Inland Real Estate Income Trust (INRE) 10-K 13 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 12, 2024	Jun. 30, 2023
Cover [Abstract]
Entity Registrant Name	Inland Real Estate Income Trust, Inc.
Entity Central Index Key	0001528985
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,152,049
Entity Public Float			$ 0
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
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 Incorporation, State or Country Code	MD
Entity Address, Postal Zip Code	60523
City Area Code	630
Local Phone Number	218-8000
Title of 12(g) Security	Common Stock, $0.001 par value per share
Document Annual Report	true
Document Transition Report	false
Auditor Name	KPMG LLP
Auditor Location	Chicago, IL
Auditor Firm ID	185

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment properties held and used:
Land	$ 330,456	$ 330,456
Building and other improvements	1,209,740	1,198,309
Total	1,540,196	1,528,765
Less accumulated depreciation	(335,700)	(288,863)
Net investment properties held and used	1,204,496	1,239,902
Cash and cash equivalents	5,975	4,857
Restricted cash	479	477
Accounts and rent receivable	23,645	20,114
Acquired lease intangible assets, net	61,827	76,961
Operating lease right-of-use asset, net	13,745	14,153
Other assets	33,873	42,774
Total assets	1,344,040	1,399,238
Liabilities:
Mortgages and credit facility payable, net	843,890	852,345
Accounts payable and accrued expenses	11,182	10,265
Operating lease liability	24,992	24,716
Distributions payable	4,905	4,907
Acquired intangible liabilities, net	37,420	43,339
Due to related parties	2,796	4,034
Other liabilities	10,500	8,574
Total liabilities	935,685	948,180
Commitments and contingencies (Note 10)
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, 36,163,852 and 36,184,058 shares issued and outstanding as of December 31, 2023 and 2022, respectively	36	36
Additional paid in capital	816,047	814,949
Accumulated distributions and net loss	(432,854)	(398,097)
Accumulated other comprehensive income	25,126	34,170
Total stockholders’ equity	408,355	451,058
Total liabilities and stockholders’ equity	$ 1,344,040	$ 1,399,238

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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	36,163,852	36,184,058
Common stock, shares outstanding	36,163,852	36,184,058

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income:
Rental income	$ 149,636	$ 133,432	$ 118,957
Other property income	336	214	183
Total income	149,972	133,646	119,140
Cost and Expenses:
Property operating expenses	30,088	25,073	21,649
Real estate tax expense	18,362	17,210	14,388
General and administrative expenses	5,237	5,400	4,784
Business management fee	9,632	10,212	8,950
Depreciation and amortization	59,542	55,319	48,906
Total expenses	122,861	113,214	98,677
Other Income (Expense):
Interest expense	(42,451)	(33,069)	(23,240)
Interest and other income	217	19	274
Net loss	$ (15,123)	$ (12,618)	$ (2,503)
Net loss per common share, basic	$ (0.42)	$ (0.35)	$ (0.07)
Net loss per common share, diluted	$ (0.42)	$ (0.35)	$ (0.07)
Weighted average number of common shares outstanding, basic	36,196,672	36,134,801	36,031,088
Weighted average number of common shares outstanding, diluted	36,196,672	36,134,801	36,031,088
Comprehensive income (loss):
Net loss	$ (15,123)	$ (12,618)	$ (2,503)
Unrealized gain on derivatives	6,934	40,902	2,445
Reclassification adjustment for amounts included in net loss	(15,978)	737	7,654
Comprehensive (loss) income	$ (24,167)	$ 29,021	$ 7,596

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 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	(14,655)			(14,655)
Proceeds from distribution reinvestment plan	3,749		3,749
Proceeds from distribution reinvestment plan, shares		207,373
Shares repurchased	(2,777)		(2,777)
Shares repurchased, shares		(192,023)
Unrealized gain (loss) on derivatives	2,445				2,445
Reclassification adjustment for amounts included in net loss	7,654				7,654
Equity based compensation	51		51
Equity based compensation, shares		3,210
Net loss	(2,503)			(2,503)
Balance at Dec. 31, 2021	437,923	$ 36	811,233	(365,877)	(7,469)
Balance, shares at Dec. 31, 2021		36,040,928
Distributions declared	(19,602)			(19,602)
Proceeds from distribution reinvestment plan	7,287		7,287
Proceeds from distribution reinvestment plan, shares		371,457
Shares repurchased	(3,645)		(3,645)
Shares repurchased, shares		(232,273)
Unrealized gain (loss) on derivatives	40,902				40,902
Reclassification adjustment for amounts included in net loss	737				737
Equity based compensation	74		74
Equity based compensation, shares		3,946
Net loss	(12,618)			(12,618)
Balance at Dec. 31, 2022	$ 451,058	$ 36	814,949	(398,097)	34,170
Balance, shares at Dec. 31, 2022	36,184,058	36,184,058
Distributions declared	$ (19,634)			(19,634)
Proceeds from distribution reinvestment plan	6,976		6,976
Proceeds from distribution reinvestment plan, shares		349,804
Shares repurchased	(5,966)		(5,966)
Shares repurchased, shares		(374,539)
Unrealized gain (loss) on derivatives	6,934				6,934
Reclassification adjustment for amounts included in net loss	(15,978)				(15,978)
Equity based compensation	88		88
Equity based compensation, shares		4,529
Net loss	(15,123)			(15,123)
Balance at Dec. 31, 2023	$ 408,355	$ 36	$ 816,047	$ (432,854)	$ 25,126
Balance, shares at Dec. 31, 2023	36,163,852	36,163,852

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Distributions declared per share	$ 0.5424	$ 0.5424	$ 0.4068

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (15,123)	$ (12,618)	$ (2,503)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	59,542	55,319	48,906
Amortization of debt issuance costs and mortgage premiums, net	1,219	2,966	898
Amortization of acquired market leases, net	(2,323)	(818)	(773)
Amortization of equity based compensation	88	74	51
Reduction in the carrying amount of the right-of-use asset	408	417	443
Straight-line income, net	(1,091)	(705)	(442)
Other non-cash adjustments	184	122	103
Changes in assets and liabilities:
Accounts payable and accrued expenses	957	721	112
Accounts and rent receivable	(2,440)	(849)	3,733
Other assets	(2,477)	(3,697)	(983)
Due to related parties	(1,267)	1,452	(2,807)
Operating lease liability	276	320	361
Other liabilities	1,448	2,083	1,051
Net cash flows provided by operating activities	39,401	44,787	48,150
Cash flows from investing activities:
Purchase of investment properties		(277,880)
Capital expenditures	(10,351)	(12,404)	(5,883)
Other assets		(221)
Net cash flows used in investing activities	(10,351)	(290,505)	(5,883)
Cash flows from financing activities:
Payment of credit facility	(12,576)	(24,444)	(8,097)
Proceeds from credit facility	44,576	422,444	72,097
Payment of mortgages payable	(41,674)	(138,250)	(98,074)
Proceeds from the distribution reinvestment plan	6,976	7,287	3,749
Shares repurchased	(5,966)	(3,645)	(2,777)
Distributions paid	(19,636)	(19,583)	(9,767)
Payment of debt issuance costs		(5,913)
Early termination of interest rate swap agreements, net	370	(227)
Net cash flows (used in) provided by financing activities	(27,930)	237,669	(42,869)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,120	(8,049)	(602)
Cash, cash equivalents and restricted cash, at beginning of the year	5,334	13,383	13,985
Cash, cash equivalents and restricted cash, at end of the year	6,454	5,334	13,383
In conjunction with the purchase of investment properties, the Company acquired assets and assumed liabilities as follows:
Land		62,510
Building and improvements		192,722
Acquired lease intangible assets		33,285
Acquired intangible liabilities		9,654
Assumed liabilities, net		983
Purchase of investment properties		277,880
Cash paid for interest, net of amounts capitalized	40,397	27,421	22,456
Supplemental schedule of non-cash investing and financing activities:
Accrued capital expenditures	$ 1,080	$ 253	$ 199

Organization

Organization	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	NOTE 1 – OR GANIZATION Inland Real Estate Income Trust, Inc. (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 all of would be 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 Company has entered into an agreement with Mark Zalatoris (the “Agreement”) to, among other things, compensate him for performing services as the Company’s president and chief executive officer. In connection with entering into the Agreement, the Company entered into the Fourth Amended and Restated Business Management Agreement (the “Fourth Business Management Agreement”) with the Business Manager to, among other things, provide the Company with the authority to engage a person not affiliated with or employed by the Business Manager to serve as president and chief executive officer of the Company and to reduce the business management fee payable to the Business Manager by the amount of any payments made to Mr. Zalatoris under the Agreement. Mr. Zalatoris is not an employee of the Company and is not an officer or director of the Business Manager but has the authority under the Agreement and the Business Management Agreement to direct the day-to day operations of 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 acquisition and disposition fees. On March 23, 2023, the Company entered into a Third Amended and Restated Business Management Agreement (the “Third Business Management Agreement”) with the Business Manager effective April 1, 2023, which amended and restated the Business Management Agreement. On January 19, 2024, the Company entered into the Fourth Business Management Agreement, as described above, with the Business Manager effective February 1, 2024. See Note 12 - “Transactions with related parties” for a summary of the changes made in the Third Business Management Agreement and the Fourth Business Management Agreement. On February 11, 2019, the Company’s board of directors approved a strategic plan with the goals of providing future liquidity to investors and creating long-term stockholder value. The strategic plan centers around owning a portfolio of grocery-anchored properties with lower exposure to big box retailers. As part of this strategy, the Company's management team continually evaluates possibilities for the opportunistic sale of certain assets with the goal of redeploying capital into the acquisition of strategically located grocery-anchored centers. As part of this strategy, on May 17, 2022, the Company purchased a portfolio of eight properties from certain subsidiaries of Inland Retail Property Fund, LP as described in Note 4 – “Acquisitions.” Seven of the eight properties are grocery-anchored. In connection with the strategic plan, the Company’s share repurchase program (as amended, the “SRP”) was amended and restated, effective March 21, 2019, and 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 3, 2020, the Company’s SRP was amended and restated (the “Third SRP”), which became effective on April 10, 2020, as further described below in Note 3 – “Equity”. The board of directors considered the Company’s strategic initiatives and believed that the change in the Third SRP that lowered the price paid for “Exceptional Repurchases” would permit the Company to preserve and deploy capital and help to position the Company to achieve its objective of maximizing stockholder value over the long term. The strategic plan may further evolve or change over time. Although the Company is not actively pursuing any new acquisitions as of the date of this annual report, if the Company were to have the requisite capital and financing available to it, it may opportunistically acquire retail properties that management believes complement its existing portfolio in terms of relevant characteristics such as tenant mix, demographics and geography and are consistent with the Company's plan to own a portfolio substantially all of which is comprised of grocery-anchored or shadow-anchored properties. Management may also consider other transactions, such as redeveloping certain properties or portions of certain properties, for example, big-box spaces, to repurpose them for alternative commercial or multifamily residential uses. The timing of the completion of the strategic plan has already extended beyond the management's original expectations and cannot be predicted with certainty. There is no assurance the Company will be able to successfully implement its strategic plan, for example by making strategic sales or purchases of properties or listing the Company’s common stock, within any timeframe the Company might prefer or at all. On March 5, 2024, as reported in the Company’s Form 8-K filed with the Securities and Exchange Commission on the same date, the Company announced that the Company’s board of directors unanimously approved: (i) an estimated per share net asset value (the “Estimated Per Share NAV”) as of December 31, 2023 ; (ii) the same per share purchase price for shares issued under the Company’s distribution reinvestment plan (as amended, the “DRP”) until the Company announces a new Estimated Per Share NAV, and (iii) that, in accordance with the SRP, beginning with repurchases in April 2024 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’s board of directors had suspended distributions, rescinded the first quarter distribution that was previously declared and suspended the Company’s DRP effective June 6, 2020 and SRP effective June 26, 2020 . On June 29, 2021 , the Company announced the reinstatement, and lifting of the suspension, of its DRP effective July 22, 2021 . The Company also announced the reinstatement and lifting of the suspension of its 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. On November 7, 2023, the Company’s board of directors authorized and approved the Fifth Amended and Restated Share Repurchase Program (the “Fifth SRP”), which became effective on December 27, 2023. See Note 3 – “Equity” for additional details. At December 31, 2023, the Company owned 52 retail properties, totaling 7.2 million square feet. The properties are located in 24 states. At December 31, 2023, the portfolio had a physical occupancy of 91.6 % and economic occupancy of 92.0 % .

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. Information with respect to square footage, number of properties and occupancy is unaudited. Consolidation The consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries. Wholly owned subsidiaries generally consist of limited liability companies (“LLCs”). All intercompany balances and transactions have been eliminated in consolidation. Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities. The fiscal year-end of the Company is December 31. Acquisitions Upon acquisition of real estate investment properties, the Company allocates the total purchase price of each property that is accounted for as an asset acquisition based on the relative fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. The acquisition date is the date on which the Company obtains control of the real estate investment property and transaction costs are capitalized. Assets and liabilities acquired typically include land, building and site improvements and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases. The portion of the purchase price allocated to above market lease values is included in acquired lease intangible assets, net and is amortized on a straight-line basis over the term of the related lease as a reduction to rental income. The portion allocated to below market lease values is included in acquired intangible liabilities, net and is amortized as an increase to rental income over the term of the lease including any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in-place lease value is included in acquired lease intangible assets, net and is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. The Company determines the fair value of the tangible assets consisting of land and buildings by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. The Company determines the fair value of assumed debt by calculating the net present value of the mortgage payments using interest rates for debt with similar terms and maturities. Differences between the fair value and the stated value is recorded as a discount or premium and amortized over the remaining term using the effective interest method. Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase price unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The Company’s policy is to record earnout components when estimable and probable. At December 31, 2023 , there is no earnout liability outstanding. Impairment of Investment Properties The Company assesses the carrying values of its respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs). The Company estimates the future undiscounted cash flows based on management’s intent as follows: (i) for real estate properties that the Company intends to hold long-term, including land held for development, properties currently under development and operating buildings, recoverability is assessed based on the estimated future net rental income from operating the property and termination value; and (ii) for real estate properties that the Company intends to sell, including land parcels, properties currently under development and operating buildings, recoverability is assessed based on estimated net proceeds, including net rental income during the holding period, from disposition that are estimated based on future net rental income of the property and utilizing expected market capitalization rates. The use of projected future cash flows is based on assumptions that are consistent with management's estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of real estate properties. On a quarterly basis, management assesses whether there are any indicators that the carrying value of the Company’s investment in unconsolidated entities and notes receivable may be other than temporarily impaired as a loss in value that is other than a temporary decline is required to be recognized. Indicators include significant delays in construction, significant costs over budget and financial concerns. To the extent indicators suggest that a loss in value may have occurred, the Company will evaluate both quantitative and qualitative factors to determine if the loss in value is other than temporary. If a potential loss in value is determined to be other than temporary, the Company will recognize an impairment loss based on the estimated fair value of the investment. During the years ended December 31, 2023, 2022 and 2021 the Company did no t record any impairment charges. REIT Status The Company elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2013. Commencing with such taxable year, the Company was organized and began operating in such a manner as to qualify for taxation as a REIT under the Internal Revenue Code and believes it has so qualified. As a result, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments and excluding any net capital gain) to its stockholders. The Company will monitor the business and transactions that may potentially impact its REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain statutory relief provisions, the Company will be subject to tax as a “C corporation.” Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes. Any taxable REIT subsidiaries generally will be subject to federal income tax applicable to “C corporations.” Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short-term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. 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 the Company's 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 on the Company’s consolidated statements of cash flows: December 31, 2023 2022 Cash and cash equivalents $ 5,975 $ 4,857 Restricted cash 479 477 Total cash, cash equivalents, and restricted cash $ 6,454 $ 5,334 Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant. The Company includes both billed and accrued charges in its evaluation of the collectability of a tenant’s receivable balance. For tenant receivables that the Company determines to be uncollectable, the Company records an offset for uncollectable tenant revenues directly to rental income. Capitalization and Depreciation Real estate properties held and used are recorded at cost less accumulated depreciation. Real estate properties held for sale are recorded at the lesser of their carrying value or fair value less selling costs. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred. Real estate properties are classified as held for sale when the Company concludes that a sale is likely. Criteria that may be considered in this determination include obtaining a signed purchase and sale agreement, the completion and waiving of due diligence by the seller, and the receipt of non-refundable earnest money from the seller. Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. Depreciation expense is computed using the straight-line method. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5 - 15 years Furniture, fixtures and equipment 5 - 15 years Tenant improvements Shorter of the life of the asset or the term of the related lease Leasing fees Term of the related lease Depreciation expense was $ 46,837 , $ 43,331 and $ 37,806 for the years ended December 31, 2023, 2022 and 2021 , respectively. Amortization of leasing fees were $ 1,167 , $ 876 , and $ 731 for the years ended December 31, 2023, 2022 and 2021 , respectively. Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreements as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages and credit facility payable. Fair Value Measurements The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company’s cash equivalents, accounts receivable and payables and accrued expenses all approximate fair value due to the short term nature of these financial instruments. The Company’s financial instruments measured on a recurring basis include derivative interest rate instruments. Derivatives The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. The Company has elected to apply the hedge accounting expedients in FASB ASU 2020-04, Reference Rate Reform (Topic 848) related to probability and the assessments of the effectiveness for future 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. Revenue Recognition The Company commences revenue recognition for its operating leases on the commencement date of the lease, which the Company considers is the date on which it makes the leased space available to the lessee. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset. If the Company is the owner, for accounting purposes, of the tenant improvements, then the tenant improvements are capitalized and depreciated over the life of the lease. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduce revenue recognized over the term of the lease. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rent receivable on the consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and will decrease in the later years of a lease. Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement. The Company made the election for these reimbursements, which are non-lease components, to be combined with rental income. The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met and amounts due are considered collectable. Such termination fees are recognized on a straight-line basis over the remaining lease term in rental income. As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved. Equity-Based Compensation The Company has restricted shares outstanding at December 31, 2023 and 2022 . The Company recognizes expense related to the fair value of equity-based compensation awards as general and administrative expense on the consolidated statements of operations and comprehensive income (loss). The Company primarily recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period and adjusts expense for forfeitures as they occur. See Note 7 – “Equity-Based Compensation” for further information. Accounting Pronouncements Recently Issued but Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, early adoption is permitted. The amendments should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company is currently evaluating the impact of ASU 2023-07 on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on the Company’s consolidated financial statements.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
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. On March 4, 2024, the Company’s board of directors determined an Estimated Per Share NAV of the Company’s common stock as of December 31, 2023. The previously estimated per share NAV of the Company’s common stock as of December 31, 2022 was established on March 2, 2023. 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 On October 19, 2015, the Company registered 25,000,000 shares of common stock to be issued under its distribution reinvestment plan (“DRP”) pursuant to a registration statement on Form S-3D. The Company provides stockholders with the option to purchase additional shares from the Company by automatically reinvesting cash distributions through the DRP, subject to certain share ownership restrictions. The Company does not pay any selling commissions or a marketing contribution and due diligence expense allowance 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 a 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. Distributions reinvested through the DRP were $ 6,976 , $ 7,287 and $ 3,749 for the years ended December 31, 2023, 2022 and 2021, respectively. The DRP was suspended during the first half of 2021 as discussed in Note 1 – “Organization.” Share Repurchase Program The Company adopted a share repurchase program (as amended, “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. The SRP was amended and restated effective January 1, 2018 to change the processing of repurchase requests from a monthly to a quarterly basis to align with the move to quarterly distributions. On February 11, 2019, the Company’s board of directors adopted a second amended and restated SRP, effective March 21, 2019. On March 3, 2020 the Company’s board of directors adopted the Third SRP. On June 29, 2021, the Company’s board of directors adopted the Fourth Amended and Restated Share Repurchase Program (the “Fourth SRP”), which became effective August 12, 2021. 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. For any quarter ended, unfulfilled repurchase requests will be included in the list of requests for the following quarter unless the request is withdrawn in accordance with the SRP. However, each stockholder who has submitted a repurchase request must submit an acknowledgment annually after the Company publishes a new estimated value per share acknowledging, among other things, that the stockholder wishes to maintain the request. If the Company does not receive the acknowledgment prior to the repurchase date, it will deem the request to have been withdrawn. On November 7, 2023, the Company’s board of directors authorized and approved the Fifth SRP, which became effective on December 27, 2023. Under the revised program, the requirement that funding for share repurchases be limited to a percentage of the net proceeds received by the Company from the issuance of shares of common stock under its DRP has been eliminated. The board of directors will have discretion to establish the proceeds available to fund repurchases each quarter and may use proceeds from all sources available to the Company, in the board of directors’ sole discretion. The board of directors will, however, continue to have discretion to determine the amount of repurchases, if any, to be made each quarter based on its evaluation of the Company’s business, cash needs and any other requirements of applicable law. Repurchases through the SRP were $ 5,966 , $ 3,645 and $ 2,777 for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023 and 2022 , there was no liability related to the SRP. See Note 1 – “Organization” for further discussion on the suspension during 2020 and resumption during 2021 of the SRP.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
Acquisition	NOTE 4 – ACQUISITIONS 2023 Acquisitions The Company did no t acquire any properties during the year ended December 31, 2023. 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 “IRPF 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 was a fund managed by an affiliate of the Company’s sponsor and business manager. Because the IRPF Transaction was a related party transaction, it was required by the Company’s Related Party Transactions Policy to be approved by at least a majority of the Company’s independent directors and was approved by all of the Company’s independent directors. The following table provides further details of the properties acquired during the year ended December 31, 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 year ended December 31, 2022, the Company incurred $ 710 of total acquisition costs. 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. The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2022. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Year Ended December 31, 2022 Land $ 62,510 Building and improvements 192,722 Acquired lease intangible assets 33,285 Acquired intangible liabilities ( 9,654 ) Assumed liabilities, net ( 983 ) Total $ 277,880

Acquired Intangible Assets and

Acquired Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Liabilities	NOTE 5 – ACQUIRED INTANGIBLE ASSETS AND LIABILITIES The following table summarizes the Company’s identified intangible assets and liabilities as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Intangible assets: Acquired in-place lease value $ 183,305 $ 183,305 Acquired above market lease value 52,640 52,640 Accumulated amortization ( 174,118 ) ( 158,984 ) Acquired lease intangibles, net $ 61,827 $ 76,961 Intangible liabilities: Acquired below market lease value $ 79,914 $ 79,914 Accumulated amortization ( 42,494 ) ( 36,575 ) Acquired below market lease intangibles, net $ 37,420 $ 43,339 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 ground lease, above market lease value and below market lease value is summarized below: Amortization recorded as amortization expense: 2023 2022 2021 Acquired in-place lease value $ 11,538 $ 11,112 $ 10,369 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ ( 3,596 ) $ ( 3,415 ) $ ( 2,966 ) Acquired below market leases 5,919 4,233 3,739 Net rental income increase $ 2,323 $ 818 $ 773 Estimated amortization of the respective intangible lease assets and liabilities as of December 31, 2023 for each of the five succeeding years and thereafter is as follows: Acquired Above Below 2024 $ 9,103 $ 3,311 $ 3,300 2025 6,741 2,929 3,065 2026 5,017 2,503 2,926 2027 3,609 1,858 2,724 2028 2,909 1,612 2,587 Thereafter 13,699 8,536 22,818 Total $ 41,078 $ 20,749 $ 37,420

Debt and Derivative Instruments

Debt and Derivative Instruments	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt and Derivative Instruments	NOTE 6 – DEBT AND DERIVATIVE INSTRUMENTS As of December 31, 2023 and 2022, the Company had the following mortgages and credit facility payable: December 31, 2023 December 31, 2022 Type of Debt Principal Weighted Principal Weighted Fixed rate mortgages payable $ 112,019 3.84 % $ 112,345 3.84 % Variable rate mortgages payable with swap agreements 26,000 4.55 % 67,348 3.71 % Mortgages payable $ 138,019 3.97 % $ 179,693 3.79 % Credit facility payable 709,000 4.95 % 677,000 4.56 % Total debt before unamortized debt issuance costs including impact of interest rate swaps $ 847,019 4.79 % $ 856,693 4.40 % (Less): Unamortized debt issuance costs ( 3,129 ) ( 4,348 ) Total debt $ 843,890 $ 852,345 The Company’s indebtedness bore interest at a weighted average interest rate of 4.79 % per annum at December 31, 2023, which includes the effects of interest rate swaps. 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 unamortized debt issuance costs was $ 847,019 and $ 856,693 as of December 31, 2023 and 2022 , respectively, and its estimated fair value was $ 841,313 and $ 847,652 as of December 31, 2023 and 2022, respectively. As of December 31, 2023, scheduled principal payments and maturities on the Company’s debt were as follows: December 31, 2023 Scheduled Principal Payments and Maturities by Year: Scheduled Maturities of Maturity Total 2024 $ 341 $ — $ — $ 341 2025 295 92,656 — 92,951 2026 — 44,727 134,000 178,727 2027 — — 575,000 575,000 2028 — — — — Thereafter — — — — Total $ 636 $ 137,383 $ 709,000 $ 847,019 Credit Facility Payable 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 Company’s 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 IRPF Transaction 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. At December 31, 2023 , the Company had $ 134,000 outstanding under the Revolving Credit Facility and $ 575,000 outstanding under the Term Loan. At December 31, 2023 the interest rates on the Revolving Credit Facility and the Term Loan were 7.36 % and 4.39 %, respectively. 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 . As of December 31, 2023 the Company had a maximum amount of $ 66,000 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 $ 66,000 available to draw or otherwise undertake as additional debt as a result of, among other things, completing the aforementioned IRPF 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 December 31, 2023 , there were 47 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, as defined. 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 December 31, 2023 , the Company is in compliance with all financial covenants related to the Credit Facility as amended. Mortgages Payable The mortgage loans require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of December 31, 2023 , 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 December 31, 2023 , the weighted average years to maturity for the Company’s mortgages payable was 2.0 years. There are no mortgage loans maturing in the next twelve months. Interest Rate Swap Agreements The Company entered into interest rate swaps to fix certain of its floating 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 December 31, 2023. Date Effective Maturity Receive Floating Rate Index (a) Pay Notional Fair Value at 31, Assets December 5, 2022 December 1, 2022 January 1, 2026 One-month Term SOFR 2.25 % $ 26,000 $ 882 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.69 % 90,000 5,219 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.85 % 100,000 5,328 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.72 % 85,000 4,872 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 60,000 1,694 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 60,000 1,695 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 75,000 2,122 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.77 % 55,000 1,473 $ 551,000 $ 23,285 (a) At December 31, 2023 , the one-month term SOFR was 5.35 %. The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, Derivatives in Cash Flow Hedging Relationships: 2023 2022 2021 Effective portion of derivatives $ 6,934 $ 40,902 $ 2,445 Reclassification adjustment for amounts included in net gain or loss (effective portion) $ ( 15,978 ) $ 737 $ 7,654 The total amount of interest expense presented on the consolidated statements of operations and comprehensive income (loss) was $ 42,451 , $ 33,069 and $ 23,240 for the years ended December 31, 2023, 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 (loss). The amount that is expected to be reclassified from accumulated other comprehensive income into income (loss) in the next 12 months is $ 13,828 .

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	NOTE 7 – 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. On November 7, 2023 , the Company issued 4,834 restricted shares to its independent directors pursuant to the automatic grant provisions of the RSP, which become vested in equal installments of 33-1/3 % on each of the first three anniversaries of November 7, 2023 , subject to certain exceptions. In accordance with the RSP, restricted shares were 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 and restricted share units are included in common stock outstanding on the date of the vesting. 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 $ 88 , $ 74 and $ 51 in the aggregate, for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 , the Company had $ 127 of unrecognized compensation expense related to the unvested restricted shares, in the aggregate. The weighted average remaining period that compensation expense related to unvested restricted shares will be recognized is 1.70 years. The total fair value at the vesting date for restricted shares and restricted share units that vested during the years ended December 31, 2023, 2022 and 2021 was $ 90 , $ 80 and $ 58 , respectively. A summary of the Company’s restricted share and restricted share unit activity during the years ended December 31, 2023, 2022 and 2021 is as follows: Restricted Restricted Outstanding at December 31, 2020 6,457 683 Granted (at grant date fair value of $ 18.08 per share) 4,425 4 Vested ( 2,774 ) ( 435 ) Outstanding at December 31, 2021 8,108 252 Granted (at grant date fair value of $ 20.20 per share) 4,752 4 Vested ( 3,688 ) ( 256 ) Outstanding at December 31, 2022 9,172 — Granted (at grant date fair value of $ 19.86 per share) 4,834 — Vested ( 4,529 ) — Outstanding at December 31, 2023 9,477 —

Income Tax and Distributions

Income Tax and Distributions	12 Months Ended
	Dec. 31, 2023
Income Tax And Distributions [Abstract]
Income Tax and Distributions	NOTE 8 – INCOME TAX AND DISTRIBUTIONS The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, for federal income tax purposes. In order to maintain the Company’s status as a REIT, the Company must annually distribute at least 90 % of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to its stockholders. For the years ended December 31, 2023, 2022 and 2021 , the Company’s REIT taxable (loss) income was $( 3,960 ) (unaudited), $ 67 (unaudited) and $ 4,154 (unaudited), respectively. The Company had no uncertain tax positions as of December 31, 2023 or 2022 . The Company expects no significant increases or decreases in uncertain tax positions due to changes in tax positions within one year of December 31, 2023 . The Company had no interest or penalties relating to income taxes recognized on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023 , returns for the calendar years 2020 , 2021, 2022 and 2023 remain subject to examination by U.S. and various state and local tax jurisdictions. During the year ended December 31, 2018, the Company recorded a $ 15,405 impairment for the Mainstreet JV recorded on its consolidated statement of operations and comprehensive loss. The Company’s investment in Mainstreet JV was held through a taxable REIT subsidiary. Based on an effective tax rate of 28.51 %, which is calculated by combining a 21 % Federal tax rate and an IL tax rate of 7.51 % ( 9.5 % state rate net of the Federal benefit), the deferred tax benefit related to the impairment was approximately $ 4,400 . Since the taxable REIT subsidiary did not conduct any activities outside the investment in Mainstreet JV, management concluded it was not more likely than not that the taxable REIT subsidiary would be able to utilize these losses in future tax periods and recorded a full valuation allowance of $ 4,400 during the year ended December 31, 2018. The Mainstreet JV was liquidated for income tax purposes in 2019, resulting in a $ 1,560 reduction in the deferred tax asset and valuation allowance. Since the taxable REIT subsidiary has no other activity, a valuation allowance has been maintained on the remaining $ 2,840 deferred tax asset. No income tax expense or benefit was recorded during the years ended December 31, 2023, 2022 and 2021 . The taxable REIT subsidiary has $ 9,931 of capital loss carryforwards that expire on December 31, 2024 . 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 first quarter distribution and suspended distributions until June 29, 2021 , when the Company declared a distribution to stockholders of record as of June 30, 2021 in the amount of $ 0.135600 per share, that was paid on or about July 26, 2021 . On or about October 7, 2021 , the Company paid a distribution to stockholders of record as of September 30, 2021 in the amount of $ 0.135600 per share. On or about January 7, 2022 , the Company paid a distribution to stockholders of record as of December 31, 2021 in the amount of $ 0.135600 per share. In 2023 and 2022, the Company paid quarterly distributions in an amount equal to $ 0.135600 per share, which represented an annualized rate of 3 % and 3 % based on the previously estimated per share NAV as of December 31, 2022 and 2021, respectively, payable in arrears the following quarter. The table below presents the distributions declared and paid during the years ended December 31, 2023, 2022 and 2021. December 31, 2023 2022 2021 Distributions paid $ 19,636 $ 19,583 $ 9,767 Distributions declared $ 19,634 $ 19,602 $ 14,655 For federal income tax purposes, distributions may consist of ordinary dividend income, qualified dividend income, non-taxable return of capital, capital gains or a combination thereof. Distributions to the extent of the Company’s current and accumulated earnings and profits for federal income tax purposes are taxable to the recipient as either ordinary dividend income or, if so declared by the Company, qualified dividend income or capital gain dividends. Distributions in excess of these earnings and profits (calculated for income tax purposes) constitute a non-taxable return of capital rather than ordinary dividend income or a capital gain dividend and reduce the recipient’s tax basis in the shares to the extent thereof. Distributions in excess of earnings and profits that reduce a recipient’s tax basis in the shares have the effect of deferring taxation of the amount of the distribution until the sale of the stockholder’s shares. If the recipient's tax basis is reduced to zero, distributions in excess of the aforementioned earnings and profits (calculated for income tax purposes) constitute taxable gain. The following table sets forth the taxability of distributions on common shares, on a per share basis, paid in 2023, 2022 and 2021: 2023 2022 2021 Ordinary income $ — $ — $ 0.12 Capital gain $ — $ — $ — Nontaxable return of capital $ 0.54 $ 0.54 $ 0.15

Earnings (Loss) per Share

Earnings (Loss) per Share	12 Months Ended
	Dec. 31, 2023
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 for the years ended December 31, 2023, 2022 and 2021 , 7,820 shares, 7,664 shares and 4,304 shares, respectively, were excluded from the computations of diluted EPS, because they would have been antidilutive.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
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.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	NOTE 11 – SEGMENT REPORTING The Company has one reportable segment, retail real estate, as defined by GAAP for the years ended December 31, 2023, 2022 and 2021 .

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Transactions With Related Parties	NOTE 12 – TRANSACTIONS WITH RELATED PARTIES The following table summarizes the Company’s related party transactions for the years ended December 31, 2023, 2022 and 2021. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Year ended December 31, Unpaid amounts (f) as of 2023 2022 2021 December 31, 2023 December 31, 2022 General and administrative reimbursements (a) $ 1,721 $ 1,664 $ 1,409 $ 268 $ 241 Loan costs (b) $ — $ 42 $ — $ — $ — Acquisition related costs (c) $ — $ 19 $ — $ — $ — Real estate management fees $ 5,613 $ 5,127 $ 4,734 $ — $ — Property operating expenses 2,013 1,446 1,321 15 24 Construction management fees 605 82 66 74 45 Leasing fees 362 440 284 128 132 Total real estate management related costs (d) $ 8,593 $ 7,095 $ 6,405 $ 217 $ 201 Business management fees (e) $ 9,632 $ 10,212 $ 8,950 $ 2,311 $ 2,713 (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 (loss). Unpaid amounts are included in due to related parties on 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 (loss) 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 year ended December 31, 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 (loss). (e) Prior to April 1, 2023, the Company paid 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. Effective April 1, 2023, the Company paid the Business Manager an annual business management fee equal to 0.55 % of its “averaged invested assets.” The fee is payable quarterly in an amount equal to 0.1375 % 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. (f) In this table, unpaid amounts as of December 31, 2022 does not reflect $ 879 due to IRPF related to tenant reconciliations for the eight properties acquired during 2022. On March 23, 2023, the Company entered into a Third Amended and Restated Business Management Agreement (the “Third Business Management Agreement”) with the Business Manager effective April 1, 2023, which amended and restated the Second Amended and Restated Business Management Agreement dated October 15, 2021 (the “Second Business Management Agreement”) to make the following changes, among others: • decreased the annual business management fee (the “Business Management Fee”) payable to the Business Manager by the Company from 0.65 % of Average Invested Assets to 0.55 % of Average Invested Assets; • changed the termination date of the agreement to March 31, 2027, and removed the provisions regarding one-year renewal terms; • deleted the provision, formerly included to conform to provisions in the Company’s Third Articles of Amendment and Restatement, which has since been amended and restated, requiring the Business Manager to reimburse the Company, subject to certain exceptions, for any amount by which the Total Operating Expenses (including the Business Management Fee and other fees payable hereunder) of the Company for the Fiscal Year just ended exceeded the greater of (i) two percent ( 2 %) of the total of the Average Invested Assets for the just ended Fiscal Year; or (ii) twenty-five percent ( 25 %) of the Net Income for the just ended Fiscal Year; and • amended the indemnification section to remove certain conditions to, and limitations on, the Company’s ability to indemnify the Business Manager and the Business Manager’s officers, directors, employees and agents, which conditions and limitations were formerly included to conform to provisions in the Company’s Third Articles of Amendment and Restatement that has since been amended and restated, and to provide that indemnification will be provided to the full extent permitted by law. Capitalized terms used above but not defined in this Annual Report have the definitions ascribed to them in the applicable business management agreement. The above description is qualified by reference to the Third Business Management Agreement in its entirety, a copy of which is included with this Annual Report as exhibit 10.23. On January 19, 2024, the Company entered into the Fourth Business Management Agreement with the Business Manager effective February 1, 2024, to, among other things, provide the Company with the authority to engage a person not affiliated with or employed by the Business Manager to serve as president and chief executive officer of the Company and to reduce the business management fee payable to the Business Manager by the amount of any payment made to any third-party person as compensation for service as the Company’s president and chief executive officer. In connection with the Agreement entered into with Mr. Zalatoris, the Business Management Fee will be reduced by the amount of any payments made to Mr. Zalatoris under the Agreement. The foregoing description is qualified by reference to the Fourth Business Management Agreement in its entirety, a copy of which is included with this Annual Report as exhibit 10.24.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	NOTE 13 –LEASES The Company is lessor on approximately 820 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 collectable. 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. The Company includes options to modify the original lease term when it is reasonably certain that the tenant will exercise its option to extend. Lease Income 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 on the consolidated statements of operations and comprehensive income (loss). Under leases where all expenses are paid by the Company, subject to reimbursement by the tenant, the expenses are included within property operating expenses. 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 (loss). Rental income related to the Company’s operating leases is comprised of the following for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Rental income - fixed payments $ 115,092 $ 106,422 $ 95,157 Rental income - variable payments (a) 32,221 26,192 23,027 Amortization of acquired lease intangibles, net 2,323 818 773 Rental income $ 149,636 $ 133,432 $ 118,957 (a) Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance. The future base rent payments to be received under operating leases including ground leases as of December 31, 2023 for the years indicated, assuming no expiring leases are renewed, are as follows: Lease 2024 $ 107,831 2025 93,184 2026 81,501 2027 68,027 2028 52,454 Thereafter 152,259 Total $ 555,256 Lease Expense The Company is the lessee under one ground lease. The ground lease, which commenced on July 1, 2007, was assumed as part of a property purchased in October 2015 and extends through June 30, 2037 with six 5 -year renewal options which the Company assumes will be exercised. When the Company acquired the lease, the Company considered the lease terms and lease classification. As reassessment was not required under practical expedients accorded in ASC 842, the Company has continued to account for the ground lease as an operating lease with an established lease term and payment schedule. The lease liability was based on the present value of the ground lease’s future lease payments using an interest rate of 6.225 % which the Company considers reasonable and within the range of the Company’s incremental borrowing rate. For the years ended December 31, 2023, 2022 and 2021 , total rent expense was $ 1,944 , $ 1,944 and $ 1,944 , respectively, recorded in property operating expenses on the consolidated statements of operations and comprehensive income (loss). Lease payments for the ground lease as of December 31, 2023 for each of the five succeeding years and thereafter is as follows: Lease 2024 $ 1,264 2025 1,264 2026 1,264 2027 1,332 2028 1,401 Thereafter 81,852 Total undiscounted lease payments 88,377 Less: Amount representing interest ( 63,385 ) Present value of lease liability $ 24,992 As of December 31, 2023, the Company’s accounts and rent receivable, net balance was $ 23,645 , which was net of an allowance for bad debts of $ 871 . As of December 31, 2022, the Company’s accounts and rent receivable, net balance was $ 20,114 , which was net of an allowance for bad debts of $ 1,119 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
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 December 31, 2023 and 2022. Fair Value Level 1 Level 2 Level 3 Total December 31, 2023 Interest rate swap agreements - Other assets $ — $ 23,285 $ — $ 23,285 Interest rate swap agreements - Other liabilities $ — $ — $ — $ — December 31, 2022 Interest rate swap agreements - Other assets $ — $ 33,274 $ — $ 33,274 Interest rate swap agreements - Other liabilities $ — $ — $ — $ — 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	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	NOTE 15 – SUBSEQUENT EVENTS In connection with the preparation of its consolidated financial statements, the Company has evaluated events that occurred subsequent to December 31, 2023 through the date on which these consolidated financial statements were issued to determine whether any of these events required disclosure in the consolidated financial statements. Election of Mark Zalatoris as the Company’s President and Chief Executive Officer On January 13, 2024, Mitchell A. Sabshon notified the Company that, because of his decision to retire from his position with the Sponsor, he was also resigning his position as a director of the Company and as the Company’s president and chief executive officer, effective at the close of business on January 31, 2024. On January 18, 2024, the board of directors of the Company elected Mark E. Zalatoris to serve as the Company’s president and chief executive officer effective February 1, 2024 and elected Mr. Zalatoris to fill the vacancy resulting from Mr. Sabshon’s resignation as a director also effective February 1, 2024. In addition, on January 19, 2024, the Company entered into the Agreement with Mr. Zalatoris to, among other things, compensate him for performing services as the Company’s president and chief executive officer. Pursuant to the Agreement, the Company will pay Mr. Zalatoris an annual fee (payable pro rata on a monthly basis) equal to $ 350 per year. Fourth Amended and Restated Business Management Agreement In connection with the Agreement the Company entered into with Mark Zalatoris, on January 19, 2024, the Company entered into the Fourth Business Management Agreement with the Business Manager to, among other things, add a provision that allows the Company’s board of directors to hire or engage a person unaffiliated with the Business Manager to serve as the Company’s president and chief executive officer at a cost to be borne by the Business Manager. Announcement of the Company’s Estimated Per Share NAV On March 5, 2024, the Company announced that the Company’s board of directors unanimously approved: (i) an Estimated Per Share NAV as of December 31, 2023; (ii) the same per share purchase price for shares issued under the DRP until the Company announces a new Estimated Per Share NAV, and (iii) that, in accordance with the Fourth SRP, beginning with repurchases in April 2024 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.

Schedule - Schedule III Real Es

Schedule - Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	INLAND REAL ESTATE INCOME TRUST, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2023 (Dollar amounts in thousands) Initial cost (A) Gross amount carried Property Name Encumbrance Land Buildings Cost Land (D) Buildings Total Accumulated Date Date Depreciable Blossom Valley Plaza $ — $ 9,515 $ 11,142 $ 1,079 $ 9,515 $ 12,221 $ 21,736 $ ( 3,847 ) 1988 2015 15 - 30 Turlock, CA Branson Hills Plaza — 3,787 6,039 174 3,787 6,213 10,000 $ ( 2,149 ) 2005 2014 15 - 30 Branson, MO CityPlace — 16,609 54,245 215 16,609 54,460 71,069 $ ( 3,481 ) 2016 - 2018 2022 15 - 30 Woodbury, MN Coastal North Town Center — 13,725 49,673 ( 581 ) 13,725 49,092 62,817 $ ( 13,693 ) 2014 2016 15 - 30 Myrtle Beach, SC Coastal North Town Center - Phase II — 365 3,034 — 365 3,034 3,399 $ ( 707 ) 2016 2017 15 - 30 Myrtle Beach, SC Denton Village — 1,312 15,308 — 1,312 15,308 16,620 $ ( 935 ) 2016 2022 15 - 30 Denton, TX Dixie Valley — 2,807 9,053 2,360 2,807 11,413 14,220 $ ( 3,868 ) 1988 2014 15 - 30 Louisville, KY Dogwood Festival — 4,500 41,865 4,660 4,500 46,525 51,025 $ ( 16,240 ) 2002 2014 5 - 30 Flowood, MO Eastside Junction — 2,411 8,393 149 2,411 8,542 10,953 $ ( 2,905 ) 2008 2015 15 - 30 Athens, AL Fairgrounds Crossing — 6,069 22,637 1,137 6,069 23,774 29,843 $ ( 7,730 ) 2008 2015 15 - 30 Hot Springs, AR Fox Point Plaza — 3,518 12,681 2,917 3,518 15,598 19,116 $ ( 5,193 ) 2008 2014 15 - 30 Neenah, WI Frisco Marketplace — 6,618 3,315 15 6,618 3,330 9,948 $ ( 1,336 ) 2002 2015 15 - 30 Frisco, TX Green Tree Shopping Center — 7,218 17,846 1,531 7,218 19,377 26,595 $ ( 5,955 ) 1997 2015 5 - 30 Katy, TX Harris Plaza — 6,500 19,403 3,283 6,500 22,686 29,186 $ ( 8,081 ) 2001 - 2008 2014 15 - 30 Layton, UT Harvest Square — 2,186 9,330 186 2,186 9,516 11,702 $ ( 3,408 ) 2008 2014 15 - 30 Harvest, AL Heritage Square — 2,028 5,538 364 2,028 5,902 7,930 $ ( 2,077 ) 2010 2014 15 - 30 Conyers, AL Kroger - Copps Grocery Store — 1,440 11,799 — 1,440 11,799 13,239 $ ( 3,916 ) 2012 2014 15 - 30 Stevens Point, WI Kroger - Pick n Save Center — 3,150 14,283 2,848 3,150 17,131 20,281 $ ( 5,877 ) 2011 2014 15 - 30 West Bend, WI Lakeside Crossing — 1,460 16,999 432 1,460 17,431 18,891 $ ( 6,184 ) 2013 2014 15 - 30 Lynchburg, VA Landing at Ocean Isle Beach — 3,053 7,081 205 3,053 7,286 10,339 $ ( 2,730 ) 2009 2014 15 - 30 Ocean Isle, NC Lower Makefield Shopping Center — 6,559 18,351 53 6,559 18,404 24,963 $ ( 1,259 ) 1986 / 2000 2022 15 - 30 Lower Makefield, PA Mansfield Pointe — 5,350 20,002 977 5,350 20,979 26,329 $ ( 7,666 ) 2008 2014 15 - 30 Mansfield, TX Marketplace at El Paseo — 16,390 46,971 ( 117 ) 16,390 46,854 63,244 $ ( 13,862 ) 2014 2015 15 - 30 Fresno, CA Marketplace at Tech Center 10,684 68,580 3,836 10,684 72,416 83,100 $ ( 19,673 ) 2015 2015 15 - 30 Newport News, VA MidTowne Shopping Center — 8,810 29,699 1,001 8,810 30,700 39,510 $ ( 11,075 ) 2005 / 2008 2014 5 - 30 Little Rock, AR Milford Marketplace 18,727 — 35,867 1,550 — 37,417 37,417 $ ( 11,218 ) 2007 2015 15 - 30 Milford, CT Newington Fair — 7,833 8,329 597 7,833 8,926 16,759 $ ( 4,462 ) 1994 / 2009 2012 15 - 30 Newington, CT New Town Village — 2,106 3,216 87 2,106 3,303 5,409 $ ( 381 ) 1996 2022 15 - 30 Owings Mills, MD North Hills Square — 4,800 5,493 653 4,800 6,146 10,946 $ ( 2,202 ) 1997 2014 15 - 30 Coral Springs, FL Northpark Village Square — 15,806 41,201 254 15,806 41,455 57,261 $ ( 2,725 ) 1996 2022 15 - 30 Santa Clarita, CA Northville Park Place — 6,440 27,635 445 6,440 28,080 34,520 $ ( 1,877 ) 2014 2022 15 - 30 Northville, MI Olde Ivy Village — 5,034 12,104 — 5,034 12,104 17,138 $ ( 731 ) 2015 2022 15 - 30 Smyrna, GA Oquirrh Mountain Marketplace — 4,254 14,467 487 4,254 14,954 19,208 $ ( 4,294 ) 2014 - 2015 2015 15 - 30 Jordan, UT Initial cost (A) Gross amount carried Property Name Encumbrance Land Buildings Cost Land (D) Buildings Total Accumulated Date Date Depreciable Oquirrh Mountain Marketplace — 1,403 3,727 ( 50 ) 1,403 3,677 5,080 $ ( 1,039 ) 2014 - 2015 2016 15 - 30 Jordan, UT Park Avenue Shopping Center — 5,500 16,365 5,270 5,500 21,635 27,135 $ ( 6,986 ) 2012 2014 15 - 30 Little Rock, AR Pentucket Shopping Center — 5,993 11,251 1,799 5,993 13,050 19,043 $ ( 3,333 ) 1986 2017 15 - 30 Plaistow, NH Plaza at Prairie Ridge — 618 2,305 — 618 2,305 2,923 $ ( 730 ) 2008 2015 15 - 30 Pleasant Prairie, WI Prattville Town Center — 5,336 27,672 326 5,336 27,998 33,334 $ ( 9,031 ) 2007 2015 15 - 30 Prattville, AL Regal Court 26,000 5,873 41,181 2,780 5,873 43,961 49,834 $ ( 14,024 ) 2008 2015 5 - 30 Shreveport, LA Rusty Leaf Plaza — 8,643 20,638 — 8,643 20,638 29,281 $ ( 1,288 ) 1966 2022 15 - 30 Orange, CA Settlers Ridge 76,533 25,962 98,157 1,465 25,962 99,622 125,584 $ ( 30,757 ) 2011 2015 15 - 30 Pittsburgh, PA Shoppes at Lake Park — 2,285 8,527 96 2,285 8,623 10,908 $ ( 2,798 ) 2008 2015 15 - 30 West Valley City. UT Shoppes at Market Pointe — 12,499 8,388 1,257 12,499 9,645 22,144 $ ( 4,014 ) 2006 - 2007 2015 15 - 30 Papillion, NE Shoppes at Prairie Ridge — 7,521 22,468 1,321 7,521 23,789 31,310 $ ( 7,755 ) 2009 2014 15 - 30 Pleasant Prairie, WI The Shoppes at Branson Hills — 4,418 37,229 2,910 4,418 40,139 44,557 $ ( 12,766 ) 2005 2014 15 - 30 Branson, MO Shops at Hawk Ridge — 1,329 10,341 356 1,329 10,697 12,026 $ ( 3,411 ) 2009 2015 5 - 30 St. Louis, MO Village at Burlington Creek 16,759 10,789 19,385 3,274 10,789 22,659 33,448 $ ( 6,887 ) 2007 & 2015 2015 5 - 30 Kansas City, MO Walgreens Plaza — 2,624 9,683 441 2,624 10,124 12,748 $ ( 3,475 ) 2011 2015 15 - 30 Jacksonville, NC Wedgewood Commons — 2,220 26,577 3,787 2,220 30,364 32,584 $ ( 9,920 ) 2009 - 2013 2013 5 - 30 Olive Branch, MS White City — 18,961 70,423 3,786 18,961 74,209 93,170 $ ( 23,197 ) 2013 2015 15 - 30 Shrewsbury, MA Wilson Marketplace — 11,155 27,498 1,870 11,155 29,368 40,523 $ ( 7,424 ) 2007 2017 15 - 30 Wilson, NC Yorkville Marketplace — 4,990 13,928 933 4,990 14,861 19,851 $ ( 5,128 ) 2002 & 2007 2015 15 - 30 Yorkville, IL Total: $ 138,019 $ 330,456 $ 1,147,322 $ 62,418 $ 330,456 $ 1,209,740 $ 1,540,196 $ ( 335,700 ) Notes: (a) The initial cost to the Company represents the original purchase price of the property. (b) The aggregate cost of real estate owned at December 31, 2023 for federal income tax purposes was $ 1,676,924 . (c) As applicable, some amounts include write-offs. (d) Reconciliation of real estate owned: 2023 2022 2021 Balance at January 1, $ 1,528,765 $ 1,261,075 $ 1,255,127 Acquisitions $ — $ 255,080 — Improvements, net of master lease 11,431 12,610 5,948 Balance at December 31, $ 1,540,196 $ 1,528,765 $ 1,261,075 (e) Reconciliation of accumulated depreciation : Balance at January 1, $ 288,863 $ 245,532 $ 207,764 Depreciation expense 46,837 43,331 37,768 Balance at December 31, $ 335,700 $ 288,863 $ 245,532

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
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. Information with respect to square footage, number of properties and occupancy is unaudited.
Consolidation	Consolidation The consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries. Wholly owned subsidiaries generally consist of limited liability companies (“LLCs”). All intercompany balances and transactions have been eliminated in consolidation. Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities. The fiscal year-end of the Company is December 31.
Acquisitions	Acquisitions Upon acquisition of real estate investment properties, the Company allocates the total purchase price of each property that is accounted for as an asset acquisition based on the relative fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. The acquisition date is the date on which the Company obtains control of the real estate investment property and transaction costs are capitalized. Assets and liabilities acquired typically include land, building and site improvements and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases. The portion of the purchase price allocated to above market lease values is included in acquired lease intangible assets, net and is amortized on a straight-line basis over the term of the related lease as a reduction to rental income. The portion allocated to below market lease values is included in acquired intangible liabilities, net and is amortized as an increase to rental income over the term of the lease including any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in-place lease value is included in acquired lease intangible assets, net and is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. The Company determines the fair value of the tangible assets consisting of land and buildings by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. The Company determines the fair value of assumed debt by calculating the net present value of the mortgage payments using interest rates for debt with similar terms and maturities. Differences between the fair value and the stated value is recorded as a discount or premium and amortized over the remaining term using the effective interest method. Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase price unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The Company’s policy is to record earnout components when estimable and probable. At December 31, 2023 , there is no earnout liability outstanding.
Impairment of Investment Properties	Impairment of Investment Properties The Company assesses the carrying values of its respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs). The Company estimates the future undiscounted cash flows based on management’s intent as follows: (i) for real estate properties that the Company intends to hold long-term, including land held for development, properties currently under development and operating buildings, recoverability is assessed based on the estimated future net rental income from operating the property and termination value; and (ii) for real estate properties that the Company intends to sell, including land parcels, properties currently under development and operating buildings, recoverability is assessed based on estimated net proceeds, including net rental income during the holding period, from disposition that are estimated based on future net rental income of the property and utilizing expected market capitalization rates. The use of projected future cash flows is based on assumptions that are consistent with management's estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of real estate properties. On a quarterly basis, management assesses whether there are any indicators that the carrying value of the Company’s investment in unconsolidated entities and notes receivable may be other than temporarily impaired as a loss in value that is other than a temporary decline is required to be recognized. Indicators include significant delays in construction, significant costs over budget and financial concerns. To the extent indicators suggest that a loss in value may have occurred, the Company will evaluate both quantitative and qualitative factors to determine if the loss in value is other than temporary. If a potential loss in value is determined to be other than temporary, the Company will recognize an impairment loss based on the estimated fair value of the investment. During the years ended December 31, 2023, 2022 and 2021 the Company did no t record any impairment charges.
REIT Status	REIT Status The Company elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2013. Commencing with such taxable year, the Company was organized and began operating in such a manner as to qualify for taxation as a REIT under the Internal Revenue Code and believes it has so qualified. As a result, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments and excluding any net capital gain) to its stockholders. The Company will monitor the business and transactions that may potentially impact its REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain statutory relief provisions, the Company will be subject to tax as a “C corporation.” Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes. Any taxable REIT subsidiaries generally will be subject to federal income tax applicable to “C corporations.”
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short-term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance.
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 the Company's 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 on the Company’s consolidated statements of cash flows: December 31, 2023 2022 Cash and cash equivalents $ 5,975 $ 4,857 Restricted cash 479 477 Total cash, cash equivalents, and restricted cash $ 6,454 $ 5,334
Accounts and Rents Receivable	Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant. The Company includes both billed and accrued charges in its evaluation of the collectability of a tenant’s receivable balance. For tenant receivables that the Company determines to be uncollectable, the Company records an offset for uncollectable tenant revenues directly to rental income.
Capitalization and Depreciation	Capitalization and Depreciation Real estate properties held and used are recorded at cost less accumulated depreciation. Real estate properties held for sale are recorded at the lesser of their carrying value or fair value less selling costs. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred. Real estate properties are classified as held for sale when the Company concludes that a sale is likely. Criteria that may be considered in this determination include obtaining a signed purchase and sale agreement, the completion and waiving of due diligence by the seller, and the receipt of non-refundable earnest money from the seller. Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. Depreciation expense is computed using the straight-line method. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5 - 15 years Furniture, fixtures and equipment 5 - 15 years Tenant improvements Shorter of the life of the asset or the term of the related lease Leasing fees Term of the related lease Depreciation expense was $ 46,837 , $ 43,331 and $ 37,806 for the years ended December 31, 2023, 2022 and 2021 , respectively. Amortization of leasing fees were $ 1,167 , $ 876 , and $ 731 for the years ended December 31, 2023, 2022 and 2021 , respectively.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreements as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages and credit facility payable.
Fair Value Measurements	Fair Value Measurements The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company’s cash equivalents, accounts receivable and payables and accrued expenses all approximate fair value due to the short term nature of these financial instruments. The Company’s financial instruments measured on a recurring basis include derivative interest rate instruments.
Derivatives	Derivatives The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. The Company has elected to apply the hedge accounting expedients in FASB ASU 2020-04, Reference Rate Reform (Topic 848) related to probability and the assessments of the effectiveness for future 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.
Revenue Recognition	Revenue Recognition The Company commences revenue recognition for its operating leases on the commencement date of the lease, which the Company considers is the date on which it makes the leased space available to the lessee. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset. If the Company is the owner, for accounting purposes, of the tenant improvements, then the tenant improvements are capitalized and depreciated over the life of the lease. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduce revenue recognized over the term of the lease. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rent receivable on the consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and will decrease in the later years of a lease. Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement. The Company made the election for these reimbursements, which are non-lease components, to be combined with rental income. The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met and amounts due are considered collectable. Such termination fees are recognized on a straight-line basis over the remaining lease term in rental income. As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved.
Equity-Based Compensation	Equity-Based Compensation The Company has restricted shares outstanding at December 31, 2023 and 2022 . The Company recognizes expense related to the fair value of equity-based compensation awards as general and administrative expense on the consolidated statements of operations and comprehensive income (loss). The Company primarily recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period and adjusts expense for forfeitures as they occur. See Note 7 – “Equity-Based Compensation” for further information.
Accounting Pronouncements Recently Issued but Not Yet Effective	Accounting Pronouncements Recently Issued but Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, early adoption is permitted. The amendments should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company is currently evaluating the impact of ASU 2023-07 on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
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 on the Company’s consolidated statements of cash flows: December 31, 2023 2022 Cash and cash equivalents $ 5,975 $ 4,857 Restricted cash 479 477 Total cash, cash equivalents, and restricted cash $ 6,454 $ 5,334
Schedule of Estimated Useful Lives of Assets	Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. Depreciation expense is computed using the straight-line method. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5 - 15 years Furniture, fixtures and equipment 5 - 15 years Tenant improvements Shorter of the life of the asset or the term of the related lease Leasing fees Term of the related lease

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
Schedule of Properties Acquired	The following table provides further details of the properties acquired during the year ended December 31, 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 year ended December 31, 2022. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Year Ended December 31, 2022 Land $ 62,510 Building and improvements 192,722 Acquired lease intangible assets 33,285 Acquired intangible liabilities ( 9,654 ) Assumed liabilities, net ( 983 ) Total $ 277,880

Acquired Intangible Assets an_2

Acquired Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
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 December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Intangible assets: Acquired in-place lease value $ 183,305 $ 183,305 Acquired above market lease value 52,640 52,640 Accumulated amortization ( 174,118 ) ( 158,984 ) Acquired lease intangibles, net $ 61,827 $ 76,961 Intangible liabilities: Acquired below market lease value $ 79,914 $ 79,914 Accumulated amortization ( 42,494 ) ( 36,575 ) Acquired below market lease intangibles, net $ 37,420 $ 43,339
Schedule of Amortization of Acquired In Place Lease Value, Above Market Ground Lease, Above and Below Market Lease Values	Amortization pertaining to acquired in-place lease value, above market ground lease, above market lease value and below market lease value is summarized below: Amortization recorded as amortization expense: 2023 2022 2021 Acquired in-place lease value $ 11,538 $ 11,112 $ 10,369 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ ( 3,596 ) $ ( 3,415 ) $ ( 2,966 ) Acquired below market leases 5,919 4,233 3,739 Net rental income increase $ 2,323 $ 818 $ 773
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of December 31, 2023 for each of the five succeeding years and thereafter is as follows: Acquired Above Below 2024 $ 9,103 $ 3,311 $ 3,300 2025 6,741 2,929 3,065 2026 5,017 2,503 2,926 2027 3,609 1,858 2,724 2028 2,909 1,612 2,587 Thereafter 13,699 8,536 22,818 Total $ 41,078 $ 20,749 $ 37,420

Debt and Derivative Instrumen_2

Debt and Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Mortgages and Credit Facilities Payable	As of December 31, 2023 and 2022, the Company had the following mortgages and credit facility payable: December 31, 2023 December 31, 2022 Type of Debt Principal Weighted Principal Weighted Fixed rate mortgages payable $ 112,019 3.84 % $ 112,345 3.84 % Variable rate mortgages payable with swap agreements 26,000 4.55 % 67,348 3.71 % Mortgages payable $ 138,019 3.97 % $ 179,693 3.79 % Credit facility payable 709,000 4.95 % 677,000 4.56 % Total debt before unamortized debt issuance costs including impact of interest rate swaps $ 847,019 4.79 % $ 856,693 4.40 % (Less): Unamortized debt issuance costs ( 3,129 ) ( 4,348 ) Total debt $ 843,890 $ 852,345
Schedule of Principal Payments and Maturities of Company's Debt	As of December 31, 2023, scheduled principal payments and maturities on the Company’s debt were as follows: December 31, 2023 Scheduled Principal Payments and Maturities by Year: Scheduled Maturities of Maturity Total 2024 $ 341 $ — $ — $ 341 2025 295 92,656 — 92,951 2026 — 44,727 134,000 178,727 2027 — — 575,000 575,000 2028 — — — — Thereafter — — — — Total $ 636 $ 137,383 $ 709,000 $ 847,019
Summary of Interest Rate Swap Contracts Outstanding	The following table summarizes the Company’s interest rate swap contracts outstanding as of December 31, 2023. Date Effective Maturity Receive Floating Rate Index (a) Pay Notional Fair Value at 31, Assets December 5, 2022 December 1, 2022 January 1, 2026 One-month Term SOFR 2.25 % $ 26,000 $ 882 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.69 % 90,000 5,219 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.85 % 100,000 5,328 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.72 % 85,000 4,872 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 60,000 1,694 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 60,000 1,695 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 75,000 2,122 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.77 % 55,000 1,473 $ 551,000 $ 23,285 (a) At December 31, 2023 , the one-month term SOFR was 5.35 %.
Schedule of Effect of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss)	The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, Derivatives in Cash Flow Hedging Relationships: 2023 2022 2021 Effective portion of derivatives $ 6,934 $ 40,902 $ 2,445 Reclassification adjustment for amounts included in net gain or loss (effective portion) $ ( 15,978 ) $ 737 $ 7,654

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Shares and Restricted Share Units	A summary of the Company’s restricted share and restricted share unit activity during the years ended December 31, 2023, 2022 and 2021 is as follows: Restricted Restricted Outstanding at December 31, 2020 6,457 683 Granted (at grant date fair value of $ 18.08 per share) 4,425 4 Vested ( 2,774 ) ( 435 ) Outstanding at December 31, 2021 8,108 252 Granted (at grant date fair value of $ 20.20 per share) 4,752 4 Vested ( 3,688 ) ( 256 ) Outstanding at December 31, 2022 9,172 — Granted (at grant date fair value of $ 19.86 per share) 4,834 — Vested ( 4,529 ) — Outstanding at December 31, 2023 9,477 —

Income Tax and Distributions (T

Income Tax and Distributions (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax And Distributions [Abstract]
Schedule of Distributions Declared and Paid	The table below presents the distributions declared and paid during the years ended December 31, 2023, 2022 and 2021. December 31, 2023 2022 2021 Distributions paid $ 19,636 $ 19,583 $ 9,767 Distributions declared $ 19,634 $ 19,602 $ 14,655
Tax Character of Distributions to Common Stockholders	The following table sets forth the taxability of distributions on common shares, on a per share basis, paid in 2023, 2022 and 2021: 2023 2022 2021 Ordinary income $ — $ — $ 0.12 Capital gain $ — $ — $ — Nontaxable return of capital $ 0.54 $ 0.54 $ 0.15

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the Company’s related party transactions for the years ended December 31, 2023, 2022 and 2021. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Year ended December 31, Unpaid amounts (f) as of 2023 2022 2021 December 31, 2023 December 31, 2022 General and administrative reimbursements (a) $ 1,721 $ 1,664 $ 1,409 $ 268 $ 241 Loan costs (b) $ — $ 42 $ — $ — $ — Acquisition related costs (c) $ — $ 19 $ — $ — $ — Real estate management fees $ 5,613 $ 5,127 $ 4,734 $ — $ — Property operating expenses 2,013 1,446 1,321 15 24 Construction management fees 605 82 66 74 45 Leasing fees 362 440 284 128 132 Total real estate management related costs (d) $ 8,593 $ 7,095 $ 6,405 $ 217 $ 201 Business management fees (e) $ 9,632 $ 10,212 $ 8,950 $ 2,311 $ 2,713 (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 (loss). Unpaid amounts are included in due to related parties on 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 (loss) 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 year ended December 31, 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 (loss). (e) Prior to April 1, 2023, the Company paid 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. Effective April 1, 2023, the Company paid the Business Manager an annual business management fee equal to 0.55 % of its “averaged invested assets.” The fee is payable quarterly in an amount equal to 0.1375 % 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. (f) In this table, unpaid amounts as of December 31, 2022 does not reflect $ 879 due to IRPF related to tenant reconciliations for the eight properties acquired during 2022.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary of Rental Income Related to Operating Leases	Rental income related to the Company’s operating leases is comprised of the following for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Rental income - fixed payments $ 115,092 $ 106,422 $ 95,157 Rental income - variable payments (a) 32,221 26,192 23,027 Amortization of acquired lease intangibles, net 2,323 818 773 Rental income $ 149,636 $ 133,432 $ 118,957 (a) Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.
Schedule of Future Base Rent Payments to be Received Under Operating Leases	The future base rent payments to be received under operating leases including ground leases as of December 31, 2023 for the years indicated, assuming no expiring leases are renewed, are as follows: Lease 2024 $ 107,831 2025 93,184 2026 81,501 2027 68,027 2028 52,454 Thereafter 152,259 Total $ 555,256
Summary of Future Ground Lease Payments	Lease payments for the ground lease as of December 31, 2023 for each of the five succeeding years and thereafter is as follows: Lease 2024 $ 1,264 2025 1,264 2026 1,264 2027 1,332 2028 1,401 Thereafter 81,852 Total undiscounted lease payments 88,377 Less: Amount representing interest ( 63,385 ) Present value of lease liability $ 24,992

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
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 December 31, 2023 and 2022. Fair Value Level 1 Level 2 Level 3 Total December 31, 2023 Interest rate swap agreements - Other assets $ — $ 23,285 $ — $ 23,285 Interest rate swap agreements - Other liabilities $ — $ — $ — $ — December 31, 2022 Interest rate swap agreements - Other assets $ — $ 33,274 $ — $ 33,274 Interest rate swap agreements - Other liabilities $ — $ — $ — $ —

Organization (Narrative) (Detai

Organization (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023 ft² Property State	Mar. 05, 2024	May 17, 2022 Property
Organization [Line Items]
Number of properties acquired			8
Number of grocery-anchored properties			7
Number of retail properties owned	52
Square footage of real estate properties owned | ft²	7,200,000
Number of states in which company owns real estate properties | State	24
Physical occupancy rate of properties portfolio	91.60%
Economic occupancy rate of properties portfolio	92%
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
Subsequent Event [Member] | Share Repurchase Program [Member]
Organization [Line Items]
Percentage of share price on repurchase of shares		80%
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 ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Earnout liability outstanding	$ 0
Provision for asset impairment	0	$ 0	$ 0
Depreciation expense	46,837,000	43,331,000	37,806,000
Amortization of leasing fees	$ 1,167,000	$ 876,000	$ 731,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 5,975	$ 4,857
Restricted cash	479	477
Total cash, cash equivalents, and restricted cash	$ 6,454	$ 5,334	$ 13,383	$ 13,985

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives of Assets ) (Details)	Dec. 31, 2023
Building and other improvements [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives	30 years
Site improvements [Member] | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives	5 years
Site improvements [Member] | Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives	15 years
Furniture, fixtures and equipment [Member] | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives	5 years
Furniture, fixtures and equipment [Member] | Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives	15 years
Tenant Improvements [Member]
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Leasing fees [Member]
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 16, 2015	Oct. 19, 2015
Equity [Line Items]
Common stock, shares sold	36,163,852	36,184,058
Common stock, shares sold				33,534,022
Proceeds from offering				$ 834,399
Registered number of shares of common stock	1,460,000,000	1,460,000,000
Distribution reinvested	$ 6,976	$ 7,287	$ 3,749
Stock repurchase program, amount	5,966	3,645	2,777
Other liabilities	$ 10,500	8,574
Fourth Amended and Restated Share Repurchase Program [Member]
Equity [Line Items]
Description of share repurchase program	On June 29, 2021, the Company’s board of directors adopted the Fourth Amended and Restated Share Repurchase Program (the “Fourth SRP”), which became effective August 12, 2021.
Stock Repurchase Program [Member]
Equity [Line Items]
Other liabilities	$ 0	0
Minimum [Member]
Equity [Line Items]
Stock repurchase program, to be held	1 year
DRP [Member]
Equity [Line Items]
Registered number of shares of common stock					25,000,000
Distribution reinvested	$ 6,976	$ 7,287	$ 3,749

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 Property	Dec. 31, 2022 USD ($)	May 17, 2022 ft² Property State
Business Combinations [Abstract]
Number of properties acquired	0
Number of properties acquired			8
Number of grocery-anchored properties			7
Number of states in which property acquired | State			7
Square footage of properties acquired | ft²			686,851
Acquisition costs | $		$ 710

Acquisitions - Schedule of Prop

Acquisitions - Schedule of Properties Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 Property	Dec. 31, 2022 USD ($) ft² Property Transaction
Business Acquisition [Line Items]
Number of Properties | Property	0
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	12 Months Ended
	Dec. 31, 2022 USD ($)
Business Combinations [Abstract]
Land	$ 62,510
Building and improvements	192,722
Acquired lease intangible assets	33,285
Acquired intangible liabilities	(9,654)
Assumed liabilities, net	(983)
Total	$ 277,880

Acquired Intangible Assets an_3

Acquired Intangible Assets and Liabilities (Schedule of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets:
Accumulated amortization	$ (174,118)	$ (158,984)
Acquired lease intangibles, net	61,827	76,961
Intangible liabilities:
Acquired below market lease value	79,914	79,914
Accumulated amortization	(42,494)	(36,575)
Acquired below market lease intangibles, net	37,420	43,339
Acquired in-place lease value [Member]
Intangible assets:
Acquired intangible assets	183,305	183,305
Acquired lease intangibles, net	41,078
Acquired above market lease value [Member]
Intangible assets:
Acquired intangible assets	52,640	$ 52,640
Acquired lease intangibles, net	$ 20,749

Acquired Intangible Assets an_4

Acquired Intangible Assets and Liabilities (Schedule of Amortization of Acquired In Place Lease Value, Above Market Ground Lease, Above and Below Market Lease Values) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 2,323	$ 818	$ 773
Acquired in-place lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as amortization expense	11,538	11,112	10,369
Acquired above market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	(3,596)	(3,415)	(2,966)
Acquired below market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 5,919	$ 4,233	$ 3,739

Acquired Intangible Assets an_5

Acquired Intangible Assets and Liabilities (Schedule of Estimated Amortization of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future amortization for acquired in-place and above market lease assets:
Acquired lease intangibles, net	$ 61,827	$ 76,961
Future amortization for below market lease liabilities:
2024	3,300
2025	3,065
2026	2,926
2027	2,724
2028	2,587
Thereafter	22,818
Total	37,420
Acquired in-place lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2024	9,103
2025	6,741
2026	5,017
2027	3,609
2028	2,909
Thereafter	13,699
Acquired lease intangibles, net	41,078
Above Market Leases [Member]
Future amortization for acquired in-place and above market lease assets:
2024	3,311
2025	2,929
2026	2,503
2027	1,858
2028	1,612
Thereafter	8,536
Acquired lease intangibles, net	$ 20,749

Debt and Derivative Instrumen_3

Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 138,019	$ 179,693
Credit facility payable	709,000	677,000
Total debt before unamortized debt issuance costs including impact of interest rate swaps	847,019	856,693
Less: Unamortized debt issuance costs	(3,129)	(4,348)
Total debt	$ 843,890	$ 852,345
Mortgages Payable, Weighted Average Interest Rate	3.97%	3.79%
Credit Facilities Payable, Weighted Average Interest Rate	4.95%	4.56%
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps, Weighted Average Interest Rate	4.79%	4.40%
Fixed rate mortgages payable [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 112,019	$ 112,345
Mortgages Payable, Weighted Average Interest Rate	3.84%	3.84%
Variable rate mortgages payable with swap agreements [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 26,000	$ 67,348
Mortgages Payable, Weighted Average Interest Rate	4.55%	3.71%

Debt and Derivative Instrumen_4

Debt and Derivative Instruments (Narrative) (Details) $ in Thousands			12 Months Ended
	May 17, 2022 USD ($)	Feb. 03, 2022 USD ($)	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Indebtedness includes effects of interest rate swap, weighted average interest rate			4.79%
Carrying value of debt			$ 847,019	$ 856,693
Estimated fair value of debt			841,313	847,652
Outstanding line of credit			709,000	677,000
Interest expense			42,451	$ 33,069	$ 23,240
Amount expected to be reclassified from accumulated other comprehensive income (loss) into income in the next twelve months			$ 13,828
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
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding line of credit			$ 134,000
Credit facility, interest rate			7.36%
Credit facility, maturity date		Feb. 03, 2026
Line of credit facility, expiration date, extension period		1 year
Credit facility available for borrowing			$ 66,000
Revolving Credit Facility [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of commitments		$ 200,000
Term Loan [Member]
Debt Instrument [Line Items]
Incremental amount borrowed under the term loan	$ 300,000
Outstanding line of credit			$ 575,000
Credit facility, interest rate			4.39%
Credit facility, maturity date		Feb. 03, 2027
Credit Facility [Member]
Debt Instrument [Line Items]
Carrying value of debt			$ 709,000
Number of properties pledged as collateral | Property			47
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
Number of unencumbered properties | Property			15
Unencumbered pool value			$ 300,000
Minimum [Member] | Term Loan [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of term loan commitments		150,000
Maximum [Member] | Revolving Credit Facility [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of commitments		475,000
Periodic aggregate commitment for credit facility		1,200,000
Maximum [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Credit facility available for borrowing			$ 66,000
Maximum [Member] | Term Loan [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of term loan commitments		$ 275,000

Debt and Derivative Instrumen_5

Debt and Derivative Instruments (Schedule of Principal Payments and Maturities of Company's Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024	$ 341
2025	92,951
2026	178,727
2027	575,000
Total debt before unamortized debt issuance costs including impact of interest rate swaps	847,019	$ 856,693
Maturity of Credit Facility [Member]
Debt Instrument [Line Items]
2026	134,000
2027	575,000
Total debt before unamortized debt issuance costs including impact of interest rate swaps	709,000
Maturities of Mortgage Loans [Member]
Debt Instrument [Line Items]
2025	92,656
2026	44,727
Total debt before unamortized debt issuance costs including impact of interest rate swaps	137,383
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
2024	341
2025	295
Total debt before unamortized debt issuance costs including impact of interest rate swaps	$ 636

Debt and Derivative Instrumen_6

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Derivative assets, notional amount	$ 551,000
Fair value of derivative assets measured on recurring basis	$ 23,285
Interest Rate Swap One [Member]
Derivative [Line Items]
Derivative instrument, date entered	Dec. 05, 2022
Derivative instrument, effective date	Dec. 01, 2022
Derivative instrument, maturity date	Jan. 01, 2026
Derivative instrument, receive floating rate index	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.25%
Derivative assets, notional amount	$ 26,000
Fair value of derivative assets measured on recurring basis	$ 882
Interest Rate Swap Two [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	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.69%
Derivative assets, notional amount	$ 90,000
Fair value of derivative assets measured on recurring basis	$ 5,219
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	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.85%
Derivative assets, notional amount	$ 100,000
Fair value of derivative assets measured on recurring basis	$ 5,328
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	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.72%
Derivative assets, notional amount	$ 85,000
Fair value of derivative assets measured on recurring basis	$ 4,872
Interest Rate Swap Five [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	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.71%
Derivative assets, notional amount	$ 60,000
Fair value of derivative assets measured on recurring basis	$ 1,694
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	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.71%
Derivative assets, notional amount	$ 60,000
Fair value of derivative assets measured on recurring basis	$ 1,695
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	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.71%
Derivative assets, notional amount	$ 75,000
Fair value of derivative assets measured on recurring basis	$ 2,122
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	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.77%
Derivative assets, notional amount	$ 55,000
Fair value of derivative assets measured on recurring basis	$ 1,473
[1] At December 31, 2023 , the one-month term SOFR was 5.35 %.

Debt and Derivative Instrumen_7

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details) - SOFR	12 Months Ended
	Dec. 31, 2023
Derivative [Line Items]
Derivative instrument, receive floating rate index	one-month term SOFR
One month floating rate	5.35%

Debt and Derivative Instrumen_8

Debt and Derivative Instruments Debt and Derivative Instruments (Schedule of Effect of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification adjustment for amounts included in net gain or loss (effective portion)	$ (15,978)	$ 737	$ 7,654
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion of derivatives	6,934	40,902	2,445
Reclassification adjustment for amounts included in net gain or loss (effective portion)	$ (15,978)	$ 737	$ 7,654

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 07, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation vesting percentage	33.33%
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense of unvested share-based awards		$ 127
Weighted average remaining period unrecognized compensation expense related to non-vested restricted shares		1 year 8 months 12 days
Common stock shares issued upon vesting		1
Share-based compensation shares issued	4,834
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]
Common stock shares issued upon vesting			1
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]
Total fair value at vesting date		$ 90	$ 80	$ 58
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		$ 88	$ 74	$ 51

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of the Restricted Shares and Restricted Share Units) (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	9,172	8,108	6,457
Granted, Shares	4,834	4,752	4,425
Vested, Shares	(4,529)	(3,688)	(2,774)
Outstanding, Shares	9,477	9,172	8,108
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares		252	683
Granted, Shares		4	4
Vested, Shares		(256)	(435)
Outstanding, Shares			252

Equity-Based Compensation (Su_2

Equity-Based Compensation (Summary of the Restricted Shares and Restricted Share Units) (Parenthetical) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Granted, Grant Date Fair Value	$ 19.86	$ 20.2	$ 18.08

Income Tax and Distributions (N

Income Tax and Distributions (Narrative) (Details) - USD ($)				12 Months Ended
	Jan. 07, 2022	Oct. 07, 2021	Jun. 29, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2021	Jun. 30, 2021
Income Tax And Distributions [Line Items]
REIT Tax based income (loss)				$ (3,960,000)	$ 67,000	$ 4,154,000
Uncertain tax positions				0	0
Increases or decreases in uncertain tax positions due to changes in tax positions				0
Interest or penalties recognized				$ 0	$ 0	$ 0
Tax examination year				2020 2021 2022 2023
Amount per share of distributions						$ 0.1356				$ 0.135600	$ 0.135600
Quarterly amount per share of distributions				$ 0.135600	$ 0.135600
Dividends payable, date declared			Jun. 29, 2021
Dividends payable, date of record	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021
Dividends payable, date to be paid	Jan. 07, 2022	Oct. 07, 2021	Jul. 26, 2021
Annualized rate on Estimated Per Share NAV				3%	3%
Mainstreet Texas Development Fund, LLC ("Mainstreet JV") [Member]
Income Tax And Distributions [Line Items]
Provision for asset impairment									$ 15,405,000
Effective income tax rate							28.51%
Federal tax rate							21%
Deferred tax benefit related to impairment									4,400,000
Full valuation allowance									$ 4,400,000
Reduction in the valuation allowance								$ 1,560,000
Reduction in the deferred tax asset								1,560,000
Deferred tax asset								$ 2,840,000
Income tax expense (benefit)				$ 0	$ 0	$ 0
Capital loss carryforwards				$ 9,931,000
Capital loss carryforwards expiration date				Dec. 31, 2024
Mainstreet Texas Development Fund, LLC ("Mainstreet JV") [Member] | ILLINOIS [Member]
Income Tax And Distributions [Line Items]
State rate							9.50%
IL tax rate							7.51%
Minimum [Member]
Income Tax And Distributions [Line Items]
Percentage of adjusted REIT taxable income require to distribute among shareholders				90%

Income Tax and Distributions (S

Income Tax and Distributions (Schedule of Distributions Declared and Paid) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax And Distributions [Abstract]
Distributions paid	$ 19,636	$ 19,583	$ 9,767
Distributions declared	$ 19,634	$ 19,602	$ 14,655

Income Tax and Distributions -

Income Tax and Distributions - (Tax Character of Distributions to Common Stockholders) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax And Distributions [Abstract]
Ordinary income			$ 0.12
Nontaxable return of capital	$ 0.54	$ 0.54	$ 0.15

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Additional shares excluded from the computation of diluted earnings per share	7,820	7,664	4,304

Segment Reporting (Details)

Segment Reporting (Details) - Segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Number of reportable segments	1	1	1

Transactions with Related Par_3

Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to related parties		$ 2,796	$ 4,034
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative reimbursements	[1]	1,721	1,664	$ 1,409
Due to related parties	[1],[2]	268	241
Loan Costs [Member]
Related Party Transaction [Line Items]
Loan costs with related party	[3]		42
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Acquisition costs with related party	[4]		19
Real Estate Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		5,613	5,127	4,734
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		2,013	1,446	1,321
Due to related parties	[2]	15	24
Construction Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		605	82	66
Due to related parties	[2]	74	45
Leasing fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		362	440	284
Due to related parties	[2]	128	132
Real Estate Management Costs [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party	[5]	8,593	7,095	6,405
Due to related parties	[2],[5]	217	201
Business Management Fee [Member]
Related Party Transaction [Line Items]
Acquisition costs with related party	[6]	9,632	10,212	$ 8,950
Due to related parties	[2],[6]	$ 2,311	$ 2,713
[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 (loss). Unpaid amounts are included in due to related parties on the consolidated balance sheets. In this table, unpaid amounts as of December 31, 2022 does not reflect $ 879 due to IRPF related to tenant reconciliations for the eight properties acquired during 2022. On March 23, 2023, the Company entered into a Third Amended and Restated Business Management Agreement (the “Third Business Management Agreement”) with the Business Manager effective April 1, 2023, which amended and restated the Second Amended and Restated Business Management Agreement dated October 15, 2021 (the “Second Business Management Agreement”) to make the following changes, among others: • decreased the annual business management fee (the “Business Management Fee”) payable to the Business Manager by the Company from 0.65 % of Average Invested Assets to 0.55 % of Average Invested Assets; • changed the termination date of the agreement to March 31, 2027, and removed the provisions regarding one-year renewal terms; • deleted the provision, formerly included to conform to provisions in the Company’s Third Articles of Amendment and Restatement, which has since been amended and restated, requiring the Business Manager to reimburse the Company, subject to certain exceptions, for any amount by which the Total Operating Expenses (including the Business Management Fee and other fees payable hereunder) of the Company for the Fiscal Year just ended exceeded the greater of (i) two percent ( 2 %) of the total of the Average Invested Assets for the just ended Fiscal Year; or (ii) twenty-five percent ( 25 %) of the Net Income for the just ended Fiscal Year; and • amended the indemnification section to remove certain conditions to, and limitations on, the Company’s ability to indemnify the Business Manager and the Business Manager’s officers, directors, employees and agents, which conditions and limitations were formerly included to conform to provisions in the Company’s Third Articles of Amendment and Restatement that has since been amended and restated, and to provide that indemnification will be provided to the full extent permitted by law. Capitalized terms used above but not defined in this Annual Report have the definitions ascribed to them in the applicable business management agreement. The above description is qualified by reference to the Third Business Management Agreement in its entirety, a copy of which is included with this Annual Report as exhibit 10.23. On January 19, 2024, the Company entered into the Fourth Business Management Agreement with the Business Manager effective February 1, 2024, to, among other things, provide the Company with the authority to engage a person not affiliated with or employed by the Business Manager to serve as president and chief executive officer of the Company and to reduce the business management fee payable to the Business Manager by the amount of any payment made to any third-party person as compensation for service as the Company’s president and chief executive officer. In connection with the Agreement entered into with Mr. Zalatoris, the Business Management Fee will be reduced by the amount of any payments made to Mr. Zalatoris under the Agreement. The foregoing description is qualified by reference to the Fourth Business Management Agreement in its entirety, a copy of which is included with this Annual Report as exhibit 10.24. 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 (loss) 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 year ended December 31, 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 (loss). Prior to April 1, 2023, the Company paid 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. Effective April 1, 2023, the Company paid the Business Manager an annual business management fee equal to 0.55 % of its “averaged invested assets.” The fee is payable quarterly in an amount equal to 0.1375 % 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			3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 23, 2023	Mar. 22, 2023	Mar. 31, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property
Related Party Transaction [Line Items]
Related party acquisition costs						$ 19
Annual business management fee to its average invested assets, percentage			0.65%	0.55%
Quarterly payable business management fee to its average invested assets, percentage			0.1625%	0.1375%
Due to related parties				$ 2,796	$ 2,796	4,034
Number of properties acquired | Property					0
Business Management Agreement [Member]
Related Party Transaction [Line Items]
Annual business management fee to its average invested assets, percentage	0.55%	0.65%
Percentage of minimum operating expense to average invested assets	2%
Percentage of minimum operating expense to net income	25%
IRPF Properties [Member]
Related Party Transaction [Line Items]
Due to related parties						$ 879
Number of properties acquired | Property						8
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%

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) OperatingLease	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 01, 2007 GroundLease RenewalOption
Operating Leased Assets [Line Items]
Number of retail operating leases | OperatingLease	820
Number of ground leases | GroundLease				1
Number of lessee renewal options | RenewalOption				6
Lessee, operating lease, renewal term				5 years
Operating lease liability	$ 24,992	$ 24,716
Operating lease right-of-use asset, net	$ 13,745	14,153
Interest rate	6.225%
Accounts and rent receivable	$ 23,645	20,114
Allowance for bad debts	871	1,119
Property Operating Expenses [Member]
Operating Leased Assets [Line Items]
Total rent expense	$ 1,944	$ 1,944	$ 1,944
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		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Lease, Lease Income [Abstract]
Rental income - fixed payments		$ 115,092	$ 106,422	$ 95,157
Rental income - variable payments	[1]	32,221	26,192	23,027
Amortization of acquired lease intangibles, net		2,323	818	773
Rental income		$ 149,636	$ 133,432	$ 118,957
[1] Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.

Leases - Schedule of Future Bas

Leases - Schedule of Future Base Rent Payments to be Received Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 107,831
2025	93,184
2026	81,501
2027	68,027
2028	52,454
Thereafter	152,259
Total	$ 555,256

Leases - Summary of Future Grou

Leases - Summary of Future Ground Lease Payments (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2024	$ 1,264
2025	1,264
2026	1,264
2027	1,332
2028	1,401
Thereafter	81,852
Total undiscounted lease payments	88,377
Less: Amount representing interest	(63,385)
Present value of lease liability	$ 24,992	$ 24,716

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] - Other Assets [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets	$ 23,285	$ 33,274
Level 2 [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets	$ 23,285	$ 33,274

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - USD ($) $ in Thousands	Jan. 19, 2024	Mar. 05, 2024
Mark E. Zalatoris
Subsequent Event [Line Items]
Annual fee payment	$ 350
Share Repurchase Program [Member]
Subsequent Event [Line Items]
Percentage of share price on repurchase of shares		80%

Schedule - Schedule III Real _2

Schedule - Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate And Accumulated Depreciation [Line Items]
Encumbrance		$ 138,019
Initial cost, Land	[1]	330,456
Initial cost, Buildings and Improvements	[1]	1,147,322
Cost Capitalized Subsequent to Acquisitions	[2]	62,418
Gross amount carried at end of period, Land	[3],[4]	330,456
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	1,209,740
Gross amount carried at end of period, Total		1,540,196	[4]	$ 1,528,765	$ 1,261,075	$ 1,255,127
Accumulated Depreciation		(335,700)	[5]	$ (288,863)	$ (245,532)	$ (207,764)
Blossom Valley Plaza [Member] | Turlock, CA [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	9,515
Initial cost, Buildings and Improvements	[1]	11,142
Cost Capitalized Subsequent to Acquisitions	[2]	1,079
Gross amount carried at end of period, Land	[3],[4]	9,515
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	12,221
Gross amount carried at end of period, Total	[3],[4]	21,736
Accumulated Depreciation	[5]	$ (3,847)
Date Constructed		1988
Date Acquired		2015
Blossom Valley Plaza [Member] | Turlock, CA [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Blossom Valley Plaza [Member] | Turlock, CA [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Branson Hills Plaza [Member] | Branson, MO [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 3,787
Initial cost, Buildings and Improvements	[1]	6,039
Cost Capitalized Subsequent to Acquisitions	[2]	174
Gross amount carried at end of period, Land	[3],[4]	3,787
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	6,213
Gross amount carried at end of period, Total	[3],[4]	10,000
Accumulated Depreciation	[5]	$ (2,149)
Date Constructed		2005
Date Acquired		2014
Branson Hills Plaza [Member] | Branson, MO [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Branson Hills Plaza [Member] | Branson, MO [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
CityPlace [Member] | Woodbury, MN [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 16,609
Initial cost, Buildings and Improvements	[1]	54,245
Cost Capitalized Subsequent to Acquisitions	[2]	215
Gross amount carried at end of period, Land	[3],[4]	16,609
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	54,460
Gross amount carried at end of period, Total	[3],[4]	71,069
Accumulated Depreciation	[5]	$ (3,481)
Date Acquired		2022
CityPlace [Member] | Woodbury, MN [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2016
Depreciable Lives		15 years
CityPlace [Member] | Woodbury, MN [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2018
Depreciable Lives		30 years
Coastal North Town Center [Member] | Myrtle Beach, SC [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 13,725
Initial cost, Buildings and Improvements	[1]	49,673
Cost Capitalized Subsequent to Acquisitions	[2]	(581)
Gross amount carried at end of period, Land	[3],[4]	13,725
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	49,092
Gross amount carried at end of period, Total	[3],[4]	62,817
Accumulated Depreciation	[5]	$ (13,693)
Date Constructed		2014
Date Acquired		2016
Coastal North Town Center [Member] | Myrtle Beach, SC [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Coastal North Town Center [Member] | Myrtle Beach, SC [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Coastal North Town Center Phase II [Member] | Myrtle Beach, SC [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 365
Initial cost, Buildings and Improvements	[1]	3,034
Gross amount carried at end of period, Land	[3],[4]	365
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	3,034
Gross amount carried at end of period, Total	[3],[4]	3,399
Accumulated Depreciation	[5]	$ (707)
Date Constructed		2016
Date Acquired		2017
Coastal North Town Center Phase II [Member] | Myrtle Beach, SC [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Coastal North Town Center Phase II [Member] | Myrtle Beach, SC [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Denton Village [Member] | Denton TX [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 1,312
Initial cost, Buildings and Improvements	[1]	15,308
Gross amount carried at end of period, Land	[3],[4]	1,312
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	15,308
Gross amount carried at end of period, Total	[3],[4]	16,620
Accumulated Depreciation	[5]	$ (935)
Date Constructed		2016
Date Acquired		2022
Denton Village [Member] | Denton TX [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Denton Village [Member] | Denton TX [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Dixie Valley [Member] | Louisville, KY [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 2,807
Initial cost, Buildings and Improvements	[1]	9,053
Cost Capitalized Subsequent to Acquisitions	[2]	2,360
Gross amount carried at end of period, Land	[3],[4]	2,807
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	11,413
Gross amount carried at end of period, Total	[3],[4]	14,220
Accumulated Depreciation	[5]	$ (3,868)
Date Constructed		1988
Date Acquired		2014
Dixie Valley [Member] | Louisville, KY [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Dixie Valley [Member] | Louisville, KY [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Dogwood Festival [Member] | Flowood, MO [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 4,500
Initial cost, Buildings and Improvements	[1]	41,865
Cost Capitalized Subsequent to Acquisitions	[2]	4,660
Gross amount carried at end of period, Land	[3],[4]	4,500
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	46,525
Gross amount carried at end of period, Total	[3],[4]	51,025
Accumulated Depreciation	[5]	$ (16,240)
Date Constructed		2002
Date Acquired		2014
Dogwood Festival [Member] | Flowood, MO [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		5 years
Dogwood Festival [Member] | Flowood, MO [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Eastside Junction [Member] | Athens, AL [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 2,411
Initial cost, Buildings and Improvements	[1]	8,393
Cost Capitalized Subsequent to Acquisitions	[2]	149
Gross amount carried at end of period, Land	[3],[4]	2,411
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	8,542
Gross amount carried at end of period, Total	[3],[4]	10,953
Accumulated Depreciation	[5]	$ (2,905)
Date Constructed		2008
Date Acquired		2015
Eastside Junction [Member] | Athens, AL [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Eastside Junction [Member] | Athens, AL [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Fairgrounds Crossing [Member] | Hot Springs, AR [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 6,069
Initial cost, Buildings and Improvements	[1]	22,637
Cost Capitalized Subsequent to Acquisitions	[2]	1,137
Gross amount carried at end of period, Land	[3],[4]	6,069
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	23,774
Gross amount carried at end of period, Total	[3],[4]	29,843
Accumulated Depreciation	[5]	$ (7,730)
Date Constructed		2008
Date Acquired		2015
Fairgrounds Crossing [Member] | Hot Springs, AR [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Fairgrounds Crossing [Member] | Hot Springs, AR [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Fox Point Plaza [Member] | Neenah, WI [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 3,518
Initial cost, Buildings and Improvements	[1]	12,681
Cost Capitalized Subsequent to Acquisitions	[2]	2,917
Gross amount carried at end of period, Land	[3],[4]	3,518
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	15,598
Gross amount carried at end of period, Total	[3],[4]	19,116
Accumulated Depreciation	[5]	$ (5,193)
Date Constructed		2008
Date Acquired		2014
Fox Point Plaza [Member] | Neenah, WI [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Fox Point Plaza [Member] | Neenah, WI [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Frisco Marketplace [Member] | Frisco, TX [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 6,618
Initial cost, Buildings and Improvements	[1]	3,315
Cost Capitalized Subsequent to Acquisitions	[2]	15
Gross amount carried at end of period, Land	[3],[4]	6,618
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	3,330
Gross amount carried at end of period, Total	[3],[4]	9,948
Accumulated Depreciation	[5]	$ (1,336)
Date Constructed		2002
Date Acquired		2015
Frisco Marketplace [Member] | Frisco, TX [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Frisco Marketplace [Member] | Frisco, TX [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Green Tree Shopping Center [Member] | Katy, TX [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 7,218
Initial cost, Buildings and Improvements	[1]	17,846
Cost Capitalized Subsequent to Acquisitions	[2]	1,531
Gross amount carried at end of period, Land	[3],[4]	7,218
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	19,377
Gross amount carried at end of period, Total	[3],[4]	26,595
Accumulated Depreciation	[5]	$ (5,955)
Date Constructed		1997
Date Acquired		2015
Green Tree Shopping Center [Member] | Katy, TX [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		5 years
Green Tree Shopping Center [Member] | Katy, TX [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Harris Plaza [Member] | Layton, UT [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 6,500
Initial cost, Buildings and Improvements	[1]	19,403
Cost Capitalized Subsequent to Acquisitions	[2]	3,283
Gross amount carried at end of period, Land	[3],[4]	6,500
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	22,686
Gross amount carried at end of period, Total	[3],[4]	29,186
Accumulated Depreciation	[5]	$ (8,081)
Date Acquired		2014
Harris Plaza [Member] | Layton, UT [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2001
Depreciable Lives		15 years
Harris Plaza [Member] | Layton, UT [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2008
Depreciable Lives		30 years
Harvest Square [Member] | Harvest, AL [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 2,186
Initial cost, Buildings and Improvements	[1]	9,330
Cost Capitalized Subsequent to Acquisitions	[2]	186
Gross amount carried at end of period, Land	[3],[4]	2,186
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	9,516
Gross amount carried at end of period, Total	[3],[4]	11,702
Accumulated Depreciation	[5]	$ (3,408)
Date Constructed		2008
Date Acquired		2014
Harvest Square [Member] | Harvest, AL [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Harvest Square [Member] | Harvest, AL [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Heritage Square [Member] | Conyers, AL [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 2,028
Initial cost, Buildings and Improvements	[1]	5,538
Cost Capitalized Subsequent to Acquisitions	[2]	364
Gross amount carried at end of period, Land	[3],[4]	2,028
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	5,902
Gross amount carried at end of period, Total	[3],[4]	7,930
Accumulated Depreciation	[5]	$ (2,077)
Date Constructed		2010
Date Acquired		2014
Heritage Square [Member] | Conyers, AL [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Heritage Square [Member] | Conyers, AL [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1],[3]	$ 1,440
Initial cost, Buildings and Improvements	[1],[3]	11,799
Gross amount carried at end of period, Land	[3],[4]	1,440
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	11,799
Gross amount carried at end of period, Total	[3],[4]	13,239
Accumulated Depreciation	[5]	$ (3,916)
Date Constructed		2012
Date Acquired		2014
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Kroger - Pick n Save Center [Member] | West Bend, WI [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 3,150
Initial cost, Buildings and Improvements	[1]	14,283
Cost Capitalized Subsequent to Acquisitions	[2]	2,848
Gross amount carried at end of period, Land	[3],[4]	3,150
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	17,131
Gross amount carried at end of period, Total	[3],[4]	20,281
Accumulated Depreciation	[5]	$ (5,877)
Date Constructed		2011
Date Acquired		2014
Kroger - Pick n Save Center [Member] | West Bend, WI [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Kroger - Pick n Save Center [Member] | West Bend, WI [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Lakeside Crossing [Member] | Lynchburg, VA [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 1,460
Initial cost, Buildings and Improvements	[1]	16,999
Cost Capitalized Subsequent to Acquisitions	[2]	432
Gross amount carried at end of period, Land	[3],[4]	1,460
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	17,431
Gross amount carried at end of period, Total	[3],[4]	18,891
Accumulated Depreciation	[5]	$ (6,184)
Date Constructed		2013
Date Acquired		2014
Lakeside Crossing [Member] | Lynchburg, VA [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Lakeside Crossing [Member] | Lynchburg, VA [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 3,053
Initial cost, Buildings and Improvements	[1]	7,081
Cost Capitalized Subsequent to Acquisitions	[2]	205
Gross amount carried at end of period, Land	[3],[4]	3,053
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	7,286
Gross amount carried at end of period, Total	[3],[4]	10,339
Accumulated Depreciation	[5]	$ (2,730)
Date Constructed		2009
Date Acquired		2014
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Lower Makefield Shopping Center [Member] | Lower Makefield, PA [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 6,559
Initial cost, Buildings and Improvements	[1]	18,351
Cost Capitalized Subsequent to Acquisitions	[2]	53
Gross amount carried at end of period, Land	[3],[4]	6,559
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	18,404
Gross amount carried at end of period, Total	[3],[4]	24,963
Accumulated Depreciation	[5]	$ (1,259)
Date Acquired		2022
Lower Makefield Shopping Center [Member] | Lower Makefield, PA [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		1986
Depreciable Lives		15 years
Lower Makefield Shopping Center [Member] | Lower Makefield, PA [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2000
Depreciable Lives		30 years
Mansfield Pointe [Member] | Mansfield, TX [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 5,350
Initial cost, Buildings and Improvements	[1]	20,002
Cost Capitalized Subsequent to Acquisitions	[2]	977
Gross amount carried at end of period, Land	[3],[4]	5,350
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	20,979
Gross amount carried at end of period, Total	[3],[4]	26,329
Accumulated Depreciation	[5]	$ (7,666)
Date Constructed		2008
Date Acquired		2014
Mansfield Pointe [Member] | Mansfield, TX [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Mansfield Pointe [Member] | Mansfield, TX [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Marketplace at El Paseo [Member] | Fresno, CA [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 16,390
Initial cost, Buildings and Improvements	[1]	46,971
Cost Capitalized Subsequent to Acquisitions	[2]	(117)
Gross amount carried at end of period, Land	[3],[4]	16,390
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	46,854
Gross amount carried at end of period, Total	[3],[4]	63,244
Accumulated Depreciation	[5]	$ (13,862)
Date Constructed		2014
Date Acquired		2015
Marketplace at El Paseo [Member] | Fresno, CA [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Marketplace at El Paseo [Member] | Fresno, CA [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Marketplace at Tech Center [Member] | Newport News, VA [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 10,684
Initial cost, Buildings and Improvements	[1]	68,580
Cost Capitalized Subsequent to Acquisitions	[2]	3,836
Gross amount carried at end of period, Land	[3],[4]	10,684
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	72,416
Gross amount carried at end of period, Total	[3],[4]	83,100
Accumulated Depreciation	[5]	$ (19,673)
Date Constructed		2015
Date Acquired		2015
Marketplace at Tech Center [Member] | Newport News, VA [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Marketplace at Tech Center [Member] | Newport News, VA [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
MidTowne Shopping Center [Member] | Little Rock, AR [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 8,810
Initial cost, Buildings and Improvements	[1]	29,699
Cost Capitalized Subsequent to Acquisitions	[2]	1,001
Gross amount carried at end of period, Land	[3],[4]	8,810
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	30,700
Gross amount carried at end of period, Total	[3],[4]	39,510
Accumulated Depreciation	[5]	$ (11,075)
Date Acquired		2014
MidTowne Shopping Center [Member] | Little Rock, AR [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2005
Depreciable Lives		5 years
MidTowne Shopping Center [Member] | Little Rock, AR [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2008
Depreciable Lives		30 years
Milford Marketplace [Member] | Milford, CT [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrance		$ 18,727
Initial cost, Buildings and Improvements	[1]	35,867
Cost Capitalized Subsequent to Acquisitions	[2]	1,550
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	37,417
Gross amount carried at end of period, Total	[3],[4]	37,417
Accumulated Depreciation	[5]	$ (11,218)
Date Constructed		2007
Date Acquired		2015
Milford Marketplace [Member] | Milford, CT [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Milford Marketplace [Member] | Milford, CT [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Newington Fair [Member] | Newington, CT [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 7,833
Initial cost, Buildings and Improvements	[1]	8,329
Cost Capitalized Subsequent to Acquisitions	[2]	597
Gross amount carried at end of period, Land	[3],[4]	7,833
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	8,926
Gross amount carried at end of period, Total	[3],[4]	16,759
Accumulated Depreciation	[5]	$ (4,462)
Date Acquired		2012
Newington Fair [Member] | Newington, CT [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		1994
Depreciable Lives		15 years
Newington Fair [Member] | Newington, CT [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2009
Depreciable Lives		30 years
New Town [Member] | Owings Mills, MD [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 2,106
Initial cost, Buildings and Improvements	[1]	3,216
Cost Capitalized Subsequent to Acquisitions	[2]	87
Gross amount carried at end of period, Land	[3],[4]	2,106
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	3,303
Gross amount carried at end of period, Total	[3],[4]	5,409
Accumulated Depreciation	[5]	$ (381)
Date Constructed		1996
Date Acquired		2022
New Town [Member] | Owings Mills, MD [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
New Town [Member] | Owings Mills, MD [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
North Hills Square [Member] | Coral Springs, FL [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 4,800
Initial cost, Buildings and Improvements	[1]	5,493
Cost Capitalized Subsequent to Acquisitions	[2]	653
Gross amount carried at end of period, Land	[3],[4]	4,800
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	6,146
Gross amount carried at end of period, Total	[3],[4]	10,946
Accumulated Depreciation	[5]	$ (2,202)
Date Constructed		1997
Date Acquired		2014
North Hills Square [Member] | Coral Springs, FL [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
North Hills Square [Member] | Coral Springs, FL [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Northpark Village Square [Member] | Santa Clarita, CA [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 15,806
Initial cost, Buildings and Improvements	[1]	41,201
Cost Capitalized Subsequent to Acquisitions	[2]	254
Gross amount carried at end of period, Land	[3],[4]	15,806
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	41,455
Gross amount carried at end of period, Total	[3],[4]	57,261
Accumulated Depreciation	[5]	$ (2,725)
Date Constructed		1996
Date Acquired		2022
Northpark Village Square [Member] | Santa Clarita, CA [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Northpark Village Square [Member] | Santa Clarita, CA [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Northville Park Place [Member] | Northville, MI [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 6,440
Initial cost, Buildings and Improvements	[1]	27,635
Cost Capitalized Subsequent to Acquisitions	[2]	445
Gross amount carried at end of period, Land	[3],[4]	6,440
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	28,080
Gross amount carried at end of period, Total	[3],[4]	34,520
Accumulated Depreciation	[5]	$ (1,877)
Date Constructed		2014
Date Acquired		2022
Northville Park Place [Member] | Northville, MI [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Northville Park Place [Member] | Northville, MI [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Olde Ivy Village [Member] | Smyrna, GA [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 5,034
Initial cost, Buildings and Improvements	[1]	12,104
Gross amount carried at end of period, Land	[3],[4]	5,034
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	12,104
Gross amount carried at end of period, Total	[3],[4]	17,138
Accumulated Depreciation	[5]	$ (731)
Date Constructed		2015
Date Acquired		2022
Olde Ivy Village [Member] | Smyrna, GA [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Olde Ivy Village [Member] | Smyrna, GA [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 4,254
Initial cost, Buildings and Improvements	[1]	14,467
Cost Capitalized Subsequent to Acquisitions	[2]	487
Gross amount carried at end of period, Land	[3],[4]	4,254
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	14,954
Gross amount carried at end of period, Total	[3],[4]	19,208
Accumulated Depreciation	[5]	$ (4,294)
Date Acquired		2015
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2014
Depreciable Lives		15 years
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2015
Depreciable Lives		30 years
Oquirrh Mountain Marketplace Phase I I Member | Jordan, UT [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 1,403
Initial cost, Buildings and Improvements	[1]	3,727
Cost Capitalized Subsequent to Acquisitions	[2]	(50)
Gross amount carried at end of period, Land	[3],[4]	1,403
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	3,677
Gross amount carried at end of period, Total	[3],[4]	5,080
Accumulated Depreciation	[5]	$ (1,039)
Date Acquired		2016
Oquirrh Mountain Marketplace Phase I I Member | Jordan, UT [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2014
Depreciable Lives		15 years
Oquirrh Mountain Marketplace Phase I I Member | Jordan, UT [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2015
Depreciable Lives		30 years
Park Avenue Shopping Center Member | Little Rock, AR [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 5,500
Initial cost, Buildings and Improvements	[1]	16,365
Cost Capitalized Subsequent to Acquisitions	[2]	5,270
Gross amount carried at end of period, Land	[3],[4]	5,500
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	21,635
Gross amount carried at end of period, Total	[3],[4]	27,135
Accumulated Depreciation	[5]	$ (6,986)
Date Constructed		2012
Date Acquired		2014
Park Avenue Shopping Center Member | Little Rock, AR [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Park Avenue Shopping Center Member | Little Rock, AR [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Pentucket Shopping Center [Member] | Plaistow, NH [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 5,993
Initial cost, Buildings and Improvements	[1]	11,251
Cost Capitalized Subsequent to Acquisitions	[2]	1,799
Gross amount carried at end of period, Land	[3],[4]	5,993
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	13,050
Gross amount carried at end of period, Total	[3],[4]	19,043
Accumulated Depreciation	[5]	$ (3,333)
Date Constructed		1986
Date Acquired		2017
Pentucket Shopping Center [Member] | Plaistow, NH [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Pentucket Shopping Center [Member] | Plaistow, NH [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Plaza At Prairie Ridge [Member] | Pleasant Prairie, WI [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 618
Initial cost, Buildings and Improvements	[1]	2,305
Gross amount carried at end of period, Land	[3],[4]	618
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	2,305
Gross amount carried at end of period, Total	[3],[4]	2,923
Accumulated Depreciation	[5]	$ (730)
Date Constructed		2008
Date Acquired		2015
Plaza At Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Plaza At Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Prattville Town Center [Member] | Prattville, AL [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 5,336
Initial cost, Buildings and Improvements	[1]	27,672
Cost Capitalized Subsequent to Acquisitions	[2]	326
Gross amount carried at end of period, Land	[3],[4]	5,336
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	27,998
Gross amount carried at end of period, Total	[3],[4]	33,334
Accumulated Depreciation	[5]	$ (9,031)
Date Constructed		2007
Date Acquired		2015
Prattville Town Center [Member] | Prattville, AL [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Prattville Town Center [Member] | Prattville, AL [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Regal Court [Member] | Shreveport, LA [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrance		$ 26,000
Initial cost, Land	[1]	5,873
Initial cost, Buildings and Improvements	[1]	41,181
Cost Capitalized Subsequent to Acquisitions	[2]	2,780
Gross amount carried at end of period, Land	[3],[4]	5,873
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	43,961
Gross amount carried at end of period, Total	[3],[4]	49,834
Accumulated Depreciation	[5]	$ (14,024)
Date Constructed		2008
Date Acquired		2015
Regal Court [Member] | Shreveport, LA [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		5 years
Regal Court [Member] | Shreveport, LA [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Rusty Leaf Plaza [Member] | Orange, CA [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 8,643
Initial cost, Buildings and Improvements	[1]	20,638
Gross amount carried at end of period, Land	[3],[4]	8,643
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	20,638
Gross amount carried at end of period, Total	[3],[4]	29,281
Accumulated Depreciation	[5]	$ (1,288)
Date Constructed		1966
Date Acquired		2022
Rusty Leaf Plaza [Member] | Orange, CA [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Rusty Leaf Plaza [Member] | Orange, CA [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Settlers Ridge [Member] | Pittsburgh, PA [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrance		$ 76,533
Initial cost, Land	[1]	25,962
Initial cost, Buildings and Improvements	[1]	98,157
Cost Capitalized Subsequent to Acquisitions	[2]	1,465
Gross amount carried at end of period, Land	[3],[4]	25,962
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	99,622
Gross amount carried at end of period, Total	[3],[4]	125,584
Accumulated Depreciation	[5]	$ (30,757)
Date Constructed		2011
Date Acquired		2015
Settlers Ridge [Member] | Pittsburgh, PA [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Settlers Ridge [Member] | Pittsburgh, PA [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Shoppes at Lake Park [Member]
Real Estate And Accumulated Depreciation [Line Items]
Accumulated Depreciation	[5]	$ (2,798)
Shoppes at Lake Park [Member] | West Valley City. UT [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	2,285
Initial cost, Buildings and Improvements	[1]	8,527
Cost Capitalized Subsequent to Acquisitions	[2]	96
Gross amount carried at end of period, Land	[3],[4]	2,285
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	8,623
Gross amount carried at end of period, Total	[3],[4]	$ 10,908
Date Constructed		2008
Date Acquired		2015
Shoppes at Lake Park [Member] | West Valley City. UT [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Shoppes at Lake Park [Member] | West Valley City. UT [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Shoppes at Market Pointe [Member] | Papillion, NE [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 12,499
Initial cost, Buildings and Improvements	[1]	8,388
Cost Capitalized Subsequent to Acquisitions	[2]	1,257
Gross amount carried at end of period, Land	[3],[4]	12,499
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	9,645
Gross amount carried at end of period, Total	[3],[4]	22,144
Accumulated Depreciation	[5]	$ (4,014)
Date Acquired		2015
Shoppes at Market Pointe [Member] | Papillion, NE [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2006
Depreciable Lives		15 years
Shoppes at Market Pointe [Member] | Papillion, NE [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2007
Depreciable Lives		30 years
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 7,521
Initial cost, Buildings and Improvements	[1]	22,468
Cost Capitalized Subsequent to Acquisitions	[2]	1,321
Gross amount carried at end of period, Land	[3],[4]	7,521
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	23,789
Gross amount carried at end of period, Total	[3],[4]	31,310
Accumulated Depreciation	[5]	$ (7,755)
Date Constructed		2009
Date Acquired		2014
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
The Shoppes at Branson Hills [Member] | Branson, MO [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 4,418
Initial cost, Buildings and Improvements	[1]	37,229
Cost Capitalized Subsequent to Acquisitions	[2]	2,910
Gross amount carried at end of period, Land	[3],[4]	4,418
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	40,139
Gross amount carried at end of period, Total	[3],[4]	44,557
Accumulated Depreciation	[5]	$ (12,766)
Date Constructed		2005
Date Acquired		2014
The Shoppes at Branson Hills [Member] | Branson, MO [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
The Shoppes at Branson Hills [Member] | Branson, MO [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Shops at Hawk Ridge [Member] | St. Louis, MO [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 1,329
Initial cost, Buildings and Improvements	[1]	10,341
Cost Capitalized Subsequent to Acquisitions	[2]	356
Gross amount carried at end of period, Land	[3],[4]	1,329
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	10,697
Gross amount carried at end of period, Total	[3],[4]	12,026
Accumulated Depreciation	[5]	$ (3,411)
Date Constructed		2009
Date Acquired		2015
Shops at Hawk Ridge [Member] | St. Louis, MO [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		5 years
Shops at Hawk Ridge [Member] | St. Louis, MO [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Village at Burlington Creek [Member] | Kansas City, MO [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrance		$ 16,759
Initial cost, Land	[1]	10,789
Initial cost, Buildings and Improvements	[1]	19,385
Cost Capitalized Subsequent to Acquisitions	[2]	3,274
Gross amount carried at end of period, Land	[3],[4]	10,789
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	22,659
Gross amount carried at end of period, Total	[3],[4]	33,448
Accumulated Depreciation	[5]	$ (6,887)
Date Acquired		2015
Village at Burlington Creek [Member] | Kansas City, MO [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2007
Depreciable Lives		5 years
Village at Burlington Creek [Member] | Kansas City, MO [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2015
Depreciable Lives		30 years
Walgreens Plaza [Member] | Jacksonville, NC [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 2,624
Initial cost, Buildings and Improvements	[1]	9,683
Cost Capitalized Subsequent to Acquisitions	[2]	441
Gross amount carried at end of period, Land	[3],[4]	2,624
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	10,124
Gross amount carried at end of period, Total	[3],[4]	12,748
Accumulated Depreciation	[5]	$ (3,475)
Date Constructed		2011
Date Acquired		2015
Walgreens Plaza [Member] | Jacksonville, NC [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Walgreens Plaza [Member] | Jacksonville, NC [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Wedgewood Commons [Member] | Olive Branch, MS [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 2,220
Initial cost, Buildings and Improvements	[1]	26,577
Cost Capitalized Subsequent to Acquisitions	[2]	3,787
Gross amount carried at end of period, Land	[3],[4]	2,220
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	30,364
Gross amount carried at end of period, Total	[3],[4]	32,584
Accumulated Depreciation	[5]	$ (9,920)
Date Acquired		2013
Wedgewood Commons [Member] | Olive Branch, MS [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2009
Depreciable Lives		5 years
Wedgewood Commons [Member] | Olive Branch, MS [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2013
Depreciable Lives		30 years
White City [Member] | Shrewsbury, MA [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 18,961
Initial cost, Buildings and Improvements	[1]	70,423
Cost Capitalized Subsequent to Acquisitions	[2]	3,786
Gross amount carried at end of period, Land	[3],[4]	18,961
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	74,209
Gross amount carried at end of period, Total	[3],[4]	93,170
Accumulated Depreciation	[5]	$ (23,197)
Date Constructed		2013
Date Acquired		2015
White City [Member] | Shrewsbury, MA [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
White City [Member] | Shrewsbury, MA [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Wilson Marketplace [Member] | Wilson, NC [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 11,155
Initial cost, Buildings and Improvements	[1]	27,498
Cost Capitalized Subsequent to Acquisitions	[2]	1,870
Gross amount carried at end of period, Land	[3],[4]	11,155
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	29,368
Gross amount carried at end of period, Total	[3],[4]	40,523
Accumulated Depreciation	[5]	$ (7,424)
Date Constructed		2007
Date Acquired		2017
Wilson Marketplace [Member] | Wilson, NC [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Wilson Marketplace [Member] | Wilson, NC [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Yorkville Marketplace [Member] | Yorkville, IL [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost, Land	[1]	$ 4,990
Initial cost, Buildings and Improvements	[1]	13,928
Cost Capitalized Subsequent to Acquisitions	[2]	933
Gross amount carried at end of period, Land	[3],[4]	4,990
Gross amount carried at end of period, Buildings and Improvements	[3],[4]	14,861
Gross amount carried at end of period, Total	[3],[4]	19,851
Accumulated Depreciation	[5]	$ (5,128)
Date Acquired		2015
Yorkville Marketplace [Member] | Yorkville, IL [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2002
Depreciable Lives		15 years
Yorkville Marketplace [Member] | Yorkville, IL [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Date Constructed		2007
Depreciable Lives		30 years
[1] The initial cost to the Company represents the original purchase price of the property. As applicable, some amounts include write-offs. Reconciliation of real estate owned: The aggregate cost of real estate owned at December 31, 2023 for federal income tax purposes was $ 1,676,924 . Reconciliation of accumulated depreciation

Schedule - Schedule III Real _3

Schedule - Schedule III Real Estate and Accumulated Depreciation (Narrative) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of real estate owned for federal income tax purpose	$ 1,676,924

Schedule - Schedule III Real _4

Schedule - Schedule III Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at January 1,	$ 1,528,765		$ 1,261,075	$ 1,255,127
Acquisitions			255,080
Improvements, net of master lease	11,431		12,610	5,948
Balance at December 31,	$ 1,540,196	[1]	$ 1,528,765	$ 1,261,075
[1] The aggregate cost of real estate owned at December 31, 2023 for federal income tax purposes was $ 1,676,924 .

Schedule - Schedule III Real _5

Schedule - Schedule III Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at January 1,	$ 288,863		$ 245,532	$ 207,764
Depreciation expense	46,837		43,331	37,768
Balance at December 31,	$ 335,700	[1]	$ 288,863	$ 245,532
[1] Reconciliation of accumulated depreciation