Inland Real Estate Income Trust (INRE) 10-Q 13 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 07, 2015
Document And Entity Information
Entity Registrant Name	Inland Real Estate Income Trust, Inc.
Entity Central Index Key	1,528,985
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		75,191,288
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Investment properties:
Land	$ 167,334,983	$ 83,250,255
Building and other improvements	596,243,805	331,213,150
Total	763,578,788	414,463,405
Less accumulated depreciation	(14,698,647)	(6,236,688)
Net investment properties	748,880,141	408,226,717
Cash and cash equivalents	79,241,610	105,871,288
Investment in unconsolidated entity	12,959	117,805
Accounts and rents receivable (net of allowance of $246,384 and $9,310, respectively)	3,683,004	1,977,245
Acquired lease intangibles, net	99,690,320	51,691,241
Deferred costs, net	2,602,556	1,694,151
Other assets	4,073,499	1,908,016
Total assets	938,184,089	571,486,463
LIABILITIES AND EQUITY
Mortgages payable	286,317,579	186,033,574
Accounts payable and accrued expenses	6,992,436	2,734,288
Distributions payable	3,438,657	2,025,405
Acquired below market lease intangibles, net	34,273,947	18,675,646
Deferred investment property acquisition obligations	1,998,183	3,645,873
Due to related parties	4,618,814	2,693,652
Other liabilities	7,892,745	4,218,671
Total liabilities	$ 345,532,361	$ 220,027,109
Stockholders' equity:
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding
Common stock, $.001 par value, 1,460,000,000 shares authorized, 71,341,200 and 41,996,913 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$ 71,341	$ 41,997
Additional paid in capital (net of offering costs of $73,016,861 and $43,565,576 as of June 30, 2015 and December 31, 2014, respectively)	640,680,000	374,607,850
Accumulated distributions and net loss	(46,231,054)	(21,662,711)
Accumulated other comprehensive loss	(1,868,559)	(1,527,782)
Total stockholders' equity	592,651,728	351,459,354
Total liabilities and stockholders' equity	$ 938,184,089	$ 571,486,463

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 246,384	$ 9,310
Preferred stock, par value	$ .001	$ .001
Preferred stock, shares authorized	40,000,000	40,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ .001	$ .001
Common stock, shares authorized	1,460,000,000	1,460,000,000
Common stock, shares issued	71,341,200	41,996,913
Common stock, shares outstanding	71,341,200	41,996,913
Additional paid in capital, offering costs	$ 73,016,861	$ 43,565,576

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income:
Rental income	$ 14,816,130	$ 2,809,217	$ 24,207,161	$ 4,218,917
Tenant recovery income	3,413,801	696,954	5,654,691	1,021,362
Other property income	52,028	4,154	91,891	4,154
Total income	18,281,959	3,510,325	29,953,743	5,244,433
Expenses:
Property operating expenses	2,658,859	451,679	4,458,729	675,604
Real estate tax expense	2,097,752	391,364	3,293,278	566,573
General and administrative expenses	1,020,742	359,418	1,755,317	818,026
Acquisition related costs	3,632,230	$ 2,685,875	4,869,076	3,364,079
(Recovery of) business management fee	1,333,702		2,190,470	(226,280)
Depreciation and amortization	8,563,035	$ 1,535,850	13,614,875	2,223,013
Total expenses	19,306,320	5,424,186	30,181,745	7,421,015
Operating loss	(1,024,361)	(1,913,861)	(228,002)	(2,176,582)
Interest expense	(2,432,977)	(446,278)	(3,894,294)	(761,683)
Interest and other income	42,593	4,681	104,565	18,317
Equity in earnings (loss) of unconsolidated entity	(85,216)	(7,792)	(104,846)	(7,461)
Net loss	$ (3,499,961)	$ (2,363,250)	$ (4,122,577)	$ (2,927,409)
Net loss per common share, basic and diluted	$ (0.05)	$ (0.18)	$ (0.07)	$ (0.26)
Weighted average number of common shares outstanding, basic and diluted	66,130,000	13,377,773	57,658,129	11,053,602
Comprehensive loss:
Net loss	$ (3,499,961)	$ (2,363,250)	$ (4,122,577)	$ (2,927,409)
Unrealized income (loss) on derivatives	517,640	$ (771,965)	(1,249,069)	$ (771,965)
Reclassification adjustment for amounts recognized in net loss	621,213		908,292
Comprehensive loss	$ (2,361,108)	$ (3,135,215)	$ (4,463,354)	$ (3,699,374)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2015 - USD ($)	Common Stock [Member]	Additional Paid In Capital	Accumulated Distributions and Net Loss [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Dec. 31, 2014	$ 41,997	$ 374,607,850	$ (21,662,711)	$ (1,527,782)	$ 351,459,354
Balance, shares at Dec. 31, 2014	41,996,913				41,996,913
Distributions declared			$ (20,445,766)		$ (20,445,766)
Proceeds from offering	$ 28,652	$ 285,704,227			285,732,879
Proceeds from offering, shares	28,651,866
Offering costs		(29,451,285)			(29,451,285)
Proceeds from distribution reinvestment plan	$ 864	8,210,436			8,211,300
Proceeds from distribution reinvestment plan, shares	864,348
Shares repurchased	$ (172)	(1,698,488)			(1,698,660)
Shares repurchased, shares	(171,927)
Discount on shares to related parties		$ 24,167			24,167
Unrealized loss on derivatives				$ (1,249,069)	(1,249,069)
Reclassification adjustment for amounts recognized in net loss				$ 908,292	908,292
Sponsor contribution		$ 3,283,093			3,283,093
Net loss			$ (4,122,577)		(4,122,577)
Balance at Jun. 30, 2015	$ 71,341	$ 640,680,000	$ (46,231,054)	$ (1,868,559)	$ 592,651,728
Balance, shares at Jun. 30, 2015	71,341,200				71,341,200

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (4,122,577)	$ (2,927,409)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	13,614,875	2,223,013
Amortization of loan fees and mortgage premiums, net	(76,044)	62,815
Amortization of acquired above and below market leases, net	(407,748)	14,018
Straight-line rental income	(609,563)	(92,633)
Discount on shares issued to related parties	24,167	40,800
Equity in (earnings) loss of unconsolidated entity	104,846	7,461
Other non-cash adjustments	(183,622)	62,373
Changes in assets and liabilities:
Accounts payable and accrued expenses	1,737,487	375,687
Accounts and rents receivable	(1,096,197)	(514,031)
Due to related parties	3,585,761	2,423,527
Other liabilities	1,608,096	559,979
Other assets	211,738	(13,991)
Net cash flows provided by operating activities	14,391,219	2,221,609
Cash flows from investing activities:
Purchase of investment properties	(339,921,099)	(169,809,390)
Capital expenditures	(532,274)	$ (15,235)
Payment of leasing fees	(36,470)
Other assets and restricted escrows	(852)	$ (147,904)
Net cash flows used in investing activities	(340,490,695)	(169,972,529)
Cash flows from financing activities:
Proceeds from offering	285,732,879	90,936,430
Proceeds from the distribution reinvestment plan	8,211,300	1,428,012
Share repurchases	(1,698,660)	(37,000)
Payment of offering costs	(29,506,710)	(9,247,078)
Distributions paid	(19,032,514)	(2,849,972)
Sponsor contributions	3,283,093	$ 500,000
Due to related parties	(1,630,000)
Deferred investment property acquisition obligation payments	(1,693,465)	$ (734,122)
Proceeds from mortgages and notes payable	56,940,573	$ 84,969,294
Payment of mortgages and notes payable	(78,742)
Payment of loan costs	(1,057,956)	$ (876,528)
Net cash flows provided by financing activities	299,469,798	164,089,036
Net decrease in cash and cash equivalents	(26,629,678)	(3,661,884)
Cash and cash equivalents, at beginning of period	105,871,288	26,634,384
Cash and cash equivalents, at end of period	79,241,610	22,972,500
Supplemental disclosure of cash flow information:
Land	84,084,728	30,420,000
Building and improvements	264,711,542	130,422,518
Acquired in-place lease intangibles	42,149,848	13,789,551
Acquired above market lease intangibles	11,727,610	3,148,100
Acquired below market lease intangibles	(16,787,471)	$ (4,046,725)
Other receivables	791,943
Assumption of mortgage debt at acquisition	(40,303,000)
Non-cash mortgage premium	$ (3,430,211)
Deferred investment property acquisition obligations		$ (4,109,508)
Assumed liabilities, net	$ (3,023,890)	185,454
Purchase of investment properties	339,921,099	169,809,390
Cash paid for interest	4,178,804	625,235
Supplemental schedule of non-cash investing and financing activities:
Distributions payable	3,438,657	$ 743,603
Accrued capital expenditures	82,105
Accrued offering costs payable	$ 532,786	$ 385,185

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	(1) Organization Inland Real Estate Income Trust, Inc. was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States. To date, the Company has focused on acquiring retail properties. The Company entered into a Business Management Agreement with IREIT Business Manager & Advisor, Inc. (the “Business Manager”), an affiliate of Inland Real Estate Investment Corporation (the “Sponsor”), 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 provides the following programs to facilitate future investment in the Company’s shares and to provide limited liquidity for stockholders. The Company provides existing stockholders with the option to purchase additional shares from the Company by automatically reinvesting distributions through the DRP, subject to certain share ownership restrictions. The Company does not pay any selling commissions or the marketing contribution and due diligence expense allowance in connection with the DRP. Shares are currently sold at a price of $9.50 per share. The Company is authorized to purchase shares from stockholders who purchased their shares from the Company 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 calendar year to 5% of the number of shares outstanding on December 31 st At June 30, 2015, the Company owned 46 retail properties totaling 4,547,980 square feet. The properties are located in 19 states. At June 30, 2015, the portfolio had a weighted average physical occupancy of 95.4% and economic occupancy of 96.9%. Economic occupancy excludes square footage associated with an earnout component. At the time of acquisition, certain properties have an earnout component to the purchase price, meaning the Company did not pay a portion of the purchase price at closing related to certain vacant spaces, although it may own the entire property. The Company is not obligated to settle this contingent purchase price obligation unless the seller obtains leases for the vacant space within the time limits and parameters set forth in the applicable acquisition agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
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. 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 6. 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 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 VIE 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 its consolidated financial statements. In instances where the Company determines that it is not the primary beneficiary of a VIE 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 its share of operations will be reflected as equity in earnings (loss) of an unconsolidated entity on its consolidated statements of operations and other comprehensive income (loss). Additionally, the Company’s net investment in the joint venture will be reflected as investment in unconsolidated entities as an asset 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 the sale of shares. 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. The Company maintains its cash and cash equivalents at financial institutions. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Acquisitions Upon acquisition, the Company determines the total purchase price of each property (note 3), 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. Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase price unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The earnout payments are based on a predetermined formula applied to rental income received. The earnout agreements have a limited obligation period from the date of acquisition, as defined. If at the end of the time period certain space has not been leased, occupied and rent producing, the Company will have no further obligation to pay additional purchase price consideration and will retain ownership of that entire property. Based on its best estimate, the Company has recorded a liability for the potential future earnout payments using estimated fair value at the date of acquisition using Level 3 inputs including market rents ranging from $8.00 to $28.00 per square foot, probability of occupancy ranging from 10% to 100% based on leasing activity and utilizing a discount rate of 8.00% to 9.25%. The Company has recorded this earnout amount as additional purchase price of the related property and as a liability included in deferred investment property acquisition obligations on the accompanying consolidated balance sheets. The liability increases as the anticipated payment date draws near based on a present value; such increases in the liability are recorded as amortization expense on the accompanying consolidated statements of operations and other comprehensive loss. The Company records changes in the underlying liability assumptions to acquisition related costs on the accompanying consolidated statements of operations and other comprehensive loss. 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 above market lease value of $521,842 and $87,711 for the three months ended June 30, 2015 and 2014, respectively, and $781,422 and $108,747 for the six months ended June 30, 2015 and 2014, respectively, was recorded as a reduction to rental income. Amortization pertaining to the below market lease value of $742,328 and $71,429 for the three months ended June 30, 2015 and 2014, respectively, and $1,189,170 and $94,729 for the six months ended June 30, 2015 and 2014 respectively was recorded as an increase to rental income. 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 $3,225,991 and $431,422 for the three months ended June 30, 2015 and 2014, respectively, and $5,096,958 and $595,228 for the six months ended June 30, 2015 and 2014, 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 June 30, 2015, no amount has been allocated to customer relationship value. The following table summarizes the Company’s identified intangible assets and liabilities as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Intangible assets: Acquired in-place lease value $ 90,997,933 $ 48,848,084 Acquired above market lease value 17,302,468 5,574,858 Accumulated amortization (8,610,081 ) (2,731,701 ) Acquired lease intangibles, net $ 99,690,320 $ 51,691,241 Intangible liabilities: Acquired below market lease value $ 35,957,952 $ 19,170,481 Accumulated amortization (1,684,005 ) (494,835 ) Acquired below market lease intangibles, net $ 34,273,947 $ 18,675,646 As of June 30, 2015, the weighted average amortization periods for acquired in-place lease, above market lease intangibles and below market lease intangibles are 9, 11 and 17 years, respectively. Estimated amortization of the respective intangible lease assets and liabilities as of June 30, 2015 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2015 (remainder of year) $ 6,475,622 $ 1,168,682 $ (1,430,402) 2016 12,772,151 2,298,216 (2,790,667) 2017 12,191,622 2,111,739 (2,645,560) 2018 11,292,788 1,738,589 (2,493,947) 2019 9,986,562 1,358,562 (2,376,280) Thereafter 30,861,439 7,434,348 (22,537,091) Total $ 83,580,184 $ 16,110,136 $ (34,273,947) 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. 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 six months ended June 30, 2015 and 2014, 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 $5,315,708 and $1,054,454 for the three months ended June 30, 2015 and 2014, respectively, and $8,463,134 and $1,553,568 for the six months ended June 30, 2015 and 2014, 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 reduce 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 will 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. REIT Status The Company has qualified and elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2013. As a result, 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. The Company will monitor the business and transactions that may potentially impact its REIT status. 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 (including any applicable alternative minimum tax) and state 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. Derivatives The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2015-03, Interest - Imputation of Interest In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers,

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions	(3) Acquisitions 2015 Acquisitions Date Acquired Property Name Location Property Type Square Footage Purchase Price 1 st 1/29/15 Shoppes at Lake Park West Valley City, UT Multi-Tenant Retail 52,997 $ 11,559,841 2/19/15 Plaza at Prairie Ridge Pleasant Prairie, WI Multi-Tenant Retail 9,035 3,400,000 3/13/15 Green Tree Center Katy, TX Multi-Tenant Retail 147,658 26,244,094 3/16/15 Eastside Junction Athens, AL Multi-Tenant Retail 79,700 12,277,570 3/16/15 Fairgrounds Crossing Hot Springs, AR Multi-Tenant Retail 155,127 29,196,970 3/16/15 Prattville Town Center Prattville, AL Multi-Tenant Retail 168,842 33,328,788 3/16/15 Regal Court Shreveport, LA Multi-Tenant Retail 363,174 50,363,636 3/16/15 Shops at Hawk Ridge St. Louis, MO Multi-Tenant Retail 75,951 12,721,273 3/16/15 Walgreens Plaza Jacksonville, NC Multi-Tenant Retail 42,219 13,662,883 3/16/15 Whispering Ridge Omaha, NE Multi-Tenant Retail 69,676 15,802,934 3/31/15 (a) Frisco Marketplace Frisco, TX Multi-Tenant Retail 112,024 11,040,000 2 nd 4/08/15 White City Shrewsbury, MA Multi-Tenant Retail 257,080 96,750,000 4/21/15 Treasure Valley Nampa, ID Multi-Tenant Retail 112,259 15,200,000 4/28/15 Yorkville Marketplace Yorkville, IL Multi-Tenant Retail 111,591 24,500,000 5/27/15 Shoppes at Market Pointe Papillion, NE Multi-Tenant Retail 253,903 27,200,000 2,011,236 $ 383,247,989 (a) 4,481 square feet of Frisco Marketplace was acquired on April 1, 2015 for $2,080,000. During the six months ended June 30, 2015, the Company acquired, through its wholly owned subsidiaries, the 15 properties listed above and financed a portion of these acquisitions by borrowing or assuming $89,703,000 in mortgage debt. The Company incurred $3,632,230 and $2,685,875 during the three months ended June 30, 2015 and 2014, respectively, and $4,869,076 and $3,364,079 during the six months ended June 30, 2015 and 2014, respectively, of acquisition, dead deal and transaction related costs, including changes to initial assumptions related to deferred investment property acquisition obligations that were recorded in acquisition related costs in the consolidated statements of operations and other comprehensive loss related to both closed and potential transactions. These costs include third party due diligence costs such as appraisals, environmental studies, and legal fees as well as acquisition fees and time and travel expense reimbursements to the Sponsor and its affiliates. For the six months ended June 30, 2015, the Business Manager permanently waived acquisition fees of $2,510,311. For properties acquired during the six months ended June 30, 2015, the Company recorded revenue of $8,699,840 and property net income of $1,723,830 which excludes expensed acquisition related costs. The following table presents certain additional information regarding the Company’s acquisitions during the six months ended June 30, 2015. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Property Name Land Buildings and Improvements Acquired Lease Intangibles Acquired Below Market Lease Intangibles Fair Value Adjustment Related to Mortgages and Notes Payable Shoppes at Lake Park $ 2,285,329 $ 8,527,124 $ 1,533,026 $ (785,638 ) $ — Plaza at Prairie Ridge 617,750 2,305,250 477,000 — — Green Tree Center 7,218,223 17,845,531 2,722,977 (1,542,637 ) — Eastside Junction 2,411,050 8,392,647 1,857,856 (115,673 ) (268,310 ) Fairgrounds Crossing 6,069,189 22,637,229 3,740,116 (2,221,606 ) (1,027,958 ) Prattville Town Center 5,336,025 27,647,623 3,870,875 (1,848,235 ) (1,677,500 ) Regal Court 5,873,044 41,180,744 5,117,369 (1,807,521 ) — Shops at Hawk Ridge 1,328,963 10,340,784 1,990,000 (938,474 ) — Walgreens Plaza 2,623,676 9,682,997 1,943,899 (131,246 ) (456,443 ) Whispering Ridge 4,120,870 10,417,915 1,464,614 (200,465 ) — Frisco Marketplace 6,618,086 3,315,132 1,235,382 (128,600 ) — White City 18,960,948 70,423,249 13,764,443 (6,398,640 ) — Treasure Valley 3,132,693 9,679,824 2,564,904 (177,421 ) — Yorkville Marketplace * 4,989,623 13,927,912 4,942,733 (152,211 ) — Shoppes at Market Pointe 12,499,259 8,387,581 6,652,264 (339,104 ) — $ 84,084,728 $ 264,711,542 $ 53,877,458 $ (16,787,471 ) $ (3,430,211 ) *Purchase price included $791,943 for other assets. The following condensed pro forma consolidated financial statements for the three and six months ended June 30, 2015 and 2014 include pro forma adjustments related to the acquisitions and financing during 2015 which were made for the acquisition of Shoppes at Lake Park, Plaza at Prairie Ridge, Green Tree Center, Eastside Junction, Fairgrounds Crossing, Prattville Town Center, Regal Court, Shops at Hawk Ridge, Walgreens Plaza, Whispering Ridge, Frisco Marketplace, White City, Treasure Valley, Yorkville Marketplace and Shoppes at Market Pointe which are presented assuming the acquisition occurred on January 1, 2014. The following condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2015 acquisitions had been consummated as of January 1, 2014, nor does it purport to represent the results of operations for future periods. For the three months ended June 30, 2015 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 18,281,959 785,244 19,067,203 Net income (loss) $ (3,499,961 ) 3,603,571 103,610 Net loss per common share, basic and diluted $ (0.05 ) — Weighted average number of common 66,130,000 71,341,200 For the three months ended June 30, 2014 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 3,510,325 $ 8,138,057 11,648,382 Net income (loss) $ (2,363,250 ) $ 2,816,155 452,905 Net loss per common share, basic and diluted $ (0.18 ) 0.01 Weighted average number of common 13,377,773 71,341,200 The pro forma information for the three months ended June 30, 2015 and 2014 was adjusted to exclude $3,885,893 and $0, respectively, of acquisition related costs recorded during such periods. For the six months ended June 30, 2015 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 29,953,743 4,379,062 34,332,805 Net income (loss) $ (4,122,577 ) 5,600,688 1,478,111 Net loss per common share, basic and diluted $ (0.07 ) 0.02 Weighted average number of common 57,658,129 71,341,200 For the six months ended June 30, 2014 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 5,244,433 16,276,113 21,520,546 Net income (loss) $ (2,927,409 ) 1,311,438 (1,615,971 ) Net loss per common share, basic and diluted $ (0.26 ) (0.02 ) Weighted average number of common 11,053,602 71,341,200 The pro forma information for the six months ended June 30, 2015 and 2014 was adjusted to exclude $4,320,872 and include $4,320,872, respectively, of acquisition related costs recorded during such periods. The following condensed pro forma consolidated financial statements for the three and six months ended June 30, 2014 include pro forma adjustments related to the acquisitions and financings during 2014 which are presented assuming the acquisition occurred on January 1, 2013. The pro forma financial information below is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2014 acquisitions had been consummated as of January 1, 2013, nor does it purport to represent the results of operations for future periods. For the three months ended June 30, 2014 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 3,510,325 $ 7,013,384 10,523,709 Net income (loss) $ (2,363,250 ) $ 3,429,976 1,066,726 Net loss per common share, basic and diluted $ (0.18 ) 0.01 Weighted average number of common 13,377,773 71,341,200 For the six months ended June 30, 2014 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 5,244,433 $ 15,835,276 21,079,709 Net income (loss) $ (2,927,409 ) $ 5,156,970 2,229,561 Net loss per common share, basic and diluted $ (0.26 ) 0.03 Weighted average number of common 11,053,602 71,341,200 The pro forma information for the three and six months ended June 30, 2014 was adjusted to exclude $2,690,946 and $3,387,688, respectively, of acquisition related costs recorded during such periods.

Investment in Unconsolidated En

Investment in Unconsolidated Entity	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	(4) 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, Inland Real Estate Corporation, InvenTrust Properties Corp. (formerly known as Inland American Real Estate Trust, Inc.) and 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 as defined in U.S. GAAP and the Company is not considered to be the primary beneficiary; however, the Company can exercise significant influence. Therefore, this investment is accounted for utilizing the equity method of accounting. The Company’s risk of loss is limited to its investment and the Company is not required to fund additional capital to the entity. Effective June 30, 2014, Inland Diversified Real Estate Trust, Inc. withdrew from the Insurance Captive. Although still a member, effective December 1, 2014, Retail Properties of America, Inc. terminated its future participation in the Insurance Captive. The Company entered into an agreement and paid $100,000 in exchange for a 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 (loss) of $(85,216) and $(7,792) for the three months ended June 30, 2015 and 2014, respectively, and $(104,846) and $(7,461) for the six months ended June 30, 2015 and 2014, respectively.

Operating Leases

Operating Leases	6 Months Ended
	Jun. 30, 2015
Leases [Abstract]
Operating Leases	(5) Operating Leases Minimum lease payments to be received under operating leases, including ground leases, as of June 30, 2015 for the years indicated, assuming no expiring leases are renewed, are as follows: Minimum Lease Payments 2015 (remainder of year) $ 28,698,556 2016 54,923,888 2017 50,609,426 2018 45,367,831 2019 37,206,885 Thereafter 193,733,902 Total $ 410,540,488 The remaining lease terms range from less than 1 year to 22 years. Most of the revenue from the Company’s properties consists of rents received under long-term operating leases. Some leases require the tenant to pay fixed base rent paid monthly in advance, and to reimburse the Company for the tenant’s pro rata share of certain operating expenses including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees, and certain building repairs paid by the Company and recoverable under the terms of the lease. Under these leases, the Company pays all expenses and is reimbursed by the tenant for the tenant’s pro rata share of recoverable expenses paid. Certain other tenants are subject to net leases which provide that the tenant is responsible for fixed base rent as well as all costs and expenses associated with occupancy. Under net leases where all expenses are paid directly by the tenant rather than the landlord, such expenses are not included in the consolidated statements of operations and other comprehensive loss. Under leases where all expenses are paid by the Company, subject to reimbursement by the tenant, the expenses are included within property operating expenses and reimbursements are included in tenant recovery income on the consolidated statements of operations and other comprehensive loss.

Mortgages and Notes Payable

Mortgages and Notes Payable	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Mortgages and Notes Payable	(6) Mortgages and Notes Payable As of June 30, 2015 and December 31, 2014, the Company had the following mortgages and notes payable outstanding: Property Name Stated Interest Rate Per Annum Principal Balance at June 30, 2015 Principal Balance at December 31, 2014 Maturity Date Notes Dollar General Portfolio Phase I - five properties 4.313% $ 3,340,450 $ 3,340,450 May 1, 2027 (a) Dollar General Portfolio Phase II - seven properties 4.347% 4,140,000 4,140,000 October 1, 2027 (b) Wedgewood Commons Shopping Center 1 month LIBOR + 1.90% 15,259,894 15,259,894 December 23, 2018 (c) North Hills Square 1 month LIBOR + 1.80% 5,525,000 5,525,000 March 28, 2019 (c) Mansfield Pointe 1 month LIBOR + 1.80% 14,200,000 14,200,000 May 7, 2019 (c) Park Avenue Shopping Center 1 month LIBOR + 1.75% 11,683,793 11,683,793 May 8, 2019 (c) Lakeside Crossing 1 month LIBOR + 1.95% 9,910,189 8,483,751 May 22, 2019 (c) Dogwood Festival 1 month LIBOR + 1.75% 24,351,750 24,351,750 July 1, 2019 (c) MidTowne Shopping Center 1 month LIBOR + 1.95% 20,725,000 20,725,000 July 5, 2019 (c) Pick N Save Center 1 month LIBOR + 1.60% 9,561,280 9,561,280 July 31, 2019 (c) The Shoppes at Branson Hills & Branson Hills Plaza 1 month LIBOR + 1.75% 20,240,000 20,240,000 December 15, 2019 (c) Property Name Stated Interest Rate Per Annum Principal Balance at June 30, 2015 Principal Balance at December 31, 2014 Maturity Date Notes The Shoppes at Branson Hills – Kohl’s 5.95% 6,481,251 6,532,795 November 11, 2017 Branson Hills Plaza – TJ Maxx 5.78% 2,978,042 3,005,240 May 11, 2016 Harvest Square 4.65% 6,800,000 6,800,000 January 1, 2022 Shoppes at Prairie Ridge 1 month LIBOR + 1.75% 15,591,445 15,591,445 December 15, 2019 (c) Fox Point Plaza 1 month LIBOR + 1.85% 10,836,530 10,836,530 December 15, 2019 (c) Heritage Square 5.10% 4,460,000 4,460,000 July 1, 2021 Dixie Valley 1 month LIBOR + 1.60% 6,114,135 – March 1, 2022 (c)(d) Eastside Junction 4.60% 6,270,000 – June 1, 2022 (e) Fairgrounds Crossing 5.2075% 13,453,000 – October 6, 2021 (f) Prattville Town Center 5.475% 15,930,000 – May 1, 2021 (g) Walgreens Plaza 5.304% 4,650,000 – July 1, 2021 (h) White City 1 month LIBOR + 1.50% 49,400,000 – April 7, 2022 (c)(i) $ 281,901,759 $ 184,736,928 (j) (a) The loan is secured by cross-collateralized first mortgages on the five properties. (b) The loan is secured by cross-collateralized first mortgages on the seven properties. (c) The 1 month LIBOR rate at June 30, 2015 was 0.19%. (d) The loan requires monthly payments of interest only until March 1, 2022 when all principal and unpaid interest is due. The loan may be prepaid in whole or in part, at par. The Company entered into a swap which fixed the interest rate at 3.62%. (e) The loan was assumed at closing and requires monthly payments of interest only until June 2017. Thereafter, monthly principal and interest payments of $32,143 are due until maturity when all principal and unpaid interest is due. The loan may be prepaid in whole, at par, beginning March 2022. (f) The loan was assumed at closing and requires monthly payments of interest only until October 6, 2021 when all principal and unpaid interest is due. The loan may be prepaid in whole beginning July 6, 2021, at par. (g) The loan was assumed at closing and requires monthly payments of interest only until May 1, 2021 when all principal and unpaid interest is due. The loan may be prepaid in whole or in part beginning February 1, 2021, at par. (h) The loan was assumed at closing and requires monthly payments of interest only until July 1, 2021 when all principal and unpaid interest is due. The loan may be prepaid in whole beginning April 1, 2021, at par. (i) The loan requires monthly payments of interest only until May 2020. Thereafter, monthly payments of principal and interest are based upon a 30 year amortization schedule. The loan matures on April 7, 2022 when the remaining principal plus all accrued and unpaid interest is due. The loan may be prepaid in whole, at par at any time. The Company entered into a swap which fixed the interest rate at 3.24%. (j) Excludes mortgage premiums, net of accumulated amortization of $4,415,820 and $1,296,646 as of June 30, 2015 and December 31, 2014, respectively. The Company had a weighted average stated interest rate of 3.66% per annum at June 30, 2015, which includes the effects of interest rate swaps. All of the Company’s mortgage loans are secured by first mortgages on the respective real estate assets or are guaranteed by the Sponsor. No fees were paid in connection with any guarantees issued by the Sponsor. The mortgage loans require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of June 30, 2015, 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 June 30, 2015 for the next five years and thereafter: Mortgages and Notes Payable (1) Weighted Average Interest Rate 2015 $ – – 2016 2,978,042 5.78% 2017 6,481,251 5.95% 2018 15,259,894 2.09% 2019 142,624,987 3.26% Thereafter 114,557,585 4.19% Total $ 281,901,759 (1) Excludes mortgage premiums, net of accumulated amortization associated with debt assumed at acquisition of $4,415,820. 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 $281,901,759 and $184,736,928 as of June 30, 2015 and December 31, 2014, respectively, and its estimated fair value was $283,000,000 and $185,260,000 as of June 30, 2015 and December 31, 2014, respectively. Interest Rate Swap Agreements The Company entered into interest rate swaps to fix certain of its floating LIBOR based debt under variable rate loans to a fixed rate to manage its risk exposure to interest rate fluctuations. The Company will generally match the maturity of the underlying variable rate debt with the maturity date on the interest swap. For the three and six months ended June 30, 2015 and 2014, the Company recorded interest expense of $(99,241) and $32,217 and $(169,145) and $71,430, respectively, related to interest rate swaps. The following table summarizes the Company’s interest rate swap contracts outstanding as of June 30, 2015. Date Entered Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Notional Amount Fair Value at June 30, 2015 March 28, 2014 March 1, 2015 March 28, 2019 2.22 % 1 month $ 5,525,000 $ (182,187 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 1 month 14,200,000 (402,483 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 1 month 8,483,751 (206,429 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 1 month 11,683,793 (353,128 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 1 month 20,725,000 (577,960 ) June 27, 2014 July 1, 2014 July 1, 2019 1.85 % 1 month 24,351,750 (439,538 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 1 month 9,561,280 (204,306 ) December 16, 2014 December 16, 2014 June 22, 2016 1.97 % 1 month 13,358,984 (207,404 ) December 16, 2014 December 16, 2014 October 21, 2016 1.50 % 1 month 10,836,530 (140,625 ) December 16, 2014 December 16, 2014 May 9, 2017 1.13 % 1 month 10,150,000 (80,061 ) February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 1 month 6,114,135 9,043 April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 1 month 49,400,000 524,106 Total $ 184,390,223 $ (2,260,972 ) The table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of June 30, 2015 and December 31, 2014. June 30, 2015 December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swaps Other liabilities $ 2,260,972 Other liabilities $ 2,089,340 The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and other comprehensive loss (“OCL”) for the three and six months ended June 30, 2015 and 2014. Three months ended June 30 Six months ended June 30 Derivatives in Cash Flow Hedging Relationships 2015 2014 2015 2014 Amount of Loss Recognized in OCL on Derivative (Effective Portion) $ 517,640 $ (771,965) $ (1,249,069) $ (771,965) Amount of Loss Reclassified from Accumulated OCL into Income (Effective Portion) $ 621,213 $ – $ 908,292 $ – Amount of Loss Recognized in Income on Derivative (Ineffective Portion) $ 545 $ (190) $ 1,631 $ (190) Three months ended June 30 Six months ended June 30 Derivatives Not Designated as Hedging Instruments 2015 2014 2015 2014 Amount of Loss Recognized in Income on Derivative (Ineffective Portion) $ (99,786) $ (32,027) $ (170,776) $ (71,240)

Fair Value Financial Instrument

Fair Value Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Financial Instruments	(7) Fair Value Financial Instruments In some instances, certain of the Company’s assets and liabilities are required to be measured or disclosed at fair value according to a fair value hierarchy pursuant to relevant accounting literature. This hierarchy ranks the quality and reliability of the inputs used to determine fair values, which are then classified and disclosed in one of three categories. The fair value hierarchy consists of three broad levels, which are described within note 2. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their classifications within the fair value hierarchy levels. For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below: Fair Value Measurements at June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Derivative interest rate instruments $ – $ (2,260,972) $ – Total liabilities $ – $ (2,260,972) $ – The fair value of derivative instruments was estimated based on data observed in the forward yield curve which is widely observed in the marketplace. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the counterparty's nonperformance risk in the fair value measurements which utilizes Level 3 inputs, such as estimates of current credit spreads. The Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative and therefore has classified this in Level 2 of the hierarchy.

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	(8) Income Tax The Company had no uncertain tax positions as of June 30, 2015 and December 31, 2014. The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of June 30, 2015. The Company has no interest or penalties relating to income taxes recognized in the consolidated statements of operations and other comprehensive loss for the three months and six months ended June 30, 2015 and 2014. As of June 30, 2015, returns for the calendar years 2014, 2013, 2012 and 2011 remain subject to examination by U.S. and various state and local tax jurisdictions.

Distributions

Distributions	6 Months Ended
	Jun. 30, 2015
Distributions [Abstract]
Distributions	(9) Distributions The Company currently pays distributions based on daily record dates, payable in arrears the following month. 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 three months ended June 30, 2015 and 2014, the Company paid distributions of $9,282,460 and 1,772,653, respectively, and declared distributions totaling $9,893,259 and $2,001,051, respectively. During the six months ended June 30, 2015 and June 30, 2014, the Company paid distributions of $19,032,514 and $2,849,972, respectively, and declared distributions totaling $20,445,766 and $3,288,712, respectively.

Earnings (Loss) per Share

Earnings (Loss) per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings (Loss) per Share	(10) 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 June 30, 2015 and 2014, the Company did not have any dilutive common share equivalents outstanding.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(11) Commitments and Contingencies The acquisition of certain of the Company’s properties included an earnout component to the purchase price. The maximum potential earnout payment was $3,057,964 at June 30, 2015. The table below presents the change in the Company’s earnout liability for the six months ended June 30, 2015 and 2014. For the six months ended June 30, 2015 2014 Earnout liability-beginning of period $ 3,645,873 $ 723,237 Increases: Acquisitions — 4,109,508 Amortization expense 54,783 74,217 Decreases: Earnout payments (1,727,719 ) (734,122 ) Other: Adjustments to acquisition related costs 25,246 (9,057 ) Earnout liability – end of period $ 1,998,183 $ 4,163,783 The Company may be subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the consolidated financial statements of the Company.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	(12) Segment Reporting The Company has one reportable segment, retail real estate, as defined by U.S. GAAP for the six months ended June 30, 2015 and 2014. 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. For the six months ended June 30, 2015, approximately 6.4% of the Company’s rental revenue was generated by three locations leased to Roundy’s Supermarkets, Inc.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Transactions With Related Parties	(13) Transactions with Related Parties The Company is party to an agreement with an LLC formed as an insurance association captive which is wholly-owned by the Company, Inland Real Estate Corporation, InvenTrust Properties Corp. and Retail Properties of America, Inc. The entity is included in the Company’s disclosure of Investment in Unconsolidated Entity (note 4) and is included in investment in unconsolidated entity in the accompanying consolidated balance sheets. The Company owns 1,000 shares of common stock in The Inland Real Estate Group of Companies, Inc. with a recorded value of $1,000 at June 30, 2015 and December 31, 2014. 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 six months ended June 30, 2015 and 2014. 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 June 30, Six months ended June 30, Amount Unpaid as of 2015 2014 2015 2014 June 30 , 2015 December 31 , 2014 General and administra- (a) $ 425,641 $ 72,175 $ 568,734 $ 164,062 $ 192,220 $ 137,988 Affiliate share purchase (b) 9,356 22,256 24,167 40,800 — — Total general and $ 434,997 $ 94,431 $ 592,901 $ 204,862 $ 192,220 $ 137,988 Acquisition related costs $ 659,775 $ 178,703 $ 757,826 $ 253,989 $ 423,872 $ 156,961 Acquisition fees 2,488,950 2,041,713 3,267,687 2,557,976 2,488,950 — Total acquisition related costs (c) $ 3,148,725 $ 2,220,416 $ 4,025,513 $ 2,811,965 $ 2,912,822 $ 156,961 Offering costs (d) 11,023,835 4,917,471 27,904,526 8,798,957 180,070 210,469 Sponsor non-interest bearing advances (e) — — — — — 1,630,000 Real estate management fees (f) 710,840 120,554 1,132,209 178,766 — — (Recovery of) business management fees (g) 1,333,702 — 2,190,470 (226,280 ) 1,333,702 558,234 Sponsor contribution (h) — 500,000 3,283,093 500,000 — — (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 in the accompanying consolidated statements of operations and other comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (b) 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 24,167 and 40,800 shares to related parties during the six months ended June 30, 2015 and 2014, respectively. (c) The Company pays 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 acquisition related costs in the accompanying consolidated statements of operations and other comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. For the six months ended June 30, 2015, the Business Manager permanently waived acquisition fees of $2,510,311. (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 December 31, 2014, the Sponsor advanced $1,630,000 to pay offering and organizational costs, all of which has been repaid at June 30, 2015. (f) For each property that is managed by Inland National Real Estate Services, LLC, or its affiliates, collectively the Real Estate Managers, the Company pays 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 based upon prevailing market rates applicable to the geographic market of the project. For the six months ended June 30, 2015, the Company incurred $19,416 in construction management fees which are included in Building and other improvements on the consolidated balance sheets. The Company also reimburses each Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Managers and their affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of any of the Real Estate Managers. Real estate management fees and reimbursable expenses are included in property operating expenses in the accompanying consolidated statements of operations and other comprehensive loss. (g) The Company pays 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. For the six months ended June 30, 2014, the Business Manager was entitled to a business management fee in the amount equal to $433,410, which was permanently waived. The Business Manager also permanently waived business management fees of $226,280 incurred for the year ended December 31, 2013 during this period. No fees were waived for the six months ended June 30, 2015. (h) For the six months ended June 30, 2015 and 2014, the Sponsor contributed $3,283,093 and $500,000, respectively, to the Company. Our Sponsor has not received, and will not receive, any additional shares of our common stock for making this contribution. There is no assurance that our Sponsor will continue to contribute any additional monies.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	(14) 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 July 1, 2015 through the close of business on September 30, 2015. 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 July 2015, total distributions declared for the month of June 2015 were paid in the amount equal to $3,438,657, including $1,837,200 which was reinvested through the Company’s DRP, resulting in the issuance of an additional 193,389 shares of common stock. • In August 2015, total distributions declared for the month of July 2015 were paid in the amount equal to $3,718,218, including $1,989,965 which was reinvested through the Company’s DRP, resulting in the issuance of an additional 209,470 shares of common stock. The following table provides information regarding the total shares sold in our offering as of August 7, 2015: Shares Gross Offering Proceeds ($) (1) Commissions and Fees ($) (2) Proceeds to Us, Before Expenses ($) (3) From our Sponsor in connection with our formation: 20,000.000 200,000 – 200,000 Shares sold in the offering: 73,508,806.136 731,497,388 69,198,194 662,299,194 Shares sold pursuant to our distribution reinvestment plan: 1,885,626.357 17,760,685 – 17,760,685 Shares purchased pursuant to our share repurchase program: (223,144.717 ) (2,182,392 ) – (2,182,392) Total: 75,191,287.776 747,275,681 69,198,194 678,077,487 (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 April 28, 2015 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 Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
General	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.
Consolidation	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 6.
Partially-Owned Entities	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 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 VIE 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 its consolidated financial statements. In instances where the Company determines that it is not the primary beneficiary of a VIE 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 its share of operations will be reflected as equity in earnings (loss) of an unconsolidated entity on its consolidated statements of operations and other comprehensive income (loss). Additionally, the Company’s net investment in the joint venture will be reflected as investment in unconsolidated entities as an asset on the consolidated balance sheets.
Offering and Organization Costs	Offering and Organization Costs Costs associated with the Offering are deferred and charged against the gross proceeds of the Offering upon the sale of shares. Formation and organizational costs were expensed as incurred.
Cash and Cash Equivalents	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. The Company maintains its cash and cash equivalents at financial institutions. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance.
Acquisitions	Acquisitions Upon acquisition, the Company determines the total purchase price of each property (note 3), 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. Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase price unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The earnout payments are based on a predetermined formula applied to rental income received. The earnout agreements have a limited obligation period from the date of acquisition, as defined. If at the end of the time period certain space has not been leased, occupied and rent producing, the Company will have no further obligation to pay additional purchase price consideration and will retain ownership of that entire property. Based on its best estimate, the Company has recorded a liability for the potential future earnout payments using estimated fair value at the date of acquisition using Level 3 inputs including market rents ranging from $8.00 to $28.00 per square foot, probability of occupancy ranging from 10% to 100% based on leasing activity and utilizing a discount rate of 8.00% to 9.25%. The Company has recorded this earnout amount as additional purchase price of the related property and as a liability included in deferred investment property acquisition obligations on the accompanying consolidated balance sheets. The liability increases as the anticipated payment date draws near based on a present value; such increases in the liability are recorded as amortization expense on the accompanying consolidated statements of operations and other comprehensive loss. The Company records changes in the underlying liability assumptions to acquisition related costs on the accompanying consolidated statements of operations and other comprehensive loss. 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 above market lease value of $521,842 and $87,711 for the three months ended June 30, 2015 and 2014, respectively, and $781,422 and $108,747 for the six months ended June 30, 2015 and 2014, respectively, was recorded as a reduction to rental income. Amortization pertaining to the below market lease value of $742,328 and $71,429 for the three months ended June 30, 2015 and 2014, respectively, and $1,189,170 and $94,729 for the six months ended June 30, 2015 and 2014 respectively was recorded as an increase to rental income. 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 $3,225,991 and $431,422 for the three months ended June 30, 2015 and 2014, respectively, and $5,096,958 and $595,228 for the six months ended June 30, 2015 and 2014, 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 June 30, 2015, no amount has been allocated to customer relationship value. The following table summarizes the Company’s identified intangible assets and liabilities as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Intangible assets: Acquired in-place lease value $ 90,997,933 $ 48,848,084 Acquired above market lease value 17,302,468 5,574,858 Accumulated amortization (8,610,081 ) (2,731,701 ) Acquired lease intangibles, net $ 99,690,320 $ 51,691,241 Intangible liabilities: Acquired below market lease value $ 35,957,952 $ 19,170,481 Accumulated amortization (1,684,005 ) (494,835 ) Acquired below market lease intangibles, net $ 34,273,947 $ 18,675,646 As of June 30, 2015, the weighted average amortization periods for acquired in-place lease, above market lease intangibles and below market lease intangibles are 9, 11 and 17 years, respectively. Estimated amortization of the respective intangible lease assets and liabilities as of June 30, 2015 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2015 (remainder of year) $ 6,475,622 $ 1,168,682 $ (1,430,402) 2016 12,772,151 2,298,216 (2,790,667) 2017 12,191,622 2,111,739 (2,645,560) 2018 11,292,788 1,738,589 (2,493,947) 2019 9,986,562 1,358,562 (2,376,280) Thereafter 30,861,439 7,434,348 (22,537,091) Total $ 83,580,184 $ 16,110,136 $ (34,273,947)
Impairment of Investment Properties	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. 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 six months ended June 30, 2015 and 2014, the Company incurred no impairment charges.
Capitalization and Depreciation	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 $5,315,708 and $1,054,454 for the three months ended June 30, 2015 and 2014, respectively, and $8,463,134 and $1,553,568 for the six months ended June 30, 2015 and 2014, respectively.
Deferred Loan Fees	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	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	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 reduce 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 will 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.
REIT Status	REIT Status The Company has qualified and elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2013. As a result, 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. The Company will monitor the business and transactions that may potentially impact its REIT status. 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 (including any applicable alternative minimum tax) and state 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.
Derivatives	Derivatives The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2015-03, Interest - Imputation of Interest In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers,

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of Intangible Assets and Liabilities	The following table summarizes the Company’s identified intangible assets and liabilities as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Intangible assets: Acquired in-place lease value $ 90,997,933 $ 48,848,084 Acquired above market lease value 17,302,468 5,574,858 Accumulated amortization (8,610,081 ) (2,731,701 ) Acquired lease intangibles, net $ 99,690,320 $ 51,691,241 Intangible liabilities: Acquired below market lease value $ 35,957,952 $ 19,170,481 Accumulated amortization (1,684,005 ) (494,835 ) Acquired below market lease intangibles, net $ 34,273,947 $ 18,675,646
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of June 30, 2015 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2015 (remainder of year) $ 6,475,622 $ 1,168,682 $ (1,430,402) 2016 12,772,151 2,298,216 (2,790,667) 2017 12,191,622 2,111,739 (2,645,560) 2018 11,292,788 1,738,589 (2,493,947) 2019 9,986,562 1,358,562 (2,376,280) Thereafter 30,861,439 7,434,348 (22,537,091) Total $ 83,580,184 $ 16,110,136 $ (34,273,947)

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of 2015 Acquisitions	2015 Acquisitions Date Acquired Property Name Location Property Type Square Footage Purchase Price 1 st 1/29/15 Shoppes at Lake Park West Valley City, UT Multi-Tenant Retail 52,997 $ 11,559,841 2/19/15 Plaza at Prairie Ridge Pleasant Prairie, WI Multi-Tenant Retail 9,035 3,400,000 3/13/15 Green Tree Center Katy, TX Multi-Tenant Retail 147,658 26,244,094 3/16/15 Eastside Junction Athens, AL Multi-Tenant Retail 79,700 12,277,570 3/16/15 Fairgrounds Crossing Hot Springs, AR Multi-Tenant Retail 155,127 29,196,970 3/16/15 Prattville Town Center Prattville, AL Multi-Tenant Retail 168,842 33,328,788 3/16/15 Regal Court Shreveport, LA Multi-Tenant Retail 363,174 50,363,636 3/16/15 Shops at Hawk Ridge St. Louis, MO Multi-Tenant Retail 75,951 12,721,273 3/16/15 Walgreens Plaza Jacksonville, NC Multi-Tenant Retail 42,219 13,662,883 3/16/15 Whispering Ridge Omaha, NE Multi-Tenant Retail 69,676 15,802,934 3/31/15 (a) Frisco Marketplace Frisco, TX Multi-Tenant Retail 112,024 11,040,000 2 nd 4/08/15 White City Shrewsbury, MA Multi-Tenant Retail 257,080 96,750,000 4/21/15 Treasure Valley Nampa, ID Multi-Tenant Retail 112,259 15,200,000 4/28/15 Yorkville Marketplace Yorkville, IL Multi-Tenant Retail 111,591 24,500,000 5/27/15 Shoppes at Market Pointe Papillion, NE Multi-Tenant Retail 253,903 27,200,000 2,011,236 $ 383,247,989 (a) 4,481 square feet of Frisco Marketplace was acquired on April 1, 2015 for $2,080,000.
Schedule of Major Assets Acquired and Liabilities Assumed	The following table presents certain additional information regarding the Company’s acquisitions during the six months ended June 30, 2015. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Property Name Land Buildings and Improvements Acquired Lease Intangibles Acquired Below Market Lease Intangibles Fair Value Adjustment Related to Mortgages and Notes Payable Shoppes at Lake Park $ 2,285,329 $ 8,527,124 $ 1,533,026 $ (785,638 ) $ — Plaza at Prairie Ridge 617,750 2,305,250 477,000 — — Green Tree Center 7,218,223 17,845,531 2,722,977 (1,542,637 ) — Eastside Junction 2,411,050 8,392,647 1,857,856 (115,673 ) (268,310 ) Fairgrounds Crossing 6,069,189 22,637,229 3,740,116 (2,221,606 ) (1,027,958 ) Prattville Town Center 5,336,025 27,647,623 3,870,875 (1,848,235 ) (1,677,500 ) Regal Court 5,873,044 41,180,744 5,117,369 (1,807,521 ) — Shops at Hawk Ridge 1,328,963 10,340,784 1,990,000 (938,474 ) — Walgreens Plaza 2,623,676 9,682,997 1,943,899 (131,246 ) (456,443 ) Whispering Ridge 4,120,870 10,417,915 1,464,614 (200,465 ) — Frisco Marketplace 6,618,086 3,315,132 1,235,382 (128,600 ) — White City 18,960,948 70,423,249 13,764,443 (6,398,640 ) — Treasure Valley 3,132,693 9,679,824 2,564,904 (177,421 ) — Yorkville Marketplace * 4,989,623 13,927,912 4,942,733 (152,211 ) — Shoppes at Market Pointe 12,499,259 8,387,581 6,652,264 (339,104 ) — $ 84,084,728 $ 264,711,542 $ 53,877,458 $ (16,787,471 ) $ (3,430,211 ) *Purchase price included $791,943 for other assets.
Schedule of Pro Forma Financial Information for Acquisitions	The following condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2015 acquisitions had been consummated as of January 1, 2014, nor does it purport to represent the results of operations for future periods. For the three months ended June 30, 2015 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 18,281,959 785,244 19,067,203 Net income (loss) $ (3,499,961 ) 3,603,571 103,610 Net loss per common share, basic and diluted $ (0.05 ) — Weighted average number of common 66,130,000 71,341,200 For the three months ended June 30, 2014 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 3,510,325 $ 8,138,057 11,648,382 Net income (loss) $ (2,363,250 ) $ 2,816,155 452,905 Net loss per common share, basic and diluted $ (0.18 ) 0.01 Weighted average number of common 13,377,773 71,341,200 The pro forma information for the three months ended June 30, 2015 and 2014 was adjusted to exclude $3,885,893 and $0, respectively, of acquisition related costs recorded during such periods. For the six months ended June 30, 2015 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 29,953,743 4,379,062 34,332,805 Net income (loss) $ (4,122,577 ) 5,600,688 1,478,111 Net loss per common share, basic and diluted $ (0.07 ) 0.02 Weighted average number of common 57,658,129 71,341,200 For the six months ended June 30, 2014 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 5,244,433 16,276,113 21,520,546 Net income (loss) $ (2,927,409 ) 1,311,438 (1,615,971 ) Net loss per common share, basic and diluted $ (0.26 ) (0.02 ) Weighted average number of common 11,053,602 71,341,200 The pro forma information for the six months ended June 30, 2015 and 2014 was adjusted to exclude $4,320,872 and include $4,320,872, respectively, of acquisition related costs recorded during such periods. The following condensed pro forma consolidated financial statements for the three and six months ended June 30, 2014 include pro forma adjustments related to the acquisitions and financings during 2014 which are presented assuming the acquisition occurred on January 1, 2013. The pro forma financial information below is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2014 acquisitions had been consummated as of January 1, 2013, nor does it purport to represent the results of operations for future periods. For the three months ended June 30, 2014 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 3,510,325 $ 7,013,384 10,523,709 Net income (loss) $ (2,363,250 ) $ 3,429,976 1,066,726 Net loss per common share, basic and diluted $ (0.18 ) 0.01 Weighted average number of common 13,377,773 71,341,200 For the six months ended June 30, 2014 Historical Pro Forma Adjustments (unaudited) As Adjusted (unaudited) Total income $ 5,244,433 $ 15,835,276 21,079,709 Net income (loss) $ (2,927,409 ) $ 5,156,970 2,229,561 Net loss per common share, basic and diluted $ (0.26 ) 0.03 Weighted average number of common 11,053,602 71,341,200 The pro forma information for the three and six months ended June 30, 2014 was adjusted to exclude $2,690,946 and $3,387,688, respectively, of acquisition related costs recorded during such periods.

Operating Leases (Tables)

Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2015
Leases [Abstract]
Schedule of Future Minimum Lease Payments to be Received Under Operating Leases	Minimum lease payments to be received under operating leases, including ground leases, as of June 30, 2015 for the years indicated, assuming no expiring leases are renewed, are as follows: Minimum Lease Payments 2015 (remainder of year) $ 28,698,556 2016 54,923,888 2017 50,609,426 2018 45,367,831 2019 37,206,885 Thereafter 193,733,902 Total $ 410,540,488

Mortgages and Notes Payable (Ta

Mortgages and Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule of Mortgages and Notes Payable Outstanding	As of June 30, 2015 and December 31, 2014, the Company had the following mortgages and notes payable outstanding: Property Name Stated Interest Rate Per Annum Principal Balance at June 30, 2015 Principal Balance at December 31, 2014 Maturity Date Notes Dollar General Portfolio Phase I - five properties 4.313% $ 3,340,450 $ 3,340,450 May 1, 2027 (a) Dollar General Portfolio Phase II - seven properties 4.347% 4,140,000 4,140,000 October 1, 2027 (b) Wedgewood Commons Shopping Center 1 month LIBOR + 1.90% 15,259,894 15,259,894 December 23, 2018 (c) North Hills Square 1 month LIBOR + 1.80% 5,525,000 5,525,000 March 28, 2019 (c) Mansfield Pointe 1 month LIBOR + 1.80% 14,200,000 14,200,000 May 7, 2019 (c) Park Avenue Shopping Center 1 month LIBOR + 1.75% 11,683,793 11,683,793 May 8, 2019 (c) Lakeside Crossing 1 month LIBOR + 1.95% 9,910,189 8,483,751 May 22, 2019 (c) Dogwood Festival 1 month LIBOR + 1.75% 24,351,750 24,351,750 July 1, 2019 (c) MidTowne Shopping Center 1 month LIBOR + 1.95% 20,725,000 20,725,000 July 5, 2019 (c) Pick N Save Center 1 month LIBOR + 1.60% 9,561,280 9,561,280 July 31, 2019 (c) The Shoppes at Branson Hills & Branson Hills Plaza 1 month LIBOR + 1.75% 20,240,000 20,240,000 December 15, 2019 (c) Property Name Stated Interest Rate Per Annum Principal Balance at June 30, 2015 Principal Balance at December 31, 2014 Maturity Date Notes The Shoppes at Branson Hills – Kohl’s 5.95% 6,481,251 6,532,795 November 11, 2017 Branson Hills Plaza – TJ Maxx 5.78% 2,978,042 3,005,240 May 11, 2016 Harvest Square 4.65% 6,800,000 6,800,000 January 1, 2022 Shoppes at Prairie Ridge 1 month LIBOR + 1.75% 15,591,445 15,591,445 December 15, 2019 (c) Fox Point Plaza 1 month LIBOR + 1.85% 10,836,530 10,836,530 December 15, 2019 (c) Heritage Square 5.10% 4,460,000 4,460,000 July 1, 2021 Dixie Valley 1 month LIBOR + 1.60% 6,114,135 – March 1, 2022 (c)(d) Eastside Junction 4.60% 6,270,000 – June 1, 2022 (e) Fairgrounds Crossing 5.2075% 13,453,000 – October 6, 2021 (f) Prattville Town Center 5.475% 15,930,000 – May 1, 2021 (g) Walgreens Plaza 5.304% 4,650,000 – July 1, 2021 (h) White City 1 month LIBOR + 1.50% 49,400,000 – April 7, 2022 (c)(i) $ 281,901,759 $ 184,736,928 (j) (a) The loan is secured by cross-collateralized first mortgages on the five properties. (b) The loan is secured by cross-collateralized first mortgages on the seven properties. (c) The 1 month LIBOR rate at June 30, 2015 was 0.19%. (d) The loan requires monthly payments of interest only until March 1, 2022 when all principal and unpaid interest is due. The loan may be prepaid in whole or in part, at par. The Company entered into a swap which fixed the interest rate at 3.62%. (e) The loan was assumed at closing and requires monthly payments of interest only until June 2017. Thereafter, monthly principal and interest payments of $32,143 are due until maturity when all principal and unpaid interest is due. The loan may be prepaid in whole, at par, beginning March 2022. (f) The loan was assumed at closing and requires monthly payments of interest only until October 6, 2021 when all principal and unpaid interest is due. The loan may be prepaid in whole beginning July 6, 2021, at par. (g) The loan was assumed at closing and requires monthly payments of interest only until May 1, 2021 when all principal and unpaid interest is due. The loan may be prepaid in whole or in part beginning February 1, 2021, at par. (h) The loan was assumed at closing and requires monthly payments of interest only until July 1, 2021 when all principal and unpaid interest is due. The loan may be prepaid in whole beginning April 1, 2021, at par. (i) The loan requires monthly payments of interest only until May 2020. Thereafter, monthly payments of principal and interest are based upon a 30 year amortization schedule. The loan matures on April 7, 2022 when the remaining principal plus all accrued and unpaid interest is due. The loan may be prepaid in whole, at par at any time. The Company entered into a swap which fixed the interest rate at 3.24%. (j) Excludes mortgage premiums, net of accumulated amortization of $4,415,820 and $1,296,646 as of June 30, 2015 and December 31, 2014, respectively.
Schedule of Maturities of Mortgages and Notes Payable	The following table shows the scheduled maturities of mortgages and notes payable as of June 30, 2015 for the next five years and thereafter: Mortgages and Notes Payable (1) Weighted Average Interest Rate 2015 $ – – 2016 2,978,042 5.78% 2017 6,481,251 5.95% 2018 15,259,894 2.09% 2019 142,624,987 3.26% Thereafter 114,557,585 4.19% Total $ 281,901,759 (1) Excludes mortgage premiums, net of accumulated amortization associated with debt assumed at acquisition of $4,415,820.
Summary of Interest Rate Swap Contracts Outstanding	The following table summarizes the Company’s interest rate swap contracts outstanding as of June 30, 2015. Date Entered Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Notional Amount Fair Value at June 30, 2015 March 28, 2014 March 1, 2015 March 28, 2019 2.22 % 1 month $ 5,525,000 $ (182,187 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 1 month 14,200,000 (402,483 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 1 month 8,483,751 (206,429 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 1 month 11,683,793 (353,128 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 1 month 20,725,000 (577,960 ) June 27, 2014 July 1, 2014 July 1, 2019 1.85 % 1 month 24,351,750 (439,538 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 1 month 9,561,280 (204,306 ) December 16, 2014 December 16, 2014 June 22, 2016 1.97 % 1 month 13,358,984 (207,404 ) December 16, 2014 December 16, 2014 October 21, 2016 1.50 % 1 month 10,836,530 (140,625 ) December 16, 2014 December 16, 2014 May 9, 2017 1.13 % 1 month 10,150,000 (80,061 ) February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 1 month 6,114,135 9,043 April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 1 month 49,400,000 524,106 Total $ 184,390,223 $ (2,260,972 )
Schedule of Cash Flow Hedges and Classification on Consolidated Balance Sheets	The table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of June 30, 2015 and December 31, 2014. June 30, 2015 December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swaps Other liabilities $ 2,260,972 Other liabilities $ 2,089,340
Schedule of Derivative Financial Instruments on Consolidated Statements of Operations and Other Comprehensive Loss	The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and other comprehensive loss (“OCL”) for the three and six months ended June 30, 2015 and 2014. Three months ended June 30 Six months ended June 30 Derivatives in Cash Flow Hedging Relationships 2015 2014 2015 2014 Amount of Loss Recognized in OCL on Derivative (Effective Portion) $ 517,640 $ (771,965) $ (1,249,069) $ (771,965) Amount of Loss Reclassified from Accumulated OCL into Income (Effective Portion) $ 621,213 $ – $ 908,292 $ – Amount of Loss Recognized in Income on Derivative (Ineffective Portion) $ 545 $ (190) $ 1,631 $ (190) Three months ended June 30 Six months ended June 30 Derivatives Not Designated as Hedging Instruments 2015 2014 2015 2014 Amount of Loss Recognized in Income on Derivative (Ineffective Portion) $ (99,786) $ (32,027) $ (170,776) $ (71,240)

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below: Fair Value Measurements at June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Derivative interest rate instruments $ – $ (2,260,972) $ – Total liabilities $ – $ (2,260,972) $ –

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Change in Earnout Liability for Acquistion of Certain Properties	The table below presents the change in the Company’s earnout liability for the six months ended June 30, 2015 and 2014. For the six months ended June 30, 2015 2014 Earnout liability-beginning of period $ 3,645,873 $ 723,237 Increases: Acquisitions — 4,109,508 Amortization expense 54,783 74,217 Decreases: Earnout payments (1,727,719 ) (734,122 ) Other: Adjustments to acquisition related costs 25,246 (9,057 ) Earnout liability – end of period $ 1,998,183 $ 4,163,783

Transactions with Related Par28

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the Company’s related party transactions for three and six months ended June 30, 2015 and 2014. 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 June 30, Six months ended June 30, Amount Unpaid as of 2015 2014 2015 2014 June 30 , 2015 December 31 , 2014 General and administra- (a) $ 425,641 $ 72,175 $ 568,734 $ 164,062 $ 192,220 $ 137,988 Affiliate share purchase (b) 9,356 22,256 24,167 40,800 — — Total general and $ 434,997 $ 94,431 $ 592,901 $ 204,862 $ 192,220 $ 137,988 Acquisition related costs $ 659,775 $ 178,703 $ 757,826 $ 253,989 $ 423,872 $ 156,961 Acquisition fees 2,488,950 2,041,713 3,267,687 2,557,976 2,488,950 — Total acquisition related costs (c) $ 3,148,725 $ 2,220,416 $ 4,025,513 $ 2,811,965 $ 2,912,822 $ 156,961 Offering costs (d) 11,023,835 4,917,471 27,904,526 8,798,957 180,070 210,469 Sponsor non-interest bearing advances (e) — — — — — 1,630,000 Real estate management fees (f) 710,840 120,554 1,132,209 178,766 — — (Recovery of) business management fees (g) 1,333,702 — 2,190,470 (226,280 ) 1,333,702 558,234 Sponsor contribution (h) — 500,000 3,283,093 500,000 — — (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 in the accompanying consolidated statements of operations and other comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (b) 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 24,167 and 40,800 shares to related parties during the six months ended June 30, 2015 and 2014, respectively. (c) The Company pays 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 acquisition related costs in the accompanying consolidated statements of operations and other comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. For the six months ended June 30, 2015, the Business Manager permanently waived acquisition fees of $2,510,311. (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 December 31, 2014, the Sponsor advanced $1,630,000 to pay offering and organizational costs, all of which has been repaid at June 30, 2015. (f) For each property that is managed by Inland National Real Estate Services, LLC, or its affiliates, collectively the Real Estate Managers, the Company pays 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 based upon prevailing market rates applicable to the geographic market of the project. For the six months ended June 30, 2015, the Company incurred $19,416 in construction management fees which are included in Building and other improvements on the consolidated balance sheets. The Company also reimburses each Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Managers and their affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of any of the Real Estate Managers. Real estate management fees and reimbursable expenses are included in property operating expenses in the accompanying consolidated statements of operations and other comprehensive loss. (g) The Company pays 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. For the six months ended June 30, 2014, the Business Manager was entitled to a business management fee in the amount equal to $433,410, which was permanently waived. The Business Manager also permanently waived business management fees of $226,280 incurred for the year ended December 31, 2013 during this period. No fees were waived for the six months ended June 30, 2015. (h) For the six months ended June 30, 2015 and 2014, the Sponsor contributed $3,283,093 and $500,000, respectively, to the Company. Our Sponsor has not received, and will not receive, any additional shares of our common stock for making this contribution. There is no assurance that our Sponsor will continue to contribute any additional monies.

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Schedule of Total Shares Sold in Offering	The following table provides information regarding the total shares sold in our offering as of August 7, 2015: Shares Gross Offering Proceeds ($) (1) Commissions and Fees ($) (2) Proceeds to Us, Before Expenses ($) (3) From our Sponsor in connection with our formation: 20,000.000 200,000 – 200,000 Shares sold in the offering: 73,508,806.136 731,497,388 69,198,194 662,299,194 Shares sold pursuant to our distribution reinvestment plan: 1,885,626.357 17,760,685 – 17,760,685 Shares purchased pursuant to our share repurchase program: (223,144.717 ) (2,182,392 ) – (2,182,392) Total: 75,191,287.776 747,275,681 69,198,194 678,077,487 (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 April 28, 2015 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.

Organization (Details)

Organization (Details) - Jun. 30, 2015	ft²StatesProperties$ / sharesshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of common shares authorized to be sold through initial public 'best efforts' offering	150,000,000
Price of each common share authorized to be sold through intial public 'best efforts' offering | $ / shares	$ 10
Number of common shares issuable pursuant to company's distribution reinvestment plan	30,000,000
Price of each common share issuable pursuant to company's distribution reinvestment plan | $ / shares	$ 9.50
Number of retail properties owned | Properties	46
Square footage of real estate properties owned | ft²	4,547,980
Number of states in which company owns real estate properties | States	19
Weighted average physical occupancy rate of property portfolio	95.40%
Weighted average economic occupancy rate of property portfolio	96.90%

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Acquisitions Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)$ / ft²	Jun. 30, 2014USD ($)
Acquired above market lease value [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 521,842	$ 87,711	$ 781,422	$ 108,747
Intangible assets, weighted average amortization period			11 years
Acquired below market lease value [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of below market leases	742,328	71,429	$ 1,189,170	94,729
Intangible liabilities, weighted average amortization period			17 years
Acquired in-place lease value [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 3,225,991	$ 431,422	$ 5,096,958	$ 595,228
Intangible assets, weighted average amortization period			9 years
Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value inputs, market rents (price per square foot) | $ / ft²			8
Fair value inputs, probability of occupancy			10.00%
Fair value inputs, discount rate			8.00%
Fair Value, Inputs, Level 3 [Member] | Maximum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair value inputs, market rents (price per square foot) | $ / ft²			28
Fair value inputs, probability of occupancy			100.00%
Fair value inputs, discount rate			9.25%

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Schedule of Intangible Assets and Liabilities) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Intangible assets:
Accumulated amortization	$ (8,610,081)	$ (2,731,701)
Acquired lease intangibles, net	99,690,320	51,691,241
Intangible liabiltiies:
Accumulated amortization	(1,684,005)	(494,835)
Acquired below market lease intangibles, net	34,273,947	18,675,646
Acquired in-place lease value [Member]
Intangible assets:
Acquired intangible assets	90,997,933	48,848,084
Acquired lease intangibles, net	83,580,184
Acquired above market lease value [Member]
Intangible assets:
Acquired intangible assets	17,302,468	5,574,858
Acquired lease intangibles, net	16,110,136
Acquired below market lease value [Member]
Intangible liabiltiies:
Acquired intangible liabilities	35,957,952	$ 19,170,481
Acquired below market lease intangibles, net	$ 34,273,947

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Schedule of Estimated Amortization of Intangible Assets and Liabilities) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Future amortization for acquired in-place and above market lease assets:
Total	$ 99,690,320	$ 51,691,241
Future amortization for below market lease liabilities:
Total	(34,273,947)	$ (18,675,646)
Acquired in-place lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2015 (remainder of year)	6,475,622
2,016	12,772,151
2,017	12,191,622
2,018	11,292,788
2,019	9,986,562
Thereafter	30,861,439
Total	83,580,184
Acquired above market lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2015 (remainder of year)	1,168,682
2,016	2,298,216
2,017	2,111,739
2,018	1,738,589
2,019	1,358,562
Thereafter	7,434,348
Total	16,110,136
Acquired below market lease value [Member]
Future amortization for below market lease liabilities:
2015 (remainder of year)	(1,430,402)
2,016	(2,790,667)
2,017	(2,645,560)
2,018	(2,493,947)
2,019	(2,376,280)
Thereafter	(22,537,091)
Total	$ (34,273,947)

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Capitalization and Depreciation) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 5,315,708	$ 1,054,454	$ 8,463,134	$ 1,553,568
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives			30 years
Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives			5 years
Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives			15 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives			5 years
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives			15 years
Site Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives			5 years
Site Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives			15 years

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Properties	Jun. 30, 2014USD ($)
Business Acquisition [Line Items]
Number of properties acquired during period | Properties			15
Assumption of mortgage debt at acquisition			$ 40,303,000
Acquisition related costs incurred during the period	$ 3,632,230	$ 2,685,875	4,869,076	$ 3,364,079
Total acquisition fees waived by business manager during period			2,510,311
Revenue	18,281,959	3,510,325	29,953,743	5,244,433
Net income (loss)	(3,499,961)	(2,363,250)	(4,122,577)	(2,927,409)
Total Acquisitions [Member]
Business Acquisition [Line Items]
Revenue			8,699,840
Net income (loss)			1,723,830
2014 Acquisitions [Member]
Business Acquisition [Line Items]
Acquisition related costs excluded from proforma information		$ 2,690,946		3,387,688
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Assumption of mortgage debt at acquisition			89,703,000
Acquisition related costs excluded from proforma information	$ 3,885,893		$ 4,320,872
Acquisition related costs included proforma information				$ 4,320,872

Acquisitions (Schedule of 2015

Acquisitions (Schedule of 2015 Acquisitions) (Details) - Jun. 30, 2015		USD ($)ft²
Business Acquisition [Line Items]
Property acquisition, square footage		4,547,980
Total Acquisitions [Member]
Business Acquisition [Line Items]
Property acquisition, square footage		2,011,236
Property acquisition, purchase price | $		$ 383,247,989
Shoppes at Lake Park [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Jan. 29, 2015
Property acquisition, location		West Valley City, UT
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		52,997
Property acquisition, purchase price | $		$ 11,559,841
Plaza at Prairie Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Feb. 19, 2015
Property acquisition, location		Pleasant Prairie, WI
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		9,035
Property acquisition, purchase price | $		$ 3,400,000
Green Tree Center [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Mar. 13, 2015
Property acquisition, location		Katy, TX
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		147,658
Property acquisition, purchase price | $		$ 26,244,094
Eastside Junction [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Mar. 16, 2015
Property acquisition, location		Athens, AL
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		79,700
Property acquisition, purchase price | $		$ 12,277,570
Fairgrounds Crossing [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Mar. 16, 2015
Property acquisition, location		Hot Springs, AR
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		155,127
Property acquisition, purchase price | $		$ 29,196,970
Prattville Town Center [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Mar. 16, 2015
Property acquisition, location		Prattville, AL
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		168,842
Property acquisition, purchase price | $		$ 33,328,788
Regal Court [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Mar. 16, 2015
Property acquisition, location		Shreveport, LA
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		363,174
Property acquisition, purchase price | $		$ 50,363,636
Shops at Hawk Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Mar. 16, 2015
Property acquisition, location		St. Louis, MO
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		75,951
Property acquisition, purchase price | $		$ 12,721,273
Walgreens Plaza [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Mar. 16, 2015
Property acquisition, location		Jacksonville, NC
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		42,219
Property acquisition, purchase price | $		$ 13,662,883
Whispering Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Mar. 16, 2015
Property acquisition, location		Omaha, NE
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		69,676
Property acquisition, purchase price | $		$ 15,802,934
Frisco Marketplace [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired	[1]	Mar. 31, 2015
Property acquisition, location	[1]	Frisco, TX
Property acquisition, property type	[1]	Multi-Tenant Retail
Property acquisition, square footage	[1]	112,024
Property acquisition, purchase price | $	[1]	$ 11,040,000
Frisco Marketplace [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Apr. 1, 2015
Property acquisition, location		Frisco, TX
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		4,481
Property acquisition, purchase price | $		$ 2,080,000
White City [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Apr. 8, 2015
Property acquisition, location		Shrewsbury, MA
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		257,080
Property acquisition, purchase price | $		$ 96,750,000
Treasure Valley [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Apr. 21, 2015
Property acquisition, location		Nampa, ID
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		112,259
Property acquisition, purchase price | $		$ 15,200,000
Yorkville Marketplace [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Apr. 28, 2015
Property acquisition, location		Yorkville, IL
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		111,591
Property acquisition, purchase price | $		$ 24,500,000
Shoppes at Market Pointe [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		May 27, 2015
Property acquisition, location		Papillion, NE
Property acquisition, property type		Multi-Tenant Retail
Property acquisition, square footage		253,903
Property acquisition, purchase price | $		$ 27,200,000
[1]	4,481 square feet of Frisco Marketplace was acquired on April 1, 2015 for $2,080,000.

Acquisitions (Schedule of Major

Acquisitions (Schedule of Major Assets Acquired and Liabilities Assumed) (Details)		Jun. 30, 2015USD ($)
Shoppes at Lake Park [Member]
Business Acquisition [Line Items]
Property acquisition, land		$ 2,285,329
Property acquisition, buildings and improvements		8,527,124
Property acquisition, acquired lease intangibles		1,533,026
Property acquisition, acquired below market lease intangibles		$ (785,638)
Property acquisition, fair value adjustment related to mortgages and notes payable
Plaza at Prairie Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, land		$ 617,750
Property acquisition, buildings and improvements		2,305,250
Property acquisition, acquired lease intangibles		$ 477,000
Property acquisition, acquired below market lease intangibles
Property acquisition, fair value adjustment related to mortgages and notes payable
Green Tree Center [Member]
Business Acquisition [Line Items]
Property acquisition, land		$ 7,218,223
Property acquisition, buildings and improvements		17,845,531
Property acquisition, acquired lease intangibles		2,722,977
Property acquisition, acquired below market lease intangibles		$ (1,542,637)
Property acquisition, fair value adjustment related to mortgages and notes payable
Eastside Junction [Member]
Business Acquisition [Line Items]
Property acquisition, land		$ 2,411,050
Property acquisition, buildings and improvements		8,392,647
Property acquisition, acquired lease intangibles		1,857,856
Property acquisition, acquired below market lease intangibles		(115,673)
Property acquisition, fair value adjustment related to mortgages and notes payable		(268,310)
Fairgrounds Crossing [Member]
Business Acquisition [Line Items]
Property acquisition, land		6,069,189
Property acquisition, buildings and improvements		22,637,229
Property acquisition, acquired lease intangibles		3,740,116
Property acquisition, acquired below market lease intangibles		(2,221,606)
Property acquisition, fair value adjustment related to mortgages and notes payable		(1,027,958)
Prattville Town Center [Member]
Business Acquisition [Line Items]
Property acquisition, land		5,336,025
Property acquisition, buildings and improvements		27,647,623
Property acquisition, acquired lease intangibles		3,870,875
Property acquisition, acquired below market lease intangibles		(1,848,235)
Property acquisition, fair value adjustment related to mortgages and notes payable		(1,677,500)
Regal Court [Member]
Business Acquisition [Line Items]
Property acquisition, land		5,873,044
Property acquisition, buildings and improvements		41,180,744
Property acquisition, acquired lease intangibles		5,117,369
Property acquisition, acquired below market lease intangibles		$ (1,807,521)
Property acquisition, fair value adjustment related to mortgages and notes payable
Shops at Hawk Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, land		$ 1,328,963
Property acquisition, buildings and improvements		10,340,784
Property acquisition, acquired lease intangibles		1,990,000
Property acquisition, acquired below market lease intangibles		$ (938,474)
Property acquisition, fair value adjustment related to mortgages and notes payable
Walgreens Plaza [Member]
Business Acquisition [Line Items]
Property acquisition, land		$ 2,623,676
Property acquisition, buildings and improvements		9,682,997
Property acquisition, acquired lease intangibles		1,943,899
Property acquisition, acquired below market lease intangibles		(131,246)
Property acquisition, fair value adjustment related to mortgages and notes payable		(456,443)
Whispering Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, land		4,120,870
Property acquisition, buildings and improvements		10,417,915
Property acquisition, acquired lease intangibles		1,464,614
Property acquisition, acquired below market lease intangibles		$ (200,465)
Property acquisition, fair value adjustment related to mortgages and notes payable
Frisco Marketplace [Member]
Business Acquisition [Line Items]
Property acquisition, land		$ 6,618,086
Property acquisition, buildings and improvements		3,315,132
Property acquisition, acquired lease intangibles		1,235,382
Property acquisition, acquired below market lease intangibles		$ (128,600)
Property acquisition, fair value adjustment related to mortgages and notes payable
White City [Member]
Business Acquisition [Line Items]
Property acquisition, land		$ 18,960,948
Property acquisition, buildings and improvements		70,423,249
Property acquisition, acquired lease intangibles		13,764,443
Property acquisition, acquired below market lease intangibles		$ (6,398,640)
Property acquisition, fair value adjustment related to mortgages and notes payable
Treasure Valley [Member]
Business Acquisition [Line Items]
Property acquisition, land		$ 3,132,693
Property acquisition, buildings and improvements		9,679,824
Property acquisition, acquired lease intangibles		2,564,904
Property acquisition, acquired below market lease intangibles		$ (177,421)
Property acquisition, fair value adjustment related to mortgages and notes payable
Yorkville Marketplace [Member]
Business Acquisition [Line Items]
Property acquisition, land	[1]	$ 4,989,623
Property acquisition, buildings and improvements	[1]	13,927,912
Property acquisition, acquired lease intangibles	[1]	4,942,733
Property acquisition, acquired below market lease intangibles	[1]	$ (152,211)
Property acquisition, fair value adjustment related to mortgages and notes payable	[1]
Property acquisition, other assets		$ 791,943
Shoppes at Market Pointe [Member]
Business Acquisition [Line Items]
Property acquisition, land		12,499,259
Property acquisition, buildings and improvements		8,387,581
Property acquisition, acquired lease intangibles		6,652,264
Property acquisition, acquired below market lease intangibles		$ (339,104)
Property acquisition, fair value adjustment related to mortgages and notes payable
Total Acquisitions [Member]
Business Acquisition [Line Items]
Property acquisition, land		$ 84,084,728
Property acquisition, buildings and improvements		264,711,542
Property acquisition, acquired lease intangibles		53,877,458
Property acquisition, acquired below market lease intangibles		(16,787,471)
Property acquisition, fair value adjustment related to mortgages and notes payable		$ (3,430,211)
[1]	Purchase price included $791,943 for other assets.

Acquisitions (Schedule of Pro F

Acquisitions (Schedule of Pro Forma Financial Information for Acquisitions) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Total income	$ 18,281,959	$ 3,510,325	$ 29,953,743	$ 5,244,433
Net income (loss)	$ (3,499,961)	$ (2,363,250)	$ (4,122,577)	$ (2,927,409)
Net loss per common share, basic and diluted	$ (0.05)	$ (0.18)	$ (0.07)	$ (0.26)
Weighted average number of common shares outstanding, basic and diluted	66,130,000	13,377,773	57,658,129	11,053,602
Proforma Adjustment [Member] | 2015 Acquisitions [Member]
Business Acquisition [Line Items]
Total income	$ 785,244	$ 8,138,057	$ 4,379,062	$ 16,276,113
Net income (loss)	3,603,571	2,816,155	5,600,688	1,311,438
Proforma Adjustment [Member] | 2014 Acquisitions [Member]
Business Acquisition [Line Items]
Total income		7,013,384		15,835,276
Net income (loss)		3,429,976		5,156,970
Proforma As Adjusted [Member] | 2015 Acquisitions [Member]
Business Acquisition [Line Items]
Total income	19,067,203	11,648,382	34,332,805	21,520,546
Net income (loss)	$ 103,610	$ 452,905	$ 1,478,111	$ (1,615,971)
Net loss per common share, basic and diluted		$ 0.01	$ 0.02	$ (0.02)
Weighted average number of common shares outstanding, basic and diluted	71,341,200	71,341,200	71,341,200	71,341,200
Proforma As Adjusted [Member] | 2014 Acquisitions [Member]
Business Acquisition [Line Items]
Total income		$ 10,523,709		$ 21,079,709
Net income (loss)		$ 1,066,726		$ 2,229,561
Net loss per common share, basic and diluted		$ 0.01		$ 0.03
Weighted average number of common shares outstanding, basic and diluted		71,341,200		71,341,200

Investment in Unconsolidated 39

Investment in Unconsolidated Entity (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]
Equity method investment, initial cost	$ 100,000		$ 100,000
Equity in earnings (loss) of unconsolidated entity	$ (85,216)	$ (7,792)	$ (104,846)	$ (7,461)

Operating Leases (Details)

Operating Leases (Details) - Jun. 30, 2015 - USD ($)	Total
Property Subject to or Available for Operating Lease [Line Items]
2015 (remainder of year)	$ 28,698,556
2,016	54,923,888
2,017	50,609,426
2,018	45,367,831
2,019	37,206,885
Thereafter	193,733,902
Total	$ 410,540,488
Minimum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Terms of operating lease agreements	1 year
Maximum [Member]
Property Subject to or Available for Operating Lease [Line Items]
Terms of operating lease agreements	22 years

Mortgages and Notes Payable (Na

Mortgages and Notes Payable (Narrative) (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgage premiums, net of accumulated amortization		$ 4,415,820		$ 4,415,820		$ 1,296,646
Debt instrument, weighted average interest rate		3.66%		3.66%
Carrying value of debt	[1]	$ 281,901,759		$ 281,901,759		184,736,928
Estimated fair value of debt		283,000,000		283,000,000		$ 185,260,000
Interest expense incurred on derivative instruments		$ (99,241)	$ 32,217	$ (169,145)	$ 71,430
LIBOR rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate				0.19%
[1]	Excludes mortgage premiums, net of accumulated amortization of $4,415,820 and $1,296,646 as of June 30, 2015 and December 31, 2014, respectively.

Mortgages and Notes Payable (Sc

Mortgages and Notes Payable (Schedule of Mortgages and Notes Payable Outstanding) (Details) - USD ($)		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding principal balance	[1]	$ 281,901,759	$ 184,736,928
Dollar General Portfolio Phase I - five properties [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		4.313%
Outstanding principal balance	[2]	$ 3,340,450	3,340,450
Debt instrument, maturity date		May 1, 2027
Dollar General Portfolio Phase II - seven properties [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		4.347%
Outstanding principal balance	[3]	$ 4,140,000	4,140,000
Debt instrument, maturity date		Oct. 1, 2027
Wedgewood Commons Shopping Center [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.90%
Outstanding principal balance	[4]	$ 15,259,894	15,259,894
Debt instrument, maturity date		Dec. 23, 2018
North Hills Square [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.80%
Outstanding principal balance	[4]	$ 5,525,000	5,525,000
Debt instrument, maturity date		Mar. 28, 2019
Mansfield Pointe [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.80%
Outstanding principal balance	[4]	$ 14,200,000	14,200,000
Debt instrument, maturity date		May 7, 2019
Park Avenue Shopping Center [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.75%
Outstanding principal balance	[4]	$ 11,683,793	11,683,793
Debt instrument, maturity date		May 8, 2019
Lakeside Crossing [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.95%
Outstanding principal balance	[4]	$ 9,910,189	8,483,751
Debt instrument, maturity date		May 22, 2019
Dogwood Festival [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.75%
Outstanding principal balance	[4]	$ 24,351,750	24,351,750
Debt instrument, maturity date		Jul. 1, 2019
MidTowne Shopping Center [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.95%
Outstanding principal balance	[4]	$ 20,725,000	20,725,000
Debt instrument, maturity date		Jul. 5, 2019
Pick N Save Center [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.60%
Outstanding principal balance	[4]	$ 9,561,280	9,561,280
Debt instrument, maturity date		Jul. 31, 2019
The Shoppes at Branson Hills & Branson Hills Plaza [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.75%
Outstanding principal balance	[4]	$ 20,240,000	20,240,000
Debt instrument, maturity date		Dec. 15, 2019
The Shoppes at Branson Hills - Kohl's [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		5.95%
Outstanding principal balance		$ 6,481,251	6,532,795
Debt instrument, maturity date		Nov. 11, 2017
Branson Hills Plaza - TJ Maxx [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		5.78%
Outstanding principal balance		$ 2,978,042	3,005,240
Debt instrument, maturity date		May 11, 2016
Harvest Square [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		4.65%
Outstanding principal balance		$ 6,800,000	6,800,000
Debt instrument, maturity date		Jan. 1, 2022
Shoppes at Prairie Ridge [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.75%
Outstanding principal balance	[4]	$ 15,591,445	15,591,445
Debt instrument, maturity date		Dec. 15, 2019
Fox Point Plaza [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.85%
Outstanding principal balance	[4]	$ 10,836,530	10,836,530
Debt instrument, maturity date		Dec. 15, 2019
Heritage Square [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		5.10%
Outstanding principal balance		$ 4,460,000	$ 4,460,000
Debt instrument, maturity date		Jul. 1, 2021
Dixie Valley [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.60%
Outstanding principal balance	[5]	$ 6,114,135
Debt instrument, maturity date		Mar. 1, 2022
Eastside Junction [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		4.60%
Outstanding principal balance	[6]	$ 6,270,000
Debt instrument, maturity date		Jun. 1, 2022
Fairgrounds Crossing [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		5.2075%
Outstanding principal balance	[7]	$ 13,453,000
Debt instrument, maturity date		Oct. 6, 2021
Prattville Town Center [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		5.475%
Outstanding principal balance	[8]	$ 15,930,000
Debt instrument, maturity date		May 1, 2021
Walgreens Plaza [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		5.304%
Outstanding principal balance	[9]	$ 4,650,000
Debt instrument, maturity date		Jul. 1, 2021
White City [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate		1 month LIBOR + 1.50%
Outstanding principal balance	[4],[10]	$ 49,400,000
Debt instrument, maturity date		Apr. 7, 2022
[1]	Excludes mortgage premiums, net of accumulated amortization of $4,415,820 and $1,296,646 as of June 30, 2015 and December 31, 2014, respectively.
[2]	The loan is secured by cross-collateralized first mortgages on the five properties.
[3]	The loan is secured by cross-collateralized first mortgages on the seven properties.
[4]	The 1 month LIBOR rate at June 30, 2015 was 0.19%.
[5]	The loan requires monthly payments of interest only until March 1, 2022 when all principal and unpaid interest is due. The loan may be prepaid in whole or in part, at par. The Company entered into a swap which fixed the interest rate at 3.62%.
[6]	The loan was assumed at closing and requires monthly payments of interest only until June 2017. Thereafter, monthly principal and interest payments of $32,143 are due until maturity when all principal and unpaid interest is due. The loan may be prepaid in whole, at par, beginning March 2022.
[7]	The loan was assumed at closing and requires monthly payments of interest only until October 6, 2021 when all principal and unpaid interest is due. The loan may be prepaid in whole beginning July 6, 2021, at par.
[8]	The loan was assumed at closing and requires monthly payments of interest only until May 1, 2021 when all principal and unpaid interest is due. The loan may be prepaid in whole or in part beginning February 1, 2021, at par.
[9]	The loan was assumed at closing and requires monthly payments of interest only until July 1, 2021 when all principal and unpaid interest is due. The loan may be prepaid in whole beginning April 1, 2021, at par.
[10]	The loan requires monthly payments of interest only until May 2020. Thereafter, monthly payments of principal and interest are based upon a 30 year amortization schedule. The loan matures on April 7, 2022 when the remaining principal plus all accrued and unpaid interest is due. The loan may be prepaid in whole, at par at any time. The Company entered into a swap which fixed the interest rate at 3.24%.

Mortgages and Notes Payable (43

Mortgages and Notes Payable (Schedule of Maturities of Mortgages and Notes Payable) (Details) - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,015
2,016		$ 2,978,042
2,017		6,481,251
2,018		15,259,894
2,019		142,624,987
Thereafter		114,557,585
Total	[1]	$ 281,901,759	$ 184,736,928
2015 - Weighted average interest rate
2016 - Weighted average interest rate		5.78%
2017 - Weighted average interest rate		5.95%
2018 - Weighted average interest rate		2.09%
2019 - Weighted average interest rate		3.26%
Thereafter - Weighted average interest rate		4.19%
[1]	Excludes mortgage premiums, net of accumulated amortization of $4,415,820 and $1,296,646 as of June 30, 2015 and December 31, 2014, respectively.

Mortgages and Notes Payable (Su

Mortgages and Notes Payable (Summary of Interest Rate Swap Contracts Outstanding) (Details) - Jun. 30, 2015 - USD ($)	Total
Derivative [Line Items]
Derivative instrument, notional amount	$ 184,390,223
Fair value of derivative liabilities measured on recurring basis	$ (2,260,972)
Interest Rate Swap [Member] | Interest Rate Swap One [Member]
Derivative [Line Items]
Derivative instrument, date entered	Mar. 28, 2014
Derivative instrument, effective date	Mar. 1, 2015
Derivative instrument, maturity date	Mar. 28, 2019
Derivative instrument, pay fixed interest rate	2.22%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 5,525,000
Fair value of derivative liabilities measured on recurring basis	$ (182,187)
Interest Rate Swap [Member] | Interest Rate Swap Two [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 8, 2014
Derivative instrument, effective date	May 5, 2015
Derivative instrument, maturity date	May 7, 2019
Derivative instrument, pay fixed interest rate	2.10%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 14,200,000
Fair value of derivative liabilities measured on recurring basis	$ (402,483)
Interest Rate Swap [Member] | Interest Rate Swap Three [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 23, 2014
Derivative instrument, effective date	May 1, 2015
Derivative instrument, maturity date	May 22, 2019
Derivative instrument, pay fixed interest rate	2.00%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 8,483,751
Fair value of derivative liabilities measured on recurring basis	$ (206,429)
Interest Rate Swap [Member] | Interest Rate Swap Four [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jun. 6, 2014
Derivative instrument, effective date	Jun. 1, 2015
Derivative instrument, maturity date	May 8, 2019
Derivative instrument, pay fixed interest rate	2.15%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 11,683,793
Fair value of derivative liabilities measured on recurring basis	$ (353,128)
Interest Rate Swap [Member] | Interest Rate Swap Five [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jun. 26, 2014
Derivative instrument, effective date	Jul. 5, 2015
Derivative instrument, maturity date	Jul. 5, 2019
Derivative instrument, pay fixed interest rate	2.11%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 20,725,000
Fair value of derivative liabilities measured on recurring basis	$ (577,960)
Interest Rate Swap [Member] | Interest Rate Swap Six [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jun. 27, 2014
Derivative instrument, effective date	Jul. 1, 2014
Derivative instrument, maturity date	Jul. 1, 2019
Derivative instrument, pay fixed interest rate	1.85%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 24,351,750
Fair value of derivative liabilities measured on recurring basis	$ (439,538)
Interest Rate Swap [Member] | Interest Rate Swap Seven [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jul. 31, 2014
Derivative instrument, effective date	Jul. 31, 2014
Derivative instrument, maturity date	Jul. 31, 2019
Derivative instrument, pay fixed interest rate	1.94%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 9,561,280
Fair value of derivative liabilities measured on recurring basis	$ (204,306)
Interest Rate Swap [Member] | Interest Rate Swap Eight [Member]
Derivative [Line Items]
Derivative instrument, date entered	Dec. 16, 2014
Derivative instrument, effective date	Dec. 16, 2014
Derivative instrument, maturity date	Jun. 22, 2016
Derivative instrument, pay fixed interest rate	1.97%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 13,358,984
Fair value of derivative liabilities measured on recurring basis	$ (207,404)
Interest Rate Swap [Member] | Interest Rate Swap Nine [Member]
Derivative [Line Items]
Derivative instrument, date entered	Dec. 16, 2014
Derivative instrument, effective date	Dec. 16, 2014
Derivative instrument, maturity date	Oct. 21, 2016
Derivative instrument, pay fixed interest rate	1.50%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 10,836,530
Fair value of derivative liabilities measured on recurring basis	$ (140,625)
Interest Rate Swap [Member] | Interest Rate Swap Ten [Member]
Derivative [Line Items]
Derivative instrument, date entered	Dec. 16, 2014
Derivative instrument, effective date	Dec. 16, 2014
Derivative instrument, maturity date	May 9, 2017
Derivative instrument, pay fixed interest rate	1.13%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 10,150,000
Fair value of derivative liabilities measured on recurring basis	$ (80,061)
Interest Rate Swap [Member] | Interest Rate Swap Eleven [Member]
Derivative [Line Items]
Derivative instrument, date entered	Feb. 11, 2015
Derivative instrument, effective date	Mar. 2, 2015
Derivative instrument, maturity date	Mar. 1, 2022
Derivative instrument, pay fixed interest rate	2.02%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 6,114,135
Fair value of derivative liabilities measured on recurring basis	$ 9,043
Interest Rate Swap [Member] | Interest Rate Swap Twelve [Member]
Derivative [Line Items]
Derivative instrument, date entered	Apr. 7, 2015
Derivative instrument, effective date	Apr. 7, 2015
Derivative instrument, maturity date	Apr. 7, 2022
Derivative instrument, pay fixed interest rate	1.74%
Derivative instrument, receive floating rate index	1 month LIBOR
Derivative instrument, notional amount	$ 49,400,000
Fair value of derivative liabilities measured on recurring basis	$ 524,106

Mortgages and Notes Payable (45

Mortgages and Notes Payable (Schedule of Cash Flow Hedges and Classification on Consolidated Balance Sheets) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges - interest rate swaps	$ 2,260,972	$ 2,089,340

Mortgages and Notes Payable (De

Mortgages and Notes Payable (Derivatives on Consolidated Statements of Operations and Other Comprehensive Loss) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCL on Derivative (Effective Portion)	$ 517,640	$ (771,965)	$ (1,249,069)	$ (771,965)
Amount of Loss Reclassified from Accumulated OCL into Income (Effective Portion)	621,213		908,292
Amount of Loss Recognized in Income on Derivative (Ineffective Portion)	545	$ (190)	1,631	$ (190)
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in Income on Derivative (Ineffective Portion)	$ (99,786)	$ (32,027)	$ (170,776)	$ (71,240)

Fair Value of Financial Instr47

Fair Value of Financial Instruments (Details)	Jun. 30, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on recurring basis	$ (2,260,972)
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on recurring basis
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on recurring basis	$ (2,260,972)
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on recurring basis
Derivative Financial Instruments, Liabilities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on recurring basis
Derivative Financial Instruments, Liabilities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on recurring basis	$ (2,260,972)
Derivative Financial Instruments, Liabilities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities measured on recurring basis

Income Tax (Details)

Income Tax (Details) - USD ($) None in scaling factor is -9223372036854775296	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Tax Contingency [Line Items]
Uncertain tax positions
Interest or penalties relating to income taxes recognized in the consolidated statements of operations and other comprehensive loss
Minimum [Member]
Income Tax Contingency [Line Items]
Open tax year			2,011
Maximum [Member]
Income Tax Contingency [Line Items]
Open tax year			2,014

Distributions (Details)

Distributions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Distributions [Abstract]
Amount per share of distributions	$ 0.001643836		$ 0.001643836
Distributions declared	$ 9,893,259	$ 2,001,051	$ 20,445,766	$ 3,288,712
Payment of dividends	$ 9,282,460	$ 1,772,653	$ 19,032,514	$ 2,849,972

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Dilutive common share equivalents outstanding	0	0

Commitments and Contingencies51

Commitments and Contingencies (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Earnout liability-beginning of period	$ 3,645,873	$ 723,237
Increases:
Acquisitions		4,109,508
Amortization expense	$ 54,783	74,217
Decreases:
Earnout payments	(1,727,719)	(734,122)
Other:
Adjustments to acquisition related costs	25,246	(9,057)
Earnout liability - end of period	1,998,183	$ 4,163,783
The maximum potential earnout payment for acquisitions made during period	$ 3,057,964

Segment Reporting (Details)

Segment Reporting (Details) - Segments	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Concentration Risk [Line Items]
Number of reportable segments	1	1
Rental Revenue [Member] | Roundy's Supermarkets, Inc. [Member]
Concentration Risk [Line Items]
Concentration risk percentage	6.40%

Transactions with Related Par53

Transactions with Related Parties (Narrative) (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2014
Related Party Transactions [Abstract]
Number of common stock shares owned in related party	1,000			1,000
Value of common stock shares owned in related party	$ 1,000			$ 1,000
Common stock shares sold to related party during period	24,167	40,800
Price per share of common stock sold to related parties during period	$ 9	$ 9
Total acquisition fees waived by business manager during period	$ 2,510,311
Amount of advances received from Sponsor, repaid during period	1,630,000
Construction management fee expense incurred during period	$ 19,416
Business management fees waived during period		$ 433,410	$ 226,280

Transactions with Related Par54

Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party		$ 434,997	$ 94,431	$ 592,901	$ 204,862
Due to related parties		4,618,814		4,618,814		$ 2,693,652
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party	[1]	425,641	72,175	568,734	164,062
Due to related parties	[1]	192,220		192,220		$ 137,988
Affiliate Share Purchase Discounts [Member]
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party	[2]	$ 9,356	22,256	$ 24,167	40,800
Due to related parties	[2]
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party		$ 659,775	178,703	$ 757,826	253,989
Due to related parties		423,872		423,872		$ 156,961
Acquisition Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party		2,488,950	2,041,713	3,267,687	2,557,976
Due to related parties		2,488,950		2,488,950
Total Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[3]	3,148,725	2,220,416	4,025,513	2,811,965
Due to related parties	[3]	2,912,822		2,912,822		$ 156,961
Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[4]	11,023,835	$ 4,917,471	27,904,526	$ 8,798,957
Due to related parties	[4]	$ 180,070		$ 180,070		210,469
Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[5]
Due to related parties	[5]					$ 1,630,000
Real Estate Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[6]	$ 710,840	$ 120,554	$ 1,132,209	$ 178,766
Due to related parties	[6]
(Recovery of) Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[7]	$ 1,333,702		$ 2,190,470	(226,280)
Due to related parties	[7]	$ 1,333,702		1,333,702		$ 558,234
Sponsor Contribution [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[8]		$ 500,000	$ 3,283,093	$ 500,000
Due to related parties	[8]
[1]	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 in the accompanying consolidated statements of operations and other comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
[2]	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 24,167 and 40,800 shares to related parties during the six months ended June 30, 2015 and 2014, respectively.
[3]	The Company pays 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 Companys 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 acquisition related costs in the accompanying consolidated statements of operations and other comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. For the six months ended June 30, 2015, the Business Manager permanently waived acquisition fees of $2,510,311.
[4]	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 Companys 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.
[5]	As of December 31, 2014, the Sponsor advanced $1,630,000 to pay offering and organizational costs, all of which has been repaid at June 30, 2015.
[6]	For each property that is managed by Inland National Real Estate Services, LLC, or its affiliates, collectively the Real Estate Managers, the Company pays 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 based upon prevailing market rates applicable to the geographic market of the project. For the six months ended June 30, 2015, the Company incurred $19,416 in construction management fees which are included in Building and other improvements on the consolidated balance sheets. The Company also reimburses each Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company's behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Managers and their affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of any of the Real Estate Managers. Real estate management fees and reimbursable expenses are included in property operating expenses in the accompanying consolidated statements of operations and other comprehensive loss.
[7]	The Company pays 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 Companys 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. For the six months ended June 30, 2014, the Business Manager was entitled to a business management fee in the amount equal to $433,410, which was permanently waived. The Business Manager also permanently waived business management fees of $226,280 incurred for the year ended December 31, 2013 during this period. No fees were waived for the six months ended June 30, 2015.
[8]	For the six months ended June 30, 2015 and 2014, the Sponsor contributed $3,283,093 and $500,000, respectively, to the Company. Our Sponsor has not received, and will not receive, any additional shares of our common stock for making this contribution. There is no assurance that our Sponsor will continue to contribute any additional monies.

Subsequent Events (Distribution

Subsequent Events (Distributions) (Details) - USD ($)	Aug. 15, 2015	Aug. 15, 2015	Jul. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Line Items]
Amount per share of distributions				$ 0.001643836		$ 0.001643836
Dividends paid				$ 9,893,259	$ 2,001,051	$ 20,445,766	$ 3,288,712
Payment of dividends				$ 9,282,460	$ 1,772,653	19,032,514	$ 2,849,972
Value of dividends reinvested through the Company's dividend reinvestment plan						$ 8,211,300
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends payable, declaration date	2015-07	2015-07	2015-06
Amount per share of distributions	$ 0.001643836	$ 0.001643836	$ 0.001643836
Payment of dividends	$ 3,718,218		$ 3,438,657
Value of dividends reinvested through the Company's dividend reinvestment plan	$ 1,989,965		$ 1,837,200
Number of common shares issued from dividends reinvested through the Company's dividend reinvestment plan	209,470		193,389
Subsequent Event [Member] | Minimum [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Jul. 1, 2015
Subsequent Event [Member] | Maximum [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Sep. 30, 2015

Subsequent Events (Schedule of

Subsequent Events (Schedule of Total Shares Sold in Offering) (Details) - Aug. 07, 2015 - Subsequent Event [Member] - USD ($)		Total
Subsequent Event [Line Items]
Number of shares sold in company offering		75,191,287.776
Gross offering proceeds (expenses) from shares sold (purchased)	[1]	$ 747,275,681
Total commissions and fees paid for shares sold in offering	[2]	69,198,194
Total proceeds earned by company before expenses for shares sold in offering	[3]	$ 678,077,487
Shares From Sponsor In Connection with Company Formation [Member]
Subsequent Event [Line Items]
Number of shares sold in company offering		20,000
Gross offering proceeds (expenses) from shares sold (purchased)	[1]	$ 200,000
Total commissions and fees paid for shares sold in offering	[2]
Total proceeds earned by company before expenses for shares sold in offering	[3]	$ 200,000
Shares Sold In Offering [Member]
Subsequent Event [Line Items]
Number of shares sold in company offering		73,508,806.136
Gross offering proceeds (expenses) from shares sold (purchased)	[1]	$ 731,497,388
Total commissions and fees paid for shares sold in offering	[2]	69,198,194
Total proceeds earned by company before expenses for shares sold in offering	[3]	$ 662,299,194
Shares Sold Pursuant To Distribution Reinvestment Plan [Member]
Subsequent Event [Line Items]
Number of shares sold in company offering		1,885,626.357
Gross offering proceeds (expenses) from shares sold (purchased)	[1]	$ 17,760,685
Total commissions and fees paid for shares sold in offering	[2]
Total proceeds earned by company before expenses for shares sold in offering	[3]	$ 17,760,685
Shares Purchased Pursuant To Share Repurchase Program [Member]
Subsequent Event [Line Items]
Number of shares sold in company offering		(223,144.717)
Gross offering proceeds (expenses) from shares sold (purchased)	[1]	$ (2,182,392)
Total commissions and fees paid for shares sold in offering	[2]
Total proceeds earned by company before expenses for shares sold in offering	[3]	$ (2,182,392)
[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 April 28, 2015 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.