Inland Real Estate Income Trust (INRE) 10-Q 13 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 12, 2020
Cover [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, 2020
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		36,020,341
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	000-55146
Entity Tax Identification Number	45-3079597
Entity Address, Address Line One	2901 Butterfield Road
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Country	US
Entity Incorporation, State or Country Code	MD
Entity Address, Postal Zip Code	60523
City Area Code	630
Local Phone Number	218-8000
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investment properties held and used:
Land	$ 267,946	$ 267,946
Building and other improvements	984,608	983,923
Total	1,252,554	1,251,869
Less accumulated depreciation	(179,669)	(170,269)
Net investment properties held and used	1,072,885	1,081,600
Investment properties and related assets held for sale		38,752
Cash and cash equivalents	5,401	4,516
Restricted cash	1,072	1,017
Accounts and rent receivable	16,525	17,231
Acquired lease intangible assets, net	84,842	89,352
Operating lease right-of-use asset, net	15,360	15,478
Other assets	6,058	6,613
Total assets	1,202,143	1,254,559
Liabilities:
Mortgages and credit facility payable, net	645,394	681,327
Accounts payable and accrued expenses	8,261	7,951
Operating lease liability	23,779	23,696
Distributions payable	8,173	10,841
Acquired intangible liabilities, net	45,442	46,820
Due to related parties	4,845	5,023
Liabilities associated with investment properties held for sale		1,716
Other liabilities	25,213	16,666
Total liabilities	761,107	794,040
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, 36,020,341 and 35,799,388 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	36	36
Additional paid in capital	810,182	805,722
Accumulated distributions and net loss	(348,125)	(338,331)
Accumulated other comprehensive (loss) income	(21,057)	(6,908)
Total stockholders’ equity	441,036	460,519
Total liabilities and stockholders’ equity	$ 1,202,143	$ 1,254,559

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	36,020,341	35,799,388
Common stock, shares outstanding	36,020,341	35,799,388

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income:
Rental income	$ 30,700	$ 32,422
Other property income	61	53
Total income	30,761	32,475
Cost and Expenses:
Property operating expenses	5,497	5,675
Real estate tax expense	3,638	4,248
General and administrative expenses	1,240	1,512
Business management fee	2,229	2,333
Depreciation and amortization	13,304	14,526
Total expenses	25,908	28,294
Other Income (Expense):
Interest expense	(6,498)	(7,153)
Interest and other income	24	19
Net loss	$ (1,621)	$ (2,953)
Net loss per common share, basic and diluted	$ (0.04)	$ (0.08)
Weighted average number of common shares outstanding, basic and diluted	36,019,393	35,583,398
Comprehensive loss:
Net loss	$ (1,621)	$ (2,953)
Unrealized loss on derivatives	(14,552)	(4,200)
Reclassification adjustment for amounts included in net loss	403	(454)
Comprehensive loss	$ (15,770)	$ (7,607)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS 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 (Loss) [Member]
Balance at Dec. 31, 2018	$ 517,078	$ 35	$ 795,409	$ (283,859)	$ 5,493
Balance, shares at Dec. 31, 2018		35,343,256
Distributions declared	(10,741)			(10,741)
Proceeds from distribution reinvestment plan	5,463		5,463
Proceeds from distribution reinvestment plan, shares		244,417
Shares repurchased	(2,402)		(2,402)
Shares repurchased, shares		(140,288)
Unrealized loss 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
Balance at Dec. 31, 2019	$ 460,519	$ 36	805,722	(338,331)	(6,908)
Balance, shares at Dec. 31, 2019	35,799,388	35,799,388
Distributions declared	$ (8,173)			(8,173)
Proceeds from distribution reinvestment plan	4,547		4,547
Proceeds from distribution reinvestment plan, shares		225,940
Shares repurchased	(102)		(102)
Shares repurchased, shares		(4,987)
Unrealized loss on derivatives	(14,552)				(14,552)
Reclassification adjustment for amounts included in net loss	403				403
Equity-based compensation	15		15
Net loss	(1,621)			(1,621)
Balance at Mar. 31, 2020	$ 441,036	$ 36	$ 810,182	$ (348,125)	$ (21,057)
Balance, shares at Mar. 31, 2020	36,020,341	36,020,341

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Stockholders Equity [Abstract]
Distributions declared per share	$ 0.226875	$ 0.3018

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (1,621)	$ (2,953)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	13,304	14,526
Amortization of debt issuance costs and mortgage premiums, net	145	150
Amortization of acquired market leases, net	(595)	(208)
Amortization of equity-based compensation	15	13
Reduction in the carrying amount of the right-of-use-asset	118	123
Straight-line income, net	(139)	(421)
Other non-cash adjustments	16	4
Changes in assets and liabilities:
Accounts payable and accrued expenses	(550)	1,050
Accounts and rent receivable	1,538	131
Due to related parties	(186)	63
Operating lease liability	83	78
Other liabilities	(2,417)	(1,925)
Other assets	(156)	(64)
Net cash flows provided by operating activities	9,555	10,567
Cash flows from investing activities:
Capital expenditures	(1,118)	(805)
Proceeds from sale of investment properties	37,255
Net cash flows provided by (used in) investing activities	36,137	(805)
Cash flows from financing activities:
Payment of credit facility	(43,022)
Proceeds from credit facility	7,000
Payment of mortgages payable	(56)	(54)
Proceeds from the distribution reinvestment plan	4,547	5,463
Shares repurchased	(2,380)	(5,463)
Distributions paid	(10,841)	(11,924)
Net cash flows used in financing activities	(44,752)	(11,978)
Net increase (decrease) in cash, cash equivalents and restricted cash	940	(2,216)
Cash, cash equivalents and restricted cash, at beginning of the period	5,533	16,240
Cash, cash equivalents and restricted cash, at end of period	6,473	14,024
Supplemental disclosure of cash flow information:
Cash paid for interest	6,373	6,778
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 capital expenditures	294	158
Accrued share repurchase program liability		2,402
Distributions payable	$ 8,173	$ 10,741

Organization

Organization	3 Months Ended
	Mar. 31, 2020
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 is primarily focused on owning retail properties and targets 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 have completed the sale of 15 properties, including the sale of three properties during January 2020, as further described in Note 4 – “Dispositions,” with the goal of redeploying capital into the acquisition of strategically located grocery-anchored centers. The Company plans to move toward a liquidity event in the future, market conditions permitting, most likely through a listing on a public securities exchange. In connection with the Strategic Plan, the Company’s share repurchase program (as amended, the “SRP”) was amended and restated, effective March 21, 2019, 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. On March 3, 2020, the Company’s SRP was further amended and restated (the “Third A&R SRP”), which became effective on April 10, 2020, as further described below in Note 3 – “Equity”. The Strategic Plan may evolve or change over time. For example, the Company may decide to focus more on redeveloping existing properties relative to investing in new grocery-anchored centers, depending on such factors, including, but not limited to, market prices for its properties, availability of capital for redevelopment and construction costs. There is no assurance the Company will be able to successfully implement the Strategic Plan, including listing the Company’s common stock. On March 3, 2020, as reported in the Company’s Form 8-K filed with the Securities and Exchange Commission on March 5, 2020, 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, 2019; (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 that was expected April 2020 , 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 and “exceptional repurchases” will be repurchased at 80% of the Estimated Per Share NAV. Due to the uncertainty surrounding the COVID-19 pandemic and its impact on the Company’s business, the Company’s board of directors decided to postpone the payment of the first quarter 2020 distribution. The distribution is now payable to stockholders of record on May 29, 2020 and is expected to be paid on June 1, 2020. As the situation surrounding COVID-19 develops, the Company and its board of directors may further revise the record date and expected payment date of this distribution or the board could decide to rescind the distribution to further supplement our cash resources. Until a distribution is actually paid, no cash will be available to be reinvested under the DRP. Also, since the Company’s SRP provides a funding limit for repurchases that is a percentage of the net proceeds received from the issuance of shares of common stock pursuant to the DRP, the SRP provides that no shares will be repurchased at this time. At March 31, 2020, the Company owned 44 retail properties, totaling 6,470,347 square feet. The properties are located in 21 states. At March 31, 2020, the portfolio had a weighted average physical occupancy of 93.6% and economic occupancy of 94.0%.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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, 2019, as filed with the Securities and Exchange Commission on March 18, 2020, 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, 2020, 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. Significant Risks and Uncertainties related to COVID-19 Pandemic Currently, one of the most significant risks and uncertainties is the potential further adverse effect of the current pandemic of the novel coronavirus, or COVID-19. A number of our tenants have announced temporary closures of their stores and requested rent deferral or rent abatement during this pandemic. Many experts predict that the outbreak will trigger, or even has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on our financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: • reduced economic activity severely impacts our tenants' businesses, financial condition and liquidity and has caused tenants to be unable to fully meet their obligations to us or to otherwise seek modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; • a prolonged economic recession in the U.S. would negatively impact the Company’s ability to lease space and negotiate and maintain favorable rents causing reductions in occupancy and rental income; • the negative financial impact of the pandemic could impact our future compliance with financial covenants of our credit facility and other debt agreements; and • weaker economic conditions and defaults or failures by tenants to pay rent when due could cause us to recognize impairment in value of our tangible or intangible assets. The extent to which the COVID-19 pandemic impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. See Note 15 – “Subsequent Events” for additional information 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. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A grants relief to entities, allowing them an election to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under Topic 842, Leases. An entity that makes this election can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company has elected to apply such relief and will avail itself of the election to avoid performing a lease by lease analysis. The Lease Modification Q&A has no material impact on the Company’s consolidated financial statements as of and for the three months ended March 31, 2020, however, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering into such concessions. 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, 2020 2019 Cash and cash equivalents $ 5,401 $ 13,023 Restricted cash 1,072 1,001 Total cash, cash equivalents, and restricted cash $ 6,473 $ 14,024 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, 2020
Equity [Abstract]
Equity	NOTE 3 – EQUITY The Company commenced an initial public “best efforts” offering (the “Offering”) on October 18, 2012, which concluded on October 16, 2015. The Company sold 33,534,022 shares of common stock generating gross proceeds of $834,399 from the Offering. As of March 31, 2020, there were 36,020,341 shares of common stock outstanding including 5,574,215 shares issued through the DRP, net of 3,090,891 shares repurchased through the SRP. On March 3, 2020, the Company’s board of directors determined the Estimated Per Share NAV as of December 31, 2019. The previously Estimated Per Share NAV as of December 31, 2018 was established on March 5, 2019. 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 $4,547 and $5,463 for the three months ended March 31, 2020 and 2019, 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. The SRP may be amended or terminated in the Company’s sole discretion. In the case of repurchases made upon the death of a stockholder or qualifying disability (“Exceptional Repurchases”), as defined in the SRP, the one year holding period does not apply. On February 11, 2019, the Company’s board of directors adopted a second amended and restated SRP, effective March 21, 2019, which reduced the price the Company was authorized to make ordinary repurchases from a range of 92.5% to 100% of the “share price” down to 80% of the “share price.” The “share price” is defined in the second amended and restated 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. On March 3, 2020 the Company’s board of directors adopted the Third A&R SRP. Under the Third A&R SRP, the Company is authorized to make ordinary repurchases and Exceptional Repurchases at a price equal to 80.0% of the “share price,” which is defined in the Third A&R SRP the same way as described above for the second amended and restated SRP. Prior to the amendment, the Company was authorized to make Exceptional Repurchases at a price equal to 100% of the “share price.” The Third A&R SRP provides the Company’s board of directors with the discretion to reduce the funding limit for share repurchases. The Third 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. For the quarter ended March 31, 2020, the Company’s board determined a funding limit equal to 50% of the net proceeds from the DRP for the quarter ended March 31, 2020. 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 Exceptional Repurchases 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 $102 and $2,402 for the three months ended March 31, 2020 and 2019, respectively. At December 31, 2019, the Company’s liability related to the SRP was $2,278, recorded in other liabilities on the Company’s consolidated balance sheet. There was no liability related to the SRP at March 31, 2020 due indirectly to the postponement of the first quarter 2020 distribution amidst the COVID-19 pandemic. See Note 1 – “Organization” for further discussion.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2020
Assets Of Disposal Group Including Discontinued Operation [Abstract]
Dispositions	NOTE 4 – DISPOSITIONS In connection with the Strategic Plan, the Company sold three properties in January 2020 that met the criteria to be classified as held for sale on the consolidated balance sheet at December 31, 2019. The criteria were met for these properties because, amongst other criteria, the Company had collected non-refundable earnest money from the buyer. The Company collected proceeds of $37,255 net of selling costs upon completion of the three sales. The following table reflects the major components of the assets and liabilities associated with investment properties held for sale as of December 31, 2019: December 31, 2019 Investment properties and related assets held for sale: Land $ 6,275 Building and other improvements 27,758 Accounts and rent receivable 1,167 Acquired lease intangible assets, net 3,337 Deferred costs, net 186 Other assets 29 Investment properties and related assets held for sale $ 38,752 Liabilities associated with investment properties held for sale: Accounts payable and accrued expenses $ 691 Due to related parties 6 Acquired intangible liabilities, net 743 Other liabilities 276 Liabilities associated with investment properties held for sale $ 1,716

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	NOTE 5 – 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 17 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. 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 statements of operations and comprehensive loss. Rental income related to the Company's operating leases is comprised of the following: Three Months Ended March 31, 2020 2019 Rental income - fixed payments $ 24,030 $ 25,495 Rental income - variable payments (a) 6,075 $ 6,719 Amortization of acquired market leases, net $ 595 $ 208 Rental income $ 30,700 $ 32,422 (a) Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance. The Company is closely monitoring the impact of the COVID-19 pandemic on the collectability of lease payments.

Acquired Intangible Assets and

Acquired Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Liabilities	NOTE 6 – ACQUIRED INTANGIBLE ASSETS AND LIABILITIES The following table summarizes the Company’s identified intangible assets and liabilities as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Intangible assets: Acquired in-place lease value $ 156,918 $ 160,214 Acquired above market lease value 45,742 45,783 Accumulated amortization (117,818 ) (113,308 ) Less: Assets related to investment properties held for sale — (3,337 ) Acquired lease intangibles, net $ 84,842 $ 89,352 Intangible liabilities: Acquired below market lease value $ 70,260 $ 71,153 Accumulated amortization (24,818 ) (23,590 ) Less: Liabilities related to investment properties held for sale — (743 ) Acquired below market lease intangibles, net $ 45,442 $ 46,820 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, 2020 2019 Amortization recorded as amortization expense: Acquired in-place lease value $ 3,728 $ 4,841 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (783 ) $ (904 ) Acquired below market leases 1,378 1,112 Net rental income increase $ 595 $ 208 Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2020 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2020 (remainder of year) $ 9,246 $ 2,238 $ 2,870 2021 10,537 2,953 3,689 2022 7,898 2,664 3,456 2023 6,671 2,477 3,198 2024 5,664 2,308 3,021 Thereafter 18,691 13,495 29,208 Total $ 58,707 $ 26,135 $ 45,442

Debt and Derivative Instruments

Debt and Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt and Derivative Instruments	NOTE 7 – DEBT AND DERIVATIVE INSTRUMENTS As of March 31, 2020 and December 31, 2019, the Company had the following mortgages and credit facility payable: March 31, 2020 December 31, 2019 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 163,930 4.25 % $ 163,986 4.25 % Variable rate mortgages payable with swap agreements 252,244 3.33 % 252,244 3.33 % Variable rate mortgages payable without swap agreements 684 3.18 % 684 3.29 % Mortgages payable $ 416,858 3.69 % $ 416,914 3.69 % Credit facility payable 231,000 3.31 % 267,022 3.92 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 647,858 3.69 % $ 683,936 3.78 % Add: Unamortized mortgage premiums 893 1,051 Less: Unamortized debt issuance costs (3,357 ) (3,660 ) Total debt $ 645,394 $ 681,327 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 $647,858 and $683,936 as of March 31, 2020 and December 31, 2019, respectively, and its estimated fair value was $663,125 and $689,790 as of March 31, 2020 and December 31, 2019, respectively. As of March 31, 2020, scheduled principal payments and maturities on the Company’s debt were as follows: March 31, 2020 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2020 (remainder of the year) $ 859 $ — $ — $ 859 2021 1,532 82,740 — 84,272 2022 615 101,537 81,000 183,152 2023 326 91,230 150,000 241,556 2024 341 — — 341 Thereafter 295 137,383 — 137,678 Total $ 3,968 $ 412,890 $ 231,000 $ 647,858 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 subject to the terms and conditions, including compliance with the covenants, of the Amended and Restated Credit Agreement that governs the Credit Facility. At March 31, 2020, the Company had $81,000 outstanding under the Revolving Credit Facility and $150,000 outstanding under the Term Loan. At March 31, 2020 the interest rate on the Revolving Credit Facility and the Term Loan was 2.58% 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, 2020, the Company had $119,000 available for borrowing under the Revolving Credit Facility, subject to the terms and conditions, including compliance with the covenants, of the Amended and Restated Credit Agreement that governs the 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, 2020, there were 25 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. As of March 31, 2020, 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, 2020, 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, 2020, the weighted average years to maturity for the Company’s mortgages payable was 3.4 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, 2020. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value at March 31, 2020 Liabilities February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (201 ) April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 (1,410 ) September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 (535 ) October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 (501 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (2,649 ) January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 (332 ) June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 (1,548 ) July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 (1,524 ) June 5, 2017 May 31, 2017 May 15, 2022 1.90 % 14,700 (500 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 60,000 (4,741 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (1,976 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (1,979 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 40,000 (3,161 ) $ 402,244 $ (21,057 ) (a) Receive floating rate index based upon one-month LIBOR. At March 31, 2020, the one-month LIBOR was 0.9929%. 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 2020 2019 Effective portion of derivatives $ (14,552 ) $ (4,200 ) Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 403 $ (454 ) The total amount of interest expense presented on the consolidated statements of operations and comprehensive loss was $6,498 and $7,153, for the three months ended March 31, 2020 and 2019, respectively. The location of the net gain or loss reclassified into income from accumulated other comprehensive loss is reported in interest expense on the consolidated statements of operations and comprehensive loss. The amount that is expected to be reclassified from accumulated other comprehensive loss into income in the next twelve months is $6,800.

Distributions

Distributions	3 Months Ended
	Mar. 31, 2020
Distributions [Abstract]
Distributions	NOTE 8 – DISTRIBUTIONS On March 10, 2020, the Company’s board of directors declared cash distributions payable to stockholders of record as of the close of business on March 31, 2020, postponed until May 29, 2020 as described below, in an amount equal to $0.226875 per share, which represents an annualized rate of 5% based on the Estimated Per Share NAV as of December 31, 2019, payable in arrears the following quarter. In 2019, the Company declared quarterly distributions in the amount of $0.3018 per share, payable in arrears the following quarter. Due to the uncertainty surrounding the COVID-19 pandemic and its impact on the Company’s business, the Company’s board of directors decided to postpone the payment of the first quarter 2020 distribution. The distribution is now payable to stockholders of record on May 29, 2020 and is expected to be paid on June 1, 2020. As the situation surrounding COVID-19 develops, the Company and its board of directors may further revise the record date and expected payment date of this distribution or the board could decide to rescind the distribution to further supplement our cash resources. The table below presents the distributions paid and declared during the three months ended March 31, 2020 and 2019. Three Months Ended March 31, 2020 2019 Distributions paid $ 10,841 $ 11,924 Distributions declared $ 8,173 $ 10,741

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings (Loss) per Share	NOTE 9 – 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, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 10 – 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, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	NOTE 11 – 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 are 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 are included in common stock outstanding on the date of vesting. Restricted share units are included in common stock outstanding on the date they are transferred to the non-employee director or their beneficiary. A summary table of the status of the restricted shares and restricted share units is presented below: Restricted Shares Restricted Share Units Outstanding at December 31, 2019 3,906 1,480 Granted — — Vested — (5 ) Outstanding at March 31, 2020 3,906 1,475

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	NOTE 12 – SEGMENT REPORTING The Company has one reportable segment as defined by U.S. GAAP, retail real estate, for the three months ended March 31, 2020 and 2019.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Transactions With Related Parties	NOTE 13 – TRANSACTIONS WITH RELATED PARTIES The following table summarizes the Company’s related party transactions for the three months ended March 31, 2020 and 2019. 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 2020 2019 March 31, 2020 December 31, 2019 General and administrative reimbursements (a) $ 329 $ 338 $ 196 $ 188 Real estate management fees $ 1,085 $ 1,086 $ — $ — Property operating expenses 275 284 — — Construction management fees 4 49 25 23 Leasing fees 83 89 59 143 Total real estate management related costs (b) $ 1,447 $ 1,508 $ 84 $ 166 Business management fees (c) $ 2,229 $ 2,333 $ 4,565 $ 4,675 (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. Unpaid amounts are included in due to related parties in the consolidated balance sheets. ( b ) 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. As of December 31, 2019, unpaid construction management fees of $6 are included in liabilities associated with investment properties held for sale on the consolidated balance sheet. The remaining unpaid amounts are included in due to related parties on the consolidated balance sheet. ( c ) 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. Unpaid amounts are included in due to related parties on the consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 14 – 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, 2020 and December 31, 2019, respectively. Fair Value Level 1 Level 2 Level 3 Total March 31, 2020 Interest rate swap agreements - Other assets $ — $ — $ — $ — Interest rate swap agreements - Other liabilities $ — $ 21,057 $ — $ 21,057 December 31, 2019 Interest rate swap agreements - Other assets $ — $ 715 $ — $ 715 Interest rate swap agreements - Other liabilities $ — $ 7,622 $ — $ 7,622 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, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 15 – SUBSEQUENT EVENTS COVID-19 Pandemic The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and the markets in which it owns properties, including how it will impact its tenants and business partners. While the Company did not incur significant disruptions during the three months ended March 31, 2020 from the COVID-19 pandemic, it is unable to predict the future impact that the COVID-19 pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties. In April and May, the Company received rent relief requests, most often in the form of rent deferral requests, as a result of COVID-19. As of May 11, 2020, the Company has received April and May rent payments from approximately 56% and 32% of our portfolio, respectively, based on billings. In addition, the Company received short-term rent relief requests, most often in the form of rent deferral requests, or requests for further discussion from tenants, from approximately 57% of our portfolio, as measured by annualized base rent. The Company is evaluating each tenant rent relief request on an individual basis, considering a number of factors. Not all tenant requests will ultimately result in modification agreements, and we manage negotiations with tenants on a case-by-case basis. In April, the Company drew $24,000 on its Revolving Credit Facility to maintain a higher level of liquidity to meet its interest and principal payments and to pay its expenses in anticipation of reduced rental receipts as a result of the COVID-19 pandemic. The Company is taking measures to reduce cash expenditures, including delaying capital development projects where possible, in order to minimize the operational impact of COVID-19 on its properties. As of May 13, 2020, the Company has paid all interest and principal amounts due and is in compliance with all financial covenants related to the Credit Facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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.
Significant Risks and Uncertainties related to COVID-19 Pandemic	Significant Risks and Uncertainties related to COVID-19 Pandemic Currently, one of the most significant risks and uncertainties is the potential further adverse effect of the current pandemic of the novel coronavirus, or COVID-19. A number of our tenants have announced temporary closures of their stores and requested rent deferral or rent abatement during this pandemic. Many experts predict that the outbreak will trigger, or even has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on our financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: • reduced economic activity severely impacts our tenants' businesses, financial condition and liquidity and has caused tenants to be unable to fully meet their obligations to us or to otherwise seek modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; • a prolonged economic recession in the U.S. would negatively impact the Company’s ability to lease space and negotiate and maintain favorable rents causing reductions in occupancy and rental income; • the negative financial impact of the pandemic could impact our future compliance with financial covenants of our credit facility and other debt agreements; and • weaker economic conditions and defaults or failures by tenants to pay rent when due could cause us to recognize impairment in value of our tangible or intangible assets. The extent to which the COVID-19 pandemic impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. See Note 15 – “Subsequent Events” for additional information
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. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A grants relief to entities, allowing them an election to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under Topic 842, Leases. An entity that makes this election can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company has elected to apply such relief and will avail itself of the election to avoid performing a lease by lease analysis. The Lease Modification Q&A has no material impact on the Company’s consolidated financial statements as of and for the three months ended March 31, 2020, however, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering into such concessions.
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, 2020 2019 Cash and cash equivalents $ 5,401 $ 13,023 Restricted cash 1,072 1,001 Total cash, cash equivalents, and restricted cash $ 6,473 $ 14,024
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, 2020
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, 2020 2019 Cash and cash equivalents $ 5,401 $ 13,023 Restricted cash 1,072 1,001 Total cash, cash equivalents, and restricted cash $ 6,473 $ 14,024

Dispositions (Tables)

Dispositions (Tables)	3 Months Ended
	Mar. 31, 2020
Assets Of Disposal Group Including Discontinued Operation [Abstract]
Summary of Major Components of Assets and Liabilities Associated With Investment Properties Held for Sale	The following table reflects the major components of the assets and liabilities associated with investment properties held for sale as of December 31, 2019: December 31, 2019 Investment properties and related assets held for sale: Land $ 6,275 Building and other improvements 27,758 Accounts and rent receivable 1,167 Acquired lease intangible assets, net 3,337 Deferred costs, net 186 Other assets 29 Investment properties and related assets held for sale $ 38,752 Liabilities associated with investment properties held for sale: Accounts payable and accrued expenses $ 691 Due to related parties 6 Acquired intangible liabilities, net 743 Other liabilities 276 Liabilities associated with investment properties held for sale $ 1,716

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 Rental income - fixed payments $ 24,030 $ 25,495 Rental income - variable payments (a) 6,075 $ 6,719 Amortization of acquired market leases, net $ 595 $ 208 Rental income $ 30,700 $ 32,422 (a) Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.

Acquired Intangible Assets an_2

Acquired Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Intangible assets: Acquired in-place lease value $ 156,918 $ 160,214 Acquired above market lease value 45,742 45,783 Accumulated amortization (117,818 ) (113,308 ) Less: Assets related to investment properties held for sale — (3,337 ) Acquired lease intangibles, net $ 84,842 $ 89,352 Intangible liabilities: Acquired below market lease value $ 70,260 $ 71,153 Accumulated amortization (24,818 ) (23,590 ) Less: Liabilities related to investment properties held for sale — (743 ) Acquired below market lease intangibles, net $ 45,442 $ 46,820
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, 2020 2019 Amortization recorded as amortization expense: Acquired in-place lease value $ 3,728 $ 4,841 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (783 ) $ (904 ) Acquired below market leases 1,378 1,112 Net rental income increase $ 595 $ 208
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2020 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2020 (remainder of year) $ 9,246 $ 2,238 $ 2,870 2021 10,537 2,953 3,689 2022 7,898 2,664 3,456 2023 6,671 2,477 3,198 2024 5,664 2,308 3,021 Thereafter 18,691 13,495 29,208 Total $ 58,707 $ 26,135 $ 45,442

Debt and Derivative Instrumen_2

Debt and Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Mortgages and Credit Facilities Payable	As of March 31, 2020 and December 31, 2019, the Company had the following mortgages and credit facility payable: March 31, 2020 December 31, 2019 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 163,930 4.25 % $ 163,986 4.25 % Variable rate mortgages payable with swap agreements 252,244 3.33 % 252,244 3.33 % Variable rate mortgages payable without swap agreements 684 3.18 % 684 3.29 % Mortgages payable $ 416,858 3.69 % $ 416,914 3.69 % Credit facility payable 231,000 3.31 % 267,022 3.92 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 647,858 3.69 % $ 683,936 3.78 % Add: Unamortized mortgage premiums 893 1,051 Less: Unamortized debt issuance costs (3,357 ) (3,660 ) Total debt $ 645,394 $ 681,327
Schedule of Principal Payments and Maturities of Company's Debt	As of March 31, 2020, scheduled principal payments and maturities on the Company’s debt were as follows: March 31, 2020 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2020 (remainder of the year) $ 859 $ — $ — $ 859 2021 1,532 82,740 — 84,272 2022 615 101,537 81,000 183,152 2023 326 91,230 150,000 241,556 2024 341 — — 341 Thereafter 295 137,383 — 137,678 Total $ 3,968 $ 412,890 $ 231,000 $ 647,858
Summary of Interest Rate Swap Contracts Outstanding	The following table summarizes the Company’s interest rate swap contracts outstanding as of March 31, 2020. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value at March 31, 2020 Liabilities February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (201 ) April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 (1,410 ) September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 (535 ) October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 (501 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (2,649 ) January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 (332 ) June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 (1,548 ) July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 (1,524 ) June 5, 2017 May 31, 2017 May 15, 2022 1.90 % 14,700 (500 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 60,000 (4,741 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (1,976 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (1,979 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 40,000 (3,161 ) $ 402,244 $ (21,057 ) (a) Receive floating rate index based upon one-month LIBOR. At March 31, 2020, the one-month LIBOR was 0.9929%.
Schedule of Effect of Derivatives on Consolidated Statements of Operations and Other Comprehensive Loss	The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three months ended March 31, 2020 and 2019. Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2020 2019 Effective portion of derivatives $ (14,552 ) $ (4,200 ) Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 403 $ (454 )

Distributions (Tables)

Distributions (Tables)	3 Months Ended
	Mar. 31, 2020
Distributions [Abstract]
Schedule of Distributions Paid and Declared	The table below presents the distributions paid and declared during the three months ended March 31, 2020 and 2019. Three Months Ended March 31, 2020 2019 Distributions paid $ 10,841 $ 11,924 Distributions declared $ 8,173 $ 10,741

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
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 Outstanding at December 31, 2019 3,906 1,480 Granted — — Vested — (5 ) Outstanding at March 31, 2020 3,906 1,475

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and 2019. 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 2020 2019 March 31, 2020 December 31, 2019 General and administrative reimbursements (a) $ 329 $ 338 $ 196 $ 188 Real estate management fees $ 1,085 $ 1,086 $ — $ — Property operating expenses 275 284 — — Construction management fees 4 49 25 23 Leasing fees 83 89 59 143 Total real estate management related costs (b) $ 1,447 $ 1,508 $ 84 $ 166 Business management fees (c) $ 2,229 $ 2,333 $ 4,565 $ 4,675 (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. Unpaid amounts are included in due to related parties in the consolidated balance sheets. ( b ) 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. As of December 31, 2019, unpaid construction management fees of $6 are included in liabilities associated with investment properties held for sale on the consolidated balance sheet. The remaining unpaid amounts are included in due to related parties on the consolidated balance sheet. ( c ) 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. Unpaid amounts are included in due to related parties on the consolidated balance sheets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis	For assets and liabilities measured at fair value on a recurring basis, the table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively. Fair Value Level 1 Level 2 Level 3 Total March 31, 2020 Interest rate swap agreements - Other assets $ — $ — $ — $ — Interest rate swap agreements - Other liabilities $ — $ 21,057 $ — $ 21,057 December 31, 2019 Interest rate swap agreements - Other assets $ — $ 715 $ — $ 715 Interest rate swap agreements - Other liabilities $ — $ 7,622 $ — $ 7,622

Organization (Narrative) (Detai

Organization (Narrative) (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2020Property	Mar. 31, 2020ft²PropertyState	Mar. 31, 2020ft²PropertyState	Mar. 03, 2020
Organization [Line Items]
Target percentage of grocery-anchored property		100.00%
Number of properties sold	3		15
Number of retail properties owned		44	44
Square footage of real estate properties owned | ft²		6,470,347	6,470,347
Number of states in which company owns real estate properties | State		21	21
Weighted average physical occupancy rate of property portfolio		93.60%	93.60%
Weighted average economic occupancy rate of property portfolio		94.00%	94.00%
COVID-19 [Member]
Organization [Line Items]
Dividends record date		May 29, 2020
Dividends expected to be paid		Jun. 1, 2020
Share Repurchase Program [Member]
Organization [Line Items]
Percentage of share price on repurchase of shares				80.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2020	Dec. 31, 2019
Acquired Finite Lived Intangible Assets [Line Items]
Operating lease liability			$ 23,779	$ 23,696
Operating lease right-of-use asset			$ 15,360	$ 15,478
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]
Cumulative reversal of recognized hedge ineffectiveness	$ (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, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 5,401	$ 4,516	$ 13,023
Restricted cash	1,072	1,017	1,001
Total cash, cash equivalents, and restricted cash	$ 6,473	$ 5,533	$ 14,024	$ 16,240

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)	3 Months Ended		36 Months Ended	89 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Oct. 16, 2015	Mar. 31, 2020	Mar. 03, 2020	Dec. 31, 2019	Mar. 21, 2019	Mar. 20, 2019
Equity [Line Items]
Common stock, shares sold	36,020,341		33,534,022	36,020,341		35,799,388
Proceeds from offering			$ 834,399,000
Common stock, shares outstanding	36,020,341			36,020,341		35,799,388
Distribution reinvestment plan, shares				5,574,215
Shares repurchased through the share repurchase program				3,090,891
Distribution reinvested	$ 4,547,000	$ 5,463,000
Stock repurchase program, amount	102,000	2,402,000
Other liabilities	25,213,000			$ 25,213,000		$ 16,666,000
Liabilities	$ 761,107,000			761,107,000		794,040,000
Third Amended and Restated Share Repurchase Program [Member]
Equity [Line Items]
Employer discretionary minimum percentage of net proceeds from share repurchase program	50.00%
Employer funding limit equal percentage of net proceeds from share repurchase program	50.00%
Description of share repurchase program	Under the Third A&R SRP, the Company is authorized to make ordinary repurchases and Exceptional Repurchases at a price equal to 80.0% of the “share price,” which is defined in the Third A&R SRP the same way as described above for the second amended and restated SRP. Prior to the amendment, the Company was authorized to make Exceptional Repurchases at a price equal to 100% of the “share price. The Third A&R SRP provides the Company’s board of directors with the discretion to reduce the funding limit for share repurchases. The Third 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. For the quarter ended March 31, 2020, the Company’s board determined a funding limit equal to 50% of the net proceeds from the DRP for the quarter ended March 31, 2020. 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 Exceptional Repurchases and (b) second, all ordinary repurchases.
Third Amended and Restated Share Repurchase Program [Member] | Exceptional Repurchases [Member]
Equity [Line Items]
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%
Prior Share Repurchase Agreement [Member] | Exceptional Repurchases [Member]
Equity [Line Items]
Percentage of share price on repurchase of shares					100.00%
Stock Repurchase Program [Member]
Equity [Line Items]
Other liabilities						$ 2,278,000
Liabilities	$ 0			$ 0
Minimum [Member]
Equity [Line Items]
Stock repurchase program, to be held	1 year
Maximum [Member] | Second Amended and Restated Share Repurchase Program [Member]
Equity [Line Items]
Stock repurchase program per share amount							$ 25
Percentage of share price on repurchase of shares							80.00%
Maximum [Member] | Third Amended and Restated Share Repurchase Program [Member]
Equity [Line Items]
Percentage of prior fiscal year end outstanding shares that may be repurchased	5.00%
DRP [Member]
Equity [Line Items]
Distribution reinvested	$ 4,547,000	$ 5,463,000

Dispositions - Additional Infor

Dispositions - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Jan. 31, 2020USD ($)Property	Mar. 31, 2020USD ($)	Mar. 31, 2020Property	Dec. 31, 2019Property
Assets Of Disposal Group Including Discontinued Operation [Abstract]
Number of properties sold classified as held for sale				3
Number of properties sold	3		15
Cash proceeds from sale of property | $	$ 37,255	$ 37,255

Dispositions - Summary of Major

Dispositions - Summary of Major Components of Assets and Liabilities Associated With Investment Properties Held for Sale (Details) $ in Thousands	Dec. 31, 2019USD ($)
Investment properties and related assets held for sale:
Land	$ 6,275
Building and other improvements	27,758
Accounts and rent receivable	1,167
Acquired lease intangible assets, net	3,337
Deferred costs, net	186
Other assets	29
Investment properties and related assets held for sale	38,752
Liabilities associated with investment properties held for sale:
Accounts payable and accrued expenses	691
Due to related parties	6
Acquired intangible liabilities, net	743
Other liabilities	276
Liabilities associated with investment properties held for sale	$ 1,716

Leases - Additional Information

Leases - Additional Information (Detail)	Mar. 31, 2020OperatingLease
Operating Leased Assets [Line Items]
Number of retail operating leases	700
Minimum [Member]
Operating Leased Assets [Line Items]
Lessor, operating leases, remaining lease term	1 year
Maximum [Member]
Operating Leased Assets [Line Items]
Lessor, operating leases, remaining lease term	17 years

Leases - Summary of Rental Inco

Leases - Summary of Rental Income Related to Operating Leases (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Operating Leases Lease Income [Abstract]
Rental income - fixed payments		$ 24,030	$ 25,495
Rental income - variable payments	[1]	6,075	6,719
Amortization of acquired market leases, net		595	208
Rental income		$ 30,700	$ 32,422
[1]	Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.

Acquired Intangible Assets an_3

Acquired Intangible Assets and Liabilities (Schedule of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Intangible assets:
Accumulated amortization	$ (117,818)	$ (113,308)
Less: Assets related to investment properties held for sale		(3,337)
Acquired lease intangibles, net	84,842	89,352
Intangible liabilities:
Acquired below market lease value	70,260	71,153
Accumulated amortization	(24,818)	(23,590)
Less: Liabilities related to investment properties held for sale		(743)
Acquired below market lease intangibles, net	45,442	46,820
Acquired in-place lease value [Member]
Intangible assets:
Acquired intangible assets	156,918	160,214
Acquired lease intangibles, net	58,707
Acquired above market lease value [Member]
Intangible assets:
Acquired intangible assets	45,742	$ 45,783
Acquired lease intangibles, net	$ 26,135

Acquired Intangible Assets an_4

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, 2020	Mar. 31, 2019
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 595	$ 208
Acquired in-place lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as amortization expense	3,728	4,841
Acquired above market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	(783)	(904)
Acquired below market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 1,378	$ 1,112

Acquired Intangible Assets an_5

Acquired Intangible Assets and Liabilities (Schedule of Estimated Amortization of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Future amortization for acquired in-place and above market lease assets:
Acquired lease intangibles, net	$ 84,842	$ 89,352
Future amortization for below market lease liabilities:
2020 (remainder of year)	2,870
2021	3,689
2022	3,456
2023	3,198
2024	3,021
Thereafter	29,208
Total	45,442
Acquired in-place lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2020 (remainder of year)	9,246
2021	10,537
2022	7,898
2023	6,671
2024	5,664
Thereafter	18,691
Acquired lease intangibles, net	58,707
Above Market Leases [Member]
Future amortization for acquired in-place and above market lease assets:
2020 (remainder of year)	2,238
2021	2,953
2022	2,664
2023	2,477
2024	2,308
Thereafter	13,495
Acquired lease intangibles, net	$ 26,135

Debt and Derivative Instrumen_3

Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 416,858	$ 416,914
Credit facility payable	231,000	267,022
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	647,858	683,936
Add: Unamortized mortgage premiums	893	1,051
Less: Unamortized debt issuance costs	(3,357)	(3,660)
Total debt	$ 645,394	$ 681,327
Mortgages Payable, Weighted Average Interest Rate	3.69%	3.69%
Credit Facilities Payable, Weighted Average Interest Rate	3.31%	3.92%
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps, Weighted Average Interest Rate	3.69%	3.78%
Fixed rate mortgages payable [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 163,930	$ 163,986
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 without swap agreements [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 684	$ 684
Mortgages Payable, Weighted Average Interest Rate	3.18%	3.29%

Debt and Derivative Instrumen_4

Debt and Derivative Instruments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)Property	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Debt principal balance	$ 647,858,000		$ 683,936,000
Estimated fair value of debt	663,125,000		689,790,000
Outstanding line of credit	231,000,000		$ 267,022,000
Interest expense	6,498,000	$ 7,153,000
Amount expected to be reclassified from accumulated other comprehensive loss into income in the next twelve months	$ 6,800,000
Mortgages Payable [Member]
Debt Instrument [Line Items]
Weighted Average Years to Maturity	3 years 4 months 24 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]
Credit facility, maximum borrowing capacity	$ 200,000,000
Line of credit accordion feature to increase available borrowings	700,000,000
Outstanding line of credit	$ 81,000,000
Credit facility, interest rate	2.58%
Credit facility, maturity date	Aug. 1, 2022
Line of credit facility, expiration date, extension period	1 year
Credit facility available for borrowing	$ 119,000,000
Term Loan [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	150,000,000
Outstanding line of credit	$ 150,000,000
Credit facility, interest rate	4.29%
Credit facility, maturity date	Aug. 1, 2023
Credit Facility [Member]
Debt Instrument [Line Items]
Number of properties pledged as collateral | Property	25

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, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
2020 (remainder of the year)	$ 859
2021	84,272
2022	183,152
2023	241,556
2024	341
Thereafter	137,678
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	647,858	$ 683,936
Maturity of Credit Facility [Member]
Debt Instrument [Line Items]
2022	81,000
2023	150,000
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	231,000
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
2020 (remainder of the year)	859
2021	1,532
2022	615
2023	326
2024	341
Thereafter	295
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	3,968
Maturities of Mortgage Loans [Member]
Debt Instrument [Line Items]
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	$ 412,890

Debt and Derivative Instrumen_6

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Derivative [Line Items]
Derivative liability, notional amount	$ 402,244
Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (21,057)
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 liability, notional amount	$ 6,114
Interest Rate Swap One [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (201)
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 liability, notional amount	$ 49,400
Interest Rate Swap Two [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (1,410)
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 liability, notional amount	$ 13,700
Interest Rate Swap Three [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (535)
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 liability, notional amount	$ 13,100
Interest Rate Swap Four [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (501)
Interest Rate Swap Five [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 liability, notional amount	$ 26,000
Interest Rate Swap Five [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (2,649)
Interest Rate Swap Six [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 liability, notional amount	$ 38,000
Interest Rate Swap Six [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (332)
Interest Rate Swap Seven [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 liability, notional amount	$ 43,680
Interest Rate Swap Seven [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (1,548)
Interest Rate Swap Eight [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 liability, notional amount	$ 47,550
Interest Rate Swap Eight [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (1,524)
Interest Rate Swap Nine [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 liability, notional amount	$ 14,700
Interest Rate Swap Nine [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (500)
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 liability, notional amount	$ 60,000
Interest Rate Swap Ten [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (4,741)
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 liability, notional amount	$ 25,000
Interest Rate Swap Eleven [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (1,976)
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 liability, notional amount	$ 25,000
Interest Rate Swap Twelve [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (1,979)
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 liability, notional amount	$ 40,000
Interest Rate Swap Thirteen [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (3,161)
[1]	Receive floating rate index based upon one-month LIBOR. At March 31, 2020, the one-month LIBOR was 0.9929%.

Debt and Derivative Instrumen_7

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2020
Derivative [Line Items]
Derivative instrument, receive floating rate index	one-month LIBOR
LIBOR [Member]
Derivative [Line Items]
One month floating rate	0.9929%

Debt and Derivative Instrumen_8

Debt and Derivative Instruments (Schedule of Effect of Derivatives on Consolidated Statements of Operations and Other Comprehensive Loss) (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion of derivatives	$ (14,552)	$ (4,200)
Reclassification adjustment for amounts included in net gain or loss (effective portion)	$ 403	$ (454)

Distributions (Narrative) (Deta

Distributions (Narrative) (Details) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Distributions [Abstract]
Amount per share of distributions	$ 0.226875	$ 0.3018
Annualized rate on Estimated Per Share NAV	5.00%

Distributions (Schedule of Dist

Distributions (Schedule of Distributions Paid and Declared) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Distributions [Abstract]
Distributions paid	$ 10,841	$ 11,924
Distributions declared	$ 8,173	$ 10,741

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Additional shares excluded from the computation of diluted earnings per share	4,124	2,573

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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]
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
Restricted Shares and Restricted Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense of unvested share-based awards	$ 41
Non-Employee Directors [Member] | Restricted Shares and Restricted Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 15	$ 13

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of the Restricted Shares and Restricted Share Units) (Details)	3 Months Ended
	Mar. 31, 2020shares
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	3,906
Outstanding, Shares	3,906
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	1,480
Vested, Shares	(5)
Outstanding, Shares	1,475

Segment Reporting (Details)

Segment Reporting (Details) - Segment	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
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, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to related parties		$ 4,845		$ 5,023
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party	[1]	329	$ 338
Due to related parties	[1]	196		188
Real Estate Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		1,085	1,086
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		275	284
Construction Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		4	49
Due to related parties		25		23
Leasing fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		83	89
Due to related parties		59		143
Real Estate Management Costs [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party	[2]	1,447	1,508
Due to related parties	[2]	84		166
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[3]	2,229	$ 2,333
Due to related parties	[3]	$ 4,565		$ 4,675
[1]	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. Unpaid amounts are included in due to related parties in the consolidated balance sheets.
[2]	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. As of December 31, 2019, unpaid construction management fees of $6 are included in liabilities associated with investment properties held for sale on the consolidated balance sheet. The remaining unpaid amounts are included in due to related parties on the consolidated balance sheet.
[3]	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. Unpaid amounts are included in due to related parties on the consolidated balance sheets.

Transactions with Related Par_4

Transactions with Related Parties (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
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%
Monthly Real Estate Management Fee Of Single Tenant Property [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee, percentage of gross income	1.90%
Monthly Real Estate Management Fee Of Any Other Property [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee, percentage of gross income	3.90%
Construction Management Fees [Member]
Related Party Transaction [Line Items]
Liabilities associated with investment properties held for sale		$ 6

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis) (Details) - Recurring [Member] - Interest Rate Swap Agreements [Member] - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Assets [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets		$ 715
Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other liabilities	$ 21,057	7,622
Level 2 [Member] | Other Assets [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets		715
Level 2 [Member] | Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other liabilities	$ 21,057	$ 7,622

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands	May 11, 2020	Apr. 30, 2020	Mar. 31, 2020
Subsequent Event [Line Items]
Proceeds from credit facility			$ 7,000
Subsequent Event
Subsequent Event [Line Items]
Percentage of short-term rent relief requests portfolio percent	57.00%
Subsequent Event | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Proceeds from credit facility		$ 24,000
Subsequent Event | April Payment Deferral [Member]
Subsequent Event [Line Items]
Rent payment deferral request portfolio percent	56.00%
Subsequent Event | May Payment Deferral [Member]
Subsequent Event [Line Items]
Rent payment deferral request portfolio percent	32.00%