Inland Real Estate Income Trust (INRE) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 10, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Inland Real Estate Income Trust, Inc.
Entity Central Index Key	1,528,985
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		86,088,756
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment properties:
Land	$ 169,489	$ 83,250
Building and other improvements	613,271	331,213
Total	782,760	414,463
Less accumulated depreciation	(20,170)	(6,236)
Net investment properties	762,590	408,227
Cash and cash equivalents	253,531	105,871
Investment in unconsolidated entity		118
Accounts and rents receivable	5,778	1,977
Acquired lease intangibles, net	98,764	51,691
Deferred costs, net	3,363	1,694
Other assets	6,721	1,908
Total assets	1,130,747	571,486
Liabilities:
Mortgages and credit facilities payable	399,762	186,034
Accounts payable and accrued expenses	8,108	2,734
Distributions payable	3,921	2,025
Acquired below market lease intangibles, net	34,453	18,676
Deferred investment property acquisition obligations	2,562	3,646
Due to related parties	2,144	2,694
Other liabilities	10,505	4,218
Total liabilities	$ 461,455	$ 220,027
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding
Common stock, $.001 par value, 1,460,000,000 shares authorized, 81,538,876 and 41,996,913 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	$ 82	$ 42
Additional paid in capital (net of offering costs of $82,821 and $43,566 as of September 30, 2015 and December 31, 2014, respectively)	732,148	374,608
Accumulated distributions and net loss	(58,003)	(21,663)
Accumulated other comprehensive loss	(4,935)	(1,528)
Total stockholders’ equity	669,292	351,459
Total liabilities and stockholders’ equity	$ 1,130,747	$ 571,486

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
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	81,538,876	41,996,913
Common stock, shares outstanding	81,538,876	41,996,913
Additional paid in capital, offering costs	$ 82,821	$ 43,566

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income:
Rental income	$ 15,531	$ 4,863	$ 39,738	$ 9,082
Tenant recovery income	4,171	1,147	9,826	2,169
Other property income	60	32	152	36
Total income	19,762	6,042	49,716	11,287
Expenses:
Property operating expenses	2,635	817	7,093	1,493
Real estate tax expense	2,507	666	5,801	1,232
General and administrative expenses	914	470	2,669	1,288
Acquisition related costs	1,071	1,020	5,941	4,384
Business management fee	1,361	441	3,551	215
Depreciation and amortization	9,001	2,635	22,616	4,858
Total expenses	17,489	6,049	47,671	13,470
Operating income (loss)	2,273	(7)	2,045	(2,183)
Interest expense	(2,583)	(918)	(6,477)	(1,679)
Interest and other income	61	22	165	40
Equity in earnings (loss) of unconsolidated entity	(13)	86	(118)	78
Net loss	$ (262)	$ (817)	$ (4,385)	$ (3,744)
Net loss per common share, basic and diluted	$ 0	$ (0.03)	$ (0.07)	$ (0.24)
Weighted average number of common shares outstanding, basic and diluted	76,111,571	23,733,441	63,876,871	15,326,661
Comprehensive loss:
Net loss	$ (262)	$ (817)	$ (4,385)	$ (3,744)
Unrealized income (loss) on derivatives	(3,865)	230	(5,114)	(542)
Reclassification adjustment for amounts recognized in net loss	800		1,707
Comprehensive loss	$ (3,327)	$ (587)	$ (7,792)	$ (4,286)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Distributions and Net Loss [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2014	$ 351,459	$ 42	$ 374,608	$ (21,663)	$ (1,528)
Balance at Dec. 31, 2014	41,996,913	41,996,913
Distributions declared	$ (31,955)			(31,955)
Proceeds from offering	381,918	$ 39	381,879
Proceeds from offering, shares		38,310,295
Offering costs	(39,255)		(39,255)
Proceeds from distribution reinvestment plan	14,116	$ 1	14,115
Proceeds from distribution reinvestment plan, shares		1,485,887
Shares repurchased	(2,510)		(2,510)
Shares repurchased, shares		(254,219)
Discount on shares to related parties	28		28
Unrealized loss on derivatives	(5,114)				(5,114)
Reclassification adjustment for amounts included in net loss	1,707				1,707
Sponsor contribution	3,283		3,283
Net loss	(4,385)			(4,385)
Balance at Sep. 30, 2015	$ 669,292	$ 82	$ 732,148	$ (58,003)	$ (4,935)
Balance at Sep. 30, 2015	81,538,876	81,538,876

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES:
Net loss	$ (4,385)	$ (3,744)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	22,616	4,858
Amortization of loan fees and mortgage premiums, net	(162)	135
Amortization of acquired above and below market leases, net	(510)	(17)
Straight-line rental income	(1,198)	(188)
Discount on shares issued to related parties	28	64
Equity in (earnings) loss of unconsolidated entity	118	(78)
Other non-cash adjustments	(282)	40
Changes in assets and liabilities:
Accounts payable and accrued expenses	2,720	634
Accounts and rents receivable	(2,603)	(833)
Due to related parties	1,221	571
Other liabilities	1,366	706
Other assets	301	85
Net cash flows provided by operating activities	19,230	2,233
INVESTING ACTIVITIES:
Purchase of investment properties	(358,329)	(214,530)
Capital expenditures	(1,625)	(15)
Payment of leasing fees	(106)
Other assets and restricted escrows	(2,698)	(618)
Net cash flows used in investing activities	(362,758)	(215,163)
FINANCING ACTIVITIES:
Proceeds from offering	381,918	243,185
Proceeds from credit facilities payable	100,000
Proceeds from mortgages payable	70,641	94,531
Proceeds from the distribution reinvestment plan	14,116	2,890
Share repurchases	(2,510)	(77)
Payment of offering costs	(39,517)	(24,171)
Distributions paid	(30,059)	(5,731)
Sponsor contributions	3,283	640
Deferred investment property acquisition obligation payments	(3,061)	(1,845)
Payment of loan costs	(1,881)	(1,014)
Payment of mortgages payable	(112)
Due to related parties, net	(1,630)
Net cash flows provided by financing activities	491,188	308,408
Net increase in cash and cash equivalents	147,660	95,478
Cash and cash equivalents at beginning of the period	105,871	26,634
Cash and cash equivalents, at end of period	253,531	122,112
SUPPLEMENTAL DISCLOSURES:
Land	86,239	40,070
Building and improvements	280,790	164,109
Acquired in place lease intangibles	45,298	17,848
Acquired above market lease intangibles	11,810	3,354
Acquired below market lease intangibles	(17,700)	(5,404)
Other receivables	792
Assumption of mortgage debt at acquisition	(40,303)
Non-cash mortgage premium	(3,430)
Deferred investment property acquisition obligations	(1,929)	(4,211)
Assumed liabilities, net	(3,238)	(1,236)
Purchase of investment properties	358,329	214,530
Cash paid for interest	6,923	1,480
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Distributions payable	3,921	1,446
Accrued capital expenditures	47
Accrued offering costs payable	$ 326	$ 403

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	NOTE 1 – ORGANIZATION Inland Real Estate Income Trust, Inc. was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States. To date, the Company has focused on acquiring retail properties. The Company entered into a Business Management Agreement with IREIT Business Manager & Advisor, Inc. (the “Business Manager”), an affiliate of Inland Real Estate Investment Corporation (the “Sponsor”), to be the Business Manager to the Company. At September 30, 2015, the Company owned 47 retail properties, totaling 4,633,023 square feet. The properties are located in 20 states. At September 30, 2015, the portfolio had a weighted average physical occupancy of 96.2% and economic occupancy of 97.0%. Economic occupancy excludes square footage associated with an earnout component.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Consolidation The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries. Wholly owned subsidiaries generally consist of limited liability companies (“LLCs”). All intercompany balances and transactions have been eliminated in consolidation. Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities. Fair Value Measurements 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. For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below: Fair Value Measurements at September 30, 2015 Quoted Active for Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Derivative interest rate swap agreements $ — $ (5,229 ) $ — Total liabilities $ — $ (5,229 ) $ — With the assistance of a third party, 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. Acquisitions Upon acquisition, the Company determines the total purchase price of each property (see Note 4 – “Acquisitions”), which includes the estimated contingent consideration to be paid or received in future periods, if any. The Company allocates the total purchase price of properties based on the fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase price unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The earnout payments are based on a predetermined formula applied to rental income received. The earnout agreements have a limited obligation period from the date of acquisition, as defined. If at the end of the time period certain space has not been leased, occupied and rent producing, the Company will have no further obligation to pay additional purchase price consideration and will retain ownership of that entire property. Based on its best estimate, the Company has recorded a liability for the potential future earnout payments using estimated fair value at the date of acquisition using Level 3 inputs including market rents ranging from $14.00 to $28.00 per square foot, probability of occupancy ranging from 10% to 100% based on leasing activity and utilizing a discount rate of 6.50% to 8.25%. The Company has recorded this earnout amount as additional purchase price of the related property and as a liability included in deferred investment property acquisition obligations on the accompanying consolidated balance sheets. The liability increases as the anticipated payment date draws near based on a present value; such increases in the liability are recorded as amortization expense on the accompanying consolidated statements of operations and comprehensive loss. The Company records changes in the underlying liability assumptions to acquisition related costs on the accompanying consolidated statements of operations and comprehensive loss. Capitalization and Depreciation Real estate acquisitions are recorded at cost less accumulated depreciation. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred. Transactional costs in connection with the acquisition of real estate properties and businesses are expensed as incurred. 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 $5,473 and $1,869 for the three months ended September 30, 2015 and 2014, respectively, and $13,936 and $3,422 for the nine months ended September 30, 2015 and 2014, respectively. REIT Status The Company has qualified and elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2013. As a result, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its taxable income (subject to certain adjustments) to its stockholders. The Company will monitor the business and transactions that may potentially impact its REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal (including any applicable alternative minimum tax) and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments. In August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt – Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to Security and Exchange Paragraphs Pursuant to Staff Announcement at June 18, 2015 Emerging Issues Task Force Meeting on August 18, 2015. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers,

Equity

Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
EQUITY	NOTE 3 – EQUITY The Company was authorized to sell up to 150,000,000 shares of common stock at $10 each in an initial public “best efforts” offering (the “Offering”) which commenced on October 18, 2012 and to issue 30,000,000 shares at $9.50 each issuable pursuant to the Company’s distribution reinvestment plan (“DRP”). The Offering closed on October 16, 2015. As of September 30, 2015, the Company issued 79,717,028 shares of common stock generating gross proceeds of $793,358, excluding the DRP. The Company provides the following programs to facilitate future investment in the Company’s shares and to provide limited liquidity for stockholders. Distribution Reinvestment Plan The Company provides existing 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 the marketing contribution and due diligence expense allowance in connection with the DRP. Shares are currently sold at a price of $9.50 per share until such time as the Company reports an estimated value of its shares. On and after the date on which the Company reports an estimated value of its shares, the price per share under the DRP will be 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. Distributions reinvested through the DRP were $5,905 and $1,462 for the three months ended September 30, 2015 and 2014, respectively, and $14,115 and $2,890 for the nine months ended September 30, 2015 and 2014, respectively. Share Repurchase Program Under the share repurchase program (“SRP”), 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, if requested, if the Company chooses to repurchase them. Subject to funds being available, the Company will limit the number of shares repurchased during any calendar year to 5% of the number of shares outstanding on December 31 st Repurchases through the SRP were $811 and $40 for the three months ended September 30, 2015 and 2014, respectively, and $2,510 and $77 for the nine months ended September 30, 2015 and 2014, respectively.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisitions	NOTE 4 – ACQUISITIONS 2015 Acquisitions Date Acquired Property Name Location Property Type Square Footage Purchase Price 1st Quarter 1/29/15 Shoppes at Lake Park West Valley City, UT Multi-Tenant Retail 52,997 $ 11,559 2/19/15 Plaza at Prairie Ridge Pleasant Prairie, WI Multi-Tenant Retail 9,035 3,400 3/13/15 Green Tree Center Katy, TX Multi-Tenant Retail 147,621 26,244 3/16/15 Eastside Junction Athens, AL Multi-Tenant Retail 79,700 12,278 3/16/15 Fairgrounds Crossing Hot Springs, AR Multi-Tenant Retail 155,127 29,197 3/16/15 Prattville Town Center Prattville, AL Multi-Tenant Retail 168,842 33,329 3/16/15 Regal Court Shreveport, LA Multi-Tenant Retail 362,961 50,363 3/16/15 Shops at Hawk Ridge St. Louis, MO Multi-Tenant Retail 75,951 12,721 3/16/15 Walgreens Plaza Jacksonville, NC Multi-Tenant Retail 42,219 13,663 3/16/15 Whispering Ridge Omaha, NE Multi-Tenant Retail 69,676 15,803 3/31/15 Frisco Marketplace (a) Frisco, TX Multi-Tenant Retail 112,024 11,040 2nd Quarter 4/08/15 White City Shrewsbury, MA Multi-Tenant Retail 257,080 96,750 4/21/15 Treasure Valley Nampa, ID Multi-Tenant Retail 112,259 15,200 4/28/15 Yorkville Marketplace Yorkville, IL Multi-Tenant Retail 111,591 24,501 5/27/15 Shoppes at Market Pointe Papillion, NE Multi-Tenant Retail 253,903 27,200 3rd Quarter 9/17/15 2727 Iowa Street Lawrence, KS Multi-Tenant Retail 84,981 18,622 2,095,967 $ 401,870 (a) 4,481 square feet of Frisco Marketplace was acquired on April 1, 2015 for $2,080. During the nine months ended September 30, 2015, the Company acquired, through its wholly owned subsidiaries, the 16 properties listed above and financed a portion of these acquisitions by borrowing or assuming $110,944 in mortgage debt. The Company incurred $1,071 and $1,020 during the three months ended September 30, 2015 and 2014, respectively, and $5,941 and $4,384 during the nine months ended September 30, 2015 and 2014, respectively, of acquisition, dead deal and transaction related costs, including changes to initial assumptions related to deferred investment property acquisition obligations that were recorded in acquisition related costs in the consolidated statements of operations and comprehensive loss related to both closed and potential transactions. These costs include third party due diligence costs such as appraisals, environmental studies, and legal fees as well as acquisition fees and time and travel expense reimbursements to the Sponsor and its affiliates. For the nine months ended September 30, 2015, the Business Manager permanently waived acquisition fees of $2,510. For properties acquired during the nine months ended September 30, 2015, the Company recorded revenue of $17,867 and property net income of $3,501,which excludes expensed acquisition related costs. The following table presents certain additional information regarding the Company’s acquisitions during the nine months ended September 30, 2015. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Property Name Land Buildings and Improvements Acquired Lease Intangibles Acquired Below Market Lease Intangibles Fair Value Adjustment Related to the Assumption of Mortgages Payable Deferred Investment Property Acquisition Obligations Shoppes at Lake Park $ 2,285 $ 8,527 $ 1,533 $ (786 ) $ — $ — Plaza at Prairie Ridge 618 2,305 477 — — — Green Tree Center 7,218 17,846 2,723 (1,543 ) — — Eastside Junction 2,411 8,393 1,858 (116 ) (268 ) — Fairgrounds Crossing 6,069 22,638 3,740 (2,222 ) (1,028 ) — Prattville Town Center 5,336 27,648 3,871 (1,848 ) (1,678 ) — Regal Court 5,873 41,181 5,117 (1,808 ) — — Shops at Hawk Ridge 1,329 10,340 1,990 (938 ) — — Walgreens Plaza 2,624 9,682 1,944 (131 ) (456 ) — Whispering Ridge 4,121 10,417 1,465 (200 ) — — Frisco Marketplace 6,618 3,316 1,235 (129 ) — — White City 18,961 70,424 13,764 (6,399 ) — — Treasure Valley 3,133 9,679 2,565 (177 ) — — Yorkville Marketplace (a) 4,990 13,928 4,943 (152 ) — — Shoppes at Market Pointe 12,499 8,388 6,652 (339 ) — — 2727 Iowa Street 2,154 16,078 3,231 (912 ) — (1,929 ) $ 86,239 $ 280,790 $ 57,108 $ (17,700 ) $ (3,430 ) $ (1,929 ) (a) Purchase price included $792 of receivables included in other assets. Pro Forma Disclosures The following condensed pro forma consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 include pro forma adjustments related to the acquisitions and financings during 2014 and 2015. The 2014 and 2015 acquisitions are presented assuming the acquisitions occurred on January 1, 2013 and January 1, 2014, respectively. Acquisition expenses for the three months ended September 30, 2015 and 2014 of $445 and $955, respectively, and acquisition expenses for the nine months ended September 30, 2015 and 2014 of $4,873 and $4,219, respectively, related to each acquisition are not expected to have a continuing impact and, therefore, have been excluded from these pro forma results. Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Pro forma total income $ 20,008 $ 14,627 $ 58,679 $ 43,695 Pro forma net income $ 149 $ 2,917 $ 5,124 $ 4,146 Earnings per share $ — $ 0.04 $ 0.06 $ 0.05 The 2014 acquisitions consist of Park Avenue, North Hills Square, Mansfield Shopping Center, Lakeside Crossing, MidTowne Shopping Center, Dogwood Festival, Pick N Save Center, Harris Plaza, Dixie Valley, The Landings at Ocean Isle, Shopps at Prairie Ridge, Harvest Square, Heritage Square, The Shoppes at Branson Hills, Branson Hills Plaza, Copps Grocery Store and Fox Point Plaza. The pro forma financial

Acquired Intangible Assets and

Acquired Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2015
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 September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Intangible assets: Acquired in place lease value $ 94,146 $ 48,848 Acquired above market lease value 17,385 5,575 Accumulated amortization (12,767 ) (2,732 ) Acquired lease intangibles, net $ 98,764 $ 51,691 Intangible liabilities: Acquired below market lease value $ 36,870 $ 19,170 Accumulated amortization (2,417 ) (494 ) Acquired below market lease intangibles, net $ 34,453 $ 18,676 As of September 30, 2015, the weighted average amortization periods for acquired in place lease, above market lease intangibles and below market lease intangibles are 9, 11 and 17 years, respectively. The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value are amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below market lease values, the amortization period includes any renewal periods with fixed rate renewals. 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. As of September 30, 2015, no amount has been allocated to customer relationship value. Amortization pertaining to acquired in place lease value, above market lease value and below market lease value is summarized below: Three months ended September 30, Nine months ended September 30, Amortization recorded as amortization expense: 2015 2014 2015 2014 Acquired in place lease value $ 3,526 $ 709 $ 8,622 $ 1,304 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (631 ) $ (150 ) $ (1,413 ) $ (259 ) Acquired below market leases 733 181 1,923 276 Net rental income increase $ 102 $ 31 $ 510 $ 17 Estimated amortization of the respective intangible lease assets and liabilities as of September 30, 2015 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2015 (remainder of year) $ 3,304 $ 583 $ (723 ) 2016 13,036 2,291 (2,834 ) 2017 12,455 2,104 (2,691 ) 2018 11,556 1,734 (2,539 ) 2019 10,255 1,366 (2,421 ) Thereafter 32,597 7,483 (23,245 ) Total $ 83,203 $ 15,561 $ (34,453 )

Debt and Derivative Instruments

Debt and Derivative Instruments	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt and Derivative Instruments	NOTE 6 – DEBT AND DERIVATIVE INSTRUMENTS As of September 30, 2015 and December 31, 2014, the Company had the following mortgages and credit facilities payable: September 30, 2015 December 31, 2014 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed Rate Mortgages Payable $ 68,470 5.16 % $ 28,279 5.06 % Variable Rate Mortgages Payable with Swap Agreements 199,517 3.56 % 128,876 2.79 % Variable Rate Mortgages Payable 27,582 2.03 % 27,582 2.01 % Mortgages Payable 295,569 3.79 % 184,737 3.02 % Credit Facilities Payable 100,000 1.60 % — — Unamortized Debt Premiums 4,193 1,297 Total Debt $ 399,762 $ 186,034 The Company’s indebtedness bore interest at a weighted average interest rate of 3.23% per annum at September 30, 2015, 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 was $399,762 and $186,034 as of September 30, 2015 and December 31, 2014, respectively, and its estimated fair value was $398,677 and $185,260 as of September 30, 2015 and December 31, 2014, respectively. As of September 30, 2015, scheduled principal payments and maturities on the Company’s debt were as follows: September 30, 2015 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facilities Total 2015 $ 35 $ — $ — $ 35 2016 108 2,943 — 3,051 2017 239 6,271 — 6,510 2018 205 15,260 — 15,465 2019 215 142,625 100,000 242,840 Thereafter 2,394 125,274 — 127,668 Total $ 3,196 $ 292,373 $ 100,000 $ 395,569 Credit Facilities Payable On September 30, 2015, the Company entered into a credit agreement (“Credit Facility”) with KeyBanc Capital Markets Inc. for a $100,000 revolving Credit Facility. The Company has an accordion feature to increase available borrowings up to $400,000, one 0.15% As of September 30, 2015, the terms of the Credit Facility stipulate: · monthly interest-only payments at a rate of one month LIBOR plus a margin ranging from 1.40% 2.25% · quarterly unused fees based on an annual rate of 0.15% 0.25% · the requirement for a pool of unencumbered assets to support the Credit Facility, subject to certain covenants and minimum requirements related to the value and number of properties included in the collateral pool. The credit agreement requires compliance with certain covenants including a minimum tangible net worth requirement, 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 agreement become due. Mortgages Payable The mortgage loans require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of September 30, 2015, the Company was current on all of the payments and other covenants. All of the Company’s mortgage loans are secured by first mortgages on the respective real estate assets or were guaranteed by the Sponsor. No fees were paid in connection with any guarantees issued by the Sponsor. As of September 30, 2015, the weighted average years to maturity for the Company’s mortgages payable was approximately 5 years. Interest Rate Swap Agreements The Company entered into interest rate swaps to fix certain of its floating LIBOR based debt under variable rate loans to a fixed rate to manage its risk exposure to interest rate fluctuations. The Company will generally match the maturity of the underlying variable rate debt with the maturity date on the interest swap. For the three and nine months ended September 30, 2015 and 2014, the Company recorded interest expense of $(98) and $0 and $(267) and $71, respectively, related to interest rate swaps. The following table summarizes the Company’s interest rate swap contracts outstanding as of September 30, 2015. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value at September 2015 March 28, 2014 March 1, 2015 March 28, 2019 2.22 % $ 5,525 $ (236 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 14,200 (557 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 8,484 (303 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 11,684 (479 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 20,725 (832 ) June 27, 2014 July 1, 2014 July 1, 2019 1.85 % 24,352 (744 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 9,561 (327 ) December 16, 2014 December 16, 2014 June 22, 2016 1.97 % 13,359 (160 ) December 16, 2014 December 16, 2014 October 21, 2016 1.50 % 10,837 (125 ) December 16, 2014 December 16, 2014 May 9, 2017 1.13 % 10,150 (95 ) February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (213 ) April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 (815 ) July 8, 2015 August 1, 2015 May 22, 2019 1.43 % 1,426 (22 ) September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 (321 ) $ 199,517 $ (5,229 ) (a) Receive floating rate index based upon 1 month LIBOR The table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of September 30, 2015 and December 31, 2014. September 30, 2015 December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swap agreements Other $ 5,229 Other $ 2,089 For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the unrealized gain or loss on the derivative is reported as a component of comprehensive loss (“OCL”). The ineffective portion of the change in fair value, if any, is recognized directly in earnings. The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and OCL for the three and nine months ended September 30, 2015 and 2014. Three months ended September 30, Nine months ended September 30, Derivatives in Cash Flow Hedging Relationships 2015 2014 2015 2014 Amount of Loss Recognized in OCL on Derivative (Effective Portion) $ (3,865 ) $ 230 $ (5,114 ) $ (542 ) Amount of Loss Reclassified from Accumulated OCL into Income (Effective Portion) $ 800 $ — $ 1,707 $ — Amount of Loss Recognized in Income on Derivative (Ineffective Portion) $ — $ — $ 2 $ — Three months ended September 30, Nine months ended September 30, Derivatives Not Designated as Hedging Instruments 2015 2014 2015 2014 Amount of Loss Recognized in Income on Derivative (Ineffective Portion) $ 98 $ — $ 269 $ (71 ) The amount that is expected to be reclassified from Accumulated OCL into income in the next twelve months is approximately $3,189.

Distributions

Distributions	9 Months Ended
	Sep. 30, 2015
Distributions [Abstract]
Distributions	NOTE 7 – DISTRIBUTIONS The Company currently pays distributions based on daily record dates, payable in arrears the following month, equal to a daily amount of $0.001643836 per share based upon a 365-day period. The table below presents the distributions paid and declared for the three and nine months ended September 30, 2015 and 2014. Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Distributions Paid $ 11,027 $ 2,881 $ 30,059 $ 5,731 Distributions Declared $ 11,509 $ 3,584 $ 31,955 $ 6,872

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings (Loss) per Share	NOTE 8 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“EPS”) are computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net income (loss) by the common shares plus potential common shares issuable upon exercising options or other contracts. As of September 30, 2015 and 2014, the Company did not have any dilutive common share equivalents outstanding.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9 – COMMITMENTS AND CONTINGENCIES The acquisition of certain of the Company’s properties included an earnout component to the purchase price that was recorded as a deferred investment property acquisition obligation (“Earnout liability”). The maximum potential earnout payment was $3,645 at September 30, 2015. The table below presents the change in the Company’s earnout liability for the nine months ended September 30, 2015 and 2014. For the nine months ended September 30, 2015 2014 Earnout liability-beginning of period $ 3,646 $ 723 Increases: Acquisitions 1,929 4,211 Amortization expense 57 132 Decreases: Earnout payments (3,095 ) (1,868 ) Other: Adjustments to acquisition related costs 25 (9 ) Earnout liability – end of period $ 2,562 $ 3,189 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	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	NOTE 10 – SEGMENT REPORTING The Company has one reportable segment, retail real estate, as defined by U.S. GAAP for the nine months ended September 30, 2015 and 2014. Concentration of credit risk with respect to accounts receivable currently exists due to the small number of tenants currently comprising the Company's rental revenue. The concentration of revenues for these tenants increases the Company’s risk associated with nonpayment by these tenants. In an effort to reduce risk, the Company performs ongoing credit evaluations of its larger tenants. For the nine months ended September 30, 2015, approximately 5.8% of the Company’s rental revenue was generated by three locations leased to Roundy’s Supermarkets, Inc.

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Transactions With Related Parties	NOTE 11 – TRANSACTIONS WITH RELATED PARTIES The Company is a member of a limited liability company formed as an insurance association captive which is wholly-owned by the Company, Inland Real Estate Corporation, InvenTrust Properties Corp. and Retail Properties of America, Inc. This amount is recorded as an asset in investment in unconsolidated entity in the accompanying consolidated balance sheets. The Company owns 1,000 shares of common stock in The Inland Real Estate Group of Companies, Inc. with a recorded value of $1 at September 30, 2015 and December 31, 2014. This amount is included in other assets in the accompanying consolidated balance sheets. The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2015 and 2014. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three months ended September 30, Nine months ended September 30, Amount Unpaid as of 2015 2014 2015 2014 September 2015 December 31, 2014 General and administrative reimbursements (a) $ 368 $ 121 $ 937 $ 285 $ 143 $ 139 Affiliate share purchase discounts (b) 4 23 28 64 — — Total general and administrative expenses $ 372 $ 144 $ 965 $ 349 $ 143 $ 139 Acquisition related costs $ 290 $ 209 $ 1,047 $ 463 $ 269 $ 157 Acquisition fees 302 710 3,570 3,268 302 — Total acquisition related costs (c) $ 592 $ 919 $ 4,617 $ 3,731 $ 571 $ 157 Offering costs (d) 9,240 14,498 37,145 23,297 69 210 Sponsor non-interest bearing advances (e) — — — — — 1,630 Real estate management fees (f) 669 212 1,801 391 — — Business management fees (g) 1,361 441 3,551 215 1,361 558 Sponsor contribution (h) — 140 3,283 640 — — (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses of the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (b) The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enables the related parties to purchase shares of common stock at $9.00 per share. The Company sold 28,061 and 64,017 shares to related parties during the nine months ended September 30, 2015 and 2014, respectively. (c) The Company pays the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition of real estate assets, regardless of whether the Company acquires the real estate assets, subject to limits, as defined. Such costs are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. For the nine months ended September 30, 2015, the Business Manager permanently waived acquisition fees of $2,510. (d) A related party of the Business Manager receives selling commissions equal to 7.0% of the sale price for each share sold and a marketing contribution equal to 3.0% of the gross offering proceeds from shares sold, the majority of which is re-allowed (paid) to third party soliciting dealers. The Company also reimburses a related party of the Business Manager and the soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds. The expenses will be reimbursed from amounts paid or re-allowed to these entities as a marketing contribution. The Company will reimburse the Sponsor, its affiliates and third parties for costs and other expenses of the Offering that they pay on the Company’s behalf, in an amount not to exceed 1.5% of the gross offering proceeds from shares sold in the “best efforts” Offering. The Company does not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the DRP. Offering costs are offset against the stockholders’ equity accounts. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (e) As of December 31, 2014, the Sponsor advanced $1,630 to pay offering and organizational costs, all of which has been repaid as of September 30, 2015. (f) For each property that is managed by Inland National Real Estate Services, LLC, or its affiliates, collectively the Real Estate Managers, the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. Each Real Estate Manager will determine, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by one of the Real Estate Managers or its affiliates, the Company will pay the Real Estate Manager a separate leasing fee based upon prevailing market rates applicable to the geographic market of that property. Further, in the event that the Company engages its Real Estate Managers to provide construction management services for a property, the Company will pay a separate construction management fee based upon prevailing market rates applicable to the geographic market of the project. For the nine months ended September 30, 2015, the Company incurred $70 in construction management fees which are included in Building and other improvements on the consolidated balance sheets. The Company also reimburses each Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Managers and their affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of any of the Real Estate Managers. Real estate management fees and reimbursable expenses are included in property operating expenses in the accompanying consolidated statements of operations and comprehensive loss. (g) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets,” as defined in the business management agreement, payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. For the nine months ended September 30, 2014, the Business Manager was entitled to a business management fee in the amount equal to $874, of which $433 was permanently waived. The Business Manager also permanently waived business management fees of $226 incurred for the year ended December 31, 2013 during the nine months ended September 30, 2014. No fees were waived for the nine months ended September 30, 2015. (h) For the nine months ended September 30, 2015 and 2014, the Sponsor contributed $3,283 and $640, respectively, to the Company. The Sponsor has not received, and will not receive, any additional shares of our common stock for making these contributions. There is no assurance that our Sponsor will continue to contribute any additional monies.

Operating Leases

Operating Leases	9 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Operating Leases	NOTE 12 – OPERATING LEASES Minimum lease payments to be received under operating leases, including ground leases, as of September 30, 2015 for the years indicated are as follows: Minimum Lease Payments 2015 (remainder of year) $ 14,466 2016 56,398 2017 52,135 2018 46,944 2019 38,899 Thereafter 201,842 Total $ 410,684 The remaining lease terms range from less than 1 year to 22 years. Most of the revenue from the Company’s properties consists of rents received under long-term operating leases. Some leases require the tenant to pay fixed base rent paid monthly in advance, and to reimburse the Company for the tenant’s pro rata share of certain operating expenses including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees, and certain building repairs paid by the Company and recoverable under the terms of the lease. Under these leases, the Company pays all expenses and is reimbursed by the tenant for the tenant’s pro rata share of recoverable expenses paid. Certain other tenants are subject to net leases which provide that the tenant is responsible for fixed base rent as well as all costs and expenses associated with occupancy. Under net leases where all expenses are paid directly by the tenant rather than the landlord, such expenses are not included in the consolidated statements of operations and comprehensive loss. Under leases where all expenses are paid by the Company, subject to reimbursement by the tenant, the expenses are included within property operating expenses and reimbursements are included in tenant recovery income on the consolidated statements of operations and comprehensive loss.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE 13 – SUBSEQUENT EVENTS The board of directors of the Company declared distributions payable to stockholders of record each day beginning on the close of business on October 1, 2015 through the close of business on December 31, 2015. Distributions were declared in a daily amount equal to $0.001643836 per share, based upon a 365-day period, which equates to $0.60 or a 6% annualized rate based on a purchase price of $10.00 per share. Distributions were paid monthly in arrears, as follows: Distribution Month Month Distribution Paid Gross of Distribution Paid Distribution Reinvested through DRP Shares Issued Net Cash Distribution September 2015 October 2015 $ 3,921 $ 2,108 221,941 $ 1,813 October 2015 November 2015 $ 4,311 $ 2,320 244,248 $ 1,991 The Company purchased the following properties from unaffiliated third parties subsequent to September 30, 2015. Date Acquired Property Name Location Square Footage Purchase Price 10/1/2015 Settlers Ridge Pittsburgh, PA 472,572 $ 139,150 10/1/2015 Milford Marketplace Milford, CT 112,257 34,050 10/16/2015 Marketplace at El Paseo Fresno, CA 224,683 70,000 10/19/2015 Blossom Valley Plaza Turlock, CA 111,558 21,725 10/22/2015 Village at Burlington Creek Kansas City, MO 158,046 35,446 10/29/2015 Oquirrh Mountain Marketplace South Jordan, Utah 71,750 22,094 Total 1,150,866 $ 322,465 Due to the timing of the acquisitions, the purchase price allocation for assets acquired and liabilities assumed at acquisition date and pro forma financial information are not being presented as the information was not available at the time of this filing. The Company entered into the following financings subsequent to September 30, 2015. Date Property Interest Rate (stated) Principal Amount Maturity Date Swap Rate 10/2/2015 Green Tree Shopping Center LIBOR + 1.45% $ 13,100 11/1/2022 3.24 % 10/22/2015 Village at Burlington Creek 4.25% $ 17,723 11/1/2025 — 10/29/2015 Oquirrh Mountain Marketplace LIBOR + 4.75% (floor 5.00%) $ 12,000 1/27/2016 — The Company terminated its Offering on October 16, 2015. As of the termination date, the Company had issued 86,161,431 shares of common stock, generating aggregate gross proceeds of $856,500. Of those amounts, 83,835,055 shares, generating aggregate gross proceeds of $834,399, were sold pursuant to the best efforts portion of the Offering and 2,326,376 shares, generating aggregate gross proceeds of $22,101, were sold pursuant to the DRP. On October 19, 2015, the Company filed a Registration Statement on Form S-3D pursuant to which the Company is offering up to 25,000,000 shares of common stock to its existing stockholders pursuant to the DRP at a price equal to $9.50 per share until such time as the Company reports an estimated value of its shares. On and after the date on which the Company reports an estimated value of its shares, the purchase price under the DRP will be equal to the estimated value of a share of common stock, as determined by the Company’s board of directors and reported by the Company from time to time.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
General	General The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year.
Consolidation	Consolidation The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries. Wholly owned subsidiaries generally consist of limited liability companies (“LLCs”). All intercompany balances and transactions have been eliminated in consolidation. Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities.
Fair Value Measurements	Fair Value Measurements 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. For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below: Fair Value Measurements at September 30, 2015 Quoted Active for Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Derivative interest rate swap agreements $ — $ (5,229 ) $ — Total liabilities $ — $ (5,229 ) $ — With the assistance of a third party, 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.
Acquisitions	Acquisitions Upon acquisition, the Company determines the total purchase price of each property (see Note 4 – “Acquisitions”), which includes the estimated contingent consideration to be paid or received in future periods, if any. The Company allocates the total purchase price of properties based on the fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase price unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The earnout payments are based on a predetermined formula applied to rental income received. The earnout agreements have a limited obligation period from the date of acquisition, as defined. If at the end of the time period certain space has not been leased, occupied and rent producing, the Company will have no further obligation to pay additional purchase price consideration and will retain ownership of that entire property. Based on its best estimate, the Company has recorded a liability for the potential future earnout payments using estimated fair value at the date of acquisition using Level 3 inputs including market rents ranging from $14.00 to $28.00 per square foot, probability of occupancy ranging from 10% to 100% based on leasing activity and utilizing a discount rate of 6.50% to 8.25%. The Company has recorded this earnout amount as additional purchase price of the related property and as a liability included in deferred investment property acquisition obligations on the accompanying consolidated balance sheets. The liability increases as the anticipated payment date draws near based on a present value; such increases in the liability are recorded as amortization expense on the accompanying consolidated statements of operations and comprehensive loss. The Company records changes in the underlying liability assumptions to acquisition related costs on the accompanying consolidated statements of operations and comprehensive loss.
Capitalization and Depreciation	Capitalization and Depreciation Real estate acquisitions are recorded at cost less accumulated depreciation. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred. Transactional costs in connection with the acquisition of real estate properties and businesses are expensed as incurred. 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 $5,473 and $1,869 for the three months ended September 30, 2015 and 2014, respectively, and $13,936 and $3,422 for the nine months ended September 30, 2015 and 2014, respectively.
REIT Status	REIT Status The Company has qualified and elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2013. As a result, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its taxable income (subject to certain adjustments) to its stockholders. The Company will monitor the business and transactions that may potentially impact its REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal (including any applicable alternative minimum tax) and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments. In August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt – Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to Security and Exchange Paragraphs Pursuant to Staff Announcement at June 18, 2015 Emerging Issues Task Force Meeting on August 18, 2015. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers,

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below: Fair Value Measurements at September 30, 2015 Quoted Active for Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Derivative interest rate swap agreements $ — $ (5,229 ) $ — Total liabilities $ — $ (5,229 ) $ —
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)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of 2015 Acquisitions	2015 Acquisitions Date Acquired Property Name Location Property Type Square Footage Purchase Price 1st Quarter 1/29/15 Shoppes at Lake Park West Valley City, UT Multi-Tenant Retail 52,997 $ 11,559 2/19/15 Plaza at Prairie Ridge Pleasant Prairie, WI Multi-Tenant Retail 9,035 3,400 3/13/15 Green Tree Center Katy, TX Multi-Tenant Retail 147,621 26,244 3/16/15 Eastside Junction Athens, AL Multi-Tenant Retail 79,700 12,278 3/16/15 Fairgrounds Crossing Hot Springs, AR Multi-Tenant Retail 155,127 29,197 3/16/15 Prattville Town Center Prattville, AL Multi-Tenant Retail 168,842 33,329 3/16/15 Regal Court Shreveport, LA Multi-Tenant Retail 362,961 50,363 3/16/15 Shops at Hawk Ridge St. Louis, MO Multi-Tenant Retail 75,951 12,721 3/16/15 Walgreens Plaza Jacksonville, NC Multi-Tenant Retail 42,219 13,663 3/16/15 Whispering Ridge Omaha, NE Multi-Tenant Retail 69,676 15,803 3/31/15 Frisco Marketplace (a) Frisco, TX Multi-Tenant Retail 112,024 11,040 2nd Quarter 4/08/15 White City Shrewsbury, MA Multi-Tenant Retail 257,080 96,750 4/21/15 Treasure Valley Nampa, ID Multi-Tenant Retail 112,259 15,200 4/28/15 Yorkville Marketplace Yorkville, IL Multi-Tenant Retail 111,591 24,501 5/27/15 Shoppes at Market Pointe Papillion, NE Multi-Tenant Retail 253,903 27,200 3rd Quarter 9/17/15 2727 Iowa Street Lawrence, KS Multi-Tenant Retail 84,981 18,622 2,095,967 $ 401,870 (a) 4,481 square feet of Frisco Marketplace was acquired on April 1, 2015 for $2,080.
Schedule of Major Assets Acquired and Liabilities Assumed	The following table presents certain additional information regarding the Company’s acquisitions during the nine months ended September 30, 2015. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Property Name Land Buildings and Improvements Acquired Lease Intangibles Acquired Below Market Lease Intangibles Fair Value Adjustment Related to the Assumption of Mortgages Payable Deferred Investment Property Acquisition Obligations Shoppes at Lake Park $ 2,285 $ 8,527 $ 1,533 $ (786 ) $ — $ — Plaza at Prairie Ridge 618 2,305 477 — — — Green Tree Center 7,218 17,846 2,723 (1,543 ) — — Eastside Junction 2,411 8,393 1,858 (116 ) (268 ) — Fairgrounds Crossing 6,069 22,638 3,740 (2,222 ) (1,028 ) — Prattville Town Center 5,336 27,648 3,871 (1,848 ) (1,678 ) — Regal Court 5,873 41,181 5,117 (1,808 ) — — Shops at Hawk Ridge 1,329 10,340 1,990 (938 ) — — Walgreens Plaza 2,624 9,682 1,944 (131 ) (456 ) — Whispering Ridge 4,121 10,417 1,465 (200 ) — — Frisco Marketplace 6,618 3,316 1,235 (129 ) — — White City 18,961 70,424 13,764 (6,399 ) — — Treasure Valley 3,133 9,679 2,565 (177 ) — — Yorkville Marketplace (a) 4,990 13,928 4,943 (152 ) — — Shoppes at Market Pointe 12,499 8,388 6,652 (339 ) — — 2727 Iowa Street 2,154 16,078 3,231 (912 ) — (1,929 ) $ 86,239 $ 280,790 $ 57,108 $ (17,700 ) $ (3,430 ) $ (1,929 ) (a) Purchase price included $792 of receivables included in other assets.
Schedule of Pro Forma Financial Information for Acquisitions	The following condensed pro forma consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 include pro forma adjustments related to the acquisitions and financings during 2014 and 2015. The 2014 and 2015 acquisitions are presented assuming the acquisitions occurred on January 1, 2013 and January 1, 2014, respectively. Acquisition expenses for the three months ended September 30, 2015 and 2014 of $445 and $955, respectively, and acquisition expenses for the nine months ended September 30, 2015 and 2014 of $4,873 and $4,219, respectively, related to each acquisition are not expected to have a continuing impact and, therefore, have been excluded from these pro forma results. Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Pro forma total income $ 20,008 $ 14,627 $ 58,679 $ 43,695 Pro forma net income $ 149 $ 2,917 $ 5,124 $ 4,146 Earnings per share $ — $ 0.04 $ 0.06 $ 0.05

Acquired Intangible Assets an23

Acquired Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities	The following table summarizes the Company’s identified intangible assets and liabilities as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Intangible assets: Acquired in place lease value $ 94,146 $ 48,848 Acquired above market lease value 17,385 5,575 Accumulated amortization (12,767 ) (2,732 ) Acquired lease intangibles, net $ 98,764 $ 51,691 Intangible liabilities: Acquired below market lease value $ 36,870 $ 19,170 Accumulated amortization (2,417 ) (494 ) Acquired below market lease intangibles, net $ 34,453 $ 18,676
Schedule of Amortization of Acquired In Place Lease Value, Above and Below Market Lease Value	Amortization pertaining to acquired in place lease value, above market lease value and below market lease value is summarized below: Three months ended September 30, Nine months ended September 30, Amortization recorded as amortization expense: 2015 2014 2015 2014 Acquired in place lease value $ 3,526 $ 709 $ 8,622 $ 1,304 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (631 ) $ (150 ) $ (1,413 ) $ (259 ) Acquired below market leases 733 181 1,923 276 Net rental income increase $ 102 $ 31 $ 510 $ 17
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of September 30, 2015 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2015 (remainder of year) $ 3,304 $ 583 $ (723 ) 2016 13,036 2,291 (2,834 ) 2017 12,455 2,104 (2,691 ) 2018 11,556 1,734 (2,539 ) 2019 10,255 1,366 (2,421 ) Thereafter 32,597 7,483 (23,245 ) Total $ 83,203 $ 15,561 $ (34,453 )

Debt and Derivative Instrumen24

Debt and Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Mortgages and Credit Facilities Payable	As of September 30, 2015 and December 31, 2014, the Company had the following mortgages and credit facilities payable: September 30, 2015 December 31, 2014 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed Rate Mortgages Payable $ 68,470 5.16 % $ 28,279 5.06 % Variable Rate Mortgages Payable with Swap Agreements 199,517 3.56 % 128,876 2.79 % Variable Rate Mortgages Payable 27,582 2.03 % 27,582 2.01 % Mortgages Payable 295,569 3.79 % 184,737 3.02 % Credit Facilities Payable 100,000 1.60 % — — Unamortized Debt Premiums 4,193 1,297 Total Debt $ 399,762 $ 186,034
Schedule of Principal Payments and Maturities of Company's Debt	As of September 30, 2015, scheduled principal payments and maturities on the Company’s debt were as follows: September 30, 2015 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facilities Total 2015 $ 35 $ — $ — $ 35 2016 108 2,943 — 3,051 2017 239 6,271 — 6,510 2018 205 15,260 — 15,465 2019 215 142,625 100,000 242,840 Thereafter 2,394 125,274 — 127,668 Total $ 3,196 $ 292,373 $ 100,000 $ 395,569
Summary of Interest Rate Swap Contracts Outstanding	The following table summarizes the Company’s interest rate swap contracts outstanding as of September 30, 2015. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value at September 2015 March 28, 2014 March 1, 2015 March 28, 2019 2.22 % $ 5,525 $ (236 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 14,200 (557 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 8,484 (303 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 11,684 (479 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 20,725 (832 ) June 27, 2014 July 1, 2014 July 1, 2019 1.85 % 24,352 (744 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 9,561 (327 ) December 16, 2014 December 16, 2014 June 22, 2016 1.97 % 13,359 (160 ) December 16, 2014 December 16, 2014 October 21, 2016 1.50 % 10,837 (125 ) December 16, 2014 December 16, 2014 May 9, 2017 1.13 % 10,150 (95 ) February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (213 ) April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 (815 ) July 8, 2015 August 1, 2015 May 22, 2019 1.43 % 1,426 (22 ) September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 (321 ) $ 199,517 $ (5,229 ) (a) Receive floating rate index based upon 1 month LIBOR
Schedule of Cash Flow Hedges and Classification on Consolidated Balance Sheets	The table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of September 30, 2015 and December 31, 2014. September 30, 2015 December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swap agreements Other $ 5,229 Other $ 2,089
Schedule of Derivative Financial Instruments on Consolidated Statements of Operations and Other Comprehensive Loss	The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and OCL for the three and nine months ended September 30, 2015 and 2014. Three months ended September 30, Nine months ended September 30, Derivatives in Cash Flow Hedging Relationships 2015 2014 2015 2014 Amount of Loss Recognized in OCL on Derivative (Effective Portion) $ (3,865 ) $ 230 $ (5,114 ) $ (542 ) Amount of Loss Reclassified from Accumulated OCL into Income (Effective Portion) $ 800 $ — $ 1,707 $ — Amount of Loss Recognized in Income on Derivative (Ineffective Portion) $ — $ — $ 2 $ — Three months ended September 30, Nine months ended September 30, Derivatives Not Designated as Hedging Instruments 2015 2014 2015 2014 Amount of Loss Recognized in Income on Derivative (Ineffective Portion) $ 98 $ — $ 269 $ (71 )

Distributions (Tables)

Distributions (Tables)	9 Months Ended
	Sep. 30, 2015
Distributions [Abstract]
Schedule of Distributions Paid and Declared	The table below presents the distributions paid and declared for the three and nine months ended September 30, 2015 and 2014. Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Distributions Paid $ 11,027 $ 2,881 $ 30,059 $ 5,731 Distributions Declared $ 11,509 $ 3,584 $ 31,955 $ 6,872

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Schedule of Change in Earnout Liability for Acquisition of Certain Properties	The table below presents the change in the Company’s earnout liability for the nine months ended September 30, 2015 and 2014. For the nine months ended September 30, 2015 2014 Earnout liability-beginning of period $ 3,646 $ 723 Increases: Acquisitions 1,929 4,211 Amortization expense 57 132 Decreases: Earnout payments (3,095 ) (1,868 ) Other: Adjustments to acquisition related costs 25 (9 ) Earnout liability – end of period $ 2,562 $ 3,189

Transactions with Related Par27

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2015 and 2014. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three months ended September 30, Nine months ended September 30, Amount Unpaid as of 2015 2014 2015 2014 September 2015 December 31, 2014 General and administrative reimbursements (a) $ 368 $ 121 $ 937 $ 285 $ 143 $ 139 Affiliate share purchase discounts (b) 4 23 28 64 — — Total general and administrative expenses $ 372 $ 144 $ 965 $ 349 $ 143 $ 139 Acquisition related costs $ 290 $ 209 $ 1,047 $ 463 $ 269 $ 157 Acquisition fees 302 710 3,570 3,268 302 — Total acquisition related costs (c) $ 592 $ 919 $ 4,617 $ 3,731 $ 571 $ 157 Offering costs (d) 9,240 14,498 37,145 23,297 69 210 Sponsor non-interest bearing advances (e) — — — — — 1,630 Real estate management fees (f) 669 212 1,801 391 — — Business management fees (g) 1,361 441 3,551 215 1,361 558 Sponsor contribution (h) — 140 3,283 640 — — (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses of the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (b) The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enables the related parties to purchase shares of common stock at $9.00 per share. The Company sold 28,061 and 64,017 shares to related parties during the nine months ended September 30, 2015 and 2014, respectively. (c) The Company pays the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition of real estate assets, regardless of whether the Company acquires the real estate assets, subject to limits, as defined. Such costs are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. For the nine months ended September 30, 2015, the Business Manager permanently waived acquisition fees of $2,510. (d) A related party of the Business Manager receives selling commissions equal to 7.0% of the sale price for each share sold and a marketing contribution equal to 3.0% of the gross offering proceeds from shares sold, the majority of which is re-allowed (paid) to third party soliciting dealers. The Company also reimburses a related party of the Business Manager and the soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds. The expenses will be reimbursed from amounts paid or re-allowed to these entities as a marketing contribution. The Company will reimburse the Sponsor, its affiliates and third parties for costs and other expenses of the Offering that they pay on the Company’s behalf, in an amount not to exceed 1.5% of the gross offering proceeds from shares sold in the “best efforts” Offering. The Company does not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the DRP. Offering costs are offset against the stockholders’ equity accounts. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (e) As of December 31, 2014, the Sponsor advanced $1,630 to pay offering and organizational costs, all of which has been repaid as of September 30, 2015. (f) For each property that is managed by Inland National Real Estate Services, LLC, or its affiliates, collectively the Real Estate Managers, the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. Each Real Estate Manager will determine, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by one of the Real Estate Managers or its affiliates, the Company will pay the Real Estate Manager a separate leasing fee based upon prevailing market rates applicable to the geographic market of that property. Further, in the event that the Company engages its Real Estate Managers to provide construction management services for a property, the Company will pay a separate construction management fee based upon prevailing market rates applicable to the geographic market of the project. For the nine months ended September 30, 2015, the Company incurred $70 in construction management fees which are included in Building and other improvements on the consolidated balance sheets. The Company also reimburses each Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Managers and their affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of any of the Real Estate Managers. Real estate management fees and reimbursable expenses are included in property operating expenses in the accompanying consolidated statements of operations and comprehensive loss. (g) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets,” as defined in the business management agreement, payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. For the nine months ended September 30, 2014, the Business Manager was entitled to a business management fee in the amount equal to $874, of which $433 was permanently waived. The Business Manager also permanently waived business management fees of $226 incurred for the year ended December 31, 2013 during the nine months ended September 30, 2014. No fees were waived for the nine months ended September 30, 2015. (h) For the nine months ended September 30, 2015 and 2014, the Sponsor contributed $3,283 and $640, respectively, to the Company. The Sponsor has not received, and will not receive, any additional shares of our common stock for making these contributions. There is no assurance that our Sponsor will continue to contribute any additional monies.

Operating Leases (Tables)

Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Schedule of Future Minimum Lease Payments to be Received Under Operating Leases	Minimum lease payments to be received under operating leases, including ground leases, as of September 30, 2015 for the years indicated are as follows: Minimum Lease Payments 2015 (remainder of year) $ 14,466 2016 56,398 2017 52,135 2018 46,944 2019 38,899 Thereafter 201,842 Total $ 410,684

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Schedule of Dividend Distributions	Distributions were paid monthly in arrears, as follows: Distribution Month Month Distribution Paid Gross of Distribution Paid Distribution Reinvested through DRP Shares Issued Net Cash Distribution September 2015 October 2015 $ 3,921 $ 2,108 221,941 $ 1,813 October 2015 November 2015 $ 4,311 $ 2,320 244,248 $ 1,991
Purchased Properties from Unaffiliated Third Parties	The Company purchased the following properties from unaffiliated third parties subsequent to September 30, 2015. Date Acquired Property Name Location Square Footage Purchase Price 10/1/2015 Settlers Ridge Pittsburgh, PA 472,572 $ 139,150 10/1/2015 Milford Marketplace Milford, CT 112,257 34,050 10/16/2015 Marketplace at El Paseo Fresno, CA 224,683 70,000 10/19/2015 Blossom Valley Plaza Turlock, CA 111,558 21,725 10/22/2015 Village at Burlington Creek Kansas City, MO 158,046 35,446 10/29/2015 Oquirrh Mountain Marketplace South Jordan, Utah 71,750 22,094 Total 1,150,866 $ 322,465
Financing for Purchased Properties	The Company entered into the following financings subsequent to September 30, 2015. Date Property Interest Rate (stated) Principal Amount Maturity Date Swap Rate 10/2/2015 Green Tree Shopping Center LIBOR + 1.45% $ 13,100 11/1/2022 3.24 % 10/22/2015 Village at Burlington Creek 4.25% $ 17,723 11/1/2025 — 10/29/2015 Oquirrh Mountain Marketplace LIBOR + 4.75% (floor 5.00%) $ 12,000 1/27/2016 —

Organization (Narrative) (Detai

Organization (Narrative) (Details)	Sep. 30, 2015ft²PropertyState
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of retail properties owned | Property	47
Square footage of real estate properties owned	4,633,023
Number of states in which company owns real estate properties | State	20
Weighted average physical occupancy rate of property portfolio	96.20%
Weighted average economic occupancy rate of property portfolio	97.00%

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of liabilities measured on recurring basis	$ (5,229)
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of liabilities measured on recurring basis	(5,229)
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap Agreements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of liabilities measured on recurring basis	$ (5,229)

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Acquisitions Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)$ / ft²	Sep. 30, 2014USD ($)
Acquired Finite Lived Intangible Assets [Line Items]
Depreciation expense | $	$ 5,473	$ 1,869	$ 13,936	$ 3,422
Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Fair value inputs, market rents (price per square foot)			14
Fair value inputs, probability of occupancy			10.00%
Fair value inputs, discount rate			6.50%
Fair Value, Inputs, Level 3 [Member] | Maximum [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Fair value inputs, market rents (price per square foot)			28
Fair value inputs, probability of occupancy			100.00%
Fair value inputs, discount rate			8.25%

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives of Assets ) (Details)	9 Months Ended
	Sep. 30, 2015
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]
Estimated useful lives, description	Shorter of the life of the asset or the term of the related lease
Leasing fees [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives, description	Term of the related lease

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Equity [Line Items]
Common stock, shares authorized	1,460,000,000	1,460,000,000		1,460,000,000		1,460,000,000
Common stock shares issued excluding DRP	79,717,028	79,717,028		79,717,028
Proceeds from issuance of common stock excluding DRP				$ 793,358
Proceeds from distribution reinvestment plan	$ 2,108,000			14,116,000
Stock repurchase program, amount		$ 811,000	$ 40,000	$ 2,510,000	$ 77,000
Minimum [Member]
Equity [Line Items]
Stock repurchase program, to be held				1 year
Maximum [Member]
Equity [Line Items]
Stock repurchase program shares issued in percentage				5.00%
DRP [Member]
Equity [Line Items]
Common stock, shares authorized	30,000,000	30,000,000		30,000,000
Price of each common share	$ 9.50	$ 9.50		$ 9.50
Proceeds from distribution reinvestment plan		$ 5,905,000	$ 1,462,000	$ 14,115,000	$ 2,890,000
Amended DRP
Equity [Line Items]
Common stock, shares authorized	25,000,000	25,000,000		25,000,000
Price of each common share	$ 9.50	$ 9.50		$ 9.50
IPO [Member]
Equity [Line Items]
Common stock, shares authorized	150,000,000	150,000,000		150,000,000
Price of each common share	$ 10	$ 10		$ 10

Acquisitions (Schedule of 2015

Acquisitions (Schedule of 2015 Acquisitions) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)ft²
Business Acquisition [Line Items]
Property acquisition, Square Footage	4,633,023
Shoppes at Lake Park [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Jan. 29, 2015
Property acquisition, Location	West Valley City, UT
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	52,997
Property acquisition, Purchase Price | $	$ 11,559
Plaza at Prairie Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Feb. 19, 2015
Property acquisition, Location	Pleasant Prairie, WI
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	9,035
Property acquisition, Purchase Price | $	$ 3,400
Green Tree Center [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Mar. 13, 2015
Property acquisition, Location	Katy, TX
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	147,621
Property acquisition, Purchase Price | $	$ 26,244
Eastside Junction [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Mar. 16, 2015
Property acquisition, Location	Athens, AL
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	79,700
Property acquisition, Purchase Price | $	$ 12,278
Fairgrounds Crossing [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Mar. 16, 2015
Property acquisition, Location	Hot Springs, AR
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	155,127
Property acquisition, Purchase Price | $	$ 29,197
Prattville Town Center [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Mar. 16, 2015
Property acquisition, Location	Prattville, AL
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	168,842
Property acquisition, Purchase Price | $	$ 33,329
Regal Court [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Mar. 16, 2015
Property acquisition, Location	Shreveport, LA
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	362,961
Property acquisition, Purchase Price | $	$ 50,363
Shops at Hawk Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Mar. 16, 2015
Property acquisition, Location	St. Louis, MO
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	75,951
Property acquisition, Purchase Price | $	$ 12,721
Walgreens Plaza [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Mar. 16, 2015
Property acquisition, Location	Jacksonville, NC
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	42,219
Property acquisition, Purchase Price | $	$ 13,663
Whispering Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Mar. 16, 2015
Property acquisition, Location	Omaha, NE
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	69,676
Property acquisition, Purchase Price | $	$ 15,803
Frisco Marketplace [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Mar. 31, 2015	[1]
Property acquisition, Location	Frisco, TX	[1]
Property acquisition, Property Type	Multi-Tenant Retail	[1]
Property acquisition, Square Footage	112,024	[1]
Property acquisition, Purchase Price | $	$ 11,040	[1]
White City [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Apr. 8, 2015
Property acquisition, Location	Shrewsbury, MA
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	257,080
Property acquisition, Purchase Price | $	$ 96,750
Treasure Valley [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Apr. 21, 2015
Property acquisition, Location	Nampa, ID
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	112,259
Property acquisition, Purchase Price | $	$ 15,200
Yorkville Marketplace [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Apr. 28, 2015
Property acquisition, Location	Yorkville, IL
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	111,591
Property acquisition, Purchase Price | $	$ 24,501
Shoppes at Market Pointe [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	May 27, 2015
Property acquisition, Location	Papillion, NE
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	253,903
Property acquisition, Purchase Price | $	$ 27,200
2727 lowa Street [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Sep. 17, 2015
Property acquisition, Location	Lawrence, KS
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage	84,981
Property acquisition, Purchase Price | $	$ 18,622
Total Acquisitions [Member]
Business Acquisition [Line Items]
Property acquisition, Square Footage	2,095,967
Property acquisition, Purchase Price | $	$ 401,870
Frisco Marketplace [Member]
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Apr. 1, 2015
Property acquisition, Location	Frisco, TX
Property acquisition, Square Footage	4,481
Property acquisition, Purchase Price | $	$ 2,080
[1]	4,481 square feet of Frisco Marketplace was acquired on April 1, 2015 for $2,080.

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)
Business Acquisition [Line Items]
Number of properties acquired during period | Property			16
Assumption of mortgage debt at acquisition			$ 40,303
Acquisition related costs incurred during the period	$ 1,071	$ 1,020	5,941	$ 4,384
Total acquisition fees waived by business manager during period			2,510
Revenue	19,762	6,042	49,716	11,287
Net income (loss)	(262)	(817)	(4,385)	(3,744)
Acquisition expense	$ 445	$ 955	4,873	$ 4,219
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Assumption of mortgage debt at acquisition			110,944
Total Acquisitions [Member]
Business Acquisition [Line Items]
Revenue			17,867
Net income (loss)			$ 3,501

Acquisitions (Schedule of Major

Acquisitions (Schedule of Major Assets Acquired and Liabilities Assumed) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Shoppes at Lake Park [Member]
Business Acquisition [Line Items]
Property acquisition, Land	$ 2,285
Property acquisition, Buildings and Improvements	8,527
Property acquisition, Acquired Lease Intangibles	1,533
Property acquisition, Acquired Below Market Lease Intangibles	(786)
Plaza at Prairie Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, Land	618
Property acquisition, Buildings and Improvements	2,305
Property acquisition, Acquired Lease Intangibles	477
Green Tree Center [Member]
Business Acquisition [Line Items]
Property acquisition, Land	7,218
Property acquisition, Buildings and Improvements	17,846
Property acquisition, Acquired Lease Intangibles	2,723
Property acquisition, Acquired Below Market Lease Intangibles	(1,543)
Eastside Junction [Member]
Business Acquisition [Line Items]
Property acquisition, Land	2,411
Property acquisition, Buildings and Improvements	8,393
Property acquisition, Acquired Lease Intangibles	1,858
Property acquisition, Acquired Below Market Lease Intangibles	(116)
Property acquisition, Fair Value Adjustment Related to the Assumption of Mortgages Payable	(268)
Fairgrounds Crossing [Member]
Business Acquisition [Line Items]
Property acquisition, Land	6,069
Property acquisition, Buildings and Improvements	22,638
Property acquisition, Acquired Lease Intangibles	3,740
Property acquisition, Acquired Below Market Lease Intangibles	(2,222)
Property acquisition, Fair Value Adjustment Related to the Assumption of Mortgages Payable	(1,028)
Prattville Town Center [Member]
Business Acquisition [Line Items]
Property acquisition, Land	5,336
Property acquisition, Buildings and Improvements	27,648
Property acquisition, Acquired Lease Intangibles	3,871
Property acquisition, Acquired Below Market Lease Intangibles	(1,848)
Property acquisition, Fair Value Adjustment Related to the Assumption of Mortgages Payable	(1,678)
Regal Court [Member]
Business Acquisition [Line Items]
Property acquisition, Land	5,873
Property acquisition, Buildings and Improvements	41,181
Property acquisition, Acquired Lease Intangibles	5,117
Property acquisition, Acquired Below Market Lease Intangibles	(1,808)
Shops at Hawk Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, Land	1,329
Property acquisition, Buildings and Improvements	10,340
Property acquisition, Acquired Lease Intangibles	1,990
Property acquisition, Acquired Below Market Lease Intangibles	(938)
Walgreens Plaza [Member]
Business Acquisition [Line Items]
Property acquisition, Land	2,624
Property acquisition, Buildings and Improvements	9,682
Property acquisition, Acquired Lease Intangibles	1,944
Property acquisition, Acquired Below Market Lease Intangibles	(131)
Property acquisition, Fair Value Adjustment Related to the Assumption of Mortgages Payable	(456)
Whispering Ridge [Member]
Business Acquisition [Line Items]
Property acquisition, Land	4,121
Property acquisition, Buildings and Improvements	10,417
Property acquisition, Acquired Lease Intangibles	1,465
Property acquisition, Acquired Below Market Lease Intangibles	(200)
Frisco Marketplace [Member]
Business Acquisition [Line Items]
Property acquisition, Land	6,618
Property acquisition, Buildings and Improvements	3,316
Property acquisition, Acquired Lease Intangibles	1,235
Property acquisition, Acquired Below Market Lease Intangibles	(129)
White City [Member]
Business Acquisition [Line Items]
Property acquisition, Land	18,961
Property acquisition, Buildings and Improvements	70,424
Property acquisition, Acquired Lease Intangibles	13,764
Property acquisition, Acquired Below Market Lease Intangibles	(6,399)
Treasure Valley [Member]
Business Acquisition [Line Items]
Property acquisition, Land	3,133
Property acquisition, Buildings and Improvements	9,679
Property acquisition, Acquired Lease Intangibles	2,565
Property acquisition, Acquired Below Market Lease Intangibles	(177)
Yorkville Marketplace [Member]
Business Acquisition [Line Items]
Property acquisition, Land	4,990	[1]
Property acquisition, Buildings and Improvements	13,928	[1]
Property acquisition, Acquired Lease Intangibles	4,943	[1]
Property acquisition, Acquired Below Market Lease Intangibles	(152)	[1]
Property acquisition, other assets	792
Shoppes at Market Pointe [Member]
Business Acquisition [Line Items]
Property acquisition, Land	12,499
Property acquisition, Buildings and Improvements	8,388
Property acquisition, Acquired Lease Intangibles	6,652
Property acquisition, Acquired Below Market Lease Intangibles	(339)
2727 lowa Street [Member]
Business Acquisition [Line Items]
Property acquisition, Land	2,154
Property acquisition, Buildings and Improvements	16,078
Property acquisition, Acquired Lease Intangibles	3,231
Property acquisition, Acquired Below Market Lease Intangibles	(912)
Property acquisition, Deferred Investment Property Acquisition Obligations	(1,929)
Total Acquisitions [Member]
Business Acquisition [Line Items]
Property acquisition, Land	86,239
Property acquisition, Buildings and Improvements	280,790
Property acquisition, Acquired Lease Intangibles	57,108
Property acquisition, Acquired Below Market Lease Intangibles	(17,700)
Property acquisition, Fair Value Adjustment Related to the Assumption of Mortgages Payable	(3,430)
Property acquisition, Deferred Investment Property Acquisition Obligations	$ (1,929)
[1]	Purchase price included $792 of receivables included in other assets.

Acquisitions (Schedule of Pro F

Acquisitions (Schedule of Pro Forma Financial Information for Acquisitions) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Combinations [Abstract]
Pro forma total income	$ 20,008	$ 14,627	$ 58,679	$ 43,695
Pro forma net income	$ 149	$ 2,917	$ 5,124	$ 4,146
Earnings per share		$ 0.04	$ 0.06	$ 0.05

Schedule of Intangible Assets a

Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Intangible assets:
Accumulated amortization	$ (12,767)	$ (2,732)
Acquired lease intangibles, net	98,764	51,691
Intangible liabilities:
Accumulated amortization	(2,417)	(494)
Acquired below market lease intangibles, net	34,453	18,676
Acquired in-place lease value [Member]
Intangible assets:
Acquired intangible assets	94,146	48,848
Acquired lease intangibles, net	83,203
Acquired above market lease value [Member]
Intangible assets:
Acquired intangible assets	17,385	5,575
Acquired lease intangibles, net	15,561
Acquired below market lease value [Member]
Intangible liabilities:
Acquired intangible assets	$ 36,870	$ 19,170

Acquired Intangible Assets an40

Acquired Intangible Assets and Liabilities - Narrative (Details)	9 Months Ended
	Sep. 30, 2015
Acquired in-place lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible liabilities, weighted average amortization period	9 years
Acquired above market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible liabilities, weighted average amortization period	11 years
Acquired below market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible liabilities, weighted average amortization period	17 years

Schedule of Amortization Pertai

Schedule of Amortization Pertaining to Acquired in Place Lease Value and Market Lease Values (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 102	$ 31	$ 510	$ 17
Acquired in-place lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as amortization expense	3,526	709	8,622	1,304
Acquired above market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	(631)	(150)	(1,413)	(259)
Acquired below market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 733	$ 181	$ 1,923	$ 276

Schedule of Estimated Amortizat

Schedule of Estimated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Future amortization for acquired in-place and above market lease assets:
Acquired lease intangibles, net	$ 98,764	$ 51,691
Future amortization for below market lease liabilities:
2015 (remainder of year)	(723)
2,016	(2,834)
2,017	(2,691)
2,018	(2,539)
2,019	(2,421)
Thereafter	(23,245)
Total	(34,453)	$ (18,676)
Acquired in-place lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2015 (remainder of year)	3,304
2,016	13,036
2,017	12,455
2,018	11,556
2,019	10,255
Thereafter	32,597
Acquired lease intangibles, net	83,203
Acquired above market lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2015 (remainder of year)	583
2,016	2,291
2,017	2,104
2,018	1,734
2,019	1,366
Thereafter	7,483
Acquired lease intangibles, net	$ 15,561

Debt and Derivative Instrumen43

Debt and Derivative Instruments (Schedule of Mortgages and Credit Facilities Payable) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 295,569	$ 184,737
Credit Facilities Payable	100,000
Unamortized Debt Premiums	4,193	1,297
Total Debt	$ 399,762	$ 186,034
Mortgages Payable, Weighted Average Interest Rate	3.79%	3.02%
Credit Facilities Payable, Weighted Average Interest Rate	1.60%
Fixed Rate Mortgages Payable
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 68,470	$ 28,279
Mortgages Payable, Weighted Average Interest Rate	5.16%	5.06%
Variable Rate Mortgages Payable With Swap Agreements
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 199,517	$ 128,876
Mortgages Payable, Weighted Average Interest Rate	3.56%	2.79%
Variable Rate Mortgages Payable
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 27,582	$ 27,582
Mortgages Payable, Weighted Average Interest Rate	2.03%	2.01%

Debt and Derivative Instrumen44

Debt and Derivative Instruments (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Indebtedness includes effects of interest rate swap, weighted average interest rate	3.23%	3.23%		3.23%
Carrying value of debt	$ 399,762,000	$ 399,762,000		$ 399,762,000		$ 186,034,000
Estimated fair value of debt	398,677,000	398,677,000		398,677,000		$ 185,260,000
Credit facility, carrying amount	100,000,000	100,000,000		100,000,000
Interest expense incurred on derivative instruments		(98,000)	$ (267,000)	0	$ 71,000
Amount expected to be reclassified from accumulated OCL into income in the next twelve months				$ 3,189,000
Fixed Rate Mortgages Payable [Member]
Debt Instrument [Line Items]
Weighted Average Years to Maturity				5 years
KeyBanc Capital Markets, Inc. [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	100,000,000	100,000,000		$ 100,000,000
Line of credit accordion feature to increase available borrowings	$ 400,000,000	400,000,000		400,000,000
Credit facility, maturity date	Sep. 30, 2019
Extension fee percentage	0.15%
Credit facility, carrying amount	$ 100,000,000	$ 100,000,000		$ 100,000,000
Credit facility, interest rate	1.60%
Line of credit facility, interest rate description				Monthly interest-only payments at a rate of one month LIBOR plus a margin ranging from 1.40% to 2.25% on the outstanding balance of the credit facility depending on leverage levels or the alternative base rate plus a margin ranging from 0.40% to 1.25% of the outstanding balance of the credit facility depending on leverage levels
Line of credit facility, commitment fee description				Quarterly unused fees based on an annual rate of 0.15% or 0.25%, depending on the undrawn amount
Line of credit facility, unused capacity, commitment fee percentage, scenario one				0.15%
Line of credit facility, unused capacity, commitment fee percentage, scenario two				0.25%
KeyBanc Capital Markets, Inc. [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis spread				1.40%
KeyBanc Capital Markets, Inc. [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Variable rate basis spread				0.40%
KeyBanc Capital Markets, Inc. [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis spread				2.25%
KeyBanc Capital Markets, Inc. [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Variable rate basis spread				1.25%

Debt and Derivative Instrumen45

Debt and Derivative Instruments (Schedule of Principal Payments and Maturities of Company's Debt) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
2,015	$ 35
2,016	3,051
2,017	6,510
2,018	15,465
2,019	242,840
Thereafter	127,668
Total	395,569
Maturity of Credit Facilities [Member]
Debt Instrument [Line Items]
2,019	100,000
Total	100,000
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
2,015	35
2,016	108
2,017	239
2,018	205
2,019	215
Thereafter	2,394
Total	3,196
Maturities of Mortgage Loans [Member]
Debt Instrument [Line Items]
2,016	2,943
2,017	6,271
2,018	15,260
2,019	142,625
Thereafter	125,274
Total	$ 292,373

Debt and Derivative Instrumen46

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Derivative [Line Items]
Derivative instrument, notional amount	$ 199,517
Fair value of derivative liabilities measured on recurring basis	$ (5,229)
Interest Rate Swap [Member] | Interest Rate Swap One [Member]
Derivative [Line Items]
Derivative instrument, date entered	Mar. 28, 2014
Derivative instrument, effective date	Mar. 1, 2015
Derivative instrument, maturity date	Mar. 28, 2019
Derivative instrument, pay fixed interest rate	2.22%	[1]
Derivative instrument, notional amount	$ 5,525
Fair value of derivative liabilities measured on recurring basis	$ (236)
Interest Rate Swap [Member] | Interest Rate Swap Two [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 8, 2014
Derivative instrument, effective date	May 5, 2015
Derivative instrument, maturity date	May 7, 2019
Derivative instrument, pay fixed interest rate	2.10%	[1]
Derivative instrument, notional amount	$ 14,200
Fair value of derivative liabilities measured on recurring basis	$ (557)
Interest Rate Swap [Member] | Interest Rate Swap Three [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 23, 2014
Derivative instrument, effective date	May 1, 2015
Derivative instrument, maturity date	May 22, 2019
Derivative instrument, pay fixed interest rate	2.00%	[1]
Derivative instrument, notional amount	$ 8,484
Fair value of derivative liabilities measured on recurring basis	$ (303)
Interest Rate Swap [Member] | Interest Rate Swap Four [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jun. 6, 2014
Derivative instrument, effective date	Jun. 1, 2015
Derivative instrument, maturity date	May 8, 2019
Derivative instrument, pay fixed interest rate	2.15%	[1]
Derivative instrument, notional amount	$ 11,684
Fair value of derivative liabilities measured on recurring basis	$ (479)
Interest Rate Swap [Member] | Interest Rate Swap Five [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jun. 26, 2014
Derivative instrument, effective date	Jul. 5, 2015
Derivative instrument, maturity date	Jul. 5, 2019
Derivative instrument, pay fixed interest rate	2.11%	[1]
Derivative instrument, notional amount	$ 20,725
Fair value of derivative liabilities measured on recurring basis	$ (832)
Interest Rate Swap [Member] | Interest Rate Swap Six [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jun. 27, 2014
Derivative instrument, effective date	Jul. 1, 2014
Derivative instrument, maturity date	Jul. 1, 2019
Derivative instrument, pay fixed interest rate	1.85%	[1]
Derivative instrument, notional amount	$ 24,352
Fair value of derivative liabilities measured on recurring basis	$ (744)
Interest Rate Swap [Member] | Interest Rate Swap Seven [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jul. 31, 2014
Derivative instrument, effective date	Jul. 31, 2014
Derivative instrument, maturity date	Jul. 31, 2019
Derivative instrument, pay fixed interest rate	1.94%	[1]
Derivative instrument, notional amount	$ 9,561
Fair value of derivative liabilities measured on recurring basis	$ (327)
Interest Rate Swap [Member] | Interest Rate Swap Eight [Member]
Derivative [Line Items]
Derivative instrument, date entered	Dec. 16, 2014
Derivative instrument, effective date	Dec. 16, 2014
Derivative instrument, maturity date	Jun. 22, 2016
Derivative instrument, pay fixed interest rate	1.97%	[1]
Derivative instrument, notional amount	$ 13,359
Fair value of derivative liabilities measured on recurring basis	$ (160)
Interest Rate Swap [Member] | Interest Rate Swap Nine [Member]
Derivative [Line Items]
Derivative instrument, date entered	Dec. 16, 2014
Derivative instrument, effective date	Dec. 16, 2014
Derivative instrument, maturity date	Oct. 21, 2016
Derivative instrument, pay fixed interest rate	1.50%	[1]
Derivative instrument, notional amount	$ 10,837
Fair value of derivative liabilities measured on recurring basis	$ (125)
Interest Rate Swap [Member] | Interest Rate Swap Ten [Member]
Derivative [Line Items]
Derivative instrument, date entered	Dec. 16, 2014
Derivative instrument, effective date	Dec. 16, 2014
Derivative instrument, maturity date	May 9, 2017
Derivative instrument, pay fixed interest rate	1.13%	[1]
Derivative instrument, notional amount	$ 10,150
Fair value of derivative liabilities measured on recurring basis	$ (95)
Interest Rate Swap [Member] | Interest Rate Swap Eleven [Member]
Derivative [Line Items]
Derivative instrument, date entered	Feb. 11, 2015
Derivative instrument, effective date	Mar. 2, 2015
Derivative instrument, maturity date	Mar. 1, 2022
Derivative instrument, pay fixed interest rate	2.02%	[1]
Derivative instrument, notional amount	$ 6,114
Fair value of derivative liabilities measured on recurring basis	$ (213)
Interest Rate Swap [Member] | Interest Rate Swap Twelve [Member]
Derivative [Line Items]
Derivative instrument, date entered	Apr. 7, 2015
Derivative instrument, effective date	Apr. 7, 2015
Derivative instrument, maturity date	Apr. 7, 2022
Derivative instrument, pay fixed interest rate	1.74%	[1]
Derivative instrument, notional amount	$ 49,400
Fair value of derivative liabilities measured on recurring basis	$ (815)
Interest Rate Swap [Member] | Interest Rate Swap Thirteen [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jul. 8, 2015
Derivative instrument, effective date	Aug. 1, 2015
Derivative instrument, maturity date	May 22, 2019
Derivative instrument, pay fixed interest rate	1.43%	[1]
Derivative instrument, notional amount	$ 1,426
Fair value of derivative liabilities measured on recurring basis	$ (22)
Interest Rate Swap [Member] | Interest Rate Swap Fourteen [Member]
Derivative [Line Items]
Derivative instrument, date entered	Sep. 17, 2015
Derivative instrument, effective date	Sep. 17, 2015
Derivative instrument, maturity date	Sep. 17, 2022
Derivative instrument, pay fixed interest rate	1.90%	[1]
Derivative instrument, notional amount	$ 13,700
Fair value of derivative liabilities measured on recurring basis	$ (321)
[1]	Receive floating rate index based upon 1 month LIBOR

Debt and Derivative Instrumen47

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Derivative instrument, receive floating rate index	1 month LIBOR

Debt and Derivative Instrumen48

Debt and Derivative Instruments (Schedule of Cash Flow Hedges and Classification on Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges - interest rate swap agreements	$ 5,229	$ 2,089

Debt and Derivative Instrumen49

Debt and Derivative Instruments (Derivatives on Consolidated Statements of Operations and Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCL on Derivative (Effective Portion)	$ (3,865)	$ 230	$ (5,114)	$ (542)
Amount of Loss Reclassified from Accumulated OCL into Income (Effective Portion)	800		1,707
Amount of Loss Recognized in Income on Derivative (Ineffective Portion)			2
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in Income on Derivative (Ineffective Portion)	$ 98		$ 269	$ (71)

Distributions (Details)

Distributions (Details)	Sep. 30, 2015$ / shares
Distributions [Abstract]
Amount per share of distributions	$ 0.001643836

Distributions (Schedule of Dist

Distributions (Schedule of Distributions Paid and Declared) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Distributions [Abstract]
Distributions Paid		$ 11,027	$ 2,881	$ 30,059	$ 5,731
Distributions Declared	$ 3,921	$ 11,509	$ 3,584	$ 31,955	$ 6,872

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Dilutive common share equivalents outstanding	0	0

Commitments and Contingencies53

Commitments and Contingencies (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Commitments And Contingencies Disclosure [Abstract]
The maximum potential earnout payment for acquisitions made during period	$ 3,645
Earnout liability-beginning of period	3,646	$ 723
Increases:
Acquisitions	1,929	4,211
Amortization expense	57	132
Decreases:
Earnout payments	(3,095)	(1,868)
Other:
Adjustments to acquisition related costs	25	(9)
Earnout liability – end of period	$ 2,562	$ 3,189

Segment Reporting (Details)

Segment Reporting (Details) - Segment	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Concentration Risk [Line Items]
Number of reportable segments	1	1
Rental Revenue [Member] | Roundy's Supermarkets, Inc. [Member]
Concentration Risk [Line Items]
Concentration risk percentage	5.80%

Transactions with Related Par55

Transactions with Related Parties (Narrative) (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2014
Related Party Transactions [Abstract]
Number of common stock shares owned in related party	1,000			1,000
Value of common stock shares owned in related party	$ 1,000			$ 1,000
Price per share of common stock sold to related parties during period	$ 9	$ 9
Common stock shares sold to related party during period	28,061	64,017
Total acquisition fees waived by business manager during period	$ 2,510,000
Amount of advances received from Sponsor, repaid during period	1,630,000
Construction management fee expense incurred during period	$ 70,000
Annual business management fee to its average invested assets, percentage	0.65%
Quarterly payable business management fee to its average invested assets, percentage	0.1625%
Business management fee before waiver		$ 874,000
Business management fees waived during period	$ 0	433,000	$ 226,000
Expenses incurred with related party	$ 3,283,000	$ 640,000

Transactions with Related Par56

Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party		$ 372	$ 144	$ 965	$ 349
Expenses incurred with related party				3,283	640
Due to related parties		2,144		2,144		$ 2,694
Acquisition related costs	[1]	571		571		157
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party	[2]	368	121	937	285
Due to related parties	[2]	143		143		139
Affiliate Share Purchase Discounts [Member]
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party	[3]	4	23	28	64
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party		290	209	1,047	463
Acquisition related costs		269		269		157
Acquisition Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party		302	710	3,570	3,268
Acquisition related costs		302		302
Total Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[1]	592	919	4,617	3,731
Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[4]	9,240	14,498	37,145	23,297
Due to related parties	[4]	69		69		210
Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Due to related parties	[5]					1,630
Real Estate Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[6]	669	212	1,801	391
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[7]	1,361	441	3,551	215
Due to related parties	[7]	$ 1,361		1,361		$ 558
Sponsor Contribution [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[8]		$ 140	$ 3,283	$ 640
[1]	The Company pays the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired.  The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition of real estate assets, regardless of whether the Company acquires the real estate assets, subject to limits, as defined.  Such costs are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss.  Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.  For the nine months ended September 30, 2015, the Business Manager permanently waived acquisition fees of $2,510.
[2]	The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses of the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
[3]	The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enables the related parties to purchase shares of common stock at $9.00 per share. The Company sold 28,061 and 64,017 shares to related parties during the nine months ended September 30, 2015 and 2014, respectively.
[4]	A related party of the Business Manager receives selling commissions equal to 7.0% of the sale price for each share sold and a marketing contribution equal to 3.0% of the gross offering proceeds from shares sold, the majority of which is re-allowed (paid) to third party soliciting dealers. The Company also reimburses a related party of the Business Manager and the soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds.  The expenses will be reimbursed from amounts paid or re-allowed to these entities as a marketing contribution.  The Company will reimburse the Sponsor, its affiliates and third parties for costs and other expenses of the Offering that they pay on the Company’s behalf, in an amount not to exceed 1.5% of the gross offering proceeds from shares sold in the “best efforts” Offering.  The Company does not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the DRP. Offering costs are offset against the stockholders’ equity accounts.  Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
[5]	As of December 31, 2014, the Sponsor advanced $1,630 to pay offering and organizational costs, all of which has been repaid as of September 30, 2015.
[6]	For each property that is managed by Inland National Real Estate Services, LLC, or its affiliates, collectively the Real Estate Managers, the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. Each Real Estate Manager will determine, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by one of the Real Estate Managers or its affiliates, the Company will pay the Real Estate Manager a separate leasing fee based upon prevailing market rates applicable to the geographic market of that property. Further, in the event that the Company engages its Real Estate Managers to provide construction management services for a property, the Company will pay a separate construction management fee based upon prevailing market rates applicable to the geographic market of the project. For the nine months ended September 30, 2015, the Company incurred $70 in construction management fees which are included in Building and other improvements on the consolidated balance sheets. The Company also reimburses each Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Managers and their affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of any of the Real Estate Managers.  Real estate management fees and reimbursable expenses are included in property operating expenses in the accompanying consolidated statements of operations and comprehensive loss.
[7]	The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets,” as defined in the business management agreement, payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. For the nine months ended September 30, 2014, the Business Manager was entitled to a business management fee in the amount equal to $874, of which $433 was permanently waived. The Business Manager also permanently waived business management fees of $226 incurred for the year ended December 31, 2013 during the nine months ended September 30, 2014. No fees were waived for the nine months ended September 30, 2015.
[8]	For the nine months ended September 30, 2015 and 2014, the Sponsor contributed $3,283 and $640, respectively, to the Company. The Sponsor has not received, and will not receive, any additional shares of our common stock for making these contributions. There is no assurance that our Sponsor will continue to contribute any additional monies.

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	Sep. 30, 2015USD ($)
Leases [Abstract]
2015 (remainder of year)	$ 14,466
2,016	56,398
2,017	52,135
2,018	46,944
2,019	38,899
Thereafter	201,842
Total	$ 410,684

Operating Leases (Narrative) (D

Operating Leases (Narrative) (Details)	9 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Remaining lease terms range description	from less than 1 year to 22 years.

Subsequent Events (Distribution

Subsequent Events (Distributions) (Details)	9 Months Ended
	Sep. 30, 2015$ / shares
Subsequent Event [Line Items]
Amount per share of distributions	$ 0.001643836
Annualized dividend per share	$ 0.60
Annualized dividend rate	6.00%
Purchase price per share	$ 10
Minimum [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Oct. 1, 2015
Maximum [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Dec. 31, 2015

Subsequent Events (Schedule of

Subsequent Events (Schedule of Dividend Distributions) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Month Distribution Paid		2015-10	2015-10		2015-10
Gross Amount of Distribution Paid		$ 3,921	$ 11,509	$ 3,584	$ 31,955	$ 6,872
Distribution Reinvested through DRP		$ 2,108			$ 14,116
Shares Issued		221,941
Net Cash Distribution		$ 1,813
Subsequent Event [Member]
Subsequent Event [Line Items]
Month Distribution Paid	2015-11
Gross Amount of Distribution Paid	$ 4,311
Distribution Reinvested through DRP	$ 2,320
Shares Issued	244,248
Net Cash Distribution	$ 1,991

Subsequent Events (Purchased Pr

Subsequent Events (Purchased Properties from Unaffiliated Third Parties) (Details) $ in Thousands	1 Months Ended
	Oct. 29, 2015USD ($)ft²	Sep. 30, 2015ft²
Subsequent Event [Line Items]
Property acquisition, Square Footage		4,633,023
Subsequent Event [Member]
Subsequent Event [Line Items]
Property acquisition, Square Footage	1,150,866
Property acquisition, Purchase Price | $	$ 322,465
Subsequent Event [Member] | Settlers Ridge [Member]
Subsequent Event [Line Items]
Property acquisition, Date Acquired	Oct. 1, 2015
Property Name	Settlers Ridge
Property acquisition, Location	Pittsburgh, PA
Property acquisition, Square Footage	472,572
Property acquisition, Purchase Price | $	$ 139,150
Subsequent Event [Member] | Milford Marketplace [Member]
Subsequent Event [Line Items]
Property acquisition, Date Acquired	Oct. 1, 2015
Property Name	Milford Marketplace
Property acquisition, Location	Milford, CT
Property acquisition, Square Footage	112,257
Property acquisition, Purchase Price | $	$ 34,050
Subsequent Event [Member] | Marketplace at El Paseo [Member]
Subsequent Event [Line Items]
Property acquisition, Date Acquired	Oct. 16, 2015
Property Name	Marketplace at El Paseo
Property acquisition, Location	Fresno, CA
Property acquisition, Square Footage	224,683
Property acquisition, Purchase Price | $	$ 70,000
Subsequent Event [Member] | Blossom Valley Plaza [Member]
Subsequent Event [Line Items]
Property acquisition, Date Acquired	Oct. 19, 2015
Property Name	Blossom Valley Plaza
Property acquisition, Location	Turlock, CA
Property acquisition, Square Footage	111,558
Property acquisition, Purchase Price | $	$ 21,725
Subsequent Event [Member] | Village at Burlington Creek [Member]
Subsequent Event [Line Items]
Property acquisition, Date Acquired	Oct. 22, 2015
Property Name	Village at Burlington Creek
Property acquisition, Location	Kansas City, MO
Property acquisition, Square Footage	158,046
Property acquisition, Purchase Price | $	$ 35,446
Subsequent Event [Member] | Oquirrh Mountain Marketplace [Member]
Subsequent Event [Line Items]
Property acquisition, Date Acquired	Oct. 29, 2015
Property Name	Oquirrh Mountain Marketplace
Property acquisition, Location	South Jordan, Utah
Property acquisition, Square Footage	71,750
Property acquisition, Purchase Price | $	$ 22,094

Subsequent Events (Financing fo

Subsequent Events (Financing for Purchased Properties) (Details) - Subsequent Event [Member]	1 Months Ended
	Oct. 29, 2015USD ($)
Green Tree Shopping Center
Subsequent Event [Line Items]
Property acquisition, Date Acquired	Oct. 2, 2015
Property Name	Green Tree Shopping Center
Principal Amount	$ 13,100
Maturity Date	Nov. 1, 2022
Swap Rate	3.24%
Green Tree Shopping Center | LIBOR [Member]
Subsequent Event [Line Items]
Interest Rate (stated), addition to LIBOR	1.45%
Village at Burlington Creek [Member]
Subsequent Event [Line Items]
Property acquisition, Date Acquired	Oct. 22, 2015
Property Name	Village at Burlington Creek
Interest Rate (stated)	4.25%
Principal Amount	$ 17,723
Maturity Date	Nov. 1, 2025
Oquirrh Mountain Marketplace [Member]
Subsequent Event [Line Items]
Property acquisition, Date Acquired	Oct. 29, 2015
Property Name	Oquirrh Mountain Marketplace
Interest Rate (stated), floor	5.00%
Principal Amount	$ 12,000
Maturity Date	Jan. 27, 2016
Oquirrh Mountain Marketplace [Member] | LIBOR [Member]
Subsequent Event [Line Items]
Interest Rate (stated), addition to LIBOR	4.75%

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 16, 2015	Sep. 30, 2015	Sep. 30, 2014	Oct. 19, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Common stock, shares issued		81,538,876			41,996,913
Proceeds from offering		$ 381,918	$ 243,185
Common stock, shares authorized		1,460,000,000			1,460,000,000
IPO [Member]
Subsequent Event [Line Items]
Common stock, shares authorized		150,000,000
Price of each common share		$ 10
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock offer termination date	Oct. 16, 2015
Common stock, shares issued	83,835,055
Proceeds from offering	$ 834,399
Subsequent Event [Member] | IPO [Member]
Subsequent Event [Line Items]
Common stock, shares issued	86,161,431
Proceeds from offering	$ 856,500
DRP [Member]
Subsequent Event [Line Items]
Common stock, shares authorized		30,000,000
Price of each common share		$ 9.50
DRP [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares issued	2,326,376
Proceeds from offering	$ 22,101
Amended DRP [Member]
Subsequent Event [Line Items]
Common stock, shares authorized		25,000,000
Price of each common share		$ 9.50
Amended DRP [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares authorized				25,000,000
Price of each common share				$ 9.50