Wheeler Real Estate Investment Trust (WHLR) 10-K 18 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 16, 2021	Jun. 30, 2020
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
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
ICFR Auditor Attestation Flag	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		9,706,738
Entity Public Float			$ 12,218,760
Entity File Number	001-35713
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-2681082
City Area Code	757
Document Annual Report	true
Document Transition Report	false
Entity Address, Address Line One	2529 Virginia Beach Blvd.
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23452
Local Phone Number	627-9088

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	12 Months Ended
	Dec. 31, 2020
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,” the “REIT,” or "Company") is a Maryland corporation formed on June 23, 2011. The Trust serves as the general partner of Wheeler REIT, L.P. (the “Operating Partnership”), which was formed as a Virginia limited partnership on April 5, 2012. As of December 31, 2020, the Trust, through the Operating Partnership, owned and operated sixty centers and six undeveloped properties. Twelve of these properties are located in Virginia, three are located in Florida, seven are located in North Carolina, twenty-three 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 5,561,766 square feet and a leased level of approximately 88.9% at December 31, 2020. 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 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.

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Real Estate	Real Estate Investment properties consist of the following (in thousands): December 31, 2020 2019 Land and land improvements $ 97,117 $ 100,599 Buildings and improvements 354,738 366,082 Investment properties at cost 451,855 466,681 Less accumulated depreciation (59,191) (50,466) Investment properties, net $ 392,664 $ 416,215 The Company’s depreciation expense on investment properties was $11.32 million and $12.02 million for the years ended December 31, 2020 and 2019, 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. Assets Held for Sale and Dispositions At December 31, 2020, assets held for sale included Columbia Fire Station, Berkley Shopping Center, a .75 acre land parcel at Berkley and two outparcels at Rivergate Shopping Center, as the Company has committed to a plan to sell each property. At December 31, 2019, assets held for sale included St. Matthews. Impairment expenses on assets held for sale are a result of reducing the carrying value for the amount that exceeded the property's fair value less estimated selling costs. The valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 inputs. The impairment expenses during the years ended December 31, 2020 and 2019 are as follows (in thousands): Years Ended December 31, 2020 2019 Columbia Fire Station $ 600 $ — St. Matthews — 451 Perimeter Square — 1,147 Total $ 600 $ 1,598 As of December 31, 2020 and 2019, assets held for sale and associated liabilities consisted of the following (in thousands): December 31, 2020 2019 Investment properties, net $ 12,593 $ 1,651 Rents and other tenant receivables, net 132 77 Above market leases, net 153 — Deferred costs and other assets, net 194 9 Total assets held for sale $ 13,072 $ 1,737 December 31, 2020 2019 Loans payable $ 12,838 $ 1,974 Below market leases, net 25 — Accounts payable, accrued expenses and other liabilities 261 52 Total liabilities associated with assets held for sale $ 13,124 $ 2,026 The following properties were sold during the years ending December 31, 2020 and 2019: Disposal Property Contract Price Gain (Loss) Net Proceeds (in thousands) December 31, 2020 Riversedge North $ 3,000 $ 49 $ 2,843 January 21, 2020 St. Matthews 1,775 (26) 1,665 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 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, Aldi. 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.

Loans Payable

Loans Payable	12 Months Ended
	Dec. 31, 2020
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 Maturity December 31, December 31, KeyBank Credit Agreement (6) $ 350,000 LIBOR + 350 basis points December 2020 $ — $ 17,879 Columbia Fire Station $ 45,580 14.00 % December 2020 3,893 4,051 Tuckernuck $ 33,880 3.88 % February 2021 5,193 5,344 First National Bank (7) $ 24,656 LIBOR + 350 basis points March 2021 1,045 1,214 Lumber River $ 10,723 LIBOR + 350 basis points April 2021 1,367 1,404 Rivergate $ 104,178 LIBOR + 295 basis points April 2021 21,164 21,545 JANAF Bravo $ 36,935 4.65 % April 2021 6,263 6,372 Litchfield Market Village $ 46,057 5.50 % November 2022 7,418 7,452 Twin City Commons $ 17,827 4.86 % January 2023 2,915 2,983 Walnut Hill Plaza $ 26,850 5.50 % March 2023 3,287 3,759 Powerscourt Financing Agreement (6) Interest only 13.50 % March 2023 25,000 — New Market $ 48,747 5.65 % June 2023 6,508 6,713 Benefit Street Note (3) $ 53,185 5.71 % June 2023 7,145 7,361 Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,567 5,642 JANAF $ 333,159 4.49 % July 2023 48,875 50,599 Tampa Festival $ 50,797 5.56 % September 2023 7,920 8,077 Forrest Gallery $ 50,973 5.40 % September 2023 8,226 8,381 Riversedge North $ 11,436 5.77 % December 2023 — 1,767 South Carolina Food Lions Note (5) $ 68,320 5.25 % January 2024 11,473 11,675 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,163 6,268 Port Crossing $ 34,788 4.84 % August 2024 5,909 6,032 Freeway Junction $ 41,798 4.60 % September 2024 7,582 7,725 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,343 3,416 Bryan Station $ 23,489 4.52 % November 2024 4,312 4,394 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre $ 39,435 4.15 % February 2025 8,001 8,113 Shoppes at Myrtle Park $ 33,180 4.45 % February 2025 5,892 — Folly Road $ 41,482 4.65 % March 2025 7,223 5,922 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 $ 24,295 4.82 % December 2025 4,553 4,620 JANAF BJ's $ 29,964 4.95 % January 2026 4,844 4,957 Chesapeake Square $ 23,857 4.70 % August 2026 4,279 4,354 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 $ 45,336 4.93 % January 2027 8,404 8,516 Village of Martinsville $ 89,664 4.28 % July 2029 15,979 16,351 Laburnum Square Interest only 4.28 % September 2029 7,665 7,665 Total Principal Balance (1) 353,916 347,059 Unamortized debt issuance cost (1) (6,812) (4,172) Total Loans Payable, including assets held for sale 347,104 342,887 Less loans payable on assets held for sale, net loan amortization costs 12,838 1,974 Total Loans Payable, net $ 334,266 $ 340,913 (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 and South Lake. (7) Collateralized by Surrey Plaza and Amscot Building. KeyBank Credit Agreement The KeyBank Credit Agreement was paid in full as of December 22, 2020. The KeyBank Credit Agreement had the following activity during the years ended December 31, 2020 and 2019: • Entered into a First Amendment to the KeyBank Credit Agreement (the "First Amendment") on April 25, 2019. The First Amendment, among other provisions, increases the interest rate to LIBOR plus 350 basis points on August 31, 2019 if the outstanding balance is not below $11.00 million; • Began making monthly principal payments of $250 thousand on May 1, 2019 in accordance with the First Amendment; • Entered into the Second Amendment to the KeyBank Credit Agreement (the "Second Amendment") on January 24, 2020, effective December 21, 2019, and the Company began making monthly principal payments of $350 thousand on November 1, 2019. The Second Amendment, among other provisions, requires a pledge of additional collateral of $15.00 million in residual equity interests and staggered maturity dates with an ultimate maturity of June 30, 2020; • Entered into a Third Amendment to the KeyBank Credit Agreement (the "Third Amendment") on July 21, 2020. The Third Amendment, among other provisions, reduces the pledge of additional collateral by two properties and extends the maturity to December 31, 2020; • The KeyBank Credit Agreement had principal paydowns as noted below: ◦ $850 thousand paydown on March 19, 2019; ◦ $1.00 million paydown on May 1, 2019; ◦ $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; ◦ $7.16 million paydown from Litchfield Market Village refinancing proceeds on November 1, 2019; ◦ $1.78 million paydown from St. Matthews sale proceeds on January 21, 2020; ◦ $5.75 million paydown from Shoppes at Myrtle Park refinancing proceeds on January 23, 2020; and ◦ $2.50 million paydown from cash released to the Company from restricted cash accounts on May 20, 2020; ◦ $1.00 million paydown on November 12, 2020; ◦ $3.00 million final paydown from Powerscourt Financing Agreement proceeds on December 22, 2020. Powerscourt Financing Agreement On December 22, 2020, the Company entered into a financing agreement (the "Powerscourt Financing Agreement") with Powerscourt Investments XXII, LP, as administrative agent and collateral agent. The Powerscourt Financing Agreement provides for a term loan in the aggregate principal of $25.00 million. The proceeds of the Powerscourt Financing Agreement are intended for the following: (i) to paydown the Company’s indebtedness on the KeyBank Credit Agreement, (ii) to redeem certain shares of the Company’s Series D Preferred, and (iii) to pay fees and expenses in connection with the transactions contemplated by the Powerscourt Financing Agreement. The Powerscourt Financing Agreement is at a rate of 13.50% and matures on March 31, 2023 with quarterly interest only payments beginning on January 15, 2021. In conjunction with the Powerscourt Financing Agreement, the Company issued to Powerscourt XXII, LP a warrant to purchase an aggregate of 496,415 shares of the Company’s Common Stock (see the “Powerscourt Warrant Agreement” below). Powerscourt Warrant Agreement Pursuant to Powerscourt Financing Agreement, the Company issued Powerscourt Investments XXII, LP, a warrant (the “Warrant”) to purchase 496,415 shares of Common Stock for $3.12 per share (the “Powerscourt Warrant Agreement”). The Warrant is exercisable at the option of its holder in whole or in part into shares of Common Stock from time to time on or after December 22, 2020 (the “Effective Date”) and before the date that is the 36-month anniversary of the Effective Date. The Powerscourt Warrant Agreement contains terms and features that give rise to derivative liability classification. The Company utilized the Monte Carlo simulation model to calculate the fair value of these warrants at the date of commitment. Significant observable and unobservable inputs include stock price, conversion price, annual risk free rate, term, likelihood of an event of contractual conversion and expected volatility. The Monte Carlo simulation is a Level 3 valuation technique because it requires the development of significant internal assumptions in addition to observable market indicators. The warrants were valued at approximately $594 thousand and the Company recorded a liability included on the consolidated balance sheet. The fair value at the commitment date for the Company’s warranty liability was based upon the following assumptions as of December 31, 2020: Exercise price $ 3.12 Stock price $ 2.75 Expected term 3.0 years Expected volatility % 72.00 % Risk free interest rate 0.17 % 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 year ended December 31, 2019: • 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. First National Bank Loan Paydown and Amendment On January 11, 2019, the Company paid $1.51 million on the First National Bank Loan, the portion collateralized by Jenks Plaza, as detailed in Note 3. On October 14, 2020, the Company entered into the Second Amendment to extend the $1.13 million First National Bank Loan to March 15, 2021 with monthly principal and interest payments of $25 thousand. The First National Bank Loan will bear interest at LIBOR plus 350 basis points with a minimum interest rate set at 4.25%. Perimeter Square Refinance 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. 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. Senior Convertible Notes On June 10, 2019, through scheduled principal and interest payments the senior convertible notes were paid in full. 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 $90 thousand. 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 $38 thousand 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 thousand. Shoppes at Myrtle Park Refinance On January 23, 2020, the Company refinanced the Shoppes at Myrtle Park collateralized portion of the KeyBank Credit Agreement for $6.00 million at a fixed interest rate of 4.45%. The loan matures in February 2025 with monthly principal and interest payments of $33 thousand. Folly Road Refinance On March 23, 2020, the Company executed a promissory note for $7.35 million for the refinancing of Folly Road at a rate of 4.65%. The loan matures in March 2025 with monthly principal and interest payments of $41 thousand. Loan Modification Agreements On September 4, 2020, the Company executed Loan Modification Agreements on three properties whereby the Company was able to use restricted cash to fund debt service for 90 days, representing a total of $488 thousand to be replenished over the subsequent twelve-month period. Lumber River Extension On October 14, 2020, the Company entered into the Third Amendment to extend the $1.39 million Lumber River Loan to April 10, 2021 with monthly principal and interest payments of $11 thousand. The Lumber River Loan will bear interest at LIBOR plus 350 basis points with a minimum interest rate set at 4.25%. Walnut Hill Plaza Amendment On July 15, 2020, the Company entered into the Third Amendment to reduce the Walnut Hill Plaza loan by $443 thousand to $3.30 million using proceeds from restricted cash reserves and received three months of forbearance on principal payments. On October 16, 2020, the Company entered into the Fourth Amendment to receive forbearance on principal payments through December 29, 2020 and extend the maturity date to March 2023. Tuckernuck Extension On November 1, 2020, the Company entered into a Second Amended Forbearance Agreement to extend the Tuckernuck Loan to February 1, 2021 with monthly principal and interest payments of $34 thousand. Rivergate Extension On November 19, 2020, the Company entered into an agreement to extend the maturity date from October 20, 2020 to April 20, 2021 with monthly principal payments of $48 thousand plus accrued and unpaid interest. Riversedge North Payoff On December 31, 2020, the principal balance on the Riversedge North loan was paid in full with the sale of the property, as detailed in Note 3. Columbia Fire Station Extension Effective September 3, 2020, the Company extended the Columbia Fire Station promissory note ("Columbia Fire Station Loan") to December 3, 2020, with the monthly principal payment increasing $20 thousand for a total monthly principal and interest payment of $46 thousand beginning on October 3, 2020. On December 7, 2020, the Company received a letter demanding payment in full from Pinnacle Bank for all amounts due under Columbia Fire Station Loan and the interest rate increased to 14%, the default rate. On December 29, 2020, Pinnacle Bank filed a suit against the Company, guarantor. On January 21, 2021, the Company entered into a Forbearance Agreement (the "Forbearance Agreement") with Pinnacle Bank at an interest rate of 14% and made a $500 thousand principal payment. The Forbearance Agreement, among other provisions, extends the maturity date of the Columbia Fire Station Loan to July 21, 2021 and waives all defaults and late fees existing prior to the Forbearance Agreement. Debt Maturity The Company’s scheduled principal repayments on indebtedness as of December 31, 2020, including assets held for sale, are as follows (in thousands): For the Years Ended December 31, 2021 $ 43,933 2022 12,586 2023 111,875 2024 44,240 2025 91,426 Thereafter 49,856 Total principal repayments and debt maturities $ 353,916 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, 2021 of $43.93 million. 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.

Equity and Mezzanine Equity

Equity and Mezzanine Equity	12 Months Ended
	Dec. 31, 2020
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 98.53% interest in the Operating Partnership as of December 31, 2020. 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 stockholders. As of December 31, 2020 and 2019, there were 15,227,758 and 14,105,712, respectively, of common units outstanding with the Trust owning 15,003,329 and 13,871,693, respectively, of these common units. Series A Preferred Stock At December 31, 2020 and 2019, 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 or accumulated 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, 2020 and 2019, the Company had 1,875,748 shares and 5,000,000 shares of Series B Convertible Preferred Stock, without par value ("Series B Preferred") issued and authorized with a $25.00 liquidation preference per share, or $46.90 million in aggregate. The Series B Preferred bears interest at a rate of 9% per annum. The Series B Preferred has no redemption rights. However, the Series B Preferred is subject to a mandatory conversion once the 20-trading day volume-weighted average closing price of our Common Stock, exceeds $58 per share; once this weighted average closing price is met, each share of our Series B Preferred will automatically convert into shares of our Common Stock at a conversion price equal to $40.00 per share of Common Stock. In addition, holders of our Series B Preferred also have the option, at any time, to convert shares of our Series B Preferred into shares of our Common Stock at a conversion price of $40.00 per share of Common Stock. Upon any voluntary or involuntary liquidation, dissolution or winding up of our company, the holders of shares of our Series B Preferred shall be entitled to be paid out of our assets a liquidation preference of $25.00 per share, plus an amount equal to all accumulated, accrued and unpaid dividends to and including the date of payment. The Series B Preferred has no maturity date and will remain outstanding indefinitely unless subject to a mandatory or voluntary conversion as described above. Series D Preferred Stock- Redeemable Preferred Stock At December 31, 2020 and 2019, the Company had 3,529,293 and 3,600,636 issued, respectively, and 4,000,000 authorized shares of Series D Cumulative Convertible Preferred Stock, without par value ("Series D Preferred") with a $25.00 liquidation preference per share, or $109.13 million and $101.66 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 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 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. 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 do not bear interest. If the Company, fails to pay any dividend within three Holders of shares of the Series D Preferred have no voting rights. Pursuant to the Company's Articles Supplementary, if dividends on the Series D Preferred are in arrears for six or more consecutive quarterly periods (a "Preferred Dividend Default"), 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 Series A Preferred and Series B Preferred (the Series A Preferred and Series B Preferred together, being the "Parity Preferred Stock"), shall be entitled to vote for the election of two additional directors ("Series D Preferred Directors"). A Preferred Dividend Default occurred on April 15, 2020. The election of such directors will take place upon the written request of the holders of record of at least 20% of the Series D Preferred and Parity Preferred Stock. The Board of Directors is not 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 and Parity Preferred Stock to deliver such written request for the election of the Series D Preferred Directors. The Series D Preferred Directors may 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 a sum sufficient for the payment thereof set apart for payment. On September 22, 2020, the Operating Partnership purchased 71,343 shares of Series D Preferred at $15.50 per share. These shares are deemed to be retired on the consolidated financial statements. The book value of the shares purchased included both accreted and unaccreted issuance costs and dividends in arrears totaling $1.83 million. The changes in the carrying value of the Series D Preferred for the years ended December 31, 2020 and 2019 is as follows (in thousands): Series D Preferred Balance December 31, 2018 $ 76,955 Accretion of Preferred Stock discount 593 Undeclared dividends 9,677 Balance December 31, 2019 87,225 Accretion of Preferred Stock discount 590 Undeclared dividends 9,581 Redemption of Preferred Stock (1,833) Balance December 31, 2020 $ 95,563 Earnings per share Basic earnings per share for the Company’s common stockholder is calculated by dividing income (loss) from continuing operations, excluding amounts attributable to preferred stockholders and the net income (loss) attributable to noncontrolling interests, by the Company’s weighted-average shares of Common Stock outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) attributable to common stockholders, excluding amounts attributable to preferred stockholders 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, 2020 and 2019, the below shares are able to be converted to Common Stock. The common units, convertible preferred stock, cumulative convertible preferred stock, and warrants have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. December 31, 2020 December 31, 2019 Outstanding shares Potential Dilutive Shares Outstanding shares Potential Dilutive Shares Common units 224,429 224,429 234,019 234,019 Series B Preferred Stock 1,875,748 1,172,343 1,875,748 1,172,343 Series D Preferred Stock 3,529,293 5,202,378 3,600,636 5,307,541 Warrants to purchase Common Stock — 496,415 — — Dividends 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 Arrears Per Share Arrears Per Share Arrears Per Share For the year ended December 31, 2020 $ 51 $ 90.00 $ 4,221 $ 2.25 $ 9,488 $ 2.69 For the year ended December 31, 2019 $ 51 $ 90.00 $ 4,221 $ 2.25 $ 9,677 $ 2.69 There were no dividends declared to holders of Common Stock for the years ended December 31, 2020 and 2019. The total cumulative dividends in arrears for Series A Preferred (per share $202.50), Series B Preferred (per share $5.06) and Series D Preferred (per share $5.92) as of December 31, 2020 is $30.51 million. 2015 Long-Term Incentive Plan On June 4, 2015, the Company's stockholders 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. As of December 31, 2020, there are 41,104 shares available for issuance under the Company’s 2015 Incentive Plan and there were no shares issued in 2020 or 2019. 2016 Long-Term Incentive Plan On June 15, 2016, the Company's stockholders 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) 2020 — $ — 2019 181,807 166 As of December 31, 2020, there are 132,707 shares available for issuance under the Company’s 2016 Incentive Plan. Stock Appreciation Rights Agreement On August 4, 2020, the Company’s Board of Directors granted a Stock Appreciation Rights Agreement (the “SARs”) which will not be effective until approved by the stockholders at the 2021 Annual Meeting of Stockholders. The SARs allows for issuance of 5,000,000 shares of the Company's Common Stock at a strike price of $1.85 per share to Daniel Khoshaba, Chief Executive Officer of the Company, upon meeting certain market price thresholds. The SARs expires in the year 2030. Tender Offer

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
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 Southeast, Mid-Atlantic and Northeast, which markets represented approximately 61%, 35% and 4%, respectively, of the total annualized base rent of the properties in its portfolio as of December 31, 2020. 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. Jon Wheeler v. Wheeler Real Estate Investment Trust, Inc., Circuit Court for the City of Virginia Beach, Virginia. Former CEO, Jon Wheeler, alleged that his employment was improperly terminated and that he was owed severance and bonus payments pursuant to his Employment Agreement. The Company filed a counterclaim against Mr. Wheeler for reimbursement of personal expenses the Company paid, but that Mr. Wheeler should have borne. The Court found in favor of Jon Wheeler on his claim that his employment was terminated without cause. The Court denied Mr. Wheeler’s claims for a bonus and that his termination of employment was wrongful as a violation of public policy. The Court awarded the Company $5 thousand on its counterclaim. At a hearing on September 4, 2020 on Jon Wheeler’s motion for the award of attorneys’ fees, costs, and pre-judgment interest, the Court awarded Mr. Wheeler the requested costs, but awarded no attorneys’ fees and no pre-judgment interest. In total, Mr. Wheeler was awarded $520 thousand. In October 2020, the Company settled with Mr. Wheeler for $500 thousand which is included on the Company's consolidated statements of operations under the line "other expenses." Mr. Wheeler preserved his right to appeal the Court’s denial of an award of attorneys’ fees and pre-judgment interest. The Virginia Supreme Court has not yet rendered a decision as to whether it will grant the Petition for Appeal and allow the appeal to proceed. BOKF, NA v. WD-I Associates, LLC, Wheeler Real Estate, LLC and Jon S. Wheeler , Court of Common Pleas, Beaufort County, South Carolina. BOKF (“Bank of Arkansas”), filed an action on April 9, 2019 in Beaufort County, South Carolina, for foreclosure of the mortgage it held on the real property and improvements comprising Sea Turtle Marketplace Shopping Center (“Sea Turtle”) which was owned by WD-I Associates, LLC (“WD-I”), and Jon S. Wheeler had guaranteed the debt. Bank of Arkansas sought the appointment of a receiver to take possession and control of Sea Turtle pending the completion of the foreclosure action. In response, WD-I filed for relief under Chapter 11 of the United States Bankruptcy Code on May 7, 2019. The bankruptcy filing stayed the foreclosure action in State Court. On May 1, 2020, the Bankruptcy Court granted the dismissal of the WD-I bankruptcy case upon the provisions for payment of the $200 thousand to creditors. The Company received an aggregate payment of $196 thousand in May 2020 and recorded the receipt on the Company's consolidated statements of operations under the line "other revenues". David Kelly v. Wheeler Real Estate Investment Trust, Inc. , Circuit Court for the City of Virginia Beach, Virginia. Former CEO David Kelly filed suit on May 28, 2020, alleging that his employment was improperly terminated and that he is owed severance pay and related benefits pursuant to his employment agreement. He claims breach of his employment contract against the company. Initially, his suit included tort claims against Joseph Stilwell and Daniel Khoshaba; the Court dismissed those tort claims and the individual defendants at a hearing on December 15, 2020. On his remaining claim of breach of contract, Mr. Kelly seeks damages of $400 thousand, plus unpaid bonuses and benefits, pre- and post-judgment interest, attorneys’ fees, and costs. The Company is defending the action on the grounds that Mr. Kelly’s employment was properly terminated for cause. Trial is set for March 2-4, 2022. 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 former CEO, 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 $2.21 million, the principal amount of the bonds, as of December 31, 2020. 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 2020 and 2019, we funded approximately $0 and $79 thousand, respectively in debt service shortfalls. No amounts have been accrued for this as of December 31, 2020 as a reasonable estimate of future debt service shortfalls cannot be determined based on variables noted above.

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of investment properties	Investment properties consist of the following (in thousands): December 31, 2020 2019 Land and land improvements $ 97,117 $ 100,599 Buildings and improvements 354,738 366,082 Investment properties at cost 451,855 466,681 Less accumulated depreciation (59,191) (50,466) Investment properties, net $ 392,664 $ 416,215
Schedule of Impaired Long-Lived Assets Held and Used by Asset	The impairment expenses during the years ended December 31, 2020 and 2019 are as follows (in thousands): Years Ended December 31, 2020 2019 Columbia Fire Station $ 600 $ — St. Matthews — 451 Perimeter Square — 1,147 Total $ 600 $ 1,598
Schedule of dispositions	As of December 31, 2020 and 2019, assets held for sale and associated liabilities consisted of the following (in thousands): December 31, 2020 2019 Investment properties, net $ 12,593 $ 1,651 Rents and other tenant receivables, net 132 77 Above market leases, net 153 — Deferred costs and other assets, net 194 9 Total assets held for sale $ 13,072 $ 1,737 December 31, 2020 2019 Loans payable $ 12,838 $ 1,974 Below market leases, net 25 — Accounts payable, accrued expenses and other liabilities 261 52 Total liabilities associated with assets held for sale $ 13,124 $ 2,026 The following properties were sold during the years ending December 31, 2020 and 2019: Disposal Property Contract Price Gain (Loss) Net Proceeds (in thousands) December 31, 2020 Riversedge North $ 3,000 $ 49 $ 2,843 January 21, 2020 St. Matthews 1,775 (26) 1,665 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

Loans Payable (Tables)

Loans Payable (Tables)	12 Months Ended
	Dec. 31, 2020
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 Maturity December 31, December 31, KeyBank Credit Agreement (6) $ 350,000 LIBOR + 350 basis points December 2020 $ — $ 17,879 Columbia Fire Station $ 45,580 14.00 % December 2020 3,893 4,051 Tuckernuck $ 33,880 3.88 % February 2021 5,193 5,344 First National Bank (7) $ 24,656 LIBOR + 350 basis points March 2021 1,045 1,214 Lumber River $ 10,723 LIBOR + 350 basis points April 2021 1,367 1,404 Rivergate $ 104,178 LIBOR + 295 basis points April 2021 21,164 21,545 JANAF Bravo $ 36,935 4.65 % April 2021 6,263 6,372 Litchfield Market Village $ 46,057 5.50 % November 2022 7,418 7,452 Twin City Commons $ 17,827 4.86 % January 2023 2,915 2,983 Walnut Hill Plaza $ 26,850 5.50 % March 2023 3,287 3,759 Powerscourt Financing Agreement (6) Interest only 13.50 % March 2023 25,000 — New Market $ 48,747 5.65 % June 2023 6,508 6,713 Benefit Street Note (3) $ 53,185 5.71 % June 2023 7,145 7,361 Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,567 5,642 JANAF $ 333,159 4.49 % July 2023 48,875 50,599 Tampa Festival $ 50,797 5.56 % September 2023 7,920 8,077 Forrest Gallery $ 50,973 5.40 % September 2023 8,226 8,381 Riversedge North $ 11,436 5.77 % December 2023 — 1,767 South Carolina Food Lions Note (5) $ 68,320 5.25 % January 2024 11,473 11,675 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,163 6,268 Port Crossing $ 34,788 4.84 % August 2024 5,909 6,032 Freeway Junction $ 41,798 4.60 % September 2024 7,582 7,725 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,343 3,416 Bryan Station $ 23,489 4.52 % November 2024 4,312 4,394 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre $ 39,435 4.15 % February 2025 8,001 8,113 Shoppes at Myrtle Park $ 33,180 4.45 % February 2025 5,892 — Folly Road $ 41,482 4.65 % March 2025 7,223 5,922 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 $ 24,295 4.82 % December 2025 4,553 4,620 JANAF BJ's $ 29,964 4.95 % January 2026 4,844 4,957 Chesapeake Square $ 23,857 4.70 % August 2026 4,279 4,354 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 $ 45,336 4.93 % January 2027 8,404 8,516 Village of Martinsville $ 89,664 4.28 % July 2029 15,979 16,351 Laburnum Square Interest only 4.28 % September 2029 7,665 7,665 Total Principal Balance (1) 353,916 347,059 Unamortized debt issuance cost (1) (6,812) (4,172) Total Loans Payable, including assets held for sale 347,104 342,887 Less loans payable on assets held for sale, net loan amortization costs 12,838 1,974 Total Loans Payable, net $ 334,266 $ 340,913 (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 and South Lake. (7) Collateralized by Surrey Plaza and Amscot Building.
Fair Value of the Company's Warranty Liability	The fair value at the commitment date for the Company’s warranty liability was based upon the following assumptions as of December 31, 2020: Exercise price $ 3.12 Stock price $ 2.75 Expected term 3.0 years Expected volatility % 72.00 % Risk free interest rate 0.17 %
Schedule of Company's scheduled principal repayments on indebtedness	The Company’s scheduled principal repayments on indebtedness as of December 31, 2020, including assets held for sale, are as follows (in thousands): For the Years Ended December 31, 2021 $ 43,933 2022 12,586 2023 111,875 2024 44,240 2025 91,426 Thereafter 49,856 Total principal repayments and debt maturities $ 353,916

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2020
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 tenant reimbursements and percentage rent based on tenant sales volume, as of December 31, 2020 are as follows (in thousands): For the Years Ended December 31, 2021 $ 44,061 2022 40,091 2023 34,385 2024 27,053 2025 21,239 Thereafter 46,311 Total minimum rents $ 213,140

Real Estate Impairment - Impair

Real Estate Impairment - Impairment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of assets held for sale	$ 600	$ 1,598
Columbia Fire Station
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of assets held for sale	600	0
St. Matthews
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of assets held for sale	0	451
Perimeter Square
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of assets held for sale	$ 0	$ 1,147

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS:
Investment properties, net	$ 392,664	$ 416,215
Cash and cash equivalents	7,660	5,451
Restricted cash	35,108	16,140
Rents and other tenant receivables, net	9,153	6,905
Assets held for sale	13,072	1,737
Above market lease intangibles, net	3,547	5,241
Operating lease right-of-use assets	12,745	11,651
Deferred costs and other assets, net	15,430	21,025
Total Assets	489,379	484,365
LIABILITIES:
Loans payable, net	334,266	340,913
Liabilities associated with assets held for sale	13,124	2,026
Below market lease intangibles, net	4,554	6,716
Warrant liability	594	0
Operating lease liabilities	13,200	11,921
Accounts payable, accrued expenses and other liabilities	11,229	9,557
Total Liabilities	376,967	371,133
EQUITY:
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,703,874 and 9,694,284 shares issued and outstanding, respectively)	97	97
Additional paid-in capital	234,061	233,870
Accumulated deficit	(260,867)	(251,580)
Total Stockholders’ Equity	14,918	23,927
Noncontrolling interests	1,931	2,080
Total Equity	16,849	26,007
Total Liabilities and Equity	489,379	484,365
Series D Cumulative Convertible Preferred Stock
LIABILITIES:
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,529,293 and 3,600,636 shares issued and outstanding, respectively; $109.13 million and $101.66 million aggregate liquidation preference, respectively)	95,563	87,225
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)	$ 41,174	$ 41,087

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
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)	9,703,874	9,694,284
Common Stock, Shares Outstanding (in shares)	9,703,874	9,694,284
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)	3,529,293	3,600,636
Cumulative Convertible Preferred Stock, Shares Outstanding (in shares)	3,529,293	3,600,636
Cumulative Convertible Preferred Stock, Aggregate Liquidation Preference	$ 109,130,000	$ 101,660,000
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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
REVENUE:
Rental revenues	$ 60,039	$ 62,442
Other revenues	964	720
Total Revenue	61,003	63,162
OPERATING EXPENSES:
Property operations	18,886	19,127
Non-REIT management and leasing services	0	25
Depreciation and amortization	17,291	21,319
Impairment of notes receivable	0	5,000
Impairment of assets held for sale	600	1,598
Corporate general & administrative	5,831	6,633
Total Operating Expenses	42,608	53,702
Gain on disposal of properties	23	1,394
Operating Income	18,418	10,854
Interest expense	(17,092)	(18,983)
Other expense	(1,039)	0
Net Income (Loss) Before Income Taxes	287	(8,129)
Income tax expense	0	(15)
Net Income (Loss)	287	(8,144)
Less: Net income (loss) attributable to noncontrolling interests	42	(105)
Net Income (Loss) Attributable to Wheeler REIT	245	(8,039)
Preferred Stock dividends - undeclared	(14,528)	(14,629)
Deemed contribution related to preferred stock discount	726	0
Net Loss Attributable to Wheeler REIT Common Stockholders	$ (13,557)	$ (22,668)
Total loss per share (in dollars per share)	$ (1.40)	$ (2.34)
Weighted-average number of shares:
Basic and Diluted (in shares)	9,698,274	9,671,847

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	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2018					562	1,875,748	9,511,464			235,032
Beginning 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)
Deemed contribution related to preferred stock discount	0
Net Income (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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount	677	$ 87		$ 87		$ 87
Conversion of operating partnership units to Common Stock (in shares)							9,590			(9,590)
Conversion of operating partnership units to Common Stock			21					21		$ (21)
Adjustment for noncontrolling interest in operating partnership			170					170		(170)
Dividends and distributions	(10,258)		(10,258)						(10,258)
Deemed contribution related to preferred stock discount	726		726						726
Net Income (Loss)	287		245						245	$ 42
Ending balance (in shares) at Dec. 31, 2020					562	1,875,748	9,703,874			224,429
Ending balance at Dec. 31, 2020	$ 16,849		$ 14,918		$ 453	$ 41,174	$ 97	$ 234,061	$ (260,867)	$ 1,931

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 287	$ (8,144)
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities
Depreciation	11,317	12,020
Amortization	5,974	9,299
Loan cost amortization	1,097	1,707
Above (below) market lease amortization, net	(461)	(1,261)
Straight-line expense	184	188
Share-based compensation	0	2
Gain on disposal of properties	(23)	(1,394)
Credit losses on operating lease receivables	1,131	449
Impairment of notes receivable	0	5,000
Impairment of assets held for sale	600	1,598
Net changes in assets and liabilities:
Rent and other tenant receivables, net	(2,402)	(1,592)
Unbilled rent	(1,076)	(100)
Deferred costs and other assets, net	(661)	(312)
Accounts payable, accrued expenses and other liabilities	(187)	(2,205)
Net operating cash flows used in discontinued operations	0	(2)
Net cash provided by operating activities	15,780	15,253
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions	0	(24)
Capital expenditures	(2,271)	(2,711)
Cash received from disposal of properties	4,508	3,584
Cash received from disposal of properties-discontinued operations	0	19
Net cash provided by investing activities	2,237	868
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs	(3,143)	(779)
Loan proceeds	38,350	31,665
Loan principal payments	(31,493)	(43,415)
Preferred stock redemption	(1,106)	0
Paycheck Protection Program proceeds	552	0
Net cash provided by (used in) financing activities	3,160	(12,529)
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	21,177	3,592
CASH, CASH EQUIVALENTS AND RESTRICTED CASH , beginning of year	21,591	17,999
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year	42,768	21,591
Non-cash Transactions:
Conversion of common units to Common Stock	21	2
Accretion of Preferred Stock discounts	677	680
Deemed contribution related to preferred stock discount	726	0
Other Cash Transactions:
Cash paid for taxes	15	6
Cash paid for interest	15,889	17,379
Cash, cash equivalents, and restricted cash	$ 21,591	$ 21,591

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 5 to 40 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Tenant allowances, tenant inducements and tenant improvements are amortized utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The Company also estimates the value of other acquired intangible assets, if any, and amortizes them over the remaining life of the underlying related intangibles. The Company reviews investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable, but at least annually. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted future operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. Estimated 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 current 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. 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 expense 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, 2020 and 2019. 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 not record any conditional asset retirement obligation liabilities as of December 31, 2020 and 2019. 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, tenant security deposits and funds held for the 2020 tender offer, see Note 8 for further details related to the tender offer. 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 Notes Receivable Notes receivable represent financing to Sea Turtle Development ("Sea Turtle") as discussed in Note 4. The notes were 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. 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 deferred costs and other assets represents a component of depreciation and amortization expense. Paycheck Protection Program The Company received proceeds of $552 thousand (the "PPP funds") pursuant to the Paycheck Protection Program (the "PPP") under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. The PPP funds were received in the form of a promissory note, dated April 24, 2020 (the “Promissory Note”), between the Company and KeyBank as the lender that matures on April 24, 2022 bearing interest at a fixed rate of 1% per annum, payable monthly commencing seven months from the date of the note. Under the terms of the PPP, the principal may be forgiven if the proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, mortgage interest, rent and utilities. See Note 12 for additional details regarding forgiveness. The PPP proceeds are included in "accounts payable, accrued expenses and other liabilities" on the consolidated balance sheets. Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statement of operations. The assumptions used in these fair value estimates 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. Debt Issuance Costs The Company may record debt issuance costs in connection with raising funds through the issuance of debt. These costs may be paid in the form of cash, or equity (such as warrants). These costs are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. Operating Partnership Purchase of Stock The Operating Partnership purchased 71,343 shares of the Series D Preferred Stock on September 22, 2020 from an unaffiliated investor at $15.50 per share. The Company considers the purchase of the REIT's equity securities to be retired in the consolidated financial statements. See Note 8 for additional details. 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, 2020 and 2019, there were $4.48 million and $3.41 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, 2020 and 2019. 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 are 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. Beginning in April 2020, the Company received certain rent relief requests, most often in the form of rent deferral requests, as a result of COVID-19. The Company evaluates each tenant rent relief request on an individual basis, considering a number of factors. Not all tenant requests ultimately result in concessions or modification of agreements, nor is the Company forgoing its contractual rights under its lease agreements. The Financial Accounting Standards Board (the "FASB") issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. The Lease Modification Q&A clarifies that entities may elect to treat qualifying lease concessions as if they were based on enforceable rights and obligations, and may choose to apply or not to apply modification accounting to those qualifying concessions. Qualifying concessions must be in response to COVID-19 and not have a substantial increase in the lessee’s obligation or the lessor’s rights under the contract. The Company has elected not to apply ASC 842 modification guidance for concessions that did not increase the lease term, generally these concessions do not impact the overall economics of the lease. Concessions that extend the lease term are accounted for under ASC 842, lease modification guidance. The below table disaggregates the Company’s revenue by type of service for the years ended December 31, 2020 and 2019 (in thousands): Years Ended December 31, 2020 2019 Minimum rent $ 46,349 $ 49,006 Tenant reimbursements - variable lease revenue 13,273 13,369 Percentage rent - variable lease revenue 393 334 Straight-line rents 1,155 182 Lease termination fees 178 117 Other 786 603 Subtotal 62,134 63,611 Credit losses on operating lease receivables (1,131) (449) Total $ 61,003 $ 63,162 Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to stockholders and meet certain other asset and income tests, as well as other requirements. 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 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. Corporate General and Administrative Expense A detail for the "corporate general & administrative" line item from the consolidated statements of operations is presented below (in thousands): December 31, 2020 2019 Professional fees $ 2,466 $ 2,534 Compensation and benefits 1,589 1,991 Corporate administration 1,240 1,259 Advertising costs for leasing activities 117 276 Other 419 573 Total $ 5,831 $ 6,633 Other Expense Other expense represents expenses which are non-operating in nature. Other expenses during the year ended December 31, 2020 were $1.04 million in legal settlement costs and reimbursement of 2019 proxy costs, see Note 10 and Note 11 for additional details. 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 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 stockholders’ 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, modifications and additions for disclosures, which includes both prospective and retrospective disclosures. The guidance adds prospective disclosures related to the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements including measurement uncertainty disclosures to communicate the uncertainty in the measurement as of the reporting date. The Company adopted this ASU as of January 1, 2020. The adoption did not have material impact on its consolidated financial statements upon adoption of the guidance and there were no retrospective disclosures necessary. 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 income, total assets, total liabilities or equity. The revenue from asset management fees and commissions were reclassified to other revenues on the consolidated statements of operations for consistency with current period presentation.

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2020
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Notes Receivable	Notes ReceivableOn 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. As such, the Company recognized $5.00 million in impairment expense on the notes receivable for the year ended December 31, 2019, bringing the carrying value to zero, as the estimated fair value of Sea Turtle was not expected to provide for the cash required to repay the notes receivable. Additionally, the notes receivable were on nonaccrual status during 2019 and the Company did not recognize $1.44 million of interest income during the year ended December 31, 2019. No interest income was recognized in 2020. See Note 10 for further details on the outcome of bankruptcy proceedings.

Deferred Costs Deferred Costs

Deferred Costs Deferred Costs	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs	5. Deferred Costs Deferred costs and other assets, net of amortization are as follows (in thousands): December 31, 2020 2019 Leases in place, net $ 10,233 $ 14,968 Ground lease sandwich interest, net 1,941 2,215 Lease origination costs, net 1,334 1,038 Tenant relationships, net 1,308 2,173 Legal and marketing costs, net 22 43 Other 592 588 Total deferred costs and other assets, net $ 15,430 $ 21,025 As of December 31, 2020 and 2019, the Company’s intangible accumulated amortization totaled $60.33 million and $57.15 million, respectively. During the years ended December 31, 2020 and 2019, the Company’s intangible amortization expense totaled $5.97 million and $9.30 million, respectively. Future amortization of leases in place, ground lease sandwich interest, lease origination costs, tenant relationships, and legal and marketing costs is as follows (in thousands): For the Years Ended December 31, Leases In Ground Lease Sandwich Interest, net Lease Tenant Legal & Total 2021 $ 2,669 $ 274 $ 216 $ 444 $ 8 $ 3,611 2022 2,109 274 174 354 6 2,917 2023 1,632 274 156 227 5 2,294 2024 1,119 274 141 128 3 1,665 2025 794 274 117 62 — 1,247 Thereafter 1,910 571 530 93 — 3,104 $ 10,233 $ 1,941 $ 1,334 $ 1,308 $ 22 $ 14,838

Rentals under Operating Leases

Rentals under Operating Leases	12 Months Ended
	Dec. 31, 2020
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 tenant reimbursements and percentage rent based on tenant sales volume, as of December 31, 2020 are as follows (in thousands): For the Years Ended December 31, 2021 $ 44,061 2022 40,091 2023 34,385 2024 27,053 2025 21,239 Thereafter 46,311 Total minimum rents $ 213,140

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease Commitments	. Lease Commitments The Company has ground leases and leases its corporate headquarters; both 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, 2020 and 2019, the weighted average remaining lease term is 32 and 35 years, respectively. The following properties are subject to leases which require the Company to make the following 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, 2020 2019 Expiration Amscot $ 25 $ 25 2045 Beaver Ruin Village 54 54 2054 Beaver Ruin Village II 22 22 2056 Leased office space Charleston, SC — 67 2019 Moncks Corner 121 121 2040 Devine Street (1) 396 396 2051 JANAF (2) 282 290 2069 Total $ 900 $ 975 (1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051. (2) Includes $131 thousand and $139 thousand in variable percentage rent, during the years ended December 31, 2020 and 2019, respectively. Supplemental information related to leases is as follows (in thousands): For the Years Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 583 $ 644 Leased assets obtained in exchange for new operating lease liabilities $ 1,285 $ 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, 2020 and a reconciliation of those cash flows to the operating lease liabilities at December 31, 2020 are as follows (in thousands): For the Years Ended December 31, 2021 $ 902 2022 905 2023 907 2024 909 2025 913 Thereafter 23,785 Total minimum lease payments (1) 28,321 Discount (15,121) Operating lease liabilities $ 13,200 (1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised. On December 31, 2020, the Company sold its corporate headquarters in Virginia Beach to an unrelated party for approximately $2.84 million, net of costs to sell, and simultaneously leased the building for 10 years at an annual base rent of $265 thousand, plus taxes and other operating and maintenance expenses. The transaction qualified for sale leaseback accounting in accordance with ASC 842 and the Company used the incremental borrowing rate associated with the previous loan on the office building of 5.77% for purposes of calculating the lease liability. The lease agreement includes an option for five years and the Company recognized only the initial term of the lease as part of its ROU asset and lease liability. As a result of this transaction, a gain of $49 thousand was recognized, which is included in "gain on disposal of properties" on the consolidated statements of operations with the remaining gain of $725 thousand deferred over the life of the lease.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The following summarizes related party activity for the years ended December 31, 2020 and 2019. The amounts disclosed below reflect the activity between the Company and its affiliates (in thousands): December 31, 2020 2019 Amounts paid to affiliates $ 106 $ — Amounts received from affiliates $ — $ 19 Reimbursement of Proxy Solicitation Expenses On October 29, 2019, Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Value LLC and Joseph Stilwell (collectively, the “Stilwell Group”), filed a proxy statement with the SEC in connection with the Company’s 2019 annual meeting (the “Stilwell Solicitation”). Current director Joseph Stilwell is the owner and managing member of Stilwell Value LLC, which is the general partner of Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P. and Stilwell Activist Investments, L.P.. At the 2019 annual meeting, our stockholders elected three nominees designated by the Stilwell Group to the Board of Directors. The Stilwell Group disclosed in the Stilwell Solicitation that it intended to seek reimbursement of the expenses it incurred in connection with such solicitation. The Company has agreed to reimburse the Stilwell Group for the approximate $439 thousand of expenses it incurred in connection with the Stilwell Solicitation. This reimbursement was recorded on the consolidated statements of operations as “other expense.” Tax Protection Agreement 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, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Paycheck Protection Program On January 8, 2021, KeyBank notified the Company that the PPP Promissory Note application for forgiveness has been approved. Tender offer On January 26, 2021 the Company announced, the value of Series D Preferred Shares that the Company was offering to purchase increased from $19.00 million to $20.00 million and the tender offer was extended to February 16, 2021. On February 17, 2021 the Company announced the tender offer was further extended to March 12, 2021 and the value of Series D Preferred Shares that the Company was offering to purchase decreased from $20.00 million to $6.00 million. The tender offer expired, in accordance with its terms, on March 12, 2021. In accordance with the terms and conditions of the tender offer and based on the final count, the Company accepted for purchase 387,097 Series D Preferred Shares at a purchase price of $15.50 per share, for an aggregate cost of $6.00 million, excluding fees and expenses relating to the tender offer. Tuckernuck Refinance On February 2, 2021, the Company refinanced the Tuckernuck Loan for $5.15 million at a rate of 5.00%. The loan matures on March 1, 2026 with monthly principal and interest payments of $32 thousand. Powerscourt Financing Agreement Payoff On March 12, 2021, the Company paid in full the $25.00 million Powerscourt Financing Agreement. The Powerscourt Warrant Agreement remains. Wilmington Financing Agreement On March 12, 2021, the Company entered into a financing agreement (the "Wilmington Financing Agreement") as borrower, certain subsidiaries of the Company from time to time party thereto, as guarantors (together with the Company, the “Loan Parties”), the lenders from time to time party thereto, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent. The Wilmington Financing Agreement provides for a term loan in the aggregate principal of $35.00 million. The proceeds of the Wilmington Financing Agreement are intended for the following: (i) to paydown the Company’s indebtedness on the Powerscourt Financing Agreement, (ii) to fund the redemption of certain shares of the Company’s 8.75% Series D Preferred and (iii) to pay fees and expenses in connection with the transactions contemplated by the Wilmington Financing Agreement. The Wilmington Financing Agreement is at a rate of 8.00% and matures in March 2026 with quarterly interest only payments beginning on April 15, 2021. Any payment or repayment of principal will be made with a premium equal to 5% of the amount repaid or prepaid. In conjunction with the Wilmington Financing Agreement, the Company issued to the holders from time to time party thereto a warrant (the “Warrant”) to purchase, in the aggregate, 1,061,719 shares of the Company’s Common Stock (see the “Wilmington Warrant Agreement” below). The obligations of the Company under the Wilmington Financing Agreement are secured by liens on certain assets of the Company and certain of the Company’s subsidiaries, including mortgages on the properties within the Company’s portfolio. The Wilmington Financing Agreement also contains covenants that restrict, among other things the ability of the Company and its subsidiaries to create liens, incur indebtedness, make certain investments, merge or consolidate, dispose of assets, pay certain dividends and make certain other restricted payments or certain equity issuances, change the nature of their businesses, enter into certain transactions with affiliates and change their governing documents. Wilmington Warrant Agreement Pursuant to Wilmington Financing Agreement, the Company issued to the holders from time to time party thereto a warrant (the “Warrant”) to purchase in the aggregate, 1,061,719 shares of Common Stock in three tranches: warrants to purchase an aggregate of 510,204 shares at an exercise price of $3.43 per share ("Tranche A"); warrants to purchase an aggregate of 424,242 shares at an exercise price of $4.125 per share ("Tranche B"); and warrants to purchase an aggregate of 127,273 shares at an exercise price of $6.875 per share ("Tranche C") (the “Wilmington Warrant Agreement”). The Warrant is

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2020
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, 2020 Description Balance at Charged to Deductions Balance at (in thousands) Allowance for doubtful accounts: Year Ended December 31, 2020 $ 3,293 $ 1,131 $ (3,430) $ 994 Year Ended December 31, 2019 $ 3,269 $ 426 $ (402) $ 3,293

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
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, 2020 Initial Cost Costs Capitalized Gross Amount at which Carried Property Name Land Building and Improvements Carrying Land Building and Total (in thousands) Amscot Building $ — $ 462 $ 31 $ — $ — $ 493 $ 493 Lumber River Village 800 4,487 151 — 942 4,496 5,438 Surrey Plaza 381 1,857 — — 381 1,857 2,238 Tuckernuck 2,115 6,719 1,009 — 2,171 7,672 9,843 Twin City Commons 800 3,041 142 — 800 3,183 3,983 Walnut Hill Plaza 734 2,414 1,334 — 734 3,748 4,482 Tampa Festival 4,653 6,691 442 — 4,695 7,091 11,786 Forrest Gallery 3,015 7,455 1,081 — 3,015 8,536 11,551 Winslow Plaza 1,325 3,684 210 — 1,370 3,849 5,219 Clover Plaza 356 1,197 29 — 356 1,226 1,582 St. George Plaza 706 1,264 69 — 752 1,287 2,039 South Square 353 1,911 31 — 374 1,921 2,295 Westland Square 887 1,710 36 — 901 1,732 2,633 Waterway Plaza 1,280 1,248 214 — 1,299 1,443 2,742 Cypress Shopping Center 2,064 4,579 476 — 2,064 5,055 7,119 Harrodsburg Marketplace 1,431 2,485 72 — 1,509 2,479 3,988 Port Crossing Shopping Center 792 6,921 167 — 792 7,088 7,880 LaGrange Marketplace 390 2,648 277 — 430 2,885 3,315 DF I-Courtland (1) 196 — — — 196 — 196 Edenton Commons (1) 746 — — — 746 — 746 DF I-Moyock (1) 179 — — — 179 — 179 Freeway Junction 1,521 6,755 152 — 1,521 6,907 8,428 Bryan Station 1,658 2,756 85 — 1,658 2,841 4,499 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 1,610 — 716 9,185 9,901 Butler Square 1,024 6,401 224 — 1,024 6,625 7,649 Brook Run Shopping Center 2,209 12,919 593 — 2,377 13,344 15,721 Beaver Ruin Village 2,604 8,284 102 — 2,604 8,386 10,990 Beaver Ruin Village II 1,153 2,809 5 — 1,153 2,814 3,967 Columbia Fire Station (1) 1,106 599 4,719 — 1,106 5,318 6,424 Chesapeake Square 895 4,112 966 — 1,269 4,704 5,973 Sunshine Plaza 1,183 6,368 500 — 1,222 6,829 8,051 Barnett Portfolio 3,107 8,912 281 — 3,234 9,066 12,300 Grove Park 722 4,590 84 — 741 4,655 5,396 Parkway Plaza 772 4,230 32 — 778 4,256 5,034 Fort Howard Square 1,890 7,350 212 — 1,952 7,500 9,452 Initial Cost Costs Capitalized Gross Amount at which Carried Property Name Land Building and Improvements Carrying Land Building and Total Conyers Crossing $ 2,034 $ 6,820 $ 94 $ — $ 2,034 $ 6,914 $ 8,948 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 64 — 3,052 3,913 6,965 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 61 — 572 986 1,558 Litchfield II 568 936 24 — 572 956 1,528 Litchfield Market Village 2,970 4,716 127 — 3,046 4,767 7,813 Moncks Corner — 1,109 9 — — 1,118 1,118 Ridgeland 203 376 — — 203 376 579 Shoppes at Myrtle Park 3,182 5,360 824 — 3,182 6,184 9,366 South Lake 804 2,025 (27) — 804 1,998 2,802 South Park 943 2,967 98 — 1,019 2,989 4,008 Berkley 1,005 2,865 (50) — 1,005 2,815 3,820 Sangaree 2,302 2,922 636 — 2,503 3,357 5,860 Tri-County 411 3,421 376 — 635 3,573 4,208 Riverbridge 774 5,384 — — 774 5,384 6,158 Laburnum Square 3,736 5,928 215 — 3,811 6,068 9,879 Franklin Village 2,608 9,426 26 — 2,608 9,452 12,060 Village at Martinsville 5,208 12,879 241 — 5,228 13,100 18,328 New Market Crossing 993 5,216 363 — 1,042 5,530 6,572 Rivergate Shopping Center 1,570 30,694 146 — 1,672 30,738 32,410 JANAF 8,267 66,549 441 — 8,467 66,790 75,257 Totals $ 97,030 $ 348,667 $ 19,117 $ — $ 99,544 $ 365,270 $ 464,814 (1) Net of impairment expenses 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 Date of Date Depreciation (in thousands) Amscot Building (3) $ 243 5/15/2004 5-40 years Lumber River Village $ 1,367 1,144 11/16/2012 5-40 years Surrey Plaza (3) 535 12/21/2012 5-40 years Tuckernuck 5,193 1,902 11/16/2012 5-40 years Twin City Commons 2,915 795 12/18/2012 5-40 years Walnut Hill Plaza 3,287 2,373 12/14/2007 5-15 years Tampa Festival 7,920 1,891 8/26/2013 5-40 years Forrest Gallery 8,226 2,215 8/29/2013 5-40 years Winslow Plaza 4,553 992 12/19/2013 5-40 years Clover Plaza 1,951 243 12/23/2013 5-40 years St. George Plaza 2,460 264 12/23/2013 5-40 years South Square 2,003 356 12/23/2013 5-40 years Westland Square 2,556 334 12/23/2013 5-40 years Waterway Plaza 2,503 271 12/23/2013 5-40 years Cypress Shopping Center 6,163 891 7/1/2014 5-40 years Harrodsburg Marketplace 3,343 484 7/1/2014 5-40 years Port Crossing Shopping Center 5,909 1,883 7/3/2014 5-40 years LaGrange Marketplace (6) 595 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 7,582 1,360 9/4/2014 5-40 years Bryan Station 4,312 550 10/2/2014 5-40 years Crockett Square 6,338 1,403 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 8,001 1,673 1/14/2015 5-40 years Brook Run Properties (undeveloped land) — 3/27/2015 N/A Alex City Marketplace 5,750 1,658 4/1/2015 5-40 years Butler Square 5,640 1,051 4/15/2015 5-40 years Brook Run Shopping Center 10,950 3,708 6/2/2015 5-40 years Beaver Ruin Village (4) 1,296 7/1/2015 5-40 years Beaver Ruin Village II (4) 435 7/1/2015 5-40 years Columbia Fire Station 3,893 235 8/31/2018 7/1/2015 5-40 years Chesapeake Square 4,279 1,009 7/10/2015 5-40 years Sunshine Plaza 5,900 1,066 7/21/2015 5-40 years Barnett Portfolio 8,770 1,570 8/21/2015 5-40 years Grove Park 3,800 849 9/9/2015 5-40 years Parkway Plaza 3,500 680 9/15/2015 5-40 years Property Name Encumbrances Accumulated Date of Date Depreciation (in thousands) Fort Howard Square $ 7,100 $ 1,126 9/30/2015 5-40 years Conyers Crossing 5,960 1,301 9/30/2015 5-40 years Darien Shopping Center (1) 144 4/12/2016 5-40 years Devine Street (1) 252 4/12/2016 5-40 years Folly Road 7,223 608 4/12/2016 5-40 years Georgetown (6) 272 4/12/2016 5-40 years Ladson Crossing (7) 553 4/12/2016 5-40 years Lake Greenwood Crossing (7) 343 4/12/2016 5-40 years Lake Murray (1) 236 4/12/2016 5-40 years Litchfield I (5) 160 4/12/2016 5-40 years Litchfield II (5) 132 4/12/2016 5-40 years Litchfield Market Village (5) 687 4/12/2016 5-40 years Moncks Corner (1) 162 4/12/2016 5-40 years Ridgeland (6) 65 4/12/2016 5-40 years Shoppes at Myrtle Park 5,892 921 4/12/2016 5-40 years South Lake (1) 261 4/12/2016 5-40 years South Park (7) 393 4/12/2016 5-40 years Berkley (2) 335 11/10/2016 5-40 years Sangaree (2) 655 11/10/2016 5-40 years Tri-County (2) 552 11/10/2016 5-40 years Riverbridge 4,000 727 11/15/2016 5-40 years Laburnum Square 7,665 798 12/7/2016 5-40 years Franklin Village 8,404 1,078 12/12/2016 5-40 years Village at Martinsville 15,979 1,772 12/16/2016 5-40 years New Market Crossing 6,508 690 12/20/2016 5-40 years Rivergate Shopping Center 21,164 3,596 12/21/2016 5-40 years JANAF 59,982 5,912 1/18/2018 5-40 years Totals $ 59,685 (1) Properties secure a $25.0 million term note. (2) Properties secure a $9.4 million mortgage note. (3) Properties secure a $1.1 million mortgage note. (4) Properties secure a $9.4 million mortgage note. (5) Properties secure a $7.4 million mortgage note. (6) Properties secure a $5.6 million mortgage note. (7) Properties secure a $7.2 million mortgage note. Schedule III-Real Estate and Accumulated Depreciation (Continued) 2020 2019 (in thousands) Balance at beginning of period $ 468,499 $ 482,103 Additions during the period: Acquisitions — 35 Improvements 3,066 2,711 Impairments (600) (1,598) Disposals (6,151) (14,752) Balance at end of period $ 464,814 $ 468,499

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - Policies	12 Months Ended
	Dec. 31, 2020
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. 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.
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 expense 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, 2020 and 2019. 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
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, tenant security deposits and funds held for the 2020 tender offer, see Note 8 for further details related to the tender offer. 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
Notes Receivable	Notes Receivable Notes receivable represent financing to Sea Turtle Development ("Sea Turtle") as discussed in Note 4. The notes were 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.
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 deferred costs and other assets 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, 2020 and 2019, there were $4.48 million and $3.41 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, 2020 and 2019. 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 are 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.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to stockholders and meet certain other asset and income tests, as well as other requirements. 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 Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes
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
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 stockholders’ 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	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, modifications and additions for disclosures, which includes both prospective and retrospective disclosures. The guidance adds prospective disclosures related to the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements including measurement uncertainty disclosures to communicate the uncertainty in the measurement as of the reporting date. The Company adopted this ASU as of January 1, 2020. The adoption did not have material impact on its consolidated financial statements upon adoption of the guidance and there were no retrospective disclosures necessary. 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 income, total assets, total liabilities or equity. The revenue from asset management fees and commissions were reclassified to other revenues on the consolidated statements of operations for consistency with current period presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019 (in thousands): Years Ended December 31, 2020 2019 Minimum rent $ 46,349 $ 49,006 Tenant reimbursements - variable lease revenue 13,273 13,369 Percentage rent - variable lease revenue 393 334 Straight-line rents 1,155 182 Lease termination fees 178 117 Other 786 603 Subtotal 62,134 63,611 Credit losses on operating lease receivables (1,131) (449) Total $ 61,003 $ 63,162
Schedule of corporate general and administrative expense	A detail for the "corporate general & administrative" line item from the consolidated statements of operations is presented below (in thousands): December 31, 2020 2019 Professional fees $ 2,466 $ 2,534 Compensation and benefits 1,589 1,991 Corporate administration 1,240 1,259 Advertising costs for leasing activities 117 276 Other 419 573 Total $ 5,831 $ 6,633

Deferred Costs (Tables)

Deferred Costs (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of details of deferred costs, net of amortization and other assets	Deferred costs and other assets, net of amortization are as follows (in thousands): December 31, 2020 2019 Leases in place, net $ 10,233 $ 14,968 Ground lease sandwich interest, net 1,941 2,215 Lease origination costs, net 1,334 1,038 Tenant relationships, net 1,308 2,173 Legal and marketing costs, net 22 43 Other 592 588 Total deferred costs and other assets, net $ 15,430 $ 21,025
Schedule of future amortization of lease origination costs, financing costs and in place leases	Future amortization of leases in place, ground lease sandwich interest, lease origination costs, tenant relationships, and legal and marketing costs is as follows (in thousands): For the Years Ended December 31, Leases In Ground Lease Sandwich Interest, net Lease Tenant Legal & Total 2021 $ 2,669 $ 274 $ 216 $ 444 $ 8 $ 3,611 2022 2,109 274 174 354 6 2,917 2023 1,632 274 156 227 5 2,294 2024 1,119 274 141 128 3 1,665 2025 794 274 117 62 — 1,247 Thereafter 1,910 571 530 93 — 3,104 $ 10,233 $ 1,941 $ 1,334 $ 1,308 $ 22 $ 14,838

Equity and Mezzanine Equity (Ta

Equity and Mezzanine Equity (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019 is as follows (in thousands): Series D Preferred Balance December 31, 2018 $ 76,955 Accretion of Preferred Stock discount 593 Undeclared dividends 9,677 Balance December 31, 2019 87,225 Accretion of Preferred Stock discount 590 Undeclared dividends 9,581 Redemption of Preferred Stock (1,833) Balance December 31, 2020 $ 95,563
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	As of December 31, 2020 and 2019, the below shares are able to be converted to Common Stock. The common units, convertible preferred stock, cumulative convertible preferred stock, and warrants have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. December 31, 2020 December 31, 2019 Outstanding shares Potential Dilutive Shares Outstanding shares Potential Dilutive Shares Common units 224,429 224,429 234,019 234,019 Series B Preferred Stock 1,875,748 1,172,343 1,875,748 1,172,343 Series D Preferred Stock 3,529,293 5,202,378 3,600,636 5,307,541 Warrants to purchase Common Stock — 496,415 — —
Schedule of Dividends Declared	Series A Preferred Series B Preferred Series D Preferred Record Date/Arrears Date Arrears Per Share Arrears Per Share Arrears Per Share For the year ended December 31, 2020 $ 51 $ 90.00 $ 4,221 $ 2.25 $ 9,488 $ 2.69 For the year ended December 31, 2019 $ 51 $ 90.00 $ 4,221 $ 2.25 $ 9,677 $ 2.69
Share-based Payment Arrangement Cost	On June 15, 2016, the Company's stockholders 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) 2020 — $ — 2019 181,807 166

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2020
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 the following 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, 2020 2019 Expiration Amscot $ 25 $ 25 2045 Beaver Ruin Village 54 54 2054 Beaver Ruin Village II 22 22 2056 Leased office space Charleston, SC — 67 2019 Moncks Corner 121 121 2040 Devine Street (1) 396 396 2051 JANAF (2) 282 290 2069 Total $ 900 $ 975 (1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051. (2) Includes $131 thousand and $139 thousand in variable percentage rent, during the years ended December 31, 2020 and 2019, respectively. Supplemental information related to leases is as follows (in thousands): For the Years Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 583 $ 644 Leased assets obtained in exchange for new operating lease liabilities $ 1,285 $ 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, 2020 and a reconciliation of those cash flows to the operating lease liabilities at December 31, 2020 are as follows (in thousands): For the Years Ended December 31, 2021 $ 902 2022 905 2023 907 2024 909 2025 913 Thereafter 23,785 Total minimum lease payments (1) 28,321 Discount (15,121) Operating lease liabilities $ 13,200 (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, 2020
Related Party Transactions [Abstract]
Summary of related party activity	The following summarizes related party activity for the years ended December 31, 2020 and 2019. The amounts disclosed below reflect the activity between the Company and its affiliates (in thousands): December 31, 2020 2019 Amounts paid to affiliates $ 106 $ — Amounts received from affiliates $ — $ 19

Organization and Basis of Pre_2

Organization and Basis of Presentation and Consolidation (Details)	12 Months Ended
	Dec. 31, 2020ft²PropertyBuildings
Real Estate Properties [Line Items]
Number of properties | Buildings	60
Number of undeveloped real estate properties	6
Total net rentable space in Company's portfolio | ft²	5,561,766
Leased level	88.90%
VIRGINIA
Real Estate Properties [Line Items]
Number of properties	12
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	23
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)	Sep. 22, 2020$ / sharesshares	Dec. 31, 2020USD ($)asset_class$ / shares	Dec. 31, 2019USD ($)$ / shares	Apr. 30, 2020USD ($)	Jan. 01, 2019USD ($)
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		$ 994,000	1,140,000
Tenant recoveries realized from previous charge-offs		$ 0	0
Property management fee percentage		3.00%
Asset management fee percentage		2.00%
Minimum percentage of taxable income to be distributed to stockholders		90.00%
Term of disqualification to be taxed as a REIT due to loss of REIT status		5 years
Advertising costs for leasing activities		$ 117,000	$ 276,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Operating lease right-of-use assets		$ 12,745,000	$ 11,651,000		$ 11,900,000
Operating lease liabilities		$ 13,200,000	$ 11,921,000		$ 11,990,000
Lease incremental borrowing rate					4.84%
Stock Repurchased and Retired During Period, Shares | shares	71,343
Stock Repurchased And Retired, Price Per Share | $ / shares	$ 15.50
Lessor, Operating Lease, Number Of Underlying Asset Classes | asset_class		2
Legal Fees		$ 1,040,000
New Lease
Property, Plant and Equipment [Line Items]
Commission fee percentage for new leases		6.00%	3.00%
KeyBank
Property, Plant and Equipment [Line Items]
Unsecured Debt				$ 552,000
Debt interest rate				1.00%
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		$ 4,480,000	$ 3,410,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 964	$ 720
Subtotal	62,134	63,611
Credit losses on operating lease receivables	(1,131)	(449)
Total Revenue	61,003	63,162
Minimum rent
Disaggregation of Revenue [Line Items]
Revenues	46,349	49,006
Tenant reimbursements - variable lease revenue
Disaggregation of Revenue [Line Items]
Revenues	13,273	13,369
Percentage Rent - variable lease revenue
Disaggregation of Revenue [Line Items]
Variable lease revenue	393	334
Lease termination fees
Disaggregation of Revenue [Line Items]
Revenues	178	117
Other
Disaggregation of Revenue [Line Items]
Revenues	786	603
Straight-Ling Rent
Disaggregation of Revenue [Line Items]
Straight-line rents	$ 1,155	$ 182

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - CG&A Schedule (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CG&A Schedule [Abstract]
Professional fees	$ 2,466	$ 2,534
Compensation and benefits	1,589	1,991
Corporate administration	1,240	1,259
Advertising costs for leasing activities	117	276
Other	419	573
Total	$ 5,831	$ 6,633

Real Estate Investment Properti

Real Estate Investment Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Investment properties at cost	$ 451,855	$ 466,681
Less accumulated depreciation	(59,191)	(50,466)
Investment properties, net	392,664	416,215
Land and land improvements
Real Estate Properties [Line Items]
Investment properties at cost	97,117	100,599
Buildings and improvements
Real Estate Properties [Line Items]
Investment properties at cost	$ 354,738	$ 366,082

Real Estate - Additional Inform

Real Estate - Additional Information (Details) $ in Thousands	Dec. 31, 2020USD ($)a	Jan. 21, 2020USD ($)	Jul. 12, 2019USD ($)	May 30, 2019USD ($)ft²	Mar. 15, 2019USD ($)	Feb. 07, 2019USD ($)a	Jan. 11, 2019USD ($)	Dec. 31, 2020USD ($)a	Dec. 31, 2019USD ($)	Apr. 30, 2019ft²
Real Estate Properties [Line Items]
Depreciation								$ 11,317	$ 12,020
Impairment of assets held for sale								$ 600	$ 1,598
Berkley Shopping Center
Real Estate Properties [Line Items]
Area of land | a	0.75							0.75
Riversedge North | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Write off of real estate property	$ (49)
Contract price	3,000							$ 3,000
Net proceeds	$ 2,843							$ 2,843
St. Matthews | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Write off of real estate property		$ 26
Contract price		1,775
Net proceeds		$ 1,665
Perimeter Square | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Write off of real estate property			$ 95
Contract price			7,200
Net proceeds			$ 0
Graystone Crossing | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Write off of real estate property					$ (1,433)
Contract price					6,000
Net proceeds					$ 1,744
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
Write off of real estate property						$ 0
Contract price						550
Net proceeds						$ 19
Jenks Plaza | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Write off of real estate property							$ (387)
Contract price							2,200
Net proceeds							$ 1,840
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
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

Real Estate - Assets Held for S

Real Estate - Assets Held for Sale and Associated Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Total assets held for sale	$ 13,072	$ 1,737
Loans payable	13,124	2,026
Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Investment properties, net	12,593	1,651
Rents and other tenant receivables, net	132	77
Above market lease, net	153	0
Deferred costs and other assets, net	194	9
Total assets held for sale	13,072	1,737
Loans payable	12,838	1,974
Below market leaases, net	25	0
Accounts payable	261	52
Total liabilities associated with assets held for sale	$ 13,124	$ 2,026

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands	Dec. 31, 2020USD ($)	Jan. 21, 2020USD ($)	Jul. 12, 2019USD ($)	Mar. 15, 2019USD ($)	Feb. 07, 2019USD ($)a	Jan. 11, 2019USD ($)
Riversedge North
Real Estate [Line Items]
Contract price	$ 3,000
Gain (loss)	49
Net proceeds	$ 2,843
St. Matthews
Real Estate [Line Items]
Contract price		$ 1,775
Gain (loss)		(26)
Net proceeds		$ 1,665
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

Notes Receivable Notes Receivab

Notes Receivable Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction
Impairment of notes receivable	$ 0	$ 5,000
Affiliated Entity | Construction Loan
Related Party Transaction
Impairment of notes receivable	$ 5,000
Affiliated Entity | Commercial Real Estate
Related Party Transaction
Interest not recognized on non-accrual note receivable		$ 1,440

Deferred Costs Deferred Costs a

Deferred Costs Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 15,430	$ 21,025
Tenant relationships, net	1,308	2,173
Lease origination costs, net	1,334	1,038
Other	592	588
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	10,233	14,968
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	1,941	2,215
Legal & marketing costs, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 22	$ 43

Deferred Costs Additional Detai

Deferred Costs Additional Details (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Finite-lived intangible assets, accumulated amortization	$ 60,330	$ 57,150
Amortization of intangible assets	$ 5,970	$ 9,300

Deferred Costs Future Amortizat

Deferred Costs Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2020USD ($)
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 3,611
Finite-Lived Intangible Asset, Expected Amortization, Year Two	2,917
Finite-Lived Intangible Asset, Expected Amortization, Year Three	2,294
Finite-Lived Intangible Asset, Expected Amortization, Year Four	1,665
Finite-Lived Intangible Asset, Expected Amortization, Year Five	1,247
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	3,104
Total	14,838
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Expected Amortization, Year One	2,669
Finite-Lived Intangible Asset, Expected Amortization, Year Two	2,109
Finite-Lived Intangible Asset, Expected Amortization, Year Three	1,632
Finite-Lived Intangible Asset, Expected Amortization, Year Four	1,119
Finite-Lived Intangible Asset, Expected Amortization, Year Five	794
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	1,910
Total	10,233
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Expected Amortization, Year One	274
Finite-Lived Intangible Asset, Expected Amortization, Year Two	274
Finite-Lived Intangible Asset, Expected Amortization, Year Three	274
Finite-Lived Intangible Asset, Expected Amortization, Year Four	274
Finite-Lived Intangible Asset, Expected Amortization, Year Five	274
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	571
Total	1,941
Lease origination costs, net
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Expected Amortization, Year One	216
Finite-Lived Intangible Asset, Expected Amortization, Year Two	174
Finite-Lived Intangible Asset, Expected Amortization, Year Three	156
Finite-Lived Intangible Asset, Expected Amortization, Year Four	141
Finite-Lived Intangible Asset, Expected Amortization, Year Five	117
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	530
Total	1,334
Tenant relationships, net
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Expected Amortization, Year One	444
Finite-Lived Intangible Asset, Expected Amortization, Year Two	354
Finite-Lived Intangible Asset, Expected Amortization, Year Three	227
Finite-Lived Intangible Asset, Expected Amortization, Year Four	128
Finite-Lived Intangible Asset, Expected Amortization, Year Five	62
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	93
Total	1,308
Legal & marketing costs, net
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Expected Amortization, Year One	8
Finite-Lived Intangible Asset, Expected Amortization, Year Two	6
Finite-Lived Intangible Asset, Expected Amortization, Year Three	5
Finite-Lived Intangible Asset, Expected Amortization, Year Four	3
Finite-Lived Intangible Asset, Expected Amortization, Year Five	0
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	0
Total	$ 22

Loans Payable - Summary of Loan

Loans Payable - Summary of Loans Payable (Details) - USD ($)	Dec. 22, 2020	Nov. 12, 2020	Oct. 14, 2020	Sep. 03, 2020	Aug. 01, 2020	Jul. 15, 2020	Jul. 10, 2020	May 20, 2020	Mar. 23, 2020	Jan. 23, 2020	Jan. 21, 2020	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. 31, 2020	Dec. 07, 2020	Apr. 30, 2020	Dec. 31, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Loans payable, net																					$ 334,266,000			$ 340,913,000
Total Principal Balance																					353,916,000			347,059,000
Unamortized debt issuance cost																					(6,812,000)			(4,172,000)
Total Loans Payable, including Assets Held for Sale																					347,104,000			342,887,000
Less loans payable on assets held for sale, net loan amortization costs																					12,838,000			1,974,000
Perimeter Square
Debt Instrument [Line Items]
Debt interest rate																									6.50%
Columbia Fire Station
Debt Instrument [Line Items]
Monthly payment, amount			$ 25,000	$ 46,000																	$ 45,580
Debt interest rate			4.25%																		14.00%	14.00%
Loans payable, net																					$ 3,893,000			4,051,000
Tuckernuck
Debt Instrument [Line Items]
Monthly payment, amount					$ 34,000																$ 33,880
Debt interest rate																					3.88%
Loans payable, net																					$ 5,193,000			5,344,000
Lumber River
Debt Instrument [Line Items]
Monthly payment, amount																					10,723
Loans payable, net																					$ 1,367,000			1,404,000
Lumber River | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage																					3.50%
Rivergate
Debt Instrument [Line Items]
Monthly payment, amount							$ 48,000														$ 104,178
Loans payable, net																					$ 21,164,000			21,545,000
Rivergate | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage																					2.95%
JANAF Bravo
Debt Instrument [Line Items]
Monthly payment, amount																					$ 36,935
Debt interest rate																					4.65%
Loans payable, net																					$ 6,263,000			6,372,000
Litchfield Market Village
Debt Instrument [Line Items]
Monthly payment, amount													$ 46,000								$ 46,057
Debt interest rate													5.50%								5.50%
Loans payable, net													$ 7,500,000								$ 7,418,000			7,452,000
Twin City Commons
Debt Instrument [Line Items]
Monthly payment, amount																					$ 17,827
Debt interest rate																					4.86%
Loans payable, net																					$ 2,915,000			2,983,000
Walnut Hill Plaza
Debt Instrument [Line Items]
Monthly payment, amount						$ 443,000
Monthly payment, interest only																					26,850
Debt interest rate																					5.50%
Loans payable, net						$ 3,300,000															$ 3,287,000			3,759,000
New Market
Debt Instrument [Line Items]
Monthly payment, amount																					$ 48,747
Debt interest rate																					5.65%
Loans payable, net																					$ 6,508,000			6,713,000
Benefit Street Note
Debt Instrument [Line Items]
Monthly payment, amount																					$ 53,185
Debt interest rate																					5.71%
Loans payable, net																					$ 7,145,000			7,361,000
Deutsche Bank Note
Debt Instrument [Line Items]
Monthly payment, amount																					$ 33,340
Debt interest rate																					5.71%
Loans payable, net																					$ 5,567,000			5,642,000
JANAF
Debt Instrument [Line Items]
Monthly payment, amount																					$ 333,159
Debt interest rate																					4.49%
Loans payable, net																					$ 48,875,000			50,599,000
Tampa Festival
Debt Instrument [Line Items]
Monthly payment, amount																					$ 50,797
Debt interest rate																					5.56%
Loans payable, net																					$ 7,920,000			8,077,000
Forrest Gallery
Debt Instrument [Line Items]
Monthly payment, amount																					$ 50,973
Debt interest rate																					5.40%
Loans payable, net																					$ 8,226,000			8,381,000
Riversedge North
Debt Instrument [Line Items]
Monthly payment, amount																					$ 11,436
Debt interest rate																					5.77%
Loans payable, net																					$ 0			1,767,000
South Carolina Food Lions Note
Debt Instrument [Line Items]
Monthly payment, amount																					$ 68,320
Debt interest rate																					5.25%
Loans payable, net																					$ 11,473,000			11,675,000
Cypress Shopping Center
Debt Instrument [Line Items]
Monthly payment, amount																					$ 34,360
Debt interest rate																					4.70%
Loans payable, net																					$ 6,163,000			6,268,000
Port Crossing Shopping Center
Debt Instrument [Line Items]
Monthly payment, amount																					$ 34,788
Debt interest rate																					4.84%
Loans payable, net																					$ 5,909,000			6,032,000
Freeway Junction
Debt Instrument [Line Items]
Monthly payment, amount																					$ 41,798
Debt interest rate																					4.60%
Loans payable, net																					$ 7,582,000			7,725,000
Harrodsburg Marketplace
Debt Instrument [Line Items]
Monthly payment, amount																					$ 19,112
Debt interest rate																					4.55%
Loans payable, net																					$ 3,343,000			3,416,000
Bryan Station
Debt Instrument [Line Items]
Monthly payment, amount																					$ 23,489
Debt interest rate																					4.52%
Loans payable, net																					$ 4,312,000			4,394,000
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, amount																					$ 39,435
Debt interest rate																					4.15%
Loans payable, net																					$ 8,001,000			8,113,000
Shoppes at Myrtle Park
Debt Instrument [Line Items]
Monthly payment, amount										$ 33,000											$ 33,180
Debt interest rate										4.45%											4.45%
Loans payable, net										$ 6,000,000											$ 5,892,000			0
Folly Road
Debt Instrument [Line Items]
Monthly payment, amount									$ 41,000												$ 41,482
Debt interest rate									4.65%												4.65%
Loans payable, net									$ 7,350,000												$ 7,223,000			5,922,000
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, amount																					$ 24,295
Debt interest rate																					4.82%
Loans payable, net																					$ 4,553,000			4,620,000
JANAF BJ's
Debt Instrument [Line Items]
Monthly payment, amount																					$ 29,964
Debt interest rate																					4.95%
Loans payable, net																					$ 4,844,000			4,957,000
Chesapeake Square
Debt Instrument [Line Items]
Monthly payment, amount																					$ 23,857
Debt interest rate																					4.70%
Loans payable, net																					$ 4,279,000			4,354,000
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, amount																					$ 45,336
Debt interest rate																					4.93%
Loans payable, net																					$ 8,404,000			8,516,000
Village at Martinsville
Debt Instrument [Line Items]
Monthly payment, amount																$ 90,000					$ 89,664
Debt interest rate																4.28%					4.28%
Loans payable, net																$ 16,500,000					$ 15,979,000			16,351,000
Laburnum Square
Debt Instrument [Line Items]
Monthly payment, amount															$ 38,000
Monthly payment, interest only																					Interest only
Debt interest rate															4.28%						4.28%
Loans payable, net															$ 7,670,000						$ 7,665,000			7,665,000
Line of Credit
Debt Instrument [Line Items]
Loans payable, net																					1,100,000
Line of Credit | Monarch Bank Line Of Credit
Debt Instrument [Line Items]
Monthly payment, amount																					24,656
Loans payable, net																					$ 1,045,000			1,214,000
Line of Credit | Monarch Bank Line Of Credit | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage																					3.00%
Revere Term Loan
Debt Instrument [Line Items]
Monthly payment, amount																				$ 20,000
KeyBank
Debt Instrument [Line Items]
Debt interest rate																							1.00%
KeyBank | Line of Credit
Debt Instrument [Line Items]
Monthly payment, amount	$ 3,000,000	$ 1,000,000						$ 2,500,000		$ 5,750,000	$ 1,780,000	$ 350,000	$ 7,160,000		$ 7,550,000	$ 15,460,000	$ 1,000,000	$ 250,000	$ 850,000		$ 350,000
Loans payable, net																					$ 0			17,879,000
KeyBank | Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage														3.50%							3.50%
Powerscourt Financing Agreement | Line of Credit
Debt Instrument [Line Items]
Monthly payment, interest only																					Interest only
Debt interest rate	13.50%																				13.50%
Loans payable, net	$ 25,000,000																				$ 25,000,000			$ 0

Loans Payable - Additional Info

Loans Payable - Additional Information (Details)	Feb. 02, 2021USD ($)	Jan. 21, 2021USD ($)	Dec. 22, 2020USD ($)$ / sharesshares	Nov. 12, 2020USD ($)	Oct. 14, 2020USD ($)	Sep. 03, 2020USD ($)	Aug. 01, 2020USD ($)	Jul. 15, 2020USD ($)	Jul. 10, 2020USD ($)	May 20, 2020USD ($)	Mar. 23, 2020USD ($)	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 ($)	Dec. 31, 2020USD ($)	Mar. 12, 2021USD ($)	Dec. 07, 2020	Sep. 30, 2020parcel	Sep. 04, 2020USD ($)	Apr. 30, 2020	Dec. 31, 2019USD ($)	Nov. 05, 2019USD ($)	Apr. 15, 2019USD ($)	Mar. 31, 2019	Jan. 15, 2019USD ($)	Apr. 08, 2016$ / sharesshares
Debt Instrument [Line Items]
Loans payable, net																									$ 334,266,000						$ 340,913,000
Warrant liability																									594,000						0
Long-term debt maturities in 2020																									43,933,000
Number of undeveloped land parcels | parcel																												6
Debt Instrument, Restricted Cash Replenishment																													$ 488,000
Liability
Debt Instrument [Line Items]
Warrant liability																									594,000
Litchfield Market Village
Debt Instrument [Line Items]
Debt periodic payment															$ 46,000										$ 46,057
Debt interest rate															5.50%										5.50%
Loans payable, net															$ 7,500,000										$ 7,418,000						7,452,000
Ladson Crossing, Lake Greenwood and South Park
Debt Instrument [Line Items]
Loans payable, net																									7,200,000
Revere Term Loan
Debt Instrument [Line Items]
Debt periodic payment																						$ 30,000		$ 323,000
Perimeter Square Construction Loan
Debt Instrument [Line Items]
Maximum line of credit borrowing capacity																																			$ 247,000
Perimeter Square
Debt Instrument [Line Items]
Maximum line of credit borrowing capacity																																	$ 6,500,000		$ 6,250,000
Debt interest rate																																		6.50%
Riversedge North
Debt Instrument [Line Items]
Debt periodic payment																									$ 11,436
Debt interest rate																									5.77%
Loans payable, net																									$ 0						1,767,000
Monarch Bank Line Of Credit
Debt Instrument [Line Items]
Maximum line of credit borrowing capacity					$ 1,130,000																			$ 1,510,000
Rivergate
Debt Instrument [Line Items]
Debt periodic payment									$ 48,000																104,178
Loans payable, net																									21,164,000						21,545,000
Village at Martinsville
Debt Instrument [Line Items]
Debt periodic payment																		$ 90,000							$ 89,664
Debt interest rate																		4.28%							4.28%
Loans payable, net																		$ 16,500,000							$ 15,979,000						16,351,000
Laburnum Square
Debt Instrument [Line Items]
Debt periodic payment																	$ 38,000
Debt interest rate																	4.28%								4.28%
Loans payable, net																	$ 7,670,000								$ 7,665,000						7,665,000
Columbia Fire Station
Debt Instrument [Line Items]
Debt periodic payment					$ 25,000	$ 46,000																			$ 45,580
Debt interest rate					4.25%																				14.00%		14.00%
Loans payable, net																									$ 3,893,000						4,051,000
Monthly principal payment						$ 20,000
Tuckernuck
Debt Instrument [Line Items]
Debt periodic payment							$ 34,000																		$ 33,880
Debt interest rate																									3.88%
Loans payable, net																									$ 5,193,000						5,344,000
Walnut Hill Plaza
Debt Instrument [Line Items]
Debt periodic payment								$ 443,000
Debt interest rate																									5.50%
Loans payable, net								$ 3,300,000																	$ 3,287,000						3,759,000
Shoppes at Myrtle Park
Debt Instrument [Line Items]
Debt periodic payment												$ 33,000													$ 33,180
Debt interest rate												4.45%													4.45%
Loans payable, net												$ 6,000,000													$ 5,892,000						0
Folly Road
Debt Instrument [Line Items]
Debt periodic payment											$ 41,000														$ 41,482
Debt interest rate											4.65%														4.65%
Loans payable, net											$ 7,350,000														$ 7,223,000						5,922,000
Lumber River Plaza
Debt Instrument [Line Items]
Debt periodic payment					$ 11,000
Debt interest rate					4.25%
Loans payable, net					$ 1,390,000
LIBOR | Rivergate
Debt Instrument [Line Items]
Debt spread over variable basis percentage																									2.95%
Subsequent Event | Columbia Fire Station
Debt Instrument [Line Items]
Debt periodic payment		$ 500,000
Debt interest rate		14.00%
Subsequent Event | Tuckernuck
Debt Instrument [Line Items]
Debt periodic payment	$ 32,000
Debt interest rate	5.00%
Loans payable, net	$ 5,150,000
Line of Credit
Debt Instrument [Line Items]
Loans payable, net																									$ 1,100,000
Common stock shares under warrants issued (in shares) | shares																																				750,000
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																									$ 1,045,000						1,214,000
Line of Credit | LIBOR | Monarch Bank Line Of Credit
Debt Instrument [Line Items]
Debt spread over variable basis percentage																									3.00%
KeyBank
Debt Instrument [Line Items]
Debt interest rate																														1.00%
KeyBank | Line of Credit
Debt Instrument [Line Items]
Debt periodic payment			$ 3,000,000	$ 1,000,000						$ 2,500,000		$ 5,750,000	$ 1,780,000	$ 350,000	$ 7,160,000		$ 7,550,000	$ 15,460,000	$ 1,000,000	$ 250,000	$ 850,000				$ 350,000
Maximum line of credit borrowing capacity																$ 11,000,000
Loans payable, net																									$ 0						17,879,000
KeyBank | Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage																3.50%									3.50%
Revere Term Loan
Debt Instrument [Line Items]
Debt periodic payment																							$ 20,000
Powerscourt Financing Agreement
Debt Instrument [Line Items]
Common stock shares under warrants issued (in shares) | shares			496,415
Exercise price of warrants (in usd per share) | $ / shares			$ 3.12
Powerscourt Financing Agreement | Line of Credit
Debt Instrument [Line Items]
Debt interest rate			13.50%																						13.50%
Loans payable, net			$ 25,000,000																						$ 25,000,000						$ 0
Powerscourt Financing Agreement | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Loans payable, net																										$ 25,000,000
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 - Warranty Liabil

Loans Payable - Warranty Liability (Details) - Powerscourt Financing Agreement	Dec. 31, 2020$ / shares
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	3,120
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	2,750
Expected term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, expected term	3 years
Expected volatility %
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.7200
Risk free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement inputs	0.0017

Loans Payable - Scheduled Princ

Loans Payable - Scheduled Principal Repayments on Indebtedness (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 43,933
2022	12,586
2023	111,875
2024	44,240
2025	91,426
Thereafter	49,856
Total principal maturities	$ 353,916	$ 347,059

Rentals under Operating Lease_2

Rentals under Operating Leases (Details) $ in Thousands	Dec. 31, 2020USD ($)
Lessor Disclosure [Abstract]
2021	$ 44,061
2022	40,091
2023	34,385
2024	27,053
2025	21,239
Thereafter	46,311
Total minimum rents	$ 213,140

Equity and Mezzanine Equity - A

Equity and Mezzanine Equity - Additional Information (Details)	Sep. 22, 2020USD ($)$ / sharesshares	Jan. 01, 2019	Dec. 31, 2020USD ($)holderquarter$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 23, 2020USD ($)$ / shares	Aug. 04, 2020$ / sharesshares	Jun. 15, 2016shares	Jun. 04, 2015shares
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			98.53%
Units to stock conversion ratio			1
Common units outstanding (in shares)			15,227,758	14,105,712
Preferred Stock, Redemption Price Per Share | $ / shares			$ 25
Stock Repurchased and Retired During Period, Shares	71,343
Stock Repurchased And Retired, Price Per Share | $ / shares	$ 15.50
Stock Repurchased and Retired During Period, Value | $	$ 1,830,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Available for Issuance						5,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Available For Issuance, Price Per Share | $ / shares						$ 1.85
Trust Owning
Equity [Line Items]
Common units outstanding (in shares)			15,003,329	13,871,693
Maximum | Exchange of Stock for Stock
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
Series D Cumulative Convertible Preferred Stock
Equity [Line Items]
Preferred stock, shares authorized (in shares)			4,000,000
Preferred stock shares redeemed (in shares)			3,529,293	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]
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
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)			3,529,293	3,600,636
Preferred stock outstanding (in shares)			3,529,293	3,600,636
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares			$ 25	$ 25
Preferred Stock, Liquidation Preference Value | $			$ 109,130,000	$ 101,660,000
Preferred stock cumulative dividend rate per annum		10.75%
Preferred Stock, Redemption Price Per Share | $ / shares			$ 25
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%
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%
Series D Preferred Stock | Modified Dutch Auction
Equity [Line Items]
Stock repurchase program, authorized amount | $					$ 19,000,000
Stock repurchase program, maximum authorized repurchase price (in usd per share) | $ / shares					$ 18
Stock repurchase program, minimum authorized repurchase price (in usd per share) | $ / shares					$ 15.50
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)			0	181,807,000

Equity and Mezzanine Equity - C

Equity and Mezzanine Equity - Changes in Carrying Value of Series D Preferred (Details) - Series D Cumulative Convertible Preferred Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Series D Preferred, Beginning Balance	$ 87,225	$ 76,955
Accretion of Preferred Stock discount	590	593
Undeclared dividends	9,581	9,677
Redemption of Preferred Stock	(1,833)
Series D Preferred, Ending Balance	$ 95,563	$ 87,225

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, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common units outstanding (in shares)	15,227,758	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)	3,529,293	3,600,636
Potential dilutive shares (in shares)	5,202,378	5,307,541
Warrant to purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	496,415	0
Common units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common units outstanding (in shares)	224,429	234,019
Potential dilutive shares (in shares)	224,429	234,019

Equity and Mezzanine Equity - D

Equity and Mezzanine Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Arrears	$ 30,510
Dividends declared to holders of common stock (in dollars per share)	$ 0	$ 0
Series A Preferred Stock
Class of Stock [Line Items]
Arrears	$ 51	$ 51
Per Share	$ 90	$ 90
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears	$ 202.50
Series B Preferred Stock
Class of Stock [Line Items]
Arrears	$ 4,221	$ 4,221
Per Share	$ 2.25	$ 2.25
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears	$ 5.06
Series D Cumulative Convertible Preferred Stock
Class of Stock [Line Items]
Arrears	$ 9,488	$ 9,677
Per Share	$ 2.69	$ 2.69
Preferred Stock, Per Share Amounts of Preferred Dividends in Arrears	$ 5.92

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, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Shares Issued (in shares)	0	181,807,000
Market Value	$ 0	$ 166

Lease Commitments Additional In

Lease Commitments Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	32 years	32 years	35 years
Riversedge North
Lessee, Lease, Description [Line Items]
Debt interest rate	5.77%	5.77%
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Riversedge North
Lessee, Lease, Description [Line Items]
Net proceeds	$ 2,843	$ 2,843
Lease term		10 years
Annual base rent	265	$ 265
Gain recognized on disposal	49
Remaining gain	$ 725	$ 725
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	5 years	5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	50 years	50 years

Lease Commitments Payments for

Lease Commitments Payments for Ground Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Total ground leases	$ 900	$ 975
Amscot Building
Lessor, Lease, Description [Line Items]
Total ground leases	$ 25	25
Expiration Year	2045
Beaver Ruin Village
Lessor, Lease, Description [Line Items]
Total ground leases	$ 54	54
Expiration Year	2054
Beaver Ruin Village II
Lessor, Lease, Description [Line Items]
Total ground leases	$ 22	22
Expiration Year	2056
Leased office space Charleston, SC
Lessor, Lease, Description [Line Items]
Total ground leases	$ 0	67
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	396
Expiration Year	2051
JANAF
Lessor, Lease, Description [Line Items]
Total ground leases	$ 282	290
Expiration Year	2069
Ground leases variable percentage rent	$ 131	$ 139

Lease Commitments Supplemental

Lease Commitments Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 583	$ 644
Leased assets obtained in exchange for new operating lease liabilities	$ 1,285	$ 11,904

Lease Commitments Undiscounted

Lease Commitments Undiscounted Cash Flows of Scheduled Obligations Under Operations Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
2021	$ 902
2022	905
2023	907
2024	909
2025	913
Thereafter	23,785
Total minimum lease payments	28,321
Discount	(15,121)
Operating lease liabilities	13,200	$ 11,921	$ 11,990
Operating lease options to extend	$ 7,540

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Dec. 15, 2020	Oct. 01, 2020	Sep. 04, 2020	Mar. 10, 2020	Dec. 31, 2020	Dec. 31, 2019	May 31, 2020	Jan. 30, 2020	Sep. 01, 2011
Loss Contingencies [Line Items]
Loss contingency, amount of damages sought	$ 400,000
Former gain contingency, recognized in current period							$ 196,000
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									$ 2,210,000
Guarantor obligations funded					$ 0	$ 79,000
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, damages awarded, value		$ 500,000	$ 520,000	$ 5,000
Southeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent					61.00%
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					35.00%
Land | Construction Loan | Affiliated Entity
Loss Contingencies [Line Items]
Credit bid purchase approved by the bankruptcy court								$ 200,000

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Activity (Details) - Wheeler Interests and Affiliates - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Amounts paid to affiliates	$ 106	$ 0
Amounts received from affiliates	$ 0	$ 19

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Related Party Transactions [Abstract]
Related Party Transaction, Expenses from Transactions with Related Party	$ 439

Subsequent Events (Details)

Subsequent Events (Details)

Mar. 12, 2021USD ($)

Feb. 17, 2021USD ($)$ / sharesshares

Feb. 02, 2021USD ($)

Aug. 01, 2020USD ($)

Feb. 07, 2019USD ($)

Jan. 11, 2019USD ($)

Jan. 01, 2019

Dec. 31, 2020USD ($)a

Mar. 11, 2021$ / sharesshares

Jan. 26, 2021USD ($)

Dec. 23, 2020USD ($)

Dec. 22, 2020USD ($)$ / sharesshares

Dec. 31, 2019USD ($)

Apr. 08, 2016$ / sharesshares

Subsequent Event [Line Items]

Loans payable, net

$ 334,266,000

$ 340,913,000

Line of Credit

Subsequent Event [Line Items]

Loans payable, net

1,100,000

Common stock shares under warrants issued (in shares) | shares

750,000

Exercise price of warrants (in usd per share) | $ / shares

$ 0.0001

Powerscourt Financing Agreement

Subsequent Event [Line Items]

Common stock shares under warrants issued (in shares) | shares

496,415

Exercise price of warrants (in usd per share) | $ / shares

$ 3.12

Powerscourt Financing Agreement | Line of Credit

Subsequent Event [Line Items]

Loans payable, net

$ 25,000,000

$ 25,000,000

0

Debt interest rate

13.50%

13.50%

Berkley Shopping Center

Subsequent Event [Line Items]

Area of land | a

0.75

Riversedge North | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Subsequent Event [Line Items]

Contract price

$ 3,000,000

Series D Preferred Stock

Subsequent Event [Line Items]

Preferred stock cumulative dividend rate per annum

10.75%

Series D Preferred Stock | Minimum

Subsequent Event [Line Items]

Preferred stock cumulative dividend rate per annum

8.75%

Series D Preferred Stock | Modified Dutch Auction

Subsequent Event [Line Items]

Stock repurchase program, authorized amount

$ 19,000,000

Tuckernuck

Subsequent Event [Line Items]

Loans payable, net

$ 5,193,000

$ 5,344,000

Debt interest rate

3.88%

Debt periodic payment

$ 34,000

$ 33,880

Revere Term Loan

Subsequent Event [Line Items]

Debt periodic payment

$ 30,000

$ 323,000

Subsequent Event | Powerscourt Financing Agreement | Line of Credit

Subsequent Event [Line Items]

Loans payable, net

$ 25,000,000

Subsequent Event | Wilmington Financing Agreement

Subsequent Event [Line Items]

Common stock shares under warrants issued (in shares) | shares

1,061,719

Subsequent Event | Wilmington Financing Agreement | Wilmington Agreement Group 1

Subsequent Event [Line Items]

Common stock shares under warrants issued (in shares) | shares

510,204

Exercise price of warrants (in usd per share) | $ / shares

$ 3.43

Subsequent Event | Wilmington Financing Agreement | Wilmington Agreement Group 2

Subsequent Event [Line Items]

Common stock shares under warrants issued (in shares) | shares

424,242

Exercise price of warrants (in usd per share) | $ / shares

$ 4.125

Subsequent Event | Wilmington Financing Agreement | Wilmington Agreement Group 3

Subsequent Event [Line Items]

Common stock shares under warrants issued (in shares) | shares

127,273

Exercise price of warrants (in usd per share) | $ / shares

$ 6.875

Subsequent Event | Wilmington Financing Agreement | Line of Credit

Subsequent Event [Line Items]

Loans payable, net

$ 35,000,000

Debt interest rate

8.00%

Premium, percentage of principal payment

5.00%

Subsequent Event | Series D Preferred Stock | Minimum

Subsequent Event [Line Items]

Preferred stock cumulative dividend rate per annum

8.75%

Subsequent Event | Series D Preferred Stock | Modified Dutch Auction

Subsequent Event [Line Items]

Stock repurchase program, authorized amount

$ 6,000,000

$ 20,000,000

Number of shares authorized to be repurchased (in shares) | shares

387,097

Purchase price (in usd per share) | $ / shares

$ 15.50

Aggregate cost of shares repurchased

$ 6,000,000

Subsequent Event | Tuckernuck

Subsequent Event [Line Items]

Loans payable, net

$ 5,150,000

Debt interest rate

5.00%

Debt periodic payment

$ 32,000

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, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 3,293	$ 3,269
Charged to Costs and Expense	1,131	426
Deductions from Reserves	(3,430)	(402)
Balance at End of Year	$ 994	$ 3,293

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 22, 2020	Dec. 31, 2019
Initial Cost
Land			$ 97,030
Building and Improvements			348,667
Costs Capitalized Subsequent to Acquisition
Improvements (net)			19,117
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			99,544
Building and Improvements			365,270
Total	$ 468,499	$ 482,103	464,814		$ 468,499
Accumulated Depreciation			59,685
Mortgage note			334,266		340,913
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	468,499	482,103
Acquisitions	0	35
Improvements	3,066	2,711
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount	(600)	(1,598)
Disposals	(6,151)	(14,752)
Balance at end of period	464,814	$ 468,499
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
Gross Amount at which Carried at End of Period
Mortgage note			7,200
Litchfield I, Litchfield II, Litchfield Market Village
Gross Amount at which Carried at End of Period
Mortgage note			7,400
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 | Powerscourt Financing Agreement
Gross Amount at which Carried at End of Period
Mortgage note			25,000
Line of Credit
Gross Amount at which Carried at End of Period
Mortgage note			1,100
Line of Credit | KeyBank
Gross Amount at which Carried at End of Period
Mortgage note			0		17,879
Line of Credit | Powerscourt Financing Agreement
Gross Amount at which Carried at End of Period
Mortgage note			25,000	$ 25,000	$ 0
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			243
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			1,367
Accumulated Depreciation			1,144
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
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			535
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
Tuckernuck
Initial Cost
Land			2,115
Building and Improvements			6,719
Costs Capitalized Subsequent to Acquisition
Improvements (net)			1,009
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,171
Building and Improvements			7,672
Total	$ 9,843		9,843
Encumbrances			5,193
Accumulated Depreciation			1,902
Date Acquired	Nov. 16, 2012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,843
Tuckernuck | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Tuckernuck | 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)			142
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			800
Building and Improvements			3,183
Total	$ 3,983		3,983
Encumbrances			2,915
Accumulated Depreciation			795
Date Acquired	Dec. 18, 2012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,983
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			3,287
Accumulated Depreciation			2,373
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)			442
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			4,695
Building and Improvements			7,091
Total	$ 11,786		11,786
Encumbrances			7,920
Accumulated Depreciation			1,891
Date Acquired	Aug. 26, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 11,786
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)			1,081
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,015
Building and Improvements			8,536
Total	$ 11,551		11,551
Encumbrances			8,226
Accumulated Depreciation			2,215
Date Acquired	Aug. 29, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 11,551
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			4,553
Accumulated Depreciation			992
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)			29
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			356
Building and Improvements			1,226
Total	$ 1,582		1,582
Encumbrances			1,951
Accumulated Depreciation			243
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,582
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)			69
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			752
Building and Improvements			1,287
Total	$ 2,039		2,039
Encumbrances			2,460
Accumulated Depreciation			264
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,039
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			2,003
Accumulated Depreciation			356
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)			36
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			901
Building and Improvements			1,732
Total	$ 2,633		2,633
Encumbrances			2,556
Accumulated Depreciation			334
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,633
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)			214
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,299
Building and Improvements			1,443
Total	$ 2,742		2,742
Encumbrances			2,503
Accumulated Depreciation			271
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,742
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)			476
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,064
Building and Improvements			5,055
Total	$ 7,119		7,119
Encumbrances			6,163
Accumulated Depreciation			891
Date Acquired	Jul. 1, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,119
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			3,343
Accumulated Depreciation			484
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)			167
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			792
Building and Improvements			7,088
Total	$ 7,880		7,880
Encumbrances			5,909
Accumulated Depreciation			1,883
Date Acquired	Jul. 3, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,880
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)			277
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			430
Building and Improvements			2,885
Total	$ 3,315		3,315
Accumulated Depreciation			595
Date Acquired	Jul. 25, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,315
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)			152
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,521
Building and Improvements			6,907
Total	$ 8,428		8,428
Encumbrances			7,582
Accumulated Depreciation			1,360
Date Acquired	Sep. 4, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,428
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)			85
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,658
Building and Improvements			2,841
Total	$ 4,499		4,499
Encumbrances			4,312
Accumulated Depreciation			550
Date Acquired	Oct. 2, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,499
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			1,403
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			8,001
Accumulated Depreciation			1,673
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)			1,610
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			716
Building and Improvements			9,185
Total	$ 9,901		9,901
Encumbrances			5,750
Accumulated Depreciation			1,658
Date Acquired	Apr. 1, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,901
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)			224
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,024
Building and Improvements			6,625
Total	$ 7,649		7,649
Encumbrances			5,640
Accumulated Depreciation			1,051
Date Acquired	Apr. 15, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,649
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)			593
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,377
Building and Improvements			13,344
Total	$ 15,721		15,721
Encumbrances			10,950
Accumulated Depreciation			3,708
Date Acquired	Jun. 2, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 15,721
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)			102
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,604
Building and Improvements			8,386
Total	$ 10,990		10,990
Accumulated Depreciation			1,296
Date Acquired	Jul. 1, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,990
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			435
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			1,106
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			1,106
Building and Improvements			5,318
Total	$ 6,424		6,424
Encumbrances			3,893
Accumulated Depreciation			235
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	$ 6,424
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)			966
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,269
Building and Improvements			4,704
Total	$ 5,973		5,973
Encumbrances			4,279
Accumulated Depreciation			1,009
Date Acquired	Jul. 10, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,973
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)			500
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,222
Building and Improvements			6,829
Total	$ 8,051		8,051
Encumbrances			5,900
Accumulated Depreciation			1,066
Date Acquired	Jul. 21, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,051
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)			281
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,234
Building and Improvements			9,066
Total	$ 12,300		12,300
Encumbrances			8,770
Accumulated Depreciation			1,570
Date Acquired	Aug. 21, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 12,300
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)			84
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			741
Building and Improvements			4,655
Total	$ 5,396		5,396
Encumbrances			3,800
Accumulated Depreciation			849
Date Acquired	Sep. 9, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,396
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			680
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)			212
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,952
Building and Improvements			7,500
Total	$ 9,452		9,452
Encumbrances			7,100
Accumulated Depreciation			1,126
Date Acquired	Sep. 30, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,452
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)			94
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,034
Building and Improvements			6,914
Total	$ 8,948		8,948
Encumbrances			5,960
Accumulated Depreciation			1,301
Date Acquired	Sep. 30, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,948
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			144
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 | 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			252
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 | 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			7,223
Accumulated Depreciation			608
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			272
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)			64
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,052
Building and Improvements			3,913
Total	$ 6,965		6,965
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	$ 6,965
Ladson Crossing | Ladson Crossing, Lake Greenwood and South Park
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			343
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			236
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
Gross Amount at which Carried at End of Period
Mortgage note			7,400
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)			61
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			572
Building and Improvements			986
Total	$ 1,558		1,558
Accumulated Depreciation			160
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,558
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)			24
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			572
Building and Improvements			956
Total	$ 1,528		1,528
Accumulated Depreciation			132
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,528
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)			127
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,046
Building and Improvements			4,767
Total	$ 7,813		7,813
Accumulated Depreciation			687
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,813
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)			9
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			0
Building and Improvements			1,118
Total	$ 1,118		1,118
Accumulated Depreciation			162
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,118
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			65
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)			824
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,182
Building and Improvements			6,184
Total	$ 9,366		9,366
Encumbrances			5,892
Accumulated Depreciation			921
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,366
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)			(27)
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			804
Building and Improvements			1,998
Total	$ 2,802		2,802
Accumulated Depreciation			261
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,802
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)			98
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,019
Building and Improvements			2,989
Total	$ 4,008		4,008
Accumulated Depreciation			393
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,008
South Park | Ladson Crossing, Lake Greenwood and South Park
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
Berkley
Initial Cost
Land			1,005
Building and Improvements			2,865
Costs Capitalized Subsequent to Acquisition
Improvements (net)			(50)
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,005
Building and Improvements			2,815
Total	$ 3,820		3,820
Accumulated Depreciation			335
Date Acquired	Nov. 10, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,820
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			655
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)			376
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			635
Building and Improvements			3,573
Total	$ 4,208		4,208
Accumulated Depreciation			552
Date Acquired	Nov. 10, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,208
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			727
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)			215
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			3,811
Building and Improvements			6,068
Total	$ 9,879		9,879
Encumbrances			7,665
Accumulated Depreciation			798
Date Acquired	Dec. 7, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,879
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)			26
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			2,608
Building and Improvements			9,452
Total	$ 12,060		12,060
Encumbrances			8,404
Accumulated Depreciation			1,078
Date Acquired	Dec. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 12,060
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)			241
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			5,228
Building and Improvements			13,100
Total	$ 18,328		18,328
Encumbrances			15,979
Accumulated Depreciation			1,772
Date Acquired	Dec. 16, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 18,328
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			6,508
Accumulated Depreciation			690
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)			146
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			1,672
Building and Improvements			30,738
Total	$ 32,410		32,410
Encumbrances			21,164
Accumulated Depreciation			3,596
Date Acquired	Dec. 21, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 32,410
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)			441
Carrying Costs			0
Gross Amount at which Carried at End of Period
Land			8,467
Building and Improvements			66,790
Total	$ 75,257		75,257
Encumbrances			59,982
Accumulated Depreciation			$ 5,912
Date Acquired	Jan. 18, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 75,257
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