized under Share Incentive Plan							625,000
Shares available for issuance under the Company’s Share Incentive Plan (in shares)			132,707
Issuance of common stock under Share Incentive Plan (in shares)			181,807,000	206,358,000

Equity and Mezzanine Equity - C

Equity and Mezzanine Equity - Changes in Carrying Value of Series D Preferred (Details) - Series D Preferred Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Temporary Equity [Roll Forward]
Series D Preferred, Beginning Balance	$ 76,955	$ 53,236
Accretion of Preferred Stock discount	593	592
Issuance of Preferred Stock for acquisition of JANAF		21,158
Undeclared dividends	9,677	1,969
Series D Preferred, Ending Balance	$ 87,225	$ 76,955

Equity and Mezzanine Equity -_2

Equity and Mezzanine Equity - Antidiluted Securities Excluded From Calculation of Earning Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common units outstanding (in shares)	14,105,712	14,105,712
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock outstanding (in shares)	1,875,748	1,875,748
Potential dilutive shares (in shares)	1,172,343	1,172,343
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock outstanding (in shares)	3,600,636	3,600,636
Potential dilutive shares (in shares)	5,307,541	5,307,541
Warrants to purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	0	276,746
Common units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common units outstanding (in shares)	234,019	235,032
Potential dilutive shares (in shares)	234,019	235,032

Equity and Mezzanine Equity - D

Equity and Mezzanine Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Dividends declared to holders of common stock (in dollars per share)									$ 0	$ 0
Series A Preferred Stock
Class of Stock [Line Items]
Declared	$ 0	$ 0	$ 0	$ 0	$ 0	$ 13	$ 13	$ 13	$ 0	$ 39
Arrears	$ 12	$ 13	$ 13	$ 13	$ 13	$ 0	$ 0	$ 0	51	13
Per Share	$ 22.50	$ 22.50	$ 22.50	$ 22.50	$ 22.50	$ 22.50	$ 22.50	$ 22.50
Series B Preferred Stock
Class of Stock [Line Items]
Declared	$ 0	$ 0	$ 0	$ 0	$ 0	$ 1,056	$ 1,055	$ 1,055	0	3,166
Arrears	$ 1,055	$ 1,056	$ 1,055	$ 1,055	$ 1,055	$ 0	$ 0	$ 0	4,221	1,055
Per Share	$ 0.56	$ 0.56	$ 0.56	$ 0.56	$ 0.56	$ 0.56	$ 0.56	$ 0.56
Series D Preferred Stock
Class of Stock [Line Items]
Declared	$ 0	$ 0	$ 0	$ 0	$ 0	$ 1,969	$ 1,969	$ 1,969	0	5,907
Arrears	$ 2,420	$ 2,419	$ 2,419	$ 2,419	$ 1,969	$ 0	$ 0	$ 0	$ 9,677	$ 1,969
Per Share	$ 0.67	$ 0.67	$ 0.67	$ 0.67	$ 0.55	$ 0.55	$ 0.55	$ 0.55

Equity and Mezzanine Equity - L

Equity and Mezzanine Equity - Long Term Incentive Plans (Details) - 2016 Incentive Plan - Common Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Shares Issued (in shares)	181,807,000	206,358,000
Market Value	$ 166	$ 1,057

Lease Commitments Additional In

Lease Commitments Additional Information (Details)	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	35 years
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 for

Lease Commitments Payments for Ground Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Lessor, Lease, Description [Line Items]
Total ground leases	$ 975	$ 812
Amscot Building
Lessor, Lease, Description [Line Items]
Total ground leases	$ 25	18
Expiration Year	2045
Beaver Ruin Village
Lessor, Lease, Description [Line Items]
Total ground leases	$ 54	46
Expiration Year	2054
Beaver Ruin Village II
Lessor, Lease, Description [Line Items]
Total ground leases	$ 22	19
Expiration Year	2056
Leased office space Charleston, SC
Lessor, Lease, Description [Line Items]
Total ground leases	$ 67	100
Expiration Year	2019
Moncks Corner
Lessor, Lease, Description [Line Items]
Total ground leases	$ 121	121
Expiration Year	2040
Devine Street
Lessor, Lease, Description [Line Items]
Total ground leases	$ 396	250
Expiration Year	2051
JANAF
Lessor, Lease, Description [Line Items]
Total ground leases	$ 290	258
Expiration Year	2069
Ground leases variable percentage rent	$ 139	$ 113

Lease Commitments Supplemental

Lease Commitments Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 644	$ 0
Leased assets obtained in exchange for new operating lease liabilities	$ 11,904	$ 0

Lease Commitments Undiscounted

Lease Commitments Undiscounted Cash Flows of Scheduled Obligations Under Operations Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
2020	$ 583
2021	637
2022	640
2023	642
2024	644
Thereafter	23,109
Total minimum lease payments	26,255
Discount	(14,334)
Operating lease liabilities	11,921	$ 0
Operating lease options to extend	$ 7,540

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Feb. 26, 2020USD ($)	Apr. 30, 2019loan	Sep. 01, 2011USD ($)
Loss Contingencies [Line Items]
Loss contingency, amount of damages sought	$ 1,000,000		$ 0
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						$ 2,420,000
Number of semi-annual payment installments						50
Gaurantor obligations, maximum exposure amount						$ 2,230,000
Guarantor obligations funded		$ 79,000	$ 73,000
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 interest rate						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 interest rate						14.00%
Guarantee of Indebtedness of Others
Loss Contingencies [Line Items]
Loss contingency, amount of damages sought	$ 150,000
Construction Loan | Affiliated Entity | Partial Funding of Sea Turtle Development Note | Guarantee of Indebtedness of Others
Loss Contingencies [Line Items]
Number of loans in default | loan					2
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		36.00%
Southeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent		60.00%
Land | Subsequent Event [Member] | Construction Loan | Affiliated Entity | BOKF's
Loss Contingencies [Line Items]
Credit bid purchase approved by the bankruptcy court				$ 18,750,000

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Notes receivable, net	$ 0	$ 5,000
Wheeler Interests and Affiliates
Related Party Transaction [Line Items]
Amounts paid to affiliates	0	15
Amounts received from affiliates	19	116
Pineland Shopping Center
Related Party Transaction [Line Items]
Notes receivable, net	$ 0	$ 5,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended		24 Months Ended
	Feb. 28, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Sep. 29, 2016
Related Party Transaction [Line Items]
Impairment of notes receivable		$ 5,000,000	$ 1,739,000
Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Notes receivables from related parties					$ 11,000,000
Interest not recognized on non-accrual note receivable		1,440,000	1,440,000
Interest unpaid		4,220,000		$ 4,220,000
Recoveries in amounts due from affiliates		23,000	77,000
Reserve for amounts due from affiliates		2,150,000	2,200,000	2,150,000
Provision for credit losses		0	0
Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Notes receivables from related parties					1,000,000
Pineland Shopping Center
Related Party Transaction [Line Items]
Development fee percentage	5.00%
Construction Loan | Affiliated Entity
Related Party Transaction [Line Items]
Notes receivables from related parties		0		0	20,000,000
Impairment of notes receivable		5,000,000	1,740,000	12,000,000
Interest not recognized on non-accrual note receivable		1,440,000	$ 1,440,000
Construction Loan | Affiliated Entity | Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Notes receivables from related parties		$ 0		$ 0	11,000,000
Construction Loan | Affiliated Entity | Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Notes receivables from related parties					$ 1,000,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Jan. 23, 2020	Jan. 21, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Loans payable, net			$ 340,913	$ 360,190
Subsequent Event [Member] | Shoppes at Myrtle Park
Subsequent Event [Line Items]
Loans payable, net	$ 6,000
Debt interest rate	4.45%
Subsequent Event [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | St. Matthews
Subsequent Event [Line Items]
Contract price		$ 1,780
Line of Credit
Subsequent Event [Line Items]
Loans payable, net			1,200
Line of Credit | KeyBank
Subsequent Event [Line Items]
Loans payable, net			$ 17,879	$ 52,102
Line of Credit | Subsequent Event [Member] | KeyBank
Subsequent Event [Line Items]
Line of credit paydown	$ 5,750	$ 1,780

Schedule II-Valuation and Qua_2

Schedule II-Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 3,269	$ 3,069
Charged to Costs and Expense	426	434
Deductions from Reserves	(402)	(234)
Balance at End of Year	$ 3,293	$ 3,269

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Initial Cost
Land			$ 98,878
Building and Improvements			352,365
Costs Capitalized Subsequent to Acquisition
Improvements (net)			17,256
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			100,937
Building and Improvements			367,562
Total	$ 468,499	$ 482,103	468,499	$ 482,103
Accumulated Depreciation			50,633
Mortgage note			340,913	360,190
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	482,103	415,379
Acquisitions	35	75,123
Improvements	2,711	5,574
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount	(1,598)	(3,938)
Disposals	(14,752)	(10,035)
Balance at end of period	468,499	$ 482,103
Georgetown Ridgeland Lagrange
Gross Amount at which Carried at End of Period
Mortgage note			5,600
Berkley/Sangaree/Tri-County
Gross Amount at which Carried at End of Period
Mortgage note			9,400	9,400
Beaver Village I and II
Gross Amount at which Carried at End of Period
Mortgage note			9,400	9,400
Ladson Crossing, Lake Greenwood and South Park [Member]
Gross Amount at which Carried at End of Period
Mortgage note			7,400
Litchfield I, Litchfield II, Litchfield Market Village
Gross Amount at which Carried at End of Period
Mortgage note			7,500
Mortgages | Berkley/Sangaree/Tri-County
Gross Amount at which Carried at End of Period
Mortgage note			9,400
Mortgages | Beaver Village I and II
Gross Amount at which Carried at End of Period
Mortgage note			9,400
Mortgages | KeyBank
Gross Amount at which Carried at End of Period
Mortgage note			17,900
Line of Credit
Gross Amount at which Carried at End of Period
Mortgage note			1,200
Line of Credit | KeyBank
Gross Amount at which Carried at End of Period
Mortgage note			17,879	$ 52,102
Amscot Building
Initial Cost
Land			0
Building and Improvements			462
Costs Capitalized Subsequent to Acquisition
Improvements (net)			31
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			0
Building and Improvements			493
Total	$ 493		493
Accumulated Depreciation			230
Date of Construction	May 15, 2004
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 493
Amscot Building | Line of Credit
Gross Amount at which Carried at End of Period
Mortgage note			1,200
Amscot Building | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Amscot Building | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Lumber River Plaza
Initial Cost
Land			800
Building and Improvements			4,487
Costs Capitalized Subsequent to Acquisition
Improvements (net)			151
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			942
Building and Improvements			4,496
Total	$ 5,438		5,438
Encumbrances			1,404
Accumulated Depreciation			1,012
Date Acquired	Nov. 16, 2012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,438
Lumber River Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Lumber River Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Riversedge North
Initial Cost
Land			910
Building and Improvements			2,208
Costs Capitalized Subsequent to Acquisition
Improvements (net)			(37)
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			910
Building and Improvements			2,171
Total	$ 3,081		3,081
Encumbrances			1,767
Accumulated Depreciation			1,419
Date of Construction	Apr. 17, 2008
Date Acquired	Dec. 21, 2012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,081
Riversedge North | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Riversedge North | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Surrey Plaza
Initial Cost
Land			381
Building and Improvements			1,857
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			381
Building and Improvements			1,857
Total	$ 2,238		2,238
Accumulated Depreciation			485
Date Acquired	Dec. 21, 2012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,238
Surrey Plaza | Line of Credit
Gross Amount at which Carried at End of Period
Mortgage note			1,200
Surrey Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Surrey Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Shoppes At Tj Maxx
Initial Cost
Land			2,115
Building and Improvements			6,719
Costs Capitalized Subsequent to Acquisition
Improvements (net)			616
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,115
Building and Improvements			7,335
Total	$ 9,450		9,450
Encumbrances			5,344
Accumulated Depreciation			1,966
Date Acquired	Nov. 16, 2012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,450
Shoppes At Tj Maxx | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Shoppes At Tj Maxx | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Twin City Commons
Initial Cost
Land			800
Building and Improvements			3,041
Costs Capitalized Subsequent to Acquisition
Improvements (net)			134
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			800
Building and Improvements			3,175
Total	$ 3,975		3,975
Encumbrances			2,983
Accumulated Depreciation			691
Date Acquired	Dec. 18, 2012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,975
Twin City Commons | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Twin City Commons | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Walnut Hill Plaza
Initial Cost
Land			734
Building and Improvements			2,414
Costs Capitalized Subsequent to Acquisition
Improvements (net)			1,334
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			734
Building and Improvements			3,748
Total	$ 4,482		4,482
Encumbrances			3,759
Accumulated Depreciation			2,150
Date Acquired	Dec. 14, 2007
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,482
Walnut Hill Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Walnut Hill Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	15 years
Tampa Festival
Initial Cost
Land			4,653
Building and Improvements			6,691
Costs Capitalized Subsequent to Acquisition
Improvements (net)			408
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			4,695
Building and Improvements			7,057
Total	$ 11,752		11,752
Encumbrances			8,077
Accumulated Depreciation			1,636
Date Acquired	Aug. 26, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 11,752
Tampa Festival | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Tampa Festival | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Forrest Gallery
Initial Cost
Land			3,015
Building and Improvements			7,455
Costs Capitalized Subsequent to Acquisition
Improvements (net)			1,073
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,015
Building and Improvements			8,528
Total	$ 11,543		11,543
Encumbrances			8,381
Accumulated Depreciation			1,877
Date Acquired	Aug. 29, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 11,543
Forrest Gallery | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Forrest Gallery | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Winslow Plaza
Initial Cost
Land			1,325
Building and Improvements			3,684
Costs Capitalized Subsequent to Acquisition
Improvements (net)			210
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,370
Building and Improvements			3,849
Total	$ 5,219		5,219
Encumbrances			4,620
Accumulated Depreciation			888
Date Acquired	Dec. 19, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,219
Winslow Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Winslow Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Clover Plaza
Initial Cost
Land			356
Building and Improvements			1,197
Costs Capitalized Subsequent to Acquisition
Improvements (net)			26
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			356
Building and Improvements			1,223
Total	$ 1,579		1,579
Encumbrances			1,986
Accumulated Depreciation			209
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,579
Clover Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Clover Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
St George Plaza
Initial Cost
Land			706
Building and Improvements			1,264
Costs Capitalized Subsequent to Acquisition
Improvements (net)			46
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			752
Building and Improvements			1,264
Total	$ 2,016		2,016
Encumbrances			2,503
Accumulated Depreciation			231
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,016
St George Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
St George Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
South Square
Initial Cost
Land			353
Building and Improvements			1,911
Costs Capitalized Subsequent to Acquisition
Improvements (net)			31
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			374
Building and Improvements			1,921
Total	$ 2,295		2,295
Encumbrances			2,038
Accumulated Depreciation			303
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,295
South Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
South Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Westland Square
Initial Cost
Land			887
Building and Improvements			1,710
Costs Capitalized Subsequent to Acquisition
Improvements (net)			57
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			901
Building and Improvements			1,753
Total	$ 2,654		2,654
Encumbrances			2,601
Accumulated Depreciation			302
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,654
Westland Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Westland Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Waterway Plaza
Initial Cost
Land			1,280
Building and Improvements			1,248
Costs Capitalized Subsequent to Acquisition
Improvements (net)			285
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,299
Building and Improvements			1,514
Total	$ 2,813		2,813
Encumbrances			2,547
Accumulated Depreciation			230
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,813
Waterway Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Waterway Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Cypress Shopping Center
Initial Cost
Land			2,064
Building and Improvements			4,579
Costs Capitalized Subsequent to Acquisition
Improvements (net)			246
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,064
Building and Improvements			4,825
Total	$ 6,889		6,889
Encumbrances			6,268
Accumulated Depreciation			750
Date Acquired	Jul. 1, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,889
Cypress Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Cypress Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Harrodsburg Marketplace
Initial Cost
Land			1,431
Building and Improvements			2,485
Costs Capitalized Subsequent to Acquisition
Improvements (net)			72
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,509
Building and Improvements			2,479
Total	$ 3,988		3,988
Encumbrances			3,416
Accumulated Depreciation			408
Date Acquired	Jul. 1, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,988
Harrodsburg Marketplace | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Harrodsburg Marketplace | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Port Crossing Shopping Center
Initial Cost
Land			792
Building and Improvements			6,921
Costs Capitalized Subsequent to Acquisition
Improvements (net)			102
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			792
Building and Improvements			7,023
Total	$ 7,815		7,815
Encumbrances			6,032
Accumulated Depreciation			1,701
Date Acquired	Jul. 3, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,815
Port Crossing Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Port Crossing Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
LaGrange Marketplace
Initial Cost
Land			390
Building and Improvements			2,648
Costs Capitalized Subsequent to Acquisition
Improvements (net)			273
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			430
Building and Improvements			2,881
Total	$ 3,311		3,311
Accumulated Depreciation			518
Date Acquired	Jul. 25, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,311
LaGrange Marketplace | Georgetown Ridgeland Lagrange
Gross Amount at which Carried at End of Period
Mortgage note			5,600
LaGrange Marketplace | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
LaGrange Marketplace | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
DF I-Courtland (undeveloped land)
Initial Cost
Land			196
Building and Improvements			0
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			196
Building and Improvements			0
Total	$ 196		196
Date Acquired	Aug. 15, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 196
Edenton Commons (undeveloped land)
Initial Cost
Land			746
Building and Improvements			0
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			746
Building and Improvements			0
Total	$ 746		746
Date Acquired	Aug. 15, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 746
DF I-Moyock (undeveloped land)
Initial Cost
Land			179
Building and Improvements			0
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			179
Building and Improvements			0
Total	$ 179		179
Date Acquired	Aug. 15, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 179
Freeway Junction
Initial Cost
Land			1,521
Building and Improvements			6,755
Costs Capitalized Subsequent to Acquisition
Improvements (net)			120
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,521
Building and Improvements			6,875
Total	$ 8,396		8,396
Encumbrances			7,725
Accumulated Depreciation			1,154
Date Acquired	Sep. 4, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,396
Freeway Junction | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Freeway Junction | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Bryan Station
Initial Cost
Land			1,658
Building and Improvements			2,756
Costs Capitalized Subsequent to Acquisition
Improvements (net)			77
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,658
Building and Improvements			2,833
Total	$ 4,491		4,491
Encumbrances			4,394
Accumulated Depreciation			464
Date Acquired	Oct. 2, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,491
Bryan Station | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Bryan Station | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Crockett Square
Initial Cost
Land			1,546
Building and Improvements			6,834
Costs Capitalized Subsequent to Acquisition
Improvements (net)			183
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,565
Building and Improvements			6,998
Total	$ 8,563		8,563
Encumbrances			6,338
Accumulated Depreciation			1,180
Date Acquired	Nov. 5, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,563
Crockett Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Crockett Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Harbor Pointe (undeveloped land)
Gross Amount at which Carried at End of Period
Date Acquired	Nov. 21, 2014
Harbor Point
Initial Cost
Land			1,538
Building and Improvements			0
Costs Capitalized Subsequent to Acquisition
Improvements (net)			(359)
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,179
Building and Improvements			0
Total	$ 1,179		1,179
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	1,179
DF I-Berkley (undeveloped land)
Initial Cost
Land			250
Building and Improvements			0
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			250
Building and Improvements			0
Total	$ 250		250
Date Acquired	Dec. 1, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 250
Pierpont Centre
Initial Cost
Land			484
Building and Improvements			9,221
Costs Capitalized Subsequent to Acquisition
Improvements (net)			171
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			676
Building and Improvements			9,200
Total	$ 9,876		9,876
Encumbrances			8,113
Accumulated Depreciation			1,425
Date Acquired	Jan. 14, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,876
Pierpont Centre | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Pierpont Centre | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Brook Run Properties (undeveloped land)
Initial Cost
Land			300
Building and Improvements			0
Costs Capitalized Subsequent to Acquisition
Improvements (net)			8
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			300
Building and Improvements			8
Total	$ 308		308
Date Acquired	Mar. 27, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 308
Alex City Marketplace
Initial Cost
Land			454
Building and Improvements			7,837
Costs Capitalized Subsequent to Acquisition
Improvements (net)			1,616
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			707
Building and Improvements			9,200
Total	$ 9,907		9,907
Encumbrances			5,750
Accumulated Depreciation			1,335
Date Acquired	Apr. 1, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,907
Alex City Marketplace | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Alex City Marketplace | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Butler Square
Initial Cost
Land			1,024
Building and Improvements			6,401
Costs Capitalized Subsequent to Acquisition
Improvements (net)			197
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,024
Building and Improvements			6,598
Total	$ 7,622		7,622
Encumbrances			5,640
Accumulated Depreciation			870
Date Acquired	Apr. 15, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,622
Butler Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Butler Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Brook Run Shopping Center
Initial Cost
Land			2,209
Building and Improvements			12,919
Costs Capitalized Subsequent to Acquisition
Improvements (net)			573
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,377
Building and Improvements			13,324
Total	$ 15,701		15,701
Encumbrances			10,950
Accumulated Depreciation			3,166
Date Acquired	Jun. 2, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 15,701
Brook Run Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Brook Run Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Beaver Ruin Village
Initial Cost
Land			2,604
Building and Improvements			8,284
Costs Capitalized Subsequent to Acquisition
Improvements (net)			10
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,604
Building and Improvements			8,294
Total	$ 10,898		10,898
Accumulated Depreciation			1,078
Date Acquired	Jul. 1, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,898
Beaver Ruin Village | Mortgages | Beaver Village I and II
Gross Amount at which Carried at End of Period
Mortgage note			9,400
Beaver Ruin Village | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Beaver Ruin Village | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Beaver Ruin Village II
Initial Cost
Land			1,153
Building and Improvements			2,809
Costs Capitalized Subsequent to Acquisition
Improvements (net)			5
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,153
Building and Improvements			2,814
Total	$ 3,967		3,967
Accumulated Depreciation			358
Date Acquired	Jul. 1, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,967
Beaver Ruin Village II | Mortgages | Beaver Village I and II
Gross Amount at which Carried at End of Period
Mortgage note			9,400
Beaver Ruin Village II | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Beaver Ruin Village II | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Columbia Fire Station
Initial Cost
Land			1,706
Building and Improvements			599
Costs Capitalized Subsequent to Acquisition
Improvements (net)			4,719
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,706
Building and Improvements			5,318
Total	$ 7,024		7,024
Encumbrances			4,051
Accumulated Depreciation			212
Date of Construction	Aug. 31, 2018
Date Acquired	Jul. 1, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,024
Columbia Fire Station | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Columbia Fire Station | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Chesapeake Square
Initial Cost
Land			895
Building and Improvements			4,112
Costs Capitalized Subsequent to Acquisition
Improvements (net)			922
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,232
Building and Improvements			4,697
Total	$ 5,929		5,929
Encumbrances			4,354
Accumulated Depreciation			833
Date Acquired	Jul. 10, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,929
Chesapeake Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Chesapeake Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Sunshine Shopping Center
Initial Cost
Land			1,183
Building and Improvements			6,368
Costs Capitalized Subsequent to Acquisition
Improvements (net)			148
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,183
Building and Improvements			6,516
Total	$ 7,699		7,699
Encumbrances			5,900
Accumulated Depreciation			879
Date Acquired	Jul. 21, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,699
Sunshine Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Sunshine Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Barnett Portfolio
Initial Cost
Land			3,107
Building and Improvements			8,912
Costs Capitalized Subsequent to Acquisition
Improvements (net)			168
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,193
Building and Improvements			8,994
Total	$ 12,187		12,187
Encumbrances			8,770
Accumulated Depreciation			1,319
Date Acquired	Aug. 21, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 12,187
Barnett Portfolio | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Barnett Portfolio | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Grove Park Shopping Center
Initial Cost
Land			722
Building and Improvements			4,590
Costs Capitalized Subsequent to Acquisition
Improvements (net)			22
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			741
Building and Improvements			4,593
Total	$ 5,334		5,334
Encumbrances			3,800
Accumulated Depreciation			721
Date Acquired	Sep. 9, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,334
Grove Park Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Grove Park Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Parkway Plaza
Initial Cost
Land			772
Building and Improvements			4,230
Costs Capitalized Subsequent to Acquisition
Improvements (net)			32
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			778
Building and Improvements			4,256
Total	$ 5,034		5,034
Encumbrances			3,500
Accumulated Depreciation			553
Date Acquired	Sep. 15, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,034
Parkway Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Parkway Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Fort Howard Shopping Center
Initial Cost
Land			1,890
Building and Improvements			7,350
Costs Capitalized Subsequent to Acquisition
Improvements (net)			396
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,928
Building and Improvements			7,708
Total	$ 9,636		9,636
Encumbrances			7,100
Accumulated Depreciation			953
Date Acquired	Sep. 30, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,636
Fort Howard Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Fort Howard Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Conyers Crossing
Initial Cost
Land			2,034
Building and Improvements			6,820
Costs Capitalized Subsequent to Acquisition
Improvements (net)			67
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,034
Building and Improvements			6,887
Total	$ 8,921		8,921
Encumbrances			5,960
Accumulated Depreciation			1,109
Date Acquired	Sep. 30, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,921
Conyers Crossing | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Conyers Crossing | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Darien Shopping Center
Initial Cost
Land			188
Building and Improvements			1,054
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			188
Building and Improvements			1,054
Total	$ 1,242		1,242
Accumulated Depreciation			117
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,242
Darien Shopping Center | Mortgages | KeyBank
Gross Amount at which Carried at End of Period
Mortgage note			17,900
Darien Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Darien Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Devine Street
Initial Cost
Land			365
Building and Improvements			1,941
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			365
Building and Improvements			1,941
Total	$ 2,306		2,306
Accumulated Depreciation			200
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,306
Devine Street | Mortgages | KeyBank
Gross Amount at which Carried at End of Period
Mortgage note			17,900
Devine Street | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Devine Street | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Folly Road
Initial Cost
Land			5,992
Building and Improvements			4,527
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			5,992
Building and Improvements			4,527
Total	$ 10,519		10,519
Encumbrances			5,922
Accumulated Depreciation			484
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,519
Folly Road | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Folly Road | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Georgetown
Initial Cost
Land			742
Building and Improvements			1,917
Costs Capitalized Subsequent to Acquisition
Improvements (net)			93
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			742
Building and Improvements			2,010
Total	$ 2,752		2,752
Accumulated Depreciation			215
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,752
Georgetown | Georgetown Ridgeland Lagrange
Gross Amount at which Carried at End of Period
Mortgage note			5,600
Georgetown | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Georgetown | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Ladson Crossing
Initial Cost
Land			2,981
Building and Improvements			3,920
Costs Capitalized Subsequent to Acquisition
Improvements (net)			106
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,052
Building and Improvements			3,955
Total	$ 7,007		7,007
Accumulated Depreciation			454
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,007
Ladson Crossing | Ladson Crossing, Lake Greenwood and South Park [Member]
Gross Amount at which Carried at End of Period
Mortgage note			7,400
Ladson Crossing | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Ladson Crossing | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Lake Greenwood Crossing
Initial Cost
Land			550
Building and Improvements			2,499
Costs Capitalized Subsequent to Acquisition
Improvements (net)			17
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			550
Building and Improvements			2,516
Total	$ 3,066		3,066
Accumulated Depreciation			269
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,066
Lake Greenwood Crossing | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Lake Greenwood Crossing | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Lake Murray
Initial Cost
Land			447
Building and Improvements			1,537
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			447
Building and Improvements			1,537
Total	$ 1,984		1,984
Accumulated Depreciation			197
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,984
Lake Murray | Ladson Crossing, Lake Greenwood and South Park [Member]
Gross Amount at which Carried at End of Period
Mortgage note			7,400
Lake Murray | Mortgages | KeyBank
Gross Amount at which Carried at End of Period
Mortgage note			17,900
Lake Murray | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Lake Murray | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Litchfield I
Initial Cost
Land			568
Building and Improvements			929
Costs Capitalized Subsequent to Acquisition
Improvements (net)			60
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			568
Building and Improvements			989
Total	$ 1,557		1,557
Accumulated Depreciation			127
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,557
Litchfield I | Litchfield I, Litchfield II, Litchfield Market Village
Gross Amount at which Carried at End of Period
Mortgage note			7,500
Litchfield I | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Litchfield I | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Litchfield II
Initial Cost
Land			568
Building and Improvements			936
Costs Capitalized Subsequent to Acquisition
Improvements (net)			48
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			568
Building and Improvements			984
Total	$ 1,552		1,552
Accumulated Depreciation			136
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,552
Litchfield II | Litchfield I, Litchfield II, Litchfield Market Village
Gross Amount at which Carried at End of Period
Mortgage note			7,500
Litchfield II | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Litchfield II | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Litchfield Market Village
Initial Cost
Land			2,970
Building and Improvements			4,716
Costs Capitalized Subsequent to Acquisition
Improvements (net)			119
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,042
Building and Improvements			4,763
Total	$ 7,805		7,805
Accumulated Depreciation			553
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,805
Litchfield Market Village | Litchfield I, Litchfield II, Litchfield Market Village
Gross Amount at which Carried at End of Period
Mortgage note			7,500
Litchfield Market Village | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Litchfield Market Village | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Moncks Corner
Initial Cost
Land			0
Building and Improvements			1,109
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			0
Building and Improvements			1,109
Total	$ 1,109		1,109
Accumulated Depreciation			128
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,109
Moncks Corner | Mortgages | KeyBank
Gross Amount at which Carried at End of Period
Mortgage note			17,900
Moncks Corner | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Moncks Corner | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Ridgeland
Initial Cost
Land			203
Building and Improvements			376
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			203
Building and Improvements			376
Total	$ 579		579
Accumulated Depreciation			51
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 579
Ridgeland | Georgetown Ridgeland Lagrange
Gross Amount at which Carried at End of Period
Mortgage note			5,600
Ridgeland | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Ridgeland | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Shoppes at Myrtle Park
Initial Cost
Land			3,182
Building and Improvements			5,360
Costs Capitalized Subsequent to Acquisition
Improvements (net)			817
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,182
Building and Improvements			6,177
Total	$ 9,359		9,359
Accumulated Depreciation			695
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,359
Shoppes at Myrtle Park | Mortgages | KeyBank
Gross Amount at which Carried at End of Period
Mortgage note			17,900
Shoppes at Myrtle Park | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Shoppes at Myrtle Park | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
South Lake
Initial Cost
Land			804
Building and Improvements			2,025
Costs Capitalized Subsequent to Acquisition
Improvements (net)			(33)
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			804
Building and Improvements			1,992
Total	$ 2,796		2,796
Accumulated Depreciation			207
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,796
South Lake | Mortgages | KeyBank
Gross Amount at which Carried at End of Period
Mortgage note			17,900
South Lake | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
South Lake | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
South Park
Initial Cost
Land			943
Building and Improvements			2,967
Costs Capitalized Subsequent to Acquisition
Improvements (net)			84
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,005
Building and Improvements			2,989
Total	$ 3,994		3,994
Accumulated Depreciation			306
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,994
South Park | Ladson Crossing, Lake Greenwood and South Park [Member]
Gross Amount at which Carried at End of Period
Mortgage note			7,400
South Park | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
South Park | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
St. Matthews
Initial Cost
Land			338
Building and Improvements			1,490
Costs Capitalized Subsequent to Acquisition
Improvements (net)			(10)
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			338
Building and Improvements			1,480
Total	$ 1,818		1,818
Accumulated Depreciation			167
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,818
St. Matthews | Mortgages | KeyBank
Gross Amount at which Carried at End of Period
Mortgage note			17,900
St. Matthews | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
St. Matthews | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Berkley
Initial Cost
Land			1,005
Building and Improvements			2,865
Costs Capitalized Subsequent to Acquisition
Improvements (net)			(55)
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,005
Building and Improvements			2,810
Total	$ 3,815		3,815
Accumulated Depreciation			276
Date Acquired	Nov. 10, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,815
Berkley | Mortgages | Berkley/Sangaree/Tri-County
Gross Amount at which Carried at End of Period
Mortgage note			9,400
Berkley | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Berkley | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Sangaree
Initial Cost
Land			2,302
Building and Improvements			2,922
Costs Capitalized Subsequent to Acquisition
Improvements (net)			636
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,503
Building and Improvements			3,357
Total	$ 5,860		5,860
Accumulated Depreciation			470
Date Acquired	Nov. 10, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,860
Sangaree | Mortgages | Berkley/Sangaree/Tri-County
Gross Amount at which Carried at End of Period
Mortgage note			9,400
Sangaree | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Sangaree | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Tri-county
Initial Cost
Land			411
Building and Improvements			3,421
Costs Capitalized Subsequent to Acquisition
Improvements (net)			146
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			552
Building and Improvements			3,426
Total	$ 3,978		3,978
Accumulated Depreciation			437
Date Acquired	Nov. 10, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,978
Tri-county | Mortgages | Berkley/Sangaree/Tri-County
Gross Amount at which Carried at End of Period
Mortgage note			9,400
Tri-county | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Tri-county | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Riverbridge
Initial Cost
Land			774
Building and Improvements			5,384
Costs Capitalized Subsequent to Acquisition
Improvements (net)			0
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			774
Building and Improvements			5,384
Total	$ 6,158		6,158
Encumbrances			4,000
Accumulated Depreciation			557
Date Acquired	Nov. 15, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,158
Riverbridge | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Riverbridge | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Laburnum Square
Initial Cost
Land			3,736
Building and Improvements			5,928
Costs Capitalized Subsequent to Acquisition
Improvements (net)			213
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,811
Building and Improvements			6,066
Total	$ 9,877		9,877
Encumbrances			7,665
Accumulated Depreciation			602
Date Acquired	Dec. 7, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,877
Laburnum Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Laburnum Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Franklin Village
Initial Cost
Land			2,608
Building and Improvements			9,426
Costs Capitalized Subsequent to Acquisition
Improvements (net)			30
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,608
Building and Improvements			9,456
Total	$ 12,064		12,064
Encumbrances			8,516
Accumulated Depreciation			839
Date Acquired	Dec. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 12,064
Franklin Village | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Franklin Village | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Village at Martinsville
Initial Cost
Land			5,208
Building and Improvements			12,879
Costs Capitalized Subsequent to Acquisition
Improvements (net)			20
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			5,228
Building and Improvements			12,879
Total	$ 18,107		18,107
Encumbrances			16,351
Accumulated Depreciation			1,333
Date Acquired	Dec. 16, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 18,107
Village at Martinsville | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Village at Martinsville | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
New Market
Initial Cost
Land			993
Building and Improvements			5,216
Costs Capitalized Subsequent to Acquisition
Improvements (net)			363
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,042
Building and Improvements			5,530
Total	$ 6,572		6,572
Encumbrances			6,713
Accumulated Depreciation			522
Date Acquired	Dec. 20, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,572
New Market | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
New Market | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Rivergate Shopping Center
Initial Cost
Land			1,570
Building and Improvements			30,694
Costs Capitalized Subsequent to Acquisition
Improvements (net)			136
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,672
Building and Improvements			30,728
Total	$ 32,400		32,400
Encumbrances			21,545
Accumulated Depreciation			2,745
Date Acquired	Dec. 21, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 32,400
Rivergate Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Rivergate Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
JANAF
Initial Cost
Land			8,267
Building and Improvements			66,549
Costs Capitalized Subsequent to Acquisition
Improvements (net)			333
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			8,327
Building and Improvements			66,822
Total	$ 75,149		75,149
Encumbrances			61,928
Accumulated Depreciation			$ 3,931
Date Acquired	Jan. 18, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 75,149
JANAF | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
JANAF | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years