Inland Real Estate Income Trust (INRE) 10-Q 6 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	9 Months Ended
	Sep. 30, 2013	Nov. 04, 2013
Document And Entity Information	'	'
Entity Registrant Name	'Inland Real Estate Income Trust, Inc.	'
Entity Central Index Key	'0001528985	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Public Float	'	$0
Entity Common Stock, Shares Outstanding	'	4,367,547
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
Investment properties:	'	'
Land	$10,202,471	$10,202,471
Building and other improvements	19,327,530	19,011,528
Total	29,530,001	29,213,999
Less accumulated depreciation	-610,190	-31,790
Net investment properties	28,919,811	29,182,209
Cash and cash equivalents	8,951,416	2,237,050
Investment in unconsolidated entity	105,782	0
Accounts and rents receivable	189,234	45,855
Acquired lease intangibles, net	3,162,559	3,333,131
Deferred loan fees, net	233,716	421,379
Investment in related party	1,000	1,000
Other assets	581,381	38,451
Total assets	42,144,899	35,259,075
Liabilities:	'	'
Mortgages and notes payable	17,270,450	32,677,167
Accounts payable and accrued expenses	397,656	541,275
Distributions payable	136,381	13,793
Acquired below market lease intangibles, net	374,930	393,196
Due to related parties	2,585,111	2,443,900
Other liabilities	61,836	170,130
Total liabilities	20,826,364	36,239,461
Preferred stock	0	0
Common stock	3,048	276
Additional paid in capital	24,764,805	192,905
Retained earnings (deficit)	-3,449,318	-1,173,567
Total stockholders equity (deficit)	21,318,535	-980,386
Total liabilities and stockholders equity	$42,144,899	$35,259,075

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Common stock, shares authorized	1,460,000,000	1,460,000,000
Common stock, issued and outstanding	3,048,037	276,239
Offering costs of additional paid in capital	$5,257,556	$2,329,970

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income:	'	'	'	'
Rental income	$605,943	$0	$1,818,377	$0
Tenant recovery income	86,738	0	274,703	0
Total income	692,681	0	2,093,080	0
Expenses:	'	'	'	'
Property operating expenses	39,519	0	133,670	0
Real estate tax expense	76,869	0	226,833	0
General and administrative expenses to non-related parties	219,221	26,437	727,569	79,883
General and administrative expenses to related parties	208,862	4,004	598,482	5,329
Business management fee	52,437	0	156,969	0
Depreciation and amortization	249,346	0	748,972	0
Total expenses	846,254	30,441	2,592,495	85,212
Operating loss	-153,573	-30,441	-499,415	-85,212
Interest expense	-244,005	0	-1,214,248	0
Equity in earnings of unconsolidated entity	1,912	0	5,782	0
Net loss	($395,666)	($30,441)	($1,707,881)	($85,212)
Net loss per common share, basic and diluted	($0.18)	($1.52)	($1.35)	($4.26)
Weighted average number of common shares outstanding basic and diluted	2,221,493	20,000	1,265,383	20,000

Shareholders_Equity_Unaudited

Shareholders Equity (Unaudited) (USD $)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Balance at Dec. 31, 2012	$276	$192,905	($1,173,567)	($980,386)
Balance (in shares) at Dec. 31, 2012	276,239	'	'	'
Distributions declared	0	0	-567,870	-567,870
Proceeds from offering	2,750	26,927,893	0	26,930,643
Proceeds from offering (in shares)	2,750,245	'	'	'
Offering costs	0	-2,927,586	0	-2,927,586
Proceeds from distribution reinvestment plan	22	204,734	0	204,756
Proceeds from distribution reinvestment plan (in shares)	21,553	'	'	'
Discounts on shares to related parties	0	366,859	0	366,859
Net loss	0	0	-1,707,881	-1,707,881
Balance at Sep. 30, 2013	$3,048	$24,764,805	($3,449,318)	$21,318,535
Balance (in shares) at Sep. 30, 2013	3,048,037	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net loss	($1,707,881)	($85,212)
Depreciation and amortization	748,972	0
Amortization of loan fees	195,844	0
Amortization of acquired below market leases	-18,266	0
Straight-line rental income	-8,605	0
Discount on shares issued to related parties	366,859	0
Equity in earnings of unconsolidated entity	-5,782	0
Changes in assets and liabilities:	'	'
Accounts payable and accrued expenses	-54,227	36,744
Accounts and rents receivable	-134,774	0
Due to related parties	174,719	0
Prepaid rent and other liabilities	-108,294	0
Other assets	-472,542	0
Net cash flows used in operating activities	-1,023,977	-48,468
Cash flows from investing activities:	'	'
Capital expenditures	-243,745	0
Investment in unconsolidated entity	-100,000	0
Restricted escrows	-9,668	0
Net cash flows used in investing activities	-353,413	0
Cash flows from financing activities:	'	'
Proceeds from offering	26,930,643	0
Proceeds from the distribution reinvestment plan	204,756	0
Payment of offering costs	-3,122,742	-711,255
Due to related parties, net	-60,721	787,818
Distributions paid	-445,282	0
Payment of loan costs	-8,181	0
Payment of mortgages and notes payable	-15,406,717	0
Net cash flows provided by financing activities	8,091,756	76,563
Net increase in cash and cash equivalents	6,714,366	28,095
Cash and cash equivalents at beginning of the period	2,237,050	34,088
Cash and cash equivalents, at end of period	8,951,416	62,183
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest	1,065,485	0
Supplemental schedule of non-cash investing and financing activities:	'	'
Distributions payable	136,381	0
Accrued offering costs payable	267,060	318,131
Accrued capital expenditures	$72,257	$0

General

General	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
General	'
	The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Readers of this Quarterly Report should refer to the audited consolidated financial statements of Inland Real Estate Income Trust, Inc. (which may be referred to as the “Company,” “we,” “us,” or “our”) for the year ended December 31, 2012, which are included in the Company’s 2012 Annual Report as certain footnote disclosures contained in such audited consolidated financial statements have been omitted from this Quarterly Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for the fair presentation have been included in this Quarterly Report.

Organization

Organization	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization	'
	(1)  Organization
	Inland Real Estate Income Trust, Inc. (the “Company”) was formed on August 24, 2011 to acquire and manage a diversified portfolio of commercial real estate investments located in the United States. Effective January 25, 2012, the Company changed its name from “Inland Core Assets Real Estate Trust, Inc.” to “Inland Monthly Income Trust Inc.,” and effective March 23, 2012, the Company changed its name from “Inland Monthly Income Trust, Inc.” to “Inland Real Estate Income Trust, Inc.” The Company entered into a Business Management Agreement (the “Agreement”) with IREIT Business Manager & Advisor, Inc. (the “Business Manager”), an Affiliate of the Inland Real Estate Investment Corporation, to be the Business Manager to the Company. The Company is authorized to sell up to 150,000,000 shares of common stock at $10 each in an initial public “best efforts” offering (the “Offering”) which commenced on October 18, 2012 and to issue 30,000,000 shares at $9.50 each issuable pursuant to the Company’s distribution reinvestment plan (“DRP”).
	The Company intends to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ending December 31, 2013. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income.
	The Company will provide the following programs to facilitate investment in the Company’s shares and to provide limited liquidity for stockholders.
	The Company will allow stockholders to purchase additional shares from the Company by automatically reinvesting distributions through the DRP, subject to certain share ownership restrictions. Such purchases under the DRP will not be subject to selling commissions or the marketing contribution and due diligence expense allowance, and are made at a price of $9.50 per share.
	The Company is authorized to purchase shares from stockholders who purchased their shares from us or received their shares through a non-cash transfer and who have held their shares for at least one year under the share repurchase program (“SRP”), if requested, if the Company chooses to repurchase them. Subject to funds being available, the Company will limit the number of shares repurchased during any consecutive twelve-month period to 5% of the number of shares outstanding at the beginning of that twelve-month period. Funding for the SRP will come from proceeds the Company receives from the DRP. In the case of repurchases made upon the death of a stockholder or qualifying disability, as defined in the SRP, the Company is authorized to use any funds to complete the repurchase, and neither the one year holding period, the limit regarding funds available from the DRP nor the 5% limit will apply. The SRP will immediately terminate if the Company’s shares become listed for trading on a national securities exchange. In addition, the Company’s boards of directors, in its sole direction, may at any time amend, suspend or terminate the SRP. As of September 30, 2013, no shares have been repurchased under the SRP.
	At September 30, 2013, the Company owned thirteen retail properties totaling 298,095 square feet. As of September 30, 2013 the portfolio had economic and physical occupancy of 100%.

SummaryOfSignificantAccounting

SummaryOfSignificantAccountingPolicies	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Summary Of Significant Accounting Policies	'
	(2)  Summary of Significant Accounting Policies
	General
	The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
	Certain reclassifications were made to the 2012 financial statements to conform to the 2013 consolidated financial statement presentation.
	Consolidation
	The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries. Wholly owned subsidiaries generally consist of limited liability companies (LLCs). All intercompany balances and transactions have been eliminated in consolidation.
	Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in note 5.
	Partially-Owned Entities
	The Company will consolidate the operations of a joint venture if the Company determines that it is either the primary beneficiary of a variable interest entity (VIE) or has substantial influence and control of the entity. The primary beneficiary is the party that has the ability to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses and the right to receive the returns from the VIE that would be significant to the VIE. There are significant judgments and estimates involved in determining the primary beneficiary of a variable interest entity or the determination of who has control and influence of the entity. When the Company consolidates an entity, the assets, liabilities and results of operations will be included in our consolidated financial statements.
	In instances where the Company determines that we are not the primary beneficiary of a variable interest entity or the Company does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Company will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Company’s operations but instead our share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on our consolidated statements of operations. Additionally, the Company’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets.
	Offering and Organization Costs
	Costs associated with the Offering are deferred and charged against the gross proceeds of the Offering upon closing. Formation and organizational costs were expensed as incurred.
	Cash and Cash Equivalents
	The Company considers all demand deposits, money market accounts and all short term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents.
	Acquisitions
	Upon acquisition, the Company determines the total purchase price of each property, which includes the estimated contingent consideration to be paid or received in future periods, if any. The Company allocates the total purchase price of properties based on the fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources.
	The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value are amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below market lease values, the amortization period includes any renewal periods with fixed rate renewals. Amortization pertaining to the below market lease value of $5,906 and $0 was recorded as an increase to rental income for the three months ended September 30, 2013 and 2012, respectively, and $18,266 and $0 for the nine months ended September 30, 2013 and 2012, respectively.
	The portion of the purchase price allocated to acquired in-place lease value is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. The Company incurred amortization expense pertaining to acquired in-place lease intangibles of $56,318 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $170,572 and $0 for the nine months ended September 30, 2013 and 2012, respectively.
	The portion of the purchase price allocated to customer relationship value is amortized on a straight-line basis over the weighted average remaining lease term. As of September 30, 2013, no amount has been allocated to customer relationship value.
	The following table summarizes the Company’s identified intangible assets and liabilities as of September 30, 2013 and December 31, 2012:
			September 30,			December 31,
			2013			2012
	Intangible assets:
	Acquired in-place lease value		$	3,343,087		$	3,343,087
	Accumulated amortization			-180,528			-9,956
	Acquired lease intangibles, net		$	3,162,559		$	3,333,131
	Intangible liabilities:
	Acquired below market lease value		$	393,471		$	393,471
	Accumulated amortization			-18,541			-275
	Acquired below market lease intangibles, net		$	374,930		$	393,196
	As of September 30, 2013, the weighted average amortization periods for acquired in-place lease and below market lease intangibles are 15 and 16 years, respectively.
	Estimated amortization of the respective intangible lease assets and liabilities as of September 30, 2013 for each of the five succeeding years is as follows:
				Acquired			Below
				In-Place			Market
				Leases			Leases
		2013 (remainder of year)		$	57,127		$	6,178
		2014			228,507			24,721
		2015			228,507			24,721
		2016			228,507			24,721
		2017			228,507			24,721
		Thereafter			2,191,404			269,868
		Total		$	3,162,559		$	374,930
	Impairment of Investment Properties
	The Company assesses the carrying values of its respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs).
	The Company estimates the future undiscounted cash flows based on management’s intent as follows: (i) for real estate properties that the Company intends to hold long-term, including land held for development, properties currently under development and operating buildings, recoverability is assessed based on the estimated future net rental income from operating the property and termination value; and (ii) for real estate properties that the Company intends to sell, including land parcels, properties currently under development and operating buildings, recoverability is assessed based on estimated proceeds from disposition that are estimated based on future net rental income of the property and expected market capitalization rates, less sale costs.
	The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of the real estate properties.
	During the three and nine months ended September 30, 2013 and 2012, the Company incurred no impairment charges.
	Capitalization and Depreciation
	Real estate acquisitions are recorded at cost less accumulated depreciation. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred.
	Transactional costs in connection with the acquisition of real estate properties and businesses are expensed as incurred.
	Depreciation expense is computed using the straight-line method. Building and improvements are depreciated based upon estimated useful lives of 30 years and 5-15 years for furniture, fixtures and equipment and site improvements.
	Tenant improvements are amortized on a straight-line basis over the shorter of the life of the asset or the term of the related lease as a component of depreciation and amortization expense. Leasing fees are amortized on a straight-line basis over the term of the related lease as a component of depreciation and amortization expense.
	Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change.
	Depreciation expense was $193,028 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $578,400 and $0 for the nine months ended September 30, 2013 and 2012, respectively.
	Deferred Loan Fees
	Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreements as a component of interest expense.
	Fair Value Measurements
	The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition.
	The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below:
		Level 1 −		Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
		Level 2 −		Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
		Level 3 −		Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
	Revenue Recognition
The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of, or controls the physical use of, the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduces revenue recognized over the term of the lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment.
Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rents receivable in the accompanying consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and decrease in the later years of a lease. The Company periodically reviews the collectability of outstanding receivables. Allowances are taken for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line rent receivables.
Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement.
The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and amounts due are considered collectible. Upon early lease termination, the Company provides for gains or losses related to unrecovered intangibles and other assets.
As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved.
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts and their respective tax bases. Deferred tax assets are recognized only to the extent that it is more likely than not they will be realized. A valuation allowance is established for uncertainties relating to realization of deferred tax assets. As of September 30, 2013 and December 31, 2012, the Company had a deferred tax asset of approximately $1,153,000 and $466,000, respectively, for income tax purposes, for which a valuation allowance was recorded due to current uncertainty of realization.

Investment_In_Unconsolidated_E

Investment In Unconsolidated Entity	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Investment In Unconsolidated Entity	'
	(3)  Investment in Unconsolidated Entity
	The Company is a member of a limited liability company formed as an insurance association captive (the “Insurance Captive”), which is wholly-owned by the Company and three related parties, Inland Real Estate Corporation, Inland American Real Estate Trust, Inc., and Inland Diversified Real Estate Trust, Inc., and a third party, Retail Properties of America, Inc., and serviced by an affiliate of the Business Manager, Inland Risk and Insurance Management Services, Inc. This entity is considered a variable interest entity and the Company is not the primary beneficiary, therefore, this entity is not consolidated by the Company and the equity method of accounting is used to account for this investment.
	The Company entered into an agreement and paid $100,000 in exchange for a twenty percent membership interest in the Insurance Captive. The Company’s share of net income from its investment is based on the ratio of each member’s premium contribution to the venture. The Company was allocated income of $1,912 and $5,782 for the three and nine months ended September 30, 2013, respectively, and $0 for the three and nine months ended September 30, 2012.

Operating_Leases

Operating Leases	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Operating Leases	'
	(4)  Operating Leases
	Minimum lease payments to be received under operating leases, including ground leases, as of September 30, 2013 for the years indicated, assuming no expiring leases are renewed, are as follows:
			Minimum Lease
			Payments
		2013 (remainder of year)	$	597,169
		2014		2,388,674
		2015		2,388,674
		2016		2,388,674
		2017		2,388,674
		Thereafter		20,651,467
		Total	$	30,803,332

Mortgages_And_Notes_Payable

Mortgages And Notes Payable	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Mortgages And Notes Payable	'
	(5)  Mortgages and Notes Payable
	As of September 30, 2013, the Company had the following mortgages and notes payable outstanding:
	Maturity Date		Property Name		Stated Interest	Principal		Notes
					Rate Per Annum	Balance at
						September 30,
						2013
	1-May-27		Dollar General Portfolio -		4.31%	$	3,340,450	(a),(b)
			Phase 1 - five properties
	27-Dec-15		Newington Fair Shopping		Floating rate of interest equal to three month LIBOR rate plus 3.25% subject to a minimum rate of 3.50%		9,790,000	(c),(d)
			Center - Senior Tranche
	1-Oct-27		Dollar General Portfolio -		4.35%		4,140,000	(a),(e)
			Phase II - seven properties
					Total	$	17,270,450
	(a)		Our Sponsor, IREIC, has guaranteed payment and performance of the debt in the event the Company fails to provide access or information to the properties or fails to obtain the lender’s prior written consent to any liens on or transfers of the properties, and in the event of any losses, costs or damages incurred by the lender as a result of fraud or intentional misrepresentation of any individual borrower, gross negligence or willful misconduct, material waste of the properties and the breach of any representation or warranty concerning environmental laws, among other things.  The Company did not pay any fees or other consideration to our Sponsor for this guarantee.
	(b)		The loan requires monthly payments of interest only until December 1, 2019 (the “anticipated repayment date”).  In the event the loan is not repaid as of the anticipated repayment date, the loan will bear interest at a rate equal to 3% per annum plus the greater of: (i) 4.313%; or (ii) the seven year swap yield as of the first business day after the anticipated repayment date; provided, however, that the revised interest rate may not exceed 9.31% per annum. In addition, the Company will be required to make monthly payments of $18,000 until the maturity date.
			The loan may be prepaid in full, but not in part, any time after December 1, 2014, provided that if the prepayment occurs prior to September 1, 2019, the Company will be required to pay a prepayment premium equal to the greater of: (i) 1% of the outstanding principal balance of the loan; or (ii) the excess, if any, of: (a) the sum of the present values of all then-schedule payments of principal and interest under the loan documents, over (b) the principal amount being prepaid.  Subject to satisfying certain conditions, as defined, the Company may prepay a portion of the loan equal to 120% of the portion of the loan allocated to a property and obtain the release of its property and the release of its related obligations under the loan documents. Assuming no payment has been made on principal in advance of the anticipated repayment date approximately $3,340,000 will be due on the anticipated repayment date. The loan is secured by cross-collateralized first mortgages on the five properties.
	(c)		Loan requires monthly payments of interest only until maturity.
	(d)		The three month LIBOR rate at September 30, 2013 was 0.25%.
	(e)		The loan requires monthly payments of interest only until January 1, 2020 (the “anticipated repayment date”). In the event the loan is not repaid as of the anticipated repayment date the loan will bear interest at a rate equal to 3% per annum plus the greater of: (i) 4.347%; or (ii) the seven year swap yield as of the first business day after the anticipated repayment date provided, however, that the revised interest rate may not exceed the 9.347% per annum. In addition, the Company will be required to make monthly payments of $22,653 until the maturity date.
			The loan may be prepaid in full, but not in part, any time after January 1, 2015, provided that if the prepayment occurs prior to October 1, 2019, the Company will be required to pay a prepayment premium equal to the greater of: (i) 1% of the outstanding principal balance of the loan; or (ii) the excess, if any, of: (a) the sum of the present values of all then-scheduled payments of principal and interest under the loan documents, over (b) the principal amount being prepaid. Subject to satisfying certain conditions, as defined, the Company may prepay a portion of the loan equal to 120% of the portion of the loan allocated to a property and obtain the release of its property and the release of its related obligations under the loan documents. The loan is secured by cross-collateralized first mortgages on the seven properties.
	The principal amount of mortgage loans outstanding as of September 30, 2013 was $17,270,450 and had a weighted average interest rate of 3.86% per annum. All of the Company’s mortgage loans are secured by first mortgages on real estate assets.
	The mortgage loans require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of September 30, 2013, all of the mortgages were current in payments and the Company was in compliance with such covenants.
	The following table shows the scheduled maturities of mortgages and notes payable as of September 30, 2013 and for the next five years and thereafter:
				Mortgages
				and Notes
				Payable
		2013 (remainder of year)		$	--
		2014			--
		2015			9,790,000
		2016			--
		2017			--
		Thereafter			7,480,450
		Total		$	17,270,450
	The Company estimates the fair value of its total debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by the Company’s lenders using Level 3 inputs. The carrying value of the Company’s mortgage debt was $17,270,450 and $32,677,167 as of September 30, 2013 and December 31, 2012, respectively, and its estimated fair value was $17,323,488 and $32,677,167 as of September 30, 2013 and December 31, 2012, respectively.
	The Company’s charter limits the aggregate amount the Company may borrow, whether secured or unsecured, to an amount not to exceed 300% of net assets, equivalent to 75% of the costs of our assets, unless the Company’s board (including a majority of the independent directors) determines that a higher level is appropriate. As of September 30, 2013, the Company’s borrowings did not exceed 300% of its net assets.

Income_Tax

Income Tax	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Income Tax	'
	(6)  Income Tax
	The Company did not have material operations during the tax year ended December 31, 2012 and therefore we intend to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ending December 31, 2013, our first year of material operations. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its taxable income (subject to certain adjustments) to its stockholders. Subsequently, if the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income.
	The Company had no uncertain tax positions as of September 30, 2013 and December 31, 2012. The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2012. The Company has no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the nine months ended September 30, 2013 and 2012. As of September 30, 2013, returns for the calendar years 2012 and 2011 remain subject to examination by U.S. and various state and local tax jurisdictions.

Distributions

Distributions	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Distributions	'
	(7)  Distributions
	The Company currently pays distributions based on daily record dates, payable monthly in arrears. The distributions that the Company currently pays are equal to a daily amount of $0.001643836, per share based upon a 365-day period. During the nine months ended September 30, 2013, the Company declared cash distributions totaling $567,870.

Earnings_Loss_Per_Share

Earnings Loss Per Share	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Earnings Loss Per Share	'
	(8)  Earnings (Loss) per Share
	Basic earnings (loss) per share (“EPS”) are computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net income (loss) by the common shares plus potential common shares issuable upon exercising options or other contracts. As of September 30, 2013 and December 31, 2012, the Company did not have any dilutive common share equivalents outstanding.

Segment_Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Segment Reporting	'
	(9)  Segment Reporting
	The Company has one reportable segment as defined by U.S. GAAP for the three and nine months ended September 30, 2013 and 2012.
	Concentration of credit risk with respect to accounts receivable currently exists due to the small number of tenants currently comprising the Company's rental revenue. The concentration of revenues for these tenants increases the Company's risk associated with nonpayment by these tenants. In an effort to reduce risk, the Company performs ongoing credit evaluations of its larger tenants.
	The entirety of the Company’s revenue was derived from three tenants for the three and nine months ended September 30, 2013. Approximately 47.2%, 39.4% and 13.4% of consolidated rental revenue was generated from leases with Dolgencorp, LLC, a subsidiary of Dollar General Corporation, L.A. Fitness and Sam’s Club, respectively.

Transactions_With_Related_Part

Transactions With Related Parties	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Transactions With Related Parties	'
	(10)  Transactions with Related Parties
	The Company is party to an agreement with an LLC formed as an insurance association captive (the “Insurance Captive”), which is wholly-owned by the Company and three related parties, Inland Real Estate Corporation, Inland American Real Estate Trust, Inc., and Inland Diversified Real Estate Trust, Inc., and a third party, Retail Properties of America, Inc. The entity is included in the Company’s disclosure of Investment in Unconsolidated Entity (note 3) and is included in investment in unconsolidated entity in the accompanying consolidated balance sheets.
	The Company is a party to a Shared Services Agreement with other affiliated entities of the Sponsor. The agreement allows the Company to utilize certain software in the management of its business. The Company paid, in 2013, $300,000 to be a party to the agreement. This amount is included in other assets in the accompanying consolidated balance sheets.
	The Company owns 1,000 shares of common stock in the Inland Real Estate Group of Companies with a recorded value of $1,000 at September 30, 2013 and December 31, 2012. This amount is included in investment in related party in the accompanying consolidated balance sheets.
	As of September 30, 2013, the Company was owed funds from related parties in the amount of $61,990 which was due from related parties for reimbursement of costs paid by the Company in connection with certain properties that the Company considered acquiring, but ultimately decided not to acquire, which were subsequently acquired by a related party. This amount is included in other assets in the accompanying consolidated balance sheets.
	The following table summarizes the Company’s related party transactions for three and nine months ended September 30, 2013 and 2012. Certain compensation and fees payable to the Business Manager for services to be provided to the Company are limited to maximum amounts.
				Three months ended				Nine months ended				Amount Unpaid as of
				9/30/13		9/30/12		9/30/13		9/30/12		9/30/13		12/31/12
	General and administrative reimbursements	(a)		$	70,822	$	4,004	$	190,045	$	5,329	$	111,519	$	18,476
	Acquisition related costs	(b)			26,373		--		41,578		--		504,818		524,342
	Affiliate share purchase discounts	(c)			111,667		--		366,859		--		--		--
	Total general and administrative expenses			$	208,862	$	4,004	$	598,482	$	5,329	$	616,337	$	542,818
	Offering costs	(d)		$	1,495,671	$	39,966	$	2,381,695	$	55,442	$	181,805	$	271,082
	Sponsor non-interest bearing advances	(e)			--		400,000		--		800,000		1,630,000		1,630,000
	Real estate management fees	(f)			20,617		--		59,967		--		--		2,254
	Business management fees	(g)			52,437		--		156,969		--		156,969		--
	(a)		The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses of the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses to related parties in the accompanying consolidated statements of operations. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
	(b)		The Company will pay the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired.  The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition of real estate assets, regardless of whether the Company acquires the real estate assets, subject to limits, as defined.  Such costs are included in general and administrative expenses to related parties in the accompanying consolidated statements of operations.  Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
	(c)		The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enables the related parties to purchase shares of common stock at $9.00 per share. The Company sold 111,667 and 349,842 shares to related parties during the three and nine months ended September 30, 2013, respectively.
	(d)		A related party of the Business Manager receives selling commissions equal to 7.0% of the sale price for each share sold and a marketing contribution equal to 3.0% of the gross offering proceeds from shares sold, the majority of which is re-allowed (paid) to third party soliciting dealers. The Company also reimburses a related party of the Business Manager and the soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds.  The expenses will be reimbursed from amounts paid or re-allowed to these entities as a marketing contribution.  The Company will reimburse the Sponsor, its affiliates and third parties for costs and other expenses of the Offering that they pay on the Company’s behalf, in an amount not to exceed 1.5% of the gross offering proceeds from shares sold in the “best efforts” offering.  The Company does not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the distribution reinvestment plan. Offering costs are offset against the stockholders’ equity accounts.  Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
	(e)		As of September 30, 2013 and December 31, 2012, the Company incurred $5,286,404 and $2,358,818 of offering and organization costs, respectively, of which $1,630,000 was advanced by the Sponsor. Our Business Manager or its affiliates will pay or reimburse any organization or offering costs, including any issuer costs that exceed 11.5% of the gross offering proceeds from shares sold in the “best efforts” offering over the life of the Offering.
	(f)		For each property that is managed by Inland National Real Estate Services, LLC or Inland National Real Estate Services II, LLC, or their affiliates, collectively the Real Estate Managers, the Company will pay a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. Each Real Estate Manager will determine, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by one of the Real Estate Managers or its affiliates, the Company will pay the Real Estate Manager a separate leasing fee based upon prevailing market rates applicable to the geographic market of that property. Further, in the event that the Company engages its Real Estate Managers to provide construction management services for a property, the Company will pay a separate construction management fee in an amount that is usual and customary for comparable services rendered to similar projects in the geographic market of the project.  The Company also will reimburse each Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries and benefits of persons performing services for the Real Estate Managers and their affiliates except for the salaries and benefits of persons who also serve as an executive officer of any of the Real Estate Managers.  As of December 31, 2012, unpaid amounts were included in accounts payable and accrued expenses in the consolidated balance sheets.
	(g)		The Company will pay the Business Manager an annual business management fee equal to 0.65% of its “average invested assets,” as defined in the business management agreement, payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter.  “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter.  Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	(11)  Subsequent Events
	The board of directors of the Company declared distributions payable to stockholders of record each day beginning on the close of business on October 1, 2013 through the close of business on December 31, 2013. Distributions were declared in a daily amount equal to $0.001643836 per share, based upon a 365-day period, which equates to $0.60 or a 6% annualized rate based on a purchase price of $10.00 per share. Distributions were paid monthly in arrears, as follows:
	•		In October 2013, total distributions declared for the month of September 2013 were paid in the amount equal to $136,381, of which $67,336 was paid in cash and $69,045 was reinvested through the Company’s DRP, resulting in the issuance of an additional 7,268 shares of common stock.
	•		In November 2013, total distributions declared for the month of October 2013 were paid in the amount equal to $181,960, of which $91,853 was paid in cash and $90,107 was reinvested through the Company’s DRP, resulting in the issuance of an additional 9,485 shares of common stock.
	The following table provides information regarding the total shares sold in our offering as of November 4, 2013:
		Shares		Gross Offering		Commissions	Proceeds to Us,
				Proceeds		and Fees	Before Expenses
				($) (1)		($) (2)	($) (3)
	From our Sponsor in connection	20,000.00			200,000	--		200,000
	with our formation:
	Shares sold in the offering:	4,309,240.67			42,208,018	3,403,507		38,804,511
	Shares sold pursuant to our	38,306.06			363,907	--		363,907
	distribution reinvestment plan:
	Shares purchased pursuant to	--			--	--		--
	our share repurchase program:
	Total:	4,367,546.74			42,771,925	3,403,507		39,368,418
	-1		Gross proceeds received by us as of the date of this table for shares sold to investors pursuant to accepted subscription agreements.
	-2		Inland Securities Corporation serves as dealer manager of the Offering and is entitled to receive selling commissions and certain other fees, as discussed further in the prospectus for the “best efforts” offering dated October 18, 2012 as the same may be supplemented from time to time.
	-3		Organization and offering expenses, excluding commissions, will not exceed 1.5% of the gross offering proceeds. These expenses include registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses.

Summary_Of_Significant_Account

Summary Of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Intangible assets and liabilities for the period	'
			September 30,			December 31,
			2013			2012
	Intangible assets:
	Acquired in-place lease value		$	3,343,087		$	3,343,087
	Accumulated amortization			-180,528			-9,956
	Acquired lease intangibles, net		$	3,162,559		$	3,333,131
	Intangible liabilities:
	Acquired below market lease value		$	393,471		$	393,471
	Accumulated amortization			-18,541			-275
	Acquired below market lease intangibles, net		$	374,930		$	393,196
Amortization of the respective intangible lease assets and liabilities	'
				Acquired			Below
				In-Place			Market
				Leases			Leases
		2013 (remainder of year)		$	57,127		$	6,178
		2014			228,507			24,721
		2015			228,507			24,721
		2016			228,507			24,721
		2017			228,507			24,721
		Thereafter			2,191,404			269,868
		Total		$	3,162,559		$	374,930

Operating_Leases_Tables

Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Minimum lease payments to be received under operating leases	'
			Minimum Lease
			Payments
		2013 (remainder of year)	$	597,169
		2014		2,388,674
		2015		2,388,674
		2016		2,388,674
		2017		2,388,674
		Thereafter		20,651,467
		Total	$	30,803,332

Mortgages_And_Notes_Payable_Ta

Mortgages And Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Transactions with related parties	'
	Maturity Date		Property Name		Stated Interest	Principal		Notes
					Rate Per Annum	Balance at
						September 30,
						2013
	1-May-27		Dollar General Portfolio -		4.31%	$	3,340,450	(a),(b)
			Phase 1 - five properties
	27-Dec-15		Newington Fair Shopping		Floating rate of interest equal to three month LIBOR rate plus 3.25% subject to a minimum rate of 3.50%		9,790,000	(c),(d)
			Center - Senior Tranche
	1-Oct-27		Dollar General Portfolio -		4.35%		4,140,000	(a),(e)
			Phase II - seven properties
					Total	$	17,270,450
	(a)		Our Sponsor, IREIC, has guaranteed payment and performance of the debt in the event the Company fails to provide access or information to the properties or fails to obtain the lender’s prior written consent to any liens on or transfers of the properties, and in the event of any losses, costs or damages incurred by the lender as a result of fraud or intentional misrepresentation of any individual borrower, gross negligence or willful misconduct, material waste of the properties and the breach of any representation or warranty concerning environmental laws, among other things.  The Company did not pay any fees or other consideration to our Sponsor for this guarantee.
	(b)		The loan requires monthly payments of interest only until December 1, 2019 (the “anticipated repayment date”).  In the event the loan is not repaid as of the anticipated repayment date, the loan will bear interest at a rate equal to 3% per annum plus the greater of: (i) 4.313%; or (ii) the seven year swap yield as of the first business day after the anticipated repayment date; provided, however, that the revised interest rate may not exceed 9.31% per annum. In addition, the Company will be required to make monthly payments of $18,000 until the maturity date.
			The loan may be prepaid in full, but not in part, any time after December 1, 2014, provided that if the prepayment occurs prior to September 1, 2019, the Company will be required to pay a prepayment premium equal to the greater of: (i) 1% of the outstanding principal balance of the loan; or (ii) the excess, if any, of: (a) the sum of the present values of all then-schedule payments of principal and interest under the loan documents, over (b) the principal amount being prepaid.  Subject to satisfying certain conditions, as defined, the Company may prepay a portion of the loan equal to 120% of the portion of the loan allocated to a property and obtain the release of its property and the release of its related obligations under the loan documents. Assuming no payment has been made on principal in advance of the anticipated repayment date approximately $3,340,000 will be due on the anticipated repayment date. The loan is secured by cross-collateralized first mortgages on the five properties.
	(c)		Loan requires monthly payments of interest only until maturity.
	(d)		The three month LIBOR rate at September 30, 2013 was 0.25%.
	(e)		The loan requires monthly payments of interest only until January 1, 2020 (the “anticipated repayment date”). In the event the loan is not repaid as of the anticipated repayment date the loan will bear interest at a rate equal to 3% per annum plus the greater of: (i) 4.347%; or (ii) the seven year swap yield as of the first business day after the anticipated repayment date provided, however, that the revised interest rate may not exceed the 9.347% per annum. In addition, the Company will be required to make monthly payments of $22,653 until the maturity date.
			The loan may be prepaid in full, but not in part, any time after January 1, 2015, provided that if the prepayment occurs prior to October 1, 2019, the Company will be required to pay a prepayment premium equal to the greater of: (i) 1% of the outstanding principal balance of the loan; or (ii) the excess, if any, of: (a) the sum of the present values of all then-scheduled payments of principal and interest under the loan documents, over (b) the principal amount being prepaid. Subject to satisfying certain conditions, as defined, the Company may prepay a portion of the loan equal to 120% of the portion of the loan allocated to a property and obtain the release of its property and the release of its related obligations under the loan documents. The loan is secured by cross-collateralized first mortgages on the seven properties.
Scheduled maturities of mortgages and notes payable	'
				Mortgages
				and Notes
				Payable
		2013 (remainder of year)		$	--
		2014			--
		2015			9,790,000
		2016			--
		2017			--
		Thereafter			7,480,450
		Total		$	17,270,450

Transactions_With_Related_Part1

Transactions With Related Parties (Tables)	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Transactions with related parties table	'
				Three months ended				Nine months ended				Amount Unpaid as of
				9/30/13		9/30/12		9/30/13		9/30/12		9/30/13		12/31/12
	General and administrative reimbursements	(a)		$	70,822	$	4,004	$	190,045	$	5,329	$	111,519	$	18,476
	Acquisition related costs	(b)			26,373		--		41,578		--		504,818		524,342
	Affiliate share purchase discounts	(c)			111,667		--		366,859		--		--		--
	Total general and administrative expenses			$	208,862	$	4,004	$	598,482	$	5,329	$	616,337	$	542,818
	Offering costs	(d)		$	1,495,671	$	39,966	$	2,381,695	$	55,442	$	181,805	$	271,082
	Sponsor non-interest bearing advances	(e)			--		400,000		--		800,000		1,630,000		1,630,000
	Real estate management fees	(f)			20,617		--		59,967		--		--		2,254
	Business management fees	(g)			52,437		--		156,969		--		156,969		--
	(a)		The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses of the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses to related parties in the accompanying consolidated statements of operations. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
	(b)		The Company will pay the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired.  The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition of real estate assets, regardless of whether the Company acquires the real estate assets, subject to limits, as defined.  Such costs are included in general and administrative expenses to related parties in the accompanying consolidated statements of operations.  Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
	(c)		The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enables the related parties to purchase shares of common stock at $9.00 per share. The Company sold 111,667 and 349,842 shares to related parties during the three and nine months ended September 30, 2013, respectively.
	(d)		A related party of the Business Manager receives selling commissions equal to 7.0% of the sale price for each share sold and a marketing contribution equal to 3.0% of the gross offering proceeds from shares sold, the majority of which is re-allowed (paid) to third party soliciting dealers. The Company also reimburses a related party of the Business Manager and the soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds.  The expenses will be reimbursed from amounts paid or re-allowed to these entities as a marketing contribution.  The Company will reimburse the Sponsor, its affiliates and third parties for costs and other expenses of the Offering that they pay on the Company’s behalf, in an amount not to exceed 1.5% of the gross offering proceeds from shares sold in the “best efforts” offering.  The Company does not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the distribution reinvestment plan. Offering costs are offset against the stockholders’ equity accounts.  Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
	(e)		As of September 30, 2013 and December 31, 2012, the Company incurred $5,286,404 and $2,358,818 of offering and organization costs, respectively, of which $1,630,000 was advanced by the Sponsor. Our Business Manager or its affiliates will pay or reimburse any organization or offering costs, including any issuer costs that exceed 11.5% of the gross offering proceeds from shares sold in the “best efforts” offering over the life of the Offering.
	(f)		For each property that is managed by Inland National Real Estate Services, LLC or Inland National Real Estate Services II, LLC, or their affiliates, collectively the Real Estate Managers, the Company will pay a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. Each Real Estate Manager will determine, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by one of the Real Estate Managers or its affiliates, the Company will pay the Real Estate Manager a separate leasing fee based upon prevailing market rates applicable to the geographic market of that property. Further, in the event that the Company engages its Real Estate Managers to provide construction management services for a property, the Company will pay a separate construction management fee in an amount that is usual and customary for comparable services rendered to similar projects in the geographic market of the project.  The Company also will reimburse each Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries and benefits of persons performing services for the Real Estate Managers and their affiliates except for the salaries and benefits of persons who also serve as an executive officer of any of the Real Estate Managers.  As of December 31, 2012, unpaid amounts were included in accounts payable and accrued expenses in the consolidated balance sheets.
	(g)		The Company will pay the Business Manager an annual business management fee equal to 0.65% of its “average invested assets,” as defined in the business management agreement, payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter.  “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter.  Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.

Subsequent_Events_Tables

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Total shares sold in the offering detail	'
		Shares		Gross Offering		Commissions	Proceeds to Us,
				Proceeds		and Fees	Before Expenses
				($) (1)		($) (2)	($) (3)
	From our Sponsor in connection	20,000.00			200,000	--		200,000
	with our formation:
	Shares sold in the offering:	4,309,240.67			42,208,018	3,403,507		38,804,511
	Shares sold pursuant to our	38,306.06			363,907	--		363,907
	distribution reinvestment plan:
	Shares purchased pursuant to	--			--	--		--
	our share repurchase program:
	Total:	4,367,546.74			42,771,925	3,403,507		39,368,418
	-1		Gross proceeds received by us as of the date of this table for shares sold to investors pursuant to accepted subscription agreements.
	-2		Inland Securities Corporation serves as dealer manager of the Offering and is entitled to receive selling commissions and certain other fees, as discussed further in the prospectus for the “best efforts” offering dated October 18, 2012 as the same may be supplemented from time to time.
	-3		Organization and offering expenses, excluding commissions, will not exceed 1.5% of the gross offering proceeds. These expenses include registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses.

Summary_Of_Significant_Account1

Summary Of Significant Accounting Policies (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Accounting Policies [Abstract]	'	'	'	'
Amortization pertaining to the below market lease value recorded as an increase to rental income	$5,906	$18,266	$0	$0
Amortization pertaining to acquired in-place lease intangibles	56,318	170,572	0	0
Depreciation expense	$193,028	$57,400	$0	$0

Investment_In_Unconsolidated_E1

Investment In Unconsolidated Entity (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Notes to Financial Statements	'	'	'	'
Membership interest income, as defined	$1,912	$0	$5,782	$0

Distributions_Details_Narrativ

Distributions (Details Narrative) (USD $)	Sep. 30, 2013
Notes to Financial Statements	'
Declared cash distributions as of the nine months ended	$567,870