Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 08, 2018 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 801,423,971 | ||
Entity Common Stock, Shares Outstanding | 35,600,624 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment properties: | ||
Land | $ 277,229 | $ 262,210 |
Building and other improvements | 1,011,688 | 971,021 |
Total | 1,288,917 | 1,233,231 |
Less accumulated depreciation | (101,094) | (62,631) |
Net investment properties | 1,187,823 | 1,170,600 |
Cash and cash equivalents | 11,904 | 10,861 |
Investment in unconsolidated entities | 7,125 | 126 |
Accounts and rent receivable | 15,152 | 11,671 |
Acquired lease intangible assets, net | 138,658 | 150,108 |
Deferred costs, net | 1,317 | 683 |
Other assets | 13,391 | 13,511 |
Total assets | 1,375,370 | 1,357,560 |
Liabilities: | ||
Mortgages and credit facility payable, net | 691,465 | 606,025 |
Accounts payable and accrued expenses | 10,167 | 7,270 |
Distributions payable | 4,537 | 4,488 |
Acquired intangible liabilities, net | 62,270 | 63,474 |
Deferred investment property acquisition obligations | 1,050 | 6,856 |
Due to related parties | 2,665 | 2,663 |
Other liabilities | 11,744 | 12,330 |
Total liabilities | 783,898 | 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, 35,498,444 and 35,262,283 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 35 | 35 |
Additional paid in capital (net of offering costs of $87,059 as of December 31, 2017 and 2016) | 798,567 | 792,531 |
Accumulated distributions and net loss | (212,883) | (140,417) |
Accumulated other comprehensive income | 5,753 | 2,305 |
Total stockholders’ equity | 591,472 | 654,454 |
Total liabilities and stockholders’ equity | $ 1,375,370 | $ 1,357,560 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 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 | 35,498,444 | 35,262,283 |
Common stock, shares outstanding | 35,498,444 | 35,262,283 |
Additional paid in capital, offering costs | $ 87,059 | $ 87,059 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income: | |||
Rental income | $ 99,413,000 | $ 93,719,000 | $ 60,912,000 |
Tenant recovery income | 29,270,000 | 26,723,000 | 15,482,000 |
Other property income | 474,000 | 1,056,000 | 148,000 |
Total income | 129,157,000 | 121,498,000 | 76,542,000 |
Cost and Expenses: | |||
Property operating expenses | 22,369,000 | 21,460,000 | 11,850,000 |
Real estate tax expense | 15,992,000 | 14,202,000 | 8,938,000 |
General and administrative expenses | 5,200,000 | 5,908,000 | 4,961,000 |
Acquisition related costs | 754,000 | (1,556,000) | 13,903,000 |
Business management fee | 9,196,000 | 8,580,000 | 5,501,000 |
Provision for impairment of investment property | 8,530,000 | 0 | 0 |
Depreciation and amortization | 61,804,000 | 59,860,000 | 34,573,000 |
Total expenses | 123,845,000 | 108,454,000 | 79,726,000 |
Operating income (loss) | 5,312,000 | 13,044,000 | (3,184,000) |
Interest expense | (24,582,000) | (21,635,000) | (10,339,000) |
Interest and other income | 147,000 | 378,000 | 205,000 |
Equity in earnings (loss) of unconsolidated entity | 21,000 | 252,000 | (118,000) |
Net loss | $ (19,102,000) | $ (7,961,000) | $ (13,436,000) |
Net loss per common share, basic and diluted | $ (0.54) | $ (0.23) | $ (0.48) |
Weighted average number of common shares outstanding, basic and diluted | 35,571,249 | 34,963,827 | 27,737,301 |
Comprehensive loss: | |||
Net loss | $ (19,102,000) | $ (7,961,000) | $ (13,436,000) |
Unrealized gain (loss) on derivatives | 1,043,000 | 1,861,000 | (4,612,000) |
Reclassification adjustment for amounts included in net loss | 2,405,000 | 4,038,000 | 2,546,000 |
Comprehensive loss | $ (15,654,000) | $ (2,062,000) | $ (15,502,000) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Distributions and Net Loss [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2014 | $ 351,459 | $ 17 | $ 374,633 | $ (21,663) | $ (1,528) |
Balance, shares at Dec. 31, 2014 | 16,798,765 | ||||
Distributions declared | (44,908) | (44,908) | |||
Proceeds from offering | 422,959 | $ 17 | 422,942 | ||
Proceeds from offering, shares | 16,971,329 | ||||
Offering costs | (43,493) | (43,493) | |||
Proceeds from distribution reinvestment plan | 20,828 | $ 1 | 20,827 | ||
Proceeds from distribution reinvestment plan, shares | 876,978 | ||||
Shares repurchased | (3,810) | $ (1) | (3,809) | ||
Shares repurchased, shares | (155,464) | ||||
Discount on shares to related parties | 28 | 28 | |||
Unrealized gain (loss) on derivatives | (4,612) | (4,612) | |||
Reclassification adjustment for amounts included in net gain (loss) | 2,546 | 2,546 | |||
Sponsor contribution | 3,283 | 3,283 | |||
Net loss | (13,436) | (13,436) | |||
Balance at Dec. 31, 2015 | 690,844 | $ 34 | 774,411 | (80,007) | (3,594) |
Balance, shares at Dec. 31, 2015 | 34,491,607 | ||||
Distributions declared | (52,449) | (52,449) | |||
Proceeds from distribution reinvestment plan | 27,831 | $ 1 | 27,830 | ||
Proceeds from distribution reinvestment plan, shares | 1,213,419 | ||||
Shares repurchased | (9,724) | (9,724) | |||
Shares repurchased, shares | (442,743) | ||||
Unrealized gain (loss) on derivatives | 1,861 | 1,861 | |||
Reclassification adjustment for amounts included in net gain (loss) | 4,038 | 4,038 | |||
Equity based compensation | 14 | 14 | |||
Net loss | (7,961) | (7,961) | |||
Balance at Dec. 31, 2016 | $ 654,454 | $ 35 | 792,531 | (140,417) | 2,305 |
Balance, shares at Dec. 31, 2016 | 35,262,283 | 35,262,283 | |||
Distributions declared | $ (53,364) | (53,364) | |||
Proceeds from distribution reinvestment plan | 27,069 | $ 1 | 27,068 | ||
Proceeds from distribution reinvestment plan, shares | 1,197,415 | ||||
Shares repurchased | (21,066) | $ (1) | (21,065) | ||
Shares repurchased, shares | (961,698) | ||||
Unrealized gain (loss) on derivatives | 1,043 | 1,043 | |||
Reclassification adjustment for amounts included in net gain (loss) | 2,405 | 2,405 | |||
Equity based compensation | 33 | 33 | |||
Equity based compensation, shares | 444 | ||||
Net loss | (19,102) | (19,102) | |||
Balance at Dec. 31, 2017 | $ 591,472 | $ 35 | $ 798,567 | $ (212,883) | $ 5,753 |
Balance, shares at Dec. 31, 2017 | 35,498,444 | 35,498,444 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (19,102,000) | $ (7,961,000) | $ (13,436,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 61,804,000 | 59,860,000 | 34,573,000 |
Provision for impairment of investment property | 8,530,000 | 0 | 0 |
Amortization of debt issuance costs and mortgage premiums, net | 397,000 | 359,000 | 5,000 |
Amortization of acquired market leases, net | (1,415,000) | (812,000) | (652,000) |
Amortization of equity based compensation | 33,000 | 14,000 | |
Straight-line income, net | (1,678,000) | (2,164,000) | (1,736,000) |
Discount on shares issued to related parties | 28,000 | ||
Equity in (earnings) loss of unconsolidated entity | (21,000) | (252,000) | 118,000 |
Distributions from unconsolidated entity | 146,000 | 126,000 | |
Payment of leasing fees | (823,000) | (413,000) | (315,000) |
Adjustment of contingent earnout liability | 575,000 | (3,709,000) | (9,000) |
Other non-cash adjustments | (40,000) | (244,000) | (376,000) |
Changes in assets and liabilities: | |||
Accounts payable and accrued expenses | 3,249,000 | (1,324,000) | 3,723,000 |
Accounts and rent receivable | (1,020,000) | (1,386,000) | (3,392,000) |
Due to related parties | (150,000) | (5,891,000) | 7,559,000 |
Other liabilities | (118,000) | (197,000) | 2,185,000 |
Other assets | 504,000 | 197,000 | (1,195,000) |
Net cash flows provided by operating activities | 50,871,000 | 36,203,000 | 27,080,000 |
Cash flows from investing activities: | |||
Purchase of investment properties | (69,953,000) | (79,034,000) | (734,331,000) |
Capital expenditures | (6,209,000) | (9,320,000) | (4,326,000) |
Investment in unconsolidated joint ventures | (6,917,000) | ||
Other assets and restricted escrows | 853,000 | 320,000 | (1,885,000) |
Net cash flows used in investing activities | (82,226,000) | (88,034,000) | (740,542,000) |
Cash flows from financing activities: | |||
Proceeds from offering | 422,959,000 | ||
Payment of offering costs | (199,000) | (43,828,000) | |
Payment of credit facility | (43,000,000) | (141,000,000) | |
Proceeds from credit facility | 95,800,000 | 72,000,000 | 100,000,000 |
Proceeds from mortgages payable | 39,179,000 | 150,335,000 | 242,377,000 |
Payment of mortgages payable | (6,494,000) | (58,494,000) | (145,000) |
Proceeds from the distribution reinvestment plan | 27,069,000 | 27,831,000 | 20,828,000 |
Shares repurchased | (19,984,000) | (8,754,000) | (3,333,000) |
Distributions paid | (53,315,000) | (52,358,000) | (42,537,000) |
Sponsor contribution | 3,283,000 | ||
Due to related parties | (1,630,000) | ||
Payment of deferred investment property acquisition obligation | (6,415,000) | (8,838,000) | (3,061,000) |
Payment of debt issuance costs | (442,000) | (1,674,000) | (3,479,000) |
Net cash flows provided by (used in) financing activities | 32,398,000 | (21,151,000) | 691,434,000 |
Net increase (decrease) in cash and cash equivalents | 1,043,000 | (72,982,000) | (22,028,000) |
Cash and cash equivalents at beginning of the year | 10,861,000 | 83,843,000 | 105,871,000 |
Cash and cash equivalents at end of the year | 11,904,000 | 10,861,000 | 83,843,000 |
Supplemental disclosure of cash flow information: | |||
Land | 17,513,000 | 15,128,000 | 163,832,000 |
Building and improvements | 41,793,000 | 53,849,000 | 580,061,000 |
Acquired in-place lease intangibles | 6,740,000 | 12,768,000 | 98,062,000 |
Acquired above market lease intangibles | 8,645,000 | 1,080,000 | 30,524,000 |
Acquired below market lease intangibles | (4,589,000) | (3,432,000) | (44,359,000) |
Acquired above market ground lease liability | (5,169,000) | ||
Other receivables | 792,000 | ||
Assumption of mortgage debt at acquisition | (58,026,000) | ||
Non-cash mortgage premium | (3,430,000) | ||
Deferred investment property acquisition obligations | (18,211,000) | ||
Assumed liabilities, net | (149,000) | (359,000) | (9,745,000) |
Purchase of investment properties | 69,953,000 | 79,034,000 | 734,331,000 |
Cash paid for interest, net of amounts capitalized | 24,206,000 | 21,087,000 | 9,397,000 |
Supplemental schedule of non-cash investing and financing activities: | |||
Distributions payable | $ 4,537,000 | $ 4,488,000 | 4,397,000 |
Accrued offering costs payable | $ 252,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | NOTE 1 – ORGANIZATION Inland Real Estate Income Trust, Inc. (the “Company”) was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States. The Company has primarily focused on acquiring retail properties. The Company has invested in joint ventures and may continue to invest in additional joint ventures or acquire other real estate assets such as office and medical office buildings, multi-family properties and industrial/distribution and warehouse facilities if its management believes the expected returns from those investments exceed that of retail properties. The Company also may invest in real estate-related equity securities of both publicly traded and private real estate companies, as well as commercial mortgage-backed securities. The Company entered into a Business Management Agreement with IREIT Business Manager & Advisor, Inc. (the “Business Manager”), an indirect wholly owned subsidiary of Inland Real Estate Investment Corporation (the “Sponsor”), to be the Business Manager to the Company. At December 31, 2017, the Company owned 59 retail properties, totaling 6,860,923 square feet. The properties are located in 24 states. At December 31, 2017, the portfolio had a weighted average physical occupancy of 93.9% and economic occupancy of 94.8%. Economic occupancy excludes square footage associated with an earnout component. On January 16, 2018, the Company effected a 1-for-2.5 reverse stock split of its issued and outstanding common stock whereby every 2.5 shares of issued and outstanding common stock were converted into one share of its common stock (the “Reverse Stock Split”). In accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), all share information presented has been retroactively adjusted to reflect the Reverse Stock Split. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. Information with respect to square footage and occupancy is unaudited. Consolidation The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries. Wholly owned subsidiaries generally consist of limited liability companies (“LLCs”). All intercompany balances and transactions have been eliminated in consolidation. Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities. The fiscal year-end of the Company is December 31. Acquisitions Upon acquisition of real estate investment properties, the Company allocates the total purchase price of each property that is accounted for as an asset acquisition based on the relative fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. The acquisition date is the date on which the Company obtains control of the real estate investment property and transaction costs are capitalized. Assets and liabilities acquired typically include land, building and site improvements and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases. The portion of the purchase price allocated to above market lease values are included in acquired lease intangible assets, net and is amortized on a straight-line basis over the term of the related lease as a reduction to rental income. The portion allocated to below market lease values are included in acquired intangible liabilities, net and is amortized as an increase to rental income over the term of the lease including any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in-place lease value is included in acquired lease intangible assets, net and is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. The Company determines the fair value of the tangible assets consisting of land and buildings by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. The Company determines the fair value of assumed debt by calculating the net present value of the mortgage payments using interest rates for debt with similar terms and maturities. Differences between the fair value and the stated value is recorded as a discount or premium and amortized over the remaining term using the effective interest method. Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase price unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The Company’s policy is to record earnout components when estimable and probable. In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance that clarified the definition of a business and assists in the evaluation of whether a transaction should be accounted for as an acquisition of an asset or a business combination. The Company early adopted the new guidance and modified its accounting policy effective October 1, 2016. Prior to October 1, 2016, the Company expensed all acquisition expenses as incurred whether or not the acquisition was completed, and assets acquired and liabilities assumed were measured at their fair values rather than at their relative fair values as described above. Additionally, earnouts were recorded as additional purchase price of the related property and as a liability included in deferred investment property acquisition obligations on the accompanying consolidated balance sheets. The amount recorded was based on the Company’s best estimate of the potential future earnout payments at the date of an acquisition. The Company recorded the effect of changes in the underlying liability assumptions in acquisition related costs on the accompanying consolidated statements of operations and comprehensive loss. Impairment of Investment Properties The Company assesses the carrying values of its respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs). The Company estimates the future undiscounted cash flows based on management’s intent as follows: (i) for real estate properties that the Company intends to hold long-term, including land held for development, properties currently under development and operating buildings, recoverability is assessed based on the estimated future net rental income from operating the property and termination value; and (ii) for real estate properties that the Company intends to sell, including land parcels, properties currently under development and operating buildings, recoverability is assessed based on estimated net proceeds, including net rental income during the holding period, from disposition that are estimated based on future net rental income of the property and utilizing expected market capitalization rates. The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of real estate properties. During the year ended December 31, 2017, the Company recorded an impairment charge of $8,530 which is included in provision for impairment of investment property on the accompanying consolidated statements of operations and comprehensive loss. During the years ended December 31, 2016 and 2015 no REIT Status The Company has qualified and elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2013. As a result, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments and excluding any net capital gain) to its stockholders. The Company will monitor the business and transactions that may potentially impact its REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Valuation of Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant, which taken as a whole determines the valuation. Allowances are taken for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line income receivables. Capitalization and Depreciation Real estate acquisitions are recorded at cost less accumulated depreciation. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred. Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. Depreciation expense is computed using the straight-line method. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 5-15 years Tenant improvements Shorter of the life of the asset or the term of the related lease Leasing fees Term of the related lease Depreciation expense was approximately $39,497, $35,086 and $21,309 for the years ended December 31, 2017, 2016 and 2015, respectively. Partially-Owned Entities The Company will consolidate the operations of a joint venture if the Company determines that it is either the primary beneficiary of a variable interest entity (VIE) or has substantial influence and control of the entity. In instances where the Company determines that it is not the primary beneficiary of a VIE or the Company does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Company will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Company’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Company’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreements as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages and credit facility payable. The adoption of Accounting Standards Update (“ASU”) No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt issuance Costs Fair Value Measurements The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company’s cash equivalents, accounts receivable and payables and accrued expenses all approximate fair value due to the short term nature of these financial instruments. The Company’s financial instruments measured on a recurring basis include derivative interest rate instruments. Derivatives The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of, or controls the physical use of, the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduce revenue recognized over the term of the lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rent receivable in the accompanying consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and will decrease in the later years of a lease. Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement. The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and amounts due are considered collectible. Upon early lease termination, the Company provides for gains or losses related to unrecovered intangibles and other assets. As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved. Equity-Based Compensation The Company has restricted shares and units outstanding at December 31, 2017 and 2016. The Company recognizes expense related to the fair value of equity-based compensation awards as general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss. The Company primarily recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period. See Note 8 - "Equity-Based Compensation" for further information. Recent Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. • expands hedge accounting for nonfinancial and financial risk components and amends measurement methodologies to more closely align hedge accounting with a company’s risk management activities; • decreases the complexity of preparing hedge results through eliminating separate measurement and reporting of hedge ineffectiveness; • enhances disclosures and changes presentation of hedge results to align the effects of the hedging instrument and the hedged item; • simplifies the assessment of hedge effectiveness. The amendment is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted in any interim period after issuance of the update. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the amendments in this update. The amended presentation and disclosure guidance is required only prospectively. The Company continues to evaluate ASU No. 2017-12 to determine the impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. will require that amounts described as restricted cash and restricted cash equivalents be included in beginning and ending-of-period reconciliation cash shown on the statement of cash flows. The amendment is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Leases In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | NOTE 3 – EQUITY The Company commenced an initial public “best efforts” offering (the “Offering”) on October 18, 2012, which concluded on October 16, 2015. The Company sold 33,534,022 shares of common stock generating gross proceeds of $834,399 from the Offering. On March 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 $22.63 ($9.05 prior to the Reverse Stock Split). The previously estimated per share net asset value of $22.55 ($9.02 prior to the Reverse Stock Split) 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 On October 19, 2015, the Company registered 25,000,000 shares of common stock to be issued under its distribution reinvestment plan (“DRP”) pursuant to a registration statement on Form S-3D. The Company provides stockholders with the option to purchase additional shares from the Company by automatically reinvesting cash distributions through the DRP, subject to certain share ownership restrictions. The Company does not pay any selling commissions or a marketing contribution and due diligence expense allowance in connection with the DRP. Pursuant to the DRP, the price per share for shares of common stock purchased under the DRP is equal to the estimated value of a share, as determined by the Company’s board of directors and reported by the Company from time to time, until the shares become listed for trading, if a listing occurs, assuming that the DRP has not been terminated or suspended in connection with such listing. On March 30, 2017, the Company reported a new Estimated Per Share NAV of $22.63 ($9.05 prior to the Reverse Stock Split). Distributions reinvested through the DRP were approximately $27,069, $27,831 and $20,828 for the years ended December 31, 2017, 2016 and 2015, respectively. Share Repurchase Program The Company adopted a share repurchase program effective October 18, 2012 which was subsequently amended effective January 1, 2018 to change the processing of repurchase requests from a monthly to a quarterly basis to align with the move to quarterly distributions. Under the amended and restated share repurchase program (“SRP”), the Company is authorized to purchase shares from stockholders who purchased their shares from the Company or received their shares through a non-cash transfer and who have held their shares for at least one year, if requested, if the Company chooses to purchase them. Subject to funds being available, the Company limits the number of shares repurchased during any calendar year to 5% of the number of shares outstanding on December 31 st Pursuant to the SRP, the Company may repurchase shares at prices ranging from 92.5% of the “share price,” as defined in the SRP, for stockholders who have owned shares for at least one year to 100% of the “share price” for stockholders who have owned shares for at least four years. For repurchases sought upon a stockholder’s death or qualifying disability, the Company may repurchase shares at a price equal to 100% of the “share price.” As used in the SRP, “share price” means 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), as adjusted by the Reverse Stock Split, 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. Repurchases through the SRP were approximately $21,066, $9,724 and $3,810 for the years ended December 31, 2017, 2016 and 2015, respectively. At December 31, 2017 and 2016, the liability related to the SRP was $2,530 and $1,448, respectively, recorded in other liabilities on the Company’s consolidated balance sheets. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 4 – ACQUISITIONS 2017 Acquisitions During the year ended December 31, 2017 Date Acquired Property Name Location Property Type Square Footage Purchase Price (a) 1st Quarter 1/27/2017 Wilson Marketplace (b) Wilson, NC Multi-Tenant Retail 311,030 $ 40,783 2nd Quarter 4/3/2017 Pentucket Shopping Center (b) Plaistow, NH Multi-Tenant Retail 198,469 24,100 3rd Quarter 7/14/2017 Coastal North Town Center - Phase II Myrtle Beach, SC Retail 6,588 3,716 516,087 $ 68,599 (a) Contractual purchase price excluding closing credits. (b) Subsequent to the acquisition date, first mortgages were placed on the properties. The above acquisitions were accounted for as asset acquisitions. For the year ended December 31, 2017, the Company incurred $2,213 of total acquisition costs and fees, $1,459 of which are capitalized as the acquisition of net investment properties in the accompanying consolidated balance sheets. An adjustment to the deferred investment property acquisition obligation of $574 and $180 of acquisition and dead deal costs are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. 2016 Acquisitions During the year ended December 31, 2016 and Date Acquired Property Name Location Property Type Square Footage Purchase Price 2nd Quarter 4/22/16 Coastal North Town Center Myrtle Beach, SC Multi-Tenant Retail 304,662 $ 72,811 4/22/16 Oquirrh Mountain Marketplace Phase II South Jordan, UT Multi-Tenant Retail 10,150 4,329 314,812 $ 77,140 For the year ended December 31, 2016, the Company recorded a reduction in deferred investment property acquisition obligation of $2,066, net of acquisition costs of $510 in acquisition related costs in the consolidated statements of operations and comprehensive loss. The Company incurred $ December 31, 2015 For properties acquired during the year ended December 31, 2017, the Company recorded total income of $5,202 and property net income of $325, which excludes expensed acquisition related costs. For properties acquired during the year ended December 31, 2016, the Company recorded total income of $4,218 and property net income of $269, which excludes expensed acquisition related costs. The following table presents certain additional information regarding the Company’s acquisitions during the years ended December 31, 2017 and 2016. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: For the Year Ended December 31, 2017 2016 (a) Land $ 17,513 $ 15,128 Building and improvements 41,793 53,849 Acquired lease intangible assets, net 15,385 13,848 Acquired intangible liabilities, net (4,589 ) (3,432 ) Fair value adjustment related to the assumption of mortgages payable — — Deferred investment property acquisition obligations — — Assumed liabilities, net (149 ) (359 ) Total $ 69,953 $ 79,034 (a) Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | NOTE 5 – INVESTMENT IN UNCONSOLIDATED ENTITIES The following table summarizes the Company’s unconsolidated joint ventures: Investment in unconsolidated entities Entity Company's Profit/Loss Allocation at December 31, 2017 Remaining Commitment December 31, 2017 December 31, 2016 Mainstreet Texas Development Fund, LLC ("Mainstreet JV") (a) 83 % $ 1,783 $ 7,125 $ — Oak Property Casualty, LLC ("Captive") (b) n/a — — 126 $ 7,125 $ 126 (a) In August 2017, the Company, through a wholly owned taxable REIT subsidiary, made an equity commitment to Mainstreet JV in order to develop, construct, lease, finance and sell parcels of land and related building improvements including personal property which are to be operated as rapid recovery healthcare facilities located in Beaumont, Amarillo and Temple, Texas. The investment balance includes capitalized acquisition, interest and legal costs of $157. (b) The Company was a member of a limited liability company formed as an insurance association captive, which was owned by the Company, IRC Retail Centers LLC, InvenTrust Properties Corp. and Retail Properties of America, Inc. See Note 13 – “Transactions with Related Parties.” |
Acquired Intangible Assets and
Acquired Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets and Liabilities | NOTE 6 – ACQUIRED INTANGIBLE ASSETS AND LIABILITIES The following table summarizes the Company’s identified intangible assets and liabilities as of December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Intangible assets: Acquired in-place lease value $ 165,182 $ 159,679 Acquired above market lease value 45,824 37,179 Accumulated amortization (72,348 ) (46,750 ) Acquired lease intangibles, net $ 138,658 $ 150,108 Intangible liabilities: Acquired below market lease value $ 71,551 $ 66,962 Above market ground lease 5,169 5,169 Accumulated amortization (14,450 ) (8,657 ) Acquired below market lease intangibles, net $ 62,270 $ 63,474 As of December 31, 2017, the weighted average amortization periods for acquired in-place lease, above market lease intangibles, below market lease intangibles and above market ground lease are 10, 14, 19 and 55 years, respectively. The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value is amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below market lease values, the amortization period includes any renewal periods with fixed rate renewals. The acquired above market ground lease is amortized on a straight-line basis as an adjustment to property operating expense over the term of the lease and includes renewal periods. The portion of the purchase price allocated to acquired in-place lease value is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. Amortization pertaining to acquired in-place lease value, above market ground lease, above market lease value and below market lease value is summarized below: Amortization recorded as amortization expense: 2017 2016 2015 Acquired in-place lease value $ 22,104 $ 24,174 $ 13,170 Amortization recorded as a reduction to property operating expense: Above market ground lease $ 94 $ 94 $ 24 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (4,379 ) $ (4,341 ) $ (2,334 ) Acquired below market leases 5,700 5,059 2,986 Net rental income increase $ 1,321 $ 718 $ 652 Estimated amortization of the respective intangible lease assets and liabilities as of December 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 2018 $ 18,995 $ 3,794 $ (4,470 ) $ (94 ) 2019 17,031 3,430 (4,325 ) (94 ) 2020 14,012 3,091 (4,104 ) (94 ) 2021 11,475 3,021 (3,917 ) (94 ) 2022 8,830 2,715 (3,657 ) (94 ) Thereafter 33,955 18,309 (36,838 ) (4,489 ) Total $ 104,298 $ 34,360 $ (57,311 ) $ (4,959 ) |
Debt and Derivative Instruments
Debt and Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Derivative Instruments | NOTE 7 – DEBT AND DERIVATIVE INSTRUMENTS As of December 31, 2017 and 2016, the Company had the following mortgages and credit facility payable: December 31, 2017 December 31, 2016 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 171,851 4.25 % $ 178,345 4.31 % Variable rate mortgages payable with swap agreements 383,517 3.49 % 354,488 3.42 % Variable rate mortgages payable 54,153 3.26 % 44,003 2.50 % Mortgages payable $ 609,521 3.69 % $ 576,836 3.62 % Credit facility payable $ 83,800 3.21 % $ 31,000 2.26 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 693,321 3.63 % $ 607,836 3.55 % Add: Unamortized mortgage premiums 2,316 3,080 Less: Unamortized debt issuance costs (4,172 ) (4,891 ) Total debt $ 691,465 $ 606,025 The Company’s indebtedness bore interest at a weighted average interest rate of 3.63% per annum at December 31, 2017, which includes the effects of interest rate swaps. The Company estimates the fair value of its total debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by the Company’s lenders using Level 3 inputs. The carrying value of the Company’s debt excluding mortgage premium and unamortized debt issuance costs was $693,321 and $607,836 as of December 31, 2017 and 2016, respectively, and its estimated fair value was $684,621 and $595,404 as of December 31, 2017 and 2016, respectively. As of December 31, 2017, scheduled principal payments and maturities on the Company’s debt were as follows: December 31, 2017 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2018 $ 221 $ 15,260 $ — $ 15,481 2019 215 152,450 83,800 236,465 2020 897 — — 897 2021 1,531 82,740 — 84,271 2022 615 126,017 — 126,632 Thereafter 962 228,613 — 229,575 Total $ 4,441 $ 605,080 $ 83,800 $ 693,321 Credit Facility Payable The Company’s Credit Facility in the amount of $110,000 has an accordion feature that allows for an increase in available borrowings up to $400,000, one At December 31, 2017, the interest rate on the Credit Facility was 3.21%. 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 December 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 December 31, 2017, the weighted average years to maturity for the Company’s mortgages payable was approximately 4.2 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. See Note 15 - "Fair Value Measurements" for further information. The following table summarizes the Company’s interest rate swap contracts outstanding as of December 31, 2017. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value December 2017 Assets June 27, 2014 July 1, 2014 July 1, 2019 1.85 % $ 24,352 $ 9 February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 19 April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 723 July 8, 2015 August 1, 2015 May 22, 2019 1.43 % 1,426 8 September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 137 October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 201 January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 733 June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 1,648 July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 2,147 August 29, 2016 October 21, 2016 December 15, 2019 1.07 % 10,836 184 April 27, 2017 April 26, 2017 April 26, 2022 1.91 % 24,480 202 June 5, 2017 May 31, 2017 May 15, 2022 1.90 % 14,700 125 $ 287,338 $ 6,136 Liabilities March 28, 2014 March 1, 2015 March 28, 2019 2.22 % $ 5,525 $ (27 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 14,200 (49 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 8,484 (17 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 11,684 (48 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 20,725 (74 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 9,561 (8 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (117 ) $ 96,179 $ (340 ) (a) Receive floating rate index based upon one month LIBOR. At December 31, 2017, the one month LIBOR equaled 1.56%. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the unrealized gain or loss on the derivative is reported as a component of comprehensive income (loss). The ineffective portion of the change in fair value, if any, is recognized directly in earnings. The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2017, 2016 and 2015. Year Ended December 31, Derivatives in Cash Flow Hedging Relationships: 2017 2016 2015 Effective portion of derivatives $ 1,043 $ 1,861 $ (4,612 ) Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 2,405 $ 4,038 $ 2,546 Ineffective portion of derivatives $ 7 $ 233 $ 365 The amount that is expected to be reclassified from accumulated other comprehensive income into income in the next twelve months is approximately ($124). |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | NOTE 8 – EQUITY-BASED COMPENSATION Under the Company’s Employee and Director Restricted Share Plan (“RSP”), restricted shares and restricted share units generally vest over a one to three year vesting period from the date of the grant, subject to the specific terms of the grant. On June 13, 2017, we issued 1,326 restricted shares and 442 restricted share units to our independent directors pursuant to the automatic grant provisions of the RSP, which become vested in equal installments of 33-1/3% on each of the first three anniversaries of June 13, 2017, subject to certain exceptions. On October 2, 2017, we issued 331 restricted shares and 110 restricted share units to our independent directors pursuant to the RSP, which become vested in equal installments of 33-1/3% on each of the first three anniversaries of October 2, 2017, subject to certain exceptions. 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, 2015 — — $ — $ — Granted 1,330 460 40 40 Vested — — — — Converted — — — — Forfeited — — — — Outstanding at December 31, 2016 1,330 460 40 40 Granted 1,657 600 51 51 Vested (444 ) (156 ) (13 ) (13 ) Converted — — — — Forfeited — — — — Outstanding at December 31, 2017 2,543 904 $ 78 $ 78 |
Income Tax and Distributions
Income Tax and Distributions | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax And Distributions [Abstract] | |
Income Tax and Distributions | NOTE 9 – INCOME TAX AND DISTRIBUTIONS The Company paid distributions based on daily record dates, payable in arrears the following month, equal to a daily amount of $0.00410959 per share, based upon a 365-day period for 2017 and 2015. The Company paid distributions based on daily record dates, payable in arrears the following month, equal to a daily amount of $0.00409836 per share, based upon a 366-day period for 2016. The table below presents the distributions paid and declared for the years ended December 31, 2017, 2016 and 2015. December 31, 2017 2016 2015 Distributions paid $ 53,315 $ 52,358 $ 42,537 Distributions declared $ 53,364 $ 52,449 $ 44,908 For federal income tax purposes, distributions may consist of ordinary dividend income, qualified dividend income, non-taxable return of capital, capital gains or a combination thereof. Distributions to the extent of the Company’s current and accumulated earnings and profits for federal income tax purposes are taxable to the recipient as either ordinary dividend income or, if so declared by the Company, qualified dividend income or capital gain dividends. Distributions in excess of these earnings and profits (calculated for income tax purposes) constitute a non-taxable return of capital rather than ordinary dividend income or a capital gain distribution and reduce the recipient’s tax basis in the shares to the extent thereof. Distributions in excess of earnings and profits that reduce a recipient’s tax basis in the shares have the effect of deferring taxation of the amount of the distribution until the sale of the stockholder’s shares. If the recipient's tax basis is reduced to zero, distributions in excess of the aforementioned earnings and profits (calculated for income tax purposes) constitute taxable gain. In order to maintain the Company’s status as a REIT, the Company must annually distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to its stockholders. For the years ended December 31, 2017, 2016 and 2015, the Company’s taxable income was $10,045 (unaudited), $9,890 (unaudited) and $13,123 (unaudited), respectively The following table sets forth the taxability of distributions on common shares, on a per share basis, paid in 2017, 2016 and 2015 2017 2016 2015 (a) Ordinary income $ 0.29 $ 0.29 $ 0.50 Nontaxable return of capital $ 1.21 $ 1.21 $ 1.18 (a) On February 19, 2015, the Company paid an aggregate special distribution of $3,283 to stockholders of record as of January 30, 2015. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | NOTE 10 – 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. As a result of a net loss for the year ended December 31, 2017 and 2016, 1,507 shares and 1,214 shares, respectively, were excluded from the computation of diluted EPS, because they would have been antidilutive. As of December 31, 2015, the Company did not have any dilutive common share equivalents outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – 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 $2,040 at December 31, 2017. The table below presents the change in the Company’s Earnout liability for the years ended December 31, 2017 and 2016. December 31, 2017 2016 Earnout liability-beginning of period $ 6,856 $ 18,871 Increases: Acquisitions — — Amortization expense 35 531 Decreases: Earnout payments (6,415 ) (9,067 ) Other: Adjustments to acquisition related costs 574 (3,479 ) Earnout liability – end of period $ 1,050 $ 6,856 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. In conjunction with its equity investment in the Mainstreet JV, the Company also agreed to provide subsidiaries of the Mainstreet JV mezzanine loans, in the aggregate amount of approximately $5,400. The loan term is for 48 months. The Company will earn interest at a rate of 14.5% per annum and will receive monthly interest payments based on a 10% pay rate. The remaining unpaid interest will be due at maturity or upon certain defined events. The mezzanine loans are guaranteed by one of the other members of the joint venture. The borrowers may draw on the mezzanine loans from time to time in connection with the construction of the rapid recovery healthcare facilities and are not expected to draw on the mezzanine loans until such time as the Company has fully funded its equity commitment to the Mainstreet JV. At December 31, 2017, the Company has not loaned any funds related to the mezzanine loans. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 12 – SEGMENT REPORTING The Company has one reportable segment, retail real estate, as defined by U.S. GAAP for the years ended December 31, 2017, 2016 and 2015. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | NOTE 13 – TRANSACTIONS WITH RELATED PARTIES The Company was a member of a limited liability company formed as an insurance association captive, which was 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 entities in the accompanying consolidated balance sheets. The Company’s share of net income from its investment was based on the ratio of each member’s premium contribution to the venture. The Company received its original capital investment of $100 and was allocated income of $21, income of $252 and a loss of $118 for the years ended December 31, 2017, 2016 and 2015, respectively. The Captive terminated its operations in March 2016 and dissolved in the fourth quarter of 2017 after all regulatory reports were filed. However, there is no assurance the Company will not be liable for any additional proportional costs associated with the termination of the Captive which have not been previously identified and paid. The Company owns 1,000 shares of common stock in The Inland Real Estate Group of Companies, Inc. with a recorded value of $1 at December 31, 2017, 2016 and 2015. This amount is included in other assets in the accompanying consolidated balance sheets. The following table summarizes the Company’s related party transactions for the years ended December 31, . Year ended December 31, Unpaid amounts as of 2017 2016 2015 December 31, 2017 December 31, 2016 General and administrative reimbursements (a) $ 1,608 $ 1,975 $ 1,367 $ 203 $ 274 Affiliate share purchase discounts (b) — — 28 — — Total general and administrative expenses $ 1,608 $ 1,975 $ 1,395 $ 203 $ 274 Acquisition related costs $ 274 $ 409 $ 1,388 $ — $ 88 Acquisition fees 1,266 1,327 9,580 51 — Total acquisition costs and fees (c) $ 1,540 $ 1,736 $ 10,968 $ 51 $ 88 Real estate management fees $ 4,800 $ 4,473 $ 2,762 $ — $ — Construction management fees 113 121 135 35 53 Leasing fees 214 168 40 51 89 Total real estate management related costs (d) $ 5,127 $ 4,762 $ 2,937 $ 86 $ 142 Offering costs (e) $ — $ — $ 41,180 $ — $ — Business management fees (f) $ 9,196 $ 8,580 $ 5,501 $ 2,325 $ 2,159 Sponsor contribution (g) $ — $ — $ 3,283 $ — $ — (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (b) The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enabled the related parties to purchase shares of common stock at $22.50 per share in the Offering. The Company sold 11,252 shares to related parties during the year ended December 31, 2015. (c) The Company pays the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, regardless of whether the Company acquires the real estate assets. Of the $1,540 related party acquisition costs incurred during the year ended December 31, 2017, $1,260 are capitalized as the acquisition of net investment properties in the accompanying consolidated balance sheets, $134 are capitalized as investment in unconsolidated entities in the accompanying consolidated balance sheets, and $146 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. Of the $1,736 related party acquisition costs incurred during the year ended December 31, 2016, $74 are capitalized as the acquisition of net investment properties in the accompanying consolidated balance sheets, and $1,662 of such costs are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. For the year ended December 31, 2015, all expenses are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. For the year ended December 31, 2015, the Business Manager permanently waived acquisition fees of $2,510. No acquisition fees were waived for 2017 or 2016. (d) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”) (and its predecessor), the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the 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. (e) A related party of the Business Manager received selling commissions equal to 7.0% of the sale price for each share sold and a marketing contribution equal to 3.0% of the gross offering proceeds from shares sold in the Offering, the majority of which was re-allowed (paid) to third party soliciting dealers. The Company also reimbursed a related party of the Business Manager and the third party soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds. The Company reimbursed the Sponsor, its affiliates and third parties for costs and other expenses of the Offering that they paid on the Company’s behalf, in an amount not to exceed 1.5% of the gross offering proceeds from shares sold in the Offering. The Company does not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the DRP. Offering costs are offset against the stockholders’ equity accounts. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (f) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets”. The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. (g) During the year ended December 31, 2015, the Sponsor contributed $3,283 to the Company. The Sponsor has not received, and will not receive, any additional shares of the Company’s common stock for making this contribution. There is no assurance that the Sponsor will continue to contribute any additional monies. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Operating Leases | NOTE 14 – OPERATING LEASES Minimum lease payments to be received under operating leases including ground leases, as of December 31, 2017 Minimum Payments 2018 $ 92,365 2019 85,756 2020 79,083 2021 73,330 2022 63,477 Thereafter 236,458 Total $ 630,469 The remaining lease terms range from less than one year to 19 years. Most of the revenue from the Company’s properties consists of rents received under long-term operating leases. Most leases require the tenant to pay fixed base rent paid monthly in advance, and to reimburse the Company for the tenant’s pro rata share of certain operating expenses including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees, and certain building repairs paid by the Company and recoverable under the terms of the lease. Under these leases, the Company pays all expenses and is reimbursed by the tenant for the tenant’s pro rata share of recoverable expenses paid. Certain other tenants are subject to net leases which provide that the tenant is responsible for fixed base rent as well as all costs and expenses associated with occupancy. Under net leases where all expenses are paid directly by the tenant rather than the landlord, such expenses are not included in the consolidated statements of operations and comprehensive loss. Under leases where all expenses are paid by the Company, subject to reimbursement by the tenant, the expenses are included within property operating expenses and reimbursements are included in tenant recovery income on the consolidated statements of operations and comprehensive loss. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 15 – FAIR VALUE MEASUREMENTS Fair Value Hierarchy The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company has estimated the fair value of its financial and non-financial instruments using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Recurring Fair Value Measurements For assets and liabilities measured at fair value on a recurring basis, the table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of December 31, 2017 and 2016, respectively. Fair Value Level 1 Level 2 Level 3 Total December 31, 2017 Interest rate swap agreements - Other assets $ — $ 6,136 $ — $ 6,136 Interest rate swap agreements - Other liabilities $ — $ 340 $ — $ 340 December 31, 2016 Interest rate swap agreements - Other assets $ — $ 4,250 $ — $ 4,250 Interest rate swap agreements - Other liabilities $ — $ 1,909 $ — $ 1,909 The fair value of derivative instruments was estimated based on data observed in the forward yield curve which is widely observed in the marketplace. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the counterparty's nonperformance risk in the fair value measurements which utilize Level 3 inputs, such as estimates of current credit spreads. The Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative interest rate swap agreements and therefore has classified these in Level 2 of the hierarchy. Non-recurring Fair Value Measurements The table below presents activity for the Company’s assets measured at fair value on a non-recurring basis. The Company recognized an impairment charge to reflect an investment at its estimated fair value for the year ended December 31, 2017, which is included in provision for impairment of investment property on the accompanying consolidated statements of operations and comprehensive loss. During the years ended December 31, 2016 and 2015 no Fair Value Level 1 Level 2 Level 3 Total Total Impairment Loss Investment property $ — $ — $ 5,557 $ 5,557 $ 8,530 Total $ — $ — $ 5,557 $ 5,557 $ 8,530 As of December 31, 2017, the Company identified indicators of impairment at one of its investment properties. Such indicators included a low occupancy rate, difficulty in leasing space, declining market rents and the related cost of re-leasing. The fair value of this investment property was estimated using the 10-year discounted cash flow model, w hich includes estimated inflows and outflows over a specific holding period and estimated net disposition proceeds at the end of the 10-year period |
Quarterly Supplemental Financia
Quarterly Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Notes To Financial Statements [Abstract] | |
Quarterly Supplemental Financial Information | NOTE 16 – QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) The following represents the results of operations, for each quarterly period, during 2017 and 2016. 2017 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 32,529 $ 32,110 $ 32,911 $ 31,607 Net loss $ (10,811 ) $ (2,856 ) $ (3,631 ) $ (1,804 ) Net loss per common share, basic and diluted (1) $ (0.30 ) $ (0.08 ) $ (0.10 ) $ (0.05 ) Weighted average number of common shares outstanding, basic and diluted (1) 35,615,539 35,657,535 35,580,556 35,428,360 2016 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 30,921 $ 30,903 $ 30,295 $ 29,379 Net loss $ (459 ) $ (961 ) $ (2,300 ) $ (4,241 ) Net loss per common share, basic and diluted (1) $ (0.01 ) $ (0.03 ) $ (0.07 ) $ (0.12 ) Weighted average number of common shares outstanding, basic and diluted (1) 35,255,079 35,074,161 34,867,650 34,654,004 (1) Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding. |
Schedule - Schedule III Real Es
Schedule - Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | INLAND REAL ESTATE INCOME TRUST, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2017 (Dollar amounts in thousands) Initial Gross amount carried at end of period (B) Property Name Encum- brance Land Buildings and Improve- ments Cost Capita- lized Subse- quent to Acquisi- tions Land(C) Buildings and Improve- ments (C) Total (C) Accumu- lated Deprecia- tion (E) Date Con- structed Date Acquired Depre- ciable Lives 2727 Iowa St (D) $ — $ 2,154 $ 16,079 $ 49 $ 2,154 $ 16,128 $ 18,282 $ (1,520 ) 2014-2015 2015 15-30 Lawrence, KS Blossom Valley Plaza (D) — 9,515 11,142 437 9,515 11,579 21,094 (966 ) 1988 2015 15-30 Turlock, CA Branson Hills Plaza — 3,787 6,039 — 3,787 6,039 9,826 (694 ) 2005 2014 15-30 Branson, MO Coastal North Town Center 43,680 13,725 49,673 (744 ) 13,725 48,929 62,654 (2,982 ) 2014 2016 15-30 Myrtle Beach, SC Coastal North Town Center - Phase II — 365 3,034 — 365 3,034 3,399 (54 ) 2016 2017 15-30 Myrtle Beach, SC Dixie Valley 6,798 2,807 9,053 949 2,807 10,002 12,809 (1,181 ) 1988 2014 15-30 Louisville, KY Dogwood Festival 24,352 4,500 41,865 1,472 4,500 43,337 47,837 (5,654 ) 2002 2014 5-30 Flowood, MO Dollar General 558 159 857 — 159 857 1,016 (160 ) 2012 2012 15-30 Brooks, GA Dollar General 481 69 761 — 69 761 830 (142 ) 2012 2012 15-30 Daleville, AL Dollar General 520 148 780 — 148 780 928 (150 ) 2012 2012 15-30 East Brewton, AL Dollar General (Hamilton) 621 100 986 — 100 986 1,086 (183 ) 2012 2012 15-30 LaGrange, GA Dollar General (Wares Cross) 681 248 943 — 248 943 1,191 (176 ) 2012 2012 15-30 LaGrange, GA Dollar General 695 273 939 — 273 939 1,212 (181 ) 2012 2012 15-30 Madisonville, TN Dollar General 631 249 841 — 249 841 1,090 (157 ) 2012 2012 15-30 Maryville, TN Dollar General 601 208 836 — 208 836 1,044 (156 ) 2012 2012 15-30 Mobile, AL Dollar General 586 200 818 — 200 818 1,018 (149 ) 2012 2012 15-30 Newport, TN Dollar General 847 324 1,178 — 324 1,178 1,502 (226 ) 2012 2012 15-30 Robertsdale, AL Dollar General 531 119 805 — 119 805 924 (150 ) 2012 2012 15-30 Valley, AL Dollar General 692 272 939 — 272 939 1,211 (181 ) 2012 2012 15-30 Wetumpka, AL Eastside Junction 6,223 2,411 8,393 — 2,411 8,393 10,804 (895 ) 2008 2015 15-30 Athens, AL Fairgrounds Crossing 13,453 6,069 22,637 — 6,069 22,637 28,706 (2,257 ) 2008 2015 15-30 Hot Springs, AR Fox Point Plaza 10,837 3,518 12,681 717 3,518 13,398 16,916 (1,599 ) 2008 2014 15-30 Neenah, WI Frisco Marketplace (D) — 6,618 3,315 — 6,618 3,315 9,933 (419 ) 2002 2015 15-30 Frisco, TX Green Tree Shopping Center 13,100 7,218 17,846 (102 ) 7,218 17,744 24,962 (1,771 ) 1997 2015 5-30 Katy, TX Harris Plaza (D) — 6,500 19,403 1,324 6,500 20,727 27,227 (3,223 ) 2001-2008 2014 15-30 Layton, UT Harvest Square 6,707 2,186 9,330 136 2,186 9,466 11,652 (1,105 ) 2008 2014 15-30 Harvest, AL Heritage Square 4,460 2,028 5,538 260 2,028 5,798 7,826 (651 ) 2010 2014 15-30 Conyers, AL Kroger - Copps Grocery Store (D) — 1,440 11,799 — 1,440 11,799 13,239 (1,304 ) 2012 2014 15-30 Stevens Point, WI Kroger - Pick n Save Center 9,561 3,150 14,283 375 3,150 14,658 17,808 (1,756 ) 2011 2014 15-30 West Bend, WI Lakeside Crossing 9,910 1,460 16,999 271 1,460 17,270 18,730 (2,233 ) 2013 2014 15-30 Lynchburg, VA Landing at Ocean Isle Beach (D) — 3,053 7,081 69 3,053 7,150 10,203 (907 ) 2009 2014 15-30 Ocean Isle, NC Mansfield Pointe 14,200 5,350 20,002 2 5,350 20,004 25,354 (2,787 ) 2008 2014 15-30 Mansfield, TX Marketplace at El Paseo 38,000 16,390 46,971 (517 ) 16,390 46,454 62,844 (3,654 ) 2014 2015 15-30 Fresno, CA Marketplace at Tech Center 47,550 10,684 68,580 (208 ) 10,684 68,372 79,056 (4,844 ) 2015 2015 15-30 Newport News, VA MidTowne Shopping Center 20,725 8,810 29,699 456 8,810 30,155 38,965 (4,116 ) 2005/2008 2014 5-30 Little Rock, AR Milford Marketplace 18,727 — 35,867 40 — 35,907 35,907 (2,885 ) 2007 2015 15-30 Milford, CT Newington Fair (D) — 7,833 8,329 331 7,833 8,660 16,493 (1,968 ) 1994/2009 2012 15-30 Newington, CT North Hills Square 5,525 4,800 5,493 183 4,800 5,676 10,476 (786 ) 1997 2014 15-30 Coral Springs, FL Oquirrh Mountain Marketplace (D) — 4,254 14,467 (156 ) 4,254 14,311 18,565 (1,085 ) 2014-2015 2015 15-30 Jordan, UT Oquirrh Mountain Marketplace Phase II (D) — 1,403 3,727 (54 ) 1,403 3,673 5,076 (217 ) 2014-2015 2016 15-30 Jordan, UT Park Avenue Shopping Center 14,062 5,500 16,365 2,932 5,500 19,297 24,797 (2,551 ) 2012 2014 15-30 Little Rock, AR Pentucket Shopping Center 14,700 5,993 11,251 29 5,993 11,280 17,273 (327 ) 1986 2017 15-30 Plaistow, NH Plaza at Prairie Ridge (D) — 618 2,305 — 618 2,305 2,923 (234 ) 2008 2015 15-30 Pleasant Prairie, WI Prattville Town Center 15,930 5,336 27,672 90 5,336 27,762 33,098 (2,817 ) 2007 2015 15-30 Prattville, AL Regal Court 26,000 5,873 41,181 1,151 5,873 42,332 48,205 (4,211 ) 2008 2015 5-30 Shreveport, LA Settlers Ridge 76,533 25,961 98,157 186 25,961 98,343 124,304 (8,317 ) 2011 2015 15-30 Pittsburgh, PA Shoppes at Lake Park (D) — 2,285 8,527 — 2,285 8,527 10,812 (904 ) 2008 2015 15-30 West Valley City. UT Shoppes at Market Pointe 13,700 12,499 8,388 590 12,499 8,978 21,477 (1,247 ) 2006-2007 2015 15-30 Papillion, NE Shoppes at Prairie Ridge 15,591 7,521 22,468 279 7,521 22,747 30,268 (2,454 ) 2009 2014 15-30 Pleasant Prairie, WI The Shoppes at Branson Hills 20,240 4,418 37,229 920 4,418 38,149 42,567 (4,078 ) 2005 2014 15-30 Branson, MO Shops at Hawk Ridge (D) — 1,329 10,341 240 1,329 10,581 11,910 (1,096 ) 2009 2015 5-30 St. Louis, MO Treasure Valley (D) — 3,133 12,000 — 3,133 12,000 15,133 (1,177 ) 2014 2015 15-30 Nampa, ID Village at Burlington Creek 17,723 10,789 19,385 342 10,789 19,727 30,516 (1,807 ) 2007 & 2015 2015 5-30 Kansas City, MO Walgreens Plaza 4,650 2,624 9,683 199 2,624 9,882 12,506 (1,010 ) 2011 2015 15-30 Jacksonville, NC Wedgewood Commons 15,260 2,220 26,577 129 2,220 26,706 28,926 (3,745 ) 2009-2013 2013 5-30 Olive Branch, MS Whispering Ridge (D) — 1,627 10,418 (6,670 ) 1,627 3,748 5,375 — 2007 2015 5-30 Omaha, NE White City 49,400 18,961 70,423 1,679 18,961 72,102 91,063 (6,990 ) 2013 2015 15-30 Shrewsbury, MA Wilson Marketplace 24,480 11,155 27,498 — 11,155 27,498 38,653 (926 ) 2007 2017 15-30 Wilson, NC Yorkville Marketplace (D) — 4,990 13,928 498 4,990 14,426 19,416 (1,679 ) 2002 & 2007 2015 15-30 Yorkville, IL Total: $ 609,521 $ 277,229 $ 1,003,804 $ 7,884 $ 277,229 $ 1,011,688 $ 1,288,917 $ (101,094 ) Notes: (A) The initial cost to the Company represents the original purchase price of the property including impairment charges recorded subsequent to acquisition to reduce basis. (B) The aggregate cost of real estate owned at December 31, 2017 and 2016 for federal income tax purposes was approximately $1,440,279 and $1,364,864, respectively (unaudited). (C) Reconciliation of real estate owned: 2017 2016 2015 Balance at January 1, $ 1,233,231 $ 1,161,437 $ 414,463 Acquisitions 59,306 68,977 743,893 Improvements, net of master lease 5,594 2,817 3,081 Impairment of investment property (9,214 ) — — Balance at December 31, $ 1,288,917 $ 1,233,231 $ 1,161,437 (D) These properties serve as security for our Credit Facility. (E) Reconciliation of accumulated depreciation: Balance at January 1, $ 62,631 $ 27,545 $ 6,236 Depreciation expense 39,497 35,086 21,309 Impairment of investment property (1,034 ) — — Balance at December 31, $ 101,094 $ 62,631 $ 27,545 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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. Information with respect to square footage and occupancy is unaudited. |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries. Wholly owned subsidiaries generally consist of limited liability companies (“LLCs”). All intercompany balances and transactions have been eliminated in consolidation. Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities. The fiscal year-end of the Company is December 31. |
Acquisitions | Acquisitions Upon acquisition of real estate investment properties, the Company allocates the total purchase price of each property that is accounted for as an asset acquisition based on the relative fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. The acquisition date is the date on which the Company obtains control of the real estate investment property and transaction costs are capitalized. Assets and liabilities acquired typically include land, building and site improvements and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases. The portion of the purchase price allocated to above market lease values are included in acquired lease intangible assets, net and is amortized on a straight-line basis over the term of the related lease as a reduction to rental income. The portion allocated to below market lease values are included in acquired intangible liabilities, net and is amortized as an increase to rental income over the term of the lease including any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in-place lease value is included in acquired lease intangible assets, net and is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. The Company determines the fair value of the tangible assets consisting of land and buildings by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. The Company determines the fair value of assumed debt by calculating the net present value of the mortgage payments using interest rates for debt with similar terms and maturities. Differences between the fair value and the stated value is recorded as a discount or premium and amortized over the remaining term using the effective interest method. Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase price unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The Company’s policy is to record earnout components when estimable and probable. In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance that clarified the definition of a business and assists in the evaluation of whether a transaction should be accounted for as an acquisition of an asset or a business combination. The Company early adopted the new guidance and modified its accounting policy effective October 1, 2016. Prior to October 1, 2016, the Company expensed all acquisition expenses as incurred whether or not the acquisition was completed, and assets acquired and liabilities assumed were measured at their fair values rather than at their relative fair values as described above. Additionally, earnouts were recorded as additional purchase price of the related property and as a liability included in deferred investment property acquisition obligations on the accompanying consolidated balance sheets. The amount recorded was based on the Company’s best estimate of the potential future earnout payments at the date of an acquisition. The Company recorded the effect of changes in the underlying liability assumptions in acquisition related costs on the accompanying consolidated statements of operations and comprehensive loss. |
Impairment of Investment Properties | Impairment of Investment Properties The Company assesses the carrying values of its respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs). The Company estimates the future undiscounted cash flows based on management’s intent as follows: (i) for real estate properties that the Company intends to hold long-term, including land held for development, properties currently under development and operating buildings, recoverability is assessed based on the estimated future net rental income from operating the property and termination value; and (ii) for real estate properties that the Company intends to sell, including land parcels, properties currently under development and operating buildings, recoverability is assessed based on estimated net proceeds, including net rental income during the holding period, from disposition that are estimated based on future net rental income of the property and utilizing expected market capitalization rates. The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of real estate properties. During the year ended December 31, 2017, the Company recorded an impairment charge of $8,530 which is included in provision for impairment of investment property on the accompanying consolidated statements of operations and comprehensive loss. During the years ended December 31, 2016 and 2015 no |
REIT Status | REIT Status The Company has qualified and elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2013. As a result, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments and excluding any net capital gain) to its stockholders. The Company will monitor the business and transactions that may potentially impact its REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes on its undistributed income. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. |
Valuation of Accounts and Rents Receivable | Valuation of Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant, which taken as a whole determines the valuation. Allowances are taken for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line income receivables. |
Capitalization and Depreciation | Capitalization and Depreciation Real estate acquisitions are recorded at cost less accumulated depreciation. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred. Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. Depreciation expense is computed using the straight-line method. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 5-15 years Tenant improvements Shorter of the life of the asset or the term of the related lease Leasing fees Term of the related lease Depreciation expense was approximately $39,497, $35,086 and $21,309 for the years ended December 31, 2017, 2016 and 2015, respectively. |
Partially-Owned Entities | Partially-Owned Entities The Company will consolidate the operations of a joint venture if the Company determines that it is either the primary beneficiary of a variable interest entity (VIE) or has substantial influence and control of the entity. In instances where the Company determines that it is not the primary beneficiary of a VIE or the Company does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Company will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Company’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Company’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreements as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages and credit facility payable. The adoption of Accounting Standards Update (“ASU”) No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt issuance Costs |
Fair Value Measurements | Fair Value Measurements The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company’s cash equivalents, accounts receivable and payables and accrued expenses all approximate fair value due to the short term nature of these financial instruments. The Company’s financial instruments measured on a recurring basis include derivative interest rate instruments. |
Derivatives | Derivatives The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. |
Revenue Recognition | Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of, or controls the physical use of, the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduce revenue recognized over the term of the lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rent receivable in the accompanying consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and will decrease in the later years of a lease. Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement. The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and amounts due are considered collectible. Upon early lease termination, the Company provides for gains or losses related to unrecovered intangibles and other assets. As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved. |
Equity-Based Compensation | Equity-Based Compensation The Company has restricted shares and units outstanding at December 31, 2017 and 2016. The Company recognizes expense related to the fair value of equity-based compensation awards as general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss. The Company primarily recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period. See Note 8 - "Equity-Based Compensation" for further information. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. • expands hedge accounting for nonfinancial and financial risk components and amends measurement methodologies to more closely align hedge accounting with a company’s risk management activities; • decreases the complexity of preparing hedge results through eliminating separate measurement and reporting of hedge ineffectiveness; • enhances disclosures and changes presentation of hedge results to align the effects of the hedging instrument and the hedged item; • simplifies the assessment of hedge effectiveness. The amendment is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted in any interim period after issuance of the update. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the amendments in this update. The amended presentation and disclosure guidance is required only prospectively. The Company continues to evaluate ASU No. 2017-12 to determine the impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. will require that amounts described as restricted cash and restricted cash equivalents be included in beginning and ending-of-period reconciliation cash shown on the statement of cash flows. The amendment is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Leases In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Assets | Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. Depreciation expense is computed using the straight-line method. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 5-15 years Tenant improvements Shorter of the life of the asset or the term of the related lease Leasing fees Term of the related lease |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisition [Line Items] | |
Schedule of Major Assets Acquired and Liabilities Assumed | The following table presents certain additional information regarding the Company’s acquisitions during the years ended December 31, 2017 and 2016. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: For the Year Ended December 31, 2017 2016 (a) Land $ 17,513 $ 15,128 Building and improvements 41,793 53,849 Acquired lease intangible assets, net 15,385 13,848 Acquired intangible liabilities, net (4,589 ) (3,432 ) Fair value adjustment related to the assumption of mortgages payable — — Deferred investment property acquisition obligations — — Assumed liabilities, net (149 ) (359 ) Total $ 69,953 $ 79,034 (a) Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. |
2017 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule of Acquisitions | 2017 Acquisitions During the year ended December 31, 2017 Date Acquired Property Name Location Property Type Square Footage Purchase Price (a) 1st Quarter 1/27/2017 Wilson Marketplace (b) Wilson, NC Multi-Tenant Retail 311,030 $ 40,783 2nd Quarter 4/3/2017 Pentucket Shopping Center (b) Plaistow, NH Multi-Tenant Retail 198,469 24,100 3rd Quarter 7/14/2017 Coastal North Town Center - Phase II Myrtle Beach, SC Retail 6,588 3,716 516,087 $ 68,599 (a) Contractual purchase price excluding closing credits. (b) Subsequent to the acquisition date, first mortgages were placed on the properties. |
2016 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Schedule of Acquisitions | 2016 Acquisitions During the year ended December 31, 2016 and Date Acquired Property Name Location Property Type Square Footage Purchase Price 2nd Quarter 4/22/16 Coastal North Town Center Myrtle Beach, SC Multi-Tenant Retail 304,662 $ 72,811 4/22/16 Oquirrh Mountain Marketplace Phase II South Jordan, UT Multi-Tenant Retail 10,150 4,329 314,812 $ 77,140 |
Investment in Unconsolidated 27
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Unconsolidated Joint Ventures | The following table summarizes the Company’s unconsolidated joint ventures: Investment in unconsolidated entities Entity Company's Profit/Loss Allocation at December 31, 2017 Remaining Commitment December 31, 2017 December 31, 2016 Mainstreet Texas Development Fund, LLC ("Mainstreet JV") (a) 83 % $ 1,783 $ 7,125 $ — Oak Property Casualty, LLC ("Captive") (b) n/a — — 126 $ 7,125 $ 126 (a) In August 2017, the Company, through a wholly owned taxable REIT subsidiary, made an equity commitment to Mainstreet JV in order to develop, construct, lease, finance and sell parcels of land and related building improvements including personal property which are to be operated as rapid recovery healthcare facilities located in Beaumont, Amarillo and Temple, Texas. The investment balance includes capitalized acquisition, interest and legal costs of $157. (b) The Company was a member of a limited liability company formed as an insurance association captive, which was owned by the Company, IRC Retail Centers LLC, InvenTrust Properties Corp. and Retail Properties of America, Inc. See Note 13 – “Transactions with Related Parties.” |
Acquired Intangible Assets an28
Acquired Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 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 December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Intangible assets: Acquired in-place lease value $ 165,182 $ 159,679 Acquired above market lease value 45,824 37,179 Accumulated amortization (72,348 ) (46,750 ) Acquired lease intangibles, net $ 138,658 $ 150,108 Intangible liabilities: Acquired below market lease value $ 71,551 $ 66,962 Above market ground lease 5,169 5,169 Accumulated amortization (14,450 ) (8,657 ) Acquired below market lease intangibles, net $ 62,270 $ 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: Amortization recorded as amortization expense: 2017 2016 2015 Acquired in-place lease value $ 22,104 $ 24,174 $ 13,170 Amortization recorded as a reduction to property operating expense: Above market ground lease $ 94 $ 94 $ 24 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (4,379 ) $ (4,341 ) $ (2,334 ) Acquired below market leases 5,700 5,059 2,986 Net rental income increase $ 1,321 $ 718 $ 652 |
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities | Estimated amortization of the respective intangible lease assets and liabilities as of December 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 2018 $ 18,995 $ 3,794 $ (4,470 ) $ (94 ) 2019 17,031 3,430 (4,325 ) (94 ) 2020 14,012 3,091 (4,104 ) (94 ) 2021 11,475 3,021 (3,917 ) (94 ) 2022 8,830 2,715 (3,657 ) (94 ) Thereafter 33,955 18,309 (36,838 ) (4,489 ) Total $ 104,298 $ 34,360 $ (57,311 ) $ (4,959 ) |
Debt and Derivative Instrumen29
Debt and Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages and Credit Facilities Payable | As of December 31, 2017 and 2016, the Company had the following mortgages and credit facility payable: December 31, 2017 December 31, 2016 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 171,851 4.25 % $ 178,345 4.31 % Variable rate mortgages payable with swap agreements 383,517 3.49 % 354,488 3.42 % Variable rate mortgages payable 54,153 3.26 % 44,003 2.50 % Mortgages payable $ 609,521 3.69 % $ 576,836 3.62 % Credit facility payable $ 83,800 3.21 % $ 31,000 2.26 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 693,321 3.63 % $ 607,836 3.55 % Add: Unamortized mortgage premiums 2,316 3,080 Less: Unamortized debt issuance costs (4,172 ) (4,891 ) Total debt $ 691,465 $ 606,025 |
Schedule of Principal Payments and Maturities of Company's Debt | As of December 31, 2017, scheduled principal payments and maturities on the Company’s debt were as follows: December 31, 2017 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2018 $ 221 $ 15,260 $ — $ 15,481 2019 215 152,450 83,800 236,465 2020 897 — — 897 2021 1,531 82,740 — 84,271 2022 615 126,017 — 126,632 Thereafter 962 228,613 — 229,575 Total $ 4,441 $ 605,080 $ 83,800 $ 693,321 |
Summary of Interest Rate Swap Contracts Outstanding | The following table summarizes the Company’s interest rate swap contracts outstanding as of December 31, 2017. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value December 2017 Assets June 27, 2014 July 1, 2014 July 1, 2019 1.85 % $ 24,352 $ 9 February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 19 April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 723 July 8, 2015 August 1, 2015 May 22, 2019 1.43 % 1,426 8 September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 137 October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 201 January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 733 June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 1,648 July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 2,147 August 29, 2016 October 21, 2016 December 15, 2019 1.07 % 10,836 184 April 27, 2017 April 26, 2017 April 26, 2022 1.91 % 24,480 202 June 5, 2017 May 31, 2017 May 15, 2022 1.90 % 14,700 125 $ 287,338 $ 6,136 Liabilities March 28, 2014 March 1, 2015 March 28, 2019 2.22 % $ 5,525 $ (27 ) May 8, 2014 May 5, 2015 May 7, 2019 2.10 % 14,200 (49 ) May 23, 2014 May 1, 2015 May 22, 2019 2.00 % 8,484 (17 ) June 6, 2014 June 1, 2015 May 8, 2019 2.15 % 11,684 (48 ) June 26, 2014 July 5, 2015 July 5, 2019 2.11 % 20,725 (74 ) July 31, 2014 July 31, 2014 July 31, 2019 1.94 % 9,561 (8 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (117 ) $ 96,179 $ (340 ) (a) Receive floating rate index based upon one month LIBOR. At December 31, 2017, the one month LIBOR equaled 1.56%. |
Schedule of Derivative Financial Instruments on Consolidated Statements of Operations and Other Comprehensive Loss | The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2017, 2016 and 2015. Year Ended December 31, Derivatives in Cash Flow Hedging Relationships: 2017 2016 2015 Effective portion of derivatives $ 1,043 $ 1,861 $ (4,612 ) Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 2,405 $ 4,038 $ 2,546 Ineffective portion of derivatives $ 7 $ 233 $ 365 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 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, 2015 — — $ — $ — Granted 1,330 460 40 40 Vested — — — — Converted — — — — Forfeited — — — — Outstanding at December 31, 2016 1,330 460 40 40 Granted 1,657 600 51 51 Vested (444 ) (156 ) (13 ) (13 ) Converted — — — — Forfeited — — — — Outstanding at December 31, 2017 2,543 904 $ 78 $ 78 |
Income Tax and Distributions (T
Income Tax and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax And Distributions [Abstract] | |
Schedule of Distributions Paid and Declared | The table below presents the distributions paid and declared for the years ended December 31, 2017, 2016 and 2015. December 31, 2017 2016 2015 Distributions paid $ 53,315 $ 52,358 $ 42,537 Distributions declared $ 53,364 $ 52,449 $ 44,908 |
Declared Monthly Distribution to its Common Stockholders | The following table sets forth the taxability of distributions on common shares, on a per share basis, paid in 2017, 2016 and 2015 2017 2016 2015 (a) Ordinary income $ 0.29 $ 0.29 $ 0.50 Nontaxable return of capital $ 1.21 $ 1.21 $ 1.18 (a) On February 19, 2015, the Company paid an aggregate special distribution of $3,283 to stockholders of record as of January 30, 2015. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2017 and 2016. December 31, 2017 2016 Earnout liability-beginning of period $ 6,856 $ 18,871 Increases: Acquisitions — — Amortization expense 35 531 Decreases: Earnout payments (6,415 ) (9,067 ) Other: Adjustments to acquisition related costs 574 (3,479 ) Earnout liability – end of period $ 1,050 $ 6,856 |
Transactions with Related Par33
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the Company’s related party transactions for the years ended December 31, . Year ended December 31, Unpaid amounts as of 2017 2016 2015 December 31, 2017 December 31, 2016 General and administrative reimbursements (a) $ 1,608 $ 1,975 $ 1,367 $ 203 $ 274 Affiliate share purchase discounts (b) — — 28 — — Total general and administrative expenses $ 1,608 $ 1,975 $ 1,395 $ 203 $ 274 Acquisition related costs $ 274 $ 409 $ 1,388 $ — $ 88 Acquisition fees 1,266 1,327 9,580 51 — Total acquisition costs and fees (c) $ 1,540 $ 1,736 $ 10,968 $ 51 $ 88 Real estate management fees $ 4,800 $ 4,473 $ 2,762 $ — $ — Construction management fees 113 121 135 35 53 Leasing fees 214 168 40 51 89 Total real estate management related costs (d) $ 5,127 $ 4,762 $ 2,937 $ 86 $ 142 Offering costs (e) $ — $ — $ 41,180 $ — $ — Business management fees (f) $ 9,196 $ 8,580 $ 5,501 $ 2,325 $ 2,159 Sponsor contribution (g) $ — $ — $ 3,283 $ — $ — (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (b) The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enabled the related parties to purchase shares of common stock at $22.50 per share in the Offering. The Company sold 11,252 shares to related parties during the year ended December 31, 2015. (c) The Company pays the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, regardless of whether the Company acquires the real estate assets. Of the $1,540 related party acquisition costs incurred during the year ended December 31, 2017, $1,260 are capitalized as the acquisition of net investment properties in the accompanying consolidated balance sheets, $134 are capitalized as investment in unconsolidated entities in the accompanying consolidated balance sheets, and $146 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. Of the $1,736 related party acquisition costs incurred during the year ended December 31, 2016, $74 are capitalized as the acquisition of net investment properties in the accompanying consolidated balance sheets, and $1,662 of such costs are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. For the year ended December 31, 2015, all expenses are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. For the year ended December 31, 2015, the Business Manager permanently waived acquisition fees of $2,510. No acquisition fees were waived for 2017 or 2016. (d) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”) (and its predecessor), the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the 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. (e) A related party of the Business Manager received selling commissions equal to 7.0% of the sale price for each share sold and a marketing contribution equal to 3.0% of the gross offering proceeds from shares sold in the Offering, the majority of which was re-allowed (paid) to third party soliciting dealers. The Company also reimbursed a related party of the Business Manager and the third party soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds. The Company reimbursed the Sponsor, its affiliates and third parties for costs and other expenses of the Offering that they paid on the Company’s behalf, in an amount not to exceed 1.5% of the gross offering proceeds from shares sold in the Offering. The Company does not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the DRP. Offering costs are offset against the stockholders’ equity accounts. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (f) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets”. The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. (g) During the year ended December 31, 2015, the Sponsor contributed $3,283 to the Company. The Sponsor has not received, and will not receive, any additional shares of the Company’s common stock for making this contribution. There is no assurance that the Sponsor will continue to contribute any additional monies. |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 Minimum Payments 2018 $ 92,365 2019 85,756 2020 79,083 2021 73,330 2022 63,477 Thereafter 236,458 Total $ 630,469 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measures at Fair Value on a Recurring Basis | For assets and liabilities measured at fair value on a recurring basis, the table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of December 31, 2017 and 2016, respectively. Fair Value Level 1 Level 2 Level 3 Total December 31, 2017 Interest rate swap agreements - Other assets $ — $ 6,136 $ — $ 6,136 Interest rate swap agreements - Other liabilities $ — $ 340 $ — $ 340 December 31, 2016 Interest rate swap agreements - Other assets $ — $ 4,250 $ — $ 4,250 Interest rate swap agreements - Other liabilities $ — $ 1,909 $ — $ 1,909 |
Schedule of Assets Measured at Fair Value on a Non-Recurring Basis | The table below presents activity for the Company’s assets measured at fair value on a non-recurring basis. The Company recognized an impairment charge to reflect an investment at its estimated fair value for the year ended December 31, 2017, which is included in provision for impairment of investment property on the accompanying consolidated statements of operations and comprehensive loss. Fair Value Level 1 Level 2 Level 3 Total Total Impairment Loss Investment property $ — $ — $ 5,557 $ 5,557 $ 8,530 Total $ — $ — $ 5,557 $ 5,557 $ 8,530 |
Quarterly Supplemental Financ36
Quarterly Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes To Financial Statements [Abstract] | |
Quarterly supplemental financial information - unaudited | The following represents the results of operations, for each quarterly period, during 2017 and 2016. 2017 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 32,529 $ 32,110 $ 32,911 $ 31,607 Net loss $ (10,811 ) $ (2,856 ) $ (3,631 ) $ (1,804 ) Net loss per common share, basic and diluted (1) $ (0.30 ) $ (0.08 ) $ (0.10 ) $ (0.05 ) Weighted average number of common shares outstanding, basic and diluted (1) 35,615,539 35,657,535 35,580,556 35,428,360 2016 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 30,921 $ 30,903 $ 30,295 $ 29,379 Net loss $ (459 ) $ (961 ) $ (2,300 ) $ (4,241 ) Net loss per common share, basic and diluted (1) $ (0.01 ) $ (0.03 ) $ (0.07 ) $ (0.12 ) Weighted average number of common shares outstanding, basic and diluted (1) 35,255,079 35,074,161 34,867,650 34,654,004 (1) Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding. |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | Jan. 16, 2018 | Dec. 31, 2017ft²PropertyState |
Organization [Line Items] | ||
Number of retail properties owned | Property | 59 | |
Square footage of real estate properties owned | ft² | 6,860,923 | |
Number of states in which company owns real estate properties | State | 24 | |
Weighted average physical occupancy rate of property portfolio | 93.90% | |
Weighted average economic occupancy rate of property portfolio | 94.80% | |
Description of reverse stock split | On January 16, 2018, the Company effected a 1-for-2.5 reverse stock split of its issued and outstanding common stock whereby every 2.5 shares of issued and outstanding common stock were converted into one share of its common stock (the “Reverse Stock Split”). In accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), all share information presented has been retroactively adjusted to reflect the Reverse Stock Split. | |
Subsequent Event [Member] | ||
Organization [Line Items] | ||
Reverse stock, split ratio | 0.4 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Impairment charges | $ 8,530,000 | $ 0 | $ 0 |
Depreciation expense | 39,497,000 | 35,086,000 | 21,309,000 |
Deferred costs, net | 1,317,000 | $ 683,000 | |
Other Assets [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Restricted cash | $ 4,940,000 | ||
Accounting Standards Update 2015-03 | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Deferred costs, net | $ 4,467,000 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives of Assets ) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Building and other improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 30 years |
Site improvements [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Site improvements [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 15 years |
Furniture, fixtures and equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Furniture, fixtures and equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 15 years |
Tenant Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives, description | Shorter of the life of the asset or the term of the related lease |
Leasing fees [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives, description | Term of the related lease |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | Oct. 16, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 30, 2017 | Mar. 29, 2017 | Apr. 07, 2016 | Oct. 19, 2015 |
Equity [Line Items] | ||||||||
Common stock, shares issued | 33,534,022 | 35,498,444 | 35,262,283 | |||||
Proceeds from offering | $ 834,399 | $ 422,959,000 | ||||||
Estimated per share net asset value | $ 22.63 | $ 22.55 | ||||||
Price of each common share prior to reverse stock split | $ 9.05 | $ 9.02 | ||||||
Distribution reinvested | $ 27,069,000 | $ 27,831,000 | 20,828,000 | |||||
Stock repurchase program, amount | 21,066,000 | 9,724,000 | 3,810,000 | |||||
Other liabilities | $ 11,744,000 | 12,330,000 | ||||||
Repurchase of Shares Owned for One Year [Member] | ||||||||
Equity [Line Items] | ||||||||
Percentage of share price on repurchase of shares | 92.50% | |||||||
Repurchase of Shares Owned for Four Years [Member] | ||||||||
Equity [Line Items] | ||||||||
Percentage of share price on repurchase of shares | 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% | |||||||
Stock Repurchase Program [Member] | ||||||||
Equity [Line Items] | ||||||||
Other liabilities | $ 2,530,000 | 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] | ||||||||
Common stock, shares issued | 25,000,000 | |||||||
Estimated per share net asset value | $ 22.63 | |||||||
Price of each common share prior to reverse stock split | $ 9.05 | |||||||
Distribution reinvested | $ 27,069,000 | $ 27,831,000 | $ 20,828,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | |||||||||||
Number of properties acquired during period | Property | 3 | ||||||||||
Acquisition cost and fees | $ 2,213,000 | $ 510,000 | |||||||||
Capitalized acquisition costs and fees in net investment properties | 1,459,000 | ||||||||||
Acquisition related costs in adjustment to deferred investment property | 574,000 | (2,066,000) | |||||||||
Acquisition and dead deal costs excluding deferred investment property incurred during the period | 180,000 | ||||||||||
Borrowing of mortgage debt at acquisition | $ 58,026,000 | ||||||||||
Acquisition related costs incurred during the period | 754,000 | (1,556,000) | 13,903,000 | ||||||||
Value of acquisition fees waived by business manager during period | 0 | 0 | 2,510,000 | ||||||||
Total income | $ 32,529,000 | $ 32,110,000 | $ 32,911,000 | $ 31,607,000 | $ 30,921,000 | $ 30,903,000 | $ 30,295,000 | $ 29,379,000 | 129,157,000 | 121,498,000 | 76,542,000 |
Net income (loss) | $ (10,811,000) | $ (2,856,000) | $ (3,631,000) | $ (1,804,000) | $ (459,000) | $ (961,000) | $ (2,300,000) | $ (4,241,000) | (19,102,000) | $ (7,961,000) | $ (13,436,000) |
Coastal North Town Center [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of properties acquired during period | Property | 2 | ||||||||||
Borrowing of mortgage debt at acquisition | $ 43,680,000 | ||||||||||
2017 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total income | 5,202,000 | ||||||||||
Net income (loss) | $ 325,000 | ||||||||||
2016 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total income | 4,218,000 | ||||||||||
Net income (loss) | $ 269,000 |
Acquisitions (Purchased Propert
Acquisitions (Purchased Properties from Unaffiliated Third Parties) (Details) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Jul. 14, 2017USD ($)ft² | Apr. 03, 2017USD ($)ft² | Jan. 27, 2017USD ($)ft² | Apr. 22, 2016USD ($)ft² | |||
Business Acquisition [Line Items] | ||||||||
Property acquisition, Square Footage | ft² | 6,860,923 | |||||||
Property acquisition, Purchase Price | $ | $ 69,953 | $ 79,034 | [1] | |||||
Wilson Marketplace [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property acquisition, Date Acquired | Jan. 27, 2017 | |||||||
Property Name | [2] | 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 | $ | [3] | $ 40,783 | ||||||
Pentucket Shopping Center [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property acquisition, Date Acquired | Apr. 3, 2017 | |||||||
Property Name | [2] | Pentucket Shopping Center | ||||||
Property acquisition, Location | Plaistow, NH | |||||||
Property acquisition, Property Type | Multi-Tenant Retail | |||||||
Property acquisition, Square Footage | ft² | 198,469 | |||||||
Property acquisition, Purchase Price | $ | [3] | $ 24,100 | ||||||
Wilson Marketplace, Pentucket Shopping Center and Coastal North Town Center Phase II [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property acquisition, Square Footage | ft² | 516,087 | |||||||
Property acquisition, Purchase Price | $ | [3] | $ 68,599 | ||||||
Coastal North Town Center Phase II [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property acquisition, Date Acquired | Jul. 14, 2017 | |||||||
Property Name | Coastal North Town Center - Phase II | |||||||
Property acquisition, Location | Myrtle Beach, SC | |||||||
Property acquisition, Property Type | Retail | |||||||
Property acquisition, Square Footage | ft² | 6,588 | |||||||
Property acquisition, Purchase Price | $ | [3] | $ 3,716 | ||||||
Coastal North Town Center [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property acquisition, Date Acquired | Apr. 22, 2016 | |||||||
Property Name | Coastal North Town Center | |||||||
Property acquisition, Location | Myrtle Beach, SC | |||||||
Property acquisition, Property Type | Multi-Tenant Retail | |||||||
Property acquisition, Square Footage | ft² | 304,662 | |||||||
Property acquisition, Purchase Price | $ | $ 72,811 | |||||||
Oquirrh Mountain Marketplace Phase I I [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property acquisition, Date Acquired | Apr. 22, 2016 | |||||||
Property Name | Oquirrh Mountain Marketplace Phase II | |||||||
Property acquisition, Location | South Jordan, UT | |||||||
Property acquisition, Property Type | Multi-Tenant Retail | |||||||
Property acquisition, Square Footage | ft² | 10,150 | |||||||
Property acquisition, Purchase Price | $ | $ 4,329 | |||||||
Coastal North Town Center and Oquirrh Mountain Market Phase II [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property acquisition, Square Footage | ft² | 314,812 | |||||||
Property acquisition, Purchase Price | $ | $ 77,140 | |||||||
[1] | Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. | |||||||
[2] | Subsequent to the acquisition date, first mortgages were placed on the properties. | |||||||
[3] | Contractual purchase price excluding closing credits. |
Acquisitions (Schedule of Major
Acquisitions (Schedule of Major Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | [1] |
Business Combinations [Abstract] | |||
Land | $ 17,513 | $ 15,128 | |
Building and improvements | 41,793 | 53,849 | |
Acquired lease intangible assets, net | 15,385 | 13,848 | |
Acquired intangible liabilities, net | (4,589) | (3,432) | |
Assumed liabilities, net | (149) | (359) | |
Total | $ 69,953 | $ 79,034 | |
[1] | Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. |
Acquisitions (Schedule of Maj44
Acquisitions (Schedule of Major Assets Acquired and Liabilities Assumed) (Parenthetical) (Details) $ in Thousands | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($)ft² | |
Business Acquisition [Line Items] | |||
Property acquisition, Purchase Price | $ | $ 69,953 | $ 79,034 | [1] |
Property acquisition, Square Footage | ft² | 6,860,923 | ||
Oquirrh Mountain Marketplace [Member] | |||
Business Acquisition [Line Items] | |||
Property acquisition, Purchase Price | $ | $ 1,720 | ||
Property acquisition, Square Footage | ft² | 4,200 | ||
Park Avenue Shopping Center [Member] | |||
Business Acquisition [Line Items] | |||
Property acquisition, Purchase Price | $ | $ 533 | ||
Property acquisition, Square Footage | ft² | 1,766 | ||
[1] | Total for the year ended December 31, 2016 includes $1,720 for 4,200 square feet acquired at Oquirrh Mountain Marketplace and $533 for 1,766 square feet at Park Avenue Shopping Center. |
Schedule of Unconsolidated Join
Schedule of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Equity Method Investments [Line Items] | |||
Investment in unconsolidated entities | $ 7,125 | $ 126 | |
Mainstreet Texas Development Fund, LLC ("Mainstreet JV") [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Company's Profit/Loss Allocation | [1] | 83.00% | |
Remaining Commitment | [1] | $ 1,783 | |
Investment in unconsolidated entities | [1] | $ 7,125 | |
Oak Property Casualty, LLC ("Captive") [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Investment in unconsolidated entities | [2] | $ 126 | |
[1] | In August 2017, the Company, through a wholly owned taxable REIT subsidiary, made an equity commitment to Mainstreet JV in order to develop, construct, lease, finance and sell parcels of land and related building improvements including personal property which are to be operated as rapid recovery healthcare facilities located in Beaumont, Amarillo and Temple, Texas. The investment balance includes capitalized acquisition, interest and legal costs of $157. | ||
[2] | The Company was a member of a limited liability company formed as an insurance association captive, which was owned by the Company, IRC Retail Centers LLC, InvenTrust Properties Corp. and Retail Properties of America, Inc. See Note 13 – “Transactions with Related Parties.” |
Schedule of Unconsolidated Jo46
Schedule of Unconsolidated Joint Ventures (Parenthetical) (Details) $ in Thousands | Aug. 31, 2017USD ($) |
Mainstreet Texas Development Fund, LLC ("Mainstreet JV") [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Investment balance includes capitalized acquisition, interest and legal costs | $ 157 |
Schedule of Intangible Assets a
Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Intangible assets: | ||
Accumulated amortization | $ (72,348) | $ (46,750) |
Acquired lease intangibles, net | 138,658 | 150,108 |
Intangible liabilities: | ||
Acquired below market lease value | 71,551 | 66,962 |
Above market ground lease | 5,169 | 5,169 |
Accumulated amortization | (14,450) | (8,657) |
Acquired below market lease intangibles, net | 62,270 | 63,474 |
Acquired in-place lease value [Member] | ||
Intangible assets: | ||
Acquired intangible assets | 165,182 | 159,679 |
Acquired lease intangibles, net | 104,298 | |
Acquired above market lease value [Member] | ||
Intangible assets: | ||
Acquired intangible assets | 45,824 | $ 37,179 |
Acquired lease intangibles, net | $ 34,360 |
Acquired Intangible Assets an48
Acquired Intangible Assets and Liabilities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Acquired in-place lease value [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 10 years |
Acquired above market lease value [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 14 years |
Acquired below market lease value [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 19 years |
Acquired Above market ground lease [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 55 years |
Schedule of Amortization Pertai
Schedule of Amortization Pertaining to Acquired in Place Lease Value, Above Market Ground Lease, Above Market Lease Value and Below Market Lease Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a (reduction) increase to rental income | $ 1,321 | $ 718 | $ 652 |
Acquired in-place lease value [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as amortization expense | 22,104 | 24,174 | 13,170 |
Above market ground lease [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a reduction to property operating expense | 94 | 94 | 24 |
Acquired above market lease value [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a (reduction) increase to rental income | (4,379) | (4,341) | (2,334) |
Acquired below market lease value [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a (reduction) increase to rental income | $ 5,700 | $ 5,059 | $ 2,986 |
Schedule of Estimated Amortizat
Schedule of Estimated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Future amortization for acquired in-place and above market lease assets: | ||
Acquired lease intangibles, net | $ 138,658 | $ 150,108 |
Future amortization for below market lease liabilities: | ||
2018 (remainder of year) | (4,470) | |
2,019 | (4,325) | |
2,020 | (4,104) | |
2,021 | (3,917) | |
2,022 | (3,657) | |
Thereafter | (36,838) | |
Total | (57,311) | |
Future amortization for above market ground lease liabilities: | ||
2018 (remainder of year) | (94) | |
2,019 | (94) | |
2,020 | (94) | |
2,021 | (94) | |
2,022 | (94) | |
Thereafter | (4,489) | |
Total | (4,959) | |
Acquired in-place lease value [Member] | ||
Future amortization for acquired in-place and above market lease assets: | ||
2018 (remainder of year) | 18,995 | |
2,019 | 17,031 | |
2,020 | 14,012 | |
2,021 | 11,475 | |
2,022 | 8,830 | |
Thereafter | 33,955 | |
Acquired lease intangibles, net | 104,298 | |
Acquired above market lease value [Member] | ||
Future amortization for acquired in-place and above market lease assets: | ||
2018 (remainder of year) | 3,794 | |
2,019 | 3,430 | |
2,020 | 3,091 | |
2,021 | 3,021 | |
2,022 | 2,715 | |
Thereafter | 18,309 | |
Acquired lease intangibles, net | $ 34,360 |
Debt and Derivative Instrumen51
Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 609,521 | $ 576,836 |
Credit facility payable | 83,800 | 31,000 |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps | 693,321 | 607,836 |
Add: Unamortized mortgage premiums | 2,316 | 3,080 |
Less: Unamortized debt issuance costs | (4,172) | (4,891) |
Total debt | $ 691,465 | $ 606,025 |
Mortgages Payable, Weighted Average Interest Rate | 3.69% | 3.62% |
Credit Facilities Payable, Weighted Average Interest Rate | 3.21% | 2.26% |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps, Weighted Average Interest Rate | 3.63% | 3.55% |
Fixed rate mortgages payable [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 171,851 | $ 178,345 |
Mortgages Payable, Weighted Average Interest Rate | 4.25% | 4.31% |
Variable rate mortgages payable with swap agreements [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 383,517 | $ 354,488 |
Mortgages Payable, Weighted Average Interest Rate | 3.49% | 3.42% |
Variable rate mortgages payable [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 54,153 | $ 44,003 |
Mortgages Payable, Weighted Average Interest Rate | 3.26% | 2.50% |
Debt and Derivative Instrumen52
Debt and Derivative Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Indebtedness includes effects of interest rate swap, weighted average interest rate | 3.63% | |
Carrying value of debt | $ 693,321,000 | $ 607,836,000 |
Estimated fair value of debt | 684,621,000 | $ 595,404,000 |
Amount expected to be reclassified from accumulated other comprehensive income into income in the next twelve months | $ (124,000) | |
Mortgages Payable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Years to Maturity | 4 years 2 months 12 days | |
Mortgages payable, covenant compliance | the Company was current on all of the payments and in compliance with all financial covenants. | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of debt | $ 83,800,000 | |
Credit facility, maximum borrowing capacity | 110,000,000 | |
Line of credit accordion feature to increase available borrowings | $ 400,000,000 | |
Credit facility, maturity date | Sep. 30, 2019 | |
Credit facility, interest rate | 3.21% | |
Credit facility available for borrowing | $ 26,200,000 |
Debt and Derivative Instrumen53
Debt and Derivative Instruments (Schedule of Principal Payments and Maturities of Company's Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
2,018 | $ 15,481 | |
2,019 | 236,465 | |
2,020 | 897 | |
2,021 | 84,271 | |
2,022 | 126,632 | |
Thereafter | 229,575 | |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps | 693,321 | $ 607,836 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 83,800 | |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps | 83,800 | |
Scheduled Principal Payments [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 221 | |
2,019 | 215 | |
2,020 | 897 | |
2,021 | 1,531 | |
2,022 | 615 | |
Thereafter | 962 | |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps | 4,441 | |
Maturities of Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 15,260 | |
2,019 | 152,450 | |
2,021 | 82,740 | |
2,022 | 126,017 | |
Thereafter | 228,613 | |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps | $ 605,080 |
Debt and Derivative Instrumen54
Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | ||
Derivative [Line Items] | ||
Derivative instrument, notional amount | $ 287,338 | |
Fair value of derivative assets measured on recurring basis | 6,136 | |
Derivative instrument, notional amount | 96,179 | |
Fair value of derivative liabilities measured on recurring basis | $ (340) | |
Interest Rate Swap One [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 assets measured on recurring basis | $ 9 | |
Interest Rate Swap Two [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 assets measured on recurring basis | $ 19 | |
Interest Rate Swap Three [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 | $ 723 | |
Interest Rate Swap Four [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 | $ 8 | |
Interest Rate Swap Five [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 | $ 137 | |
Interest Rate Swap Six [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 | $ 201 | |
Interest Rate Swap Seven [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 | $ 733 | |
Interest Rate Swap Eight [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 | $ 1,648 | |
Interest Rate Swap Nine [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 | $ 2,147 | |
Interest Rate Swap Ten [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 | $ 10,836 | |
Fair value of derivative assets measured on recurring basis | $ 184 | |
Interest Rate Swap Eleven [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Apr. 27, 2017 | |
Derivative instrument, effective date | Apr. 26, 2017 | |
Derivative instrument, maturity date | Apr. 26, 2022 | |
Derivative instrument, pay fixed interest rate | 1.91% | [1] |
Derivative instrument, notional amount | $ 24,480 | |
Fair value of derivative assets measured on recurring basis | $ 202 | |
Interest Rate Swap Twelve [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Jun. 5, 2017 | |
Derivative instrument, effective date | May 31, 2017 | |
Derivative instrument, maturity date | May 15, 2022 | |
Derivative instrument, pay fixed interest rate | 1.90% | [1] |
Derivative instrument, notional amount | $ 14,700 | |
Fair value of derivative assets measured on recurring basis | $ 125 | |
Interest Rate Swap Thirteen [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 | $ (27) | |
Interest Rate Swap Fourteen [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 | $ (49) | |
Interest Rate Swap Fifteen [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 | $ (17) | |
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 | $ (48) | |
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 | $ (74) | |
Interest Rate Swap Eighteen [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 | $ (8) | |
Interest Rate Swap Nineteen [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 | $ (117) | |
[1] | Receive floating rate index based upon one month LIBOR. At December 31, 2017, the one month LIBOR equaled 1.56%. |
Debt and Derivative Instrumen55
Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative [Line Items] | |
Derivative instrument, receive floating rate index | one month LIBOR |
LIBOR [Member] | |
Derivative [Line Items] | |
One month floating rate | 1.56% |
Debt and Derivative Instrumen56
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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion of derivatives | $ 1,043 | $ 1,861 | $ (4,612) |
Reclassification adjustment for amounts included in net gain or loss (effective portion) | 2,405 | 4,038 | 2,546 |
Ineffective portion of derivatives | $ 7 | $ 233 | $ 365 |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | Oct. 02, 2017 | Jun. 13, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation vesting percentage | 33.33% | 33.33% | ||
Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation shares issued | 331 | 1,326 | ||
Unrecognized compensation expense of unvested share-based awards | $ 44 | $ 26 | ||
Weighted average remaining period unrecognized compensation expense related to non-vested | 1 year 6 months | |||
Common stock shares issued upon vesting | 1 | |||
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] | ||||
Share-based compensation shares issued | 110 | 442 | ||
Unrecognized compensation expense of unvested share-based awards | $ 44 | 26 | ||
Weighted average remaining period unrecognized compensation expense related to non-vested | 1 year 6 months | |||
Common stock shares issued upon vesting | 1 | |||
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 | $ 33 | 14 | ||
Non-Employee Directors [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 33 | $ 14 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of the Restricted Shares and Restricted Share Units) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Weighted Average Grant Date Fair Value | $ 40 | |
Granted, Weighted Average Grant Date Fair Value | 51 | $ 40 |
Vested, Weighted Average Grant Date Fair Value | (13) | |
Outstanding, Weighted Average Grant Date Fair Value | 78 | 40 |
Outstanding, Aggregate Intrinsic Value | 40 | |
Granted, Aggregate Intrinsic Value | 51 | 40 |
Vested, Aggregate Intrinsic Value | (13) | |
Outstanding, Aggregate Intrinsic Value | $ 78 | $ 40 |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Shares | 1,330 | |
Granted, Shares | 1,657 | 1,330 |
Vested, Shares | (444) | |
Outstanding, Shares | 2,543 | 1,330 |
Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Shares | 460 | |
Granted, Shares | 600 | 460 |
Vested, Shares | (156) | |
Outstanding, Shares | 904 | 460 |
Income Tax and Distributions (N
Income Tax and Distributions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax And Distributions [Line Items] | |||
Daily amount per share of distributions | $ 0.00410959 | $ 0.00409836 | $ 0.00410959 |
Taxable income (loss) | $ 10,045 | $ 9,890 | $ 13,123 |
Minimum [Member] | |||
Income Tax And Distributions [Line Items] | |||
Percentage of adjusted REIT taxable income require to distribute among shareholders | 90.00% |
Income Tax and Distributions (S
Income Tax and Distributions (Schedule of Distributions Paid and Declared) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax And Distributions [Abstract] | |||
Distributions paid | $ 53,315 | $ 52,358 | $ 42,537 |
Distributions declared | $ 53,364 | $ 52,449 | $ 44,908 |
Income Tax and Distributions -
Income Tax and Distributions - (Schedule of Taxability of Distributions on Common Shares) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | [1] | |
Income Tax And Distributions [Abstract] | ||||
Ordinary income | $ 0.29 | $ 0.29 | $ 0.50 | |
Nontaxable return of capital | $ 1.21 | $ 1.21 | $ 1.18 | |
[1] | On February 19, 2015, the Company paid an aggregate special distribution of $3,283 to stockholders of record as of January 30, 2015. |
Income Tax and Distributions 62
Income Tax and Distributions - (Schedule of Taxability of Distributions on Common Shares) (Parenthetical) (Details) $ in Thousands | Feb. 19, 2015USD ($) |
Income Tax And Distributions [Abstract] | |
Special distribution | $ 3,283 |
Earnings (Loss) per Share (Deta
Earnings (Loss) per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Additional shares excluded from the computation of diluted earnings per share | 1,507 | 1,214 | |
Dilutive common share equivalents outstanding | 0 |
Commitments and Contingencies64
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Other Commitments [Line Items] | |
The maximum potential earnout payment for acquisitions made during period | $ 2,040,000 |
Mezzanine Loans [Member] | Mainstreet JV [Member] | |
Other Commitments [Line Items] | |
Aggregate amount committed to provide in joint venture loan agreement | $ 5,400,000 |
Term of joint venture loan agreement | 48 months |
Interest rate on joint venture loan amount | 14.50% |
Periodic interest receivable, pay rate | 10.00% |
Frequency of periodic payments of interest on joint venture loan | monthly |
Amount loaned under joint venture agreement | $ 0 |
Commitments and Contingencies65
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Earnout liability-beginning of period | $ 6,856 | $ 18,871 |
Increases: | ||
Amortization expense | 35 | 531 |
Decreases: | ||
Earnout payments | (6,415) | (9,067) |
Other: | ||
Adjustments to acquisition related costs | 574 | (3,479) |
Earnout liability – end of period | $ 1,050 | $ 6,856 |
Segment Reporting (Details)
Segment Reporting (Details) - Segment | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||
Number of reportable segments | 1 | 1 | 1 |
Transactions with Related Par67
Transactions with Related Parties (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Related Party Transaction [Line Items] | ||||
Return of original capital investment | $ 100,000 | |||
Earnings from limited partnership investments | 21,000 | |||
Return of original capital investment income (loss) | 21,000 | $ 252,000 | $ (118,000) | |
Liability for additional proportional costs associated with termination of partnership | $ 0 | |||
Number of common stock shares owned in related party | 1,000 | 1,000 | 1,000 | |
Value of common stock shares owned in related party | $ 1,000 | $ 1,000 | $ 1,000 | |
Price per share of common stock sold to related parties during period | $ 22.50 | |||
Common stock shares sold to related party during period | 11,252 | |||
Asset acquisition fee to contract purchase price, percentage | 1.50% | |||
Acquisition related costs | $ 754,000 | (1,556,000) | $ 13,903,000 | |
Total acquisition fees waived by business manager during period | $ 0 | 0 | 2,510,000 | |
Selling commissions per price of each share sold, percentage | 7.00% | |||
Marketing contribution to gross offering proceeds, percentage | 3.00% | |||
Annual business management fee to its average invested assets, percentage | 0.65% | |||
Quarterly payable business management fee to its average invested assets, percentage | 0.1625% | |||
Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Out-of-pocket itemized and detailed expenses reimbursed, percentage | 0.50% | |||
Costs and other expenses reimbursed to Sponsor, percentage | 1.50% | |||
Acquisition Related Costs and Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total acquisition cost | [1] | $ 1,540,000 | 1,736,000 | 10,968,000 |
Acquisition costs capitalized | 1,260,000 | 74,000 | ||
Acquisition costs capitalized as investment in unconsolidated entities | 134,000 | |||
Acquisition related costs | $ 146,000 | $ 1,662,000 | ||
Monthly Real Estate Management Fee Of Single Tenant Property [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property management fee, percentage | 1.90% | |||
Monthly Real Estate Management Fee Of Any Other Property [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property management fee, percentage | 3.90% | |||
Sponsor Contribution [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total acquisition cost | [2] | $ 3,283,000 | ||
[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 $1,540 related party acquisition costs incurred during the year ended December 31, 2017, $1,260 are capitalized as the acquisition of net investment properties in the accompanying consolidated balance sheets, $134 are capitalized as investment in unconsolidated entities in the accompanying consolidated balance sheets, and $146 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. Of the $1,736 related party acquisition costs incurred during the year ended December 31, 2016, $74 are capitalized as the acquisition of net investment properties in the accompanying consolidated balance sheets, and $1,662 of such costs are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. For the year ended December 31, 2015, all expenses are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. For the year ended December 31, 2015, the Business Manager permanently waived acquisition fees of $2,510. No acquisition fees were waived for 2017 or 2016. | |||
[2] | During the year ended December 31, 2015, the Sponsor contributed $3,283 to the Company. The Sponsor has not received, and will not receive, any additional shares of the Company’s common stock for making this contribution. There is no assurance that the Sponsor will continue to contribute any additional monies. |
Transactions with Related Par68
Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | [1] | $ 5,127 | $ 4,762 | $ 2,937 |
Due to related parties | 2,665 | 2,663 | ||
General and Administrative Reimbursements [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses incurred with related party | [2] | 1,608 | 1,975 | 1,367 |
Due to related parties | [2] | 203 | 274 | |
Affiliate Share Purchase Discounts [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses incurred with related party | [3] | 28 | ||
Total General and Administrative Expenses [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses incurred with related party | 1,608 | 1,975 | 1,395 | |
Due to related parties | 203 | 274 | ||
Acquisition Related Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [4] | 274 | 409 | 1,388 |
Acquisition related costs | 88 | |||
Acquisition Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [4] | 1,266 | 1,327 | 9,580 |
Acquisition related costs | 51 | |||
Acquisition Related Costs and Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [4] | 1,540 | 1,736 | 10,968 |
Acquisition related costs | [4] | 51 | 88 | |
Real Estate Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 4,800 | 4,473 | 2,762 | |
Construction Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 113 | 121 | 135 | |
Due to related parties | 35 | 53 | ||
Leasing fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 214 | 168 | 40 | |
Due to related parties | 51 | 89 | ||
Offering Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [5] | 41,180 | ||
Business Management Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [6] | 9,196 | 8,580 | 5,501 |
Due to related parties | [6] | 2,325 | 2,159 | |
Sponsor Contribution [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [7] | $ 3,283 | ||
Real Estate Management Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to related parties | [1] | $ 86 | $ 142 | |
[1] | For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”) (and its predecessor), the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the 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 and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. | |||
[3] | The Company established a discount stock purchase policy for related parties and related parties of the Business Manager that enabled the related parties to purchase shares of common stock at $22.50 per share in the Offering. The Company sold 11,252 shares to related parties during the year ended December 31, 2015. | |||
[4] | The Company pays the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The Business Manager and its related parties are also reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, regardless of whether the Company acquires the real estate assets. Of the $1,540 related party acquisition costs incurred during the year ended December 31, 2017, $1,260 are capitalized as the acquisition of net investment properties in the accompanying consolidated balance sheets, $134 are capitalized as investment in unconsolidated entities in the accompanying consolidated balance sheets, and $146 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. Of the $1,736 related party acquisition costs incurred during the year ended December 31, 2016, $74 are capitalized as the acquisition of net investment properties in the accompanying consolidated balance sheets, and $1,662 of such costs are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. For the year ended December 31, 2015, all expenses are included in acquisition related costs in the accompanying consolidated statements of operations and comprehensive loss. For the year ended December 31, 2015, the Business Manager permanently waived acquisition fees of $2,510. No acquisition fees were waived for 2017 or 2016. | |||
[5] | A related party of the Business Manager received selling commissions equal to 7.0% of the sale price for each share sold and a marketing contribution equal to 3.0% of the gross offering proceeds from shares sold in the Offering, the majority of which was re-allowed (paid) to third party soliciting dealers. The Company also reimbursed a related party of the Business Manager and the third party soliciting dealers for bona fide, out-of-pocket itemized and detailed due diligence expenses in amounts up to 0.5% of the gross offering proceeds. The Company reimbursed the Sponsor, its affiliates and third parties for costs and other expenses of the Offering that they paid on the Company’s behalf, in an amount not to exceed 1.5% of the gross offering proceeds from shares sold in the Offering. The Company does not pay selling commissions or the marketing contribution or reimburse issuer costs in connection with shares of common stock issued through the DRP. Offering costs are offset against the stockholders’ equity accounts. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. | |||
[6] | The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets”. The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. | |||
[7] | During the year ended December 31, 2015, the Sponsor contributed $3,283 to the Company. The Sponsor has not received, and will not receive, any additional shares of the Company’s common stock for making this contribution. There is no assurance that the Sponsor will continue to contribute any additional monies. |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 92,365 |
2,019 | 85,756 |
2,020 | 79,083 |
2,021 | 73,330 |
2,022 | 63,477 |
Thereafter | 236,458 |
Total | $ 630,469 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Remaining lease terms range description | from less than one year to 19 years. |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Cash Flow Hedges and Classification on Consolidated Balance Sheets) (Details) - Recurring [Member] - Interest Rate Swap Agreements [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Interest rate swap agreements - Other assets | $ 6,136 | $ 4,250 |
Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Interest rate swap agreements - Other liabilities | 340 | 1,909 |
Level 2 [Member] | Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Interest rate swap agreements - Other assets | 6,136 | 4,250 |
Level 2 [Member] | Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Interest rate swap agreements - Other liabilities | $ 340 | $ 1,909 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Impairment charges | $ 8,530,000 | $ 0 | $ 0 |
Capitalization rate | 7.50% | ||
Discount rate | 8.50% | ||
Fair value of investment property based on discounted cash flow model term | 10 years |
Fair Value Measurements (Sche73
Fair Value Measurements (Schedule of Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total Impairment Loss | $ 8,530,000 | $ 0 | $ 0 |
Non-recurring [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investment property | 5,557,000 | ||
Total Impairment Loss | 8,530,000 | ||
Non-recurring [Member] | Investment Property [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investment property | 5,557,000 | ||
Total Impairment Loss | 8,530,000 | ||
Non-recurring [Member] | Level 3 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investment property | 5,557,000 | ||
Non-recurring [Member] | Level 3 [Member] | Investment Property [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investment property | $ 5,557,000 |
Quarterly Supplemental Financ74
Quarterly Supplemental Financial Information - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Total income | $ 32,529 | $ 32,110 | $ 32,911 | $ 31,607 | $ 30,921 | $ 30,903 | $ 30,295 | $ 29,379 | $ 129,157 | $ 121,498 | $ 76,542 | ||||||||
Net loss | $ (10,811) | $ (2,856) | $ (3,631) | $ (1,804) | $ (459) | $ (961) | $ (2,300) | $ (4,241) | $ (19,102) | $ (7,961) | $ (13,436) | ||||||||
Net loss per common share, basic and diluted | $ (0.30) | [1] | $ (0.08) | [1] | $ (0.10) | [1] | $ (0.05) | [1] | $ (0.01) | [1] | $ (0.03) | [1] | $ (0.07) | [1] | $ (0.12) | [1] | $ (0.54) | $ (0.23) | $ (0.48) |
Weighted average number of common shares outstanding, basic and diluted | 35,615,539 | [1] | 35,657,535 | [1] | 35,580,556 | [1] | 35,428,360 | [1] | 35,255,079 | [1] | 35,074,161 | [1] | 34,867,650 | [1] | 34,654,004 | [1] | 35,571,249 | 34,963,827 | 27,737,301 |
[1] | Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding. |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 609,521 | |||||
Initial cost, Land | [1] | 277,229 | ||||
Initial cost, Buildings and Improvements | [1] | 1,003,804 | ||||
Cost Capitalized Subsequent to Acquisitions | 7,884 | |||||
Gross amount carried at end of period, Land | [2],[3] | 277,229 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 1,011,688 | ||||
Gross amount carried at end of period, Total | 1,288,917 | [2],[3] | $ 1,233,231 | $ 1,161,437 | $ 414,463 | |
Accumulated Depreciation | (101,094) | [4] | $ (62,631) | $ (27,545) | $ (6,236) | |
2727 Iowa Street [Member] | Lawrence, KS [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | 2,154 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 16,079 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 49 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 2,154 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 16,128 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 18,282 | ||||
Accumulated Depreciation | [4],[5] | $ (1,520) | ||||
Date Acquired | [5] | 2,015 | ||||
2727 Iowa Street [Member] | Lawrence, KS [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,014 | ||||
Depreciable Lives | [5] | 15 years | ||||
2727 Iowa Street [Member] | Lawrence, KS [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,015 | ||||
Depreciable Lives | [5] | 30 years | ||||
Blossom Valley Plaza [Member] | Turlock, CA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 9,515 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 11,142 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 437 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 9,515 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 11,579 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 21,094 | ||||
Accumulated Depreciation | [4],[5] | $ (966) | ||||
Date Constructed | [5] | 1,988 | ||||
Date Acquired | [5] | 2,015 | ||||
Blossom Valley Plaza [Member] | Turlock, CA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Blossom Valley Plaza [Member] | Turlock, CA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Branson Hills Plaza [Member] | Branson, MO [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1] | $ 3,787 | ||||
Initial cost, Buildings and Improvements | [1] | 6,039 | ||||
Gross amount carried at end of period, Land | [2],[3] | 3,787 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 6,039 | ||||
Gross amount carried at end of period, Total | [2],[3] | 9,826 | ||||
Accumulated Depreciation | [4] | $ (694) | ||||
Date Constructed | 2,005 | |||||
Date Acquired | 2,014 | |||||
Branson Hills Plaza [Member] | Branson, MO [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Branson Hills Plaza [Member] | Branson, MO [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Coastal North Town Center [Member] | Myrtle Beach, SC [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 43,680 | |||||
Initial cost, Land | [1] | 13,725 | ||||
Initial cost, Buildings and Improvements | [1] | 49,673 | ||||
Cost Capitalized Subsequent to Acquisitions | (744) | |||||
Gross amount carried at end of period, Land | [2],[3] | 13,725 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 48,929 | ||||
Gross amount carried at end of period, Total | [2],[3] | 62,654 | ||||
Accumulated Depreciation | [4] | $ (2,982) | ||||
Date Constructed | 2,014 | |||||
Date Acquired | 2,016 | |||||
Coastal North Town Center [Member] | Myrtle Beach, SC [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Coastal North Town Center [Member] | Myrtle Beach, SC [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Coastal North Town Center Phase II [Member] | Myrtle Beach, SC [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1] | $ 365 | ||||
Initial cost, Buildings and Improvements | [1] | 3,034 | ||||
Gross amount carried at end of period, Land | [2],[3] | 365 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 3,034 | ||||
Gross amount carried at end of period, Total | [2],[3] | 3,399 | ||||
Accumulated Depreciation | [4] | $ (54) | ||||
Date Constructed | 2,016 | |||||
Date Acquired | 2,017 | |||||
Coastal North Town Center Phase II [Member] | Myrtle Beach, SC [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Coastal North Town Center Phase II [Member] | Myrtle Beach, SC [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dixie Valley [Member] | Louisville, KY [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 6,798 | |||||
Initial cost, Land | [1] | 2,807 | ||||
Initial cost, Buildings and Improvements | [1] | 9,053 | ||||
Cost Capitalized Subsequent to Acquisitions | 949 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,807 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 10,002 | ||||
Gross amount carried at end of period, Total | [2],[3] | 12,809 | ||||
Accumulated Depreciation | [4] | $ (1,181) | ||||
Date Constructed | 1,988 | |||||
Date Acquired | 2,014 | |||||
Dixie Valley [Member] | Louisville, KY [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dixie Valley [Member] | Louisville, KY [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dogwood Festival [Member] | Flowood, MO [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 24,352 | |||||
Initial cost, Land | [1] | 4,500 | ||||
Initial cost, Buildings and Improvements | [1] | 41,865 | ||||
Cost Capitalized Subsequent to Acquisitions | 1,472 | |||||
Gross amount carried at end of period, Land | [2],[3] | 4,500 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 43,337 | ||||
Gross amount carried at end of period, Total | [2],[3] | 47,837 | ||||
Accumulated Depreciation | [4] | $ (5,654) | ||||
Date Constructed | 2,002 | |||||
Date Acquired | 2,014 | |||||
Dogwood Festival [Member] | Flowood, MO [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 5 years | |||||
Dogwood Festival [Member] | Flowood, MO [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Brooks, GA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 558 | |||||
Initial cost, Land | [1] | 159 | ||||
Initial cost, Buildings and Improvements | [1] | 857 | ||||
Gross amount carried at end of period, Land | [2],[3] | 159 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 857 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,016 | ||||
Accumulated Depreciation | [4] | $ (160) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Brooks, GA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Brooks, GA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Daleville, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 481 | |||||
Initial cost, Land | [1] | 69 | ||||
Initial cost, Buildings and Improvements | [1] | 761 | ||||
Gross amount carried at end of period, Land | [2],[3] | 69 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 761 | ||||
Gross amount carried at end of period, Total | [2],[3] | 830 | ||||
Accumulated Depreciation | [4] | $ (142) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Daleville, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Daleville, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | East Brewton, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 520 | |||||
Initial cost, Land | [1] | 148 | ||||
Initial cost, Buildings and Improvements | [1] | 780 | ||||
Gross amount carried at end of period, Land | [2],[3] | 148 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 780 | ||||
Gross amount carried at end of period, Total | [2],[3] | 928 | ||||
Accumulated Depreciation | [4] | $ (150) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | East Brewton, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | East Brewton, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Madisonville, TN [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 695 | |||||
Initial cost, Land | [1] | 273 | ||||
Initial cost, Buildings and Improvements | [1] | 939 | ||||
Gross amount carried at end of period, Land | [2],[3] | 273 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 939 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,212 | ||||
Accumulated Depreciation | [4] | $ (181) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Madisonville, TN [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Madisonville, TN [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Maryville, TN [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 631 | |||||
Initial cost, Land | [1] | 249 | ||||
Initial cost, Buildings and Improvements | [1] | 841 | ||||
Gross amount carried at end of period, Land | [2],[3] | 249 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 841 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,090 | ||||
Accumulated Depreciation | [4] | $ (157) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Maryville, TN [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Maryville, TN [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Mobile, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 601 | |||||
Initial cost, Land | [1] | 208 | ||||
Initial cost, Buildings and Improvements | [1] | 836 | ||||
Gross amount carried at end of period, Land | [2],[3] | 208 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 836 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,044 | ||||
Accumulated Depreciation | [4] | $ (156) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Mobile, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Mobile, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Newport, TN [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 586 | |||||
Initial cost, Land | [1] | 200 | ||||
Initial cost, Buildings and Improvements | [1] | 818 | ||||
Gross amount carried at end of period, Land | [2],[3] | 200 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 818 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,018 | ||||
Accumulated Depreciation | [4] | $ (149) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Newport, TN [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Newport, TN [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Robertsdale, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 847 | |||||
Initial cost, Land | [1] | 324 | ||||
Initial cost, Buildings and Improvements | [1] | 1,178 | ||||
Gross amount carried at end of period, Land | [2],[3] | 324 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 1,178 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,502 | ||||
Accumulated Depreciation | [4] | $ (226) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Robertsdale, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Robertsdale, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Valley, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 531 | |||||
Initial cost, Land | [1] | 119 | ||||
Initial cost, Buildings and Improvements | [1] | 805 | ||||
Gross amount carried at end of period, Land | [2],[3] | 119 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 805 | ||||
Gross amount carried at end of period, Total | [2],[3] | 924 | ||||
Accumulated Depreciation | [4] | $ (150) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Valley, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Valley, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General [Member] | Wetumpka, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 692 | |||||
Initial cost, Land | [1] | 272 | ||||
Initial cost, Buildings and Improvements | [1] | 939 | ||||
Gross amount carried at end of period, Land | [2],[3] | 272 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 939 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,211 | ||||
Accumulated Depreciation | [4] | $ (181) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General [Member] | Wetumpka, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General [Member] | Wetumpka, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General (Hamilton) [Member] | LaGrange, GA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 621 | |||||
Initial cost, Land | [1] | 100 | ||||
Initial cost, Buildings and Improvements | [1] | 986 | ||||
Gross amount carried at end of period, Land | [2],[3] | 100 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 986 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,086 | ||||
Accumulated Depreciation | [4] | $ (183) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General (Hamilton) [Member] | LaGrange, GA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General (Hamilton) [Member] | LaGrange, GA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Dollar General (Wares Cross) [Member] | LaGrange, GA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 681 | |||||
Initial cost, Land | [1] | 248 | ||||
Initial cost, Buildings and Improvements | [1] | 943 | ||||
Gross amount carried at end of period, Land | [2],[3] | 248 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 943 | ||||
Gross amount carried at end of period, Total | [2],[3] | 1,191 | ||||
Accumulated Depreciation | [4] | $ (176) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,012 | |||||
Dollar General (Wares Cross) [Member] | LaGrange, GA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Dollar General (Wares Cross) [Member] | LaGrange, GA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Eastside Junction [Member] | Athens, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 6,223 | |||||
Initial cost, Land | [1] | 2,411 | ||||
Initial cost, Buildings and Improvements | [1] | 8,393 | ||||
Gross amount carried at end of period, Land | [2],[3] | 2,411 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 8,393 | ||||
Gross amount carried at end of period, Total | [2],[3] | 10,804 | ||||
Accumulated Depreciation | [4] | $ (895) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,015 | |||||
Eastside Junction [Member] | Athens, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Eastside Junction [Member] | Athens, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Fairgrounds Crossing [Member] | Hot Springs, AR [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 13,453 | |||||
Initial cost, Land | [1] | 6,069 | ||||
Initial cost, Buildings and Improvements | [1] | 22,637 | ||||
Gross amount carried at end of period, Land | [2],[3] | 6,069 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 22,637 | ||||
Gross amount carried at end of period, Total | [2],[3] | 28,706 | ||||
Accumulated Depreciation | [4] | $ (2,257) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,015 | |||||
Fairgrounds Crossing [Member] | Hot Springs, AR [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Fairgrounds Crossing [Member] | Hot Springs, AR [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Fox Point Plaza [Member] | Neenah, WI [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 10,837 | |||||
Initial cost, Land | [1] | 3,518 | ||||
Initial cost, Buildings and Improvements | [1] | 12,681 | ||||
Cost Capitalized Subsequent to Acquisitions | 717 | |||||
Gross amount carried at end of period, Land | [2],[3] | 3,518 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 13,398 | ||||
Gross amount carried at end of period, Total | [2],[3] | 16,916 | ||||
Accumulated Depreciation | [4] | $ (1,599) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,014 | |||||
Fox Point Plaza [Member] | Neenah, WI [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Fox Point Plaza [Member] | Neenah, WI [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Frisco Marketplace [Member] | Frisco, TX [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 6,618 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 3,315 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 6,618 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 3,315 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 9,933 | ||||
Accumulated Depreciation | [4],[5] | $ (419) | ||||
Date Constructed | [5] | 2,002 | ||||
Date Acquired | [5] | 2,015 | ||||
Frisco Marketplace [Member] | Frisco, TX [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Frisco Marketplace [Member] | Frisco, TX [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Green Tree Shopping Center [Member] | Katy, TX [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 13,100 | |||||
Initial cost, Land | [1] | 7,218 | ||||
Initial cost, Buildings and Improvements | [1] | 17,846 | ||||
Cost Capitalized Subsequent to Acquisitions | (102) | |||||
Gross amount carried at end of period, Land | [2],[3] | 7,218 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 17,744 | ||||
Gross amount carried at end of period, Total | [2],[3] | 24,962 | ||||
Accumulated Depreciation | [4] | $ (1,771) | ||||
Date Constructed | 1,997 | |||||
Date Acquired | 2,015 | |||||
Green Tree Shopping Center [Member] | Katy, TX [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 5 years | |||||
Green Tree Shopping Center [Member] | Katy, TX [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Harris Plaza [Member] | Layton, UT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 6,500 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 19,403 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 1,324 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 6,500 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 20,727 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 27,227 | ||||
Accumulated Depreciation | [4],[5] | $ (3,223) | ||||
Date Acquired | [5] | 2,014 | ||||
Harris Plaza [Member] | Layton, UT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,001 | ||||
Depreciable Lives | [5] | 15 years | ||||
Harris Plaza [Member] | Layton, UT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,008 | ||||
Depreciable Lives | [5] | 30 years | ||||
Harvest Square [Member] | Harvest, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 6,707 | |||||
Initial cost, Land | [1] | 2,186 | ||||
Initial cost, Buildings and Improvements | [1] | 9,330 | ||||
Cost Capitalized Subsequent to Acquisitions | 136 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,186 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 9,466 | ||||
Gross amount carried at end of period, Total | [2],[3] | 11,652 | ||||
Accumulated Depreciation | [4] | $ (1,105) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,014 | |||||
Harvest Square [Member] | Harvest, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Harvest Square [Member] | Harvest, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Heritage Square [Member] | Conyers, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 4,460 | |||||
Initial cost, Land | [1] | 2,028 | ||||
Initial cost, Buildings and Improvements | [1] | 5,538 | ||||
Cost Capitalized Subsequent to Acquisitions | 260 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,028 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 5,798 | ||||
Gross amount carried at end of period, Total | [2],[3] | 7,826 | ||||
Accumulated Depreciation | [4] | $ (651) | ||||
Date Constructed | 2,010 | |||||
Date Acquired | 2,014 | |||||
Heritage Square [Member] | Conyers, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Heritage Square [Member] | Conyers, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 1,440 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 11,799 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 1,440 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 11,799 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 13,239 | ||||
Accumulated Depreciation | [4],[5] | $ (1,304) | ||||
Date Constructed | [5] | 2,012 | ||||
Date Acquired | [5] | 2,014 | ||||
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Kroger - Pick n Save Center [Member] | West Bend, WI [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 9,561 | |||||
Initial cost, Land | [1] | 3,150 | ||||
Initial cost, Buildings and Improvements | [1] | 14,283 | ||||
Cost Capitalized Subsequent to Acquisitions | 375 | |||||
Gross amount carried at end of period, Land | [2],[3] | 3,150 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 14,658 | ||||
Gross amount carried at end of period, Total | [2],[3] | 17,808 | ||||
Accumulated Depreciation | [4] | $ (1,756) | ||||
Date Constructed | 2,011 | |||||
Date Acquired | 2,014 | |||||
Kroger - Pick n Save Center [Member] | West Bend, WI [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Kroger - Pick n Save Center [Member] | West Bend, WI [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Lakeside Crossing [Member] | Lynchburg, VA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 9,910 | |||||
Initial cost, Land | [1] | 1,460 | ||||
Initial cost, Buildings and Improvements | [1] | 16,999 | ||||
Cost Capitalized Subsequent to Acquisitions | 271 | |||||
Gross amount carried at end of period, Land | [2],[3] | 1,460 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 17,270 | ||||
Gross amount carried at end of period, Total | [2],[3] | 18,730 | ||||
Accumulated Depreciation | [4] | $ (2,233) | ||||
Date Constructed | 2,013 | |||||
Date Acquired | 2,014 | |||||
Lakeside Crossing [Member] | Lynchburg, VA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Lakeside Crossing [Member] | Lynchburg, VA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 3,053 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 7,081 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 69 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 3,053 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 7,150 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 10,203 | ||||
Accumulated Depreciation | [4],[5] | $ (907) | ||||
Date Constructed | [5] | 2,009 | ||||
Date Acquired | [5] | 2,014 | ||||
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Mansfield Pointe [Member] | Mansfield, TX [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 14,200 | |||||
Initial cost, Land | [1] | 5,350 | ||||
Initial cost, Buildings and Improvements | [1] | 20,002 | ||||
Cost Capitalized Subsequent to Acquisitions | 2 | |||||
Gross amount carried at end of period, Land | [2],[3] | 5,350 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 20,004 | ||||
Gross amount carried at end of period, Total | [2],[3] | 25,354 | ||||
Accumulated Depreciation | [4] | $ (2,787) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,014 | |||||
Mansfield Pointe [Member] | Mansfield, TX [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Mansfield Pointe [Member] | Mansfield, TX [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Marketplace at El Paseo [Member] | Fresno, CA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 38,000 | |||||
Initial cost, Land | [1] | 16,390 | ||||
Initial cost, Buildings and Improvements | [1] | 46,971 | ||||
Cost Capitalized Subsequent to Acquisitions | (517) | |||||
Gross amount carried at end of period, Land | [2],[3] | 16,390 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 46,454 | ||||
Gross amount carried at end of period, Total | [2],[3] | 62,844 | ||||
Accumulated Depreciation | [4] | $ (3,654) | ||||
Date Constructed | 2,014 | |||||
Date Acquired | 2,015 | |||||
Marketplace at El Paseo [Member] | Fresno, CA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Marketplace at El Paseo [Member] | Fresno, CA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Marketplace at Tech Center [Member] | Newport News, VA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 47,550 | |||||
Initial cost, Land | [1] | 10,684 | ||||
Initial cost, Buildings and Improvements | [1] | 68,580 | ||||
Cost Capitalized Subsequent to Acquisitions | (208) | |||||
Gross amount carried at end of period, Land | [2],[3] | 10,684 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 68,372 | ||||
Gross amount carried at end of period, Total | [2],[3] | 79,056 | ||||
Accumulated Depreciation | [4] | $ (4,844) | ||||
Date Constructed | 2,015 | |||||
Date Acquired | 2,015 | |||||
Marketplace at Tech Center [Member] | Newport News, VA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Marketplace at Tech Center [Member] | Newport News, VA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
MidTowne Shopping Center [Member] | Little Rock, AR [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 20,725 | |||||
Initial cost, Land | [1] | 8,810 | ||||
Initial cost, Buildings and Improvements | [1] | 29,699 | ||||
Cost Capitalized Subsequent to Acquisitions | 456 | |||||
Gross amount carried at end of period, Land | [2],[3] | 8,810 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 30,155 | ||||
Gross amount carried at end of period, Total | [2],[3] | 38,965 | ||||
Accumulated Depreciation | [4] | $ (4,116) | ||||
Date Acquired | 2,014 | |||||
MidTowne Shopping Center [Member] | Little Rock, AR [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,005 | |||||
Depreciable Lives | 5 years | |||||
MidTowne Shopping Center [Member] | Little Rock, AR [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,008 | |||||
Depreciable Lives | 30 years | |||||
Milford Marketplace [Member] | Milford, CT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 18,727 | |||||
Initial cost, Buildings and Improvements | [1] | 35,867 | ||||
Cost Capitalized Subsequent to Acquisitions | 40 | |||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 35,907 | ||||
Gross amount carried at end of period, Total | [2],[3] | 35,907 | ||||
Accumulated Depreciation | [4] | $ (2,885) | ||||
Date Constructed | 2,007 | |||||
Date Acquired | 2,015 | |||||
Milford Marketplace [Member] | Milford, CT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Milford Marketplace [Member] | Milford, CT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Newington Fair [Member] | Newington, CT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 7,833 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 8,329 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 331 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 7,833 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 8,660 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 16,493 | ||||
Accumulated Depreciation | [4],[5] | $ (1,968) | ||||
Date Acquired | [5] | 2,012 | ||||
Newington Fair [Member] | Newington, CT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 1,994 | ||||
Depreciable Lives | [5] | 15 years | ||||
Newington Fair [Member] | Newington, CT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,009 | ||||
Depreciable Lives | [5] | 30 years | ||||
North Hills Square [Member] | Coral Springs, FL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 5,525 | |||||
Initial cost, Land | [1] | 4,800 | ||||
Initial cost, Buildings and Improvements | [1] | 5,493 | ||||
Cost Capitalized Subsequent to Acquisitions | 183 | |||||
Gross amount carried at end of period, Land | [2],[3] | 4,800 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 5,676 | ||||
Gross amount carried at end of period, Total | [2],[3] | 10,476 | ||||
Accumulated Depreciation | [4] | $ (786) | ||||
Date Constructed | 1,997 | |||||
Date Acquired | 2,014 | |||||
North Hills Square [Member] | Coral Springs, FL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
North Hills Square [Member] | Coral Springs, FL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 4,254 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 14,467 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | (156) | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 4,254 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 14,311 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 18,565 | ||||
Accumulated Depreciation | [4],[5] | $ (1,085) | ||||
Date Acquired | [5] | 2,015 | ||||
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,014 | ||||
Depreciable Lives | [5] | 15 years | ||||
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,015 | ||||
Depreciable Lives | [5] | 30 years | ||||
Oquirrh Mountain Marketplace Phase II [Member] | Jordan, UT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 1,403 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 3,727 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | (54) | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 1,403 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 3,673 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 5,076 | ||||
Accumulated Depreciation | [4],[5] | $ (217) | ||||
Date Acquired | [5] | 2,016 | ||||
Oquirrh Mountain Marketplace Phase II [Member] | Jordan, UT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,014 | ||||
Depreciable Lives | [5] | 15 years | ||||
Oquirrh Mountain Marketplace Phase II [Member] | Jordan, UT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,015 | ||||
Depreciable Lives | [5] | 30 years | ||||
Park Avenue Shopping Center [Member] | Little Rock, AR [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 14,062 | |||||
Initial cost, Land | [1] | 5,500 | ||||
Initial cost, Buildings and Improvements | [1] | 16,365 | ||||
Cost Capitalized Subsequent to Acquisitions | 2,932 | |||||
Gross amount carried at end of period, Land | [2],[3] | 5,500 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 19,297 | ||||
Gross amount carried at end of period, Total | [2],[3] | 24,797 | ||||
Accumulated Depreciation | [4] | $ (2,551) | ||||
Date Constructed | 2,012 | |||||
Date Acquired | 2,014 | |||||
Park Avenue Shopping Center [Member] | Little Rock, AR [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Park Avenue Shopping Center [Member] | Little Rock, AR [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Pentucket Shopping Center [Member] | Plaistow, NH [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 14,700 | |||||
Initial cost, Land | [1] | 5,993 | ||||
Initial cost, Buildings and Improvements | [1] | 11,251 | ||||
Cost Capitalized Subsequent to Acquisitions | 29 | |||||
Gross amount carried at end of period, Land | [2],[3] | 5,993 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 11,280 | ||||
Gross amount carried at end of period, Total | [2],[3] | 17,273 | ||||
Accumulated Depreciation | [4] | $ (327) | ||||
Date Constructed | 1,986 | |||||
Date Acquired | 2,017 | |||||
Pentucket Shopping Center [Member] | Plaistow, NH [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Pentucket Shopping Center [Member] | Plaistow, NH [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Plaza at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 618 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 2,305 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 618 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 2,305 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 2,923 | ||||
Accumulated Depreciation | [4],[5] | $ (234) | ||||
Date Constructed | [5] | 2,008 | ||||
Date Acquired | [5] | 2,015 | ||||
Plaza at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Plaza at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Prattville Town Center [Member] | Prattville, AL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 15,930 | |||||
Initial cost, Land | [1] | 5,336 | ||||
Initial cost, Buildings and Improvements | [1] | 27,672 | ||||
Cost Capitalized Subsequent to Acquisitions | 90 | |||||
Gross amount carried at end of period, Land | [2],[3] | 5,336 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 27,762 | ||||
Gross amount carried at end of period, Total | [2],[3] | 33,098 | ||||
Accumulated Depreciation | [4] | $ (2,817) | ||||
Date Constructed | 2,007 | |||||
Date Acquired | 2,015 | |||||
Prattville Town Center [Member] | Prattville, AL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Prattville Town Center [Member] | Prattville, AL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Regal Court [Member] | Shreveport, LA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 26,000 | |||||
Initial cost, Land | [1] | 5,873 | ||||
Initial cost, Buildings and Improvements | [1] | 41,181 | ||||
Cost Capitalized Subsequent to Acquisitions | 1,151 | |||||
Gross amount carried at end of period, Land | [2],[3] | 5,873 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 42,332 | ||||
Gross amount carried at end of period, Total | [2],[3] | 48,205 | ||||
Accumulated Depreciation | [4] | $ (4,211) | ||||
Date Constructed | 2,008 | |||||
Date Acquired | 2,015 | |||||
Regal Court [Member] | Shreveport, LA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 5 years | |||||
Regal Court [Member] | Shreveport, LA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Settlers Ridge [Member] | Pittsburgh, PA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 76,533 | |||||
Initial cost, Land | [1] | 25,961 | ||||
Initial cost, Buildings and Improvements | [1] | 98,157 | ||||
Cost Capitalized Subsequent to Acquisitions | 186 | |||||
Gross amount carried at end of period, Land | [2],[3] | 25,961 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 98,343 | ||||
Gross amount carried at end of period, Total | [2],[3] | 124,304 | ||||
Accumulated Depreciation | [4] | $ (8,317) | ||||
Date Constructed | 2,011 | |||||
Date Acquired | 2,015 | |||||
Settlers Ridge [Member] | Pittsburgh, PA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Settlers Ridge [Member] | Pittsburgh, PA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Shoppes at Lake Park [Member] | West Valley City. UT [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 2,285 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 8,527 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 2,285 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 8,527 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 10,812 | ||||
Accumulated Depreciation | [4],[5] | $ (904) | ||||
Date Constructed | [5] | 2,008 | ||||
Date Acquired | [5] | 2,015 | ||||
Shoppes at Lake Park [Member] | West Valley City. UT [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Shoppes at Lake Park [Member] | West Valley City. UT [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Shoppes at Market Pointe [Member] | Papillion, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 13,700 | |||||
Initial cost, Land | [1] | 12,499 | ||||
Initial cost, Buildings and Improvements | [1] | 8,388 | ||||
Cost Capitalized Subsequent to Acquisitions | 590 | |||||
Gross amount carried at end of period, Land | [2],[3] | 12,499 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 8,978 | ||||
Gross amount carried at end of period, Total | [2],[3] | 21,477 | ||||
Accumulated Depreciation | [4] | $ (1,247) | ||||
Date Acquired | 2,015 | |||||
Shoppes at Market Pointe [Member] | Papillion, NE [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,006 | |||||
Depreciable Lives | 15 years | |||||
Shoppes at Market Pointe [Member] | Papillion, NE [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,007 | |||||
Depreciable Lives | 30 years | |||||
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 15,591 | |||||
Initial cost, Land | [1] | 7,521 | ||||
Initial cost, Buildings and Improvements | [1] | 22,468 | ||||
Cost Capitalized Subsequent to Acquisitions | 279 | |||||
Gross amount carried at end of period, Land | [2],[3] | 7,521 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 22,747 | ||||
Gross amount carried at end of period, Total | [2],[3] | 30,268 | ||||
Accumulated Depreciation | [4] | $ (2,454) | ||||
Date Constructed | 2,009 | |||||
Date Acquired | 2,014 | |||||
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
The Shoppes at Branson Hills [Member] | Branson, MO [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 20,240 | |||||
Initial cost, Land | [1] | 4,418 | ||||
Initial cost, Buildings and Improvements | [1] | 37,229 | ||||
Cost Capitalized Subsequent to Acquisitions | 920 | |||||
Gross amount carried at end of period, Land | [2],[3] | 4,418 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 38,149 | ||||
Gross amount carried at end of period, Total | [2],[3] | 42,567 | ||||
Accumulated Depreciation | [4] | $ (4,078) | ||||
Date Constructed | 2,005 | |||||
Date Acquired | 2,014 | |||||
The Shoppes at Branson Hills [Member] | Branson, MO [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
The Shoppes at Branson Hills [Member] | Branson, MO [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Shops at Hawk Ridge [Member] | St. Louis, MO [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 1,329 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 10,341 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 240 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 1,329 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 10,581 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 11,910 | ||||
Accumulated Depreciation | [4],[5] | $ (1,096) | ||||
Date Constructed | [5] | 2,009 | ||||
Date Acquired | [5] | 2,015 | ||||
Shops at Hawk Ridge [Member] | St. Louis, MO [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 5 years | ||||
Shops at Hawk Ridge [Member] | St. Louis, MO [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Treasure Valley [Member] | Nampa, ID [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 3,133 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 12,000 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 3,133 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 12,000 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 15,133 | ||||
Accumulated Depreciation | [4],[5] | $ (1,177) | ||||
Date Constructed | [5] | 2,014 | ||||
Date Acquired | [5] | 2,015 | ||||
Treasure Valley [Member] | Nampa, ID [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 15 years | ||||
Treasure Valley [Member] | Nampa, ID [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
Village at Burlington Creek [Member] | Kansas City, MO [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 17,723 | |||||
Initial cost, Land | [1] | 10,789 | ||||
Initial cost, Buildings and Improvements | [1] | 19,385 | ||||
Cost Capitalized Subsequent to Acquisitions | 342 | |||||
Gross amount carried at end of period, Land | [2],[3] | 10,789 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 19,727 | ||||
Gross amount carried at end of period, Total | [2],[3] | 30,516 | ||||
Accumulated Depreciation | [4] | $ (1,807) | ||||
Date Acquired | 2,015 | |||||
Village at Burlington Creek [Member] | Kansas City, MO [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,007 | |||||
Depreciable Lives | 5 years | |||||
Village at Burlington Creek [Member] | Kansas City, MO [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,015 | |||||
Depreciable Lives | 30 years | |||||
Walgreens Plaza [Member] | Jacksonville, NC [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 4,650 | |||||
Initial cost, Land | [1] | 2,624 | ||||
Initial cost, Buildings and Improvements | [1] | 9,683 | ||||
Cost Capitalized Subsequent to Acquisitions | 199 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,624 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 9,882 | ||||
Gross amount carried at end of period, Total | [2],[3] | 12,506 | ||||
Accumulated Depreciation | [4] | $ (1,010) | ||||
Date Constructed | 2,011 | |||||
Date Acquired | 2,015 | |||||
Walgreens Plaza [Member] | Jacksonville, NC [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Walgreens Plaza [Member] | Jacksonville, NC [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Wedgewood Commons [Member] | Olive Branch, MS [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 15,260 | |||||
Initial cost, Land | [1] | 2,220 | ||||
Initial cost, Buildings and Improvements | [1] | 26,577 | ||||
Cost Capitalized Subsequent to Acquisitions | 129 | |||||
Gross amount carried at end of period, Land | [2],[3] | 2,220 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 26,706 | ||||
Gross amount carried at end of period, Total | [2],[3] | 28,926 | ||||
Accumulated Depreciation | [4] | $ (3,745) | ||||
Date Acquired | 2,013 | |||||
Wedgewood Commons [Member] | Olive Branch, MS [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,009 | |||||
Depreciable Lives | 5 years | |||||
Wedgewood Commons [Member] | Olive Branch, MS [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | 2,013 | |||||
Depreciable Lives | 30 years | |||||
Whispering Ridge [Member] | Omaha, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 1,627 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 10,418 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | (6,670) | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 1,627 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 3,748 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | $ 5,375 | ||||
Date Constructed | [5] | 2,007 | ||||
Date Acquired | [5] | 2,015 | ||||
Whispering Ridge [Member] | Omaha, NE [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 5 years | ||||
Whispering Ridge [Member] | Omaha, NE [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | [5] | 30 years | ||||
White City [Member] | Shrewsbury, MA [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 49,400 | |||||
Initial cost, Land | [1] | 18,961 | ||||
Initial cost, Buildings and Improvements | [1] | 70,423 | ||||
Cost Capitalized Subsequent to Acquisitions | 1,679 | |||||
Gross amount carried at end of period, Land | [2],[3] | 18,961 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 72,102 | ||||
Gross amount carried at end of period, Total | [2],[3] | 91,063 | ||||
Accumulated Depreciation | [4] | $ (6,990) | ||||
Date Constructed | 2,013 | |||||
Date Acquired | 2,015 | |||||
White City [Member] | Shrewsbury, MA [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
White City [Member] | Shrewsbury, MA [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Wilson Marketplace [Member] | Wilson, NC [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Encumbrance | $ 24,480 | |||||
Initial cost, Land | [1] | 11,155 | ||||
Initial cost, Buildings and Improvements | [1] | 27,498 | ||||
Gross amount carried at end of period, Land | [2],[3] | 11,155 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3] | 27,498 | ||||
Gross amount carried at end of period, Total | [2],[3] | 38,653 | ||||
Accumulated Depreciation | [4] | $ (926) | ||||
Date Constructed | 2,007 | |||||
Date Acquired | 2,017 | |||||
Wilson Marketplace [Member] | Wilson, NC [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 15 years | |||||
Wilson Marketplace [Member] | Wilson, NC [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Depreciable Lives | 30 years | |||||
Yorkville Marketplace [Member] | Yorkville, IL [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial cost, Land | [1],[5] | $ 4,990 | ||||
Initial cost, Buildings and Improvements | [1],[5] | 13,928 | ||||
Cost Capitalized Subsequent to Acquisitions | [5] | 498 | ||||
Gross amount carried at end of period, Land | [2],[3],[5] | 4,990 | ||||
Gross amount carried at end of period, Building and Improvements | [2],[3],[5] | 14,426 | ||||
Gross amount carried at end of period, Total | [2],[3],[5] | 19,416 | ||||
Accumulated Depreciation | [4],[5] | $ (1,679) | ||||
Date Acquired | [5] | 2,015 | ||||
Yorkville Marketplace [Member] | Yorkville, IL [Member] | Minimum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,002 | ||||
Depreciable Lives | [5] | 15 years | ||||
Yorkville Marketplace [Member] | Yorkville, IL [Member] | Maximum [Member] | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Date Constructed | [5] | 2,007 | ||||
Depreciable Lives | [5] | 30 years | ||||
[1] | The initial cost to the Company represents the original purchase price of the property including impairment charges recorded subsequent to acquisition to reduce basis. | |||||
[2] | Reconciliation of real estate owned: | |||||
[3] | The aggregate cost of real estate owned at December 31, 2017 and 2016 for federal income tax purposes was approximately $1,440,279 and $1,364,864, respectively (unaudited). | |||||
[4] | Reconciliation of accumulated depreciation: | |||||
[5] | These properties serve as security for our Credit Facility. |
Schedule III Real Estate and 76
Schedule III Real Estate and Accumulated Depreciation (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||
Aggregate cost of real estate owned for federal income tax purpose | $ 1,440,279 | $ 1,364,864 |
Schedule III Real Estate and 77
Schedule III Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||||
Balance at January 1, | $ 1,233,231 | $ 1,161,437 | $ 414,463 | |
Acquisitions | 59,306 | 68,977 | 743,893 | |
Improvements, net of master lease | 5,594 | 2,817 | 3,081 | |
Impairment of investment property | (9,214) | |||
Balance at December 31, | $ 1,288,917 | [1],[2] | $ 1,233,231 | $ 1,161,437 |
[1] | Reconciliation of real estate owned: | |||
[2] | The aggregate cost of real estate owned at December 31, 2017 and 2016 for federal income tax purposes was approximately $1,440,279 and $1,364,864, respectively (unaudited). |
Schedule III Real Estate and 78
Schedule III Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||||
Balance at January 1, | $ 62,631 | $ 27,545 | $ 6,236 | |
Depreciation expense | 39,497 | 35,086 | 21,309 | |
Impairment of investment property | (1,034) | |||
Balance at December 31, | $ 101,094 | [1] | $ 62,631 | $ 27,545 |
[1] | Reconciliation of accumulated depreciation: |