Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 04, 2016 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 710,989,778 | ||
Entity Common Stock, Shares Outstanding | 86,808,619 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment properties: | ||
Land | $ 247,082 | $ 83,250 |
Building and other improvements | 914,355 | 331,213 |
Total | 1,161,437 | 414,463 |
Less accumulated depreciation | (27,545) | (6,236) |
Net investment properties | 1,133,892 | 408,227 |
Cash and cash equivalents | 83,843 | 105,871 |
Investment in unconsolidated entity | 118 | |
Accounts and rent receivable | 7,313 | 1,977 |
Acquired lease intangible assets, net | 164,773 | 51,691 |
Deferred costs, net | 4,705 | 1,694 |
Other assets | 11,309 | 1,908 |
Total assets | 1,405,835 | 571,486 |
Liabilities: | ||
Mortgages and credit facility payable | 588,966 | 186,034 |
Accounts payable and accrued expenses | 13,926 | 2,734 |
Distributions payable | 4,397 | 2,025 |
Acquired intangible liabilities, net | 65,194 | 18,676 |
Deferred investment property acquisition obligations | 18,871 | 3,646 |
Due to related parties | 8,595 | 2,694 |
Other liabilities | 15,042 | 4,218 |
Total liabilities | $ 714,991 | $ 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, 86,229,018 and 41,996,913 shares issued and outstanding as of December 31, 2015 and 2014, respectively | $ 86 | $ 42 |
Additional paid in capital (net of offering costs of $87,059 and $43,566 as of December 31, 2015 and 2014, respectively) | 774,359 | 374,608 |
Accumulated distributions and net loss | (80,007) | (21,663) |
Accumulated other comprehensive loss | (3,594) | (1,528) |
Total stockholders’ equity | 690,844 | 351,459 |
Total liabilities and stockholders’ equity | $ 1,405,835 | $ 571,486 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 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 | 86,229,018 | 41,996,913 |
Common stock, shares outstanding | 86,229,018 | 41,996,913 |
Additional paid in capital, offering costs | $ 87,059 | $ 43,566 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income: | |||
Rental income | $ 60,912 | $ 14,932 | $ 2,482 |
Tenant recovery income | 15,482 | 3,959 | 343 |
Other property income | 148 | 55 | |
Total income | 76,542 | 18,946 | 2,825 |
Expenses: | |||
Property operating expenses | 11,850 | 2,699 | 178 |
Real estate tax expense | 8,938 | 2,068 | 277 |
General and administrative expenses | 4,961 | 2,427 | 1,601 |
Acquisition related costs | 13,903 | 5,139 | 666 |
Business management fee | 5,501 | 773 | 226 |
Depreciation and amortization | 34,573 | 7,679 | 1,004 |
Total expenses | 79,726 | 20,785 | 3,952 |
Operating loss | (3,184) | (1,839) | (1,127) |
Interest expense | (10,339) | (2,622) | (1,408) |
Interest income | 205 | 95 | 1 |
Equity in (loss) earnings of unconsolidated entity | (118) | 10 | 7 |
Net loss | $ (13,436) | $ (4,356) | $ (2,527) |
Net loss per common share, basic and diluted | $ (0.19) | $ (0.21) | $ (1.18) |
Weighted average number of common shares outstanding, basic and diluted | 69,343,253 | 20,565,940 | 2,147,947 |
Comprehensive loss: | |||
Net loss | $ (13,436) | $ (4,356) | $ (2,527) |
Unrealized loss on derivatives | (4,612) | (1,810) | |
Reclassification adjustment for amounts recognized in net loss | 2,546 | 282 | |
Comprehensive loss | $ (15,502) | $ (5,884) | $ (2,527) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Distributions and Net Loss [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at Dec. 31, 2012 | $ (980) | $ 193 | $ (1,173) | ||
Balance at Dec. 31, 2012 | 276,239 | ||||
Distributions declared | (1,289) | (1,289) | |||
Proceeds from offering | 63,363 | $ 7 | 63,356 | ||
Proceeds from offering, shares | 6,418,741 | ||||
Offering costs | (6,664) | (6,664) | |||
Proceeds from distribution reinvestment plan | 481 | 481 | |||
Proceeds from distribution reinvestment plan, shares | 50,635 | ||||
Shares repurchased | 0 | ||||
Discount on shares to related parties | 369 | 369 | |||
Net loss | (2,527) | (2,527) | |||
Balance at Dec. 31, 2013 | 52,753 | $ 7 | 57,735 | (4,989) | |
Balance at Dec. 31, 2013 | 6,745,615 | ||||
Distributions declared | (12,318) | (12,318) | |||
Proceeds from offering | 345,554 | $ 35 | 345,519 | ||
Proceeds from offering, shares | 34,711,753 | ||||
Offering costs | (34,571) | (34,571) | |||
Proceeds from distribution reinvestment plan | 5,395 | 5,395 | |||
Proceeds from distribution reinvestment plan, shares | 567,896 | ||||
Shares repurchased | (260) | (260) | |||
Shares repurchased, shares | (28,351) | ||||
Discount on shares to related parties | 150 | 150 | |||
Unrealized loss on derivatives | (1,810) | $ (1,810) | |||
Reclassification adjustment for amounts included in net loss | 282 | 282 | |||
Sponsor contribution | 640 | 640 | |||
Net loss | (4,356) | (4,356) | |||
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 | $ (44,908) | (44,908) | |||
Proceeds from offering | 422,959 | $ 42 | 422,917 | ||
Proceeds from offering, shares | 42,428,322 | ||||
Offering costs | (43,493) | (43,493) | |||
Proceeds from distribution reinvestment plan | 20,828 | $ 2 | 20,826 | ||
Proceeds from distribution reinvestment plan, shares | 2,192,444 | ||||
Shares repurchased | (3,810) | (3,810) | |||
Shares repurchased, shares | (388,661) | ||||
Discount on shares to related parties | 28 | 28 | |||
Unrealized loss on derivatives | (4,612) | (4,612) | |||
Reclassification adjustment for amounts included in net loss | 2,546 | 2,546 | |||
Sponsor contribution | 3,283 | 3,283 | |||
Net loss | (13,436) | (13,436) | |||
Balance at Dec. 31, 2015 | $ 690,844 | $ 86 | $ 774,359 | $ (80,007) | $ (3,594) |
Balance at Dec. 31, 2015 | 86,229,018 | 86,229,018 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (13,436) | $ (4,356) | $ (2,527) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 34,573 | 7,679 | 1,004 |
Amortization of loan fees and mortgage premiums, net | 5 | 210 | 212 |
Amortization of acquired market leases, net | (652) | (59) | (24) |
Straight-line income, net | (1,736) | (314) | (15) |
Discount on shares issued to related parties | 28 | 150 | 370 |
Equity in (losses) earnings of unconsolidated entity | 118 | (10) | (7) |
Payment of leasing fees | (315) | (5) | |
Other non-cash adjustments | (385) | 5 | |
Changes in assets and liabilities: | |||
Accounts payable and accrued expenses | 3,723 | 869 | (11) |
Accounts and rents receivable | (3,392) | (1,521) | (81) |
Due to related parties | 7,559 | (493) | 748 |
Other liabilities | 2,185 | 1,072 | (51) |
Other assets | (1,195) | (305) | (579) |
Net cash flows provided by (used in) operating activities | 27,080 | 2,922 | (961) |
Cash flows from investing activities: | |||
Purchase of investment properties | (734,331) | (310,120) | (29,982) |
Capital expenditures | (4,326) | (131) | (316) |
Investment in unconsolidated entity | (100) | ||
Other assets and restricted escrows | (1,885) | (234) | 23 |
Net cash flows used in investing activities | (740,542) | (310,485) | (30,375) |
Cash flows from financing activities: | |||
Proceeds from offering | 422,959 | 345,554 | 63,363 |
Proceeds from the distribution reinvestment plan | 20,828 | 5,395 | 481 |
Shares repurchased | (3,333) | (260) | |
Payment of offering costs | (43,828) | (34,337) | (6,826) |
Distributions paid | (42,537) | (10,597) | (998) |
Sponsor contribution | 3,283 | 640 | |
Due to related parties, net | (1,630) | 1 | |
Deferred investment property acquisition obligation payments | (3,061) | (2,728) | |
Proceeds from credit facility payable | 100,000 | ||
Proceeds from mortgages payable | 242,377 | 94,531 | 15,260 |
Payment of mortgages payable | (145) | (9,790) | (15,407) |
Payment of loan fees | (3,479) | (1,608) | (141) |
Net cash flows provided by financing activities | 691,434 | 386,800 | 55,733 |
Net (decrease) increase in cash and cash equivalents | (22,028) | 79,237 | 24,397 |
Cash and cash equivalents at beginning of the period | 105,871 | 26,634 | 2,237 |
Cash and cash equivalents at end of the period | 83,843 | 105,871 | 26,634 |
Supplemental disclosure of cash flow information: | |||
Land | 163,832 | 70,828 | 2,220 |
Building and improvements | 580,061 | 285,326 | 26,577 |
Acquired in place lease intangibles | 98,062 | 43,067 | 2,438 |
Acquired above market lease intangibles | 30,524 | 5,264 | 311 |
Acquired below market lease intangibles | (44,359) | (18,386) | (391) |
Acquired above market ground lease liability | (5,169) | ||
Other receivables | 792 | ||
Assumption of mortgage debt at acquisition | (58,026) | (67,466) | |
Non-cash mortgage premium | (3,430) | (1,297) | |
Non-cash fair value of interest rate swaps | (528) | ||
Deferred investment property acquisition obligations | (18,211) | (5,511) | (723) |
Assumed liabilities | (9,745) | (1,177) | (450) |
Purchase of investment properties | 734,331 | 310,120 | 29,982 |
Supplemental schedule of non-cash investing and financing activities: | |||
Cash paid for interest | 9,397 | 2,346 | 1,235,597 |
Distributions payable | 4,397 | 2,025 | 304,863 |
Accrued offering costs payable | $ 252 | $ 535 | $ 300,807 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | NOTE 1 – ORGANIZATION Inland Real Estate Income Trust, Inc. (the “Company”) was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States. 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 December 31, 2015, the Company owned 54 retail properties, totaling 6,025,330 square feet. The properties are located in 22 states. At December 31, 2015, the portfolio had a weighted average physical occupancy of 96.2% and economic occupancy of 97.2%. Economic occupancy excludes square footage associated with an earnout component. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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. Generally Accepted Accounting Principles (“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. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation. Information with respect to square footage and occupancy is unaudited. 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. The fiscal year-end of the Company is December 31. 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. Assets and liabilities acquired typically include land, building and personal property and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases. The portion of the purchase price allocated to above market lease values are included in acquired lease intangible assets, net and is amortized on a straight-line basis over the term of the related lease as a reduction to rental income. The portion allocated to below market lease values are included in acquired intangible liabilities, net and is amortized as an increase to rental income over the term of the lease including any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in-place lease value is included in acquired lease intangible assets, net and is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. 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 to be 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 $42.00 per square foot, probability of occupancy ranging from 0% 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. Fair value adjustments may be deemed necessary but generally, 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 the effect of changes in the underlying liability assumptions in 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. Transaction costs in connection with the acquisition of real estate properties and businesses are expensed as incurred and included in acquisition related costs. 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 approximately $21,319, $5,428 and $776 for the years ended December 31, 2015, 2014 and 2013, respectively. Fair Value Measurements The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company’s cash equivalents, accounts receivable and payables and accrued expenses all approximate fair value due to the short term nature of these financial instruments. The Company’s financial instruments measured on a recurring basis include derivative interest rate instruments. Derivatives The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. 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 December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Derivative interest rate swap agreements $ — $ (3,791 ) $ — Total liabilities $ — $ (3,791 ) $ — 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. Partially-Owned Entities The Company will consolidate the operations of a joint venture if the Company determines that it is either the primary beneficiary of a variable interest entity (VIE) or has substantial influence and control of the entity. In instances where the Company determines that it is not the primary beneficiary of a VIE or the Company does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Company will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Company’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Company’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. Offering and Organization Costs Costs associated with the Offering (as defined below) are deferred and charged against the gross proceeds of the Offering upon the sale of shares. Formation and organizational costs were expensed as incurred. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. 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 REIT taxable income (subject to certain adjustments and excluding any net capital gain) to its stockholders. The Company will monitor the business and transactions that may potentially impact its REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain 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. Impairment of Investment Properties The Company assesses the carrying values of its respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs). The Company estimates the future undiscounted cash flows based on management’s intent as follows: (i) for real estate properties that the Company intends to hold long-term, including land held for development, properties currently under development and operating buildings, recoverability is assessed based on the estimated future net rental income from operating the property and termination value; and (ii) for real estate properties that the Company intends to sell, including land parcels, properties currently under development and operating buildings, recoverability is assessed based on estimated proceeds, including net rental income during the holding period, from disposition that are estimated based on future net rental income of the property and expected market capitalization rates. The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of the real estate properties. During the years ended December 31, 2015, 2014 and 2013 no Deferred Loan Fees Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreements as a component of interest expense. These costs are included in deferred costs, net. Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of, or controls the physical use of, the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduce revenue recognized over the term of the lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rents receivable in the accompanying consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and will decrease in the later years of a lease. The Company periodically reviews the collectability of outstanding receivables. Allowances are taken for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line income receivables. Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement. The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and amounts due are considered collectible. Upon early lease termination, the Company provides for gains or losses related to unrecovered intangibles and other assets. As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). In September 2015, the FASB issued ASU No. 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. As of December 31, 2015, the amount of total debt issuance costs was approximately $4,400 and was classified as deferred costs, net in the Company’s consolidated balance sheet. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
Equity
Equity | 12 Months Ended |
Dec. 31, 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 concluded on October 16, 2015. Effective November 2, 2015, the Company amended its DRP. The Company is offering up to 25,000,000 shares of its common stock at a price of $9.50 per share to stockholders who elect to participate in the amended DRP. As of December 31, 2015 the Company issued 83,835,055 shares of common stock generating gross proceeds of $834,399, 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 a marketing contribution and due diligence expense allowance in connection with the DRP. Shares are sold at a price equal to $9.50 per share until such time as the Company reports an estimated value of its shares (the “Valuation Date”). On and after the Valuation Date, 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 approximately $20,828, $5,395 and $481 for the years ended December 31, 2015, 2014 and 2013, 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 purchase them. Subject to funds being available, the Company limits the number of shares repurchased during any calendar year to 5% of the number of shares outstanding on December 31 st Pursuant to the SRP, the Company may repurchase shares at prices ranging from 92.5% of the “share price,” as defined in the SRP, for stockholders who have owned shares for at least one year to 100% of the “share price” for stockholders who have owned shares for at least four years. For repurchases sought upon a stockholder’s death or qualifying disability, the Company may repurchase shares at a price equal to 100% of the “share price.” As used in the SRP, “share price” means: (1) prior to the Valuation Date, the offering price of the Company’s shares in the Offering (unless the shares were purchased at a discount from that price, and then that purchase price), reduced by any distributions of net sale proceeds that the Company designates as constituting a return of capital; and (2) on and after the Valuation Date, the lesser of: (A) the share price determined in (1); or (B) the most recently disclosed estimated value per share. Repurchases through the SRP were approximately $3,810, $260 and $0 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 4 – ACQUISITIONS 2015 Acquisitions During the year ended December 31, 2015 and 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 50,364 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 (b) Nampa, ID Multi-Tenant Retail 133,292 17,931 4/28/15 Yorkville Marketplace Yorkville, IL Multi-Tenant Retail 111,591 24,500 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 4th Quarter 10/1/15 Settlers Ridge Pittsburgh, PA Multi-Tenant Retail 472,572 139,054 10/1/15 Milford Marketplace Milford, CT Multi-Tenant Retail 112,257 33,971 10/16/15 Marketplace at El Paseo Fresno, CA Multi-Tenant Retail 224,683 70,000 10/19/15 Blossom Valley Plaza Turlock, CA Multi-Tenant Retail 111,558 21,704 10/22/15 The Village at Burlington Creek Kansas City, MO Multi-Tenant Retail 158,118 35,366 10/29/15 Oquirrh Mountain Marketplace South Jordan, UT Multi-Tenant Retail 71,750 22,092 12/24/15 Marketplace at Tech Center Newport News, VA Multi-Tenant Retail 210,584 72,525 3,478,522 $ 799,313 (a) Includes 4,481 square feet which was acquired on 4/1/15 for $2,080. (b) Includes 21,000 square feet which was acquired on 12/9/15 for $2,731. 2014 Acquisitions During the year ended December 31, 2014 and Date Acquired Property Name Location Property Type Square Footage Purchase Price 1st Quarter 2/21/14 Park Avenue Shopping Center (a) Little Rock, AR Multi-Tenant Retail 69,381 $ 23,368 2/27/14 North Hills Square Coral Springs, FL Multi-Tenant Retail 63,829 11,050 2nd Quarter 4/8/14 Mansfield Pointe Mansfield, TX Multi-Tenant Retail 148,529 28,100 5/13/14 MidTowne Shopping Center Little Rock, AR Multi-Tenant Retail 126,288 41,450 5/23/14 Lakeside Crossing Lynchburg, VA Multi-Tenant Retail 62,706 16,967 6/27/14 Dogwood Festival Flowood, MS Multi-Tenant Retail 187,610 48,689 3rd Quarter 7/11/14 Pick N Save Center West Bend, WI Multi-Tenant Retail 86,800 19,123 8/4/14 Harris Plaza Layton, UT Multi-Tenant Retail 123,890 27,019 4th Quarter 11/5/14 Dixie Valley Louisville, KY Multi-Tenant Retail 119,981 12,220 11/21/14 Landing at Ocean Isle Ocean Isle, NC Multi-Tenant Retail 53,220 10,895 12/16/14 Shoppes at Prairie Ridge Pleasant Prairie, WI Multi-Tenant Retail 232,606 32,527 12/16/14 Harvest Square Harvest, AL Multi-Tenant Retail 70,590 13,018 12/16/14 Heritage Square Conyers, GA Multi-Tenant Retail 22,385 9,011 12/16/14 & 12/19/14 The Shoppes at Branson Hills Branson, MO Multi-Tenant Retail 256,017 42,803 12/16/14 & 12/22/14 Branson Hills Plaza Branson, MO Multi-Tenant Retail 210,201 9,667 12/16/14 Copps Grocery Store Stevens Point, WI Multi-Tenant Retail 69,911 15,544 12/16/14 Fox Point Plaza Neenah, WI Multi-Tenant Retail 171,121 17,312 2,075,065 $ 378,763 (a) Excludes 7,986 square feet which was acquired on 12/29/15 for $2,788. The Company incurred $13,903, $ and $666 December 31, 2015, 2014 and 2013 For properties acquired during the year ended December 31, 2015, the Company recorded total income of $33,687 and property net income of $5,640, which excludes expensed acquisition related costs. For properties acquired during the year ended December 31, 2014, the Company recorded total income of $13,054 and property net income of $2,552, which excludes expensed acquisition related costs. The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2015 and 2014. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: For the Year Ended December 31, 2015 2014 Land $ 163,832 $ 70,828 Building and improvements 580,061 285,326 Acquired lease intangible assets, net 128,586 48,331 Acquired intangible liabilities, net (49,528 ) (18,386 ) Fair value adjustment related to the assumption of mortgages payable (3,430 ) (1,825 ) Deferred investment property acquisition obligations (18,211 ) (5,511 ) Total (a) $ 801,310 $ 378,763 (a) Total for the year ended December 31, 2015 includes $2,788 for 7,986 square feet acquired at Park Avenue Shopping Center and excludes other assets of $791. Pro Forma Disclosures (Unaudited) The following condensed pro forma consolidated financial statements for the years ended December 31, 2015 and 2014 include pro forma adjustments related to the acquisitions and financings during 2015 and 2014. The 2015 acquisitions are presented assuming the acquisitions occurred as of January 1, 2014. The 2014 acquisitions are presented assuming the acquisitions occurred as of January 1, 2013. Acquisition expenses for the years ended December 31, 2015 and 2014 of $13,178 and $4,871, respectively, related to each acquisition are not expected to have a continuing impact and, therefore, have been excluded from these pro forma results. For the Year Ended December 31, (unaudited) 2015 2014 Pro forma total income $ 106,658 $ 98,174 Pro forma net income $ (2,674 ) $ 5,451 Earnings per share (a) $ (0.03 ) $ 0.06 (a) Based on number of common shares outstanding as of December 31, 2015. |
Acquired Intangible Assets and
Acquired Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Intangible assets: Acquired in place lease value $ 146,910 $ 48,848 Acquired above market lease value 36,099 5,575 Accumulated amortization (18,236 ) (2,732 ) Acquired lease intangibles, net $ 164,773 $ 51,691 Intangible liabilities: Acquired below market lease value $ 63,529 $ 19,170 Above market ground lease 5,169 — Accumulated amortization (3,504 ) (494 ) Acquired below market lease intangibles, net $ 65,194 $ 18,676 As of December 31, 2015, the weighted average amortization periods for acquired in place lease, above market lease intangibles, below market lease intangibles and above market ground lease are 10, 13, 18 and 55 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 acquired above market ground lease is amortized on a straight-line basis as an adjustment to property operating expense over the term of the lease and includes renewal periods. The portion of the purchase price allocated to acquired in place lease value is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. Amortization pertaining to acquired in place lease value, above market ground lease, above market lease value and below market lease value is summarized below: Amortization recorded as amortization expense: 2015 2014 2013 Acquired in place lease value $ 13,170 $ 2,083 $ 228 Amortization recorded as a reduction to property operating expense: Above market ground lease $ 24 $ — $ — Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (2,334 ) $ (411 ) $ — Acquired below market leases 2,986 470 24 Net rental income increase $ 652 $ 59 $ 24 Estimated amortization of the respective intangible lease assets and liabilities as of December 31, 2015 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases Above Market Ground Lease 2016 $ 20,121 $ 3,946 $ (4,540 ) $ (94 ) 2017 19,181 3,742 (4,387 ) (94 ) 2018 17,241 3,187 (4,205 ) (94 ) 2019 15,430 2,751 (4,022 ) (94 ) 2020 12,720 2,470 (3,789 ) (94 ) Thereafter 46,727 17,257 (39,105 ) (4,676 ) Total $ 131,420 $ 33,353 $ (60,048 ) $ (5,146 ) |
Debt and Derivative Instruments
Debt and Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Derivative Instruments | NOTE 6 – DEBT AND DERIVATIVE INSTRUMENTS As of December 31, 2015 and December 31, 2014, the Company had the following mortgages and credit facility payable: December 31, 2015 December 31, 2014 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 162,692 4.37 % $ 28,279 5.06 % Variable rate mortgages payable with swap agreements 238,617 3.64 % 128,876 2.79 % Variable rate mortgages payable 83,686 2.99 % 27,582 2.01 % Mortgages payable $ 484,995 3.77 % $ 184,737 3.02 % Credit facility payable $ 100,000 1.65 % $ — — Unamortized debt premiums 3,971 1,297 Total debt $ 588,966 $ 186,034 The Company’s indebtedness bore interest at a weighted average interest rate of 3.41% per annum at December 31, 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 $588,966 and $186,034 as of December 31, 2015 and December 31, 2014, respectively, and its estimated fair value was $587,437 and $185,260 as of December 31, 2015 and December 31, 2014, respectively. As of December 31, 2015, scheduled principal payments and maturities on the Company’s debt were as follows: December 31, 2015 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2016 $ 108 $ 58,359 $ — $ 58,467 2017 239 6,264 — 6,503 2018 205 15,260 — 15,465 2019 215 142,625 — 142,840 2020 898 — 100,000 100,898 Thereafter 3,108 257,714 — 260,822 Total $ 4,773 $ 480,222 $ 100,000 $ 584,995 Credit Facility 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% Subsequent to December 31, 2015, the Company amended its Credit Facility to, among other matters, increase the aggregate commitment under the Credit Facility by $10,000 to $110,000. In February 2016, the Company paid $85,000 towards the principal on the Credit Facility reducing the outstanding balance to $15,000. As of December 31, 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 Facility 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 Facility become due. The Company is in compliance with all financial covenants related to the Credit Facility. Mortgages Payable The mortgage loans require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of December 31, 2015, the Company was current on all of the payments and in compliance with all financial covenants. All of the Company’s mortgage loans are secured by first mortgages on the respective real estate assets or were guaranteed by the Sponsor. No fees were paid in connection with any guarantees issued by the Sponsor. As of December 31, 2015, the weighted average years to maturity for the Company’s mortgages payable was approximately 5 years. Interest Rate Swap Agreements The following table summarizes the Company’s interest rate swap contracts outstanding as of December 31, 2015. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value December 2015 March 28, 2014 March 1, 2015 March 28, 2019 2.22 % $ 5,525 $ (167 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 14,200 (379 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 8,484 (199 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 11,684 (332 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 20,725 (568 ) June 27, 2014 July 1, 2014 July 1, 2019 1.85 % 24,352 (446 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 9,561 (206 ) December 16, 2014 December 16, 2014 June 22, 2016 1.97 % 13,359 (92 ) December 16, 2014 December 16, 2014 October 21, 2016 1.50 % 10,837 (77 ) December 16, 2014 December 16, 2014 May 9, 2017 1.13 % 10,150 (46 ) February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (127 ) April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 (209 ) July 8, 2015 August 1, 2015 May 22, 2019 1.43 % 1,426 (7 ) September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 (143 ) October 2, 2015 November 1, 2015 November 1, 2015 1.79 % 13,100 (41 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (752 ) $ 238,617 $ (3,791 ) (a) Receive floating rate index based upon one month LIBOR. At December 31, 2015, the one month LIBOR equaled 0.43%. The table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of December 31, 2015 and 2014, respectively. December 31, 2015 December 31, 2014 Balance Location Fair Value Balance Location Fair Value Derivatives designated as cash flow hedges: Interest rate swap agreements Other $ 3,791 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 comprehensive loss for the years ended December 31, 2015, 2014, and 2013. Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2015 2014 2013 Amount of loss recognized in OCL on derivative (effective portion) $ (4,612 ) $ (1,810 ) $ — Amount of loss reclassified from accumulated OCL into income (effective portion) $ 2,546 $ 282 $ — Amount of loss recognized in income on derivative (ineffective portion) $ 365 $ — $ — Year Ended December 31, Derivatives Not Designated as Hedging Instruments 2015 2014 2013 Amount of loss recognized in income on derivative (ineffective portion) $ (1 ) $ (33 ) $ — The amount that is expected to be reclassified from Accumulated OCL into income in the next twelve months is approximately $2,650. |
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2015 | |
Distributions [Abstract] | |
Distributions | NOTE 7 – DISTRIBUTIONS The Company paid 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 for 2015, 2014 and 2013, respectively. The table below presents the distributions paid and declared for the years ended December 31, 2015, 2014 and 2013. December 31, 2015 2014 2013 Distributions paid $ 42,537 $ 10,597 $ 998 Distributions declared $ 44,908 $ 12,318 $ 1,289 For federal income tax purposes, distributions may consist of ordinary dividend income, non-taxable return of capital, capital gains or a combination thereof. Distributions to the extent of the Company’s current and accumulated earnings and profits for federal income tax purposes are taxable to the recipient as either ordinary dividend income or capital gain distributions. Distributions in excess of these earnings and profits (calculated for income tax purposes) constitute a non-taxable return of capital rather than ordinary dividend income or a capital gain distribution and reduce the recipient’s basis in the shares to the extent thereof. Distributions in excess of earnings and profits that reduce a recipient’s basis in the shares have the effect of deferring taxation of the amount of the distribution until the sale of the stockholder’s shares. If the recipient's basis is reduced to zero, distributions in excess of the aforementioned earnings and profits (calculated for income tax purposes) constitute taxable gain. In order to maintain the Company’s status as a REIT, the Company must annually distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to its stockholders. For the years ended December 31, 2015, 2014 and 2013, the Company’s taxable income (loss) was $12,720 (unaudited), $3,283 (unaudited) and $(1,397) (unaudited), respectively The following table sets forth the taxability of distributions on common shares, on a per share basis, paid in 2015, 2014 and 2013 2015 (a) 2014 2013 Ordinary income $ 0.20 $ 0.19 $ — Nontaxable return of capital $ 0.47 $ 0.41 $ 0.60 (a) On February 19, 2015, the Company paid an aggregate special distribution of $3,283 to stockholders of record as of January 30, 2015 ($0.07 per share). |
Earnings (Loss) per Share
Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 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 December 31, 2015, 2014 and 2013, the Company did not have any dilutive common share equivalents outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 $23,243 at December 31, 2015. The table below presents the change in the Company’s Earnout liability for the years ended December 31, 2015 and 2014. December 31, 2015 2014 Earnout liability-beginning of period $ 3,646 $ 723 Increases: Acquisitions 18,211 5,511 Amortization expense 83 167 Decreases: Earnout payments (3,095 ) (2,790 ) Other: Adjustments to acquisition related costs 26 35 Earnout liability – end of period $ 18,871 $ 3,646 The Company may be subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the consolidated financial statements of the Company. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015, 2014 and 2013. 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. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 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 (“Captive”), which is owned by the Company, Inland Real Estate Corporation, InvenTrust Properties Corp. and Retail Properties of America, Inc. This amount is recorded 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 December 31, 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 years ended December 31, 2015, 2014 and 2013. Year ended December 31, Unpaid amounts as of 2015 2014 2013 December 31, 2015 December 31, 2014 General and administrative reimbursements (a) $ 1,367 $ 466 $ 268 $ 287 $ 139 Affiliate share purchase discounts (b) 28 150 369 — — Total general and administrative expenses $ 1,395 $ 616 $ 637 $ 287 $ 139 Acquisition related costs $ 1,388 $ 744 $ 86 $ 165 $ 157 Acquisition fees 9,580 3,465 458 6,010 Total acquisition costs and fees (c) $ 10,968 $ 4,209 $ 544 $ 6,175 $ 157 Real estate management fees $ 2,762 $ 631 $ 81 $ — $ — Construction management fees 135 15 — 80 — Leasing fees 40 — — 40 — Total real estate management related costs (d) $ 2,937 $ 646 $ 81 $ 120 $ — Offering costs (e) $ 41,180 $ 33,141 $ 5,785 $ 63 $ 210 Sponsor non-interest bearing advances (f) $ — $ — $ — $ — $ 1,630 Business management fees (g) $ 5,501 $ 773 $ 226 $ 1,950 $ 558 Sponsor contribution (h) $ 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 enabled the related parties to purchase shares of common stock at $9.00 per share in the Offering. The Company sold 28,129, 150,426 and 369,526 shares to related parties during the years ended December 31, 2015, 2014 and 2013, 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. 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 years ended December 31, 2015 and 2014, the Business Manager permanently waived acquisition fees of $2,510 and $2,262, respectively. (d) For each property that is managed by Inland National Real Estate Services, LLC or Inland Commercial Real Estate Services LLC (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 determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by one of the Real Estate Managers or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Managers to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the accompanying 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. (e) A related party of the Business Manager received 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 in the Offering, the majority of which was re-allowed (paid) to third party soliciting dealers. The Company also reimbursed 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 were reimbursed from amounts paid or re-allowed to these entities as a marketing contribution. The Company reimbursed the Sponsor, its affiliates and third parties for costs and other expenses of the Offering that they paid 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. (f) As of December 31, 2014, the Sponsor advanced $1,630 to pay offering and organizational costs, all of which has been repaid as of December 31, 2015. (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 year ended December 31, 2014, the Business Manager was entitled to a business management fee in the amount equal to $1,433, 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 which was included as a reduction of due to related parties in the accompanying balance sheets as of December 31, 2014. No fees were waived for the year ended December 31, 2015. (h) During the years ended December 31, 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 the Company’s common stock for making these contributions. There is no assurance that the Sponsor will continue to contribute any additional monies. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Operating Leases | NOTE 12 – OPERATING LEASES Minimum lease payments to be received under operating leases including ground leases, as of December 31, 2015 Minimum Payments 2016 $ 83,080 2017 78,427 2018 71,229 2019 62,021 2020 55,550 Thereafter 278,524 Total $ 628,831 The remaining lease terms range from less than one year to 21 years. Most of the revenue from the Company’s properties consists of rents received under long-term operating leases. Most leases require the tenant to pay fixed base rent paid monthly in advance, and to reimburse the Company for the tenant’s pro rata share of certain operating expenses including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees, and certain building repairs paid by the Company and recoverable under the terms of the lease. Under these leases, the Company pays all expenses and is reimbursed by the tenant for the tenant’s pro rata share of recoverable expenses paid. Certain other tenants are subject to net leases which provide that the tenant is responsible for fixed base rent as well as all costs and expenses associated with occupancy. Under net leases where all expenses are paid directly by the tenant rather than the landlord, such expenses are not included in the consolidated statements of operations and comprehensive 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. |
Quarterly Supplemental Financia
Quarterly Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Notes To Financial Statements [Abstract] | |
Quarterly Supplemental Financial Information | NOTE 13 – QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) The following represents the results of operations, for each quarterly period, during 2015 and 2014. 2015 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 26,826 $ 19,762 $ 18,282 $ 11,672 Net loss $ (9,051 ) $ (262 ) $ (3,500 ) $ (623 ) Net loss per common share, basic and diluted (1) $ (0.11 ) $ — $ (0.05 ) $ (0.01 ) Weighted average number of common shares outstanding, basic and diluted (1) 85,564,146 76,111,571 66,130,000 49,092,127 2014 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 7,659 $ 6,042 $ 3,511 $ 1,734 Net loss $ (612 ) $ (817 ) $ (2,363 ) $ (564 ) Net loss per common share, basic and diluted (1) $ (0.02 ) $ (0.03 ) $ (0.18 ) $ (0.06 ) Weighted average number of common shares outstanding, basic and diluted (1) 36,112,929 23,733,441 13,377,773 8,703,608 (1) Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 14 – SUBSEQUENT EVENTS Distributions The Company’s board of directors declared distributions payable to stockholders of record each day beginning on the close of business on January 1, 2016 through the close of business on April 30, 2016. Through that date, distributions were declared in a daily amount equal to $0.001639344 per share, based upon a 366-day period, which equates to $0.60 per share 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 Amount of Distribution Paid Distribution Reinvested through DRP Shares Issued Net Cash Distribution December 2015 January 2016 $ 4,397 $ 2,362 248,629 $ 2,035 January 2016 February 2016 $ 4,393 $ 2,358 248,177 $ 2,036 February 2016 March 2016 $ 4,120 $ 2,204 232,019 $ 1,916 The Company entered into the following financings subsequent to December 31, 2015. Date Property Interest Rate (stated) Principal Amount Maturity Date 1/25/2016 Marketplace at El Paseo 2.95% $ 38,000 2/1/2021 1/28/2016 Milford Marketplace 4.02% $ 18,727 2/1/2026 In January 2016, the Company amended its Credit Facility to, among other matters, increase the aggregate commitment under the Credit Facility by $10,000 to $110,000. In February 2016, the Company paid $85,000 towards the principal on the Credit Facility reducing the outstanding balance to $15,000. Additionally, in January 2016, the Company paid in full the $11,926 mortgage principal plus accrued interest balance on the Oquirrh Mountain Marketplace short-term loan. Real Estate Manager Contract Assignment Due to a corporate reorganization, Inland National Real Estate Services, LLC (“Inland National”), the Company’s real estate manager and an indirect wholly-owned subsidiary of the Sponsor, is transitioning its management responsibilities to Inland Commercial Real Estate Services LLC (“Inland Commercial”), which is also an indirect wholly-owned subsidiary of the Sponsor. As part of the reorganization, Inland National assigned its interest in the master real estate management agreement with the Company to Inland Commercial on January 1, 2016. All terms of the real estate management agreement remain the same. Certain of the Company’s properties are managed by Inland Commercial, effective as of January 1, 2016. The remaining properties are still managed by Inland National, and their property management functions are expected to be transferred to Inland Commercial, effective as of April 1, 2016. Investment in unconsolidated entity In March 2016, the Captive was notified by Inland Real Estate Corporation of its intention to dissociate. Previously, InvenTrust Properties Corp. and Retail Properties of America, Inc. terminated their future participation effective December 1, 2015 and December 1, 2014, respectively. Based upon this notice and regulatory requirements, it is expected the Captive will terminate its operations in accordance with the applicable rules and regulations for an insurance association captive in 2016. As a result, the Company will need to obtain separate property and general liability insurance once the Captive is unable to provide the Company coverage. As of the date of this report, the Company is unable to determine if it would be liable for any proportional cost associated with the termination of the Captive. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | INLAND REAL ESTATE INCOME TRUST, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (Dollar amounts in thousands) Initial Gross amount carried at end of period (B) Property Name Encum- brance Land Buildings and Improve- ments Cost Capita- lized Subse- quent to Acquisi- tions Land(C) Buildings and Improve- ments (C) Total (C) Accumu- lated Deprecia- tion (E) Date Con- structed Date Acquired Depre- ciable Lives 2727 Iowa St (D) $ — $ 2,154 $ 16,079 $ (37 ) $ 2,154 $ 16,042 $ 18,196 $ (145 ) 2014-2015 2015 15-30 Lawrence, KS Blossom Valley Plaza — 9,515 11,142 — 9,515 11,142 20,657 (70 ) 1988 2015 15-30 Turlock, CA Branson Hills Plaza 2,955 3,787 6,039 — 3,787 6,039 9,826 (231 ) 2005 2014 15-30 Branson, MO Dixie Valley 6,798 2,807 9,053 454 2,807 9,507 12,314 (405 ) 1988 2014 15-30 Louisville, KY Dogwood Festival 24,352 4,500 41,865 142 4,500 42,007 46,507 (2,263 ) 2002 2014 5-30 Flowood, MO Dollar General 592 159 857 — 159 857 1,016 (96 ) 2012 2012 15-30 Brooks, GA Dollar General 482 69 761 — 69 761 830 (85 ) 2012 2012 15-30 Daleville, AL Dollar General 521 148 780 — 148 780 928 (92 ) 2012 2012 15-30 East Brewton, AL Dollar General (Hamilton) 621 100 986 — 100 986 1,086 (110 ) 2012 2012 15-30 LaGrange, GA Dollar General (Wares Cross) 681 248 943 — 248 943 1,191 (106 ) 2012 2012 15-30 LaGrange, GA Dollar General 695 273 939 — 273 939 1,212 (111 ) 2012 2012 15-30 Madisonville, TN Dollar General 631 249 841 — 249 841 1,090 (94 ) 2012 2012 15-30 Maryville, TN Dollar General 601 208 836 — 208 836 1,044 (94 ) 2012 2012 15-30 Mobile, AL Dollar General 586 200 818 — 200 818 1,018 (91 ) 2012 2012 15-30 Newport, TN Dollar General 847 324 1,178 — 324 1,178 1,502 (139 ) 2012 2012 15-30 Robertsdale, AL Dollar General 531 119 805 — 119 805 924 (90 ) 2012 2012 15-30 Valley, AL Dollar General 692 272 939 — 272 939 1,211 (111 ) 2012 2012 15-30 Wetumpka, AL Eastside Junction 6,270 2,411 8,393 — 2,411 8,393 10,804 (244 ) 2008 2015 15-30 Athens, AL Fairgrounds Crossing 13,453 6,069 22,637 — 6,069 22,637 28,706 (615 ) 2008 2015 15-30 Hot Springs, AR Fox Point Plaza 10,837 3,518 12,680 — 3,518 12,680 16,198 (458 ) 2008 2014 15-30 Neenah, WI Frisco Marketplace (D) — 6,618 3,315 — 6,618 3,315 9,933 (111 ) 2002 2015 15-30 Frisco, TX Green Tree Shopping Center 13,100 7,218 17,846 (209 ) 7,218 17,637 24,855 (474 ) 1997 2015 15-30 Katy, TX Harris Plaza (D) — 6,500 19,403 108 6,500 19,511 26,011 (1,003 ) 2001-2008 2014 15-30 Layton, UT Harvest Square 6,800 2,186 9,330 — 2,186 9,330 11,516 (361 ) 2008 2014 15-30 Harvest, AL Heritage Square 4,460 2,028 5,538 16 2,028 5,554 7,582 (202 ) 2010 2014 15-30 Conyers, AL Kroger - Copps Grocery Store (D) — 1,440 11,799 — 1,440 11,799 13,239 (435 ) 2012 2014 15-30 Stevens Point, WI Kroger - Pick n Save Center 9,561 3,150 14,283 — 3,150 14,283 17,433 (752 ) 2011 2014 15-30 West Bend, WI Lakeside Crossing 9,910 1,460 16,999 — 1,460 16,999 18,459 (979 ) 2013 2014 15-30 Lynchburg, VA Landing at Ocean Isle Beach (D) — 3,053 7,081 39 3,053 7,120 10,173 (314 ) 2009 2014 15-30 Ocean Isle, NC Mansfield Pointe 14,200 5,350 20,002 — 5,350 20,002 25,352 (1,300 ) 2008 2014 15-30 Mansfield, TX Marketplace at El Paseo — 16,390 46,971 — 16,390 46,971 63,361 (281 ) 2014 2015 15-30 Fresno, CA Marketplace at Tech Center 43,500 10,684 68,580 — 10,684 68,580 79,264 — 2015 2015 15-30 Newport News, VA MidTowne Shopping Center 20,725 8,810 29,699 111 8,810 29,810 38,620 (1,839 ) 2005/2008 2014 5-30 Little Rock, AR Milford Marketplace — — 35,867 — — 35,867 35,867 (320 ) 2007 2015 15-30 Milford, CT Newington Fair (D) — 7,833 8,329 331 7,833 8,660 16,493 (1,175 ) 1994/2009 2012 15-30 Newington, CT North Hills Square 5,525 4,800 5,493 — 4,800 5,493 10,293 (374 ) 1997 2014 15-30 Coral Springs, FL Oquirrh Mountain Marketplace 11,920 4,254 14,467 — 4,254 14,467 18,721 (84 ) 2014-2015 2015 15-30 Jordan, UT Park Avenue Shopping Center 11,684 5,500 16,365 2,383 5,500 18,748 24,248 (1,109 ) 2012 2014 15-30 Little Rock, AR Plaza at Prairie Ridge (D) — 618 2,305 — 618 2,305 2,923 (69 ) 2008 2015 15-30 Pleasant Prairie, WI Prattville Town Center 15,930 5,336 27,648 24 5,336 27,672 33,008 (763 ) 2007 2015 15-30 Prattville, AL Regal Court 26,000 5,873 41,181 352 5,873 41,533 47,406 (1,109 ) 2008 2015 15-30 Shreveport, LA Settlers Ridge 76,533 25,961 98,157 — 25,961 98,157 124,118 (921 ) 2011 2015 15-30 Pittsburgh, PA Shoppes at Lake Park (D) — 2,285 8,527 — 2,285 8,527 10,812 (284 ) 2008 2015 15-30 West Valley City. UT Shoppes at Market Pointe 13,700 12,499 8,388 333 12,499 8,721 21,220 (245 ) 2006-2007 2015 15-30 Papillion, NE Shoppes at Prairie Ridge 15,591 7,521 22,468 39 7,521 22,507 30,028 (804 ) 2009 2014 15-30 Pleasant Prairie, WI The Shoppes at Branson Hills 26,678 4,418 37,229 121 4,418 37,350 41,768 (1,328 ) 2005 2014 15-30 Branson, MO Shops at Hawk Ridge (D) — 1,328 10,341 228 1,328 10,569 11,897 (278 ) 2009 2015 5-30 St. Louis, MO Treasure Valley (D) — 3,133 12,000 — 3,133 12,000 15,133 (256 ) 2014 2015 15-30 Nampa, ID Village at Burlington Creek 17,723 10,791 19,384 57 10,791 19,441 30,232 (121 ) 2007 & 2015 2015 15-30 Kansas City, MO Walgreens Plaza 4,650 2,624 9,683 162 2,624 9,845 12,469 (271 ) 2011 2015 15-30 Jacksonville, NC Wedgewood Commons 15,260 2,220 26,577 — 2,220 26,577 28,797 (1,870 ) 2009-2013 2013 15-30 Olive Branch, MS Whispering Ridge (D) — 4,121 10,418 — 4,121 10,418 14,539 (255 ) 2007 2015 15-30 Omaha, NE White City 49,400 18,960 70,423 1,106 18,960 71,529 90,489 (1,862 ) 2013 2015 15-30 Shrewsbury, MA Yorkville Marketplace (D) — 4,990 13,928 — 4,990 13,928 18,918 (346 ) 2002 & 2007 2015 15-30 Yorkville, IL Total: $ 484,995 $ 247,082 $ 908,595 $ 5,760 $ 247,082 $ 914,355 $ 1,161,437 $ (27,545 ) Notes: (A) The initial cost to the Company represents the original purchase price of the property. (B) The aggregate cost of real estate owned at December 31, 2015 and 2014 for federal income tax purposes was approximately $1,271,000 and $450,600, respectively (unaudited). (C) Reconciliation of real estate owned: 2015 2014 2013 Balance at January 1, $ 414,463 $ 58,327 $ 29,214 Acquisitions 743,893 356,154 28,797 Improvements, net of master lease 3,081 (18 ) 316 Balance at December 31, $ 1,161,437 $ 414,463 $ 58,327 (D) These properties serve as security for our Credit Facility. (E) Reconciliation of accumulated depreciation: Balance at January 1, $ 6,236 $ 808 $ 32 Depreciation expense 21,309 5,428 776 Balance at December 31, $ 27,545 $ 6,236 $ 808 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
General | General The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“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. |
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. The fiscal year-end of the Company is December 31. |
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. Assets and liabilities acquired typically include land, building and personal property and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases. The portion of the purchase price allocated to above market lease values are included in acquired lease intangible assets, net and is amortized on a straight-line basis over the term of the related lease as a reduction to rental income. The portion allocated to below market lease values are included in acquired intangible liabilities, net and is amortized as an increase to rental income over the term of the lease including any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in-place lease value is included in acquired lease intangible assets, net and is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. 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 to be 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 $42.00 per square foot, probability of occupancy ranging from 0% 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. Fair value adjustments may be deemed necessary but generally, 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 the effect of changes in the underlying liability assumptions in 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. Transaction costs in connection with the acquisition of real estate properties and businesses are expensed as incurred and included in acquisition related costs. 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 approximately $21,319, $5,428 and $776 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Fair Value Measurements | Fair Value Measurements The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company’s cash equivalents, accounts receivable and payables and accrued expenses all approximate fair value due to the short term nature of these financial instruments. The Company’s financial instruments measured on a recurring basis include derivative interest rate instruments. |
Derivatives | Derivatives The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. 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 December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Derivative interest rate swap agreements $ — $ (3,791 ) $ — Total liabilities $ — $ (3,791 ) $ — 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. |
Partially-Owned Entities | Partially-Owned Entities The Company will consolidate the operations of a joint venture if the Company determines that it is either the primary beneficiary of a variable interest entity (VIE) or has substantial influence and control of the entity. In instances where the Company determines that it is not the primary beneficiary of a VIE or the Company does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Company will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Company’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Company’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. |
Offering And Organization Costs | Offering and Organization Costs Costs associated with the Offering (as defined below) are deferred and charged against the gross proceeds of the Offering upon the sale of shares. Formation and organizational costs were expensed as incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. |
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 REIT taxable income (subject to certain adjustments and excluding any net capital gain) to its stockholders. The Company will monitor the business and transactions that may potentially impact its REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain 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. |
Impairment of Investment Properties | Impairment of Investment Properties The Company assesses the carrying values of its respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs). The Company estimates the future undiscounted cash flows based on management’s intent as follows: (i) for real estate properties that the Company intends to hold long-term, including land held for development, properties currently under development and operating buildings, recoverability is assessed based on the estimated future net rental income from operating the property and termination value; and (ii) for real estate properties that the Company intends to sell, including land parcels, properties currently under development and operating buildings, recoverability is assessed based on estimated proceeds, including net rental income during the holding period, from disposition that are estimated based on future net rental income of the property and expected market capitalization rates. The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of the real estate properties. During the years ended December 31, 2015, 2014 and 2013 no |
Deferred Loan Fees | Deferred Loan Fees Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreements as a component of interest expense. These costs are included in deferred costs, net. |
Revenue Recognition | Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of, or controls the physical use of, the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduce revenue recognized over the term of the lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. The determination of who owns the tenant improvements, for accounting purposes, is subject to significant judgment. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rents receivable in the accompanying consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and will decrease in the later years of a lease. The Company periodically reviews the collectability of outstanding receivables. Allowances are taken for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line income receivables. Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement. The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and amounts due are considered collectible. Upon early lease termination, the Company provides for gains or losses related to unrecovered intangibles and other assets. As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). In September 2015, the FASB issued ASU No. 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. As of December 31, 2015, the amount of total debt issuance costs was approximately $4,400 and was classified as deferred costs, net in the Company’s consolidated balance sheet. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
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 |
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 December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Derivative interest rate swap agreements $ — $ (3,791 ) $ — Total liabilities $ — $ (3,791 ) $ — |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Line Items] | |
Schedule of Major Assets Acquired and Liabilities Assumed | The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2015 and 2014. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: For the Year Ended December 31, 2015 2014 Land $ 163,832 $ 70,828 Building and improvements 580,061 285,326 Acquired lease intangible assets, net 128,586 48,331 Acquired intangible liabilities, net (49,528 ) (18,386 ) Fair value adjustment related to the assumption of mortgages payable (3,430 ) (1,825 ) Deferred investment property acquisition obligations (18,211 ) (5,511 ) Total (a) $ 801,310 $ 378,763 (a) Total for the year ended December 31, 2015 includes $2,788 for 7,986 square feet acquired at Park Avenue Shopping Center and excludes other assets of $791. |
Schedule of Pro Forma Financial Information for Acquisitions | For the Year Ended December 31, (unaudited) 2015 2014 Pro forma total income $ 106,658 $ 98,174 Pro forma net income $ (2,674 ) $ 5,451 Earnings per share (a) $ (0.03 ) $ 0.06 (a) Based on number of common shares outstanding as of December 31, 2015. |
2015 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule of Acquisitions | 2015 Acquisitions During the year ended December 31, 2015 and 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 50,364 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 (b) Nampa, ID Multi-Tenant Retail 133,292 17,931 4/28/15 Yorkville Marketplace Yorkville, IL Multi-Tenant Retail 111,591 24,500 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 4th Quarter 10/1/15 Settlers Ridge Pittsburgh, PA Multi-Tenant Retail 472,572 139,054 10/1/15 Milford Marketplace Milford, CT Multi-Tenant Retail 112,257 33,971 10/16/15 Marketplace at El Paseo Fresno, CA Multi-Tenant Retail 224,683 70,000 10/19/15 Blossom Valley Plaza Turlock, CA Multi-Tenant Retail 111,558 21,704 10/22/15 The Village at Burlington Creek Kansas City, MO Multi-Tenant Retail 158,118 35,366 10/29/15 Oquirrh Mountain Marketplace South Jordan, UT Multi-Tenant Retail 71,750 22,092 12/24/15 Marketplace at Tech Center Newport News, VA Multi-Tenant Retail 210,584 72,525 3,478,522 $ 799,313 (a) Includes 4,481 square feet which was acquired on 4/1/15 for $2,080. (b) Includes 21,000 square feet which was acquired on 12/9/15 for $2,731. |
2014 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule of Acquisitions | 2014 Acquisitions During the year ended December 31, 2014 and Date Acquired Property Name Location Property Type Square Footage Purchase Price 1st Quarter 2/21/14 Park Avenue Shopping Center (a) Little Rock, AR Multi-Tenant Retail 69,381 $ 23,368 2/27/14 North Hills Square Coral Springs, FL Multi-Tenant Retail 63,829 11,050 2nd Quarter 4/8/14 Mansfield Pointe Mansfield, TX Multi-Tenant Retail 148,529 28,100 5/13/14 MidTowne Shopping Center Little Rock, AR Multi-Tenant Retail 126,288 41,450 5/23/14 Lakeside Crossing Lynchburg, VA Multi-Tenant Retail 62,706 16,967 6/27/14 Dogwood Festival Flowood, MS Multi-Tenant Retail 187,610 48,689 3rd Quarter 7/11/14 Pick N Save Center West Bend, WI Multi-Tenant Retail 86,800 19,123 8/4/14 Harris Plaza Layton, UT Multi-Tenant Retail 123,890 27,019 4th Quarter 11/5/14 Dixie Valley Louisville, KY Multi-Tenant Retail 119,981 12,220 11/21/14 Landing at Ocean Isle Ocean Isle, NC Multi-Tenant Retail 53,220 10,895 12/16/14 Shoppes at Prairie Ridge Pleasant Prairie, WI Multi-Tenant Retail 232,606 32,527 12/16/14 Harvest Square Harvest, AL Multi-Tenant Retail 70,590 13,018 12/16/14 Heritage Square Conyers, GA Multi-Tenant Retail 22,385 9,011 12/16/14 & 12/19/14 The Shoppes at Branson Hills Branson, MO Multi-Tenant Retail 256,017 42,803 12/16/14 & 12/22/14 Branson Hills Plaza Branson, MO Multi-Tenant Retail 210,201 9,667 12/16/14 Copps Grocery Store Stevens Point, WI Multi-Tenant Retail 69,911 15,544 12/16/14 Fox Point Plaza Neenah, WI Multi-Tenant Retail 171,121 17,312 2,075,065 $ 378,763 (a) Excludes 7,986 square feet which was acquired on 12/29/15 for $2,788. |
Acquired Intangible Assets an25
Acquired Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Intangible assets: Acquired in place lease value $ 146,910 $ 48,848 Acquired above market lease value 36,099 5,575 Accumulated amortization (18,236 ) (2,732 ) Acquired lease intangibles, net $ 164,773 $ 51,691 Intangible liabilities: Acquired below market lease value $ 63,529 $ 19,170 Above market ground lease 5,169 — Accumulated amortization (3,504 ) (494 ) Acquired below market lease intangibles, net $ 65,194 $ 18,676 |
Schedule of Amortization of Acquired In Place Lease Value, Above Market Ground Lease, Above and Below Market Lease Value | Amortization pertaining to acquired in place lease value, above market ground lease, above market lease value and below market lease value is summarized below: Amortization recorded as amortization expense: 2015 2014 2013 Acquired in place lease value $ 13,170 $ 2,083 $ 228 Amortization recorded as a reduction to property operating expense: Above market ground lease $ 24 $ — $ — Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (2,334 ) $ (411 ) $ — Acquired below market leases 2,986 470 24 Net rental income increase $ 652 $ 59 $ 24 |
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities | Estimated amortization of the respective intangible lease assets and liabilities as of December 31, 2015 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases Above Market Ground Lease 2016 $ 20,121 $ 3,946 $ (4,540 ) $ (94 ) 2017 19,181 3,742 (4,387 ) (94 ) 2018 17,241 3,187 (4,205 ) (94 ) 2019 15,430 2,751 (4,022 ) (94 ) 2020 12,720 2,470 (3,789 ) (94 ) Thereafter 46,727 17,257 (39,105 ) (4,676 ) Total $ 131,420 $ 33,353 $ (60,048 ) $ (5,146 ) |
Debt and Derivative Instrumen26
Debt and Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages and Credit Facilities Payable | As of December 31, 2015 and December 31, 2014, the Company had the following mortgages and credit facility payable: December 31, 2015 December 31, 2014 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 162,692 4.37 % $ 28,279 5.06 % Variable rate mortgages payable with swap agreements 238,617 3.64 % 128,876 2.79 % Variable rate mortgages payable 83,686 2.99 % 27,582 2.01 % Mortgages payable $ 484,995 3.77 % $ 184,737 3.02 % Credit facility payable $ 100,000 1.65 % $ — — Unamortized debt premiums 3,971 1,297 Total debt $ 588,966 $ 186,034 |
Schedule of Principal Payments and Maturities of Company's Debt | As of December 31, 2015, scheduled principal payments and maturities on the Company’s debt were as follows: December 31, 2015 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2016 $ 108 $ 58,359 $ — $ 58,467 2017 239 6,264 — 6,503 2018 205 15,260 — 15,465 2019 215 142,625 — 142,840 2020 898 — 100,000 100,898 Thereafter 3,108 257,714 — 260,822 Total $ 4,773 $ 480,222 $ 100,000 $ 584,995 |
Summary of Interest Rate Swap Contracts Outstanding | The following table summarizes the Company’s interest rate swap contracts outstanding as of December 31, 2015. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value December 2015 March 28, 2014 March 1, 2015 March 28, 2019 2.22 % $ 5,525 $ (167 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 14,200 (379 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 8,484 (199 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 11,684 (332 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 20,725 (568 ) June 27, 2014 July 1, 2014 July 1, 2019 1.85 % 24,352 (446 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 9,561 (206 ) December 16, 2014 December 16, 2014 June 22, 2016 1.97 % 13,359 (92 ) December 16, 2014 December 16, 2014 October 21, 2016 1.50 % 10,837 (77 ) December 16, 2014 December 16, 2014 May 9, 2017 1.13 % 10,150 (46 ) February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (127 ) April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 (209 ) July 8, 2015 August 1, 2015 May 22, 2019 1.43 % 1,426 (7 ) September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 (143 ) October 2, 2015 November 1, 2015 November 1, 2015 1.79 % 13,100 (41 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (752 ) $ 238,617 $ (3,791 ) (a) Receive floating rate index based upon one month LIBOR. At December 31, 2015, the one month LIBOR equaled 0.43%. |
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 December 31, 2015 and 2014, respectively. December 31, 2015 December 31, 2014 Balance Location Fair Value Balance Location Fair Value Derivatives designated as cash flow hedges: Interest rate swap agreements Other $ 3,791 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 comprehensive loss for the years ended December 31, 2015, 2014, and 2013. Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2015 2014 2013 Amount of loss recognized in OCL on derivative (effective portion) $ (4,612 ) $ (1,810 ) $ — Amount of loss reclassified from accumulated OCL into income (effective portion) $ 2,546 $ 282 $ — Amount of loss recognized in income on derivative (ineffective portion) $ 365 $ — $ — Year Ended December 31, Derivatives Not Designated as Hedging Instruments 2015 2014 2013 Amount of loss recognized in income on derivative (ineffective portion) $ (1 ) $ (33 ) $ — |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Distributions [Abstract] | |
Schedule of Distributions Paid and Declared | The table below presents the distributions paid and declared for the years ended December 31, 2015, 2014 and 2013. December 31, 2015 2014 2013 Distributions paid $ 42,537 $ 10,597 $ 998 Distributions declared $ 44,908 $ 12,318 $ 1,289 |
Declared monthly distribution to its common stockholders | The following table sets forth the taxability of distributions on common shares, on a per share basis, paid in 2015, 2014 and 2013 2015 (a) 2014 2013 Ordinary income $ 0.20 $ 0.19 $ — Nontaxable return of capital $ 0.47 $ 0.41 $ 0.60 (a) On February 19, 2015, the Company paid an aggregate special distribution of $3,283 to stockholders of record as of January 30, 2015 ($0.07 per share). |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015 and 2014. December 31, 2015 2014 Earnout liability-beginning of period $ 3,646 $ 723 Increases: Acquisitions 18,211 5,511 Amortization expense 83 167 Decreases: Earnout payments (3,095 ) (2,790 ) Other: Adjustments to acquisition related costs 26 35 Earnout liability – end of period $ 18,871 $ 3,646 |
Transactions with Related Par29
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the Company’s related party transactions for the years ended December 31, 2015, 2014 and 2013. Year ended December 31, Unpaid amounts as of 2015 2014 2013 December 31, 2015 December 31, 2014 General and administrative reimbursements (a) $ 1,367 $ 466 $ 268 $ 287 $ 139 Affiliate share purchase discounts (b) 28 150 369 — — Total general and administrative expenses $ 1,395 $ 616 $ 637 $ 287 $ 139 Acquisition related costs $ 1,388 $ 744 $ 86 $ 165 $ 157 Acquisition fees 9,580 3,465 458 6,010 Total acquisition costs and fees (c) $ 10,968 $ 4,209 $ 544 $ 6,175 $ 157 Real estate management fees $ 2,762 $ 631 $ 81 $ — $ — Construction management fees 135 15 — 80 — Leasing fees 40 — — 40 — Total real estate management related costs (d) $ 2,937 $ 646 $ 81 $ 120 $ — Offering costs (e) $ 41,180 $ 33,141 $ 5,785 $ 63 $ 210 Sponsor non-interest bearing advances (f) $ — $ — $ — $ — $ 1,630 Business management fees (g) $ 5,501 $ 773 $ 226 $ 1,950 $ 558 Sponsor contribution (h) $ 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 enabled the related parties to purchase shares of common stock at $9.00 per share in the Offering. The Company sold 28,129, 150,426 and 369,526 shares to related parties during the years ended December 31, 2015, 2014 and 2013, 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. 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 years ended December 31, 2015 and 2014, the Business Manager permanently waived acquisition fees of $2,510 and $2,262, respectively. (d) For each property that is managed by Inland National Real Estate Services, LLC or Inland Commercial Real Estate Services LLC (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 determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by one of the Real Estate Managers or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Managers to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the accompanying 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. (e) A related party of the Business Manager received 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 in the Offering, the majority of which was re-allowed (paid) to third party soliciting dealers. The Company also reimbursed 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 were reimbursed from amounts paid or re-allowed to these entities as a marketing contribution. The Company reimbursed the Sponsor, its affiliates and third parties for costs and other expenses of the Offering that they paid 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. (f) As of December 31, 2014, the Sponsor advanced $1,630 to pay offering and organizational costs, all of which has been repaid as of December 31, 2015. (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 year ended December 31, 2014, the Business Manager was entitled to a business management fee in the amount equal to $1,433, 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 which was included as a reduction of due to related parties in the accompanying balance sheets as of December 31, 2014. No fees were waived for the year ended December 31, 2015. (h) During the years ended December 31, 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 the Company’s common stock for making these contributions. There is no assurance that the Sponsor will continue to contribute any additional monies. |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 Minimum Payments 2016 $ 83,080 2017 78,427 2018 71,229 2019 62,021 2020 55,550 Thereafter 278,524 Total $ 628,831 |
Quarterly Supplemental Financ31
Quarterly Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes To Financial Statements [Abstract] | |
Quarterly supplemental financial information - unaudited | The following represents the results of operations, for each quarterly period, during 2015 and 2014. 2015 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 26,826 $ 19,762 $ 18,282 $ 11,672 Net loss $ (9,051 ) $ (262 ) $ (3,500 ) $ (623 ) Net loss per common share, basic and diluted (1) $ (0.11 ) $ — $ (0.05 ) $ (0.01 ) Weighted average number of common shares outstanding, basic and diluted (1) 85,564,146 76,111,571 66,130,000 49,092,127 2014 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 7,659 $ 6,042 $ 3,511 $ 1,734 Net loss $ (612 ) $ (817 ) $ (2,363 ) $ (564 ) Net loss per common share, basic and diluted (1) $ (0.02 ) $ (0.03 ) $ (0.18 ) $ (0.06 ) Weighted average number of common shares outstanding, basic and diluted (1) 36,112,929 23,733,441 13,377,773 8,703,608 (1) Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Schedule of Dividend Distributions | Distributions were paid monthly in arrears, as follows Distribution Month Month Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through DRP Shares Issued Net Cash Distribution December 2015 January 2016 $ 4,397 $ 2,362 248,629 $ 2,035 January 2016 February 2016 $ 4,393 $ 2,358 248,177 $ 2,036 February 2016 March 2016 $ 4,120 $ 2,204 232,019 $ 1,916 |
Financing for Purchased Properties | The Company entered into the following financings subsequent to December 31, 2015. Date Property Interest Rate (stated) Principal Amount Maturity Date 1/25/2016 Marketplace at El Paseo 2.95% $ 38,000 2/1/2021 1/28/2016 Milford Marketplace 4.02% $ 18,727 2/1/2026 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | Dec. 31, 2015ft²PropertyState |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of retail properties owned | Property | 54 |
Square footage of real estate properties owned | ft² | 6,025,330 |
Number of states in which company owns real estate properties | State | 22 |
Weighted average physical occupancy rate of property portfolio | 96.20% |
Weighted average economic occupancy rate of property portfolio | 97.20% |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Acquisitions Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)$ / ft² | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Depreciation expense | $ 21,319,000 | $ 5,428,000 | $ 776,000 |
Impairment charges | 0 | 0 | $ 0 |
Debt issuance cost classified as deferred costs, net | $ 4,400,000 | $ 1,700,000 | |
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Fair value inputs, market rents (price per square foot) | $ / ft² | 14 | ||
Fair value inputs, probability of occupancy | 0.00% | ||
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) | $ / ft² | 42 | ||
Fair value inputs, probability of occupancy | 100.00% | ||
Fair value inputs, discount rate | 8.25% |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives of Assets ) (Details) | 12 Months Ended |
Dec. 31, 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 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Fair value of liabilities measured on recurring basis | $ (3,791) |
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 | (3,791) |
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 | $ (3,791) |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Line Items] | ||||
Common stock, shares authorized | 1,460,000,000 | 1,460,000,000 | 1,460,000,000 | |
Common stock shares issued excluding DRP | 83,835,055 | 83,835,055 | ||
Proceeds from issuance of common stock excluding DRP | $ 834,399 | |||
Proceeds from distribution reinvestment plan | $ 2,362,000 | 20,828,000 | $ 5,395,000 | $ 481,000 |
Stock repurchase program, amount | $ 3,810,000 | 260,000 | 0 | |
Repurchase of Shares Owned for One Year [Member] | ||||
Equity [Line Items] | ||||
Percentage of share price on repurchase of shares | 92.50% | 92.50% | ||
Repurchase of Shares Owned for Four Years [Member] | ||||
Equity [Line Items] | ||||
Percentage of share price on repurchase of shares | 100.00% | 100.00% | ||
Repurchase of Shares Owned upon Death and Qualifying Disability [Member] | ||||
Equity [Line Items] | ||||
Percentage of share price on repurchase of shares | 100.00% | 100.00% | ||
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 | ||
Price of each common share | $ 9.50 | $ 9.50 | ||
Proceeds from distribution reinvestment plan | $ 20,828,000 | $ 5,395,000 | $ 481,000 | |
Amended DRP [Member] | ||||
Equity [Line Items] | ||||
Common stock, shares authorized | 25,000,000 | 25,000,000 | ||
Price of each common share | $ 9.50 | $ 9.50 | ||
IPO [Member] | ||||
Equity [Line Items] | ||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | ||
Price of each common share | $ 10 | $ 10 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||||||||
Assumption of mortgage debt at acquisition | $ 58,026 | $ 67,466 | |||||||||
Proceeds from offering | 422,959 | 345,554 | $ 63,363 | ||||||||
Proceeds from credit facility | 100,000 | ||||||||||
Acquisition related costs incurred during the period | 13,903 | 5,139 | 666 | ||||||||
Total acquisition fees waived by business manager during period | 2,510 | 2,262 | |||||||||
Total income | $ 26,826 | $ 19,762 | $ 18,282 | $ 11,672 | $ 7,659 | $ 6,042 | $ 3,511 | $ 1,734 | 76,542 | 18,946 | 2,825 |
Net income (loss) | $ (9,051) | $ (262) | $ (3,500) | $ (623) | $ (612) | $ (817) | $ (2,363) | $ (564) | (13,436) | (4,356) | $ (2,527) |
Acquisition expense | 13,178 | 4,871 | |||||||||
2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Assumption of mortgage debt at acquisition | 300,403 | ||||||||||
Proceeds from offering | 398,900 | ||||||||||
Proceeds from credit facility | 100,000 | ||||||||||
2014 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Assumption of mortgage debt at acquisition | 161,997 | ||||||||||
Total Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total income | 33,687 | 13,054 | |||||||||
Net income (loss) | $ 5,640 | $ 2,552 |
Acquisitions (Schedule of 2015
Acquisitions (Schedule of 2015 Acquisitions) (Details) $ in Thousands | Dec. 09, 2015USD ($)ft² | Mar. 31, 2015USD ($)ft² | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² | |
Business Acquisition [Line Items] | |||||
Property acquisition, Square Footage | 6,025,330 | ||||
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 | $ | $ 50,364 | ||||
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 | [1] | Mar. 31, 2015 | |||
Property acquisition, Location | [1] | Frisco, TX | |||
Property acquisition, Property Type | [1] | Multi-Tenant Retail | |||
Property acquisition, Square Footage | [1] | 112,024 | |||
Property acquisition, Purchase Price | $ | [1] | $ 11,040 | |||
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 | [2] | Apr. 21, 2015 | |||
Property acquisition, Location | [2] | Nampa, ID | |||
Property acquisition, Property Type | [2] | Multi-Tenant Retail | |||
Property acquisition, Square Footage | [2] | 133,292 | |||
Property acquisition, Purchase Price | $ | [2] | $ 17,931 | |||
Yorkville Marketplace [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Apr. 28, 2015 | ||||
Property acquisition, Location | Yorkville, IL | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 111,591 | ||||
Property acquisition, Purchase Price | $ | $ 24,500 | ||||
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 | ||||
Settlers Ridge [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Oct. 1, 2015 | ||||
Property acquisition, Location | Pittsburgh, PA | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 472,572 | ||||
Property acquisition, Purchase Price | $ | $ 139,054 | ||||
Milford Marketplace [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Oct. 1, 2015 | ||||
Property acquisition, Location | Milford, CT | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 112,257 | ||||
Property acquisition, Purchase Price | $ | $ 33,971 | ||||
Marketplace at El Paseo [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Oct. 16, 2015 | ||||
Property acquisition, Location | Fresno, CA | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 224,683 | ||||
Property acquisition, Purchase Price | $ | $ 70,000 | ||||
Blossom Valley Plaza [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Oct. 19, 2015 | ||||
Property acquisition, Location | Turlock, CA | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 111,558 | ||||
Property acquisition, Purchase Price | $ | $ 21,704 | ||||
Village at Burlington Creek [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Oct. 22, 2015 | ||||
Property acquisition, Location | Kansas City, MO | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 158,118 | ||||
Property acquisition, Purchase Price | $ | $ 35,366 | ||||
Oquirrh Mountain Marketplace [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Oct. 29, 2015 | ||||
Property acquisition, Location | South Jordan, UT | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 71,750 | ||||
Property acquisition, Purchase Price | $ | $ 22,092 | ||||
Marketplace at Tech Center [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Dec. 24, 2015 | ||||
Property acquisition, Location | Newport News, VA | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 210,584 | ||||
Property acquisition, Purchase Price | $ | $ 72,525 | ||||
Total Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Square Footage | 3,478,522 | 2,075,065 | |||
Property acquisition, Purchase Price | $ | $ 799,313 | $ 378,763 | |||
Frisco Marketplace [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Apr. 1, 2015 | ||||
Property acquisition, Square Footage | 4,481 | ||||
Property acquisition, Purchase Price | $ | $ 2,080 | ||||
Treasure Valley TJ Maxx [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Dec. 9, 2015 | ||||
Property acquisition, Square Footage | 21,000 | ||||
Property acquisition, Purchase Price | $ | $ 2,731 | ||||
[1] | Includes 4,481 square feet which was acquired on 4/1/15 for $2,080. | ||||
[2] | Includes 21,000 square feet which was acquired on 12/9/15 for $2,731. |
Acquisitions (Schedule of 2014
Acquisitions (Schedule of 2014 Acquisitions) (Details) $ in Thousands | Dec. 29, 2015USD ($)ft² | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² | ||
Business Acquisition [Line Items] | |||||
Property acquisition, Square Footage | 6,025,330 | ||||
Park Avenue Shopping Center [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | [1] | Feb. 21, 2014 | |||
Property acquisition, Location | [1] | Little Rock, AR | |||
Property acquisition, Property Type | [1] | Multi-Tenant Retail | |||
Property acquisition, Square Footage | 7,986 | 69,381 | [1] | ||
Property acquisition, Purchase Price | $ | $ 2,788 | $ 23,368 | [1] | ||
North Hills Square [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Feb. 27, 2014 | ||||
Property acquisition, Location | Coral Springs, FL | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 63,829 | ||||
Property acquisition, Purchase Price | $ | $ 11,050 | ||||
Mansfield Pointe [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Apr. 8, 2014 | ||||
Property acquisition, Location | Mansfield, TX | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 148,529 | ||||
Property acquisition, Purchase Price | $ | $ 28,100 | ||||
MidTowne Shopping Center [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | May 13, 2014 | ||||
Property acquisition, Location | Little Rock, AR | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 126,288 | ||||
Property acquisition, Purchase Price | $ | $ 41,450 | ||||
Lakeside Crossing [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | May 23, 2014 | ||||
Property acquisition, Location | Lynchburg, VA | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 62,706 | ||||
Property acquisition, Purchase Price | $ | $ 16,967 | ||||
Dogwood Festival [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Jun. 27, 2014 | ||||
Property acquisition, Location | Flowood, MS | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 187,610 | ||||
Property acquisition, Purchase Price | $ | $ 48,689 | ||||
Pick N Save Center [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Jul. 11, 2014 | ||||
Property acquisition, Location | West Bend, WI | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 86,800 | ||||
Property acquisition, Purchase Price | $ | $ 19,123 | ||||
Harris Plaza [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Aug. 4, 2014 | ||||
Property acquisition, Location | Layton, UT | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 123,890 | ||||
Property acquisition, Purchase Price | $ | $ 27,019 | ||||
Dixie Valley [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Nov. 5, 2014 | ||||
Property acquisition, Location | Louisville, KY | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 119,981 | ||||
Property acquisition, Purchase Price | $ | $ 12,220 | ||||
Landing at Ocean Isle [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Nov. 21, 2014 | ||||
Property acquisition, Location | Ocean Isle, NC | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 53,220 | ||||
Property acquisition, Purchase Price | $ | $ 10,895 | ||||
Shoppes at Prairie Ridge [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Dec. 16, 2014 | ||||
Property acquisition, Location | Pleasant Prairie, WI | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 232,606 | ||||
Property acquisition, Purchase Price | $ | $ 32,527 | ||||
Harvest Square [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Dec. 16, 2014 | ||||
Property acquisition, Location | Harvest, AL | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 70,590 | ||||
Property acquisition, Purchase Price | $ | $ 13,018 | ||||
Heritage Square [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Dec. 16, 2014 | ||||
Property acquisition, Location | Conyers, GA | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 22,385 | ||||
Property acquisition, Purchase Price | $ | $ 9,011 | ||||
The Shoppes at Branson Hills [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquired Dates. | Dec. NaN, 2014 | ||||
Property acquisition, Location | Branson, MO | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 256,017 | ||||
Property acquisition, Purchase Price | $ | $ 42,803 | ||||
Branson Hills Plaza [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquired Dates. | Dec. NaN, 2014 | ||||
Property acquisition, Location | Branson, MO | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 210,201 | ||||
Property acquisition, Purchase Price | $ | $ 9,667 | ||||
Copps Grocery Store [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Dec. 16, 2014 | ||||
Property acquisition, Location | Stevens Point, WI | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 69,911 | ||||
Property acquisition, Purchase Price | $ | $ 15,544 | ||||
Fox Point Plaza [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Dec. 16, 2014 | ||||
Property acquisition, Location | Neenah, WI | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | 171,121 | ||||
Property acquisition, Purchase Price | $ | $ 17,312 | ||||
Total Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Square Footage | 3,478,522 | 2,075,065 | |||
Property acquisition, Purchase Price | $ | $ 799,313 | $ 378,763 | |||
Park Avenue Shopping Center, Additional Property [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Dec. 29, 2015 | ||||
Property acquisition, Square Footage | 7,986 | ||||
Property acquisition, Purchase Price | $ | $ 2,788 | ||||
[1] | Excludes 7,986 square feet which was acquired on 12/29/15 for $2,788. |
Acquisitions (Schedule of Major
Acquisitions (Schedule of Major Assets Acquired and Liabilities Assumed) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² | |||
Business Acquisition [Line Items] | ||||
Land | $ 163,832 | $ 70,828 | ||
Building and improvements | 580,061 | 285,326 | ||
Acquired lease intangible assets, net | 128,586 | 48,331 | ||
Acquired intangible liabilities, net | (49,528) | (18,386) | ||
Fair value adjustment related to the assumption of mortgages payable | (3,430) | (1,825) | ||
Deferred investment property acquisition obligations | (18,211) | (5,511) | ||
Total | [1] | $ 801,310 | 378,763 | |
Property acquisition, Square Footage | ft² | 6,025,330 | |||
Park Avenue Shopping Center [Member] | ||||
Business Acquisition [Line Items] | ||||
Property acquisition, Purchase Price | $ 2,788 | $ 23,368 | [2] | |
Property acquisition, Square Footage | ft² | 7,986 | 69,381 | [2] | |
Property acquisition, other assets | $ 791 | |||
[1] | Total for the year ended December 31, 2015 includes $2,788 for 7,986 square feet acquired at Park Avenue Shopping Center and excludes other assets of $791. | |||
[2] | Excludes 7,986 square feet which was acquired on 12/29/15 for $2,788. |
Acquisitions (Schedule of Pro F
Acquisitions (Schedule of Pro Forma Financial Information for Acquisitions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Business Combinations [Abstract] | |||
Pro forma total income | $ 106,658 | $ 98,174 | |
Pro forma net income | $ (2,674) | $ 5,451 | |
Earnings per share | [1] | $ (0.03) | $ 0.06 |
[1] | Based on number of common shares outstanding as of December 31, 2015. |
Schedule of Intangible Assets a
Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Intangible assets: | ||
Accumulated amortization | $ (18,236) | $ (2,732) |
Acquired lease intangibles, net | 164,773 | 51,691 |
Intangible liabilities: | ||
Above market ground lease | 5,169 | |
Accumulated amortization | (3,504) | (494) |
Acquired below market lease intangibles, net | 65,194 | 18,676 |
Acquired in-place lease value [Member] | ||
Intangible assets: | ||
Acquired intangible assets | 146,910 | 48,848 |
Acquired lease intangibles, net | 131,420 | |
Acquired above market lease value [Member] | ||
Intangible assets: | ||
Acquired intangible assets | 36,099 | 5,575 |
Acquired lease intangibles, net | 33,353 | |
Acquired below market lease value [Member] | ||
Intangible liabilities: | ||
Acquired intangible assets | $ 63,529 | $ 19,170 |
Acquired Intangible Assets an44
Acquired Intangible Assets and Liabilities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Acquired in-place lease value [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 10 years |
Acquired above market lease value [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 13 years |
Acquired below market lease value [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 18 years |
Above market ground lease [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 55 years |
Schedule of Amortization Pertai
Schedule of Amortization Pertaining to Acquired in Place Lease Value, Above Market Ground Lease and Market Lease Values (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a (reduction) increase to rental income | $ 652 | $ 59 | $ 24 |
Acquired in-place lease value [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as amortization expense | 13,170 | 2,083 | 228 |
Above market ground lease [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a reduction to property operating expense | 24 | ||
Acquired above market lease value [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a (reduction) increase to rental income | (2,334) | (411) | |
Acquired below market lease value [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a (reduction) increase to rental income | $ 2,986 | $ 470 | $ 24 |
Schedule of Estimated Amortizat
Schedule of Estimated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Future amortization for acquired in-place and above market lease assets: | ||
Acquired lease intangibles, net | $ 164,773 | $ 51,691 |
Future amortization for below market lease liabilities: | ||
2,016 | (4,540) | |
2,017 | (4,387) | |
2,018 | (4,205) | |
2,019 | (4,022) | |
2,020 | (3,789) | |
Thereafter | (39,105) | |
Total | (60,048) | |
Future amortization for above market ground lease liabilities: | ||
2,016 | (94) | |
2,017 | (94) | |
2,018 | (94) | |
2,019 | (94) | |
2,020 | (94) | |
Thereafter | (4,676) | |
Total | (5,146) | |
Acquired in-place lease value [Member] | ||
Future amortization for acquired in-place and above market lease assets: | ||
2,016 | 20,121 | |
2,017 | 19,181 | |
2,018 | 17,241 | |
2,019 | 15,430 | |
2,020 | 12,720 | |
Thereafter | 46,727 | |
Acquired lease intangibles, net | 131,420 | |
Acquired above market lease value [Member] | ||
Future amortization for acquired in-place and above market lease assets: | ||
2,016 | 3,946 | |
2,017 | 3,742 | |
2,018 | 3,187 | |
2,019 | 2,751 | |
2,020 | 2,470 | |
Thereafter | 17,257 | |
Acquired lease intangibles, net | $ 33,353 |
Debt and Derivative Instrumen47
Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 484,995 | $ 184,737 |
Credit facility payable | 100,000 | |
Unamortized debt premiums | 3,971 | 1,297 |
Total debt | $ 588,966 | $ 186,034 |
Mortgages Payable, Weighted Average Interest Rate | 3.77% | 3.02% |
Credit Facilities Payable, Weighted Average Interest Rate | 1.65% | |
Fixed rate mortgages payable [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 162,692 | $ 28,279 |
Mortgages Payable, Weighted Average Interest Rate | 4.37% | 5.06% |
Variable rate mortgages payable with swap agreements [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 238,617 | $ 128,876 |
Mortgages Payable, Weighted Average Interest Rate | 3.64% | 2.79% |
Variable rate mortgages payable [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 83,686 | $ 27,582 |
Mortgages Payable, Weighted Average Interest Rate | 2.99% | 2.01% |
Debt and Derivative Instrumen48
Debt and Derivative Instruments (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2016 | Jan. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Indebtedness includes effects of interest rate swap, weighted average interest rate | 3.41% | ||||
Carrying value of debt | $ 588,966,000 | $ 186,034,000 | |||
Estimated fair value of debt | 587,437,000 | $ 185,260,000 | |||
Line of credit facility, outstanding balance | 100,000,000 | ||||
Amount expected to be reclassified from accumulated OCL into income in the next twelve months | $ 2,650,000 | ||||
Fixed Rate Mortgages Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted Average Years to Maturity | 5 years | ||||
Mortgages payable, covenant compliance | The Company was current on all of the payments and in compliance with all financial covenants. | ||||
KeyBanc Capital Markets, Inc. [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 100,000,000 | ||||
Line of credit accordion feature to increase available borrowings | $ 400,000,000 | ||||
Credit facility, maturity date | Sep. 30, 2019 | ||||
Extension fee percentage | 0.15% | ||||
Line of credit facility, outstanding balance | $ 100,000,000 | ||||
Credit facility, interest rate | 1.65% | ||||
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% | ||||
Line of credit facility, covenant compliance | The Company is in compliance with all financial covenants related to the Credit Facility. | ||||
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% | ||||
KeyBanc Capital Markets, Inc. [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 110,000,000 | ||||
Line of credit facility, outstanding balance | $ 15,000,000 | ||||
Line of credit facility increase in aggregate commitments | $ 10,000,000 | ||||
Line of credit facility, principal payment | $ 85,000,000 |
Debt and Derivative Instrumen49
Debt and Derivative Instruments (Schedule of Principal Payments and Maturities of Company's Debt) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 58,467 |
2,017 | 6,503 |
2,018 | 15,465 |
2,019 | 142,840 |
2,020 | 100,898 |
Thereafter | 260,822 |
Total | 584,995 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
2,020 | 100,000 |
Total | 100,000 |
Scheduled Principal Payments [Member] | |
Debt Instrument [Line Items] | |
2,016 | 108 |
2,017 | 239 |
2,018 | 205 |
2,019 | 215 |
2,020 | 898 |
Thereafter | 3,108 |
Total | 4,773 |
Maturities of Mortgage Loans [Member] | |
Debt Instrument [Line Items] | |
2,016 | 58,359 |
2,017 | 6,264 |
2,018 | 15,260 |
2,019 | 142,625 |
Thereafter | 257,714 |
Total | $ 480,222 |
Debt and Derivative Instrumen50
Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Derivative [Line Items] | ||
Derivative instrument, notional amount | $ 238,617 | |
Fair value of derivative liabilities measured on recurring basis | $ (3,791) | |
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 | $ (167) | |
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 | $ (379) | |
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 | $ (199) | |
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 | $ (332) | |
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 | $ (568) | |
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 | $ (446) | |
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 | $ (206) | |
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 | $ (92) | |
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 | $ (77) | |
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 | $ (46) | |
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 | $ (127) | |
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 | $ (209) | |
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 | $ (7) | |
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 | $ (143) | |
Interest Rate Swap [Member] | Interest Rate Swap Fifteen [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Oct. 2, 2015 | |
Derivative instrument, effective date | Nov. 1, 2015 | |
Derivative instrument, maturity date | Nov. 1, 2015 | |
Derivative instrument, pay fixed interest rate | 1.79% | [1] |
Derivative instrument, notional amount | $ 13,100 | |
Fair value of derivative liabilities measured on recurring basis | $ (41) | |
Interest Rate Swap [Member] | Interest Rate Swap Sixteen [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Dec. 23, 2015 | |
Derivative instrument, effective date | Dec. 23, 2015 | |
Derivative instrument, maturity date | Jan. 2, 2026 | |
Derivative instrument, pay fixed interest rate | 2.30% | [1] |
Derivative instrument, notional amount | $ 26,000 | |
Fair value of derivative liabilities measured on recurring basis | $ (752) | |
[1] | Receive floating rate index based upon one month LIBOR. At December 31, 2015, the one month LIBOR equaled 0.43%. |
Debt and Derivative Instrumen51
Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative [Line Items] | |
Derivative instrument, receive floating rate index | one month LIBOR |
LIBOR [Member] | |
Derivative [Line Items] | |
One month floating rate | 0.43% |
Debt and Derivative Instrumen52
Debt and Derivative Instruments (Schedule of Cash Flow Hedges and Classification on Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges - interest rate swap agreements | $ 3,791 | $ 2,089 |
Debt and Derivative Instrumen53
Debt and Derivative Instruments (Derivatives on Consolidated Statements of Operations and Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 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) | $ (4,612) | $ (1,810) |
Amount of loss reclassified from accumulated OCL into income (effective portion) | 2,546 | 282 |
Amount of loss recognized in income on derivative (ineffective portion) | 365 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of loss recognized in income on derivative (ineffective portion) | $ (1) | $ (33) |
Distributions (Narrative) (Deta
Distributions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Distributions [Line Items] | |||
Amount per share of distributions | $ 0.001643836 | $ 0.001643836 | $ 0.001643836 |
Taxable income (loss) | $ 12,720 | $ 3,283 | $ (1,397) |
Minimum [Member] | |||
Distributions [Line Items] | |||
Percentage of adjusted REIT taxable income require to distribute among shareholders | 90.00% |
Distributions (Schedule of Dist
Distributions (Schedule of Distributions Paid and Declared) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Distributions [Abstract] | ||||
Distributions paid | $ 42,537 | $ 10,597 | $ 998 | |
Distributions declared | $ 4,397 | $ 44,908 | $ 12,318 | $ 1,289 |
Distributions - Schedule of Tax
Distributions - Schedule of Taxability of Distributions on Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 19, 2015 | Dec. 31, 2015 | [1] | Dec. 31, 2014 | Dec. 31, 2013 |
Distributions [Abstract] | |||||
Ordinary income | $ 0.20 | $ 0.19 | |||
Nontaxable return of capital | $ 0.47 | $ 0.41 | $ 0.60 | ||
Special distribution | $ 3,283 | ||||
Special distribution, per share | $ 0.07 | ||||
[1] | On February 19, 2015, the Company paid an aggregate special distribution of $3,283 to stockholders of record as of January 30, 2015 ($0.07 per share). |
Earnings (Loss) per Share (Deta
Earnings (Loss) per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Dilutive common share equivalents outstanding | 0 | 0 | 0 |
Commitments and Contingencies58
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
The maximum potential earnout payment for acquisitions made during period | $ 23,243 |
Commitments and Contingencies59
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Earnout liability-beginning of period | $ 3,646 | $ 723 |
Increases: | ||
Acquisitions | 18,211 | 5,511 |
Amortization expense | 83 | 167 |
Decreases: | ||
Earnout payments | (3,095) | (2,790) |
Other: | ||
Adjustments to acquisition related costs | 26 | 35 |
Earnout liability – end of period | $ 18,871 | $ 3,646 |
Segment Reporting (Details)
Segment Reporting (Details) - Segment | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||
Number of reportable segments | 1 | 1 | 1 |
Transactions with Related Par61
Transactions with Related Parties (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 9 |
Common stock shares sold to related party during period | 28,129 | 150,426 | 369,526 |
Total acquisition fees waived by business manager during period | $ 2,510,000 | $ 2,262,000 | |
Amount of advances received from Sponsor, repaid during period | $ 1,630,000 | ||
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 | 1,433,000 | ||
Business management fees waived during period | $ 0 | 433,000 | $ 226,000 |
Expenses incurred with related party | $ 3,283,000 | $ 640,000 |
Transactions with Related Par62
Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | $ 3,283 | $ 640 | ||
Due to related parties | 8,595 | 2,694 | ||
General and Administrative Reimbursements [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses incurred with related party | [1] | 1,367 | 466 | $ 268 |
Due to related parties | [1] | 287 | 139 | |
Affiliate Share Purchase Discounts [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses incurred with related party | [2] | 28 | 150 | 369 |
Total General and Administrative Expenses [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses incurred with related party | 1,395 | 616 | 637 | |
Due to related parties | 287 | 139 | ||
Acquisition Related Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [3] | 1,388 | 744 | 86 |
Acquisition related costs | 165 | 157 | ||
Acquisition Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [3] | 9,580 | 3,465 | 458 |
Acquisition related costs | 6,010 | |||
Total Acquisition Related Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [3] | 10,968 | 4,209 | 544 |
Acquisition related costs | [3] | 6,175 | 157 | |
Real Estate Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 2,762 | 631 | 81 | |
Construction Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 135 | 15 | ||
Due to related parties | 80 | |||
Leasing fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 40 | |||
Due to related parties | 40 | |||
Real Estate Management Costs | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | [4] | 2,937 | 646 | 81 |
Due to related parties | [4] | 120 | ||
Offering Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [5] | 41,180 | 33,141 | 5,785 |
Due to related parties | [5] | 63 | 210 | |
Sponsor Non-interest Bearing Advances [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to related parties | [6] | 1,630 | ||
Business Management Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [7] | 5,501 | 773 | $ 226 |
Due to related parties | [7] | 1,950 | 558 | |
Sponsor Contribution [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [8] | $ 3,283 | $ 640 | |
[1] | The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses of the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. | |||
[2] | The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enabled the related parties to purchase shares of common stock at $9.00 per share in the Offering. The Company sold 28,129, 150,426 and 369,526 shares to related parties during the years ended December 31, 2015, 2014 and 2013, respectively. | |||
[3] | The Company pays the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition of real estate assets, regardless of whether the Company acquires the real estate assets. 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 years ended December 31, 2015 and 2014, the Business Manager permanently waived acquisition fees of $2,510 and $2,262, respectively. | |||
[4] | For each property that is managed by Inland National Real Estate Services, LLC or Inland Commercial Real Estate Services LLC (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 determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by one of the Real Estate Managers or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Managers to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the accompanying 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. | |||
[5] | A related party of the Business Manager received 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 in the Offering, the majority of which was re-allowed (paid) to third party soliciting dealers. The Company also reimbursed 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 were reimbursed from amounts paid or re-allowed to these entities as a marketing contribution. The Company reimbursed the Sponsor, its affiliates and third parties for costs and other expenses of the Offering that they paid 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. | |||
[6] | As of December 31, 2014, the Sponsor advanced $1,630 to pay offering and organizational costs, all of which has been repaid as of December 31, 2015. | |||
[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 year ended December 31, 2014, the Business Manager was entitled to a business management fee in the amount equal to $1,433, 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 which was included as a reduction of due to related parties in the accompanying balance sheets as of December 31, 2014. No fees were waived for the year ended December 31, 2015. | |||
[8] | During the years ended December 31, 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 the Company’s common stock for making these contributions. There is no assurance that the Sponsor will continue to contribute any additional monies. |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 83,080 |
2,017 | 78,427 |
2,018 | 71,229 |
2,019 | 62,021 |
2,020 | 55,550 |
Thereafter | 278,524 |
Total | $ 628,831 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Remaining lease terms range description | from less than one year to 21 years |
Quarterly Supplemental Financ65
Quarterly Supplemental Financial Information - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Total income | $ 26,826 | $ 19,762 | $ 18,282 | $ 11,672 | $ 7,659 | $ 6,042 | $ 3,511 | $ 1,734 | $ 76,542 | $ 18,946 | $ 2,825 | ||||||||
Net loss | $ (9,051) | $ (262) | $ (3,500) | $ (623) | $ (612) | $ (817) | $ (2,363) | $ (564) | $ (13,436) | $ (4,356) | $ (2,527) | ||||||||
Net loss per common share, basic and diluted | $ (0.11) | [1] | $ (0.05) | [1] | $ (0.01) | [1] | $ (0.02) | [1] | $ (0.03) | [1] | $ (0.18) | [1] | $ (0.06) | [1] | $ (0.19) | $ (0.21) | $ (1.18) | ||
Weighted average number of common shares outstanding, basic and diluted | 85,564,146 | [1] | 76,111,571 | [1] | 66,130,000 | [1] | 49,092,127 | [1] | 36,112,929 | [1] | 23,733,441 | [1] | 13,377,773 | [1] | 8,703,608 | [1] | 69,343,253 | 20,565,940 | 2,147,947 |
[1] | Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding. |
Subsequent Events (Distribution
Subsequent Events (Distributions Narrative) (Details) - $ / shares | 4 Months Ended | 12 Months Ended | ||
Apr. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Subsequent Event [Line Items] | ||||
Amount per share of distributions | $ 0.001643836 | $ 0.001643836 | $ 0.001643836 | |
Scenario, Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Amount per share of distributions | $ 0.001639344 | |||
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 | Jan. 1, 2016 | |||
Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends payable, record date | Apr. 30, 2016 |
Subsequent Events (Schedule of
Subsequent Events (Schedule of Dividend Distributions) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Feb. 29, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Subsequent Event [Line Items] | ||||||
Month Distribution Paid | 2016-01 | 2016-01 | ||||
Gross Amount of Distribution Paid | $ 4,397 | $ 44,908 | $ 12,318 | $ 1,289 | ||
Proceeds from distribution reinvestment plan | $ 2,362 | $ 20,828 | $ 5,395 | $ 481 | ||
Shares Issued | 248,629 | |||||
Net Cash Distribution | $ 2,035 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Month Distribution Paid | 2016-03 | 2016-02 | ||||
Gross Amount of Distribution Paid | $ 4,120 | $ 4,393 | ||||
Proceeds from distribution reinvestment plan | $ 2,204 | $ 2,358 | ||||
Shares Issued | 232,019 | 248,177 | ||||
Net Cash Distribution | $ 1,916 | $ 2,036 |
Subsequent Events (Financing fo
Subsequent Events (Financing for Purchased Properties) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Marketplace at El Paseo [Member] | |
Subsequent Event [Line Items] | |
Date | Jan. 25, 2016 |
Property | Marketplace at El Paseo |
Interest Rate (stated) | 2.95% |
Principal Amount | $ 38,000 |
Maturity Date | Feb. 1, 2021 |
Milford Marketplace [Member] | |
Subsequent Event [Line Items] | |
Date | Jan. 28, 2016 |
Property | Milford Marketplace |
Interest Rate (stated) | 4.02% |
Principal Amount | $ 18,727 |
Maturity Date | Feb. 1, 2026 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) | 1 Months Ended | |||
Feb. 29, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |
Subsequent Event [Line Items] | ||||
Line of credit facility, outstanding balance | $ 100,000,000 | |||
Subsequent Event [Member] | Oquirrh Mountain Marketplace [Member] | ||||
Subsequent Event [Line Items] | ||||
Payment of short-term loan | $ 11,926,000 | |||
KeyBanc Capital Markets, Inc. [Member] | Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Aggregate commitment, credit facility | $ 100,000,000 | |||
Line of credit facility, outstanding balance | $ 100,000,000 | |||
KeyBanc Capital Markets, Inc. [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Aggregate commitment, credit facility | 110,000,000 | |||
Line of credit facility increase in aggregate commitments | $ 10,000,000 | |||
Line of credit facility, principal payment | $ 85,000,000 | |||
Line of credit facility, outstanding balance | $ 15,000,000 |
Schedule III Real Estate and 70
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 484,995 | |||||
Initial cost, Land | [1] | 247,082 | ||||
Initial cost, Buildings and Improvements | [1] | 908,595 | ||||
Cost Capitalized Subsequent to Acquisitions | 5,760 | |||||
Gross amount carried at end of period, Land | [2],[3] | 247,082 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 914,355 | ||||
Gross amount carried at end of period, Total | 1,161,437 | [2],[3] | $ 414,463 | $ 58,327 | $ 29,214 | |
Accumulated Depreciation | (27,545) | [3],[4] | $ (6,236) | $ (808) | $ (32) | |
2727 lowa Street [Member] | Lawrence, KS [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | 2,154 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 16,079 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | (37) | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 2,154 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 16,042 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 18,196 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (145) | ||||
Date Acquired | [5] | 2,015 | ||||
2727 lowa Street [Member] | Lawrence, KS [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,014 | ||||
Depreciable Lives | [5] | 15 years | ||||
2727 lowa Street [Member] | Lawrence, KS [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,015 | ||||
Depreciable Lives | [5] | 30 years | ||||
Blossom Valley Plaza [Member] | Turlock, CA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1] | $ 9,515 | ||||
Initial cost, Buildings and Improvements | [1] | 11,142 | ||||
Gross amount carried at end of period, Land | [2],[3] | 9,515 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 11,142 | ||||
Gross amount carried at end of period, Total | [2],[3] | 20,657 | ||||
Accumulated Depreciation | [3],[4] | $ (70) | ||||
Date Constructed | 1,988 | |||||
Date Acquired | 2,015 | |||||
Blossom Valley Plaza [Member] | Turlock, CA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Blossom Valley Plaza [Member] | Turlock, CA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Branson Hills Plaza [Member] | Branson, MO [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 2,955 | |||||
Initial cost, Land | [1] | 3,787 | ||||
Initial cost, Buildings and Improvements | [1] | 6,039 | ||||
Gross amount carried at end of period, Land | [2],[3] | 3,787 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 6,039 | ||||
Gross amount carried at end of period, Total | [2],[3] | 9,826 | ||||
Accumulated Depreciation | [3],[4] | $ (231) | ||||
Date Constructed | 2,005 | |||||
Date Acquired | 2,014 | |||||
Branson Hills Plaza [Member] | Branson, MO [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Branson Hills Plaza [Member] | Branson, MO [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dixie Valley [Member] | Louisville, KY [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 6,798 | |||||
Initial cost, Land | [1] | 2,807 | ||||
Initial cost, Buildings and Improvements | [1] | 9,053 | ||||
Cost Capitalized Subsequent to Acquisitions | 454 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,807 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 9,507 | ||||
Gross amount carried at end of period, Total | [2],[3] | 12,314 | ||||
Accumulated Depreciation | [3],[4] | $ (405) | ||||
Date Constructed | 1,988 | |||||
Date Acquired | 2,014 | |||||
Dixie Valley [Member] | Louisville, KY [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dixie Valley [Member] | Louisville, KY [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dogwood Festival [Member] | Flowood, MO [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 24,352 | |||||
Initial cost, Land | [1] | 4,500 | ||||
Initial cost, Buildings and Improvements | [1] | 41,865 | ||||
Cost Capitalized Subsequent to Acquisitions | 142 | |||||
Gross amount carried at end of period, Land | [2],[3] | 4,500 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 42,007 | ||||
Gross amount carried at end of period, Total | [2],[3] | 46,507 | ||||
Accumulated Depreciation | [3],[4] | $ (2,263) | ||||
Date Constructed | 2,002 | |||||
Date Acquired | 2,014 | |||||
Dogwood Festival [Member] | Flowood, MO [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dogwood Festival [Member] | Flowood, MO [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Brooks, GA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 592 | |||||
Initial cost, Land | [1] | 159 | ||||
Initial cost, Buildings and Improvements | [1] | 857 | ||||
Gross amount carried at end of period, Land | [2],[3] | 159 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 857 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,016 | ||||
Accumulated Depreciation | [3],[4] | $ (96) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Brooks, GA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 5 years | |||||
Dollar General [Member] | Brooks, GA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Daleville, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 482 | |||||
Initial cost, Land | [1] | 69 | ||||
Initial cost, Buildings and Improvements | [1] | 761 | ||||
Gross amount carried at end of period, Land | [2],[3] | 69 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 761 | ||||
Gross amount carried at end of period, Total | [2],[3] | 830 | ||||
Accumulated Depreciation | [3],[4] | $ (85) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Daleville, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Daleville, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | East Brewton, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 521 | |||||
Initial cost, Land | [1] | 148 | ||||
Initial cost, Buildings and Improvements | [1] | 780 | ||||
Gross amount carried at end of period, Land | [2],[3] | 148 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 780 | ||||
Gross amount carried at end of period, Total | [2],[3] | 928 | ||||
Accumulated Depreciation | [3],[4] | $ (92) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | East Brewton, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | East Brewton, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Madisonville, TN [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 695 | |||||
Initial cost, Land | [1] | 273 | ||||
Initial cost, Buildings and Improvements | [1] | 939 | ||||
Gross amount carried at end of period, Land | [2],[3] | 273 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 939 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,212 | ||||
Accumulated Depreciation | [3],[4] | $ (111) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Madisonville, TN [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Madisonville, TN [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Maryville, TN [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 631 | |||||
Initial cost, Land | [1] | 249 | ||||
Initial cost, Buildings and Improvements | [1] | 841 | ||||
Gross amount carried at end of period, Land | [2],[3] | 249 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 841 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,090 | ||||
Accumulated Depreciation | [3],[4] | $ (94) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Maryville, TN [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Maryville, TN [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Mobile, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 601 | |||||
Initial cost, Land | [1] | 208 | ||||
Initial cost, Buildings and Improvements | [1] | 836 | ||||
Gross amount carried at end of period, Land | [2],[3] | 208 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 836 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,044 | ||||
Accumulated Depreciation | [3],[4] | $ (94) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Mobile, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Mobile, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Newport, TN [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 586 | |||||
Initial cost, Land | [1] | 200 | ||||
Initial cost, Buildings and Improvements | [1] | 818 | ||||
Gross amount carried at end of period, Land | [2],[3] | 200 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 818 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,018 | ||||
Accumulated Depreciation | [3],[4] | $ (91) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Newport, TN [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Newport, TN [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Robertsdale, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 847 | |||||
Initial cost, Land | [1] | 324 | ||||
Initial cost, Buildings and Improvements | [1] | 1,178 | ||||
Gross amount carried at end of period, Land | [2],[3] | 324 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 1,178 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,502 | ||||
Accumulated Depreciation | [3],[4] | $ (139) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Robertsdale, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Robertsdale, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Valley, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 531 | |||||
Initial cost, Land | [1] | 119 | ||||
Initial cost, Buildings and Improvements | [1] | 805 | ||||
Gross amount carried at end of period, Land | [2],[3] | 119 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 805 | ||||
Gross amount carried at end of period, Total | [2],[3] | 924 | ||||
Accumulated Depreciation | [3],[4] | $ (90) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Valley, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Valley, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Wetumpka, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 692 | |||||
Initial cost, Land | [1] | 272 | ||||
Initial cost, Buildings and Improvements | [1] | 939 | ||||
Gross amount carried at end of period, Land | [2],[3] | 272 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 939 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,211 | ||||
Accumulated Depreciation | [3],[4] | $ (111) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Wetumpka, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Wetumpka, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General (Hamilton) [Member] | LaGrange, GA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 621 | |||||
Initial cost, Land | [1] | 100 | ||||
Initial cost, Buildings and Improvements | [1] | 986 | ||||
Gross amount carried at end of period, Land | [2],[3] | 100 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 986 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,086 | ||||
Accumulated Depreciation | [3],[4] | $ (110) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General (Hamilton) [Member] | LaGrange, GA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General (Hamilton) [Member] | LaGrange, GA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General (Wares Cross) [Member] | LaGrange, GA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 681 | |||||
Initial cost, Land | [1] | 248 | ||||
Initial cost, Buildings and Improvements | [1] | 943 | ||||
Gross amount carried at end of period, Land | [2],[3] | 248 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 943 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,191 | ||||
Accumulated Depreciation | [3],[4] | $ (106) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General (Wares Cross) [Member] | LaGrange, GA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General (Wares Cross) [Member] | LaGrange, GA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Eastside Junction [Member] | Athens, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 6,270 | |||||
Initial cost, Land | [1] | 2,411 | ||||
Initial cost, Buildings and Improvements | [1] | 8,393 | ||||
Gross amount carried at end of period, Land | [2],[3] | 2,411 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 8,393 | ||||
Gross amount carried at end of period, Total | [2],[3] | 10,804 | ||||
Accumulated Depreciation | [3],[4] | $ (244) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,015 | |||||
Eastside Junction [Member] | Athens, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Eastside Junction [Member] | Athens, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Fairgrounds Crossing [Member] | Hot Springs, AR [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 13,453 | |||||
Initial cost, Land | [1] | 6,069 | ||||
Initial cost, Buildings and Improvements | [1] | 22,637 | ||||
Gross amount carried at end of period, Land | [2],[3] | 6,069 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 22,637 | ||||
Gross amount carried at end of period, Total | [2],[3] | 28,706 | ||||
Accumulated Depreciation | [3],[4] | $ (615) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,015 | |||||
Fairgrounds Crossing [Member] | Hot Springs, AR [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Fairgrounds Crossing [Member] | Hot Springs, AR [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Fox Point Plaza [Member] | Neenah, WI [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 10,837 | |||||
Initial cost, Land | [1] | 3,518 | ||||
Initial cost, Buildings and Improvements | [1] | 12,680 | ||||
Gross amount carried at end of period, Land | [2],[3] | 3,518 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 12,680 | ||||
Gross amount carried at end of period, Total | [2],[3] | 16,198 | ||||
Accumulated Depreciation | [3],[4] | $ (458) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,014 | |||||
Fox Point Plaza [Member] | Neenah, WI [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Fox Point Plaza [Member] | Neenah, WI [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Frisco Marketplace [Member] | Frisco, TX [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 6,618 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 3,315 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 6,618 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 3,315 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 9,933 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (111) | ||||
Date Constructed | [5] | 2,002 | ||||
Date Acquired | [5] | 2,015 | ||||
Frisco Marketplace [Member] | Frisco, TX [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Frisco Marketplace [Member] | Frisco, TX [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Green Tree Shopping Center [Member] | Katy, TX [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 13,100 | |||||
Initial cost, Land | [1] | 7,218 | ||||
Initial cost, Buildings and Improvements | [1] | 17,846 | ||||
Cost Capitalized Subsequent to Acquisitions | (209) | |||||
Gross amount carried at end of period, Land | [2],[3] | 7,218 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 17,637 | ||||
Gross amount carried at end of period, Total | [2],[3] | 24,855 | ||||
Accumulated Depreciation | [3],[4] | $ (474) | ||||
Date Constructed | 1,997 | |||||
Date Acquired | 2,015 | |||||
Green Tree Shopping Center [Member] | Katy, TX [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Green Tree Shopping Center [Member] | Katy, TX [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Harris Plaza [Member] | Layton, UT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 6,500 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 19,403 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 108 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 6,500 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 19,511 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 26,011 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (1,003) | ||||
Date Acquired | [5] | 2,014 | ||||
Harris Plaza [Member] | Layton, UT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,001 | ||||
Depreciable Lives | [5] | 15 years | ||||
Harris Plaza [Member] | Layton, UT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,008 | ||||
Depreciable Lives | [5] | 30 years | ||||
Harvest Square [Member] | Harvest, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 6,800 | |||||
Initial cost, Land | [1] | 2,186 | ||||
Initial cost, Buildings and Improvements | [1] | 9,330 | ||||
Gross amount carried at end of period, Land | [2],[3] | 2,186 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 9,330 | ||||
Gross amount carried at end of period, Total | [2],[3] | 11,516 | ||||
Accumulated Depreciation | [3],[4] | $ (361) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,014 | |||||
Harvest Square [Member] | Harvest, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Harvest Square [Member] | Harvest, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Heritage Square [Member] | Conyers, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 4,460 | |||||
Initial cost, Land | [1] | 2,028 | ||||
Initial cost, Buildings and Improvements | [1] | 5,538 | ||||
Cost Capitalized Subsequent to Acquisitions | 16 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,028 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 5,554 | ||||
Gross amount carried at end of period, Total | [2],[3] | 7,582 | ||||
Accumulated Depreciation | [3],[4] | $ (202) | ||||
Date Constructed | 2,010 | |||||
Date Acquired | 2,014 | |||||
Heritage Square [Member] | Conyers, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Heritage Square [Member] | Conyers, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 1,440 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 11,799 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 1,440 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 11,799 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 13,239 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (435) | ||||
Date Constructed | [5] | 2,012 | ||||
Date Acquired | [5] | 2,014 | ||||
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Kroger - Pick n Save Center [Member] | West Bend, WI [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 9,561 | |||||
Initial cost, Land | [1] | 3,150 | ||||
Initial cost, Buildings and Improvements | [1] | 14,283 | ||||
Gross amount carried at end of period, Land | [2],[3] | 3,150 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 14,283 | ||||
Gross amount carried at end of period, Total | [2],[3] | 17,433 | ||||
Accumulated Depreciation | [3],[4] | $ (752) | ||||
Date Constructed | 2,011 | |||||
Date Acquired | 2,014 | |||||
Kroger - Pick n Save Center [Member] | West Bend, WI [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Kroger - Pick n Save Center [Member] | West Bend, WI [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Lakeside Crossing [Member] | Lynchburg, VA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 9,910 | |||||
Initial cost, Land | [1] | 1,460 | ||||
Initial cost, Buildings and Improvements | [1] | 16,999 | ||||
Gross amount carried at end of period, Land | [2],[3] | 1,460 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 16,999 | ||||
Gross amount carried at end of period, Total | [2],[3] | 18,459 | ||||
Accumulated Depreciation | [3],[4] | $ (979) | ||||
Date Constructed | 2,013 | |||||
Date Acquired | 2,014 | |||||
Lakeside Crossing [Member] | Lynchburg, VA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Lakeside Crossing [Member] | Lynchburg, VA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 3,053 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 7,081 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 39 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 3,053 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 7,120 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 10,173 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (314) | ||||
Date Constructed | [5] | 2,009 | ||||
Date Acquired | [5] | 2,014 | ||||
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Mansfield Pointe [Member] | Mansfield, TX [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 14,200 | |||||
Initial cost, Land | [1] | 5,350 | ||||
Initial cost, Buildings and Improvements | [1] | 20,002 | ||||
Gross amount carried at end of period, Land | [2],[3] | 5,350 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 20,002 | ||||
Gross amount carried at end of period, Total | [2],[3] | 25,352 | ||||
Accumulated Depreciation | [3],[4] | $ (1,300) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,014 | |||||
Mansfield Pointe [Member] | Mansfield, TX [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Mansfield Pointe [Member] | Mansfield, TX [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Marketplace at El Paseo [Member] | Fresno, CA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1] | $ 16,390 | ||||
Initial cost, Buildings and Improvements | [1] | 46,971 | ||||
Gross amount carried at end of period, Land | [2],[3] | 16,390 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 46,971 | ||||
Gross amount carried at end of period, Total | [2],[3] | 63,361 | ||||
Accumulated Depreciation | [3],[4] | $ (281) | ||||
Date Constructed | 2,014 | |||||
Date Acquired | 2,015 | |||||
Marketplace at El Paseo [Member] | Fresno, CA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Marketplace at El Paseo [Member] | Fresno, CA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Marketplace at Tech Center [Member] | Newport News, VA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 43,500 | |||||
Initial cost, Land | [1] | 10,684 | ||||
Initial cost, Buildings and Improvements | [1] | 68,580 | ||||
Gross amount carried at end of period, Land | [2],[3] | 10,684 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 68,580 | ||||
Gross amount carried at end of period, Total | [2],[3] | $ 79,264 | ||||
Date Constructed | 2,015 | |||||
Date Acquired | 2,015 | |||||
Marketplace at Tech Center [Member] | Newport News, VA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Marketplace at Tech Center [Member] | Newport News, VA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
MidTowne Shopping Center [Member] | Little Rock, AR [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 20,725 | |||||
Initial cost, Land | [1] | 8,810 | ||||
Initial cost, Buildings and Improvements | [1] | 29,699 | ||||
Cost Capitalized Subsequent to Acquisitions | 111 | |||||
Gross amount carried at end of period, Land | [2],[3] | 8,810 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 29,810 | ||||
Gross amount carried at end of period, Total | [2],[3] | 38,620 | ||||
Accumulated Depreciation | [3],[4] | $ (1,839) | ||||
Date Acquired | 2,014 | |||||
MidTowne Shopping Center [Member] | Little Rock, AR [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,005 | |||||
Depreciable Lives | 5 years | |||||
MidTowne Shopping Center [Member] | Little Rock, AR [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,008 | |||||
Depreciable Lives | 30 years | |||||
Milford Marketplace [Member] | Milford, CT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Buildings and Improvements | [1] | $ 35,867 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 35,867 | ||||
Gross amount carried at end of period, Total | [2],[3] | 35,867 | ||||
Accumulated Depreciation | [3],[4] | $ (320) | ||||
Date Constructed | 2,007 | |||||
Date Acquired | 2,015 | |||||
Milford Marketplace [Member] | Milford, CT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Milford Marketplace [Member] | Milford, CT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Newington Fair [Member] | Newington, CT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 7,833 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 8,329 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 331 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 7,833 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 8,660 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 16,493 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (1,175) | ||||
Date Acquired | [5] | 2,012 | ||||
Newington Fair [Member] | Newington, CT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 1,994 | ||||
Depreciable Lives | [5] | 15 years | ||||
Newington Fair [Member] | Newington, CT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,009 | ||||
Depreciable Lives | [5] | 30 years | ||||
North Hills Square [Member] | Coral Springs, FL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 5,525 | |||||
Initial cost, Land | [1] | 4,800 | ||||
Initial cost, Buildings and Improvements | [1] | 5,493 | ||||
Gross amount carried at end of period, Land | [2],[3] | 4,800 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 5,493 | ||||
Gross amount carried at end of period, Total | [2],[3] | 10,293 | ||||
Accumulated Depreciation | [3],[4] | $ (374) | ||||
Date Constructed | 1,997 | |||||
Date Acquired | 2,014 | |||||
North Hills Square [Member] | Coral Springs, FL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
North Hills Square [Member] | Coral Springs, FL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 11,920 | |||||
Initial cost, Land | [1] | 4,254 | ||||
Initial cost, Buildings and Improvements | [1] | 14,467 | ||||
Gross amount carried at end of period, Land | [2],[3] | 4,254 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 14,467 | ||||
Gross amount carried at end of period, Total | [2],[3] | 18,721 | ||||
Accumulated Depreciation | [3],[4] | $ (84) | ||||
Date Acquired | 2,015 | |||||
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,014 | |||||
Depreciable Lives | 15 years | |||||
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,015 | |||||
Depreciable Lives | 30 years | |||||
Park Avenue Shopping Center [Member] | Little Rock, AR [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 11,684 | |||||
Initial cost, Land | [1] | 5,500 | ||||
Initial cost, Buildings and Improvements | [1] | 16,365 | ||||
Cost Capitalized Subsequent to Acquisitions | 2,383 | |||||
Gross amount carried at end of period, Land | [2],[3] | 5,500 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 18,748 | ||||
Gross amount carried at end of period, Total | [2],[3] | 24,248 | ||||
Accumulated Depreciation | [3],[4] | $ (1,109) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,014 | |||||
Park Avenue Shopping Center [Member] | Little Rock, AR [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Park Avenue Shopping Center [Member] | Little Rock, AR [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Plaza at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 618 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 2,305 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 618 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 2,305 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 2,923 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (69) | ||||
Date Constructed | [5] | 2,008 | ||||
Date Acquired | [5] | 2,015 | ||||
Plaza at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Plaza at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Prattville Town Center [Member] | Prattville, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 15,930 | |||||
Initial cost, Land | [1] | 5,336 | ||||
Initial cost, Buildings and Improvements | [1] | 27,648 | ||||
Cost Capitalized Subsequent to Acquisitions | 24 | |||||
Gross amount carried at end of period, Land | [2],[3] | 5,336 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 27,672 | ||||
Gross amount carried at end of period, Total | [2],[3] | 33,008 | ||||
Accumulated Depreciation | [3],[4] | $ (763) | ||||
Date Constructed | 2,007 | |||||
Date Acquired | 2,015 | |||||
Prattville Town Center [Member] | Prattville, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Prattville Town Center [Member] | Prattville, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Regal Court [Member] | Shreveport, LA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 26,000 | |||||
Initial cost, Land | [1] | 5,873 | ||||
Initial cost, Buildings and Improvements | [1] | 41,181 | ||||
Cost Capitalized Subsequent to Acquisitions | 352 | |||||
Gross amount carried at end of period, Land | [2],[3] | 5,873 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 41,533 | ||||
Gross amount carried at end of period, Total | [2],[3] | 47,406 | ||||
Accumulated Depreciation | [3],[4] | $ (1,109) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,015 | |||||
Regal Court [Member] | Shreveport, LA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Regal Court [Member] | Shreveport, LA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Settlers Ridge [Member] | Pittsburgh, PA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 76,533 | |||||
Initial cost, Land | [1] | 25,961 | ||||
Initial cost, Buildings and Improvements | [1] | 98,157 | ||||
Gross amount carried at end of period, Land | [2],[3] | 25,961 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 98,157 | ||||
Gross amount carried at end of period, Total | [2],[3] | 124,118 | ||||
Accumulated Depreciation | [3],[4] | $ (921) | ||||
Date Constructed | 2,011 | |||||
Date Acquired | 2,015 | |||||
Settlers Ridge [Member] | Pittsburgh, PA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Settlers Ridge [Member] | Pittsburgh, PA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Shoppes at Lake Park [Member] | West Valley City. UT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 2,285 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 8,527 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 2,285 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 8,527 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 10,812 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (284) | ||||
Date Constructed | [5] | 2,008 | ||||
Date Acquired | [5] | 2,015 | ||||
Shoppes at Lake Park [Member] | West Valley City. UT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Shoppes at Lake Park [Member] | West Valley City. UT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Shoppes at Market Pointe [Member] | Papillion, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 13,700 | |||||
Initial cost, Land | [1] | 12,499 | ||||
Initial cost, Buildings and Improvements | [1] | 8,388 | ||||
Cost Capitalized Subsequent to Acquisitions | 333 | |||||
Gross amount carried at end of period, Land | [2],[3] | 12,499 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 8,721 | ||||
Gross amount carried at end of period, Total | [2],[3] | 21,220 | ||||
Accumulated Depreciation | [3],[4] | $ (245) | ||||
Date Acquired | 2,015 | |||||
Shoppes at Market Pointe [Member] | Papillion, NE [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,006 | |||||
Depreciable Lives | 15 years | |||||
Shoppes at Market Pointe [Member] | Papillion, NE [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,007 | |||||
Depreciable Lives | 30 years | |||||
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 15,591 | |||||
Initial cost, Land | [1] | 7,521 | ||||
Initial cost, Buildings and Improvements | [1] | 22,468 | ||||
Cost Capitalized Subsequent to Acquisitions | 39 | |||||
Gross amount carried at end of period, Land | [2],[3] | 7,521 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 22,507 | ||||
Gross amount carried at end of period, Total | [2],[3] | 30,028 | ||||
Accumulated Depreciation | [3],[4] | $ (804) | ||||
Date Constructed | 2,009 | |||||
Date Acquired | 2,014 | |||||
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
The Shoppes at Branson Hills [Member] | Branson, MO [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 26,678 | |||||
Initial cost, Land | [1] | 4,418 | ||||
Initial cost, Buildings and Improvements | [1] | 37,229 | ||||
Cost Capitalized Subsequent to Acquisitions | 121 | |||||
Gross amount carried at end of period, Land | [2],[3] | 4,418 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 37,350 | ||||
Gross amount carried at end of period, Total | [2],[3] | 41,768 | ||||
Accumulated Depreciation | [3],[4] | $ (1,328) | ||||
Date Constructed | 2,005 | |||||
Date Acquired | 2,014 | |||||
The Shoppes at Branson Hills [Member] | Branson, MO [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
The Shoppes at Branson Hills [Member] | Branson, MO [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Shops at Hawk Ridge [Member] | St. Louis, MO [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 1,328 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 10,341 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 228 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 1,328 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 10,569 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 11,897 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (278) | ||||
Date Constructed | [5] | 2,009 | ||||
Date Acquired | [5] | 2,015 | ||||
Shops at Hawk Ridge [Member] | St. Louis, MO [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 5 years | ||||
Shops at Hawk Ridge [Member] | St. Louis, MO [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Treasure Valley [Member] | Nampa, ID [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 3,133 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 12,000 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 3,133 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 12,000 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 15,133 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (256) | ||||
Date Constructed | [5] | 2,014 | ||||
Date Acquired | [5] | 2,015 | ||||
Treasure Valley [Member] | Nampa, ID [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Treasure Valley [Member] | Nampa, ID [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Village at Burlington Creek [Member] | Kansas City, MO [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 17,723 | |||||
Initial cost, Land | [1] | 10,791 | ||||
Initial cost, Buildings and Improvements | [1] | 19,384 | ||||
Cost Capitalized Subsequent to Acquisitions | 57 | |||||
Gross amount carried at end of period, Land | [2],[3] | 10,791 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 19,441 | ||||
Gross amount carried at end of period, Total | [2],[3] | 30,232 | ||||
Accumulated Depreciation | [3],[4] | $ (121) | ||||
Date Acquired | 2,015 | |||||
Village at Burlington Creek [Member] | Kansas City, MO [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,007 | |||||
Depreciable Lives | 15 years | |||||
Village at Burlington Creek [Member] | Kansas City, MO [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,015 | |||||
Depreciable Lives | 30 years | |||||
Walgreens Plaza [Member] | Jacksonville, NC [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 4,650 | |||||
Initial cost, Land | [1] | 2,624 | ||||
Initial cost, Buildings and Improvements | [1] | 9,683 | ||||
Cost Capitalized Subsequent to Acquisitions | 162 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,624 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 9,845 | ||||
Gross amount carried at end of period, Total | [2],[3] | 12,469 | ||||
Accumulated Depreciation | [3],[4] | $ (271) | ||||
Date Constructed | 2,011 | |||||
Date Acquired | 2,015 | |||||
Walgreens Plaza [Member] | Jacksonville, NC [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Walgreens Plaza [Member] | Jacksonville, NC [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Wedgewood Commons [Member] | Olive Branch, MS [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 15,260 | |||||
Initial cost, Land | [1] | 2,220 | ||||
Initial cost, Buildings and Improvements | [1] | 26,577 | ||||
Gross amount carried at end of period, Land | [2],[3] | 2,220 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 26,577 | ||||
Gross amount carried at end of period, Total | [2],[3] | 28,797 | ||||
Accumulated Depreciation | [3],[4] | $ (1,870) | ||||
Date Acquired | 2,013 | |||||
Wedgewood Commons [Member] | Olive Branch, MS [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,009 | |||||
Depreciable Lives | 15 years | |||||
Wedgewood Commons [Member] | Olive Branch, MS [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,013 | |||||
Depreciable Lives | 30 years | |||||
Whispering Ridge [Member] | Omaha, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 4,121 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 10,418 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 4,121 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 10,418 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 14,539 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (255) | ||||
Date Constructed | [5] | 2,007 | ||||
Date Acquired | [5] | 2,015 | ||||
Whispering Ridge [Member] | Omaha, NE [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Whispering Ridge [Member] | Omaha, NE [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
White City [Member] | Shrewsbury, MA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 49,400 | |||||
Initial cost, Land | [1] | 18,960 | ||||
Initial cost, Buildings and Improvements | [1] | 70,423 | ||||
Cost Capitalized Subsequent to Acquisitions | 1,106 | |||||
Gross amount carried at end of period, Land | [2],[3] | 18,960 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 71,529 | ||||
Gross amount carried at end of period, Total | [2],[3] | 90,489 | ||||
Accumulated Depreciation | [3],[4] | $ (1,862) | ||||
Date Constructed | 2,013 | |||||
Date Acquired | 2,015 | |||||
White City [Member] | Shrewsbury, MA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
White City [Member] | Shrewsbury, MA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Yorkville Marketplace [Member] | Yorkville, IL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 4,990 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 13,928 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 4,990 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 13,928 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 18,918 | ||||
Accumulated Depreciation | [3],[4],[5] | $ (346) | ||||
Date Acquired | [5] | 2,015 | ||||
Yorkville Marketplace [Member] | Yorkville, IL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,002 | ||||
Depreciable Lives | [5] | 15 years | ||||
Yorkville Marketplace [Member] | Yorkville, IL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,007 | ||||
Depreciable Lives | [5] | 30 years | ||||
[1] | The initial cost to the Company represents the original purchase price of the property. | |||||
[2] | Reconciliation of real estate owned: | |||||
[3] | The aggregate cost of real estate owned at December 31, 2015 and 2014 for federal income tax purposes was approximately $1,271,000 and $450,600, respectively (unaudited). | |||||
[4] | Reconciliation of accumulated depreciation: | |||||
[5] | These properties serve as security for our Credit Facility. |
Schedule III Real Estate and 71
Schedule III Real Estate and Accumulated Depreciation (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||
Aggregate cost of real estate owned for federal income tax purpose | $ 1,271,000 | $ 450,600 |
Schedule III Real Estate and 72
Schedule III Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||||
Balance at January 1, | $ 414,463 | $ 58,327 | $ 29,214 | |
Acquisitions | 743,893 | 356,154 | 28,797 | |
Improvements, net of master lease | 3,081 | (18) | 316 | |
Balance at December 31, | $ 1,161,437 | [1],[2] | $ 414,463 | $ 58,327 |
[1] | Reconciliation of real estate owned: | |||
[2] | The aggregate cost of real estate owned at December 31, 2015 and 2014 for federal income tax purposes was approximately $1,271,000 and $450,600, respectively (unaudited). |
Schedule III Real Estate and 73
Schedule III Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||||
Balance at January 1, | $ 6,236 | $ 808 | $ 32 | |
Depreciation expense | 21,309 | 5,428 | 776 | |
Balance at December 31, | $ 27,545 | [1],[2] | $ 6,236 | $ 808 |
[1] | Reconciliation of accumulated depreciation: | |||
[2] | The aggregate cost of real estate owned at December 31, 2015 and 2014 for federal income tax purposes was approximately $1,271,000 and $450,600, respectively (unaudited). |