Inland Real Estate Income Trust (INRE) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 08, 2022
Cover [Abstract]
Entity Registrant Name	Inland Real Estate Income Trust, Inc.
Entity Central Index Key	0001528985
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		36,193,229
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	000-55146
Entity Tax Identification Number	45-3079597
Entity Address, Address Line One	2901 Butterfield Road
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Country	US
Entity Incorporation, State or Country Code	MD
Entity Address, Postal Zip Code	60523
City Area Code	630
Local Phone Number	218-8000
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investment properties held and used:
Land	$ 330,455	$ 267,946
Building and other improvements	1,194,026	993,129
Total	1,524,481	1,261,075
Less accumulated depreciation	(277,339)	(245,532)
Net investment properties held and used	1,247,142	1,015,543
Cash and cash equivalents	9,217	8,229
Restricted cash	477	5,154
Accounts and rent receivable	18,945	18,560
Acquired lease intangible assets, net	80,814	58,203
Operating lease right-of-use asset, net	14,253	14,570
Other assets	43,737	6,448
Total assets	1,414,585	1,126,707
Liabilities:
Mortgages and credit facility payable, net	850,697	595,542
Accounts payable and accrued expenses	14,003	9,089
Operating lease liability	24,650	24,396
Distributions payable	4,903	4,888
Acquired intangible liabilities, net	44,283	37,918
Due to related parties	3,206	2,537
Other liabilities	9,679	14,414
Total liabilities	951,421	688,784
Commitments and contingencies
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, 36,149,222 and 36,040,928 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	36	36
Additional paid in capital	814,027	811,233
Accumulated distributions and net loss	(387,361)	(365,877)
Accumulated other comprehensive income (loss)	36,462	(7,469)
Total stockholders’ equity	463,164	437,923
Total liabilities and stockholders’ equity	$ 1,414,585	$ 1,126,707

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	40,000,000	40,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,460,000,000	1,460,000,000
Common stock, shares issued	36,149,222	36,040,928
Common stock, shares outstanding	36,149,222	36,040,928

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income:
Rental income	$ 35,900	$ 29,599	$ 97,114	$ 88,971
Other property income	84	60	164	170
Total income	35,984	29,659	97,278	89,141
Cost and Expenses:
Property operating expenses	6,468	5,040	17,806	15,817
Real estate tax expense	4,721	3,784	12,694	11,132
General and administrative expenses	1,294	1,169	4,057	3,400
Business management fee	2,707	2,239	7,500	6,709
Depreciation and amortization	14,979	12,110	40,622	36,783
Total expenses	30,169	24,342	82,679	73,841
Other Income (Expense):
Interest expense	(8,721)	(5,876)	(21,394)	(17,719)
Interest and other income	6		5	86
Net loss	$ (2,900)	$ (559)	$ (6,790)	$ (2,333)
Net loss per common share, basic	$ (0.08)	$ (0.02)	$ (0.19)	$ (0.06)
Net loss per common share, diluted	$ (0.08)	$ (0.02)	$ (0.19)	$ (0.06)
Weighted average number of common shares outstanding, basic	36,151,908	36,035,194	36,117,579	36,026,879
Weighted average number of common shares outstanding, diluted	36,151,908	36,035,194	36,117,579	36,026,879
Comprehensive income:
Net loss	$ (2,900)	$ (559)	$ (6,790)	$ (2,333)
Unrealized gain (loss) on derivatives	21,971	(163)	41,112	740
Reclassification adjustment for amounts included in net loss	(21)	2,132	2,819	5,839
Comprehensive income	$ 19,050	$ 1,410	$ 37,141	$ 4,246

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Distributions and Net Loss [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2020	$ 443,959	$ 36	$ 810,210	$ (348,719)	$ (17,568)
Balance, shares at Dec. 31, 2020		36,022,368
Distributions declared	(9,767)			(9,767)
Proceeds from distribution reinvestment plan	1,886		1,886
Proceeds from distribution reinvestment plan, shares		104,328
Shares repurchased	(1,886)		(1,886)
Shares repurchased, shares		(130,457)
Unrealized gain (loss) on derivatives	740				740
Reclassification adjustment for amounts included in net loss	5,839				5,839
Equity-based compensation	39		39
Equity based compensation, shares		3,210
Net loss	(2,333)			(2,333)
Balance at Sep. 30, 2021	438,477	$ 36	810,249	(360,819)	(10,989)
Balance, shares at Sep. 30, 2021		35,999,449
Balance at Jun. 30, 2021	441,941	$ 36	810,242	(355,379)	(12,958)
Balance, shares at Jun. 30, 2021		36,025,578
Distributions declared	(4,881)			(4,881)
Proceeds from distribution reinvestment plan	1,886		1,886
Proceeds from distribution reinvestment plan, shares		104,328
Shares repurchased	(1,886)		(1,886)
Shares repurchased, shares		(130,457)
Unrealized gain (loss) on derivatives	(163)				(163)
Reclassification adjustment for amounts included in net loss	2,132				2,132
Equity-based compensation	7		7
Net loss	(559)			(559)
Balance at Sep. 30, 2021	438,477	$ 36	810,249	(360,819)	(10,989)
Balance, shares at Sep. 30, 2021		35,999,449
Balance at Dec. 31, 2021	$ 437,923	$ 36	811,233	(365,877)	(7,469)
Balance, shares at Dec. 31, 2021	36,040,928	36,040,928
Distributions declared	$ (14,694)			(14,694)
Proceeds from distribution reinvestment plan	5,485		5,485
Proceeds from distribution reinvestment plan, shares		282,268
Shares repurchased	(2,743)		(2,743)
Shares repurchased, shares		(176,445)
Unrealized gain (loss) on derivatives	41,112				41,112
Reclassification adjustment for amounts included in net loss	2,819				2,819
Equity-based compensation	52		52
Equity based compensation, shares		2,471
Net loss	(6,790)			(6,790)
Balance at Sep. 30, 2022	$ 463,164	$ 36	814,027	(387,361)	36,462
Balance, shares at Sep. 30, 2022	36,149,222	36,149,222
Balance at Jun. 30, 2022	$ 448,095	$ 36	813,106	(379,559)	14,512
Balance, shares at Jun. 30, 2022		36,115,528
Distributions declared	(4,902)			(4,902)
Proceeds from distribution reinvestment plan	1,814		1,814
Proceeds from distribution reinvestment plan, shares		89,849
Shares repurchased	(908)		(908)
Shares repurchased, shares		(56,155)
Unrealized gain (loss) on derivatives	21,971				21,971
Reclassification adjustment for amounts included in net loss	(21)				(21)
Equity-based compensation	15		15
Net loss	(2,900)			(2,900)
Balance at Sep. 30, 2022	$ 463,164	$ 36	$ 814,027	$ (387,361)	$ 36,462
Balance, shares at Sep. 30, 2022	36,149,222	36,149,222

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement Of Stockholders Equity [Abstract]
Distributions declared per share	$ 0.135600	$ 0.135600	$ 0.406800	$ 0.271200

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss		$ (6,790)	$ (2,333)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	$ 14,979	40,622	36,783
Amortization of debt issuance costs and mortgage premiums, net		1,239	578
Amortization of acquired market leases, net	(269)	(798)	(488)
Amortization of equity-based compensation		52	39
Reduction in the carrying amount of the right-of-use-asset		317	334
Straight-line income, net		(476)	(219)
Other non-cash adjustments		82	78
Changes in assets and liabilities:
Accounts payable and accrued expenses		3,566	1,310
Accounts and rent receivable		91	3,858
Due to related parties		645	(2,793)
Operating lease liability		254	269
Other liabilities		2,233	(449)
Other assets		(715)	(503)
Net cash flows provided by operating activities		40,322	36,464
Cash flows from investing activities:
Purchase of investment properties		(277,849)
Capital expenditures		(7,693)	(3,869)
Other assets		(221)
Net cash flows used in investing activities		(285,763)	(3,869)
Cash flows from financing activities:
Payment of credit facility		(24,444)	(8,097)
Proceeds from credit facility		422,444	72,097
Payment of mortgages payable		(138,171)	(91,435)
Payment of debt issuance costs		(5,913)
Proceeds from the distribution reinvestment plan		5,485	1,886
Shares repurchased		(2,743)	(1,886)
Distributions paid	(4,897)	(14,679)	(4,886)
Early termination of interest rate swap agreements, net		(227)
Net cash flows provided by (used in) financing activities		241,752	(32,321)
Net (decrease) increase in cash, cash equivalents and restricted cash		(3,689)	274
Cash, cash equivalents and restricted cash, at beginning of the period		13,383	13,985
Cash, cash equivalents and restricted cash, at end of period	9,694	9,694	14,259
In conjunction with the purchase of investment properties, the Company acquired assets and assumed liabilities as follows:
Land	62,510	62,510
Building and improvements	192,690	192,690
Acquired lease intangible assets	33,285	33,285
Acquired intangible liabilities	(9,654)	(9,654)
Assumed liabilities, net	(982)	(982)
Purchase of investment properties	$ 277,849	277,849
Cash paid for interest		18,174	17,134
Supplemental schedule of non-cash investing and financing activities:
Accrued capital expenditures		$ 672	$ 35

Organization

Organization	9 Months Ended
	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	NOTE 1 – ORGANIZATION The Company was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States. The Company is primarily focused on acquiring and owning retail properties and targets a portfolio substantially comprised of grocery-anchored properties. The Company has invested in joint ventures and may continue to invest in additional joint ventures or acquire other real estate assets if its management believes the expected returns from those investments exceed that of retail properties. The Company also may invest in real estate-related equity securities of both publicly traded and private real estate companies, as well as commercial mortgage-backed securities. The Company has no employees. The Company is managed by IREIT Business Manager & Advisor, Inc. (the “Business Manager”), an indirect wholly owned subsidiary of Inland Real Estate Investment Corporation (the “Sponsor”), pursuant to a Business Management Agreement with the Business Manager. The Business Management Agreement with the Business Manager was amended and restated on February 11, 2019 to, among other things, eliminate all future acquisition and disposition fees. On March 4, 2022, as reported in the Company’s Form 8-K filed with the Securities and Exchange Commission on the same date and the Company’s Form 8-K/A filed on March 7, 2022, the Company announced that the Company’s board of directors unanimously approved: (i) an Estimated Per Share NAV as of December 31, 2021, which serves as the per share purchase price for shares issued under the Company’s distribution reinvestment plan (as amended, the “DRP”) beginning with the first distribution payment to stockholders upon resumption of distributions and the DRP until the Company announces a new Estimated Per Share NAV, and (ii) that, in accordance with the share repurchase program (as amended, the “SRP”) as further described below in Note 3 – “Equity,” , beginning with repurchases in April 2022 and until the Company announces a new Estimated Per Share NAV, any shares accepted for ordinary repurchases and “exceptional repurchases” will be repurchased at 80% of the Estimated Per Share NAV. Due to the uncertainty surrounding the COVID-19 pandemic and the need to preserve cash for the payment of operating and other expenses, such as debt payments, the Company stopped paying distributions in the second quarter of 2020 and suspended its DRP and SRP. The suspension of the DRP was effective on June 6, 2020 and the suspension of the SRP was effective on June 26, 2020 . On June 29, 2021 , the Company announced the lifting of the suspension of its DRP and started to pay distributions again. The effective date of the DRP reinstatement was July 22, 2021 . The Company also announced the lifting of the suspension of the SRP and its adoption of the fourth amendment and restatement of the SRP, with the first repurchase having occurred on August 16, 2021 . See Note 3 – “Equity” for additional details. At September 30, 2022, the Company owned 52 retail properties, totaling 7,167,822 square feet. The properties are located in 24 states. At September 30, 2022, the portfolio had a weighted average physical occupancy of 93.7 % and economic occupancy of 93.9 % .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on March 16, 2022, under the heading Note 2 – “Summary of Significant Accounting Policies.” There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2022, except as noted below. General The consolidated financial statements have been prepared in accordance with 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. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Significant Risks and Uncertainties related to COVID-19 Pandemic Currently, one of the most significant risks and uncertainties is the potential further adverse effect of the current pandemic of the novel coronavirus, or COVID-19. A number of our tenants had temporarily closed their stores during 2020 and requested rent deferral or rent abatement during this pandemic. The Company’s deferred rent balance is $ 41 at September 30, 2022, which decreased from the deferred rent balance of $ 399 at December 31, 2021 and $ 4,457 at December 31, 2020, due to collections of such rent. However, the extent to which the COVID-19 pandemic further impacts the Company’s operations and those of our tenants will depend on future developments, including the impact of the Omicron variant and its sub-variants, or other variants of COVID-19 in the U.S. The impact cannot be predicted with confidence, including the scope, severity and duration of the pandemic’s variants, the actions taken to contain the pandemic’s variants or mitigate their impact, and the direct and indirect economic effects of the pandemic’s variants and containment measures, among others . Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of the effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A grants relief to entities, allowing them an election to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under Topic 842, Leases. An entity that makes this election can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company has elected to apply such relief and avail itself of the election to avoid performing a lease-by-lease analysis. Restricted Cash Amounts included in restricted cash represent those required to be set aside by lenders for real estate taxes, insurance, capital expenditures and tenant improvements on our existing properties. These amounts also include post close escrows for tenant improvements, leasing commissions, master lease, general repairs and maintenance, and are classified as restricted cash on the Company’s consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown in the Company’s consolidated statements of cash flows: September 30, 2022 2021 Cash and cash equivalents $ 9,217 $ 8,352 Restricted cash 477 5,907 Total cash, cash equivalents, and restricted cash $ 9,694 $ 14,259

Equity

Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity	NOTE 3 – EQUITY The Company commenced an initial public “best efforts” offering (the “Offering”) on October 18, 2012, which concluded on October 16, 2015. The Company sold 33,534,022 shares of common stock generating gross proceeds of $ 834,399 from the Offering. As of September 30, 2022, there were 36,149,222 shares of common stock outstanding including 6,063,857 shares issued through the DRP, net of 3,461,102 shares repurchased through the SRP. The Company provides the following programs to facilitate additional investment in the Company’s shares and to provide limited liquidity for stockholders. Distribution Reinvestment Plan Through the DRP, the Company provides stockholders with the option to purchase additional shares from the Company by automatically reinvesting cash distributions, subject to certain share ownership restrictions. The Company does not pay any selling commissions, marketing contribution and due diligence expense reimbursement in connection with the DRP. Pursuant to the DRP, the price per share for shares of common stock purchased under the DRP is equal to the estimated value of one share, as determined by the Company’s board of directors and reported by the Company from time to time, until the shares become listed for trading, if a listing occurs, assuming that the DRP has not been terminated or suspended in connection with such listing. Due to the uncertainty surrounding the COVID-19 pandemic and the need to preserve cash for the payment of operating and other expenses, such as debt payments, the Company stopped paying distributions in the second quarter of 2020 and suspended its DRP, effective on June 6, 2020. On June 29, 2021, the Company announced the lifting of the suspension of its DRP. The effective date of the DRP reinstatement was July 22, 2021. There were $ 1,814 and $ 5,485 distributions reinvested through the DRP during the three and nine months ended September 30, 2022. There were $ 1,886 distributions reinvested through the DRP during the three and nine months ended September 30, 2021. See Note 1 – “Organization” for discussion on the suspension during 2020 and resumption of the DRP during 2021. Share Repurchase Program The Company adopted the SRP effective October 18, 2012, under which 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 . Purchases are in the Company’s sole discretion. In the case of repurchases made upon the death of a stockholder or qualifying disability (“Exceptional Repurchases”), as defined in the SRP, the one year holding period does not apply. On March 3, 2020 the Company’s board of directors adopted the Third Amended and Restated Share Repurchase Program (“Third SRP”). Under the Third SRP, the Company is authorized to make ordinary repurchases and Exceptional Repurchases at a price equal to 80.0 % of the “share price,” which is defined in the Third SRP as an amount equal to the lesser of: (A) $ 25 , as adjusted under certain circumstances, including, among other things, if the applicable shares were purchased from the Company at a discounted price; of (B) the most recently disclosed estimated value per share. Prior to the amendment, the Company was authorized to make Exceptional Repurchases at a price equal to 100 % of the “share price.” The Third SRP provides the Company’s board of directors with the discretion to set the funding limit for share repurchases. The Third SRP limits the dollar amount for any repurchases made by the Company each calendar quarter to an amount equal to a percentage determined in the sole discretion of the board on a quarterly basis that will not be less than 50 % of the net proceeds from the DRP during the applicable quarter. The Company continues to limit the number of shares repurchased during any calendar year to 5 % of the number of shares outstanding on December 31st of the previous calendar year, as adjusted for any stock splits or other combinations. Due to the uncertainty surrounding the COVID-19 pandemic and the need to preserve cash for the payment of operating and other expenses, the Company’s board of directors suspended the SRP effective June 26, 2020. On June 29, 2021, the Company announced the lifting of the suspension of its SRP and its adoption of the fourth amendment and restatement of the program. The effective date of the SRP reinstatement and the Fourth Amended and Restated Share Repurchase Program (the “Fourth SRP”) was August 12, 2021. Pursuant to the Fourth SRP, any written request for treatment as an Exceptional Repurchase due to the death or qualifying disability of an owner that occurred between June 1, 2019 and May 31, 2020 (inclusive) was timely if received by the Company no later than January 31, 2022, and any written request for treatment as an Exceptional Repurchase due to the death or qualifying disability of an owner that occurred between June 1, 2020 and July 31, 2021, (inclusive) was timely received if received by the Company no later than July 31, 2022. If either or both of the aforementioned funding or repurchase limitations prevent the Company from repurchasing all of the shares offered for repurchase during a calendar quarter, the Company will repurchase shares on a pro rata basis within each of the following categories up to the repurchase limitations in the following order: (a) first, all Exceptional Repurchases and (b) second, all ordinary repurchases. The SRP will immediately terminate if the Company’s shares become listed for trading on a national securities exchange. In addition, the Company’s board of directors, in its sole discretion, may, at any time, amend, suspend or terminate the SRP. Repurchases through the SRP were $ 908 and $ 2,743 for the three and nine months ended September 30, 2022, respectively. There were $ 1,886 repurchases through the SRP for the three and nine months ended September 30, 2021. There was zero liability related to the SRP at September 30, 2022 and December 31, 2021. See Note 1 – “Organization” for further discussion on the suspension of the SRP during 2020 and resumption during 2021.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Acquisition	NOTE 4 – ACQUISITIONS 2022 Acquisitions On May 17, 2022, the Company acquired a portfolio of eight properties (the “IRPF Properties”) from certain subsidiaries of Inland Retail Property Fund, LP (the “Seller”). The acquisition of the IRPF Properties is referred to herein as the “Transaction.” The IRPF Properties are leased primarily to grocery, retail and restaurant tenants. More specifically, seven of the IRPF Properties are grocery-anchored. The IRPF Properties are located across seven states and aggregate approximately 686,851 square feet. The Seller, Inland Retail Property Fund, LP, is a fund managed by an affiliate of the Company’s sponsor and business manager. Because the Transaction was a related party transaction, it was required to be and was approved by all of the Company’s independent directors. The following table provides further details of the properties acquired during the nine months ended September 30, 2022: Date Property Name Number of Transactions Number of Properties Square Purchase 5/17/2022 IRPF Properties 1 8 686,851 $ 278,153 686,851 $ 278,153 (a) Contractual purchase price excluding closing credits. The above acquisition was accounted for as an asset acquisition. For the three and nine months ended September 30, 2022, the Company incurred $ 718 of total acquisition costs, of which $ 40 are accrued as of September 30, 2022. All of the acquisition costs are capitalized in the accompanying consolidated balance sheets. These costs include third party due diligence costs such as appraisals, environmental studies, and legal fees as well as time and travel expense reimbursements to the Sponsor and its affiliates. For properties acquired during the nine months ended September 30, 2022, the Company recorded total income of $ 8,682 and property net income of $ 5,586 . The following table presents certain additional information regarding the Company’s acquisitions during the nine months ended September 30, 2022. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Nine Months Ended 2022 Land $ 62,510 Building and improvements 192,730 Acquired lease intangible assets 33,285 Acquired intangible liabilities ( 9,654 ) Assumed liabilities, net ( 982 ) Total $ 277,889

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	NOTE 5 – LEASES The Company is lessor under approximately 830 retail operating leases. The remaining lease terms for the Company’s leases range from less than one year to 15 years. The Company considers the date on which it makes a leased space available to a lessee as the commencement date of the lease. At commencement, the Company determines the lease classification utilizing the classification tests under ASC 842. Options to extend a lease are included in the lease term when it is reasonably certain that the tenant will exercise its option to extend. Termination penalties are included in income when there is a termination agreement, all the conditions of the agreement have been met and amounts due are considered collectible. Such termination fees are recognized on a straight-line basis over the remaining lease term in rental income. If an operating lease is modified and the modification is not accounted for as a separate contract, the Company accounts for the modification as if it were a termination of the existing lease and the creation of a new lease. The Company considers any prepaid or accrued rentals relating to the original lease as part of the lease payments for the modified lease. Most of the revenue from the Company’s properties consists of rents received under long-term operating leases. Most 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 comprehensive income. Under leases where all expenses are paid by the Company, subject to reimbursement by the tenant, the expenses are included within property operating expenses. As of January 1, 2019, the date on which the Company adopted the new leasing standard, reimbursements for common area maintenance are considered non-lease components that are permitted to be combined with rental income. The combined lease component and reimbursements for insurance and taxes are reported as rental income on the consolidated statements of operations and comprehensive income. Rental income related to the Company's operating leases is comprised of the following: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Rental income - fixed payments $ 28,545 $ 23,649 $ 78,114 $ 70,970 Rental income - variable payments (a) 7,086 5,796 18,202 17,513 Amortization of acquired market leases, net 269 154 798 488 Rental income $ 35,900 $ 29,599 $ 97,114 $ 88,971 (a) Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance. The Company continues to monitor the impact of the COVID-19 pandemic on the collectability of lease obligations. As of September 30, 2022, the Company’s accounts and rent receivable, net balance was $ 18,945 , which was net of an allowance for bad debts of $ 1,644 and included $ 41 of deferred rent receivable related to COVID-19 agreements negotiated with tenants. As of December 31, 2021, the Company’s accounts and rent receivable, net balance was $ 18,560 , which was net of an allowance for bad debts of $ 1,259 and included $ 399 of deferred rent receivable related to COVID-19 agreements negotiated with tenants. Such agreements generally allow tenants to defer the payment of a portion of rent with no substantive changes to the consideration in the original lease. Consistent with the guidance in the Lease Modification Q&A issued by the FASB, such deferrals affect the timing, but not the amount, of the lease obligations. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its rent receivable as tenant obligations accrue and continues to recognize rental income.

Acquired Intangible Assets and

Acquired Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Liabilities	NOTE 6 – ACQUIRED INTANGIBLE ASSETS AND LIABILITIES The following table summarizes the Company’s identified intangible assets and liabilities as of September 30, 2022 and December 31, 2021: September 30, December 31, Intangible assets: Acquired in-place lease value $ 183,305 $ 156,918 Acquired above market lease value 52,640 45,742 Accumulated amortization ( 155,131 ) ( 144,457 ) Acquired lease intangibles, net $ 80,814 $ 58,203 Intangible liabilities: Acquired below market lease value $ 79,914 $ 70,260 Accumulated amortization ( 35,631 ) ( 32,342 ) Acquired below market lease intangibles, net $ 44,283 $ 37,918 The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value is 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. 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. Amortization pertaining to acquired in-place lease value, above market lease value and below market lease value is summarized below: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Amortization recorded as amortization expense: Acquired in-place lease value $ 3,224 $ 2,518 $ 8,183 $ 7,920 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ ( 947 ) $ ( 748 ) $ ( 2,491 ) $ ( 2,222 ) Acquired below market leases 1,216 902 3,289 2,710 Net rental income increase $ 269 $ 154 $ 798 $ 488 Estimated amortization of the respective intangible lease assets and liabilities as of September 30, 2022 for each of the five succeeding years and thereafter is as follows: Acquired Above Market Leases Below 2022 (remainder of year) $ 2,934 $ 922 $ 945 2023 10,858 3,561 3,638 2024 9,273 3,323 3,509 2025 6,873 2,937 3,263 2026 5,121 2,510 3,125 Thereafter 20,489 12,013 29,803 Total $ 55,548 $ 25,266 $ 44,283

Debt and Derivative Instruments

Debt and Derivative Instruments	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt and Derivative Instruments	NOTE 7 – DEBT AND DERIVATIVE INSTRUMENTS As of September 30, 2022 and December 31, 2021, the Company had the following mortgages and credit facility payable: September 30, December 31, Type of Debt Principal Amount Weighted Principal Weighted Fixed rate mortgages payable $ 112,425 3.84 % $ 118,463 3.88 % Variable rate mortgages payable with swap agreements 67,348 3.69 % 198,796 3.42 % Variable rate mortgages payable without swap agreements — — 684 1.70 % Mortgages payable $ 179,773 3.78 % $ 317,943 3.59 % Credit facility payable 677,000 4.18 % 279,000 3.03 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 856,773 4.09 % $ 596,943 3.33 % Add: Unamortized mortgage premiums — 17 Less: Unamortized debt issuance costs ( 6,076 ) ( 1,418 ) Total debt $ 850,697 $ 595,542 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 debt excluding mortgage premium and unamortized debt issuance costs was $ 856,773 and $ 596,943 as of September 30, 2022 and December 31, 2021, respectively, and its estimated fair value was $ 846,413 and $ 591,089 as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, scheduled principal payments and maturities on the Company’s debt were as follows: September 30, Scheduled Principal Payments and Maturities by Year: Scheduled Maturities of Mortgage Loans Maturity of Credit Facility Total 2022 (remainder of the year) $ 79 $ — $ — $ 79 2023 326 41,349 — 41,675 2024 341 — — 341 2025 295 92,656 — 92,951 2026 — 44,727 102,000 146,727 Thereafter — — 575,000 575,000 Total $ 1,041 $ 178,732 $ 677,000 $ 856,773 Credit Facility On February 3, 2022, the Company entered into a second amended and restated credit agreement (the “Credit Agreement”) with KeyBank National Association, individually and as administrative agent, KeyBanc Capital Markets Inc., PNC Capital Markets LLC and BofA Securities, Inc., as joint lead arrangers, and other lenders from time to time parties to the Credit Agreement (the “Credit Facility”). Pursuant to the Credit Agreement, the aggregate total commitments under the Credit Facility were increased from $ 350,000 to $ 475,000 . The Credit Facility consists of the “Revolving Credit Facility” providing revolving credit commitments in an aggregate amount of $ 200,000 and a term loan facility (the term loans funded under such commitments, the “Term Loan”) providing term loan commitments in an aggregate amount of $ 275,000 (increased from $ 150,000 ). On May 17, 2022, the Company entered into a First Amendment to Credit Agreement Regarding Incremental Term Loans (the “First Amendment”), amending the terms of the Credit Agreement primarily to draw an additional $ 300,000 to fund the acquisition of investment properties during May 2022 discussed in Note 4 – “Acquisitions.” The Credit Agreement provides the Company with the ability from time to time to increase the size of the Credit Facility up to a total of $ 1,200,000 , subject to certain conditions. The Revolving Credit Facility matures on February 3, 2026 , and the Company has the option to extend the maturity date for one additional year subject to the payment of an extension fee and certain other conditions. The Term Loan matures on February 3, 2027 . Borrowings under the Credit Facility bear interest equal to one-month Term Secured Overnight Financing Rate (“SOFR”) plus a margin, the amount of which depends on the Company’s leverage ratio. At September 30, 2022, the Company had $ 102,000 outstanding under the Revolving Credit Facility and $ 575,000 outstanding under the Term Loan. At September 30, 2022, the interest rates on the Revolving Credit Facility and the Term Loan were 4.56 % and 4.11 %, respectively. As of September 30, 2022, the Company had a maximum amount of $ 98,000 available for borrowing under the Revolving Credit Facility, subject to the terms and conditions of the Credit Agreement that governs the Credit Facility, including compliance with the covenants which could further limit the amount available. Although all of the amount available under the Revolving Credit Facility is available to pay off existing mortgages, due to the covenant limitations, the Company expects to have substantially less than all $ 98,000 available to draw or otherwise undertake additional debt as a result of, among other things, completing the aforementioned Transaction and increasing the amount of the Term Loan. The Company’s performance of the obligations under the Credit Facility, including the payment of any outstanding indebtedness under the Credit Facility, is guaranteed by certain subsidiaries of the Company, including each of the subsidiaries of the Company which owns or leases any of the properties included in the pool of unencumbered properties comprising the borrowing base. Additional properties will be added to and removed from the pool from time to time to support amounts borrowed under the Credit Facility so long as at any time there are at least fifteen unencumbered properties with an unencumbered pool value of $ 300,000 or more. At September 30, 2022, there were 46 properties included in the pool of unencumbered properties. The Credit Facility requires compliance with certain covenants, including a minimum tangible net worth requirement, a limitation on the use of leverage, a distribution limitation, restrictions on indebtedness and investment restrictions. It also contains customary default provisions including the failure to comply with the Company's covenants and the failure to pay when amounts outstanding under the Credit Facility become due. As of September 30, 2022, the Company is in compliance with all financial covenants related to the Credit Facility as amended. Mortgages Payable The Company’s mortgage loans require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of September 30, 2022, the Company was current on all of its debt service payments and in compliance with all financial covenants. All of the Company’s mortgage loans are secured by first mortgages on the respective real estate assets. As of September 30, 2022, the weighted average years to maturity for the Company’s mortgages payable was 2.7 years. For mortgage loans maturing in the next twelve months, the Company intends to repay amounts due with cash flows from operating activities, cash on hand or proceeds available under the Revolving Credit Facility. Interest Rate Swap Agreements The Company entered into interest rate swaps to fix certain of its floating LIBOR and SOFR 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. See Note 14 – "Fair Value Measurements" for further information. The following table summarizes the Company’s interest rate swap contracts outstanding as of September 30, 2022. Date Effective Maturity Receive Floating Rate Index (a) Pay Notional Fair Value at Assets December 23, 2015 December 23, 2015 January 2, 2026 1-month LIBOR 2.30 % 26,000 1,400 June 7, 2016 July 1, 2016 July 1, 2023 1-month LIBOR 1.42 % 41,348 877 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.69 % 90,000 7,657 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.85 % 100,000 7,856 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.72 % 85,000 7,185 May 17, 2022 June 1, 2022 February 3, 2027 1-month Term SOFR 2.71 % 60,000 2,701 May 17, 2022 June 1, 2022 February 3, 2027 1-month Term SOFR 2.71 % 60,000 2,684 May 17, 2022 June 1, 2022 February 3, 2027 1-month Term SOFR 2.71 % 75,000 3,366 May 17, 2022 June 1, 2022 February 3, 2027 1-month Term SOFR 2.77 % 55,000 2,356 $ 592,348 $ 36,082 At September 30, 2022 , the one-month LIBOR and the one-month term SOFR were 3.14 % and 3.04 %, respectively. The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2022 and 2021. Three Months Ended Nine Months Ended Derivatives in Cash Flow Hedging Relationships 2022 2021 2022 2021 Effective portion of derivatives $ 21,971 $ ( 163 ) $ 41,112 $ 740 Reclassification adjustment for amounts included in net gain or loss (effective portion) $ ( 21 ) $ 2,132 $ 2,819 $ 5,839 The total amount of interest expense presented on the consolidated statements of operations and comprehensive income was $ 8,721 and $ 5,876 , for the three months ended September 30, 2022 and 2021, respectively. The total amount of interest expense presented on the consolidated statements of operations and comprehensive income was $ 21,394 and $ 17,719 for the nine months ended September 30, 2022 and 2021, respectively. The net gain or loss reclassified into income from accumulated other comprehensive income (loss) is reported in interest expense on the consolidated statements of operations and comprehensive income. The amount that is expected to be reclassified from accumulated other comprehensive income (loss) into income in the next twelve months is $ 9,885 .

Distributions

Distributions	9 Months Ended
	Sep. 30, 2022
Distributions [Abstract]
Distributions	NOTE 8 – DISTRIBUTIONS In 2020, due to the uncertainty surrounding the COVID-19 pandemic and the need to preserve cash for the payment of operating and other expenses, during the second quarter the Company’s board of directors rescinded the distribution that was declared in the first quarter of 2020, and the Company did no t resume declaring distributions until June 29, 2021. The table below presents the distributions paid and declared during the three and nine months ended September 30, 2022 and 2021. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Distributions paid $ 4,897 $ 4,886 $ 14,679 $ 4,886 Distributions declared $ 4,902 $ 4,881 $ 14,694 $ 9,767

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings (Loss) per Share	NOTE 9 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“EPS”) is 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 common share equivalents. The Company excludes antidilutive restricted shares and units from the calculation of weighted-average shares for diluted EPS. As a result of a net loss in the three and nine months ended September 30, 2022 , 3,300 shares and 4,754 shares, respectively, were excluded from the computation of diluted EPS, because they would have been antidilutive. As a result of a net loss in the three and nine months ended September 30, 2021, 5,385 shares and 4,501 shares, respectively, were excluded from the computation of diluted EPS, because they would have been antidilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 10 – COMMITMENTS AND CONTINGENCIES 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.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	NOTE 11 – EQUITY-BASED COMPENSATION Under the Company’s Employee and Director Restricted Share Plan (“RSP”), restricted shares and restricted share units generally vest over a one to three year vesting period from the date of the grant, subject to the specific terms of the grant. In accordance with the RSP, restricted shares and restricted share units are issued to non-employee directors as compensation. Each restricted share and restricted share unit entitles the holder to receive one common share when it vests. Restricted shares are included in common stock outstanding on the date of vesting. Restricted share units are included in common stock outstanding on the date they are transferred to the non-employee director or their beneficiary. The grant-date value of the restricted shares and restricted share units is amortized over the vesting period representing the requisite service period. Compensation expense associated with the restricted shares and restricted share units issued to the non-employee directors was $ 15 and $ 52 , in the aggregate, for the three and nine months ended September 30, 2022, respectively. As of September 30, 2022 , the Company had $ 45 of unrecognized compensation expense related to the unvested restricted shares and restricted share units, in the aggregate. The weighted average remaining period that compensation expense related to unvested restricted shares and restricted share units will be recognized is 1.4 years. The total fair value at the vesting date for restricted shares and restricted share units that vested during both the three and nine months ended September 30, 2022 was zero and $ 47 , respectively. The total fair value at the vesting date for restricted shares and restricted share units that vested during the three and nine months ended September 30, 2021 was zero and $ 54 , respectively. A summary table of the status of the restricted shares and restricted share units is presented below: Restricted Shares Restricted Share Units Outstanding at December 31, 2021 8,108 252 Granted — 4 Vested ( 2,214 ) ( 256 ) Outstanding at September 30, 2022 5,894 —

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	NOTE 12 – SEGMENT REPORTING The Company has one reportable segment as defined by GAAP, retail real estate, for the nine months ended September 30, 2022 and 2021 .

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Transactions With Related Parties	NOTE 13 – TRANSACTIONS WITH RELATED PARTIES On May 17, 2022, the Company acquired the IRPF Properties from the Seller, a fund managed by an affiliate of the Company’s sponsor and business manager. See Note 4 – "Acquisitions" for further information. The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2022 and 2021. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three Months Ended Nine Months Ended Unpaid amounts as of 2022 2021 2022 2021 September 30, December 31, General and administrative reimbursements (a) $ 479 $ 351 $ 1,282 $ 1,063 $ 293 $ 209 Loan costs (b) $ — $ — $ 42 $ — $ — $ — Acquisition related costs (c) $ — $ — $ 19 $ — $ — $ — Real estate management fees $ 1,393 $ 1,153 $ 3,753 $ 3,542 $ — $ — Property operating expenses 363 329 1,042 1,001 15 — Construction management fees 22 — 37 5 24 Leasing fees 108 87 313 216 168 87 Total real estate management related costs (d) $ 1,886 $ 1,569 $ 5,145 $ 4,764 207 $ 87 Business management fees (e) $ 2,707 $ 2,239 $ 7,500 $ 6,709 $ 2,706 $ 2,241 (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive income. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (b) The Business Manager and its related parties are entitled to reimbursement for certain legal costs related to securing financing for the Company. Such costs are capitalized as debt issuance costs on the consolidated balance sheets and amortized into interest expense on the consolidated statements of operations and comprehensive income over the term of the related financing. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (c) The Business Manager and its related parties are reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, regardless of whether the Company acquires the real estate assets. All of the $ 19 related party acquisition costs incurred during the nine months ended September 30, 2022 are capitalized in the accompanying consolidated balance sheets. See Note 4 – "Acquisitions" for further information. (d) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”) (and its predecessor), 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. The Real Estate Manager determines, 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 the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the 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 Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive income. (e) The Company pays the Business Manager an annual business management fee equal to 0.65 % of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.1625 % of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties on the consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 14 – FAIR VALUE MEASUREMENTS Fair Value Hierarchy 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. The Company has estimated the fair value of its financial and non-financial instruments using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Recurring Fair Value Measurements For assets and liabilities measured at fair value on a recurring basis, 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 September 30, 2022 and December 31, 2021, respectively. Fair Value Level 1 Level 2 Level 3 Total September 30, Interest rate swap agreements - Other assets $ — $ 36,082 $ — $ 36,082 Interest rate swap agreements - Other liabilities $ — $ — $ — $ — December 31, Interest rate swap agreements - Other assets $ — $ — $ — $ — Interest rate swap agreements - Other liabilities $ — $ 7,469 $ — $ 7,469 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 utilize 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 interest rate swap agreements and therefore has classified these in Level 2 of the hierarchy.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	NOTE 15 – SUBSEQUENT EVENTS In connection with the preparation of its financial statements, the Company has evaluated events that occurred subsequent to September 30, 2022 through the date on which these financial statements were issued to determine whether any of these events required disclosure in the financial statements. Director Stock Awards On November 8, 2022, the Company granted each of its four independent directors 1,188 restricted shares for a total of 4,752 restricted shares with a total value of $ 96 . The restricted shares will vest in equal one-third increments on November 8, 2023 , 2024 and 2025 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
General	General The consolidated financial statements have been prepared in accordance with 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. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year.
Significant Risks and Uncertainties related to COVID-19 Pandemic	Significant Risks and Uncertainties related to COVID-19 Pandemic Currently, one of the most significant risks and uncertainties is the potential further adverse effect of the current pandemic of the novel coronavirus, or COVID-19. A number of our tenants had temporarily closed their stores during 2020 and requested rent deferral or rent abatement during this pandemic. The Company’s deferred rent balance is $ 41 at September 30, 2022, which decreased from the deferred rent balance of $ 399 at December 31, 2021 and $ 4,457 at December 31, 2020, due to collections of such rent. However, the extent to which the COVID-19 pandemic further impacts the Company’s operations and those of our tenants will depend on future developments, including the impact of the Omicron variant and its sub-variants, or other variants of COVID-19 in the U.S. The impact cannot be predicted with confidence, including the scope, severity and duration of the pandemic’s variants, the actions taken to contain the pandemic’s variants or mitigate their impact, and the direct and indirect economic effects of the pandemic’s variants and containment measures, among others
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of the effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A grants relief to entities, allowing them an election to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under Topic 842, Leases. An entity that makes this election can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company has elected to apply such relief and avail itself of the election to avoid performing a lease-by-lease analysis.
Restricted Cash	Restricted Cash Amounts included in restricted cash represent those required to be set aside by lenders for real estate taxes, insurance, capital expenditures and tenant improvements on our existing properties. These amounts also include post close escrows for tenant improvements, leasing commissions, master lease, general repairs and maintenance, and are classified as restricted cash on the Company’s consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown in the Company’s consolidated statements of cash flows: September 30, 2022 2021 Cash and cash equivalents $ 9,217 $ 8,352 Restricted cash 477 5,907 Total cash, cash equivalents, and restricted cash $ 9,694 $ 14,259

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown in the Company’s consolidated statements of cash flows: September 30, 2022 2021 Cash and cash equivalents $ 9,217 $ 8,352 Restricted cash 477 5,907 Total cash, cash equivalents, and restricted cash $ 9,694 $ 14,259

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Schedule of Properties Acquired	The following table provides further details of the properties acquired during the nine months ended September 30, 2022: Date Property Name Number of Transactions Number of Properties Square Purchase 5/17/2022 IRPF Properties 1 8 686,851 $ 278,153 686,851 $ 278,153 (a) Contractual purchase price excluding closing credits.
Schedule of Major Assets Acquired and Liabilities Assumed	The following table presents certain additional information regarding the Company’s acquisitions during the nine months ended September 30, 2022. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Nine Months Ended 2022 Land $ 62,510 Building and improvements 192,730 Acquired lease intangible assets 33,285 Acquired intangible liabilities ( 9,654 ) Assumed liabilities, net ( 982 ) Total $ 277,889

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Summary of Rental Income Related to Operating Leases	Rental income related to the Company's operating leases is comprised of the following: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Rental income - fixed payments $ 28,545 $ 23,649 $ 78,114 $ 70,970 Rental income - variable payments (a) 7,086 5,796 18,202 17,513 Amortization of acquired market leases, net 269 154 798 488 Rental income $ 35,900 $ 29,599 $ 97,114 $ 88,971 (a) Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.

Acquired Intangible Assets an_2

Acquired Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities	The following table summarizes the Company’s identified intangible assets and liabilities as of September 30, 2022 and December 31, 2021: September 30, December 31, Intangible assets: Acquired in-place lease value $ 183,305 $ 156,918 Acquired above market lease value 52,640 45,742 Accumulated amortization ( 155,131 ) ( 144,457 ) Acquired lease intangibles, net $ 80,814 $ 58,203 Intangible liabilities: Acquired below market lease value $ 79,914 $ 70,260 Accumulated amortization ( 35,631 ) ( 32,342 ) Acquired below market lease intangibles, net $ 44,283 $ 37,918
Schedule of Amortization of Acquired In Place Lease Value, Above Market and Below Market Lease Values	Amortization pertaining to acquired in-place lease value, above market lease value and below market lease value is summarized below: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Amortization recorded as amortization expense: Acquired in-place lease value $ 3,224 $ 2,518 $ 8,183 $ 7,920 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ ( 947 ) $ ( 748 ) $ ( 2,491 ) $ ( 2,222 ) Acquired below market leases 1,216 902 3,289 2,710 Net rental income increase $ 269 $ 154 $ 798 $ 488
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of September 30, 2022 for each of the five succeeding years and thereafter is as follows: Acquired Above Market Leases Below 2022 (remainder of year) $ 2,934 $ 922 $ 945 2023 10,858 3,561 3,638 2024 9,273 3,323 3,509 2025 6,873 2,937 3,263 2026 5,121 2,510 3,125 Thereafter 20,489 12,013 29,803 Total $ 55,548 $ 25,266 $ 44,283

Debt and Derivative Instrumen_2

Debt and Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Mortgages and Credit Facilities Payable	As of September 30, 2022 and December 31, 2021, the Company had the following mortgages and credit facility payable: September 30, December 31, Type of Debt Principal Amount Weighted Principal Weighted Fixed rate mortgages payable $ 112,425 3.84 % $ 118,463 3.88 % Variable rate mortgages payable with swap agreements 67,348 3.69 % 198,796 3.42 % Variable rate mortgages payable without swap agreements — — 684 1.70 % Mortgages payable $ 179,773 3.78 % $ 317,943 3.59 % Credit facility payable 677,000 4.18 % 279,000 3.03 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 856,773 4.09 % $ 596,943 3.33 % Add: Unamortized mortgage premiums — 17 Less: Unamortized debt issuance costs ( 6,076 ) ( 1,418 ) Total debt $ 850,697 $ 595,542
Schedule of Principal Payments and Maturities of Company's Debt	As of September 30, 2022, scheduled principal payments and maturities on the Company’s debt were as follows: September 30, Scheduled Principal Payments and Maturities by Year: Scheduled Maturities of Mortgage Loans Maturity of Credit Facility Total 2022 (remainder of the year) $ 79 $ — $ — $ 79 2023 326 41,349 — 41,675 2024 341 — — 341 2025 295 92,656 — 92,951 2026 — 44,727 102,000 146,727 Thereafter — — 575,000 575,000 Total $ 1,041 $ 178,732 $ 677,000 $ 856,773
Summary of Interest Rate Swap Contracts Outstanding	The following table summarizes the Company’s interest rate swap contracts outstanding as of September 30, 2022. Date Effective Maturity Receive Floating Rate Index (a) Pay Notional Fair Value at Assets December 23, 2015 December 23, 2015 January 2, 2026 1-month LIBOR 2.30 % 26,000 1,400 June 7, 2016 July 1, 2016 July 1, 2023 1-month LIBOR 1.42 % 41,348 877 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.69 % 90,000 7,657 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.85 % 100,000 7,856 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.72 % 85,000 7,185 May 17, 2022 June 1, 2022 February 3, 2027 1-month Term SOFR 2.71 % 60,000 2,701 May 17, 2022 June 1, 2022 February 3, 2027 1-month Term SOFR 2.71 % 60,000 2,684 May 17, 2022 June 1, 2022 February 3, 2027 1-month Term SOFR 2.71 % 75,000 3,366 May 17, 2022 June 1, 2022 February 3, 2027 1-month Term SOFR 2.77 % 55,000 2,356 $ 592,348 $ 36,082 At September 30, 2022 , the one-month LIBOR and the one-month term SOFR were 3.14 % and 3.04 %, respectively.
Schedule of Effect of Derivatives on Consolidated Statements of Operations and Comprehensive Income	The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2022 and 2021. Three Months Ended Nine Months Ended Derivatives in Cash Flow Hedging Relationships 2022 2021 2022 2021 Effective portion of derivatives $ 21,971 $ ( 163 ) $ 41,112 $ 740 Reclassification adjustment for amounts included in net gain or loss (effective portion) $ ( 21 ) $ 2,132 $ 2,819 $ 5,839

Distributions (Tables)

Distributions (Tables)	9 Months Ended
	Sep. 30, 2022
Distributions [Abstract]
Schedule of Distributions Paid and Declared	The table below presents the distributions paid and declared during the three and nine months ended September 30, 2022 and 2021. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Distributions paid $ 4,897 $ 4,886 $ 14,679 $ 4,886 Distributions declared $ 4,902 $ 4,881 $ 14,694 $ 9,767

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Shares and Restricted Share Units	A summary table of the status of the restricted shares and restricted share units is presented below: Restricted Shares Restricted Share Units Outstanding at December 31, 2021 8,108 252 Granted — 4 Vested ( 2,214 ) ( 256 ) Outstanding at September 30, 2022 5,894 —

Transactions with Related Par_2

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2022 and 2021. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three Months Ended Nine Months Ended Unpaid amounts as of 2022 2021 2022 2021 September 30, December 31, General and administrative reimbursements (a) $ 479 $ 351 $ 1,282 $ 1,063 $ 293 $ 209 Loan costs (b) $ — $ — $ 42 $ — $ — $ — Acquisition related costs (c) $ — $ — $ 19 $ — $ — $ — Real estate management fees $ 1,393 $ 1,153 $ 3,753 $ 3,542 $ — $ — Property operating expenses 363 329 1,042 1,001 15 — Construction management fees 22 — 37 5 24 Leasing fees 108 87 313 216 168 87 Total real estate management related costs (d) $ 1,886 $ 1,569 $ 5,145 $ 4,764 207 $ 87 Business management fees (e) $ 2,707 $ 2,239 $ 7,500 $ 6,709 $ 2,706 $ 2,241 (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive income. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (b) The Business Manager and its related parties are entitled to reimbursement for certain legal costs related to securing financing for the Company. Such costs are capitalized as debt issuance costs on the consolidated balance sheets and amortized into interest expense on the consolidated statements of operations and comprehensive income over the term of the related financing. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (c) The Business Manager and its related parties are reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, regardless of whether the Company acquires the real estate assets. All of the $ 19 related party acquisition costs incurred during the nine months ended September 30, 2022 are capitalized in the accompanying consolidated balance sheets. See Note 4 – "Acquisitions" for further information. (d) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”) (and its predecessor), 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. The Real Estate Manager determines, 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 the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the 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 Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive income. (e) The Company pays the Business Manager an annual business management fee equal to 0.65 % of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.1625 % of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties on the consolidated balance sheets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis	For assets and liabilities measured at fair value on a recurring basis, 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 September 30, 2022 and December 31, 2021, respectively. Fair Value Level 1 Level 2 Level 3 Total September 30, Interest rate swap agreements - Other assets $ — $ 36,082 $ — $ 36,082 Interest rate swap agreements - Other liabilities $ — $ — $ — $ — December 31, Interest rate swap agreements - Other assets $ — $ — $ — $ — Interest rate swap agreements - Other liabilities $ — $ 7,469 $ — $ 7,469

Organization (Narrative) (Detai

Organization (Narrative) (Details)	Sep. 30, 2022 ft² State Property	Aug. 16, 2021	Jul. 22, 2021	Jun. 29, 2021	Jun. 26, 2020	Jun. 06, 2020
Organization [Line Items]
Number of retail properties owned | Property	52
Square footage of real estate properties owned | ft²	7,167,822
Number of states in which company owns real estate properties | State	24
Weighted average physical occupancy rate of property portfolio	93.70%
Weighted average economic occupancy rate of property portfolio	93.90%
Share Repurchase Program [Member]
Organization [Line Items]
Suspension effective date					Jun. 26, 2020
Announcement date for reinstatement of Share Repurchase Program				Jun. 29, 2021
First share repurchase following the reinstatement of Share Repurchase Program occurred		Aug. 16, 2021
DRP [Member]
Organization [Line Items]
Suspension effective date						Jun. 06, 2020
Announcement date for reinstatement of DRP				Jun. 29, 2021
Effective date of reinstatement of DRP			Jul. 22, 2021

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
COVID-19 [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Deferred rent receivable	$ 41	$ 399	$ 4,457

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 9,217	$ 8,229	$ 8,352
Restricted cash	477	5,154	5,907
Total cash, cash equivalents, and restricted cash	$ 9,694	$ 13,383	$ 14,259	$ 13,985

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended		36 Months Ended	119 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Oct. 16, 2015	Sep. 30, 2022	Dec. 31, 2021	Mar. 03, 2020
Equity [Line Items]
Common stock, shares sold	36,149,222		36,149,222		33,534,022	36,149,222	36,040,928
Proceeds from offering					$ 834,399,000
Common stock, shares outstanding	36,149,222		36,149,222			36,149,222	36,040,928
Distribution reinvestment plan, shares						6,063,857
Shares repurchased through the share repurchase program						3,461,102
Distribution reinvested	$ 1,814,000	$ 1,886,000	$ 5,485,000	$ 1,886,000
Stock repurchase program, amount	908,000	1,886,000	2,743,000	1,886,000
Other liabilities	9,679,000		$ 9,679,000			$ 9,679,000	$ 14,414,000
Third Amended and Restated Share Repurchase Program [Member]
Equity [Line Items]
Limit on share repurchases as a percentage of proceeds of the distribution reinvestment program			50%
Description of share repurchase program			Under the Third SRP, the Company is authorized to make ordinary repurchases and Exceptional Repurchases at a price equal to 80.0% of the “share price,” which is defined in the Third SRP as an amount equal to the lesser of: (A) $25, as adjusted under certain circumstances, including, among other things, if the applicable shares were purchased from the Company at a discounted price; of (B) the most recently disclosed estimated value per share. Prior to the amendment, the Company was authorized to make Exceptional Repurchases at a price equal to 100% of the “share price.”
Third Amended and Restated Share Repurchase Program [Member] | Exceptional Repurchases [Member]
Equity [Line Items]
Percentage of share price on repurchase of shares								80%
Prior Share Repurchase Agreement [Member] | Exceptional Repurchases [Member]
Equity [Line Items]
Percentage of share price on repurchase of shares								100%
Stock Repurchase Program [Member]
Equity [Line Items]
Other liabilities	0		$ 0			$ 0	$ 0
Minimum [Member]
Equity [Line Items]
Stock repurchase program, to be held			1 year
Maximum [Member] | Third Amended and Restated Share Repurchase Program [Member]
Equity [Line Items]
Stock repurchase program per share amount								$ 25
Percentage of prior fiscal year end outstanding shares that may be repurchased			5%
DRP [Member]
Equity [Line Items]
Distribution reinvested	$ 1,814,000	$ 1,886,000	$ 5,485,000	$ 1,886,000

Acquisitions - Additional Infor

Acquisitions - Additional Information - (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)	May 17, 2022 ft² Property State
Business Combinations [Abstract]
Number of properties acquired | Property		8
Number of grocery-anchored properties | Property		7
Number of states in which property acquired | State		7
Square footage of properties acquired | ft²		686,851
Acquisition costs	$ 718
Accrued acquisition costs	40
Income from acquired property	8,682
Income from acquired property, net	$ 5,586

Acquisitions - Schedule of Prop

Acquisitions - Schedule of Properties Acquired - (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) ft² Property Transaction	May 17, 2022 Property
Business Acquisition [Line Items]
Number of Properties | Property		8
Square Footage | ft²	686,851
Purchase Price | $	$ 278,153
IRPF Properties [Member]
Business Acquisition [Line Items]
Date Acquired	May 17, 2022
Number of Transactions | Transaction	1
Number of Properties | Property	8
Square Footage | ft²	686,851
Purchase Price | $	$ 278,153

Acquisitions - Schedule of Majo

Acquisitions - Schedule of Major Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Business Combinations [Abstract]
Land	$ 62,510
Building and improvements	192,730
Acquired lease intangible assets	33,285
Acquired intangible liabilities	(9,654)
Assumed liabilities, net	(982)
Total	$ 277,889

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) OperatingLease	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Operating Leased Assets [Line Items]
Number of retail operating leases | OperatingLease	830
Accounts and rent receivable	$ 18,945	$ 18,560
COVID-19 [Member]
Operating Leased Assets [Line Items]
Accounts and rent receivable	18,945	18,560
Allowance for bad debts	1,644	1,259
Deferred rent receivable	$ 41	$ 399	$ 4,457
Minimum [Member]
Operating Leased Assets [Line Items]
Lessor, operating leases, remaining lease term	1 year
Maximum [Member]
Operating Leased Assets [Line Items]
Lessor, operating leases, remaining lease term	15 years

Leases - Summary of Rental Inco

Leases - Summary of Rental Income Related to Operating Leases (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Leases Lease Income [Abstract]
Rental income - fixed payments		$ 28,545	$ 23,649	$ 78,114	$ 70,970
Rental income - variable payments	[1]	7,086	5,796	18,202	17,513
Amortization of acquired market leases, net		269	154	798	488
Rental income		$ 35,900	$ 29,599	$ 97,114	$ 88,971
[1] Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.

Acquired Intangible Assets an_3

Acquired Intangible Assets and Liabilities (Schedule of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible assets:
Accumulated amortization	$ (155,131)	$ (144,457)
Acquired lease intangibles, net	80,814	58,203
Intangible liabilities:
Acquired below market lease value	79,914	70,260
Accumulated amortization	(35,631)	(32,342)
Acquired below market lease intangibles, net	44,283	37,918
Acquired in-place lease value [Member]
Intangible assets:
Acquired intangible assets	183,305	156,918
Acquired lease intangibles, net	55,548
Acquired above market lease value [Member]
Intangible assets:
Acquired intangible assets	52,640	$ 45,742
Acquired lease intangibles, net	$ 25,266

Acquired Intangible Assets an_4

Acquired Intangible Assets and Liabilities (Schedule of Amortization of Acquired In Place Lease Value, Above Market and Below Market Lease Values) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 269	$ 154	$ 798	$ 488
Acquired in-place lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as amortization expense	3,224	2,518	8,183	7,920
Acquired above market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	(947)	(748)	(2,491)	(2,222)
Acquired below market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 1,216	$ 902	$ 3,289	$ 2,710

Acquired Intangible Assets an_5

Acquired Intangible Assets and Liabilities (Schedule of Estimated Amortization of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Future amortization for acquired in-place and above market lease assets:
Acquired lease intangibles, net	$ 80,814	$ 58,203
Future amortization for below market lease liabilities:
2022 (remainder of year)	945
2023	3,638
2024	3,509
2025	3,263
2026	3,125
Thereafter	29,803
Total	44,283
Acquired in-place lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2022 (remainder of year)	2,934
2023	10,858
2024	9,273
2025	6,873
2026	5,121
Thereafter	20,489
Acquired lease intangibles, net	55,548
Above Market Leases [Member]
Future amortization for acquired in-place and above market lease assets:
2022 (remainder of year)	922
2023	3,561
2024	3,323
2025	2,937
2026	2,510
Thereafter	12,013
Acquired lease intangibles, net	$ 25,266

Debt and Derivative Instrumen_3

Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 179,773	$ 317,943
Credit facility payable	677,000	279,000
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	856,773	596,943
Add: Unamortized mortgage premiums		17
Less: Unamortized debt issuance costs	(6,076)	(1,418)
Total debt	$ 850,697	$ 595,542
Mortgages Payable, Weighted Average Interest Rate	3.78%	3.59%
Credit Facilities Payable, Weighted Average Interest Rate	4.18%	3.03%
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps, Weighted Average Interest Rate	4.09%	3.33%
Fixed rate mortgages payable [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 112,425	$ 118,463
Mortgages Payable, Weighted Average Interest Rate	3.84%	3.88%
Variable rate mortgages payable with swap agreements [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 67,348	$ 198,796
Mortgages Payable, Weighted Average Interest Rate	3.69%	3.42%
Variable rate mortgages payable without swap agreements [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable		$ 684
Mortgages Payable, Weighted Average Interest Rate		1.70%

Debt and Derivative Instrumen_4

Debt and Derivative Instruments (Narrative) (Details)				3 Months Ended		9 Months Ended
	May 17, 2022 USD ($)	Feb. 03, 2022 USD ($)	Feb. 02, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt principal balance				$ 856,773,000		$ 856,773,000		$ 596,943,000
Estimated fair value of debt				846,413,000		846,413,000		591,089,000
Outstanding line of credit				677,000,000		677,000,000		$ 279,000,000
Interest expense				8,721,000	$ 5,876,000	21,394,000	$ 17,719,000
Amount expected to be reclassified from accumulated other comprehensive income (loss) into income in the next twelve months						$ 9,885,000
Mortgages Payable [Member]
Debt Instrument [Line Items]
Debt, covenant compliance						the Company was current on all of its debt service payments and in compliance with all financial covenants.
Weighted Average Years to Maturity						2 years 8 months 12 days
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding line of credit				102,000,000		$ 102,000,000
Credit facility, interest rate						4.56%
Credit facility, maturity date		Feb. 03, 2026
Line of credit facility, expiration date, extension period		1 year
Revolving Credit Facility [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of commitments		$ 200,000,000
Term Loan [Member]
Debt Instrument [Line Items]
Incremental amount borrowed under the term loan	$ 300,000,000
Outstanding line of credit				575,000,000		$ 575,000,000
Credit facility, interest rate						4.11%
Credit facility, maturity date		Feb. 03, 2027
Credit Facility [Member]
Debt Instrument [Line Items]
Debt principal balance				677,000,000		$ 677,000,000
Number of properties pledged as collateral | Property						46
Debt, covenant compliance						the Company is in compliance with all financial covenants related to the Credit Facility as amended.
Minimum [Member] | Revolving Credit Facility [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of commitments			$ 350,000,000
Number of properties pledged as collateral | Property						15
Unencumbered pool value						$ 300,000,000
Maximum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility available for borrowing				98,000,000		98,000,000
Maximum [Member] | Revolving Credit Facility [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of commitments			475,000,000
Periodic aggregate commitment for credit facility		$ 1,200,000,000
Maximum [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Credit facility available for borrowing				$ 98,000,000		$ 98,000,000
Maximum [Member] | Term Loan [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of term loan commitments		$ 275,000,000	$ 150,000,000

Debt and Derivative Instrumen_5

Debt and Derivative Instruments (Schedule of Principal Payments and Maturities of Company's Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2022 (remainder of the year)	$ 79
2023	41,675
2024	341
2025	92,951
2026	146,727
Thereafter	575,000
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	856,773	$ 596,943
Maturity of Credit Facility [Member]
Debt Instrument [Line Items]
2026	102,000
Thereafter	575,000
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	677,000
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
2022 (remainder of the year)	79
2023	326
2024	341
2025	295
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	1,041
Maturities of Mortgage Loans [Member]
Debt Instrument [Line Items]
2023	41,349
2025	92,656
2026	44,727
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	$ 178,732

Debt and Derivative Instrumen_6

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Derivative [Line Items]
Derivative assets, notional amount	$ 592,348
Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 36,082
Interest Rate Swap One [Member]
Derivative [Line Items]
Derivative instrument, date entered	Dec. 23, 2015
Derivative instrument, effective date	Dec. 23, 2015
Derivative instrument, maturity date	Jan. 02, 2026
Derivative instrument, receive floating rate index	1-month LIBOR	[1]
Derivative instrument, pay fixed interest rate	2.30%
Derivative assets, notional amount	$ 26,000
Interest Rate Swap One [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 1,400
Interest Rate Swap Two [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jun. 07, 2016
Derivative instrument, effective date	Jul. 01, 2016
Derivative instrument, maturity date	Jul. 01, 2023
Derivative instrument, receive floating rate index	1-month LIBOR	[1]
Derivative instrument, pay fixed interest rate	1.42%
Derivative assets, notional amount	$ 41,348
Interest Rate Swap Two [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 877
Interest Rate Swap Three [Member]
Derivative [Line Items]
Derivative instrument, date entered	Feb. 03, 2022
Derivative instrument, effective date	Mar. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	1-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.69%
Derivative assets, notional amount	$ 90,000
Interest Rate Swap Three [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 7,657
Interest Rate Swap Four [Member]
Derivative [Line Items]
Derivative instrument, date entered	Feb. 03, 2022
Derivative instrument, effective date	Mar. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	1-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.85%
Derivative assets, notional amount	$ 100,000
Interest Rate Swap Four [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 7,856
Interest Rate Swap Five [Member]
Derivative [Line Items]
Derivative instrument, date entered	Feb. 03, 2022
Derivative instrument, effective date	Mar. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	1-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.72%
Derivative assets, notional amount	$ 85,000
Interest Rate Swap Five [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 7,185
Interest Rate Swap Six [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 17, 2022
Derivative instrument, effective date	Jun. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	1-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.71%
Derivative assets, notional amount	$ 60,000
Interest Rate Swap Six [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 2,701
Interest Rate Swap Seven [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 17, 2022
Derivative instrument, effective date	Jun. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	1-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.71%
Derivative assets, notional amount	$ 60,000
Interest Rate Swap Seven [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 2,684
Interest Rate Swap Eight [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 17, 2022
Derivative instrument, effective date	Jun. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	1-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.71%
Derivative assets, notional amount	$ 75,000
Interest Rate Swap Eight [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 3,366
Interest Rate Swap Nine [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 17, 2022
Derivative instrument, effective date	Jun. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	1-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.77%
Derivative assets, notional amount	$ 55,000
Interest Rate Swap Nine [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 2,356
[1] At September 30, 2022 , the one-month LIBOR and the one-month term SOFR were 3.14 % and 3.04 %, respectively.

Debt and Derivative Instrumen_7

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2022
London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative instrument, receive floating rate index	one-month LIBOR
One month floating rate	3.14%
SOFR
Derivative [Line Items]
Derivative instrument, receive floating rate index	one-month term SOFR
One month floating rate	3.04%

Debt and Derivative Instrumen_8

Debt and Derivative Instruments (Schedule of Effect of Derivatives on Consolidated Statements of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification adjustment for amounts included in net loss	$ (21)	$ 2,132	$ 2,819	$ 5,839
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion of derivatives	21,971	(163)	41,112	740
Reclassification adjustment for amounts included in net loss	$ (21)	$ 2,132	$ 2,819	$ 5,839

Distributions (Narrative) (Deta

Distributions (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended		15 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 29, 2021
Distributions [Abstract]
Distributions declared	$ 4,902,000	$ 4,881,000	$ 14,694,000	$ 9,767,000	$ 0

Distributions (Schedule of Dist

Distributions (Schedule of Distributions Paid and Declared) (Details) - USD ($)	3 Months Ended		9 Months Ended		15 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 29, 2021
Distributions [Abstract]
Distributions paid	$ 4,897,000	$ 4,886,000	$ 14,679,000	$ 4,886,000
Distributions declared	$ 4,902,000	$ 4,881,000	$ 14,694,000	$ 9,767,000	$ 0

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Additional shares excluded from the computation of diluted earnings per share	3,300	5,385	4,754	4,501

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average remaining period unrecognized compensation expense related to non-vested			1 year 4 months 24 days
Common stock shares issued upon vesting			1
Restricted Stock [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation vesting period			1 year
Restricted Stock [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation vesting period			3 years
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average remaining period unrecognized compensation expense related to non-vested			1 year 4 months 24 days
Common stock shares issued upon vesting			1
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation vesting period			1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation vesting period			3 years
Restricted Shares and Restricted Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense of unvested share-based awards	$ 45		$ 45
Total fair value at vesting date	0	$ 0	47	$ 54
Non-Employee Directors [Member] | Restricted Shares and Restricted Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 15		$ 52

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of the Restricted Shares and Restricted Share Units) (Details)	9 Months Ended
	Sep. 30, 2022 shares
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	8,108
Vested, Shares	(2,214)
Outstanding, Shares	5,894
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	252
Granted, Shares	4
Vested, Shares	(256)

Segment Reporting (Details)

Segment Reporting (Details) - Segment	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting [Abstract]
Number of reportable segments	1	1

Transactions with Related Par_3

Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to related parties		$ 3,206		$ 3,206		$ 2,537
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party	[1]	479	$ 351	1,282	$ 1,063
Due to related parties	[1]	293		293		209
Loan Costs [Member]
Related Party Transaction [Line Items]
Loan costs with related party	[2]			42
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Acquisition costs with related party	[3]			19
Real Estate Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		1,393	1,153	3,753	3,542
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		363	329	1,042	1,001
Due to related parties		15		15
Construction Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		22		37	5
Due to related parties		24		24
Leasing fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		108	87	313	216
Due to related parties		168		168		87
Real Estate Management Costs [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party	[4]	1,886	1,569	5,145	4,764
Due to related parties	[4]	207		207		87
Business Management Fee [Member]
Related Party Transaction [Line Items]
Acquisition costs with related party	[5]	2,707	$ 2,239	7,500	$ 6,709
Due to related parties	[5]	$ 2,706		$ 2,706		$ 2,241
[1] The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive income. Unpaid amounts are included in due to related parties in the consolidated balance sheets. The Business Manager and its related parties are entitled to reimbursement for certain legal costs related to securing financing for the Company. Such costs are capitalized as debt issuance costs on the consolidated balance sheets and amortized into interest expense on the consolidated statements of operations and comprehensive income over the term of the related financing. Unpaid amounts are included in due to related parties in the consolidated balance sheets. The Business Manager and its related parties are reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, regardless of whether the Company acquires the real estate assets. All of the $ 19 related party acquisition costs incurred during the nine months ended September 30, 2022 are capitalized in the accompanying consolidated balance sheets. See Note 4 – "Acquisitions" for further information. For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”) (and its predecessor), 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. The Real Estate Manager determines, 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 the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the 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 Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive income. The Company pays the Business Manager an annual business management fee equal to 0.65 % of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.1625 % of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties on the consolidated balance sheets.

Transactions with Related Par_4

Transactions with Related Parties (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Related party acquisition costs	$ 19
Annual business management fee to its average invested assets, percentage	0.65%
Quarterly payable business management fee to its average invested assets, percentage	0.1625%
Monthly Real Estate Management Fee Of Single Tenant Property [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee, percentage of gross income	1.90%
Monthly Real Estate Management Fee Of Any Other Property [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee, percentage of gross income	3.90%

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis) (Details) - Recurring [Member] - Interest Rate Swap Agreements [Member] - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets	$ 36,082
Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other liabilities		$ 7,469
Level 2 [Member] | Other Assets [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets	$ 36,082
Level 2 [Member] | Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other liabilities		$ 7,469

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Restricted Shares [Member] - USD ($) $ in Thousands		9 Months Ended
	Nov. 08, 2022	Sep. 30, 2022
Subsequent Event [Line Items]
Vesting description		The restricted shares will vest in equal one-third increments on November 8, 2023, 2024 and 2025.
Subsequent Event [Member]
Subsequent Event [Line Items]
Granted, Shares	4,752
Granted value	$ 96
Subsequent Event [Member] | Each Independent Directors [Member]
Subsequent Event [Line Items]
Granted, Shares	1,188
Subsequent Event [Member] | Vesting Period One [Member]
Subsequent Event [Line Items]
Vesting date	Nov. 08, 2023
Subsequent Event [Member] | Vesting Period Two [Member]
Subsequent Event [Line Items]
Vesting date	Nov. 08, 2024
Subsequent Event [Member] | Vesting Period Three [Member]
Subsequent Event [Line Items]
Vesting date	Nov. 08, 2025