Inland Real Estate Income Trust (INRE) 10-Q 15 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Inland Real Estate Income Trust, Inc.
Entity Central Index Key	0001528985
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		35,690,942
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investment properties:
Land	$ 277,229	$ 277,229
Building and other improvements	1,022,042	1,021,607
Total	1,299,271	1,298,836
Less accumulated depreciation	(148,719)	(139,134)
Net investment properties	1,150,552	1,159,702
Cash and cash equivalents	13,023	15,239
Restricted cash	1,001	1,001
Accounts and rent receivable, net	16,441	16,176
Acquired lease intangible assets, net	109,612	115,357
Deferred costs, net	2,744	2,570
Operating lease right-of-use asset, net	15,840
Other assets	6,854	10,024
Total assets	1,316,067	1,320,069
Liabilities:
Mortgages and credit facility payable, net	705,980	705,884
Accounts payable and accrued expenses	9,652	8,849
Operating lease liability	23,455
Distributions payable	10,741	11,924
Acquired intangible liabilities, net	51,485	57,462
Due to related parties	2,715	2,604
Other liabilities	10,125	16,268
Total liabilities	814,153	802,991
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, 35,447,385 and 35,343,256 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	35	35
Additional paid in capital	798,483	795,409
Accumulated distributions and net loss	(297,443)	(283,859)
Accumulated other comprehensive income	839	5,493
Total stockholders’ equity	501,914	517,078
Total liabilities and stockholders’ equity	$ 1,316,067	$ 1,320,069

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	35,447,385	35,343,256
Common stock, shares outstanding	35,447,385	35,343,256

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income:
Total income	$ 32,475	$ 32,648
Cost and Expenses:
Property operating expenses	5,675	5,810
Real estate tax expense	4,248	4,501
General and administrative expenses	1,512	1,116
Acquisition related costs		(7)
Business management fee	2,333	2,328
Depreciation and amortization	14,526	14,760
Total expenses	28,294	28,508
Operating income	4,181	4,140
Interest expense	(7,153)	(6,467)
Interest and other income	19	87
Net loss	$ (2,953)	$ (2,240)
Net loss per common share, basic and diluted	$ (0.08)	$ (0.06)
Weighted average number of common shares outstanding, basic and diluted	35,583,398	35,594,052
Comprehensive (loss) income:
Net loss	$ (2,953)	$ (2,240)
Unrealized (loss) gain on derivatives	(4,200)	4,826
Reclassification adjustment for amounts included in net loss	(454)	133
Comprehensive (loss) income	(7,607)	2,719
Rental Income [Member]
Income:
Total income	32,422	32,540
Other Property Income [Member]
Income:
Total income	$ 53	$ 108

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Distributions and Net Loss [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Dec. 31, 2017	$ 591,472	$ 35	$ 798,567	$ (212,883)	$ 5,753
Balance, shares at Dec. 31, 2017		35,498,444
Distributions declared	(11,927)			(11,927)
Proceeds from distribution reinvestment plan	2,254		2,254
Proceeds from distribution reinvestment plan, shares		99,636
Shares repurchased	(5,782)		(5,782)
Shares repurchased, shares		(262,792)
Unrealized (loss) gain on derivatives	4,826				4,826
Reclassification adjustment for amounts included in net loss	133				133
Equity based compensation	10		10
Net loss	(2,240)			(2,240)
Balance at Mar. 31, 2018	578,746	$ 35	795,049	(227,050)	10,712
Balance, shares at Mar. 31, 2018		35,335,288
Balance at Dec. 31, 2018	$ 517,078	$ 35	795,409	(283,859)	5,493
Balance, shares at Dec. 31, 2018	35,343,256	35,343,256
Distributions declared	$ (10,741)			(10,741)
Proceeds from distribution reinvestment plan	$ 5,463		5,463
Proceeds from distribution reinvestment plan, shares	4,643,680	244,417
Shares repurchased	$ (2,402)		(2,402)
Shares repurchased, shares	(2,731,757)	(140,288)
Unrealized (loss) gain on derivatives	$ (4,200)				(4,200)
Reclassification adjustment for amounts included in net loss	(320)				(320)
Cumulative reversal of recognized hedge ineffectiveness (see Note 2)				134	(134)
Cumulative-effect adjustment recognized upon adoption of ASC 842 (see Note 2)	(24)			(24)
Equity based compensation	13		13
Net loss	(2,953)			(2,953)
Balance at Mar. 31, 2019	$ 501,914	$ 35	$ 798,483	$ (297,443)	$ 839
Balance, shares at Mar. 31, 2019	35,447,385	35,447,385

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Statement Of Stockholders Equity [Abstract]
Distributions declared per share	$ 0.3018	$ 0.335	$ 0.335

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (2,953)	$ (2,240)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	14,526	14,760
Amortization of debt issuance costs and mortgage premiums, net	150	135
Amortization of acquired market leases, net	(208)	(128)
Amortization of equity based compensation	13	11
Amortization of right-of-use-asset	123
Straight-line income, net	(421)	(331)
Payment of leasing fees	(255)	(719)
Adjustment of contingent earnout liability		(25)
Other non-cash adjustments	4	7
Changes in assets and liabilities:
Accounts payable and accrued expenses	1,050	(1,414)
Accounts and rent receivable	131	925
Due to related parties	2	140
Operating lease liability	78
Other liabilities	(1,895)	301
Other assets	222	420
Net cash flows provided by operating activities	10,567	11,842
Cash flows from investing activities:
Capital expenditures	(805)	(2,275)
Investment in unconsolidated joint ventures		(1,856)
Other assets and other liabilities		(4,939)
Net cash flows used in investing activities	(805)	(9,070)
Cash flows from financing activities:
Payment of credit facility		(8,000)
Proceeds from credit facility		20,000
Payment of mortgages payable	(54)	(52)
Proceeds from the distribution reinvestment plan	5,463	2,254
Shares repurchased	(5,463)	(2,531)
Distributions paid	(11,924)	(4,537)
Payment of deferred investment property acquisition obligations		(596)
Net cash flows (used in) provided by financing activities	(11,978)	6,538
Net (decrease) increase in cash, cash equivalents and restricted cash	(2,216)	9,310
Cash, cash equivalents and restricted cash, at beginning of the period	16,240	16,844
Cash, cash equivalents and restricted cash, at end of period	14,024	26,154
Supplemental disclosure of cash flow information:
Cash paid for interest	6,778	6,364
Supplemental schedule of non-cash investing and financing activities:
Establishment of operating lease right-of-use asset	15,963
Establishment of operating lease liability	23,377
Accrued SRP	2,402	5,782
Distributions payable	$ 10,741	$ 11,927

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	NOTE 1 – ORGANIZATION The Company was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States. The Company has primarily focused on acquiring retail properties and intends to target a portfolio of 100% grocery-anchored properties The Company has no employees. The Company is managed by IREIT Business Manager & Advisor, Inc. (the “Business Manager”), an indirect wholly owned subsidiary of Inland Real Estate Investment Corporation (the “Sponsor”), pursuant to a Business Management Agreement with the Business Manager. On February 11, 2019, the Company’s board of directors approved a strategic plan (the “Strategic Plan”) with the goals of providing future liquidity to investors and creating long-term stockholder value. The Strategic Plan centers around owning a portfolio of 100% grocery-anchored properties with lower exposure to big box retailers. As part of this strategy, the Company’s management team and board will consider the opportunistic sale of certain assets with the goal of redeploying capital into the acquisition of strategically located grocery-anchored centers, as well as the redevelopment of select centers within the current portfolio. The Company plans to move toward a liquidity event in the next 24 to 36 months, or sooner, market conditions permitting, most likely through a listing on a public securities exchange. In connection with the Strategic Plan, the board approved amendments to the Company’s share repurchase program (as amended, the “SRP”) as further described below in Note 3 – “Equity,” and the Business Management Agreement with the Business Manager was amended and restated on February 11, 2019 to, among other things, eliminate all future acquisition and disposition fees. There can be no assurance that the Strategic Plan will not evolve or change over time or that the Company will be able to successfully implement the Strategic Plan, including listing the Company’s common stock. On March 11, 2019, as reported in the Company’s Form 8-K filed with the Securities and Exchange Commission on the same date, the Company announced that the Company’s board of directors unanimously approved: (i) an estimated per share net asset value (the “Estimated Per Share NAV”) as of December 31, 2018; (ii) the same per share purchase price for shares issued under the Company’s distribution reinvestment plan (as amended, the “DRP”) beginning with the first quarter distribution payment to stockholders in April 2019 , and (iii) that, in accordance with the SRP, and until the Company announces a new Estimated Per Share NAV, any shares accepted for ordinary repurchases will be repurchased at 80% of the Estimated Per Share NAV and any shares accepted for “exceptional repurchases” will be repurchased at the Estimated Per Share NAV. At March 31, 2019, the Company owned 59 retail properties, totaling 6,870,124 square feet. The properties are located in 24 states. At March 31, 2019, the portfolio had a weighted average physical occupancy of 94.0% and economic occupancy of 94.4%.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission on March 20, 2019, under the heading Note 2 – “Summary of Significant Accounting Policies.” There have been no changes to the Company’s significant accounting policies during the three months ended March 31, 2019, except as noted below. General The consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation. Recently Adopted Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases. As part of its adoption of the lease standard, the Company has elected and qualifies to utilize the practical expedient in ASU No. 2018-11, Targeted Improvements, Leases (Topic 842) The Company also elected the package of practical expedients in ASU No. 2018-11, which permitted the Company to adopt the new leases standard under a transition method whereby it initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Therefore, the Company adopted ASU No. 2016-02 on its effective date without restating comparative periods and For lessees, ASU No. 2016-02 establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The Company is the lessee of a ground lease. The Company has elected the practical expedient that, for leases that commenced before the effective date, the lessee need not reassess whether the contract is a lease nor reassess lease classification for existing leases. The lease liability for the ground lease was based on the present value of the ground lease’s future lease payments using an interest rate which it considers reasonable and within the range of the Company’s incremental borrowing rate. At January 1, 2019, the Company recorded a lease liability of $23,377 and a ROU asset of $15,963 on its consolidated balance sheet. Rental expense for lease payments related to the operating lease will continue to be recognized on a straight-line basis over the lease term. Restricted Cash Amounts included in restricted cash represent those required to be set aside by lenders for real estate taxes, insurance, capital expenditures and tenant improvements on our existing properties. These amounts also include post close escrows for tenant improvements, leasing commissions, master lease, general repairs and maintenance, and are classified as restricted cash on the Company’s consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown in the Company’s consolidated statements of cash flows: March 31, 2019 2018 Cash and cash equivalents $ 13,023 $ 21,506 Restricted cash 1,001 4,648 Total cash, cash equivalents, and restricted cash $ 14,024 $ 26,154 Income Tax During the year ended December 31, 2018, the Company recorded an impairment charge of $15,405 related to its investment in Mainstreet Texas Development Fund, LLC, a joint venture formed to develop three transitional care/rapid recovery centers (“Mainstreet JV”). As a result, the Company will likely recognize either a capital or net operating loss or a combination thereof, for income tax purposes, from this venture in the future. The Company’s investment in Mainstreet JV is held through a taxable REIT subsidiary. Based on an effective tax rate of 28.51%, which is calculated by combining a 21% Federal tax rate and an IL tax rate of 7.51% (9.5% state rate net of the Federal benefit), the deferred tax benefit related to the impairment is approximately $4,400. Since the taxable REIT subsidiary does not currently conduct any activities outside the investment in Mainstreet JV, management does not believe it is more likely than not that the taxable REIT subsidiary will be able to utilize these losses in future tax periods. As a result, management recorded a full valuation allowance of $4,400 to account for this uncertainty.

Equity

Equity	3 Months Ended
	Mar. 31, 2019
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 issued 33,534,022 shares of common stock generating gross proceeds of $834,399 from the Offering. As of March 31, 2019, there were 35,447,385 shares of common stock outstanding including 4,643,680 shares issued through the DRP, net of 2,731,757 shares repurchased through the SRP. On March 5, 2019, the Company’s board of directors determined the Estimated Per Share NAV as of December 31, 2018. The previously Estimated Per Share NAV as of December 31, 2017 was established on March 20, 2018. 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 Through the DRP, the Company provides stockholders with the option to purchase additional shares from the Company by automatically reinvesting cash distributions, 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. Distributions reinvested through the DRP were $5,463 and $2,254 for the three months ended March 31, 2019 and 2018, respectively. Share Repurchase Program The Company adopted the SRP effective October 18, 2012, under which 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. In the case of repurchases made upon the death of a stockholder or qualifying disability, as defined in the SRP, the one year holding period does not apply. The SRP was amended and restated 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. On February 11, 2019, the Company’s board of directors adopted a second amended and restated SRP (the “A&R SRP”), effective March 21, 2019. Under the A&R SRP, the Company is authorized to make ordinary repurchases at a price equal to 80.0% of the “share price,” which is defined in the A&R SRP as an amount equal to the lesser of: (A) $25, as adjusted under certain circumstances, including, among other things, if the applicable shares were purchased from the Company at a discounted price; or (B) the most recently disclosed estimated value per share. Prior to the amendment, the Company was authorized to make ordinary repurchases at a price ranging from 92.5% to 100% of the “share price.” The Company may repurchase shares upon a stockholder’s death or qualifying disability at a price equal to 100% of the “share price.” The A&R SRP provides the Company’s board of directors with the discretion to reduce the funding limit for share repurchases. Prior to the amendment, the funding for ordinary repurchases was limited to the proceeds from the DRP during a particular quarter. The A&R SRP limits the dollar amount for any repurchases made by the Company each calendar quarter to an amount equal to a percentage determined in the sole discretion of the board on a quarterly basis that will not be less than 50% of the net proceeds from the DRP during the applicable quarter. The Company continues to limit the number of shares repurchased during any calendar year to 5% of the number of shares outstanding on December 31st of the previous calendar year, as adjusted for any stock splits or other combinations. If either or both of the repurchase limitations prevent the Company from repurchasing all of the shares offered for repurchase during a calendar quarter, the Company will repurchase shares, on a pro rata basis within each category below, in accordance with the repurchase limitations in the following order: (a) first, all repurchases sought upon a stockholder’s death or qualifying disability and (b) second, all ordinary repurchases. The SRP will immediately terminate if the Company’s shares become listed for trading on a national securities exchange. Repurchases through the SRP were $2,402 and $5,782 for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019 and December 31, 2018, the Company’s liability related to the SRP was $2,402 and $5,463, respectively, recorded in other liabilities on the Company’s consolidated balance sheets.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	NOTE 4 – LEASES The Company is lessor to over 700 retail operating leases. The remaining lease terms for the Company’s leases range from less than one year to 19 years. The Company considers the date on which it makes a leased space available to a lessee as the commencement date of the lease. At commencement, the Company determines the lease classification utilizing the classification tests under ASC 842. Options to extend a lease are included in the lease term when it is reasonably certain that the tenant will exercise its option to extend. Termination penalties are included in income when there is a termination agreement, all the conditions of the agreement have been met and amounts due are considered collectible. Such termination fees are recognized on a straight-line basis over the remaining lease term in rental income. If an operating lease is modified and the modification is not accounted for as a separate contract, the Company accounts for the modification as if it were a termination of the existing lease and the creation of a new lease. The Company considers any prepaid or accrued rentals relating to the original lease as part of the lease payments for the modified lease. The Company includes options to modify the original lease term when it is reasonably certain that the tenant will exercise its option to extend. Lease Income 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. As of January 1, 2019, the date on which the Company adopted the new leasing standard, reimbursements for common area maintenance are considered non-lease components that are permitted to be combined with rental income. The combined lease component and reimbursements for insurance and taxes are reported as rental income on the consolidated statement of operations and comprehensive loss. Rental income related to the Company's operating leases is comprised of the following: Three Months Ended March 31, 2019 Rental income - fixed payments $ 25,495 Rental income - variable payments (a) 6,719 Amortization of acquired market leases, net 208 Rental income $ 32,422 (a) Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance. The future base rent payments to be received under operating leases including ground leases as of March 31, 2019 Lease Payments 2019 (remainder of year) $ 69,772 2020 87,211 2021 81,620 2022 71,831 2023 60,319 Thereafter 196,840 Total $ 567,593 Lease Expense The Company is the lessee of one ground lease. The ground lease, which commenced on July 1, 2007, was assumed as part of a property purchase in October 2015 and extends through June 30, 2037 with six 5-year renewal options which the Company assumes will be exercised. At commencement of the lease, the Company considered the lease terms and lease classification. As reassessment is not required under practical expedients accorded in ASC 842, the Company will continue to account for the ground lease as an operating lease with an established lease term and payment schedule. At January 1, 2019, the Company recorded a lease liability of $23,377 and a ROU asset of $15,963 on its consolidated balance sheet. The lease liability was based on the present value of the ground lease’s future lease payments using an interest rate of 6.32% which the Company considers reasonable and within the range of the Company’s incremental borrowing rate. Lease payments for the ground lease as of March 31, 2019 for each of the five succeeding years and thereafter is as follows: Lease Payments 2019 (remainder of year) $ 855 2020 1,140 2021 1,140 2022 1,202 2023 1,264 Thereafter 88,376 Total $ 93,977

Acquired Intangible Assets and

Acquired Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Liabilities	NOTE 5 – ACQUIRED INTANGIBLE ASSETS AND LIABILITIES The following table summarizes the Company’s identified intangible assets and liabilities as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Intangible assets: Acquired in-place lease value $ 165,182 $ 165,182 Acquired above market lease value 45,824 45,824 Accumulated amortization (101,394 ) (95,649 ) Acquired lease intangibles, net $ 109,612 $ 115,357 Intangible liabilities: Acquired below market lease value $ 71,551 $ 71,551 Acquired above market ground lease — 5,169 Accumulated amortization (20,066 ) (19,258 ) Acquired below market lease intangibles, net $ 51,485 $ 57,462 As of March 31, 2019, the weighted average amortization periods for acquired in-place lease, above market lease intangibles and below market lease intangibles are 10, 14, and 19 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. Prior to January 1, 2019, the acquired above market ground lease was amortized on a straight-line basis as an adjustment to property operating expense over the term of the lease and included renewal periods. At date of the adoption of ASC 842 on January 1, 2019, the remaining balance of the intangible related to the above market ground lease was derecognized as a cumulative-effect adjustment to establish the operating lease ROU asset. 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: Three Months Ended March 31, Amortization recorded as amortization expense: 2019 2018 Acquired in-place lease value $ 4,841 $ 5,071 Amortization recorded as a reduction to property operating expense: Acquired above market ground lease $ — $ 23 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (904 ) $ (1,030 ) Acquired below market leases 1,112 1,135 Net rental income increase $ 208 $ 105 Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2019 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2019 (remainder of year) $ 12,420 $ 2,526 $ 3,208 2020 13,801 3,057 4,070 2021 11,354 2,988 3,889 2022 8,714 2,684 3,630 2023 7,458 2,489 3,347 Thereafter 26,301 15,820 33,341 Total $ 80,048 $ 29,564 $ 51,485

Debt and Derivative Instruments

Debt and Derivative Instruments	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt and Derivative Instruments	NOTE 6 – DEBT AND DERIVATIVE INSTRUMENTS As of March 31, 2019 and December 31, 2018, the Company had the following mortgages and credit facility payable: March 31, 2019 December 31, 2018 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 171,592 4.25 % $ 171,646 4.25 % Variable rate mortgages payable with swap agreements 252,244 3.33 % 252,244 3.33 % Variable rate mortgages payable 684 4.09 % 684 3.95 % Mortgages payable $ 424,520 3.71 % $ 424,574 3.71 % Credit facility payable 284,523 4.22 % 284,523 4.22 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 709,043 3.91 % $ 709,097 3.91 % Add: Unamortized mortgage premiums 1,525 1,683 Less: Unamortized debt issuance costs (4,588 ) (4,896 ) Total debt $ 705,980 $ 705,884 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 $709,043 and $709,097 as of March 31, 2019 and December 31, 2018, respectively, and its estimated fair value was $711,066 and $709,737 as of March 31, 2019 and December 31, 2018, respectively. As of March 31, 2019, scheduled principal payments and maturities on the Company’s debt were as follows: March 31, 2019 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2019 (remainder of the year) $ 178 $ 7,447 $ — $ 7,625 2020 897 — — 897 2021 1,531 82,740 — 84,271 2022 615 101,537 134,523 236,675 2023 326 91,230 150,000 241,556 Thereafter 636 137,383 — 138,019 Total $ 4,183 $ 420,337 $ 284,523 $ 709,043 Credit Facility Payable The Company’s credit facility (the “Credit Facility”) consisting of a $200,000 revolving credit facility (the “Revolving Credit Facility”) and a $150,000 term loan (the “Term Loan”) has an accordion feature that allows for an increase in available borrowings up to $700,000, subject to certain conditions. At March 31, 2019, the Company has $134,523 outstanding under the Revolving Credit Facility and $150,000 outstanding under the Term Loan. At March 31, 2019 the interest rate on the Revolving Credit Facility and the Term Loan was 4.14% and 4.29%, respectively. The Revolving Credit Facility matures on August 1, 2022, and the Company has the option to extend the maturity date for one additional year subject to the payment of an extension fee and certain other conditions. The Term Loan matures on August 1, 2023. As of March 31, 2019 the Company had $65,477 available for borrowing under the Revolving Credit Facility. The Company’s performance of the obligations under the Credit Facility, including the payment of any outstanding indebtedness under the Credit Facility, is guaranteed by certain subsidiaries of the Company, including each of the subsidiaries of the Company which owns or leases any of the properties included in the pool of unencumbered properties comprising the borrowing base. Additional properties will be added to and removed from the pool from time to time to support amounts borrowed under the Credit Facility. At March 31, 2019, there were 28 properties included in the pool of unencumbered properties. The Credit Facility requires compliance with certain covenants, including a minimum tangible net worth requirement, a distribution limitation, restrictions on indebtedness and investment restrictions, as defined. It also contains customary default provisions including the failure to comply with the Company's covenants and the failure to pay when amounts outstanding under the Credit Facility become due. The Company is in compliance with all financial covenants related to the Credit Facility. Mortgages Payable The mortgage loans require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of March 31, 2019, the Company was current on all of the payments and in compliance with all financial covenants. All of the Company’s mortgage loans are secured by first mortgages on the respective real estate assets. As of March 31, 2019, the weighted average years to maturity for the Company’s mortgages payable was 4.3 years. Interest Rate Swap Agreements The Company entered into interest rate swaps to fix certain of its floating LIBOR based debt under variable rate loans to a fixed rate to manage its risk exposure to interest rate fluctuations. The Company will generally match the maturity of the underlying variable rate debt with the maturity date on the interest swap. See Note 14 - "Fair Value Measurements" for further information. The following table summarizes the Company’s interest rate swap contracts outstanding as of March 31, 2019. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value at March 31, 2019 Assets February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 26 April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 608 September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 118 October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 163 January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 586 June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 1,285 July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 1,676 June 5, 2017 May 31, 2017 May 15, 2022 1.90 % 14,700 115 $ 226,244 $ 4,577 Liabilities December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (175 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 60,000 (1,423 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (593 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (598 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 40,000 (949 ) $ 176,000 $ (3,738 ) (a) Receive floating rate index based upon 1 month LIBOR. At March 31, 2019, the 1 month LIBOR was 2.49%. On January 1, 2019, the Company adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2019 2018 Effective portion of derivatives $ (4,200 ) $ 4,826 Reclassification adjustment for amounts included in net gain or loss (effective portion) $ (454 ) $ 133 Ineffective portion of derivatives $ — $ (7 ) The total amount of interest expense presented on the consolidated statements of comprehensive (loss) income was $7,153 and $6,467, for the three months ended March 31, 2019 and 2018, respectively. The location of the net gain or loss reclassified into income from accumulated other comprehensive income is reported in interest expense on the consolidated statements of comprehensive (loss) income. The amount that is expected to be reclassified from accumulated other comprehensive income into income in the next twelve months is $(1,371).

Distributions

Distributions	3 Months Ended
	Mar. 31, 2019
Distributions [Abstract]
Distributions	NOTE 7 – DISTRIBUTIONS On March 19, 2019, the Company’s board of directors declared cash distributions payable to stockholders of record as of the close of business on March 31, 2019 in an amount equal to $0.3018 per share, which represents an annualized rate of 6% based on the Estimated Per Share NAV as of December 31, 2018, payable in arrears the following quarter. In 2018, the Company paid quarterly distributions in the amount of $0.335 per share, payable in arrears the following quarter. The table below presents the distributions paid and declared during the three months ended March 31, 2019 and 2018. Three Months Ended March 31, 2019 2018 Distributions paid $ 11,924 $ 4,537 Distributions declared $ 10,741 $ 11,927

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings (Loss) per Share	NOTE 8 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net income (loss) by the common shares plus common share equivalents. The Company excludes antidilutive restricted shares and units from the calculation of weighted-average shares for diluted EPS.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9 – COMMITMENTS AND CONTINGENCIES The Company may be subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the consolidated financial statements of the Company.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	NOTE 10 – EQUITY-BASED COMPENSATION Under the Company’s Employee and Director Restricted Share Plan (“RSP”), restricted shares and restricted share units generally vest over a one to three year vesting period from the date of the grant, subject to the specific terms of the grant. In accordance with the RSP, restricted shares and restricted share units were issued to non-employee directors as compensation. Each restricted share and restricted share unit entitles 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, 2018 3,224 1,201 $ 100 $ 100 Granted — 25 1 — Vested — (5 ) — — Converted — — — — Forfeited — — — — Outstanding at March 31, 2019 3,224 1,221 $ 101 $ 100

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	NOTE 11 – SEGMENT REPORTING The Company has one reportable segment as defined by U.S. GAAP, retail real estate, for the three months ended March 31, 2019 and 2018.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Transactions With Related Parties	NOTE 12 – TRANSACTIONS WITH RELATED PARTIES The following table summarizes the Company’s related party transactions for the three months ended March 31, 2019 and 2018. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three Months Ended March 31, Unpaid amounts as of 2019 2018 March 31, 2019 December 31, 2018 General and administrative reimbursements (a) $ 338 $ 381 $ 230 $ 216 Acquisition fees (b) $ — 9 — — Real estate management fees $ 1,086 $ 1,285 $ — $ — Property operating expenses 284 284 — — Construction management fees 49 22 54 6 Leasing fees 89 85 98 37 Total real estate management related costs (c) $ 1,508 $ 1,676 $ 152 $ 43 Business management fees (d) $ 2,333 $ 2,328 $ 2,333 $ 2,345 (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive (loss) income. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (b) Prior to February 11, 2019, the Company was required to pay 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 management agreement was amended and restated to, among other things, remove the obligation to pay acquisition fees and disposition fees payable to the Business Manager by the Company with respect to transactions occurring on or after February 11, 2019. The Business Manager and its related parties continue to be 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. There were no related party acquisition costs or fees incurred during the three months ended March 31, 2019. Related party acquisition costs and fees incurred during the three months ended March 31, 2018 are included in acquisition related costs in the consolidated statements of operations and comprehensive (loss) income. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (c) 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 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 consolidated statements of operations and comprehensive (loss) income. (d) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 13 – 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 March 31, 2019 and December 31, 2018, respectively. Fair Value Level 1 Level 2 Level 3 Total March 31, 2019 Interest rate swap agreements - Other assets $ — $ 4,577 $ — $ 4,577 Interest rate swap agreements - Other liabilities $ — $ (3,738 ) $ — $ (3,738 ) December 31, 2018 Interest rate swap agreements - Other assets $ — $ 7,286 $ — $ 7,286 Interest rate swap agreements - Other liabilities $ — $ (1,926 ) $ — $ (1,926 ) 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	NOTE 14 – SUBSEQUENT EVENTS The Company paid distributions of $10,741 and issued 240,331 shares through the DRP on April 1, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
General	General The consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases. As part of its adoption of the lease standard, the Company has elected and qualifies to utilize the practical expedient in ASU No. 2018-11, Targeted Improvements, Leases (Topic 842) The Company also elected the package of practical expedients in ASU No. 2018-11, which permitted the Company to adopt the new leases standard under a transition method whereby it initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Therefore, the Company adopted ASU No. 2016-02 on its effective date without restating comparative periods and For lessees, ASU No. 2016-02 establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The Company is the lessee of a ground lease. The Company has elected the practical expedient that, for leases that commenced before the effective date, the lessee need not reassess whether the contract is a lease nor reassess lease classification for existing leases. The lease liability for the ground lease was based on the present value of the ground lease’s future lease payments using an interest rate which it considers reasonable and within the range of the Company’s incremental borrowing rate. At January 1, 2019, the Company recorded a lease liability of $23,377 and a ROU asset of $15,963 on its consolidated balance sheet. Rental expense for lease payments related to the operating lease will continue to be recognized on a straight-line basis over the lease term.
Restricted Cash	Restricted Cash Amounts included in restricted cash represent those required to be set aside by lenders for real estate taxes, insurance, capital expenditures and tenant improvements on our existing properties. These amounts also include post close escrows for tenant improvements, leasing commissions, master lease, general repairs and maintenance, and are classified as restricted cash on the Company’s consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown in the Company’s consolidated statements of cash flows: March 31, 2019 2018 Cash and cash equivalents $ 13,023 $ 21,506 Restricted cash 1,001 4,648 Total cash, cash equivalents, and restricted cash $ 14,024 $ 26,154
Income Tax	Income Tax During the year ended December 31, 2018, the Company recorded an impairment charge of $15,405 related to its investment in Mainstreet Texas Development Fund, LLC, a joint venture formed to develop three transitional care/rapid recovery centers (“Mainstreet JV”). As a result, the Company will likely recognize either a capital or net operating loss or a combination thereof, for income tax purposes, from this venture in the future. The Company’s investment in Mainstreet JV is held through a taxable REIT subsidiary. Based on an effective tax rate of 28.51%, which is calculated by combining a 21% Federal tax rate and an IL tax rate of 7.51% (9.5% state rate net of the Federal benefit), the deferred tax benefit related to the impairment is approximately $4,400. Since the taxable REIT subsidiary does not currently conduct any activities outside the investment in Mainstreet JV, management does not believe it is more likely than not that the taxable REIT subsidiary will be able to utilize these losses in future tax periods. As a result, management recorded a full valuation allowance of $4,400 to account for this uncertainty.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown in the Company’s consolidated statements of cash flows: March 31, 2019 2018 Cash and cash equivalents $ 13,023 $ 21,506 Restricted cash 1,001 4,648 Total cash, cash equivalents, and restricted cash $ 14,024 $ 26,154

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Summary of Rental Income Related to Operating Leases	Rental income related to the Company's operating leases is comprised of the following: Three Months Ended March 31, 2019 Rental income - fixed payments $ 25,495 Rental income - variable payments (a) 6,719 Amortization of acquired market leases, net 208 Rental income $ 32,422 (a) Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.
Schedule of Future Base Rent Payments to be Received Under Operating Leases	The future base rent payments to be received under operating leases including ground leases as of March 31, 2019 Lease Payments 2019 (remainder of year) $ 69,772 2020 87,211 2021 81,620 2022 71,831 2023 60,319 Thereafter 196,840 Total $ 567,593
Summary of Future Ground Lease Payments	Lease payments for the ground lease as of March 31, 2019 for each of the five succeeding years and thereafter is as follows: Lease Payments 2019 (remainder of year) $ 855 2020 1,140 2021 1,140 2022 1,202 2023 1,264 Thereafter 88,376 Total $ 93,977

Acquired Intangible Assets an_2

Acquired Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities	The following table summarizes the Company’s identified intangible assets and liabilities as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Intangible assets: Acquired in-place lease value $ 165,182 $ 165,182 Acquired above market lease value 45,824 45,824 Accumulated amortization (101,394 ) (95,649 ) Acquired lease intangibles, net $ 109,612 $ 115,357 Intangible liabilities: Acquired below market lease value $ 71,551 $ 71,551 Acquired above market ground lease — 5,169 Accumulated amortization (20,066 ) (19,258 ) Acquired below market lease intangibles, net $ 51,485 $ 57,462
Schedule of Amortization of Acquired In Place Lease Value, Above Market Ground Lease, Above and Below Market Lease Values	Amortization pertaining to acquired in-place lease value, above market ground lease, above market lease value and below market lease value is summarized below: Three Months Ended March 31, Amortization recorded as amortization expense: 2019 2018 Acquired in-place lease value $ 4,841 $ 5,071 Amortization recorded as a reduction to property operating expense: Acquired above market ground lease $ — $ 23 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (904 ) $ (1,030 ) Acquired below market leases 1,112 1,135 Net rental income increase $ 208 $ 105
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2019 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2019 (remainder of year) $ 12,420 $ 2,526 $ 3,208 2020 13,801 3,057 4,070 2021 11,354 2,988 3,889 2022 8,714 2,684 3,630 2023 7,458 2,489 3,347 Thereafter 26,301 15,820 33,341 Total $ 80,048 $ 29,564 $ 51,485

Debt and Derivative Instrumen_2

Debt and Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Mortgages and Credit Facilities Payable	As of March 31, 2019 and December 31, 2018, the Company had the following mortgages and credit facility payable: March 31, 2019 December 31, 2018 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 171,592 4.25 % $ 171,646 4.25 % Variable rate mortgages payable with swap agreements 252,244 3.33 % 252,244 3.33 % Variable rate mortgages payable 684 4.09 % 684 3.95 % Mortgages payable $ 424,520 3.71 % $ 424,574 3.71 % Credit facility payable 284,523 4.22 % 284,523 4.22 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 709,043 3.91 % $ 709,097 3.91 % Add: Unamortized mortgage premiums 1,525 1,683 Less: Unamortized debt issuance costs (4,588 ) (4,896 ) Total debt $ 705,980 $ 705,884
Schedule of Principal Payments and Maturities of Company's Debt	As of March 31, 2019, scheduled principal payments and maturities on the Company’s debt were as follows: March 31, 2019 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2019 (remainder of the year) $ 178 $ 7,447 $ — $ 7,625 2020 897 — — 897 2021 1,531 82,740 — 84,271 2022 615 101,537 134,523 236,675 2023 326 91,230 150,000 241,556 Thereafter 636 137,383 — 138,019 Total $ 4,183 $ 420,337 $ 284,523 $ 709,043
Summary of Interest Rate Swap Contracts Outstanding	The following table summarizes the Company’s interest rate swap contracts outstanding as of March 31, 2019. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value at March 31, 2019 Assets February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 26 April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 608 September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 118 October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 163 January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 586 June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 1,285 July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 1,676 June 5, 2017 May 31, 2017 May 15, 2022 1.90 % 14,700 115 $ 226,244 $ 4,577 Liabilities December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (175 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 60,000 (1,423 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (593 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (598 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 40,000 (949 ) $ 176,000 $ (3,738 ) (a) Receive floating rate index based upon 1 month LIBOR. At March 31, 2019, the 1 month LIBOR was 2.49%.
Schedule of Derivative Financial Instruments on Consolidated Statements of Operations and Other Comprehensive (Loss) Income	The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive (loss) income for the three months ended March 31, 2019 and 2018. Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2019 2018 Effective portion of derivatives $ (4,200 ) $ 4,826 Reclassification adjustment for amounts included in net gain or loss (effective portion) $ (454 ) $ 133 Ineffective portion of derivatives $ — $ (7 )

Distributions (Tables)

Distributions (Tables)	3 Months Ended
	Mar. 31, 2019
Distributions [Abstract]
Schedule of Distributions Paid and Declared	The table below presents the distributions paid and declared during the three months ended March 31, 2019 and 2018. Three Months Ended March 31, 2019 2018 Distributions paid $ 11,924 $ 4,537 Distributions declared $ 10,741 $ 11,927

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2018 3,224 1,201 $ 100 $ 100 Granted — 25 1 — Vested — (5 ) — — Converted — — — — Forfeited — — — — Outstanding at March 31, 2019 3,224 1,221 $ 101 $ 100

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the Company’s related party transactions for the three months ended March 31, 2019 and 2018. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three Months Ended March 31, Unpaid amounts as of 2019 2018 March 31, 2019 December 31, 2018 General and administrative reimbursements (a) $ 338 $ 381 $ 230 $ 216 Acquisition fees (b) $ — 9 — — Real estate management fees $ 1,086 $ 1,285 $ — $ — Property operating expenses 284 284 — — Construction management fees 49 22 54 6 Leasing fees 89 85 98 37 Total real estate management related costs (c) $ 1,508 $ 1,676 $ 152 $ 43 Business management fees (d) $ 2,333 $ 2,328 $ 2,333 $ 2,345 (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive (loss) income. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (b) Prior to February 11, 2019, the Company was required to pay 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 management agreement was amended and restated to, among other things, remove the obligation to pay acquisition fees and disposition fees payable to the Business Manager by the Company with respect to transactions occurring on or after February 11, 2019. The Business Manager and its related parties continue to be 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. There were no related party acquisition costs or fees incurred during the three months ended March 31, 2019. Related party acquisition costs and fees incurred during the three months ended March 31, 2018 are included in acquisition related costs in the consolidated statements of operations and comprehensive (loss) income. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (c) 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 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 consolidated statements of operations and comprehensive (loss) income. (d) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Cash Flow Hedges and Classification on Consolidated Balance Sheets	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 March 31, 2019 and December 31, 2018, respectively. Fair Value Level 1 Level 2 Level 3 Total March 31, 2019 Interest rate swap agreements - Other assets $ — $ 4,577 $ — $ 4,577 Interest rate swap agreements - Other liabilities $ — $ (3,738 ) $ — $ (3,738 ) December 31, 2018 Interest rate swap agreements - Other assets $ — $ 7,286 $ — $ 7,286 Interest rate swap agreements - Other liabilities $ — $ (1,926 ) $ — $ (1,926 )

Organization (Narrative) (Detai

Organization (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019ft²PropertyState	Mar. 11, 2019
Organization [Line Items]
Number of retail properties owned | Property	59
Square footage of real estate properties owned | ft²	6,870,124
Number of states in which company owns real estate properties | State	24
Weighted average physical occupancy rate of property portfolio	94.00%
Weighted average economic occupancy rate of property portfolio	94.40%
Share Repurchase Program [Member]
Organization [Line Items]
Percentage of share price on repurchase of shares		80.00%
Grocery-Anchored Properties [Member]
Organization [Line Items]
Percentage of grocery-anchored property acquired	100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2019
Acquired Finite Lived Intangible Assets [Line Items]
Operating lease liability			$ 23,455
Operating lease right-of-use asset			$ 15,840
Mainstreet Texas Development Fund, LLC ("Mainstreet JV") [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Provision for asset impairment		$ 15,405
Effective income tax rate		28.51%
Federal tax rate		21.00%
Deferred tax benefit related to impairment		$ 4,400
Full valuation allowance		$ 4,400
Mainstreet Texas Development Fund, LLC ("Mainstreet JV") [Member] | ILLINOIS [Member]
Acquired Finite Lived Intangible Assets [Line Items]
State rate		9.50%
IL tax rate		7.51%
ASU 2017-12 [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Other Comprehensive Income (Loss), Net of Tax	$ 134
ASU 2016-02 [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Cumulative- effect adjustment to retained earnings	24
Operating lease liability	23,377
Operating lease right-of-use asset	$ 15,963

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 13,023	$ 15,239	$ 21,506
Restricted cash	1,001	1,001	4,648
Total cash, cash equivalents, and restricted cash	$ 14,024	$ 16,240	$ 26,154	$ 16,844

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)	Oct. 16, 2015	Mar. 31, 2019	Mar. 31, 2018	Feb. 11, 2019	Dec. 31, 2018
Equity [Line Items]
Common stock, shares issued	33,534,022	35,447,385			35,343,256
Proceeds from offering	$ 834,399
Common stock, shares outstanding		35,447,385			35,343,256
Distribution reinvestment plan, shares		4,643,680
Shares repurchased through the share repurchase program		2,731,757
Distribution reinvested		$ 5,463,000	$ 2,254,000
Stock repurchase program, amount		2,402,000	5,782,000
Other liabilities		$ 10,125,000			$ 16,268,000
Amended and Restated Share Repurchase Program [Member]
Equity [Line Items]
Stock repurchase program, authorized amount				$ 25,000
Percentage of share price on repurchase of shares				80.00%
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		$ 2,402,000			$ 5,463,000
Minimum [Member]
Equity [Line Items]
Stock repurchase program, to be held		1 year
Maximum [Member] | Amended and Restated Share Repurchase Program [Member]
Equity [Line Items]
Stock repurchase program shares issued in percentage		5.00%
DRP [Member]
Equity [Line Items]
Distribution reinvested		$ 5,463,000	$ 2,254,000

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)OperatingLeaseRenewalOption	Jan. 01, 2019USD ($)	Jul. 01, 2007GroundLease
Operating Leased Assets [Line Items]
Number of retail operating leases | OperatingLease	700
Number of ground leases | GroundLease			1
Lessee, operating lease, option to extend	October 2015 and extends through June 30, 2037 with six 5-year renewal options
Number of lessee renewal options | RenewalOption	6
Lessee, operating lease, renewal term	5 years
Operating lease liability	$ 23,455
Operating lease right-of-use asset, net	$ 15,840
Interest rate		6.32%
ASU 2016-02 [Member]
Operating Leased Assets [Line Items]
Operating lease liability		$ 23,377
Operating lease right-of-use asset, net		$ 15,963
Minimum [Member]
Operating Leased Assets [Line Items]
Lessor, operating leases, term of contract	1 year
Maximum [Member]
Operating Leased Assets [Line Items]
Lessor, operating leases, term of contract	19 years

Leases - Summary of Rental Inco

Leases - Summary of Rental Income Related to Operating Leases (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Operating Leases Lease Income [Abstract]
Rental income - fixed payments		$ 25,495
Rental income - variable payments	[1]	6,719
Amortization of acquired market leases, net		208	$ 128
Rental income		$ 32,422
[1]	Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.

Leases - Schedule of Future Bas

Leases - Schedule of Future Base Rent Payments to be Received Under Operating Leases (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2019 (remainder of year)	$ 69,772
2020	87,211
2021	81,620
2022	71,831
2023	60,319
Thereafter	196,840
Total	$ 567,593

Leases - Summary of Future Grou

Leases - Summary of Future Ground Lease Payments (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
2019 (remainder of year)	$ 855
2020	1,140
2021	1,140
2022	1,202
2023	1,264
Thereafter	88,376
Total	$ 93,977

Acquired Intangible Assets an_3

Acquired Intangible Assets and Liabilities (Schedule of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Intangible assets:
Accumulated amortization	$ (101,394)	$ (95,649)
Acquired lease intangibles, net	109,612	115,357
Intangible liabilities:
Acquired below market lease value	71,551	71,551
Acquired above market ground lease		5,169
Accumulated amortization	(20,066)	(19,258)
Acquired below market lease intangibles, net	51,485	57,462
Acquired in-place lease value [Member]
Intangible assets:
Acquired intangible assets	165,182	165,182
Acquired lease intangibles, net	80,048
Acquired above market lease value [Member]
Intangible assets:
Acquired intangible assets	45,824	$ 45,824
Acquired lease intangibles, net	$ 29,564

Acquired Intangible Assets an_4

Acquired Intangible Assets and Liabilities - Narrative (Details)	3 Months Ended
	Mar. 31, 2019
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 Intangible Assets an_5

Acquired Intangible Assets and Liabilities (Schedule of Amortization of Acquired In Place Lease Value, Above Market Ground Lease, Above and Below Market Lease Values) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 208	$ 105
Acquired in-place lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as amortization expense	4,841	5,071
Acquired above market ground lease [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a reduction to property operating expense		23
Acquired above market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	(904)	(1,030)
Acquired below market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 1,112	$ 1,135

Acquired Intangible Assets an_6

Acquired Intangible Assets and Liabilities (Schedule of Estimated Amortization of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Future amortization for acquired in-place and above market lease assets:
Acquired lease intangibles, net	$ 109,612	$ 115,357
Future amortization for below market lease liabilities:
2019 (remainder of year)	3,208
2020	4,070
2021	3,889
2022	3,630
2023	3,347
Thereafter	33,341
Total	51,485
Acquired in-place lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2019 (remainder of year)	12,420
2020	13,801
2021	11,354
2022	8,714
2023	7,458
Thereafter	26,301
Acquired lease intangibles, net	80,048
Above Market Leases [Member]
Future amortization for acquired in-place and above market lease assets:
2019 (remainder of year)	2,526
2020	3,057
2021	2,988
2022	2,684
2023	2,489
Thereafter	15,820
Acquired lease intangibles, net	$ 29,564

Debt and Derivative Instrumen_3

Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 424,520	$ 424,574
Credit facility payable	284,523	284,523
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	709,043	709,097
Add: Unamortized mortgage premiums	1,525	1,683
Less: Unamortized debt issuance costs	(4,588)	(4,896)
Total debt	$ 705,980	$ 705,884
Mortgages Payable, Weighted Average Interest Rate	3.71%	3.71%
Credit Facilities Payable, Weighted Average Interest Rate	4.22%	4.22%
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps, Weighted Average Interest Rate	3.91%	3.91%
Fixed rate mortgages payable [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 171,592	$ 171,646
Mortgages Payable, Weighted Average Interest Rate	4.25%	4.25%
Variable rate mortgages payable with swap agreements [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 252,244	$ 252,244
Mortgages Payable, Weighted Average Interest Rate	3.33%	3.33%
Variable rate mortgages payable [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 684	$ 684
Mortgages Payable, Weighted Average Interest Rate	4.09%	3.95%

Debt and Derivative Instrumen_4

Debt and Derivative Instruments (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Property	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Carrying value of debt	$ 709,043		$ 709,097
Estimated fair value of debt	711,066		709,737
Outstanding line of credit	$ 284,523		$ 284,523
Number of properties pledged as collateral | Property	28
Interest expense	$ 7,153	$ 6,467
Amount expected to be reclassified from accumulated other comprehensive income into income in the next twelve months	$ (1,371)
Mortgages Payable [Member]
Debt Instrument [Line Items]
Weighted average years to maturity	4 years 3 months 18 days
Mortgages payable, covenant compliance	the Company was current on all of the payments and in compliance with all financial covenants.
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Carrying value of debt	$ 284,523
Outstanding line of credit	$ 134,523
Credit facility, interest rate	4.14%
Credit facility, maturity date	Aug. 1, 2022
Line of credit facility, expiration date, extension period	1 year
Credit facility available for borrowing	$ 65,477
Term Loan [Member]
Debt Instrument [Line Items]
Outstanding line of credit	$ 150,000
Credit facility, interest rate	4.29%
Credit facility, maturity date	Aug. 1, 2023

Debt and Derivative Instrumen_5

Debt and Derivative Instruments (Schedule of Principal Payments and Maturities of Company's Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
2019 (remainder of the year)	$ 7,625
2020	897
2021	84,271
2022	236,675
2023	241,556
Thereafter	138,019
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	709,043	$ 709,097
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
2022	134,523
2023	150,000
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	284,523
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
2019 (remainder of the year)	178
2020	897
2021	1,531
2022	615
2023	326
Thereafter	636
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	4,183
Maturities of Mortgage Loans [Member]
Debt Instrument [Line Items]
2019 (remainder of the year)	7,447
2021	82,740
2022	101,537
2023	91,230
Thereafter	137,383
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	$ 420,337

Debt and Derivative Instrumen_6

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Derivative [Line Items]
Derivative instrument, notional amount	$ 226,244
Derivative instrument, notional amount	176,000
Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	4,577
Fair value of derivative liabilities measured on recurring basis	$ (3,738)
Interest Rate Swap One [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
Interest Rate Swap One [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 26
Interest Rate Swap Two [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
Interest Rate Swap Two [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 608
Interest Rate Swap Three [Member]
Derivative [Line Items]
Derivative instrument, date entered	Sep. 17, 2015
Derivative instrument, effective date	Sep. 17, 2015
Derivative instrument, maturity date	Sep. 17, 2022
Derivative instrument, pay fixed interest rate	1.90%	[1]
Derivative instrument, notional amount	$ 13,700
Interest Rate Swap Three [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 118
Interest Rate Swap Four [Member]
Derivative [Line Items]
Derivative instrument, date entered	Oct. 2, 2015
Derivative instrument, effective date	Nov. 1, 2015
Derivative instrument, maturity date	Nov. 1, 2022
Derivative instrument, pay fixed interest rate	1.79%	[1]
Derivative instrument, notional amount	$ 13,100
Interest Rate Swap Four [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 163
Interest Rate Swap Five [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jan. 25, 2016
Derivative instrument, effective date	Feb. 1, 2016
Derivative instrument, maturity date	Feb. 1, 2021
Derivative instrument, pay fixed interest rate	1.40%	[1]
Derivative instrument, notional amount	$ 38,000
Interest Rate Swap Five [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 586
Interest Rate Swap Six [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jun. 7, 2016
Derivative instrument, effective date	Jul. 1, 2016
Derivative instrument, maturity date	Jul. 1, 2023
Derivative instrument, pay fixed interest rate	1.42%	[1]
Derivative instrument, notional amount	$ 43,680
Interest Rate Swap Six [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 1,285
Interest Rate Swap Seven [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jul. 21, 2016
Derivative instrument, effective date	Aug. 1, 2016
Derivative instrument, maturity date	Aug. 1, 2023
Derivative instrument, pay fixed interest rate	1.30%	[1]
Derivative instrument, notional amount	$ 47,550
Interest Rate Swap Seven [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 1,676
Interest Rate Swap Eight [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
Interest Rate Swap Eight [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 115
Interest Rate Swap Nine [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
Interest Rate Swap Nine [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (175)
Interest Rate Swap Ten [Member]
Derivative [Line Items]
Derivative instrument, date entered	Aug. 23, 2018
Derivative instrument, effective date	Sep. 4, 2018
Derivative instrument, maturity date	Aug. 1, 2023
Derivative instrument, pay fixed interest rate	2.73%	[1]
Derivative instrument, notional amount	$ 60,000
Interest Rate Swap Ten [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (1,423)
Interest Rate Swap Eleven [Member]
Derivative [Line Items]
Derivative instrument, date entered	Aug. 23, 2018
Derivative instrument, effective date	Sep. 4, 2018
Derivative instrument, maturity date	Aug. 1, 2023
Derivative instrument, pay fixed interest rate	2.74%	[1]
Derivative instrument, notional amount	$ 25,000
Interest Rate Swap Eleven [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (593)
Interest Rate Swap Twelve [Member]
Derivative [Line Items]
Derivative instrument, date entered	Aug. 23, 2018
Derivative instrument, effective date	Sep. 4, 2018
Derivative instrument, maturity date	Aug. 1, 2023
Derivative instrument, pay fixed interest rate	2.74%	[1]
Derivative instrument, notional amount	$ 25,000
Interest Rate Swap Twelve [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (598)
Interest Rate Swap Thirteen [Member]
Derivative [Line Items]
Derivative instrument, date entered	Aug. 23, 2018
Derivative instrument, effective date	Sep. 4, 2018
Derivative instrument, maturity date	Aug. 1, 2023
Derivative instrument, pay fixed interest rate	2.73%	[1]
Derivative instrument, notional amount	$ 40,000
Interest Rate Swap Thirteen [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (949)
[1]	Receive floating rate index based upon 1 month LIBOR. At March 31, 2019, the 1 month LIBOR was 2.49%.

Debt and Derivative Instrumen_7

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2019
Derivative [Line Items]
Derivative instrument, receive floating rate index	1 month LIBOR
LIBOR [Member]
Derivative [Line Items]
One month floating rate	2.49%

Debt and Derivative Instrumen_8

Debt and Derivative Instruments (Derivatives on Consolidated Statements of Operations and Other Comprehensive (Loss) Income (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion of derivatives	$ (4,200)	$ 4,826
Reclassification adjustment for amounts included in net gain or loss (effective portion)	$ (454)	133
Ineffective portion of derivatives		$ (7)

Distributions (Narrative) (Deta

Distributions (Narrative) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Distributions [Abstract]
Amount per share of distributions	$ 0.3018	$ 0.335	$ 0.335
Annualized rate on Estimated Per Share NAV	6.00%

Distributions (Schedule of Dist

Distributions (Schedule of Distributions Paid and Declared) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Distributions [Abstract]
Distributions paid	$ 11,924	$ 4,537
Distributions declared	$ 10,741	$ 11,927

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Additional shares excluded from the computation of diluted earnings per share	2,573	1,743

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense of unvested share-based awards	$ 36
Weighted average remaining period unrecognized compensation expense related to non-vested	1 year 4 months 24 days
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]
Unrecognized compensation expense of unvested share-based awards	$ 36
Weighted average remaining period unrecognized compensation expense related to non-vested	1 year 4 months 24 days
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	$ 13	$ 11
Non-Employee Directors [Member] | Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 13	$ 11

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of the Restricted Shares and Restricted Share Units) (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Weighted Average Grant Date Fair Value | $ / shares	$ 100
Granted, Weighted Average Grant Date Fair Value | $ / shares	1
Outstanding, Weighted Average Grant Date Fair Value | $ / shares	101
Outstanding, Aggregate Intrinsic Value | $ / shares	100
Outstanding, Aggregate Intrinsic Value | $ / shares	$ 100
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	3,224
Outstanding, Shares	3,224
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	1,201
Granted, Shares	25
Vested, Shares	(5)
Outstanding, Shares	1,221

Segment Reporting (Details)

Segment Reporting (Details) - Segment	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting [Abstract]
Number of reportable segments	1	1

Transactions with Related Par_3

Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Real estate management related costs with related party	[1]	$ 1,508	$ 1,676
Due to related parties		2,715		$ 2,604
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party	[2]	338	381
Due to related parties	[2]	230		216
Acquisition Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[3]		9
Real Estate Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		1,086	1,285
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		284	284
Construction Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		49	22
Due to related parties		54		6
Leasing fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		89	85
Due to related parties		98		37
Real Estate Management Costs [Member]
Related Party Transaction [Line Items]
Due to related parties	[1]	152		43
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[4]	2,333	$ 2,328
Due to related parties	[4]	$ 2,333		$ 2,345
[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 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 consolidated statements of operations and comprehensive (loss) income.
[2]	The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive (loss) income. Unpaid amounts are included in due to related parties in the consolidated balance sheets.
[3]	Prior to February 11, 2019, the Company was required to pay 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 management agreement was amended and restated to, among other things, remove the obligation to pay acquisition fees and disposition fees payable to the Business Manager by the Company with respect to transactions occurring on or after February 11, 2019. The Business Manager and its related parties continue to be 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. There were no related party acquisition costs or fees incurred during the three months ended March 31, 2019. Related party acquisition costs and fees incurred during the three months ended March 31, 2018 are included in acquisition related costs in the consolidated statements of operations and comprehensive (loss) income. Unpaid amounts are included in due to related parties in the consolidated balance sheets.
[4]	The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter.

Transactions with Related Par_4

Transactions with Related Parties (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Related Party Transaction [Line Items]
Asset acquisition fee to contract purchase price, percentage	1.50%
Annual business management fee to its average invested assets, percentage	0.65%
Quarterly payable business management fee to its average invested assets, percentage	0.1625%
Acquisition Related Costs and Fee [Member]
Related Party Transaction [Line Items]
Total acquisition cost and fees	$ 0
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%

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	Mar. 31, 2019	Dec. 31, 2018
Other Assets [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets	$ 4,577	$ 7,286
Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other liabilities	(3,738)	(1,926)
Level 2 [Member] | Other Assets [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets	4,577	7,286
Level 2 [Member] | Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other liabilities	$ (3,738)	$ (1,926)

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands	Apr. 01, 2019	Mar. 31, 2019	Mar. 31, 2018
Subsequent Event [Line Items]
Distributions paid		$ 11,924	$ 4,537
DRP [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions paid	$ 10,741
Number of dividends issued	240,331