Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 03, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
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 | $ 785,144,554 | ||
Entity Common Stock, Shares Outstanding | 88,750,971 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment properties: | ||
Land | $ 262,210 | $ 247,082 |
Building and other improvements | 971,021 | 914,355 |
Total | 1,233,231 | 1,161,437 |
Less accumulated depreciation | (62,631) | (27,545) |
Net investment properties | 1,170,600 | 1,133,892 |
Cash and cash equivalents | 10,861 | 83,843 |
Investment in unconsolidated entity | 126 | |
Accounts and rent receivable | 11,671 | 7,313 |
Acquired lease intangible assets, net | 150,108 | 164,773 |
Deferred costs, net | 683 | 238 |
Other assets | 13,511 | 11,309 |
Total assets | 1,357,560 | 1,401,368 |
Liabilities: | ||
Mortgages and credit facility payable, net | 606,025 | 584,499 |
Accounts payable and accrued expenses | 7,270 | 13,926 |
Distributions payable | 4,488 | 4,397 |
Acquired intangible liabilities, net | 63,474 | 65,194 |
Deferred investment property acquisition obligations | 6,856 | 18,871 |
Due to related parties | 2,663 | 8,595 |
Other liabilities | 12,330 | 15,042 |
Total liabilities | 703,106 | 710,524 |
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, 88,155,707 and 86,229,018 shares issued and outstanding as of December 31, 2016 and 2015, respectively | 88 | 86 |
Additional paid in capital (net of offering costs of $87,059 as of December 31, 2016 and 2015) | 792,478 | 774,359 |
Accumulated distributions and net loss | (140,417) | (80,007) |
Accumulated other comprehensive income (loss) | 2,305 | (3,594) |
Total stockholders’ equity | 654,454 | 690,844 |
Total liabilities and stockholders’ equity | $ 1,357,560 | $ 1,401,368 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 88,155,707 | 86,229,018 |
Common stock, shares outstanding | 88,155,707 | 86,229,018 |
Additional paid in capital, offering costs | $ 87,059 | $ 87,059 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income: | |||
Rental income | $ 93,719 | $ 60,912 | $ 14,932 |
Tenant recovery income | 26,723 | 15,482 | 3,959 |
Other property income | 1,056 | 148 | 55 |
Total income | 121,498 | 76,542 | 18,946 |
Cost and Expenses: | |||
Property operating expenses | 21,460 | 11,850 | 2,699 |
Real estate tax expense | 14,202 | 8,938 | 2,068 |
General and administrative expenses | 5,908 | 4,961 | 2,427 |
Acquisition related costs | (1,556) | 13,903 | 5,139 |
Business management fee | 8,580 | 5,501 | 773 |
Depreciation and amortization | 59,860 | 34,573 | 7,679 |
Total expenses | 108,454 | 79,726 | 20,785 |
Operating income (loss) | 13,044 | (3,184) | (1,839) |
Interest expense | (21,635) | (10,339) | (2,622) |
Interest and other income | 378 | 205 | 95 |
Equity in earnings (loss) of unconsolidated entity | 252 | (118) | 10 |
Net loss | $ (7,961) | $ (13,436) | $ (4,356) |
Net loss per common share, basic and diluted | $ (0.09) | $ (0.19) | $ (0.21) |
Weighted average number of common shares outstanding, basic and diluted | 87,409,567 | 69,343,253 | 20,565,940 |
Comprehensive loss: | |||
Net loss | $ (7,961) | $ (13,436) | $ (4,356) |
Unrealized gain (loss) on derivatives | 1,861 | (4,612) | (1,810) |
Reclassification adjustment for amounts included in net loss | 4,038 | 2,546 | 282 |
Comprehensive loss | $ (2,062) | $ (15,502) | $ (5,884) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Distributions and Net Loss [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 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 gain (loss) on derivatives | (1,810) | $ (1,810) | |||
Reclassification adjustment for amounts included in net gain (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 | ||||
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 gain (loss) on derivatives | (4,612) | (4,612) | |||
Reclassification adjustment for amounts included in net gain (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 | |||
Distributions declared | $ (52,449) | (52,449) | |||
Proceeds from distribution reinvestment plan | 27,831 | $ 3 | 27,828 | ||
Proceeds from distribution reinvestment plan, shares | 3,033,547 | ||||
Shares repurchased | (9,724) | $ (1) | (9,723) | ||
Shares repurchased, shares | (1,106,858) | ||||
Unrealized gain (loss) on derivatives | 1,861 | 1,861 | |||
Reclassification adjustment for amounts included in net gain (loss) | 4,038 | 4,038 | |||
Equity based compensation | 14 | 14 | |||
Net loss | (7,961) | (7,961) | |||
Balance at Dec. 31, 2016 | $ 654,454 | $ 88 | $ 792,478 | $ (140,417) | $ 2,305 |
Balance at Dec. 31, 2016 | 88,155,707 | 88,155,707 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net loss | $ (7,961) | $ (13,436) | $ (4,356) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 59,860 | 34,573 | 7,679 |
Amortization of loan fees and mortgage premiums, net | 359 | 5 | 210 |
Amortization of acquired market leases, net | (812) | (652) | (59) |
Amortization of equity based compensation | 14 | ||
Straight-line income, net | (2,164) | (1,736) | (314) |
Discount on shares issued to related parties | 28 | 150 | |
Equity in (earnings) loss of unconsolidated entity | (252) | 118 | (10) |
Distributions from unconsolidated entity | 126 | ||
Payment of leasing fees | (413) | (315) | (5) |
Adjustment of contingent earnout liability | (3,709) | (9) | (28) |
Other non-cash adjustments | (244) | (376) | 33 |
Changes in assets and liabilities: | |||
Accounts payable and accrued expenses | (1,324) | 3,723 | 869 |
Accounts and rent receivable | (1,386) | (3,392) | (1,521) |
Due to related parties | (5,891) | 7,559 | (493) |
Other liabilities | (197) | 2,185 | 1,072 |
Other assets | 197 | (1,195) | (305) |
Net cash flows provided by operating activities | 36,203 | 27,080 | 2,922 |
Cash flows from investing activities: | |||
Purchase of investment properties | (79,034) | (734,331) | (310,120) |
Capital expenditures | (9,320) | (4,326) | (131) |
Other assets and restricted escrows | 320 | (1,885) | (234) |
Net cash flows used in investing activities | (88,034) | (740,542) | (310,485) |
Cash flows from financing activities: | |||
Proceeds from offering | 422,959 | 345,554 | |
Payment of offering costs | (199) | (43,828) | (34,337) |
Payment of credit facility | (141,000) | ||
Proceeds from credit facility payable | 72,000 | 100,000 | |
Proceeds from mortgages payable | 150,335 | 242,377 | 94,531 |
Payment of mortgages payable | (58,494) | (145) | (9,790) |
Proceeds from the distribution reinvestment plan | 27,831 | 20,828 | 5,395 |
Shares repurchased | (8,754) | (3,333) | (260) |
Distributions paid | (52,358) | (42,537) | (10,597) |
Sponsor contribution | 3,283 | 640 | |
Due to related parties | (1,630) | ||
Payment of deferred investment property acquisition obligation | (8,838) | (3,061) | (2,728) |
Payment of debt issuance costs | (1,674) | (3,479) | (1,608) |
Net cash flows (used in) provided by financing activities | (21,151) | 691,434 | 386,800 |
Net (decrease) increase in cash and cash equivalents | (72,982) | (22,028) | 79,237 |
Cash and cash equivalents at beginning of the year | 83,843 | 105,871 | 26,634 |
Cash and cash equivalents at end of the year | 10,861 | 83,843 | 105,871 |
Supplemental disclosure of cash flow information: | |||
Land | 15,128 | 163,832 | 70,828 |
Building and improvements | 53,849 | 580,061 | 285,326 |
Acquired in place lease intangibles | 12,768 | 98,062 | 43,067 |
Acquired above market lease intangibles | 1,080 | 30,524 | 5,264 |
Acquired below market lease intangibles | (3,432) | (44,359) | (18,386) |
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) | |
Assumed liabilities | (359) | (9,745) | (1,177) |
Purchase of investment properties | 79,034 | 734,331 | 310,120 |
Cash paid for interest | 21,087 | 9,397 | 2,346 |
Supplemental schedule of non-cash investing and financing activities: | |||
Distributions payable | $ 4,488 | 4,397 | 2,025 |
Accrued offering costs payable | $ 252 | $ 535 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
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 indirect wholly owned subsidiary of Inland Real Estate Investment Corporation (the “Sponsor”), to be the Business Manager to the Company. At December 31, 2016, the Company owned 56 retail properties, totaling 6,345,578 square feet. The properties are located in 23 states. At December 31, 2016, the portfolio had a weighted average physical occupancy of 93.6% and economic occupancy of 94.6%. Economic occupancy excludes square footage associated with an earnout component. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 $25.00 to $40.00 per square foot, probability of occupancy ranging from 0% to 100% based on leasing activity and utilizing a discount rate of 7.0%. 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. In January 2017 the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business 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, 2016, 2015 and 2014 no 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. 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. Valuation of Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant, which taken as a whole determines the valuation. 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. 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 $35,086, $21,309 and $5,428 for the years ended December 31, 2016, 2015 and 2014, respectively. 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. Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreements as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages and credit facility payable. The adoption of ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt issuance Costs 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, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivative interest rate swap agreements Total assets $ — $ 4,250 $ — Total liabilities $ — $ 1,909 $ — 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. 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. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rent receivable 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. Equity-Based Compensation The Company has restricted shares and units outstanding at December 31, 2016. The Company recognizes expense related to the fair value of equity-based compensation awards as general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss. The Company primarily recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period. See Note 7 - "Equity-Based Compensation" for further information. Recent Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. will require that amounts described as restricted cash and restricted cash equivalents be included in beginning and ending-of-period reconciliation cash shown on the statement of cash flows. The amendment is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | NOTE 3 – EQUITY The Company was authorized to sell up to 150,000,000 shares of common stock at $10 per share 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 per share issuable pursuant to the Company’s distribution reinvestment plan (“DRP”). The Offering concluded on October 16, 2015. The Company issued 83,835,055 shares of common stock generating gross proceeds of $834,399 from the Offering. 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 $9.02 per share to stockholders who elect to participate in the amended DRP. The Company provides the following programs to facilitate additional investment in the Company’s shares and to provide limited liquidity for stockholders. Distribution Reinvestment Plan 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. Pursuant to the DRP, the price per share for shares of common stock purchased under the DRP is equal to the estimated value of a share, as determined by the Company’s board of directors and reported by the Company from time to time, until the shares become listed for trading, if a listing occurs, assuming that the DRP has not been terminated or suspended in connection with such listing. Shares were sold at a price equal to $9.50 per share until April 7, 2016, when the Company reported an estimated per share net asset value of $9.02 per share (the “Valuation Date”). Accordingly, under the DRP, beginning with reinvestments made after April 7, 2016, and until the Company announces a new estimated per share net asset value, distributions may be reinvested for shares of the Company’s common stock at a price equal to $9.02 per share. The Company intends to publish an updated estimated value of its shares no later than April 2017. Distributions reinvested through the DRP were approximately $27,831, $20,828 and $5,395 for the years ended December 31, 2016, 2015 and 2014, respectively. Share Repurchase Program Under the share repurchase program (“SRP”), the Company is authorized to purchase shares from stockholders who purchased their shares from the Company or received their shares through a non-cash transfer and who have held their shares for at least one year, if requested, if the Company chooses to 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 $9,724, $3,810 and $260 for the years ended December 31, 2016, 2015 and 2014, respectively. At December 31, 2016 and 2015, the liability related to the SRP was $1,448 and $477, respectively, recorded in other liabilities on the Company’s consolidated balance sheets. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 4 – ACQUISITIONS 2016 Acquisitions During the year ended December 31, 2016 and Date Acquired Property Name Location Property Type Square Footage Purchase Price 2nd Quarter 4/22/16 Coastal North Town Center Myrtle Beach, SC Multi-Tenant Retail 304,662 $ 72,811 4/22/16 Oquirrh Mountain Marketplace Phase II South Jordan, UT Multi-Tenant Retail 10,150 4,329 314,812 $ 77,140 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. For the year ended December 31, 2016, the Company recorded a reduction in deferred investment property acquisition obligation of $2,066, net of acquisition costs of $510 in acquisition related costs in the consolidated statements of operations and comprehensive loss. The Company incurred $ and $5,139 December 31, 2015 and 2014 For properties acquired during the year ended December 31, 2016, the Company recorded total income of $4,218 and property net income of $269, which excludes expensed acquisition related costs. 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. The following table presents certain additional information regarding the Company’s acquisitions during the years ended December 31, 2016 and 2015. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: For the Year Ended December 31, 2016 (a) 2015 (b) Land $ 15,128 $ 163,832 Building and improvements 53,849 580,061 Acquired lease intangible assets, net 13,848 123,417 Acquired intangible liabilities, net (3,432 ) (44,359 ) Fair value adjustment related to the assumption of mortgages payable — (3,430 ) Deferred investment property acquisition obligations — (18,211 ) Assumed liabilities, net (359 ) (66,979 ) Total $ 79,034 $ 734,331 (a) Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. (b) Total for the year ended December 31, 2015 includes $2,788 for 7,986 square feet acquired at Park Avenue Shopping Center. Pro Forma Disclosures (Unaudited) The following condensed pro forma consolidated financial statements for the years ended December 31, 2016 and 2015 include pro forma adjustments related to the acquisitions and financings during 2016 and 2015. The 2016 acquisitions are presented assuming the acquisitions occurred as of January 1, 2015. The 2015 acquisitions are presented assuming the acquisitions occurred as of January 1, 2014. Acquisition expenses for the years ended December 31, 2016 and 2015 of $1,739 and $13,178, 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) 2016 2015 Pro forma total income $ 123,163 $ 111,570 Pro forma net income $ (6,301 ) $ (2,888 ) Earnings per share (a) $ (0.07 ) $ (0.03 ) (a) Based on number of common shares outstanding as of December 31, 2016. Oquirrh Mountain Marketplace Phase II was newly constructed in 2016, and as such, property operations are not included in the table above. The pro forma financial |
Acquired Intangible Assets and
Acquired Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015: December 31, 2016 December 31, 2015 Intangible assets: Acquired in place lease value $ 159,679 $ 146,910 Acquired above market lease value 37,179 36,099 Accumulated amortization (46,750 ) (18,236 ) Acquired lease intangibles, net $ 150,108 $ 164,773 Intangible liabilities: Acquired below market lease value $ 66,962 $ 63,529 Above market ground lease 5,169 5,169 Accumulated amortization (8,657 ) (3,504 ) Acquired below market lease intangibles, net $ 63,474 $ 65,194 As of December 31, 2016, 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, 19 and 55 years, respectively. The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value is amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below market lease values, the amortization period includes any renewal periods with fixed rate renewals. The 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: 2016 2015 2014 Acquired in place lease value $ 24,174 $ 13,170 $ 2,083 Amortization recorded as a reduction to property operating expense: Above market ground lease $ 94 $ 24 $ — Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (4,341 ) $ (2,334 ) $ (411 ) Acquired below market leases 5,059 2,986 470 Net rental income increase $ 718 $ 652 $ 59 Estimated amortization of the respective intangible lease assets and liabilities as of December 31, 2016 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 2017 $ 19,794 $ 3,747 $ (4,463 ) $ (94 ) 2018 17,997 3,195 (4,281 ) (94 ) 2019 16,241 2,837 (4,141 ) (94 ) 2020 13,585 2,564 (3,930 ) (94 ) 2021 11,051 2,500 (3,715 ) (94 ) Thereafter 41,346 15,251 (37,892 ) (4,582 ) Total $ 120,014 $ 30,094 $ (58,422 ) $ (5,052 ) |
Debt and Derivative Instruments
Debt and Derivative Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt and Derivative Instruments | NOTE 6 – DEBT AND DERIVATIVE INSTRUMENTS As of December 31, 2016 and December 31, 2015, the Company had the following mortgages and credit facility payable: December 31, 2016 December 31, 2015 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 178,345 4.31 % $ 162,692 4.37 % Variable rate mortgages payable with swap agreements 354,488 3.42 % 238,617 3.64 % Variable rate mortgages payable 44,003 2.50 % 83,686 2.99 % Mortgages payable $ 576,836 3.62 % $ 484,995 3.77 % Credit facility payable $ 31,000 2.26 % $ 100,000 1.65 % Add: Unamortized mortgage premiums 3,080 3,971 Less: Unamortized debt issuance costs (4,891 ) (4,467 ) Total debt $ 606,025 $ 584,499 The Company’s indebtedness bore interest at a weighted average interest rate of 3.55% per annum at December 31, 2016, which includes the effects of interest rate swaps. The Company estimates the fair value of its total debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by the Company’s lenders using Level 3 inputs. The carrying value of the Company’s debt excluding mortgage premium and unamortized debt issuance costs was $607,836 and $584,995 as of December 31, 2016 and December 31, 2015, respectively, and its estimated fair value was $595,404 and $587,437 as of December 31, 2016 and December 31, 2015, respectively. As of December 31, 2016, scheduled principal payments and maturities on the Company’s debt were as follows: December 31, 2016 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2017 $ 239 $ 6,271 $ — $ 6,510 2018 205 15,260 — 15,465 2019 215 152,450 31,000 183,665 2020 898 — — 898 2021 1,531 82,740 — 84,271 Thereafter 1,577 315,450 — 317,027 Total $ 4,665 $ 572,171 $ 31,000 $ 607,836 Credit Facility Payable On September 30, 2015, the Company entered into a credit agreement with KeyBanc Capital Markets Inc. (the “Credit Facility”) for $100,000. The Company has an accordion feature to increase available borrowings up to $400,000, one 0.15% 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, 2016, 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. As of December 31, 2016, the weighted average years to maturity for the Company’s mortgages payable was approximately 5.3 years. Interest Rate Swap Agreements The Company entered into interest rate swaps to fix certain of its floating LIBOR based debt under variable rate loans to a fixed rate to manage its risk exposure to interest rate fluctuations. The Company will generally match the maturity of the underlying variable rate debt with the maturity date on the interest swap. Interest Rate Swap Agreements The following table summarizes the Company’s interest rate swap contracts outstanding as of December 31, 2016. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value December 2016 Assets April 7, 2015 April 7, 2015 April 7, 2022 1.74 % $ 49,400 $ 196 October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 78 January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 413 June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 1,445 July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 1,989 August 29, 2016 October 21, 2016 December 15, 2019 1.07 % 10,837 129 $ 202,567 $ 4,250 Liabilities June 27, 2014 July 1, 2014 July 1, 2019 1.85 % $ 24,352 $ (279 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 9,561 (132 ) December 16, 2014 December 16, 2014 May 9, 2017 1.13 % 10,150 (12 ) March 28, 2014 March 1, 2015 March 28, 2019 2.22 % 5,525 (109 ) February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (62 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 8,484 (128 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 14,200 (247 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 11,684 (217 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 20,725 (372 ) July 8, 2015 August 1, 2015 May 22, 2019 1.43 % 1,426 (2 ) September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 (6 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (343 ) $ 151,921 $ (1,909 ) (a) Receive floating rate index based upon one month LIBOR. At December 31, 2016, the one month LIBOR equaled 0.77%. 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, 2016 and 2015, respectively. December 31, 2016 December 31, 2015 Balance Location Fair Value Balance Location Fair Value Derivatives designated as cash flow hedges: Interest rate swap agreements Other assets $ 4,250 Other assets $ — Interest rate swap agreements Other $ 1,909 Other $ 3,791 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 income (loss). 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, 2016, 2015, and 2014. Year Ended December 31, Derivatives in Cash Flow Hedging Relationships: 2016 2015 2014 Effective portion of derivatives $ 1,861 $ (4,612 ) $ (1,810 ) Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 4,038 $ 2,546 $ 282 Ineffective portion of derivatives $ 233 $ 365 $ — Year Ended December 31, Derivatives Not Designated as Hedging Instruments: 2016 2015 2014 Amount of loss recognized in income on derivative (ineffective portion) $ — $ (1 ) $ (33 ) The amount that is expected to be reclassified from accumulated other comprehensive income into income in the next twelve months is approximately $2,546. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | NOTE 7 – EQUITY-BASED COMPENSATION On March 21, 2016 the Company’s board of directors approved the Employee and Director Restricted Share Plan Under the RSP, each non-employee director receives an award of restricted shares effective on the date of each annual stockholders’ meeting in respect of a number of shares of common stock having a fair market value as of the date of grant equal to $10, or, in lieu thereof, restricted share units to the extent the non-employee director makes a timely deferral election in accordance with applicable law. Each restricted share and restricted share unit entitle the holder to receive one common share when it vests. Under the RSP, restricted shares and restricted share units generally vest over a one to three year vesting period from the date of the grant, subject to the specific terms of the grant. Restricted shares and restricted units are included in common stock outstanding on the date of vesting. A summary table of the status of the restricted shares and restricted share units is presented below: Restricted Shares Restricted Share Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 1, 2016 — — $ — $ — Granted 3,326 1,150 40 40 Vested — — — — Converted — — — — Forfeited — — — — Outstanding at December 31, 2016 3,326 1,150 $ 40 $ 40 |
Income Tax and Distributions
Income Tax and Distributions | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax And Distributions [Abstract] | |
Income Tax and Distributions | NOTE 8 – INCOME TAX AND DISTRIBUTIONS The Company paid distributions based on daily record dates, payable in arrears the following month, equal to a daily amount of $0.001639344 per share, based upon a 366-day period for 2016. 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 and 2014. The table below presents the distributions paid and declared for the years ended December 31, 2016, 2015 and 2014. December 31, 2016 2015 2014 Distributions paid $ 52,358 $ 42,537 $ 10,597 Distributions declared $ 52,449 $ 44,908 $ 12,318 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, 2016, 2015 and 2014, the Company’s taxable income was $10,364 (unaudited), $12,720 (unaudited) and $3,283 (unaudited), respectively The following table sets forth the taxability of distributions on common shares, on a per share basis, paid in 2016, 2015 and 2014 2016 2015 (a) 2014 Ordinary income $ 0.12 $ 0.20 $ 0.19 Nontaxable return of capital $ 0.48 $ 0.47 $ 0.41 (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, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | NOTE 9 – 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. The Company excludes antidilutive restricted shares and units from the calculation of weighted-average shares for diluted EPS. As a result of a net loss for the year ended December 31, 2016, 3,035 shares were excluded from the computation of diluted EPS, because they would have been antidilutive. As of December 31, 2015 and 2014, the Company did not have any dilutive common share equivalents outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10 – 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 $12,986 at December 31, 2016. The table below presents the change in the Company’s Earnout liability for the years ended December 31, 2016 and 2015. December 31, 2016 2015 Earnout liability-beginning of period $ 18,871 $ 3,646 Increases: Acquisitions — 18,211 Amortization expense 531 83 Decreases: Earnout payments (9,067 ) (3,095 ) Other: Adjustments to acquisition related costs (3,479 ) 26 Earnout liability – end of period $ 6,856 $ 18,871 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, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 11 – SEGMENT REPORTING The Company has one reportable segment, retail real estate, as defined by U.S. GAAP for the years ended December 31, 2016, 2015 and 2014. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | NOTE 12 – 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, IRC Retail Centers LLC (“IRC”), InvenTrust Properties Corp. (“InvenTrust”) and Retail Properties of America, Inc. (“RPAI”). The Company recorded its investment in investment in unconsolidated entity in the accompanying consolidated balance sheets. The Company’s share of net income from its investment is based on the ratio of each member’s premium contribution to the venture. The Company was allocated income of $252, a loss of $118 and income of $10 for the years ended December 31, 2016, 2015 and 2014, respectively. On February 29, 2016, the Captive was notified by IRC of its intent to dissociate and on March 30, 2016 terminated its participation. Previously, InvenTrust and RPAI terminated their future participation effective December 1, 2015 and December 1, 2014, respectively. Based upon this notice and regulatory requirements, the Captive terminated its operations in accordance with the applicable rules and regulations for an insurance association captive. As a result, the Company obtained separate property and general liability insurance once the Captive was unable to provide the Company coverage. The Captive submitted a formal plan to wind up its business affairs, which was approved by the state insurance regulator. As part of the approved plan, the Company’s exposure for potential claims have been commuted, as of a certain date, to the respective insurance carriers. This has resulted in the elimination of any future financial exposure related to property and general liability losses for the periods covered by the Captive. As a result of all potential future claims being commuted back to the respective insurance carriers, the Captive distributed a portion of its retained earnings in December 2016. The Company received $126 representing a portion of its undistributed retained earnings in the Captive. The Captive continues to work with its members with the goal of concluding its business affairs as soon as possible and currently anticipates completing in 2017. As of the date of this report, the Company is unable to determine if there will be any additional liability for any proportional cost associated with the termination of the Captive, which has not been previously identified. 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, 2016, 2015 and 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, 2016, 2015 and 2014. Year ended December 31, Unpaid amounts as of 2016 2015 2014 December 31, 2016 December 31, 2015 General and administrative reimbursements (a) $ 1,975 $ 1,367 $ 466 $ 274 $ 287 Affiliate share purchase discounts (b) — 28 150 — — Total general and administrative expenses $ 1,975 $ 1,395 $ 616 $ 274 $ 287 Acquisition related costs $ 409 $ 1,388 $ 744 $ 88 $ 165 Acquisition fees 1,327 9,580 3,465 — 6,010 Total acquisition costs and fees (c) $ 1,736 $ 10,968 $ 4,209 $ 88 $ 6,175 Real estate management fees $ 4,473 $ 2,762 $ 631 $ — $ — Construction management fees 121 135 15 53 80 Leasing fees 168 40 — 89 40 Total real estate management related costs (d) $ 4,762 $ 2,937 $ 646 $ 142 $ 120 Offering costs (e) $ — $ 41,180 $ 33,141 $ — $ 63 Business management fees (f) $ 8,580 $ 5,501 $ 773 $ 2,159 $ 1,950 Sponsor contribution (g) $ — $ 3,283 $ 640 $ — $ — (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by 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 and 150,426 shares to related parties during the years ended December 31, 2015 and 2014, respectively. (c) The Company pays the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, 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. No acquisition fees were waived for 2016. (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 or the Company. 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 third party 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 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 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) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets”. The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. 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. No business management fees were waived for the year ended December 31, 2015 or 2016. (g) 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, 2016 | |
Leases [Abstract] | |
Operating Leases | NOTE 13 – OPERATING LEASES Minimum lease payments to be received under operating leases including ground leases, as of December 31, 2016 Minimum Payments 2017 $ 87,180 2018 80,555 2019 72,983 2020 66,795 2021 61,303 Thereafter 264,342 Total $ 633,158 The remaining lease terms range from less than one year to 20 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, 2016 | |
Notes To Financial Statements [Abstract] | |
Quarterly Supplemental Financial Information | NOTE 14 – QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) The following represents the results of operations, for each quarterly period, during 2016 and 2015. 2016 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 30,921 $ 30,903 $ 30,295 $ 29,379 Net loss $ (459 ) $ (961 ) $ (2,300 ) $ (4,241 ) Net loss per common share, basic and diluted (1) $ (0.01 ) $ (0.01 ) $ (0.03 ) $ (0.05 ) Weighted average number of common shares outstanding, basic and diluted (1) 88,137,697 87,685,402 87,169,126 86,635,010 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 (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, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 15 – SUBSEQUENT EVENTS Distributions The Company’s board of directors declared monthly distributions payable to stockholders of record each day beginning on the close of business on January 1, 2017 through the close of business on April 30, 2017. Through that date, distributions were declared in a daily amount equal to $0.001643836 per share, based upon a 365-day period, which equates to $0.60 per share per year or a 6.652% annualized rate based on the Company’s estimated value of $9.02 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 2016 January 2017 $ 4,488 $ 2,336 258,957 $ 2,152 January 2017 February 2017 $ 4,505 $ 2,334 258,764 $ 2,171 February 2017 March 2017 $ 4,077 $ 2,110 233,895 $ 1,967 2017 Acquisitions The Company purchased the following property from an unaffiliated third party subsequent to December 31, 2016: Date Acquired Property Name Location Square Footage Purchase Price 1/27/2017 Wilson Marketplace Wilson, NC 311,030 $ 40,799 Total 311,030 $ 40,799 Due to the timing of the acquisition, the purchase price allocation for assets acquired and liabilities assumed at acquisition date and pro forma financial information are not being presented as the information was not available at the time of this filing. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (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 $ (107 ) $ 2,154 $ 15,972 $ 18,126 $ (721 ) 2014-2015 2015 15-30 Lawrence, KS Blossom Valley Plaza (D) — 9,515 11,142 225 9,515 11,367 20,882 (496 ) 1988 2015 15-30 Turlock, CA Branson Hills Plaza — 3,787 6,039 — 3,787 6,039 9,826 (463 ) 2005 2014 15-30 Branson, MO Coastal North Town Center 43,680 13,725 49,673 (331 ) 13,725 49,342 63,067 (1,198 ) 2014 2016 15-30 Myrtle Beach, SC Dixie Valley 6,798 2,807 9,053 949 2,807 10,002 12,809 (785 ) 1988 2014 15-30 Louisville, KY Dogwood Festival 24,352 4,500 41,865 146 4,500 42,011 46,511 (3,804 ) 2002 2014 5-30 Flowood, MO Dollar General 559 159 857 — 159 857 1,016 (128 ) 2012 2012 15-30 Brooks, GA Dollar General 482 69 761 — 69 761 830 (113 ) 2012 2012 15-30 Daleville, AL Dollar General 520 148 780 — 148 780 928 (121 ) 2012 2012 15-30 East Brewton, AL Dollar General (Hamilton) 621 100 986 — 100 986 1,086 (147 ) 2012 2012 15-30 LaGrange, GA Dollar General (Wares Cross) 681 248 943 — 248 943 1,191 (141 ) 2012 2012 15-30 LaGrange, GA Dollar General 695 273 939 — 273 939 1,212 (146 ) 2012 2012 15-30 Madisonville, TN Dollar General 631 249 841 — 249 841 1,090 (126 ) 2012 2012 15-30 Maryville, TN Dollar General 602 208 836 — 208 836 1,044 (125 ) 2012 2012 15-30 Mobile, AL Dollar General 586 200 818 — 200 818 1,018 (120 ) 2012 2012 15-30 Newport, TN Dollar General 847 324 1,178 — 324 1,178 1,502 (183 ) 2012 2012 15-30 Robertsdale, AL Dollar General 531 119 805 — 119 805 924 (120 ) 2012 2012 15-30 Valley, AL Dollar General 692 272 939 — 272 939 1,211 (146 ) 2012 2012 15-30 Wetumpka, AL Eastside Junction 6,270 2,411 8,393 — 2,411 8,393 10,804 (570 ) 2008 2015 15-30 Athens, AL Fairgrounds Crossing 13,453 6,069 22,637 — 6,069 22,637 28,706 (1,436 ) 2008 2015 15-30 Hot Springs, AR Fox Point Plaza 10,836 3,518 12,681 494 3,518 13,175 16,693 (930 ) 2008 2014 15-30 Neenah, WI Frisco Marketplace (D) — 6,618 3,315 — 6,618 3,315 9,933 (267 ) 2002 2015 15-30 Frisco, TX Green Tree Shopping Center 13,100 7,218 17,846 (162 ) 7,218 17,684 24,902 (1,144 ) 1997 2015 5-30 Katy, TX Harris Plaza (D) — 6,500 19,403 131 6,500 19,534 26,034 (1,716 ) 2001-2008 2014 15-30 Layton, UT Harvest Square 6,800 2,186 9,330 40 2,186 9,370 11,556 (728 ) 2008 2014 15-30 Harvest, AL Heritage Square 4,460 2,028 5,538 232 2,028 5,770 7,798 (420 ) 2010 2014 15-30 Conyers, AL Kroger - Copps Grocery Store (D) — 1,440 11,799 — 1,440 11,799 13,239 (869 ) 2012 2014 15-30 Stevens Point, WI Kroger - Pick n Save Center 9,561 3,150 14,283 — 3,150 14,283 17,433 (1,253 ) 2011 2014 15-30 West Bend, WI Lakeside Crossing 9,910 1,460 16,999 54 1,460 17,053 18,513 (1,597 ) 2013 2014 15-30 Lynchburg, VA Landing at Ocean Isle Beach (D) — 3,053 7,081 39 3,053 7,120 10,173 (610 ) 2009 2014 15-30 Ocean Isle, NC Mansfield Pointe 14,200 5,350 20,002 — 5,350 20,002 25,352 (2,043 ) 2008 2014 15-30 Mansfield, TX Marketplace at El Paseo 38,000 16,390 46,971 (253 ) 16,390 46,718 63,108 (1,961 ) 2014 2015 15-30 Fresno, CA Marketplace at Tech Center 47,550 10,684 68,580 (140 ) 10,684 68,440 79,124 (2,425 ) 2015 2015 15-30 Newport News, VA MidTowne Shopping Center 20,725 8,810 29,699 206 8,810 29,905 38,715 (2,958 ) 2005/2008 2014 5-30 Little Rock, AR Milford Marketplace 18,727 — 35,867 39 — 35,906 35,906 (1,602 ) 2007 2015 15-30 Milford, CT Newington Fair (D) — 7,833 8,329 331 7,833 8,660 16,493 (1,572 ) 1994/2009 2012 15-30 Newington, CT North Hills Square 5,525 4,800 5,493 — 4,800 5,493 10,293 (578 ) 1997 2014 15-30 Coral Springs, FL Oquirrh Mountain Marketplace (D) — 4,254 14,467 (184 ) 4,254 14,283 18,537 (585 ) 2014-2015 2015 15-30 Jordan, UT Oquirrh Mountain Marketplace Phase II (D) — 1,403 3,727 (54 ) 1,403 3,673 5,076 (80 ) 2014-2015 2016 15-30 Jordan, UT Park Avenue Shopping Center 14,062 5,500 16,365 2,881 5,500 19,246 24,746 (1,819 ) 2012 2014 15-30 Little Rock, AR Plaza at Prairie Ridge (D) — 618 2,305 — 618 2,305 2,923 (151 ) 2008 2015 15-30 Pleasant Prairie, WI Prattville Town Center 15,930 5,336 27,672 90 5,336 27,762 33,098 (1,784 ) 2007 2015 15-30 Prattville, AL Regal Court 26,000 5,873 41,181 861 5,873 42,042 47,915 (2,638 ) 2008 2015 5-30 Shreveport, LA Settlers Ridge 76,533 25,961 98,157 114 25,961 98,271 124,232 (4,614 ) 2011 2015 15-30 Pittsburgh, PA Shoppes at Lake Park (D) — 2,285 8,527 — 2,285 8,527 10,812 (594 ) 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 (668 ) 2006-2007 2015 15-30 Papillion, NE Shoppes at Prairie Ridge 15,591 7,521 22,468 170 7,521 22,638 30,159 (1,617 ) 2009 2014 15-30 Pleasant Prairie, WI The Shoppes at Branson Hills 26,593 4,418 37,229 659 4,418 37,888 42,306 (2,668 ) 2005 2014 15-30 Branson, MO Shops at Hawk Ridge (D) — 1,329 10,341 239 1,329 10,580 11,909 (687 ) 2009 2015 5-30 St. Louis, MO Treasure Valley (D) — 3,133 12,000 — 3,133 12,000 15,133 (717 ) 2014 2015 15-30 Nampa, ID Village at Burlington Creek 17,723 10,789 19,385 278 10,789 19,663 30,452 (861 ) 2007 & 2015 2015 5-30 Kansas City, MO Walgreens Plaza 4,650 2,624 9,683 162 2,624 9,845 12,469 (639 ) 2011 2015 15-30 Jacksonville, NC Wedgewood Commons 15,260 2,220 26,577 30 2,220 26,607 28,827 (2,805 ) 2009-2013 2013 5-30 Olive Branch, MS Whispering Ridge (D) — 4,121 10,418 10 4,121 10,428 14,549 (657 ) 2007 2015 5-30 Omaha, NE White City 49,400 18,961 70,423 1,186 18,961 71,609 90,570 (4,411 ) 2013 2015 15-30 Shrewsbury, MA Yorkville Marketplace (D) — 4,990 13,928 332 4,990 14,260 19,250 (874 ) 2002 & 2007 2015 15-30 Yorkville, IL Total: $ 576,836 $ 262,210 $ 962,021 $ 9,000 $ 262,210 $ 971,021 $ 1,233,231 $ (62,631 ) 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, 2016 and 2015 for federal income tax purposes was approximately $1,364,864 and $1,265,000, respectively (unaudited). (C) Reconciliation of real estate owned: 2016 2015 2014 Balance at January 1, $ 1,161,437 $ 414,463 $ 58,327 Acquisitions 68,977 743,893 356,154 Improvements, net of master lease 2,817 3,081 (18 ) Balance at December 31, $ 1,233,231 $ 1,161,437 $ 414,463 (D) These properties serve as security for our Credit Facility. (E) Reconciliation of accumulated depreciation: Balance at January 1, $ 27,545 $ 6,236 $ 808 Depreciation expense 35,086 21,309 5,428 Balance at December 31, $ 62,631 $ 27,545 $ 6,236 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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. 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 | 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 $25.00 to $40.00 per square foot, probability of occupancy ranging from 0% to 100% based on leasing activity and utilizing a discount rate of 7.0%. 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. In January 2017 the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business |
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, 2016, 2015 and 2014 no |
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. |
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. |
Valuation of Accounts and Rents Receivable | Valuation of Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant, which taken as a whole determines the valuation. |
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. 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 $35,086, $21,309 and $5,428 for the years ended December 31, 2016, 2015 and 2014, respectively. |
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. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreements as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages and credit facility payable. The adoption of ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt issuance Costs |
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, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivative interest rate swap agreements Total assets $ — $ 4,250 $ — Total liabilities $ — $ 1,909 $ — 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. |
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. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rent receivable 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. |
Equity-Based Compensation | Equity-Based Compensation The Company has restricted shares and units outstanding at December 31, 2016. The Company recognizes expense related to the fair value of equity-based compensation awards as general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss. The Company primarily recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period. See Note 7 - "Equity-Based Compensation" for further information. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. will require that amounts described as restricted cash and restricted cash equivalents be included in beginning and ending-of-period reconciliation cash shown on the statement of cash flows. The amendment is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivative interest rate swap agreements Total assets $ — $ 4,250 $ — Total liabilities $ — $ 1,909 $ — |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 years ended December 31, 2016 and 2015. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: For the Year Ended December 31, 2016 (a) 2015 (b) Land $ 15,128 $ 163,832 Building and improvements 53,849 580,061 Acquired lease intangible assets, net 13,848 123,417 Acquired intangible liabilities, net (3,432 ) (44,359 ) Fair value adjustment related to the assumption of mortgages payable — (3,430 ) Deferred investment property acquisition obligations — (18,211 ) Assumed liabilities, net (359 ) (66,979 ) Total $ 79,034 $ 734,331 (a) Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. (b) Total for the year ended December 31, 2015 includes $2,788 for 7,986 square feet acquired at Park Avenue Shopping Center. |
Schedule of Pro Forma Financial Information for Acquisitions | For the Year Ended December 31, (unaudited) 2016 2015 Pro forma total income $ 123,163 $ 111,570 Pro forma net income $ (6,301 ) $ (2,888 ) Earnings per share (a) $ (0.07 ) $ (0.03 ) (a) Based on number of common shares outstanding as of December 31, 2016. |
2016 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule of Acquisitions | 2016 Acquisitions During the year ended December 31, 2016 and Date Acquired Property Name Location Property Type Square Footage Purchase Price 2nd Quarter 4/22/16 Coastal North Town Center Myrtle Beach, SC Multi-Tenant Retail 304,662 $ 72,811 4/22/16 Oquirrh Mountain Marketplace Phase II South Jordan, UT Multi-Tenant Retail 10,150 4,329 314,812 $ 77,140 |
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. |
Acquired Intangible Assets an26
Acquired Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015: December 31, 2016 December 31, 2015 Intangible assets: Acquired in place lease value $ 159,679 $ 146,910 Acquired above market lease value 37,179 36,099 Accumulated amortization (46,750 ) (18,236 ) Acquired lease intangibles, net $ 150,108 $ 164,773 Intangible liabilities: Acquired below market lease value $ 66,962 $ 63,529 Above market ground lease 5,169 5,169 Accumulated amortization (8,657 ) (3,504 ) Acquired below market lease intangibles, net $ 63,474 $ 65,194 |
Schedule of Amortization of Acquired In Place Lease Value, Above Market Ground Lease, Above and Below Market Lease Values | Amortization pertaining to acquired in place lease value, above market ground lease, above market lease value and below market lease value is summarized below: Amortization recorded as amortization expense: 2016 2015 2014 Acquired in place lease value $ 24,174 $ 13,170 $ 2,083 Amortization recorded as a reduction to property operating expense: Above market ground lease $ 94 $ 24 $ — Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (4,341 ) $ (2,334 ) $ (411 ) Acquired below market leases 5,059 2,986 470 Net rental income increase $ 718 $ 652 $ 59 |
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities | Estimated amortization of the respective intangible lease assets and liabilities as of December 31, 2016 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 2017 $ 19,794 $ 3,747 $ (4,463 ) $ (94 ) 2018 17,997 3,195 (4,281 ) (94 ) 2019 16,241 2,837 (4,141 ) (94 ) 2020 13,585 2,564 (3,930 ) (94 ) 2021 11,051 2,500 (3,715 ) (94 ) Thereafter 41,346 15,251 (37,892 ) (4,582 ) Total $ 120,014 $ 30,094 $ (58,422 ) $ (5,052 ) |
Debt and Derivative Instrumen27
Debt and Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages and Credit Facilities Payable | As of December 31, 2016 and December 31, 2015, the Company had the following mortgages and credit facility payable: December 31, 2016 December 31, 2015 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 178,345 4.31 % $ 162,692 4.37 % Variable rate mortgages payable with swap agreements 354,488 3.42 % 238,617 3.64 % Variable rate mortgages payable 44,003 2.50 % 83,686 2.99 % Mortgages payable $ 576,836 3.62 % $ 484,995 3.77 % Credit facility payable $ 31,000 2.26 % $ 100,000 1.65 % Add: Unamortized mortgage premiums 3,080 3,971 Less: Unamortized debt issuance costs (4,891 ) (4,467 ) Total debt $ 606,025 $ 584,499 |
Schedule of Principal Payments and Maturities of Company's Debt | As of December 31, 2016, scheduled principal payments and maturities on the Company’s debt were as follows: December 31, 2016 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2017 $ 239 $ 6,271 $ — $ 6,510 2018 205 15,260 — 15,465 2019 215 152,450 31,000 183,665 2020 898 — — 898 2021 1,531 82,740 — 84,271 Thereafter 1,577 315,450 — 317,027 Total $ 4,665 $ 572,171 $ 31,000 $ 607,836 |
Summary of Interest Rate Swap Contracts Outstanding | The following table summarizes the Company’s interest rate swap contracts outstanding as of December 31, 2016. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value December 2016 Assets April 7, 2015 April 7, 2015 April 7, 2022 1.74 % $ 49,400 $ 196 October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 78 January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 413 June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 1,445 July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 1,989 August 29, 2016 October 21, 2016 December 15, 2019 1.07 % 10,837 129 $ 202,567 $ 4,250 Liabilities June 27, 2014 July 1, 2014 July 1, 2019 1.85 % $ 24,352 $ (279 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 9,561 (132 ) December 16, 2014 December 16, 2014 May 9, 2017 1.13 % 10,150 (12 ) March 28, 2014 March 1, 2015 March 28, 2019 2.22 % 5,525 (109 ) February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (62 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 8,484 (128 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 14,200 (247 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 11,684 (217 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 20,725 (372 ) July 8, 2015 August 1, 2015 May 22, 2019 1.43 % 1,426 (2 ) September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 (6 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (343 ) $ 151,921 $ (1,909 ) (a) Receive floating rate index based upon one month LIBOR. At December 31, 2016, the one month LIBOR equaled 0.77%. |
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, 2016 and 2015, respectively. December 31, 2016 December 31, 2015 Balance Location Fair Value Balance Location Fair Value Derivatives designated as cash flow hedges: Interest rate swap agreements Other assets $ 4,250 Other assets $ — Interest rate swap agreements Other $ 1,909 Other $ 3,791 |
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, 2016, 2015, and 2014. Year Ended December 31, Derivatives in Cash Flow Hedging Relationships: 2016 2015 2014 Effective portion of derivatives $ 1,861 $ (4,612 ) $ (1,810 ) Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 4,038 $ 2,546 $ 282 Ineffective portion of derivatives $ 233 $ 365 $ — Year Ended December 31, Derivatives Not Designated as Hedging Instruments: 2016 2015 2014 Amount of loss recognized in income on derivative (ineffective portion) $ — $ (1 ) $ (33 ) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Shares and Restricted Share Units | A summary table of the status of the restricted shares and restricted share units is presented below: Restricted Shares Restricted Share Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 1, 2016 — — $ — $ — Granted 3,326 1,150 40 40 Vested — — — — Converted — — — — Forfeited — — — — Outstanding at December 31, 2016 3,326 1,150 $ 40 $ 40 |
Income Tax and Distributions (T
Income Tax and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax And Distributions [Abstract] | |
Schedule of Distributions Paid and Declared | The table below presents the distributions paid and declared for the years ended December 31, 2016, 2015 and 2014. December 31, 2016 2015 2014 Distributions paid $ 52,358 $ 42,537 $ 10,597 Distributions declared $ 52,449 $ 44,908 $ 12,318 |
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 2016, 2015 and 2014 2016 2015 (a) 2014 Ordinary income $ 0.12 $ 0.20 $ 0.19 Nontaxable return of capital $ 0.48 $ 0.47 $ 0.41 (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, 2016 | |
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, 2016 and 2015. December 31, 2016 2015 Earnout liability-beginning of period $ 18,871 $ 3,646 Increases: Acquisitions — 18,211 Amortization expense 531 83 Decreases: Earnout payments (9,067 ) (3,095 ) Other: Adjustments to acquisition related costs (3,479 ) 26 Earnout liability – end of period $ 6,856 $ 18,871 |
Transactions with Related Par31
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014. Year ended December 31, Unpaid amounts as of 2016 2015 2014 December 31, 2016 December 31, 2015 General and administrative reimbursements (a) $ 1,975 $ 1,367 $ 466 $ 274 $ 287 Affiliate share purchase discounts (b) — 28 150 — — Total general and administrative expenses $ 1,975 $ 1,395 $ 616 $ 274 $ 287 Acquisition related costs $ 409 $ 1,388 $ 744 $ 88 $ 165 Acquisition fees 1,327 9,580 3,465 — 6,010 Total acquisition costs and fees (c) $ 1,736 $ 10,968 $ 4,209 $ 88 $ 6,175 Real estate management fees $ 4,473 $ 2,762 $ 631 $ — $ — Construction management fees 121 135 15 53 80 Leasing fees 168 40 — 89 40 Total real estate management related costs (d) $ 4,762 $ 2,937 $ 646 $ 142 $ 120 Offering costs (e) $ — $ 41,180 $ 33,141 $ — $ 63 Business management fees (f) $ 8,580 $ 5,501 $ 773 $ 2,159 $ 1,950 Sponsor contribution (g) $ — $ 3,283 $ 640 $ — $ — (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by 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 and 150,426 shares to related parties during the years ended December 31, 2015 and 2014, respectively. (c) The Company pays the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, 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. No acquisition fees were waived for 2016. (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 or the Company. 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 third party 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 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 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) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets”. The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. 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. No business management fees were waived for the year ended December 31, 2015 or 2016. (g) 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, 2016 | |
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, 2016 Minimum Payments 2017 $ 87,180 2018 80,555 2019 72,983 2020 66,795 2021 61,303 Thereafter 264,342 Total $ 633,158 |
Quarterly Supplemental Financ33
Quarterly Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Quarterly supplemental financial information - unaudited | The following represents the results of operations, for each quarterly period, during 2016 and 2015. 2016 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 30,921 $ 30,903 $ 30,295 $ 29,379 Net loss $ (459 ) $ (961 ) $ (2,300 ) $ (4,241 ) Net loss per common share, basic and diluted (1) $ (0.01 ) $ (0.01 ) $ (0.03 ) $ (0.05 ) Weighted average number of common shares outstanding, basic and diluted (1) 88,137,697 87,685,402 87,169,126 86,635,010 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 (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, 2016 | |
Schedule of Dividend Distributions | Distribution Month Month Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through DRP Shares Issued Net Cash Distribution December 2016 January 2017 $ 4,488 $ 2,336 258,957 $ 2,152 January 2017 February 2017 $ 4,505 $ 2,334 258,764 $ 2,171 February 2017 March 2017 $ 4,077 $ 2,110 233,895 $ 1,967 |
2017 Acquisitions [Member] | |
Schedule of Acquisitions | The Company purchased the following property from an unaffiliated third party subsequent to December 31, 2016: Date Acquired Property Name Location Square Footage Purchase Price 1/27/2017 Wilson Marketplace Wilson, NC 311,030 $ 40,799 Total 311,030 $ 40,799 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | Dec. 31, 2016ft²PropertyState | Apr. 22, 2016ft² |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Number of retail properties owned | Property | 56 | |
Square footage of real estate properties owned | ft² | 6,345,578 | 314,812 |
Number of states in which company owns real estate properties | State | 23 | |
Weighted average physical occupancy rate of property portfolio | 93.60% | |
Weighted average economic occupancy rate of property portfolio | 94.60% |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Acquisitions Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)$ / ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Impairment charges | $ 0 | $ 0 | $ 0 |
Depreciation expense | 35,086,000 | 21,309,000 | 5,428,000 |
Deferred costs, net | 683,000 | 238,000 | |
Mortgages and credit facility payable, net | 606,025,000 | 584,499,000 | |
Other Assets [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Restricted cash | 5,996,000 | ||
Accounting Standards Update 2015-03 | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Deferred costs, net | (4,467,000) | (1,689,000) | |
Mortgages and credit facility payable, net | $ (4,467,000) | $ (1,689,000) | |
Wilson Marketplace [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Acquisition costs | $ 74,000 | ||
Date of acquisition | Jan. 27, 2017 | ||
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 | 25 | ||
Fair value inputs, probability of occupancy | 0.00% | ||
Fair value inputs, discount rate | 7.00% | ||
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Fair value inputs, market rents (price per square foot) | $ / ft² | 40 | ||
Fair value inputs, probability of occupancy | 100.00% |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives of Assets ) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 Accoun38
Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Fair value of assets measured on recurring basis | $ 4,250 |
Fair value of liabilities measured on recurring basis | 1,909 |
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 assets measured on recurring basis | 4,250 |
Fair value of liabilities measured on recurring basis | $ 1,909 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 07, 2016 | Nov. 02, 2015 | |
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 | |||||
Distribution reinvested | $ 2,336,000 | 27,831,000 | $ 20,828,000 | $ 5,395,000 | ||
Stock repurchase program, amount | 9,724,000 | 3,810,000 | 260,000 | |||
Other liabilities | $ 12,330,000 | $ 12,330,000 | 15,042,000 | |||
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% | ||||
SRP [Member] | ||||||
Equity [Line Items] | ||||||
Other liabilities | $ 1,448,000 | $ 1,448,000 | 477,000 | |||
Minimum [Member] | ||||||
Equity [Line Items] | ||||||
Stock repurchase program, to be held | 1 year | |||||
Maximum [Member] | ||||||
Equity [Line Items] | ||||||
Stock repurchase program shares issued in percentage | 5.00% | |||||
DRP [Member] | ||||||
Equity [Line Items] | ||||||
Common stock, shares authorized | 30,000,000 | 30,000,000 | 25,000,000 | |||
Price of each common share | $ 9.50 | $ 9.50 | $ 9.02 | |||
Estimated net asset value per share | $ 9.02 | |||||
Reinvestments In Common Stock | $ 9.02 | |||||
Distribution reinvested | $ 27,831,000 | $ 20,828,000 | $ 5,395,000 | |||
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) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||||||||||
Number of properties acquired during period | Property | 2 | ||||||||||
Borrowing of mortgage debt at acquisition | $ 58,026,000 | $ 67,466,000 | |||||||||
Proceeds from offering | 422,959,000 | 345,554,000 | |||||||||
Proceeds from credit facility | $ 72,000,000 | 100,000,000 | |||||||||
Acquisition related costs reduction in deferred investment property | (2,066,000) | ||||||||||
Net of acquisition costs | 510,000 | ||||||||||
Acquisition related costs incurred during the period | (1,556,000) | 13,903,000 | 5,139,000 | ||||||||
Value of acquisition fees waived by business manager during period | 0 | 2,510,000 | 2,262,000 | ||||||||
Total income | $ 30,921,000 | $ 30,903,000 | $ 30,295,000 | $ 29,379,000 | $ 26,826,000 | $ 19,762,000 | $ 18,282,000 | $ 11,672,000 | 121,498,000 | 76,542,000 | 18,946,000 |
Net income (loss) | $ (459,000) | $ (961,000) | $ (2,300,000) | $ (4,241,000) | $ (9,051,000) | $ (262,000) | $ (3,500,000) | $ (623,000) | (7,961,000) | (13,436,000) | $ (4,356,000) |
Acquisition expense | 1,739,000 | 13,178,000 | |||||||||
Coastal North Town Center | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Borrowing of mortgage debt at acquisition | 43,680,000 | ||||||||||
2015 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Borrowing of mortgage debt at acquisition | 300,403,000 | ||||||||||
Proceeds from offering | 398,900,000 | ||||||||||
Proceeds from credit facility | 100,000,000 | ||||||||||
Total income | 33,687,000 | ||||||||||
Net income (loss) | $ 5,640,000 | ||||||||||
2016 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total income | 4,218,000 | ||||||||||
Net income (loss) | $ 269,000 |
Acquisitions (Purchased Propert
Acquisitions (Purchased Properties from Unaffiliated Third Parties) (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($)ft² | Apr. 22, 2016USD ($)ft² | Dec. 31, 2015USD ($) | [2] | ||
Business Acquisition [Line Items] | |||||
Property acquisition, Square Footage | ft² | 6,345,578 | 314,812 | |||
Property acquisition, Purchase Price | $ | $ 79,034 | [1] | $ 77,140 | $ 734,331 | |
Coastal North Town Center | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Apr. 22, 2016 | ||||
Property Name | Coastal North Town Center | ||||
Property acquisition, Location | Myrtle Beach, SC | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | ft² | 304,662 | ||||
Property acquisition, Purchase Price | $ | $ 72,811 | ||||
Oquirrh Mountain Marketplace Phase I I | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Date Acquired | Apr. 22, 2016 | ||||
Property Name | Oquirrh Mountain Marketplace Phase II | ||||
Property acquisition, Location | South Jordan, UT | ||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||
Property acquisition, Square Footage | ft² | 10,150 | ||||
Property acquisition, Purchase Price | $ | $ 4,329 | ||||
[1] | Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. | ||||
[2] | Total for the year ended December 31, 2015 includes $2,788 for 7,986 square feet acquired at Park Avenue Shopping Center. |
Acquisitions (Schedule of 2015
Acquisitions (Schedule of 2015 Acquisitions) (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015USD ($)ft² | Dec. 31, 2016USD ($)ft² | Apr. 22, 2016USD ($)ft² | Apr. 01, 2015USD ($)ft² | ||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Square Footage | ft² | 6,345,578 | 314,812 | |||||
Property acquisition, Purchase Price | $ | $ 734,331 | [1] | $ 79,034 | [2] | $ 77,140 | ||
Shoppes at Lake Park [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Jan. 29, 2015 | ||||||
Property Name | Shoppes at Lake Park | ||||||
Property acquisition, Location | West Valley City, UT | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 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 Name | Plaza at Prairie Ridge | ||||||
Property acquisition, Location | Pleasant Prairie, WI | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 9,035 | ||||||
Property acquisition, Purchase Price | $ | $ 3,400 | ||||||
Green Tree Center [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Mar. 13, 2015 | ||||||
Property Name | Green Tree Center | ||||||
Property acquisition, Location | Katy, TX | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 147,621 | ||||||
Property acquisition, Purchase Price | $ | $ 26,244 | ||||||
Eastside Junction [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Mar. 16, 2015 | ||||||
Property Name | Eastside Junction | ||||||
Property acquisition, Location | Athens, AL | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 79,700 | ||||||
Property acquisition, Purchase Price | $ | $ 12,278 | ||||||
Fairgrounds Crossing [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Mar. 16, 2015 | ||||||
Property Name | Fairgrounds Crossing | ||||||
Property acquisition, Location | Hot Springs, AR | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 155,127 | ||||||
Property acquisition, Purchase Price | $ | $ 29,197 | ||||||
Prattville Town Center [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Mar. 16, 2015 | ||||||
Property Name | Prattville Town Center | ||||||
Property acquisition, Location | Prattville, AL | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 168,842 | ||||||
Property acquisition, Purchase Price | $ | $ 33,329 | ||||||
Regal Court [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Mar. 16, 2015 | ||||||
Property Name | Regal Court | ||||||
Property acquisition, Location | Shreveport, LA | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 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 Name | Shops at Hawk Ridge | ||||||
Property acquisition, Location | St. Louis, MO | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 75,951 | ||||||
Property acquisition, Purchase Price | $ | $ 12,721 | ||||||
Walgreens Plaza [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Mar. 16, 2015 | ||||||
Property Name | Walgreens Plaza | ||||||
Property acquisition, Location | Jacksonville, NC | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 42,219 | ||||||
Property acquisition, Purchase Price | $ | $ 13,663 | ||||||
Whispering Ridge [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Mar. 16, 2015 | ||||||
Property Name | Whispering Ridge | ||||||
Property acquisition, Location | Omaha, NE | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 69,676 | ||||||
Property acquisition, Purchase Price | $ | $ 15,803 | ||||||
Frisco Marketplace [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | [3] | Mar. 31, 2015 | |||||
Property Name | [3] | Frisco Marketplace | |||||
Property acquisition, Location | [3] | Frisco, TX | |||||
Property acquisition, Property Type | [3] | Multi-Tenant Retail | |||||
Property acquisition, Square Footage | ft² | 112,024 | [3] | 4,481 | ||||
Property acquisition, Purchase Price | $ | $ 11,040 | [3] | $ 2,080 | ||||
White City [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Apr. 8, 2015 | ||||||
Property Name | White City | ||||||
Property acquisition, Location | Shrewsbury, MA | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 257,080 | ||||||
Property acquisition, Purchase Price | $ | $ 96,750 | ||||||
Treasure Valley [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | [4] | Apr. 21, 2015 | |||||
Property Name | [4] | Treasure Valley | |||||
Property acquisition, Location | [4] | Nampa, ID | |||||
Property acquisition, Property Type | [4] | Multi-Tenant Retail | |||||
Property acquisition, Square Footage | ft² | [4] | 133,292 | |||||
Property acquisition, Purchase Price | $ | [4] | $ 17,931 | |||||
Yorkville Marketplace [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Apr. 28, 2015 | ||||||
Property Name | Yorkville Marketplace | ||||||
Property acquisition, Location | Yorkville, IL | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 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 Name | Shoppes at Market Pointe | ||||||
Property acquisition, Location | Papillion, NE | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 253,903 | ||||||
Property acquisition, Purchase Price | $ | $ 27,200 | ||||||
2727 lowa Street [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Sep. 17, 2015 | ||||||
Property Name | 2727 Iowa Street | ||||||
Property acquisition, Location | Lawrence, KS | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 84,981 | ||||||
Property acquisition, Purchase Price | $ | $ 18,622 | ||||||
Settlers Ridge [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Oct. 1, 2015 | ||||||
Property Name | Settlers Ridge | ||||||
Property acquisition, Location | Pittsburgh, PA | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 472,572 | ||||||
Property acquisition, Purchase Price | $ | $ 139,054 | ||||||
Milford Marketplace [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Oct. 1, 2015 | ||||||
Property Name | Milford Marketplace | ||||||
Property acquisition, Location | Milford, CT | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 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 Name | Marketplace at El Paseo | ||||||
Property acquisition, Location | Fresno, CA | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 224,683 | ||||||
Property acquisition, Purchase Price | $ | $ 70,000 | ||||||
Blossom Valley Plaza [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Oct. 19, 2015 | ||||||
Property Name | Blossom Valley Plaza | ||||||
Property acquisition, Location | Turlock, CA | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 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 Name | The Village at Burlington Creek | ||||||
Property acquisition, Location | Kansas City, MO | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 158,118 | ||||||
Property acquisition, Purchase Price | $ | $ 35,366 | ||||||
Oquirrh Mountain Marketplace [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Oct. 29, 2015 | ||||||
Property Name | Oquirrh Mountain Marketplace | ||||||
Property acquisition, Location | South Jordan, UT | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 71,750 | 4,200 | |||||
Property acquisition, Purchase Price | $ | $ 22,092 | $ 1,720 | |||||
Marketplace at Tech Center [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Date Acquired | Dec. 24, 2015 | ||||||
Property Name | Marketplace at Tech Center | ||||||
Property acquisition, Location | Newport News, VA | ||||||
Property acquisition, Property Type | Multi-Tenant Retail | ||||||
Property acquisition, Square Footage | ft² | 210,584 | ||||||
Property acquisition, Purchase Price | $ | $ 72,525 | ||||||
Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Square Footage | ft² | 3,478,522 | ||||||
Property acquisition, Purchase Price | $ | $ 799,313 | ||||||
[1] | Total for the year ended December 31, 2015 includes $2,788 for 7,986 square feet acquired at Park Avenue Shopping Center. | ||||||
[2] | Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. | ||||||
[3] | Includes 4,481 square feet which was acquired on 4/1/15 for $2,080. | ||||||
[4] | Includes 21,000 square feet which was acquired on 12/9/15 for $2,731. |
Acquisitions (Schedule of 20143
Acquisitions (Schedule of 2015 Acquisitions) (Parenthetical) (Details) $ in Thousands | Dec. 31, 2016USD ($)ft² | Apr. 22, 2016USD ($)ft² | Dec. 31, 2015USD ($)ft² | Dec. 09, 2015USD ($)ft² | Apr. 01, 2015USD ($)ft² | ||
Business Acquisition [Line Items] | |||||||
Property acquisition, Square Footage | ft² | 6,345,578 | 314,812 | |||||
Property acquisition, Purchase Price | $ | $ 79,034 | [1] | $ 77,140 | $ 734,331 | [2] | ||
Frisco Marketplace [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Square Footage | ft² | 112,024 | [3] | 4,481 | ||||
Property acquisition, Purchase Price | $ | $ 11,040 | [3] | $ 2,080 | ||||
Treasure Valley TJ Maxx [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property acquisition, Square Footage | ft² | 21,000 | ||||||
Property acquisition, Purchase Price | $ | $ 2,731 | ||||||
[1] | Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. | ||||||
[2] | Total for the year ended December 31, 2015 includes $2,788 for 7,986 square feet acquired at Park Avenue Shopping Center. | ||||||
[3] | Includes 4,481 square feet which was acquired on 4/1/15 for $2,080. |
Acquisitions (Schedule of Major
Acquisitions (Schedule of Major Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2016 | [2] | Apr. 22, 2016 | |||
Business Combinations [Abstract] | ||||||
Land | $ 163,832 | [1] | $ 15,128 | |||
Building and improvements | 580,061 | [1] | 53,849 | |||
Acquired lease intangible assets, net | 123,417 | [1] | 13,848 | |||
Acquired intangible liabilities, net | (44,359) | [1] | (3,432) | |||
Fair value adjustment related to the assumption of mortgages payable | [1] | (3,430) | ||||
Deferred investment property acquisition obligations | [1] | (18,211) | ||||
Assumed liabilities, net | (66,979) | [1] | (359) | |||
Total | $ 734,331 | [1] | $ 79,034 | $ 77,140 | ||
[1] | Total for the year ended December 31, 2015 includes $2,788 for 7,986 square feet acquired at Park Avenue Shopping Center. | |||||
[2] | Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. |
Acquisitions (Schedule of Maj45
Acquisitions (Schedule of Major Assets Acquired and Liabilities Assumed) (Parenthetical) (Details) $ in Thousands | Dec. 31, 2016USD ($)ft² | Apr. 22, 2016USD ($)ft² | Dec. 31, 2015USD ($)ft² | ||
Business Acquisition [Line Items] | |||||
Property acquisition, Purchase Price | $ | $ 79,034 | [1] | $ 77,140 | $ 734,331 | [2] |
Property acquisition, Square Footage | ft² | 6,345,578 | 314,812 | |||
Oquirrh Mountain Marketplace [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Purchase Price | $ | $ 1,720 | $ 22,092 | |||
Property acquisition, Square Footage | ft² | 4,200 | 71,750 | |||
Park Avenue Shopping Center [Member] | |||||
Business Acquisition [Line Items] | |||||
Property acquisition, Purchase Price | $ | $ 533 | $ 2,788 | |||
Property acquisition, Square Footage | ft² | 1,766 | 7,986 | |||
[1] | Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. | ||||
[2] | Total for the year ended December 31, 2015 includes $2,788 for 7,986 square feet acquired at Park Avenue Shopping Center. |
Acquisitions (Schedule of Pro F
Acquisitions (Schedule of Pro Forma Financial Information for Acquisitions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Business Combinations [Abstract] | |||
Pro forma total income | $ 123,163 | $ 111,570 | |
Pro forma net income | $ (6,301) | $ (2,888) | |
Earnings per share | [1] | $ (0.07) | $ (0.03) |
[1] | Based on number of common shares outstanding as of December 31, 2016. |
Schedule of Intangible Assets a
Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Intangible assets: | ||
Accumulated amortization | $ (46,750) | $ (18,236) |
Acquired lease intangibles, net | 150,108 | 164,773 |
Intangible liabilities: | ||
Acquired below market lease value | 66,962 | 63,529 |
Above market ground lease | 5,169 | 5,169 |
Accumulated amortization | (8,657) | (3,504) |
Acquired below market lease intangibles, net | 63,474 | 65,194 |
Acquired in-place lease value [Member] | ||
Intangible assets: | ||
Acquired intangible assets | 159,679 | 146,910 |
Acquired lease intangibles, net | 120,014 | |
Acquired above market lease value [Member] | ||
Intangible assets: | ||
Acquired intangible assets | 37,179 | $ 36,099 |
Acquired lease intangibles, net | $ 30,094 |
Acquired Intangible Assets an48
Acquired Intangible Assets and Liabilities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 | 19 years |
Acquired 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, Above Market Lease Value and Below Market Lease Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a (reduction) increase to rental income | $ 718 | $ 652 | $ 59 |
Acquired in-place lease value [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as amortization expense | 24,174 | 13,170 | 2,083 |
Above market ground lease [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a reduction to property operating expense | 94 | 24 | |
Acquired above market lease value [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a (reduction) increase to rental income | (4,341) | (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 | $ 5,059 | $ 2,986 | $ 470 |
Schedule of Estimated Amortizat
Schedule of Estimated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Future amortization for acquired in-place and above market lease assets: | ||
Acquired lease intangibles, net | $ 150,108 | $ 164,773 |
Future amortization for below market lease liabilities: | ||
2,017 | (4,463) | |
2,018 | (4,281) | |
2,019 | (4,141) | |
2,020 | (3,930) | |
2,021 | (3,715) | |
Thereafter | (37,892) | |
Total | (58,422) | |
Future amortization for above market ground lease liabilities: | ||
2,017 | (94) | |
2,018 | (94) | |
2,019 | (94) | |
2,020 | (94) | |
2,021 | (94) | |
Thereafter | (4,582) | |
Total | (5,052) | |
Acquired in-place lease value [Member] | ||
Future amortization for acquired in-place and above market lease assets: | ||
2,017 | 19,794 | |
2,018 | 17,997 | |
2,019 | 16,241 | |
2,020 | 13,585 | |
2,021 | 11,051 | |
Thereafter | 41,346 | |
Acquired lease intangibles, net | 120,014 | |
Acquired above market lease value [Member] | ||
Future amortization for acquired in-place and above market lease assets: | ||
2,017 | 3,747 | |
2,018 | 3,195 | |
2,019 | 2,837 | |
2,020 | 2,564 | |
2,021 | 2,500 | |
Thereafter | 15,251 | |
Acquired lease intangibles, net | $ 30,094 |
Debt and Derivative Instrumen51
Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 576,836 | $ 484,995 |
Credit facility payable | 31,000 | 100,000 |
Add: Unamortized mortgage premiums | 3,080 | 3,971 |
Less: Unamortized debt issuance costs | (4,891) | (4,467) |
Total debt | $ 606,025 | $ 584,499 |
Mortgages Payable, Weighted Average Interest Rate | 3.62% | 3.77% |
Credit Facilities Payable, Weighted Average Interest Rate | 2.26% | 1.65% |
Fixed rate mortgages payable [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 178,345 | $ 162,692 |
Mortgages Payable, Weighted Average Interest Rate | 4.31% | 4.37% |
Variable rate mortgages payable with swap agreements [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 354,488 | $ 238,617 |
Mortgages Payable, Weighted Average Interest Rate | 3.42% | 3.64% |
Variable rate mortgages payable [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 44,003 | $ 83,686 |
Mortgages Payable, Weighted Average Interest Rate | 2.50% | 2.99% |
Debt and Derivative Instrumen52
Debt and Derivative Instruments (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Indebtedness includes effects of interest rate swap, weighted average interest rate | 3.55% | ||
Carrying value of debt | $ 607,836,000 | $ 584,995,000 | |
Estimated fair value of debt | 595,404,000 | $ 587,437,000 | |
Amount expected to be reclassified from accumulated other comprehensive income into income in the next twelve months | $ 2,546,000 | ||
Mortgages Payable [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Years to Maturity | 5 years 3 months 18 days | ||
Mortgages payable, covenant compliance | The Company was current on all of the payments and in compliance with all financial covenants. | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Carrying value of debt | $ 31,000,000 | ||
KeyBanc Capital Markets, Inc. [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 100,000,000 | 110,000,000 | |
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 increase in aggregate commitments | $ 10,000,000 | ||
Credit facility, interest rate | 2.26% |
Debt and Derivative Instrumen53
Debt and Derivative Instruments (Schedule of Principal Payments and Maturities of Company's Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
2,017 | $ 6,510 | |
2,018 | 15,465 | |
2,019 | 183,665 | |
2,020 | 898 | |
2,021 | 84,271 | |
Thereafter | 317,027 | |
Total | 607,836 | $ 584,995 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 31,000 | |
Total | 31,000 | |
Scheduled Principal Payments [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 239 | |
2,018 | 205 | |
2,019 | 215 | |
2,020 | 898 | |
2,021 | 1,531 | |
Thereafter | 1,577 | |
Total | 4,665 | |
Maturities of Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 6,271 | |
2,018 | 15,260 | |
2,019 | 152,450 | |
2,021 | 82,740 | |
Thereafter | 315,450 | |
Total | $ 572,171 |
Debt and Derivative Instrumen54
Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | ||
Derivative [Line Items] | ||
Derivative instrument, notional amount | $ 202,567 | |
Fair value of derivative assets measured on recurring basis | 4,250 | |
Derivative instrument, notional amount | 151,921 | |
Fair value of derivative liabilities measured on recurring basis | $ (1,909) | |
Interest Rate Swap One [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 assets measured on recurring basis | $ 196 | |
Interest Rate Swap Two [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Oct. 2, 2015 | |
Derivative instrument, effective date | Nov. 1, 2015 | |
Derivative instrument, maturity date | Nov. 1, 2022 | |
Derivative instrument, pay fixed interest rate | 1.79% | [1] |
Derivative instrument, notional amount | $ 13,100 | |
Fair value of derivative assets measured on recurring basis | $ 78 | |
Interest Rate Swap Three [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Jan. 25, 2016 | |
Derivative instrument, effective date | Feb. 1, 2016 | |
Derivative instrument, maturity date | Feb. 1, 2021 | |
Derivative instrument, pay fixed interest rate | 1.40% | [1] |
Derivative instrument, notional amount | $ 38,000 | |
Fair value of derivative assets measured on recurring basis | $ 413 | |
Interest Rate Swap Four [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Jun. 7, 2016 | |
Derivative instrument, effective date | Jul. 1, 2016 | |
Derivative instrument, maturity date | Jul. 1, 2023 | |
Derivative instrument, pay fixed interest rate | 1.42% | [1] |
Derivative instrument, notional amount | $ 43,680 | |
Fair value of derivative assets measured on recurring basis | $ 1,445 | |
Interest Rate Swap Five [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Jul. 21, 2016 | |
Derivative instrument, effective date | Aug. 1, 2016 | |
Derivative instrument, maturity date | Aug. 1, 2023 | |
Derivative instrument, pay fixed interest rate | 1.30% | [1] |
Derivative instrument, notional amount | $ 47,550 | |
Fair value of derivative assets measured on recurring basis | $ 1,989 | |
Interest Rate Swap Six [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Aug. 29, 2016 | |
Derivative instrument, effective date | Oct. 21, 2016 | |
Derivative instrument, maturity date | Dec. 15, 2019 | |
Derivative instrument, pay fixed interest rate | 1.07% | [1] |
Derivative instrument, notional amount | $ 10,837 | |
Fair value of derivative assets measured on recurring basis | $ 129 | |
Interest Rate Swap Seven [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 | $ (279) | |
Interest Rate Swap Eight [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 | $ (132) | |
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 | 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 | $ (12) | |
Interest Rate Swap Ten [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 | $ (109) | |
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 | $ (62) | |
Interest Rate Swap Twelve [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 | $ (128) | |
Interest Rate Swap Thirteen [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 | $ (247) | |
Interest Rate Swap Fourteen [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 | $ (217) | |
Interest Rate Swap Fifteen [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 | $ (372) | |
Interest Rate Swap Sixteen [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 | $ (2) | |
Interest Rate Swap Seventeen [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 | $ (6) | |
Interest Rate Swap Eighteen [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 | $ (343) | |
[1] | Receive floating rate index based upon one month LIBOR. At December 31, 2016, the one month LIBOR equaled 0.77%. |
Debt and Derivative Instrumen55
Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative [Line Items] | |
Derivative instrument, receive floating rate index | one month LIBOR |
LIBOR [Member] | |
Derivative [Line Items] | |
One month floating rate | 0.77% |
Debt and Derivative Instrumen56
Debt and Derivative Instruments (Schedule of Cash Flow Hedges and Classification on Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges - interest rate swap agreements | $ 4,250 | |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges - interest rate swap agreements | $ 1,909 | $ 3,791 |
Debt and Derivative Instrumen57
Debt and Derivative Instruments (Derivatives on Consolidated Statements of Operations and Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion of derivatives | $ 1,861 | $ (4,612) | $ (1,810) |
Reclassification adjustment for amounts included in net gain or loss (effective portion) | 4,038 | 2,546 | 282 |
Amount of loss recognized in income on derivative (ineffective portion) | $ 233 | 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) |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | Jun. 16, 2016 | Dec. 31, 2016 |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock shares issued upon vesting | 1 | |
Unrecognized compensation cost of unvested share-based awards | $ 26 | |
Weighted average remaining period unrecognized compensation cost related to non-vested | 1 year 7 months 10 days | |
Restricted Stock [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation vesting period | 1 year | |
Restricted Stock [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation vesting period | 3 years | |
Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock shares issued upon vesting | 1 | |
Unrecognized compensation cost of unvested share-based awards | $ 26 | |
Weighted average remaining period unrecognized compensation cost related to non-vested | 1 year 7 months 10 days | |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation vesting period | 1 year | |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation vesting period | 3 years | |
Non-Employee Directors [Member] | Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 14 | |
Non-Employee Directors [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 14 | |
Employee and Director Restricted Share Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of outstanding shares to be issued | 5.00% | |
Employee and Director Restricted Share Plan [Member] | Non-Employee Directors [Member] | Restricted Shares And Restricted Share Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock fair value at grant date | $ 10 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of the Restricted Shares and Restricted Share Units) (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Granted, Weighted Average Grant Date Fair Value | $ / shares | $ 40 |
Outstanding, Weighted Average Grant Date Fair Value | $ / shares | 40 |
Granted, Aggregate Intrinsic Value | $ / shares | 40 |
Outstanding, Aggregate Intrinsic Value | $ / shares | $ 40 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Granted, Shares | shares | 3,326 |
Outstanding, Shares | shares | 3,326 |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Granted, Shares | shares | 1,150 |
Outstanding, Shares | shares | 1,150 |
Income Tax and Distributions (N
Income Tax and Distributions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax And Distributions [Line Items] | |||
Daily amount per share of distributions | $ 0.001639344 | $ 0.001643836 | $ 0.001643836 |
Taxable income (loss) | $ 10,364 | $ 12,720 | $ 3,283 |
Minimum [Member] | |||
Income Tax And Distributions [Line Items] | |||
Percentage of adjusted REIT taxable income require to distribute among shareholders | 90.00% |
Income Tax and Distributions (S
Income Tax and Distributions (Schedule of Distributions Paid and Declared) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax And Distributions [Abstract] | ||||
Distributions paid | $ 52,358 | $ 42,537 | $ 10,597 | |
Distributions declared | $ 4,488 | $ 52,449 | $ 44,908 | $ 12,318 |
Income Tax and Distributions -
Income Tax and Distributions - (Schedule of Taxability of Distributions on Common Shares) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | [1] | Dec. 31, 2014 | |
Income Tax And Distributions [Abstract] | ||||
Ordinary income | $ 0.12 | $ 0.20 | $ 0.19 | |
Nontaxable return of capital | $ 0.48 | $ 0.47 | $ 0.41 | |
[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). |
Income Tax and Distributions 63
Income Tax and Distributions - (Schedule of Taxability of Distributions on Common Shares) (Parenthetical) (Details) $ / shares in Units, $ in Thousands | Feb. 19, 2015USD ($)$ / shares |
Income Tax And Distributions [Abstract] | |
Special distribution | $ | $ 3,283 |
Special distribution, per share | $ / shares | $ 0.07 |
Earnings (Loss) per Share (Deta
Earnings (Loss) per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Additional shares excluded from the computation of diluted earnings per share | 3,035 | ||
Dilutive common share equivalents outstanding | 0 | 0 |
Commitments and Contingencies65
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
The maximum potential earnout payment for acquisitions made during period | $ 12,986 |
Commitments and Contingencies66
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Earnout liability-beginning of period | $ 18,871 | $ 3,646 |
Increases: | ||
Acquisitions | 18,211 | |
Amortization expense | 531 | 83 |
Decreases: | ||
Earnout payments | (9,067) | (3,095) |
Other: | ||
Adjustments to acquisition related costs | (3,479) | 26 |
Earnout liability – end of period | $ 6,856 | $ 18,871 |
Segment Reporting (Details)
Segment Reporting (Details) - Segment | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||
Number of reportable segments | 1 | 1 | 1 |
Transactions with Related Par68
Transactions with Related Parties (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | ||||
Allocated income (loss) | $ 252,000 | $ (118,000) | $ 10,000 | |
Undistributed retained earnings | $ 126,000 | |||
Number of common stock shares owned in related party | 1,000 | 1,000 | 1,000 | |
Value of common stock shares owned in related party | $ 1,000 | $ 1,000 | $ 1,000 | |
Price per share of common stock sold to related parties during period | $ 9 | $ 9 | ||
Common stock shares sold to related party during period | 28,129 | 150,426 | ||
Asset acquisition fee to contract purchase price, percentage | 1.50% | |||
Total acquisition fees waived by business manager during period | $ 0 | $ 2,510,000 | $ 2,262,000 | |
Selling commissions per price of each share sold, percentage | 7.00% | |||
Marketing contribution to gross offering proceeds, percentage | 3.00% | |||
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 | 0 | 433,000 | |
Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Out-of-pocket itemized and detailed expenses reimbursed, percentage | 0.50% | |||
Costs and other expenses reimbursed to Sponsor, percentage | 1.50% | |||
Monthly Real Estate Management Fee Of Single Tenant Property [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property management fee, percentage | 1.90% | |||
Monthly Real Estate Management Fee Of Any Other Property [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property management fee, percentage | 3.90% | |||
Sponsor Contribution [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [1] | $ 3,283,000 | $ 640,000 | |
[1] | During the years ended December 31, 2015 and 2014, the Sponsor contributed $3,283 and $640, respectively, to the Company. The Sponsor has not received, and will not receive, any additional shares of the Company’s common stock for making these contributions. There is no assurance that the Sponsor will continue to contribute any additional monies. |
Transactions with Related Par69
Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | [1] | $ 4,762 | $ 2,937 | $ 646 |
Due to related parties | 2,663 | 8,595 | ||
General and Administrative Reimbursements [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses incurred with related party | [2] | 1,975 | 1,367 | 466 |
Due to related parties | [2] | 274 | 287 | |
Affiliate Share Purchase Discounts [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses incurred with related party | [3] | 28 | 150 | |
Total General and Administrative Expenses [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses incurred with related party | 1,975 | 1,395 | 616 | |
Due to related parties | 274 | 287 | ||
Acquisition Related Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [4] | 409 | 1,388 | 744 |
Acquisition related costs | 88 | 165 | ||
Acquisition Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [4] | 1,327 | 9,580 | 3,465 |
Acquisition related costs | 6,010 | |||
Acquisition Related Costs and Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [4] | 1,736 | 10,968 | 4,209 |
Acquisition related costs | [4] | 88 | 6,175 | |
Real Estate Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 4,473 | 2,762 | 631 | |
Construction Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 121 | 135 | 15 | |
Due to related parties | 53 | 80 | ||
Leasing fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 168 | 40 | ||
Due to related parties | 89 | 40 | ||
Offering Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [5] | 41,180 | 33,141 | |
Due to related parties | [5] | 63 | ||
Business Management Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [6] | 8,580 | 5,501 | 773 |
Due to related parties | [6] | 2,159 | 1,950 | |
Sponsor Contribution [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [7] | 3,283 | $ 640 | |
Real Estate Management Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to related parties | [1] | $ 142 | $ 120 | |
[1] | 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 or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the accompanying consolidated statements of operations and comprehensive loss. | |||
[2] | The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. | |||
[3] | The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enabled the related parties to purchase shares of common stock at $9.00 per share in the Offering. The Company sold 28,129 and 150,426 shares to related parties during the years ended December 31, 2015 and 2014, respectively. | |||
[4] | 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 activities, 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. No acquisition fees were waived for 2016. | |||
[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 third party 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 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 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] | The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets”. The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. 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. No business management fees were waived for the year ended December 31, 2015 or 2016. | |||
[7] | 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, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 87,180 |
2,018 | 80,555 |
2,019 | 72,983 |
2,020 | 66,795 |
2,021 | 61,303 |
Thereafter | 264,342 |
Total | $ 633,158 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Remaining lease terms range description | from less than one year to 20 years. |
Quarterly Supplemental Financ72
Quarterly Supplemental Financial Information - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Total income | $ 30,921 | $ 30,903 | $ 30,295 | $ 29,379 | $ 26,826 | $ 19,762 | $ 18,282 | $ 11,672 | $ 121,498 | $ 76,542 | $ 18,946 | ||||||||
Net loss | $ (459) | $ (961) | $ (2,300) | $ (4,241) | $ (9,051) | $ (262) | $ (3,500) | $ (623) | $ (7,961) | $ (13,436) | $ (4,356) | ||||||||
Net loss per common share, basic and diluted | $ (0.01) | [1] | $ (0.01) | [1] | $ (0.03) | [1] | $ (0.05) | [1] | $ (0.11) | [1] | $ (0.05) | [1] | $ (0.01) | [1] | $ (0.09) | $ (0.19) | $ (0.21) | ||
Weighted average number of common shares outstanding, basic and diluted | 88,137,697 | [1] | 87,685,402 | [1] | 87,169,126 | [1] | 86,635,010 | [1] | 85,564,146 | [1] | 76,111,571 | [1] | 66,130,000 | [1] | 49,092,127 | [1] | 87,409,567 | 69,343,253 | 20,565,940 |
[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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||
Amount per share of distributions | $ 0.001639344 | $ 0.001643836 | $ 0.001643836 | |
Scenario, Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Amount per share of distributions | $ 0.001643836 | |||
Annualized dividend per share | $ 0.60 | |||
Annualized dividend rate | 6.652% | |||
Purchase price per share | $ 9.02 | |||
Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends payable, record date | Jan. 1, 2017 | |||
Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends payable, record date | Apr. 30, 2017 |
Subsequent Events (Schedule of
Subsequent Events (Schedule of Dividend Distributions) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||||
Month Distribution Paid | 2017-01 | 2017-01 | ||||
Gross Amount of Distribution Paid | $ 4,488 | $ 52,449 | $ 44,908 | $ 12,318 | ||
Proceeds from distribution reinvestment plan | $ 2,336 | $ 27,831 | $ 20,828 | $ 5,395 | ||
Shares Issued | 258,957 | |||||
Net Cash Distribution | $ 2,152 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Month Distribution Paid | 2017-03 | 2017-02 | ||||
Gross Amount of Distribution Paid | $ 4,077 | $ 4,505 | ||||
Proceeds from distribution reinvestment plan | $ 2,110 | $ 2,334 | ||||
Shares Issued | 233,895 | 258,764 | ||||
Net Cash Distribution | $ 1,967 | $ 2,171 |
Subsequent Events (Purchased Pr
Subsequent Events (Purchased Properties from Unaffiliated Third Parties) (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016USD ($)ft² | Jan. 27, 2017USD ($)ft² | Apr. 22, 2016USD ($)ft² | Dec. 31, 2015USD ($) | [2] | ||
Subsequent Event [Line Items] | ||||||
Property acquisition, Square Footage | ft² | 6,345,578 | 314,812 | ||||
Property acquisition, Purchase Price | $ | $ 79,034 | [1] | $ 77,140 | $ 734,331 | ||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Property acquisition, Square Footage | ft² | 311,030 | |||||
Property acquisition, Purchase Price | $ | $ 40,799 | |||||
Wilson Marketplace [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Property acquisition, Date Acquired | Jan. 27, 2017 | |||||
Property Name | Wilson Marketplace | |||||
Property acquisition, Location | Wilson, NC | |||||
Wilson Marketplace [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Property acquisition, Square Footage | ft² | 311,030 | |||||
Property acquisition, Purchase Price | $ | $ 40,799 | |||||
[1] | Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. | |||||
[2] | Total for the year ended December 31, 2015 includes $2,788 for 7,986 square feet acquired at Park Avenue Shopping Center. |
Schedule III Real Estate and 76
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 576,836 | |||||
Initial cost, Land | [1] | 262,210 | ||||
Initial cost, Buildings and Improvements | [1] | 962,021 | ||||
Cost Capitalized Subsequent to Acquisitions | 9,000 | |||||
Gross amount carried at end of period, Land | [2],[3] | 262,210 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 971,021 | ||||
Gross amount carried at end of period, Total | 1,233,231 | [2],[3] | $ 1,161,437 | $ 414,463 | $ 58,327 | |
Accumulated Depreciation | (62,631) | [4] | $ (27,545) | $ (6,236) | $ (808) | |
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] | (107) | ||||
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] | 15,972 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 18,126 | ||||
Accumulated Depreciation | [4],[5] | $ (721) | ||||
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],[5] | $ 9,515 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 11,142 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 225 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 9,515 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 11,367 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 20,882 | ||||
Accumulated Depreciation | [4],[5] | $ (496) | ||||
Date Constructed | [5] | 1,988 | ||||
Date Acquired | [5] | 2,015 | ||||
Blossom Valley Plaza [Member] | Turlock, CA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Blossom Valley Plaza [Member] | Turlock, CA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Branson Hills Plaza [Member] | Branson, MO [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1] | $ 3,787 | ||||
Initial cost, Buildings and Improvements | [1] | 6,039 | ||||
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 | [4] | $ (463) | ||||
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 | |||||
Coastal North Town Center | Myrtle Beach, SC [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 43,680 | |||||
Initial cost, Land | [1] | 13,725 | ||||
Initial cost, Buildings and Improvements | [1] | 49,673 | ||||
Cost Capitalized Subsequent to Acquisitions | (331) | |||||
Gross amount carried at end of period, Land | [2],[3] | 13,725 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 49,342 | ||||
Gross amount carried at end of period, Total | [2],[3] | 63,067 | ||||
Accumulated Depreciation | [4] | $ (1,198) | ||||
Date Constructed | 2,014 | |||||
Date Acquired | 2,016 | |||||
Coastal North Town Center | Myrtle Beach, SC [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Coastal North Town Center | Myrtle Beach, SC [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 | 949 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,807 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 10,002 | ||||
Gross amount carried at end of period, Total | [2],[3] | 12,809 | ||||
Accumulated Depreciation | [4] | $ (785) | ||||
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 | 146 | |||||
Gross amount carried at end of period, Land | [2],[3] | 4,500 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 42,011 | ||||
Gross amount carried at end of period, Total | [2],[3] | 46,511 | ||||
Accumulated Depreciation | [4] | $ (3,804) | ||||
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 | 5 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 | $ 559 | |||||
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 | [4] | $ (128) | ||||
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 | 15 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 | [4] | $ (113) | ||||
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 | $ 520 | |||||
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 | [4] | $ (121) | ||||
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 | [4] | $ (146) | ||||
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 | [4] | $ (126) | ||||
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 | $ 602 | |||||
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 | [4] | $ (125) | ||||
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 | [4] | $ (120) | ||||
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 | [4] | $ (183) | ||||
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 | [4] | $ (120) | ||||
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 | [4] | $ (146) | ||||
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 | [4] | $ (147) | ||||
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 | [4] | $ (141) | ||||
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 | [4] | $ (570) | ||||
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 | [4] | $ (1,436) | ||||
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 | $ 10,836 | |||||
Initial cost, Land | [1] | 3,518 | ||||
Initial cost, Buildings and Improvements | [1] | 12,681 | ||||
Cost Capitalized Subsequent to Acquisitions | 494 | |||||
Gross amount carried at end of period, Land | [2],[3] | 3,518 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 13,175 | ||||
Gross amount carried at end of period, Total | [2],[3] | 16,693 | ||||
Accumulated Depreciation | [4] | $ (930) | ||||
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 | [4],[5] | $ (267) | ||||
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 | (162) | |||||
Gross amount carried at end of period, Land | [2],[3] | 7,218 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 17,684 | ||||
Gross amount carried at end of period, Total | [2],[3] | 24,902 | ||||
Accumulated Depreciation | [4] | $ (1,144) | ||||
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 | 5 years | |||||
Green Tree Shopping Center [Member] | Katy, TX [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Harris Plaza [Member] | Layton, UT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 6,500 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 19,403 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 131 | ||||
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] | 19,534 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 26,034 | ||||
Accumulated Depreciation | [4],[5] | $ (1,716) | ||||
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 | ||||
Cost Capitalized Subsequent to Acquisitions | 40 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,186 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 9,370 | ||||
Gross amount carried at end of period, Total | [2],[3] | 11,556 | ||||
Accumulated Depreciation | [4] | $ (728) | ||||
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 | 232 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,028 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 5,770 | ||||
Gross amount carried at end of period, Total | [2],[3] | 7,798 | ||||
Accumulated Depreciation | [4] | $ (420) | ||||
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 | [4],[5] | $ (869) | ||||
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 | [4] | $ (1,253) | ||||
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 | ||||
Cost Capitalized Subsequent to Acquisitions | 54 | |||||
Gross amount carried at end of period, Land | [2],[3] | 1,460 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 17,053 | ||||
Gross amount carried at end of period, Total | [2],[3] | 18,513 | ||||
Accumulated Depreciation | [4] | $ (1,597) | ||||
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 | [4],[5] | $ (610) | ||||
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 | [4] | $ (2,043) | ||||
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] | ||||||
Encumbrance | $ 38,000 | |||||
Initial cost, Land | [1] | 16,390 | ||||
Initial cost, Buildings and Improvements | [1] | 46,971 | ||||
Cost Capitalized Subsequent to Acquisitions | (253) | |||||
Gross amount carried at end of period, Land | [2],[3] | 16,390 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 46,718 | ||||
Gross amount carried at end of period, Total | [2],[3] | 63,108 | ||||
Accumulated Depreciation | [4] | $ (1,961) | ||||
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 | $ 47,550 | |||||
Initial cost, Land | [1] | 10,684 | ||||
Initial cost, Buildings and Improvements | [1] | 68,580 | ||||
Cost Capitalized Subsequent to Acquisitions | (140) | |||||
Gross amount carried at end of period, Land | [2],[3] | 10,684 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 68,440 | ||||
Gross amount carried at end of period, Total | [2],[3] | 79,124 | ||||
Accumulated Depreciation | [4] | $ (2,425) | ||||
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 | 206 | |||||
Gross amount carried at end of period, Land | [2],[3] | 8,810 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 29,905 | ||||
Gross amount carried at end of period, Total | [2],[3] | 38,715 | ||||
Accumulated Depreciation | [4] | $ (2,958) | ||||
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] | ||||||
Encumbrance | $ 18,727 | |||||
Initial cost, Buildings and Improvements | [1] | 35,867 | ||||
Cost Capitalized Subsequent to Acquisitions | 39 | |||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 35,906 | ||||
Gross amount carried at end of period, Total | [2],[3] | 35,906 | ||||
Accumulated Depreciation | [4] | $ (1,602) | ||||
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 | [4],[5] | $ (1,572) | ||||
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 | [4] | $ (578) | ||||
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] | ||||||
Initial cost, Land | [1],[5] | $ 4,254 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 14,467 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | (184) | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 4,254 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 14,283 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 18,537 | ||||
Accumulated Depreciation | [4],[5] | $ (585) | ||||
Date Acquired | [5] | 2,015 | ||||
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,014 | ||||
Depreciable Lives | [5] | 15 years | ||||
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,015 | ||||
Depreciable Lives | [5] | 30 years | ||||
Park Avenue Shopping Center [Member] | Little Rock, AR [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 14,062 | |||||
Initial cost, Land | [1] | 5,500 | ||||
Initial cost, Buildings and Improvements | [1] | 16,365 | ||||
Cost Capitalized Subsequent to Acquisitions | 2,881 | |||||
Gross amount carried at end of period, Land | [2],[3] | 5,500 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 19,246 | ||||
Gross amount carried at end of period, Total | [2],[3] | 24,746 | ||||
Accumulated Depreciation | [4] | $ (1,819) | ||||
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 | |||||
Oquirrh Mountain Marketplace Phase II [Member] | Jordan, UT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 1,403 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 3,727 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | (54) | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 1,403 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 3,673 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 5,076 | ||||
Accumulated Depreciation | [4],[5] | $ (80) | ||||
Date Acquired | [5] | 2,016 | ||||
Oquirrh Mountain Marketplace Phase II [Member] | Jordan, UT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,014 | ||||
Depreciable Lives | [5] | 15 years | ||||
Oquirrh Mountain Marketplace Phase II [Member] | Jordan, UT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,015 | ||||
Depreciable Lives | [5] | 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 | [4],[5] | $ (151) | ||||
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] | 27,672 | ||||
Cost Capitalized Subsequent to Acquisitions | 90 | |||||
Gross amount carried at end of period, Land | [2],[3] | 5,336 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 27,762 | ||||
Gross amount carried at end of period, Total | [2],[3] | 33,098 | ||||
Accumulated Depreciation | [4] | $ (1,784) | ||||
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 | 861 | |||||
Gross amount carried at end of period, Land | [2],[3] | 5,873 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 42,042 | ||||
Gross amount carried at end of period, Total | [2],[3] | 47,915 | ||||
Accumulated Depreciation | [4] | $ (2,638) | ||||
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 | 5 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 | ||||
Cost Capitalized Subsequent to Acquisitions | 114 | |||||
Gross amount carried at end of period, Land | [2],[3] | 25,961 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 98,271 | ||||
Gross amount carried at end of period, Total | [2],[3] | 124,232 | ||||
Accumulated Depreciation | [4] | $ (4,614) | ||||
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 | [4],[5] | $ (594) | ||||
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 | [4] | $ (668) | ||||
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 | 170 | |||||
Gross amount carried at end of period, Land | [2],[3] | 7,521 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 22,638 | ||||
Gross amount carried at end of period, Total | [2],[3] | 30,159 | ||||
Accumulated Depreciation | [4] | $ (1,617) | ||||
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 | $ 26,593 | |||||
Initial cost, Land | [1] | 4,418 | ||||
Initial cost, Buildings and Improvements | [1] | 37,229 | ||||
Cost Capitalized Subsequent to Acquisitions | 659 | |||||
Gross amount carried at end of period, Land | [2],[3] | 4,418 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 37,888 | ||||
Gross amount carried at end of period, Total | [2],[3] | 42,306 | ||||
Accumulated Depreciation | [4] | $ (2,668) | ||||
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] | $ 1,329 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 10,341 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 239 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 1,329 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 10,580 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 11,909 | ||||
Accumulated Depreciation | [4],[5] | $ (687) | ||||
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 | [4],[5] | $ (717) | ||||
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] | 10,789 | ||||
Initial cost, Buildings and Improvements | [1] | 19,385 | ||||
Cost Capitalized Subsequent to Acquisitions | 278 | |||||
Gross amount carried at end of period, Land | [2],[3] | 10,789 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 19,663 | ||||
Gross amount carried at end of period, Total | [2],[3] | 30,452 | ||||
Accumulated Depreciation | [4] | $ (861) | ||||
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 | 5 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 | [4] | $ (639) | ||||
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 | ||||
Cost Capitalized Subsequent to Acquisitions | 30 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,220 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 26,607 | ||||
Gross amount carried at end of period, Total | [2],[3] | 28,827 | ||||
Accumulated Depreciation | [4] | $ (2,805) | ||||
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 | 5 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 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 10 | ||||
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] | 10,428 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 14,549 | ||||
Accumulated Depreciation | [4],[5] | $ (657) | ||||
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] | 5 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] | 18,961 | ||||
Initial cost, Buildings and Improvements | [1] | 70,423 | ||||
Cost Capitalized Subsequent to Acquisitions | 1,186 | |||||
Gross amount carried at end of period, Land | [2],[3] | 18,961 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 71,609 | ||||
Gross amount carried at end of period, Total | [2],[3] | 90,570 | ||||
Accumulated Depreciation | [4] | $ (4,411) | ||||
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 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 332 | ||||
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] | 14,260 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 19,250 | ||||
Accumulated Depreciation | [4],[5] | $ (874) | ||||
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, 2016 and 2015 for federal income tax purposes was approximately $1,364,864 and $1,265,000, respectively (unaudited). | |||||
[4] | Reconciliation of accumulated depreciation: | |||||
[5] | These properties serve as security for our Credit Facility. |
Schedule III Real Estate and 77
Schedule III Real Estate and Accumulated Depreciation (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||
Aggregate cost of real estate owned for federal income tax purpose | $ 1,364,864 | $ 1,265,000 |
Schedule III Real Estate and 78
Schedule III Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||||
Balance at January 1, | $ 1,161,437 | $ 414,463 | $ 58,327 | |
Acquisitions | 68,977 | 743,893 | 356,154 | |
Improvements, net of master lease | 2,817 | 3,081 | (18) | |
Balance at December 31, | $ 1,233,231 | [1],[2] | $ 1,161,437 | $ 414,463 |
[1] | Reconciliation of real estate owned: | |||
[2] | The aggregate cost of real estate owned at December 31, 2016 and 2015 for federal income tax purposes was approximately $1,364,864 and $1,265,000, respectively (unaudited). |
Schedule III Real Estate and 79
Schedule III Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||||
Balance at January 1, | $ 27,545 | $ 6,236 | $ 808 | |
Depreciation expense | 35,086 | 21,309 | 5,428 | |
Balance at December 31, | $ 62,631 | [1] | $ 27,545 | $ 6,236 |
[1] | Reconciliation of accumulated depreciation: |