Inland Real Estate Income Trust (INRE) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 26, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Inland Real Estate Income Trust, Inc.
Entity Central Index Key	1,528,985
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		88,850,052
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment properties:
Land	$ 273,365	$ 262,210
Building and other improvements	999,569	971,021
Total	1,272,934	1,233,231
Less accumulated depreciation	(71,766)	(62,631)
Net investment properties	1,201,168	1,170,600
Cash and cash equivalents	16,280	10,861
Investment in unconsolidated entity	126	126
Accounts and rent receivable	10,904	11,671
Acquired lease intangible assets, net	150,776	150,108
Deferred costs, net	821	683
Other assets	13,391	13,511
Total assets	1,393,466	1,357,560
Liabilities:
Mortgages and credit facility payable, net	649,534	606,025
Accounts payable and accrued expenses	8,861	7,270
Distributions payable	4,523	4,488
Acquired intangible liabilities, net	66,104	63,474
Deferred investment property acquisition obligations	3,077	6,856
Due to related parties	3,392	2,663
Other liabilities	13,063	12,330
Total liabilities	748,554	703,106
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, 88,593,002 and 88,155,707 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	89	88
Additional paid in capital (net of offering costs of $87,059 as of March 31, 2017 and December 31, 2016)	796,526	792,478
Accumulated distributions and net loss	(155,326)	(140,417)
Accumulated other comprehensive income	3,623	2,305
Total stockholders’ equity	644,912	654,454
Total liabilities and stockholders’ equity	$ 1,393,466	$ 1,357,560

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
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	88,593,002	88,155,707
Common stock, shares outstanding	88,593,002	88,155,707
Additional paid in capital, offering costs	$ 87,059	$ 87,059

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income:
Rental income	$ 24,412	$ 22,586
Tenant recovery income	7,137	6,708
Other property income	58	85
Total income	31,607	29,379
Cost and Expenses:
Property operating expenses	5,454	5,088
Real estate tax expense	4,169	3,537
General and administrative expenses	1,099	1,423
Acquisition related costs	71	161
Business management fee	2,259	2,049
Depreciation and amortization	14,585	16,085
Total expenses	27,637	28,343
Operating income	3,970	1,036
Interest expense	(5,801)	(5,378)
Interest and other income	27	101
Net loss	$ (1,804)	$ (4,241)
Net loss per common share, basic and diluted	$ (0.02)	$ (0.05)
Weighted average number of common shares outstanding, basic and diluted	88,570,899	86,635,010
Comprehensive loss:
Net loss	$ (1,804)	$ (4,241)
Unrealized gain (loss) on derivatives	486	(6,626)
Reclassification adjustment for amounts included in net loss	832	1,000
Comprehensive loss	$ (486)	$ (9,867)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Distributions and Net Loss [Member]	Accumulated Other Comprehensive Income [Member]
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
Distributions declared	$ (13,105)			(13,105)
Proceeds from distribution reinvestment plan	$ 6,780	$ 1	6,779
Proceeds from distribution reinvestment plan, shares	6,596,137	751,616
Shares repurchased	$ (2,737)		(2,737)
Shares repurchased, shares	(1,838,190)	(314,321)
Unrealized gain (loss) on derivatives	$ 486				486
Reclassification adjustment for amounts included in net loss	832				832
Equity based compensation	6		6
Net loss	(1,804)			(1,804)
Balance at Mar. 31, 2017	$ 644,912	$ 89	$ 796,526	$ (155,326)	$ 3,623
Balance at Mar. 31, 2017	88,593,002	88,593,002

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (1,804)	$ (4,241)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	14,585	16,085
Amortization of debt issuance costs and mortgage premiums, net	290	193
Amortization of acquired market leases, net	(514)	(55)
Amortization of equity based compensation	6
Straight-line income, net	(342)	(543)
Payment of leasing fees	(255)	(89)
Other non-cash adjustments	(17)	(209)
Changes in assets and liabilities:
Accounts payable and accrued expenses	1,394	(41)
Accounts and rent receivable	1,312	(506)
Due to related parties	788	(5,964)
Other liabilities	1,266	(398)
Other assets	430	429
Net cash flows provided by operating activities	17,139	4,661
Cash flows from investing activities:
Purchase of investment properties	(41,556)	(534)
Capital expenditures	(707)	(2,884)
Other assets and restricted escrows	196	2,169
Net cash flows used in investing activities	(42,067)	(1,249)
Cash flows from financing activities:
Payment of credit facility	(2,000)	(85,000)
Proceeds from credit facility	45,500
Proceeds from mortgages payable		56,727
Payment of mortgages payable	(44)	(11,956)
Proceeds from the distribution reinvestment plan	6,780	6,924
Shares repurchased	(2,803)	(1,897)
Payment of offering costs		(201)
Distributions paid	(13,070)	(12,910)
Payment of deferred investment property acquisition obligations	(3,779)	(3,375)
Payment of debt issuance costs	(237)	(587)
Net cash flows provided by (used in) financing activities	30,347	(52,275)
Net increase (decrease) in cash and cash equivalents	5,419	(48,863)
Cash and cash equivalents at beginning of the period	10,861	83,843
Cash and cash equivalents, at end of period	16,280	34,980
Supplemental disclosure of cash flow information:
Land	11,155
Building and improvements	27,475	449
Acquired in place lease intangibles	4,945	85
Acquired above market lease intangibles	2,139
Acquired below market lease intangibles	(4,141)
Assumed liabilities	(17)
Purchase of investment properties	41,556	534
Cash paid for interest	5,696	4,833
Supplemental schedule of non-cash investing and financing activities:
Distributions payable	$ 4,523	4,412
Accrued offering costs payable		$ 2

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	NOTE 1 – ORGANIZATION The Company was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States. 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 March 31, 2017, the Company owned 57 retail properties, totaling 6,655,965 square feet. The properties are located in 23 states. At March 31, 2017, the portfolio had a weighted average physical occupancy of 94.5% and economic occupancy of 95.4%. Economic occupancy excludes square footage associated with an earnout component.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on March 15, 2017, under the heading Note 2 – “Summary of Significant Accounting Policies.” There have been no changes to the Company’s significant accounting policies during the three months ended March 31, 2017. General The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Recent Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (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 of 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. Early adoption is permitted. 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	3 Months Ended
	Mar. 31, 2017
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 concluded on October 16, 2015. The Company issued 83,835,055 shares of common stock generating gross proceeds of $834,399 from the Offering. As of March 31, 2017, there were 88,593,002 shares of common stock outstanding including 6,596,137 shares issued through the distribution reinvestment plan (“DRP”), net of 1,838,190 shares repurchased through the share repurchase program (“SRP”). On March 29, 2017 the Company’s board of directors determined an estimated per share net asset value (the “Estimated Per Share NAV”) of the Company’s common stock of $9.05 as reported in the Company’s Form 8-K filed with the Securities and Exchange Commission on March 30, 2017. The Company’s previously estimated per share net asset value of $9.02 was established on April 7, 2016. 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 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. Prior to April 7, 2016 shares were sold through the DRP at a price of $9.50 per share. Subsequently, shares were sold through the DRP at a price of $9.02 until March 30, 2017, when the Company reported a new Estimated Per Share NAV. Accordingly, under the DRP, beginning with reinvestments made on and after March 30, 2017, 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 $9.05 per share. Distributions reinvested through the DRP were $6,780 and $6,924 for the three months ended March 31, 2017 and 2016, respectively. Share Repurchase Program Under the 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 the lesser of (1) 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; or (2) the most recently disclosed estimated value per share. Accordingly, under the SRP, beginning with repurchases on and after March 30, 2017, and until we announce a new Estimated Per Share NAV, the “share price” will be equal to $9.05 per share. Repurchases through the SRP were $2,737 and $2,371 for the three months ended March 31, 2017 and 2016, respectively. At March 31, 2017 and December 31, 2016, the Company’s liability related to the SRP was $1,382 and $1,448, respectively, recorded in other liabilities on the Company’s consolidated balance sheets.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	NOTE 4 – ACQUISITIONS 2017 Acquisitions During the three months ended March 31, 2017, the Company, through its wholly owned subsidiary, acquired the property listed below from an unaffiliated third party and financed entirely the acquisition with proceeds from its credit agreement with KeyBanc Capital Markets Inc. (the “Credit Facility”). Date Acquired Property Name Location Property Type Square Footage Purchase Price 1st Quarter 1/27/2017 Wilson Marketplace Wilson, NC Multi-Tenant Retail 311,030 $ 40,799 311,030 $ 40,799 The above acquisition was accounted for as an asset acquisition. For the three months ended March 31, 2017, the Company incurred $788 of total acquisition costs and fees, $717 of which are capitalized as the acquisition of net investment properties in the accompanying consolidated balance sheets and $71 of such costs are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. The Company incurred $161 during the three months ended March 31, 2016 of acquisition, dead deal and transaction related costs, including changes to initial assumptions related to deferred investment property acquisition obligations (See Note 9 – “Commitments and Contingencies”) that were recorded in acquisition related costs in the consolidated statements of operations and comprehensive loss related to both closed and potential transactions. These costs include third party due diligence costs such as appraisals, environmental studies, and legal fees as well as acquisition fees and time and travel expense reimbursements to the Sponsor and its affiliates. For properties acquired during the three months ended March 31, 2017, the Company recorded revenue of $735 and property net income of $218, which excludes expensed acquisition related costs. The following table presents certain additional information regarding the Company’s acquisitions during the three months ended March 31, 2017. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Three Months Ended March 31, 2017 Land $ 11,155 Building and improvements 27,475 Acquired lease intangible assets, net 7,084 Acquired intangible liabilities, net (4,141 ) Assumed liabilities, net (17 ) Total $ 41,556

Acquired Intangible Assets and

Acquired Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 Intangible assets: Acquired in place lease value $ 164,624 $ 159,679 Acquired above market lease value $ 39,318 $ 37,179 Accumulated amortization $ (53,166 ) $ (46,750 ) Acquired lease intangibles, net $ 150,776 $ 150,108 Intangible liabilities: Acquired below market lease value $ 71,103 $ 66,962 Above market ground lease $ 5,169 $ 5,169 Accumulated amortization $ (10,168 ) $ (8,657 ) Acquired intangible liabilities, net $ 66,104 $ 63,474 As of March 31, 2017, the weighted average amortization periods for acquired in place lease, above market lease intangibles, below market lease intangibles and above market ground leases 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. As of March 31, 2017, no amount has been allocated to customer relationship value. Amortization pertaining to acquired in place lease value, above market ground lease, above market lease value and below market lease value is summarized below: Three Months Ended March 31, Amortization recorded as amortization expense: 2017 2016 Acquired in place lease value $ 5,419 $ 7,297 Amortization recorded as a reduction to property operating expense: Above market ground lease $ 23 $ 23 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (997 ) $ (1,202 ) Acquired below market leases 1,488 1,257 Net rental income increase $ 491 $ 55 Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2017 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 (remainder of year) $ 15,516 $ 2,988 $ (3,493 ) $ (70 ) 2018 $ 18,687 $ 3,449 $ (4,495 ) $ (94 ) 2019 $ 16,850 $ 3,084 $ (4,350 ) $ (94 ) 2020 $ 14,015 $ 2,745 $ (4,139 ) $ (94 ) 2021 $ 11,459 $ 2,676 $ (3,920 ) $ (94 ) Thereafter $ 43,013 $ 16,294 $ (40,679 ) $ (4,582 ) Total $ 119,540 $ 31,236 $ (61,076 ) $ (5,028 )

Debt and Derivative Instruments

Debt and Derivative Instruments	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt and Derivative Instruments	NOTE 6 – DEBT AND DERIVATIVE INSTRUMENTS As of March 31, 2017 and December 31, 2016, the Company had the following mortgages and credit facility payable: March 31, 2017 December 31, 2016 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 178,301 4.31 % $ 178,345 4.31 % Variable rate mortgages payable with swap agreements 354,488 3.43 % 354,488 3.42 % Variable rate mortgages payable 44,003 2.71 % 44,003 2.50 % Mortgages payable $ 576,792 3.65 % $ 576,836 3.62 % Credit facility payable 74,500 2.34 % 31,000 2.26 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 651,292 3.50 % $ 607,836 3.55 % Add: Unamortized mortgage premiums 2,857 3,080 Less: Unamortized debt issuance costs (4,615 ) (4,891 ) Total debt $ 649,534 $ 606,025 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 $651,292 and $607,836 as of March 31, 2017 and December 31, 2016, respectively, and its estimated fair value was $639,238 and $595,404 as of March 31, 2017 and December 31, 2016, respectively. As of March 31, 2017, scheduled principal payments and maturities on the Company’s debt were as follows: March 31, 2017 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2017 (remainder of the year) $ 195 $ 6,271 $ — $ 6,466 2018 205 15,260 — 15,465 2019 215 152,450 74,500 227,165 2020 897 — — 897 2021 1,531 82,740 — 84,271 Thereafter 1,577 315,451 — 317,028 Total $ 4,620 $ 572,172 $ 74,500 $ 651,292 Credit Facility Payable On September 30, 2015, the Company entered into a 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, as amended, 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 March 31, 2017, 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 March 31, 2017, the weighted average years to maturity for the Company’s mortgages payable was approximately 5.2 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. The following table summarizes the Company’s interest rate swap contracts outstanding as of March 31, 2017. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value at March 31, 2017 Assets April 7, 2015 April 7, 2015 April 7, 2022 1.74 % $ 49,400 $ 400 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 50 October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 129 January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 539 June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 1,569 July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 2,108 August 29, 2016 October 21, 2016 December 15, 2019 1.07 % 10,837 158 $ 217,693 $ 4,955 Liabilities June 27, 2014 July 1, 2014 July 1, 2019 1.85 % $ 24,352 $ (173 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 9,561 (87 ) December 16, 2014 December 16, 2014 May 9, 2017 1.13 % 10,150 (2 ) March 28, 2014 March 1, 2015 March 28, 2019 2.22 % 5,525 (81 ) February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (32 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 8,484 (89 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 14,200 (177 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 11,684 (158 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 20,725 (269 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (219 ) $ 136,795 $ (1,287 ) (a) Receive floating rate index based upon 1 month LIBOR. At March 31, 2017, the 1 month LIBOR was 0.98%. 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 March 31, 2017 and December 31, 2016, respectively. March 31, 2017 December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swap agreements Other assets $ 4,955 Other assets $ 4,250 Interest rate swap agreements Other $ 1,287 Other $ 1,909 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 three months ended March 31, 2017 and 2016. Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 Effective portion of derivatives $ 486 $ (6,626 ) Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 832 $ 1,000 Ineffective portion of derivatives $ 9 $ 93 The amount that is expected to be reclassified from accumulated other comprehensive income into income in the next twelve months is approximately $1,634.

Distributions

Distributions	3 Months Ended
	Mar. 31, 2017
Distributions [Abstract]
Distributions	NOTE 7 – DISTRIBUTIONS The Company currently pays distributions based on daily record dates, payable in arrears the following month, equal to a daily amount of $0.001643836 per share, which equates to $0.60 per share per year, based upon a 365-day year. The table below presents the distributions paid and declared during the three months ended March 31, 2017 and 2016. Three Months Ended March 31, 2017 2016 Distributions paid $ 13,070 $ 12,910 Distributions declared $ 13,105 $ 12,925

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings (Loss) per Share	NOTE 8 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“EPS”) are computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net income (loss) by the common shares plus common share equivalents. The Company excludes antidilutive restricted shares and units from the calculation of weighted-average shares for diluted EPS.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9 – COMMITMENTS AND CONTINGENCIES The acquisition of certain of the Company’s properties included an earnout component to the purchase price that was recorded as a deferred investment property acquisition obligation (“Earnout liability”). The maximum potential earnout payment was $10,172 at March 31, 2017. The table below presents the change in the Company’s Earnout liability for the three months ended March 31, 2017 and 2016. Three Months Ended March 31, 2017 2016 Earnout liability-beginning of period $ 6,856 $ 18,871 Increases: Amortization expense — 296 Decreases: Earnout payments $ (3,779 ) (3,472 ) Earnout liability – end of period $ 3,077 $ 15,695 The Company may be subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the consolidated financial statements of the Company.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	NOTE 10 – EQUITY-BASED COMPENSATION Under the Company’s Employee and Director Restricted Share Plan (“RSP”), restricted shares and restricted share units generally vest over a one to three year vesting period from the date of the grant, subject to the specific terms of the grant. In accordance with the RSP, restricted shares and restricted share units were issued to non-employee directors as compensation. Each restricted share and restricted share unit entitle the holder to receive one common share when it vests. 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 December 31, 2016 3,326 1,150 $ 40 $ 40 Granted — 18 — — Vested — — — — Converted — — — — Forfeited — — — — Outstanding at March 31, 2017 3,326 1,168 $ 40 $ 40

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	NOTE 11 – SEGMENT REPORTING The Company has one reportable segment as defined by U.S. GAAP, retail real estate, for the three months ended March 31, 2017 and 2016.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2017
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, InvenTrust Properties Corp. and Retail Properties of America, Inc. 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. In 2016, the Company received $126 representing a portion of its undistributed retained earnings in the Captive. The Captive submitted a formal plan to wind up its business affairs, which was approved by the state insurance regulator. 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 March 31, 2017 and December 31, 2016. This amount is included in other assets in the accompanying consolidated balance sheets. The following table summarizes the Company’s related party transactions for the three months ended March 31, 2017 and 2016. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three Months Ended March 31, Unpaid amounts as of 2017 2016 March 31, 2017 December 31, 2016 General and administrative reimbursements (a) $ 342 $ 366 $ 296 $ 274 Acquisition related costs $ 119 $ 52 $ 86 $ 88 Acquisition fees 669 60 669 — Total acquisition costs and fees (b) $ 788 $ 112 $ 755 $ 88 Real estate management fees $ 1,279 $ 1,075 $ — $ — Construction management fees 28 163 41 53 Leasing fees 41 40 41 89 Total real estate management related costs (c) $ 1,348 $ 1,278 $ 82 $ 142 Business management fees (d) $ 2,259 $ 2,049 $ 2,259 $ 2,159 (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the 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 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. Of the $788 of total acquisition costs and fees, $691 are capitalized and classified in other assets in the accompanying consolidated balance sheets and $97 of 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. (c) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”), the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the accompanying consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the accompanying consolidated statements of operations and comprehensive loss. (d) 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.

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Operating Leases	NOTE 13 – OPERATING LEASES Minimum lease payments to be received under operating leases, including ground leases, as of March 31, 2017 for the years indicated, assuming no expiring leases are renewed, are as follows: Minimum Lease Payments 2017 (remainder of year) $ 67,982 2018 $ 83,997 2019 $ 76,439 2020 $ 70,047 2021 $ 64,469 Thereafter $ 273,305 Total $ 636,239 The remaining lease terms range from less than 1 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 costs and expenses are paid directly by the tenant rather than the landlord, the costs and expenses are not included in the consolidated statements of operations and comprehensive loss. Under leases where all costs and expenses are paid by the Company, subject to reimbursement by the tenant, the costs and expenses are included within property operating expenses and reimbursements are included in tenant recovery income on the consolidated statements of operations and comprehensive loss.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	NOTE 14 – 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 April 1, 2017 through the close of business on June 30, 2017. Through that date, distributions were declared in a daily amount equal to $0.001643836 per share, which equates to $0.60 per share per year, based upon a 365-day year. Distributions were paid monthly in arrears as follows: Distribution Month Month Distribution Paid Gross of Distribution Paid Distribution Reinvested through DRP Shares Issued Net Cash Distribution March 2017 April 2017 $ 4,523 $ 2,326 257,049 $ 2,197 April 2017 May 2017 $ 4,380 $ 2,237 247,211 $ 2,143 Acquisition The Company purchased the following property from an unaffiliated third party subsequent to March 31, 2017: Date Acquired Property Name Location Square Footage Purchase Price 4/3/2017 Pentucket Shopping Center Plaistow, NH 199,335 $ 24,500 Total 199,335 $ 24,500 Financing The Company entered into the following financing subsequent to March 31, 2017: Date Property Interest Rate (stated) Principal Amount Maturity Date Swap Rate 4/26/2017 Wilson Marketplace LIBOR + 2.15% $ 25,059 4/26/2022 4.06 % On April 17, 2017, the Company entered into a third amendment (the “Amendment”) to its Credit Facility. Among other things, the Amendment changes the consolidated tangible net worth covenant the Company must maintain to $500,000 effective beginning with the fiscal calendar quarter ending March 31, 2017.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
General	General The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (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 of 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. Early adoption is permitted. 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

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2017
Business Acquisition [Line Items]
Schedule of Acquisitions	The Company purchased the following property from an unaffiliated third party subsequent to March 31, 2017: Date Acquired Property Name Location Square Footage Purchase Price 4/3/2017 Pentucket Shopping Center Plaistow, NH 199,335 $ 24,500 Total 199,335 $ 24,500
Schedule of Major Assets Acquired and Liabilities Assumed	The following table presents certain additional information regarding the Company’s acquisitions during the three months ended March 31, 2017. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Three Months Ended March 31, 2017 Land $ 11,155 Building and improvements 27,475 Acquired lease intangible assets, net 7,084 Acquired intangible liabilities, net (4,141 ) Assumed liabilities, net (17 ) Total $ 41,556
2017 Acquisitions [Member]
Business Acquisition [Line Items]
Schedule of Acquisitions	2017 Acquisitions During the three months ended March 31, 2017, the Company, through its wholly owned subsidiary, acquired the property listed below from an unaffiliated third party and financed entirely the acquisition with proceeds from its credit agreement with KeyBanc Capital Markets Inc. (the “Credit Facility”). Date Acquired Property Name Location Property Type Square Footage Purchase Price 1st Quarter 1/27/2017 Wilson Marketplace Wilson, NC Multi-Tenant Retail 311,030 $ 40,799 311,030 $ 40,799

Acquired Intangible Assets an23

Acquired Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 Intangible assets: Acquired in place lease value $ 164,624 $ 159,679 Acquired above market lease value $ 39,318 $ 37,179 Accumulated amortization $ (53,166 ) $ (46,750 ) Acquired lease intangibles, net $ 150,776 $ 150,108 Intangible liabilities: Acquired below market lease value $ 71,103 $ 66,962 Above market ground lease $ 5,169 $ 5,169 Accumulated amortization $ (10,168 ) $ (8,657 ) Acquired intangible liabilities, net $ 66,104 $ 63,474
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: Three Months Ended March 31, Amortization recorded as amortization expense: 2017 2016 Acquired in place lease value $ 5,419 $ 7,297 Amortization recorded as a reduction to property operating expense: Above market ground lease $ 23 $ 23 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (997 ) $ (1,202 ) Acquired below market leases 1,488 1,257 Net rental income increase $ 491 $ 55
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2017 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 (remainder of year) $ 15,516 $ 2,988 $ (3,493 ) $ (70 ) 2018 $ 18,687 $ 3,449 $ (4,495 ) $ (94 ) 2019 $ 16,850 $ 3,084 $ (4,350 ) $ (94 ) 2020 $ 14,015 $ 2,745 $ (4,139 ) $ (94 ) 2021 $ 11,459 $ 2,676 $ (3,920 ) $ (94 ) Thereafter $ 43,013 $ 16,294 $ (40,679 ) $ (4,582 ) Total $ 119,540 $ 31,236 $ (61,076 ) $ (5,028 )

Debt and Derivative Instrumen24

Debt and Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Mortgages and Credit Facilities Payable	As of March 31, 2017 and December 31, 2016, the Company had the following mortgages and credit facility payable: March 31, 2017 December 31, 2016 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 178,301 4.31 % $ 178,345 4.31 % Variable rate mortgages payable with swap agreements 354,488 3.43 % 354,488 3.42 % Variable rate mortgages payable 44,003 2.71 % 44,003 2.50 % Mortgages payable $ 576,792 3.65 % $ 576,836 3.62 % Credit facility payable 74,500 2.34 % 31,000 2.26 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 651,292 3.50 % $ 607,836 3.55 % Add: Unamortized mortgage premiums 2,857 3,080 Less: Unamortized debt issuance costs (4,615 ) (4,891 ) Total debt $ 649,534 $ 606,025
Schedule of Principal Payments and Maturities of Company's Debt	As of March 31, 2017, scheduled principal payments and maturities on the Company’s debt were as follows: March 31, 2017 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2017 (remainder of the year) $ 195 $ 6,271 $ — $ 6,466 2018 205 15,260 — 15,465 2019 215 152,450 74,500 227,165 2020 897 — — 897 2021 1,531 82,740 — 84,271 Thereafter 1,577 315,451 — 317,028 Total $ 4,620 $ 572,172 $ 74,500 $ 651,292
Summary of Interest Rate Swap Contracts Outstanding	The following table summarizes the Company’s interest rate swap contracts outstanding as of March 31, 2017. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value at March 31, 2017 Assets April 7, 2015 April 7, 2015 April 7, 2022 1.74 % $ 49,400 $ 400 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 50 October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 129 January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 539 June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 1,569 July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 2,108 August 29, 2016 October 21, 2016 December 15, 2019 1.07 % 10,837 158 $ 217,693 $ 4,955 Liabilities June 27, 2014 July 1, 2014 July 1, 2019 1.85 % $ 24,352 $ (173 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 9,561 (87 ) December 16, 2014 December 16, 2014 May 9, 2017 1.13 % 10,150 (2 ) March 28, 2014 March 1, 2015 March 28, 2019 2.22 % 5,525 (81 ) February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (32 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 8,484 (89 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 14,200 (177 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 11,684 (158 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 20,725 (269 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (219 ) $ 136,795 $ (1,287 ) (a) Receive floating rate index based upon 1 month LIBOR. At March 31, 2017, the 1 month LIBOR was 0.98%.
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 March 31, 2017 and December 31, 2016, respectively. March 31, 2017 December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swap agreements Other assets $ 4,955 Other assets $ 4,250 Interest rate swap agreements Other $ 1,287 Other $ 1,909
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 three months ended March 31, 2017 and 2016. Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 Effective portion of derivatives $ 486 $ (6,626 ) Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 832 $ 1,000 Ineffective portion of derivatives $ 9 $ 93

Distributions (Tables)

Distributions (Tables)	3 Months Ended
	Mar. 31, 2017
Distributions [Abstract]
Schedule of Distributions Paid and Declared	The table below presents the distributions paid and declared during the three months ended March 31, 2017 and 2016. Three Months Ended March 31, 2017 2016 Distributions paid $ 13,070 $ 12,910 Distributions declared $ 13,105 $ 12,925

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017 and 2016. Three Months Ended March 31, 2017 2016 Earnout liability-beginning of period $ 6,856 $ 18,871 Increases: Amortization expense — 296 Decreases: Earnout payments $ (3,779 ) (3,472 ) Earnout liability – end of period $ 3,077 $ 15,695

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
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 December 31, 2016 3,326 1,150 $ 40 $ 40 Granted — 18 — — Vested — — — — Converted — — — — Forfeited — — — — Outstanding at March 31, 2017 3,326 1,168 $ 40 $ 40

Transactions with Related Par28

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the Company’s related party transactions for the three months ended March 31, 2017 and 2016. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three Months Ended March 31, Unpaid amounts as of 2017 2016 March 31, 2017 December 31, 2016 General and administrative reimbursements (a) $ 342 $ 366 $ 296 $ 274 Acquisition related costs $ 119 $ 52 $ 86 $ 88 Acquisition fees 669 60 669 — Total acquisition costs and fees (b) $ 788 $ 112 $ 755 $ 88 Real estate management fees $ 1,279 $ 1,075 $ — $ — Construction management fees 28 163 41 53 Leasing fees 41 40 41 89 Total real estate management related costs (c) $ 1,348 $ 1,278 $ 82 $ 142 Business management fees (d) $ 2,259 $ 2,049 $ 2,259 $ 2,159 (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the 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 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. Of the $788 of total acquisition costs and fees, $691 are capitalized and classified in other assets in the accompanying consolidated balance sheets and $97 of 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. (c) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”), the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the accompanying consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the accompanying consolidated statements of operations and comprehensive loss. (d) 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.

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 for the years indicated, assuming no expiring leases are renewed, are as follows: Minimum Lease Payments 2017 (remainder of year) $ 67,982 2018 $ 83,997 2019 $ 76,439 2020 $ 70,047 2021 $ 64,469 Thereafter $ 273,305 Total $ 636,239

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Schedule of Dividend Distributions	Distribution Month Month Distribution Paid Gross of Distribution Paid Distribution Reinvested through DRP Shares Issued Net Cash Distribution March 2017 April 2017 $ 4,523 $ 2,326 257,049 $ 2,197 April 2017 May 2017 $ 4,380 $ 2,237 247,211 $ 2,143
Schedule of Acquisitions	The Company purchased the following property from an unaffiliated third party subsequent to March 31, 2017: Date Acquired Property Name Location Square Footage Purchase Price 4/3/2017 Pentucket Shopping Center Plaistow, NH 199,335 $ 24,500 Total 199,335 $ 24,500
Financing for Purchased Properties	The Company entered into the following financing subsequent to March 31, 2017: Date Property Interest Rate (stated) Principal Amount Maturity Date Swap Rate 4/26/2017 Wilson Marketplace LIBOR + 2.15% $ 25,059 4/26/2022 4.06 %

Organization (Narrative) (Detai

Organization (Narrative) (Details)	Mar. 31, 2017ft²PropertyState	Jan. 27, 2017ft²
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of retail properties owned | Property	57
Square footage of real estate properties owned | ft²	6,655,965	311,030
Number of states in which company owns real estate properties | State	23
Weighted average physical occupancy rate of property portfolio	94.50%
Weighted average economic occupancy rate of property portfolio	95.40%

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Assets [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Restricted cash	$ 5,416	$ 5,996

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 30, 2017	Mar. 29, 2017	Dec. 31, 2016	Apr. 07, 2016
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
Common stock, shares outstanding	88,593,002	88,593,002				88,155,707
Distribution reinvestment plan, shares		6,596,137
Shares repurchased through the share repurchase program		1,838,190
Estimated net asset value per share					$ 9.05		$ 9.02
Distribution reinvested	$ 2,326,000	$ 6,780,000
Stock repurchase program, amount		2,737,000	$ 2,371,000
Other liabilities	$ 13,063,000	$ 13,063,000				$ 12,330,000
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]
Estimated net asset value per share	$ 9.05	$ 9.05
Other liabilities	$ 1,382,000	$ 1,382,000				$ 1,448,000
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]
Price of each common share							$ 9.50
Estimated net asset value per share				$ 9.02
Reinvestments In Common Stock		$ 9.05
Distribution reinvested		$ 6,780,000	$ 6,924,000
IPO [Member]
Equity [Line Items]
Common stock, shares authorized	150,000,000	150,000,000
Price of each common share	$ 10	$ 10

Acquisitions (Purchased Propert

Acquisitions (Purchased Properties from Unaffiliated Third Parties) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)ft²	Jan. 27, 2017USD ($)ft²
Business Acquisition [Line Items]
Property acquisition, Square Footage | ft²	6,655,965	311,030
Property acquisition, Purchase Price | $	$ 41,556	$ 40,799
Wilson Marketplace
Business Acquisition [Line Items]
Property acquisition, Date Acquired	Jan. 27, 2017
Property Name	Wilson Marketplace
Property acquisition, Location	Wilson, NC
Property acquisition, Property Type	Multi-Tenant Retail
Property acquisition, Square Footage | ft²		311,030
Property acquisition, Purchase Price | $		$ 40,799

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Business Acquisition [Line Items]
Acquisition cost and fees	$ 788
Capitalized acquisition costs and fees in net investment properties	717
Acquisition related costs incurred during the period	71	$ 161
Revenue	31,607	29,379
Net income (loss)	(1,804)	$ (4,241)
2017 Acquisitions [Member]
Business Acquisition [Line Items]
Revenue	735
Net income (loss)	$ 218

Acquisitions (Schedule of Major

Acquisitions (Schedule of Major Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jan. 27, 2017
Business Combinations [Abstract]
Land	$ 11,155
Building and improvements	27,475
Acquired lease intangible assets, net	7,084
Acquired intangible liabilities, net	(4,141)
Assumed liabilities, net	(17)
Total	$ 41,556	$ 40,799

Schedule of Intangible Assets a

Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Intangible assets:
Accumulated amortization	$ (53,166)	$ (46,750)
Acquired lease intangibles, net	150,776	150,108
Intangible liabilities:
Acquired below market lease value	71,103	66,962
Above market ground lease	5,169	5,169
Accumulated amortization	(10,168)	(8,657)
Acquired intangible liabilities, net	66,104	63,474
Acquired in-place lease value [Member]
Intangible assets:
Acquired intangible assets	164,624	159,679
Acquired lease intangibles, net	119,540
Acquired above market lease value [Member]
Intangible assets:
Acquired intangible assets	39,318	$ 37,179
Acquired lease intangibles, net	$ 31,236

Acquired Intangible Assets an38

Acquired Intangible Assets and Liabilities - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Acquired Finite Lived Intangible Assets [Line Items]
Allocation of amount	$ 150,776,000	$ 150,108,000
Acquired in-place lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible liabilities, weighted average amortization period	10 years
Allocation of amount	$ 119,540,000
Acquired above market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Intangible liabilities, weighted average amortization period	13 years
Allocation of amount	$ 31,236,000
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
Customer Relationship [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Allocation of amount	$ 0

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	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 491	$ 55
Acquired in-place lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as amortization expense	5,419	7,297
Above market ground lease [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a reduction to property operating expense	23	23
Acquired above market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	(997)	(1,202)
Acquired below market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 1,488	$ 1,257

Schedule of Estimated Amortizat

Schedule of Estimated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Future amortization for acquired in-place and above market lease assets:
Acquired lease intangibles, net	$ 150,776	$ 150,108
Future amortization for below market lease liabilities:
2017 (remainder of year)	(3,493)
2,018	(4,495)
2,019	(4,350)
2,020	(4,139)
2,021	(3,920)
Thereafter	(40,679)
Total	(61,076)
Future amortization for above market ground lease liabilities:
2017 (remainder of year)	(70)
2,018	(94)
2,019	(94)
2,020	(94)
2,021	(94)
Thereafter	(4,582)
Total	(5,028)
Acquired in-place lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2017 (remainder of year)	15,516
2,018	18,687
2,019	16,850
2,020	14,015
2,021	11,459
Thereafter	43,013
Acquired lease intangibles, net	119,540
Acquired above market lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2017 (remainder of year)	2,988
2,018	3,449
2,019	3,084
2,020	2,745
2,021	2,676
Thereafter	16,294
Acquired lease intangibles, net	$ 31,236

Debt and Derivative Instrumen41

Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 576,792	$ 576,836
Credit facility payable	74,500	31,000
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	651,292	607,836
Add: Unamortized mortgage premiums	2,857	3,080
Less: Unamortized debt issuance costs	(4,615)	(4,891)
Total debt	$ 649,534	$ 606,025
Mortgages Payable, Weighted Average Interest Rate	3.65%	3.62%
Credit Facilities Payable, Weighted Average Interest Rate	2.34%	2.26%
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps, Weighted Average Interest Rate	3.50%	3.55%
Fixed rate mortgages payable [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 178,301	$ 178,345
Mortgages Payable, Weighted Average Interest Rate	4.31%	4.31%
Variable rate mortgages payable with swap agreements [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 354,488	$ 354,488
Mortgages Payable, Weighted Average Interest Rate	3.43%	3.42%
Variable rate mortgages payable [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 44,003	$ 44,003
Mortgages Payable, Weighted Average Interest Rate	2.71%	2.50%

Debt and Derivative Instrumen42

Debt and Derivative Instruments (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Carrying value of debt		$ 651,292,000	$ 607,836,000
Estimated fair value of debt		639,238,000	595,404,000
Amount expected to be reclassified from accumulated other comprehensive income into income in the next twelve months		$ 1,634,000
Mortgages Payable [Member]
Debt Instrument [Line Items]
Weighted Average Years to Maturity		5 years 2 months 12 days
Mortgages payable, covenant compliance		The Company was current on all of the payments and other covenants.
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Carrying value of debt		$ 74,500,000
Credit facility, maximum borrowing capacity	$ 100,000,000		110,000,000
Line of credit facility increase in aggregate commitments			$ 10,000,000
Line of credit accordion feature to increase available borrowings	$ 400,000,000
Credit facility, maturity date	Sep. 30, 2019
Extension fee percentage	0.15%
Credit facility, interest rate		2.34%
Credit facility available for borrowing		$ 35,500,000

Debt and Derivative Instrumen43

Debt and Derivative Instruments (Schedule of Principal Payments and Maturities of Company's Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
2017 (remainder of the year)	$ 6,466
2,018	15,465
2,019	227,165
2,020	897
2,021	84,271
Thereafter	317,028
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	651,292	$ 607,836
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
2,019	74,500
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	74,500
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
2017 (remainder of the year)	195
2,018	205
2,019	215
2,020	897
2,021	1,531
Thereafter	1,577
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	4,620
Maturities of Mortgage Loans [Member]
Debt Instrument [Line Items]
2017 (remainder of the year)	6,271
2,018	15,260
2,019	152,450
2,021	82,740
Thereafter	315,451
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	$ 572,172

Debt and Derivative Instrumen44

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Derivative [Line Items]
Derivative instrument, notional amount	$ 217,693
Fair value of derivative assets measured on recurring basis	4,955
Derivative instrument, notional amount	136,795
Fair value of derivative liabilities measured on recurring basis	$ (1,287)
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	$ 400
Interest Rate Swap Two [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 assets measured on recurring basis	$ 2
Interest Rate Swap Three [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 assets measured on recurring basis	$ 50
Interest Rate Swap Four [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	$ 129
Interest Rate Swap Five [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	$ 539
Interest Rate Swap Six [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	$ 1,569
Interest Rate Swap Seven [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	$ 2,108
Interest Rate Swap Eight [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	$ 158
Interest Rate Swap Nine [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	$ (173)
Interest Rate Swap Ten [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	$ (87)
Interest Rate Swap Eleven [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	$ (2)
Interest Rate Swap Twelve [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	$ (81)
Interest Rate Swap Thirteen [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	$ (32)
Interest Rate Swap Fourteen [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	$ (89)
Interest Rate Swap Fifteen [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	$ (177)
Interest Rate Swap Sixteen [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	$ (158)
Interest Rate Swap Seventeen [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	$ (269)
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	$ (219)
[1]	Receive floating rate index based upon 1 month LIBOR. At March 31, 2017, the 1 month LIBOR was 0.98%.

Debt and Derivative Instrumen45

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2017
Derivative [Line Items]
Derivative instrument, receive floating rate index	1 month LIBOR
LIBOR [Member]
Derivative [Line Items]
One month floating rate	0.98%

Debt and Derivative Instrumen46

Debt and Derivative Instruments (Schedule of Cash Flow Hedges and Classification on Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges - interest rate swap agreements	$ 4,955	$ 4,250
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivatives designated as cash flow hedges - interest rate swap agreements	$ 1,287	$ 1,909

Debt and Derivative Instrumen47

Debt and Derivative Instruments (Derivatives on Consolidated Statements of Operations and Other Comprehensive Loss) (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion of derivatives	$ 486	$ (6,626)
Reclassification adjustment for amounts included in net gain or loss (effective portion)	832	1,000
Ineffective portion of derivatives	$ 9	$ 93

Distributions (Narrative) (Deta

Distributions (Narrative) (Details)	Mar. 31, 2017$ / shares
Distributions [Abstract]
Amount per share of distributions	$ 0.001643836
Annualized dividend per share	$ 0.60

Distributions (Schedule of Dist

Distributions (Schedule of Distributions Paid and Declared) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2016
Distributions [Abstract]
Distributions paid		$ 13,070	$ 12,910
Distributions declared	$ 4,523	$ 13,105	$ 12,925

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Additional shares excluded from the computation of diluted earnings per share	2,832	0
Common stock equivalents outstanding		0

Commitments and Contingencies51

Commitments and Contingencies (Narrative) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Commitments And Contingencies Disclosure [Abstract]
The maximum potential earnout payment for acquisitions made during period	$ 10,172

Commitments and Contingencies52

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Earnout liability-beginning of period	$ 6,856	$ 18,871
Increases:
Amortization expense		296
Decreases:
Earnout payments	(3,779)	(3,472)
Earnout liability – end of period	$ 3,077	$ 15,695

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost of unvested share-based awards	$ 20
Weighted average remaining period unrecognized compensation cost related to non-vested	1 year 6 months
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]
Unrecognized compensation cost of unvested share-based awards	$ 20
Weighted average remaining period unrecognized compensation cost related to non-vested	1 year 6 months
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	$ 6
Non-Employee Directors [Member] | Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 6

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of the Restricted Shares and Restricted Share Units) (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Weighted Average Grant Date Fair Value | $ / shares	$ 40
Outstanding, Weighted Average Grant Date Fair Value | $ / shares	40
Outstanding, 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]
Outstanding, Shares	3,326
Outstanding, Shares	3,326
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	1,150
Granted, Shares	18
Outstanding, Shares	1,168

Segment Reporting (Details)

Segment Reporting (Details) - Segment	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting [Abstract]
Number of reportable segments	1	1

Transactions with Related Par56

Transactions with Related Parties (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Undistributed retained earnings				$ 126
Number of common stock shares owned in related party		1,000		1,000
Value of common stock shares owned in related party		$ 1		$ 1
Asset acquisition fee to contract purchase price, percentage		1.50%
Acquisition related costs		$ 71	$ 161
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%
Acquisition Related Costs and Fee [Member]
Related Party Transaction [Line Items]
Total acquisition cost and fees	[1]	$ 788	$ 112
Acquisition related costs		97
Acquisition Related Costs and Fee [Member] | Other Assets [Member]
Related Party Transaction [Line Items]
Acquisition costs and fees capitalized		$ 691
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%
[1]	The Company pays the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired.  The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, regardless of whether the Company acquires the real estate assets.  Of the $788 of total acquisition costs and fees, $691 are capitalized and classified in other assets in the accompanying consolidated balance sheets and $97 of 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.

Transactions with Related Par57

Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Real estate management related costs with related party	[1]	$ 1,348	$ 1,278
Due to related parties		3,392		$ 2,663
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party	[2]	342	366
Due to related parties	[2]	296		274
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party		119	52
Acquisition related costs		86		88
Acquisition Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party		669	60
Acquisition related costs		669
Acquisition Related Costs and Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[3]	788	112
Acquisition related costs	[3]	755		88
Real Estate Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		1,279	1,075
Construction Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		28	163
Due to related parties		41		53
Leasing fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		41	40
Due to related parties		41		89
Real Estate Management Costs [Member]
Related Party Transaction [Line Items]
Due to related parties	[1]	82		142
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[4]	2,259	$ 2,049
Due to related parties	[4]	$ 2,259		$ 2,159
[1]	For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”), the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the accompanying consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the 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 the Business Manager or 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 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.  Of the $788 of total acquisition costs and fees, $691 are capitalized and classified in other assets in the accompanying consolidated balance sheets and $97 of 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.
[4]	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.

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	Mar. 31, 2017USD ($)
Leases [Abstract]
2017 (remainder of year)	$ 67,982
2,018	83,997
2,019	76,439
2,020	70,047
2,021	64,469
Thereafter	273,305
Total	$ 636,239

Operating Leases (Narrative) (D

Operating Leases (Narrative) (Details)	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Remaining lease terms range description	from less than 1 year to 20 years.

Subsequent Events (Distribution

Subsequent Events (Distributions Narrative) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Jun. 30, 2017
Subsequent Event [Line Items]
Amount per share of distributions	$ 0.001643836
Annualized dividend per share	$ 0.60
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Amount per share of distributions		$ 0.001643836
Annualized dividend per share		$ 0.60
Minimum [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Apr. 1, 2017
Maximum [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Jun. 30, 2017

Subsequent Events (Schedule of

Subsequent Events (Schedule of Dividend Distributions) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2017	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2016
Subsequent Event [Line Items]
Month Distribution Paid		2017-04	2017-04
Gross Amount of Distribution Paid		$ 4,523	$ 13,105	$ 12,925
Proceeds from distribution reinvestment plan		$ 2,326	$ 6,780
Shares Issued		257,049
Net Cash Distribution		$ 2,197
Subsequent Event [Member]
Subsequent Event [Line Items]
Month Distribution Paid	2017-05
Gross Amount of Distribution Paid	$ 4,380
Proceeds from distribution reinvestment plan	$ 2,237
Shares Issued	247,211
Net Cash Distribution	$ 2,143

Subsequent Events (Purchased Pr

Subsequent Events (Purchased Properties from Unaffiliated Third Parties) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)ft²	Apr. 03, 2017USD ($)ft²	Jan. 27, 2017USD ($)ft²
Subsequent Event [Line Items]
Property acquisition, Square Footage | ft²	6,655,965		311,030
Property acquisition, Purchase Price | $	$ 41,556		$ 40,799
Subsequent Event [Member]
Subsequent Event [Line Items]
Property acquisition, Square Footage | ft²		199,335
Property acquisition, Purchase Price | $		$ 24,500
Pentucket Shopping Center [Member]
Subsequent Event [Line Items]
Property acquisition, Date Acquired	Apr. 3, 2017
Property Name	Pentucket Shopping Center
Property acquisition, Location	Plaistow, NH
Pentucket Shopping Center [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Property acquisition, Square Footage | ft²		199,335
Property acquisition, Purchase Price | $		$ 24,500

Subsequent Events (Financing fo

Subsequent Events (Financing for Purchased Properties) (Details) - Wilson Marketplace - USD ($)	Apr. 26, 2017	Mar. 31, 2017
Subsequent Event [Line Items]
Date		Apr. 26, 2017
Property Name		Wilson Marketplace
Subsequent Event [Member]
Subsequent Event [Line Items]
Principal Amount	$ 25,059,000
Maturity Date	Apr. 26, 2022
Swap Rate	4.06%
Subsequent Event [Member] | LIBOR [Member]
Subsequent Event [Line Items]
Interest Rate (stated)	2.15%

Subsequent Events (Financing Na

Subsequent Events (Financing Narrative) (Details)	Mar. 31, 2017USD ($)
Subsequent Events [Abstract]
Tangible net worth amount	$ 500,000