Inland Real Estate Income Trust (INRE) 10-Q 11 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 10, 2021
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, 2021
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		36,022,368
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
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, 2021	Dec. 31, 2020
Investment properties held and used:
Land	$ 267,946	$ 267,946
Building and other improvements	988,411	987,181
Total	1,256,357	1,255,127
Less accumulated depreciation	(217,268)	(207,764)
Net investment properties held and used	1,039,089	1,047,363
Cash and cash equivalents	11,586	12,906
Restricted cash	2,080	1,079
Accounts and rent receivable, net	20,001	21,851
Acquired lease intangible assets, net	68,048	71,539
Operating lease right-of-use asset, net	14,900	15,013
Other assets	5,740	6,299
Total assets	1,161,444	1,176,050
Liabilities:
Mortgages and credit facility payable, net	618,533	628,718
Accounts payable and accrued expenses	8,155	8,977
Operating lease liability	24,123	24,035
Acquired intangible liabilities, net	40,750	41,658
Due to related parties	3,093	5,348
Other liabilities	21,116	23,355
Total liabilities	715,770	732,091
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, 36,022,368 and 36,022,368 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	36	36
Additional paid in capital	810,228	810,210
Accumulated distributions and net loss	(350,047)	(348,719)
Accumulated other comprehensive loss	(14,543)	(17,568)
Total stockholders’ equity	445,674	443,959
Total liabilities and stockholders’ equity	$ 1,161,444	$ 1,176,050

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	36,022,368	36,022,368
Common stock, shares outstanding	36,022,368	36,022,368

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME ( LOSS ) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income:
Rental income	$ 30,000	$ 30,700
Other property income	48	61
Total income	30,048	30,761
Cost and Expenses:
Property operating expenses	5,719	5,497
Real estate tax expense	3,670	3,638
General and administrative expenses	1,313	1,240
Business management fee	2,234	2,229
Depreciation and amortization	12,455	13,304
Total expenses	25,391	25,908
Other Income (Expense):
Interest expense	(6,042)	(6,498)
Interest and other income	57	24
Net loss	$ (1,328)	$ (1,621)
Net loss per common share, basic and diluted	$ (0.04)	$ (0.04)
Weighted average number of common shares outstanding, basic and diluted	36,022,368	36,019,393
Comprehensive income (loss):
Net loss	$ (1,328)	$ (1,621)
Unrealized gain (loss) on derivatives	1,161	(14,552)
Reclassification adjustment for amounts included in net loss	1,864	403
Comprehensive income (loss)	$ 1,697	$ (15,770)

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, 2019	$ 460,519		$ 36	$ 805,722	$ (338,331)	$ (6,908)
Balance, shares at Dec. 31, 2019			35,799,388
Distributions declared	(8,173)	[1]			(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 gain (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
Balance at Dec. 31, 2020	$ 443,959		$ 36	810,210	(348,719)	(17,568)
Balance, shares at Dec. 31, 2020	36,022,368		36,022,368
Shares repurchased	$ 0
Unrealized gain (loss) on derivatives	1,161					1,161
Reclassification adjustment for amounts included in net loss	1,864					1,864
Equity-based compensation	18			18
Net loss	(1,328)				(1,328)
Balance at Mar. 31, 2021	$ 445,674		$ 36	$ 810,228	$ (350,047)	$ (14,543)
Balance, shares at Mar. 31, 2021	36,022,368		36,022,368
[1]	The distribution declared during the first quarter of 2020 was rescinded during the second quarter.

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2021$ / shares
Statement Of Stockholders Equity [Abstract]
Distributions declared per share	$ 0.226875

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss		$ (1,328)	$ (1,621)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		12,455	13,304
Amortization of debt issuance costs and mortgage premiums, net		128	145
Amortization of acquired market leases, net		(170)	(595)
Amortization of equity-based compensation		18	15
Reduction in the carrying amount of the right-of-use-asset		113	118
Straight-line income, net		(180)	(139)
Other non-cash adjustments		24	16
Changes in assets and liabilities:
Accounts payable and accrued expenses		(706)	(550)
Accounts and rent receivable		2,030	1,538
Due to related parties		(2,255)	(186)
Operating lease liability		88	83
Other liabilities		179	(2,417)
Other assets		220	(156)
Net cash flows provided by operating activities		10,616	9,555
Cash flows from investing activities:
Capital expenditures		(622)	(1,118)
Proceeds from sale of investment properties			37,255
Net cash flows (used in) provided by investing activities		(622)	36,137
Cash flows from financing activities:
Payment of credit facility		(8,097)	(43,022)
Proceeds from credit facility		52,097	7,000
Payment of mortgages payable		(54,313)	(56)
Proceeds from the distribution reinvestment plan			4,547
Shares repurchased			(2,380)
Distributions paid	[1]		(10,841)
Net cash flows used in financing activities		(10,313)	(44,752)
Net (decrease) increase in cash, cash equivalents and restricted cash		(319)	940
Cash, cash equivalents and restricted cash, at beginning of the period		13,985	5,533
Cash, cash equivalents and restricted cash, at end of period		13,666	6,473
Supplemental disclosure of cash flow information:
Cash paid for interest		5,766	6,373
Supplemental schedule of non-cash investing and financing activities:
Accrued capital expenditures		$ 608	294
Distributions payable			$ 8,173
[1]	The distribution paid in 2020 was authorized in the fourth quarter of 2019 and paid during the first quarter of 2020 to stockholders of record as of December 31, 2019.

Organization

Organization	3 Months Ended
	Mar. 31, 2021
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, particularly in light of the COVID-19 pandemic, that the Company will be able to successfully implement the Strategic Plan, including making strategic sales or purchases of properties or listing the Company’s common stock, within the timeframe we expected or would prefer or at all. We expect that no liquidity event will occur before the adverse effects of the COVID-19 pandemic on the economy and the retail commercial real estate market subside. On March 5, 2021, as reported in the Company’s Form 8-K filed with the Securities and Exchange Commission on the same date, the Company announced that the Company’s board of directors unanimously approved: (i) an estimated per share net asset value (the “Estimated Per Share NAV”) as of December 31, 2020; (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 distribution payment to stockholders upon resumption of distributions and the DRP until the Company announces a new Estimated Per Share NAV, and (iii) that, in accordance with the SRP, beginning with repurchases when the Company resumes 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 the need to preserve cash for the payment of operating and other expenses, such as debt payments, the Company’s board of directors suspended distributions and the Company’s DRP and SRP until further notice. The suspension of the DRP was effective on June 6, 2020 and the suspension of the SRP was effective on June 26, 2020. Any unfulfilled repurchase requests will automatically roll over for processing under the terms and conditions of the SRP when the Company restarts the plan, unless a stockholder withdraws the request for repurchase. At March 31, 2021, the Company owned 44 retail properties, totaling 6,469,300 square feet. The properties are located in 21 states. At March 31, 2021, the portfolio had a weighted average physical occupancy of 91.9% and economic occupancy of 92.4%.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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, 2020, as filed with the Securities and Exchange Commission on March 18, 2021, 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, 2021, 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 had temporarily closed their stores and requested rent deferral or rent abatement during this pandemic. Many experts acknowledge that the outbreak has already triggered a period of global economic slowdown or a global recession. The COVID-19 pandemic has already had a material impact on the Company’s operations (See Note 5 – “Leases”) and could continue to 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 the Company’s 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. Recently Adopted Accounting Pronouncements 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. 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, 2021 2020 Cash and cash equivalents $ 11,586 $ 5,401 Restricted cash 2,080 1,072 Total cash, cash equivalents, and restricted cash $ 13,666 $ 6,473

Equity

Equity	3 Months Ended
	Mar. 31, 2021
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, 2021, there were 36,022,368 shares of common stock outstanding including 5,574,215 shares issued through the DRP, net of 3,092,634 shares repurchased through the SRP. On March 5, 2021, the Company’s board of directors determined the Estimated Per Share NAV as of December 31, 2020. The previously Estimated Per Share NAV as of December 31, 2019 was established on March 3, 2020. 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 for the three months ended March 31, 2020. There were no distributions reinvested through the DRP during the three months ended March 31, 2021 due to the suspension of the DRP discussed in Note 1 – “Organization.” 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 at 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 set 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. As the Company’s board of directors has not authorized distributions since December 2019, and there have been no distributions to reinvest through the DRP, there has been no net proceeds from the DRP available to fund the repurchase of shares by the Company through the SRP. See Note 1 – “Organization” for further discussion on the suspension of the SRP. 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 zero and $102 for the three months ended March 31, 2021 and 2020, respectively. There was no liability related to the SRP at March 31, 2021 due to the suspension of the SRP. See Note 1 – “Organization” for further discussion on the suspension of the SRP.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2021
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. The Company collected proceeds of $37,255 net of selling costs upon completion of the three sales.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	NOTE 5 – LEASES The Company is lessor to approximately 700 retail operating leases. The remaining lease terms for the Company’s leases range from less than one year to 16 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 income (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 income (loss). Rental income related to the Company's operating leases is comprised of the following: Three Months Ended March 31, 2021 2020 Rental income - fixed payments $ 23,889 $ 24,030 Rental income - variable payments (a) 5,941 6,075 Amortization of acquired market leases, net 170 595 Rental income $ 30,000 $ 30,700 (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 obligations. As of March 31, 2021, the Company’s accounts and rent receivable, net balance is $20,001, which is net of an allowance for bad debts of $3,082 and includes $3,299 of deferred rent receivable related to COVID-19 agreements negotiated with tenants. Such agreements generally allow tenants to defer the payment of a portion of rent with no substantive changes to the consideration in the original lease. Consistent with the guidance in the Lease Modification Q&A issued by the FASB, such deferrals affect the timing, but not the amount, of the lease obligations. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its rent receivable as tenant obligations accrue and continues to recognize rental income.

Acquired Intangible Assets and

Acquired Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Intangible assets: Acquired in-place lease value $ 156,918 $ 156,918 Acquired above market lease value 45,742 45,742 Accumulated amortization (134,612 ) (131,121 ) Acquired lease intangibles, net $ 68,048 $ 71,539 Intangible liabilities: Acquired below market lease value $ 70,260 $ 70,260 Accumulated amortization (29,510 ) (28,602 ) Acquired below market lease intangibles, net $ 40,750 $ 41,658 The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value is amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below market lease values, the amortization period includes any renewal periods with fixed rate renewals. The 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 lease value and below market lease value is summarized below: Three Months Ended March 31, 2021 2020 Amortization recorded as amortization expense: Acquired in-place lease value $ 2,752 $ 3,728 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (738 ) $ (783 ) Acquired below market leases 908 1,378 Net rental income increase $ 170 $ 595 Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2021 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2021 (remainder of year) $ 7,475 $ 2,201 $ 2,680 2022 7,600 2,649 3,366 2023 6,397 2,463 3,108 2024 5,412 2,296 2,932 2025 3,620 2,030 2,741 Thereafter 14,455 11,450 25,923 Total $ 44,959 $ 23,089 $ 40,750

Debt and Derivative Instruments

Debt and Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt and Derivative Instruments	NOTE 7 – DEBT AND DERIVATIVE INSTRUMENTS As of March 31, 2021 and December 31, 2020, the Company had the following mortgages and credit facility payable: March 31, 2021 December 31, 2020 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 147,675 4.11 % $ 163,738 4.25 % Variable rate mortgages payable with swap agreements 213,345 3.40 % 251,595 3.33 % Variable rate mortgages payable without swap agreements 684 1.72 % 684 1.75 % Mortgages payable $ 361,704 3.69 % $ 416,017 3.69 % Credit facility payable 259,000 3.60 % 215,000 3.89 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 620,704 3.65 % $ 631,017 3.76 % Add: Unamortized mortgage premiums 215 419 Less: Unamortized debt issuance costs (2,386 ) (2,718 ) Total debt $ 618,533 $ 628,718 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 $620,704 and $631,017 as of March 31, 2021 and December 31, 2020, respectively, and its estimated fair value was $614,112 and $625,751 as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, scheduled principal payments and maturities on the Company’s debt were as follows: March 31, 2021 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2021 (remainder of the year) $ 1,167 $ 28,810 $ — $ 29,977 2022 615 101,537 109,000 211,152 2023 326 91,230 150,000 241,556 2024 341 — — 341 2025 295 92,656 — 92,951 Thereafter — 44,727 — 44,727 Total $ 2,744 $ 358,960 $ 259,000 $ 620,704 Credit Facility Payable The Company’s credit facility (the “Credit Facility”) consisting of a $200,000 revolving credit facility (the “Revolving Credit Facility”) and a $150,000 term loan (the “Term Loan”) has an accordion feature that allows for an increase in available borrowings up to $700,000, subject to certain conditions. At March 31, 2021, the Company had $109,000 outstanding under the Revolving Credit Facility and $150,000 outstanding under the Term Loan. At March 31, 2021 the interest rate on the Revolving Credit Facility and the Term Loan was 2.15% and 4.65%, 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, 2021, the Company had a maximum amount of $91,000 available for borrowing under the Revolving Credit Facility, subject to the terms and conditions, including compliance with the covenants which could further limit the amount available, 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, 2021, there were 27 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. On September 29, 2020, the Company entered into a first amendment to the Company’s Amended and Restated Credit Agreement dated as of August 1, 2018 with KeyBank National Association individually and as administrative agent, KeyBanc Capital Markets Inc., PNC Capital Markets LLC and Merrill Lynch Pierce, Fenner & Smith Incorporated (now BofA Securities, Inc.) as joint lead arrangers, and other lenders from time to time parties to the agreement. This amendment provides a waiver of the minimum tangible net worth requirement for three consecutive quarters beginning with the quarter ended September 30, 2020. In exchange, our leverage ratio may be increased only to 62.5% (formerly 65%) for two consecutive fiscal quarters two times prior to the facility termination date, the Company is restricted, during this waiver period, from making any share repurchases or distributions without lender approval, a LIBOR floor of 25 basis points will remain in effect for the remainder of the term, and the Company paid a set fee to the arranging bank and all the participating lenders. As of March 31, 2021, the Company is in compliance with all financial covenants related to the Credit Facility as amended. Mortgages Payable The mortgage loans require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of March 31, 2021, the Company was current on all of the payments and except for two mortgage loans with covenant violations which only required cash maintenance accounts be established for their two mortgaged properties, all other mortgage loans were in compliance with their financial covenants. All of the Company’s mortgage loans are secured by first mortgages on the respective real estate assets. As of March 31, 2021, the weighted average years to maturity for the Company’s mortgages payable was 2.8 years. For mortgage loans maturing in the next twelve months, the Company intends to either refinance such mortgage loans or repay such mortgage loans with cash on hand or use proceeds available under the Revolving Credit Facility. 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, 2021. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value at March 31, 2021 Liabilities February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (106 ) April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 48,501 (787 ) September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 (351 ) October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 (338 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (1,743 ) June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 (1,152 ) July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 (1,143 ) June 5, 2017 May 31, 2017 May 15, 2022 1.90 % 14,700 (292 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 60,000 (3,451 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (1,438 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (1,441 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 40,000 (2,301 ) $ 363,345 $ (14,543 ) (a) Receive floating rate index based upon one-month LIBOR. At March 31, 2021, the one-month LIBOR was 0.11%. The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2021 and 2020. Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 Effective portion of derivatives $ 1,161 $ (14,552 ) Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 1,864 $ 403 The total amount of interest expense presented on the consolidated statements of operations and comprehensive income (loss) was $6,042 and $6,498, for the three months ended March 31, 2021 and 2020, respectively. The location of the net gain or loss reclassified into income from accumulated other comprehensive income (loss) is reported in interest expense on the consolidated statements of operations and comprehensive income (loss). The amount that is expected to be reclassified from accumulated other comprehensive income (loss) into income in the next twelve months is $7,216.

Distributions

Distributions	3 Months Ended
	Mar. 31, 2021
Distributions [Abstract]
Distributions	NOTE 8 – DISTRIBUTIONS In 2020, d ue to the uncertainty surrounding the COVID-19 pandemic and the need to preserve cash for the payment of operating and other expenses, during the second quarter the Company’s board of directors rescinded the distribution that was declared in the first quarter of 2020 and suspended distributions until further notice. The table below presents the distributions paid and declared during the three months ended March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 Distributions paid (1) $ — $ 10,841 Distributions declared (2) $ — $ 8,173 (1) The distribution paid in 2020 was authorized in the fourth quarter of 2019 and paid during the first quarter of 2020 to stockholders of record as of December 31, 2019. (2) The distribution declared during the first quarter of 2020 was rescinded during the second quarter.

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2021
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. As a result of a net loss in the three months ended March 31, 2021 and 2020, 3,914 shares and 4,124 shares, respectively, were excluded from the computation of diluted EPS, because they would have been antidilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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, 2021
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. The grant-date value of the restricted shares and restricted share units is amortized over the vesting period representing the requisite service period. Compensation expense associated with the restricted shares and restricted share units issued to the non-employee directors was $18 and $15, in the aggregate, for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the Company had $50 of unrecognized compensation expense related to the unvested restricted shares and restricted share units, in the aggregate. The weighted average remaining period that compensation expense related to unvested restricted shares and restricted share units will be recognized is 1.4 years. No restricted shares or restricted shares units vested during the three months ended March 31, 2021 and 2020. 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, 2020 6,457 683 Granted — — Vested — — Outstanding at March 31, 2021 6,457 683

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020. 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 2021 2020 March 31, 2021 December 31, 2020 General and administrative reimbursements (a) $ 309 $ 329 $ 235 $ 237 Real estate management fees $ 1,236 $ 1,085 $ 464 $ 387 Property operating expenses 350 343 91 178 Construction management fees — 4 4 4 Leasing fees 61 83 65 77 Total real estate management related costs (b) $ 1,647 $ 1,515 $ 624 $ 646 Business management fees (c) $ 2,234 $ 2,229 $ 2,234 $ 4,465 (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 income (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 income (loss). ( 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, 2021
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, 2021 and December 31, 2020, respectively. Fair Value Level 1 Level 2 Level 3 Total March 31, 2021 Interest rate swap agreements - Other assets $ — $ — $ — $ — Interest rate swap agreements - Other liabilities $ — $ 14,543 $ — $ 14,543 December 31, 2020 Interest rate swap agreements - Other assets $ — $ — $ — $ — Interest rate swap agreements - Other liabilities $ — $ 17,568 $ — $ 17,568 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, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 15 – SUBSEQUENT EVENTS In connection with the preparation of its financial statements, the Company has evaluated events that occurred subsequent to March 31, 2021 through the date on which these financial statements were issued to determine whether any of these events required disclosure in the financial statements. Repayment of Mortgages On April 30, 2021, the Company used cash on hand to repay indebtedness secured by separate mortgages on the Walgreens Plaza and Heritage Square properties with outstanding principal balances of $4,650 and $4,460, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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 had temporarily closed their stores and requested rent deferral or rent abatement during this pandemic. Many experts acknowledge that the outbreak has already triggered a period of global economic slowdown or a global recession. The COVID-19 pandemic has already had a material impact on the Company’s operations (See Note 5 – “Leases”) and could continue to 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 the Company’s 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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements 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.
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, 2021 2020 Cash and cash equivalents $ 11,586 $ 5,401 Restricted cash 2,080 1,072 Total cash, cash equivalents, and restricted cash $ 13,666 $ 6,473

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 Cash and cash equivalents $ 11,586 $ 5,401 Restricted cash 2,080 1,072 Total cash, cash equivalents, and restricted cash $ 13,666 $ 6,473

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 Rental income - fixed payments $ 23,889 $ 24,030 Rental income - variable payments (a) 5,941 6,075 Amortization of acquired market leases, net 170 595 Rental income $ 30,000 $ 30,700 (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, 2021
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, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Intangible assets: Acquired in-place lease value $ 156,918 $ 156,918 Acquired above market lease value 45,742 45,742 Accumulated amortization (134,612 ) (131,121 ) Acquired lease intangibles, net $ 68,048 $ 71,539 Intangible liabilities: Acquired below market lease value $ 70,260 $ 70,260 Accumulated amortization (29,510 ) (28,602 ) Acquired below market lease intangibles, net $ 40,750 $ 41,658
Schedule of Amortization of Acquired In Place Lease Value, Above Market and Below Market Lease Values	Amortization pertaining to acquired in-place lease value, above market lease value and below market lease value is summarized below: Three Months Ended March 31, 2021 2020 Amortization recorded as amortization expense: Acquired in-place lease value $ 2,752 $ 3,728 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (738 ) $ (783 ) Acquired below market leases 908 1,378 Net rental income increase $ 170 $ 595
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2021 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2021 (remainder of year) $ 7,475 $ 2,201 $ 2,680 2022 7,600 2,649 3,366 2023 6,397 2,463 3,108 2024 5,412 2,296 2,932 2025 3,620 2,030 2,741 Thereafter 14,455 11,450 25,923 Total $ 44,959 $ 23,089 $ 40,750

Debt and Derivative Instrumen_2

Debt and Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Mortgages and Credit Facilities Payable	As of March 31, 2021 and December 31, 2020, the Company had the following mortgages and credit facility payable: March 31, 2021 December 31, 2020 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 147,675 4.11 % $ 163,738 4.25 % Variable rate mortgages payable with swap agreements 213,345 3.40 % 251,595 3.33 % Variable rate mortgages payable without swap agreements 684 1.72 % 684 1.75 % Mortgages payable $ 361,704 3.69 % $ 416,017 3.69 % Credit facility payable 259,000 3.60 % 215,000 3.89 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 620,704 3.65 % $ 631,017 3.76 % Add: Unamortized mortgage premiums 215 419 Less: Unamortized debt issuance costs (2,386 ) (2,718 ) Total debt $ 618,533 $ 628,718
Schedule of Principal Payments and Maturities of Company's Debt	As of March 31, 2021, scheduled principal payments and maturities on the Company’s debt were as follows: March 31, 2021 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2021 (remainder of the year) $ 1,167 $ 28,810 $ — $ 29,977 2022 615 101,537 109,000 211,152 2023 326 91,230 150,000 241,556 2024 341 — — 341 2025 295 92,656 — 92,951 Thereafter — 44,727 — 44,727 Total $ 2,744 $ 358,960 $ 259,000 $ 620,704
Summary of Interest Rate Swap Contracts Outstanding	The following table summarizes the Company’s interest rate swap contracts outstanding as of March 31, 2021. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value at March 31, 2021 Liabilities February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 (106 ) April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 48,501 (787 ) September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 (351 ) October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 (338 ) December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 (1,743 ) June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 (1,152 ) July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 (1,143 ) June 5, 2017 May 31, 2017 May 15, 2022 1.90 % 14,700 (292 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 60,000 (3,451 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (1,438 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (1,441 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 40,000 (2,301 ) $ 363,345 $ (14,543 ) (a) Receive floating rate index based upon one-month LIBOR. At March 31, 2021, the one-month LIBOR was 0.11%.
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 income (loss) for the three months ended March 31, 2021 and 2020. Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 Effective portion of derivatives $ 1,161 $ (14,552 ) Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 1,864 $ 403

Distributions (Tables)

Distributions (Tables)	3 Months Ended
	Mar. 31, 2021
Distributions [Abstract]
Schedule of Distributions Paid, Declared and Rescinded	The table below presents the distributions paid and declared during the three months ended March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 Distributions paid (1) $ — $ 10,841 Distributions declared (2) $ — $ 8,173 (1) The distribution paid in 2020 was authorized in the fourth quarter of 2019 and paid during the first quarter of 2020 to stockholders of record as of December 31, 2019. (2) The distribution declared during the first quarter of 2020 was rescinded during the second quarter.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2020 6,457 683 Granted — — Vested — — Outstanding at March 31, 2021 6,457 683

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020. 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 2021 2020 March 31, 2021 December 31, 2020 General and administrative reimbursements (a) $ 309 $ 329 $ 235 $ 237 Real estate management fees $ 1,236 $ 1,085 $ 464 $ 387 Property operating expenses 350 343 91 178 Construction management fees — 4 4 4 Leasing fees 61 83 65 77 Total real estate management related costs (b) $ 1,647 $ 1,515 $ 624 $ 646 Business management fees (c) $ 2,234 $ 2,229 $ 2,234 $ 4,465 (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 income (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 income (loss). ( 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, 2021
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, 2021 and December 31, 2020, respectively. Fair Value Level 1 Level 2 Level 3 Total March 31, 2021 Interest rate swap agreements - Other assets $ — $ — $ — $ — Interest rate swap agreements - Other liabilities $ — $ 14,543 $ — $ 14,543 December 31, 2020 Interest rate swap agreements - Other assets $ — $ — $ — $ — Interest rate swap agreements - Other liabilities $ — $ 17,568 $ — $ 17,568

Organization (Narrative) (Detai

Organization (Narrative) (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2020Property	Mar. 31, 2021ft²PropertyState	Sep. 30, 2020Property
Organization [Line Items]
Target percentage of grocery-anchored property		100.00%
Number of properties sold	3		15
Number of retail properties owned		44
Square footage of real estate properties owned | ft²		6,469,300
Number of states in which company owns real estate properties | State		21
Weighted average physical occupancy rate of property portfolio		91.90%
Weighted average economic occupancy rate of property portfolio		92.40%
DRP [Member]
Organization [Line Items]
Suspension effective date		Jun. 6, 2020
Share Repurchase Program [Member]
Organization [Line Items]
Percentage of share price on repurchase of shares		80.00%
Suspension effective date		Jun. 26, 2020

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 11,586	$ 12,906	$ 5,401
Restricted cash	2,080	1,079	1,072
Total cash, cash equivalents, and restricted cash	$ 13,666	$ 13,985	$ 6,473	$ 5,533

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)	3 Months Ended		36 Months Ended	101 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Oct. 16, 2015	Mar. 31, 2021	Dec. 31, 2020	Mar. 03, 2020	Mar. 21, 2019	Mar. 20, 2019
Equity [Line Items]
Common stock, shares sold	36,022,368		33,534,022	36,022,368	36,022,368
Proceeds from offering			$ 834,399,000
Common stock, shares outstanding	36,022,368			36,022,368	36,022,368
Distribution reinvestment plan, shares				5,574,215
Shares repurchased through the share repurchase program				3,092,634
Distribution reinvested		$ 4,547,000
Stock repurchase program, amount	$ 0	102,000
Liabilities	$ 715,770,000			$ 715,770,000	$ 732,091,000
Third Amended and Restated Share Repurchase Program [Member]
Equity [Line Items]
Limit on share repurchases as a percentage of proceeds of the distribution reinvestment 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 as an amount equal to the lesser of: (A) $25, as adjusted under certain circumstances, including, among other things, if the applicable shares were purchased from the Company at a discounted price; or (B) the most recently disclosed estimated value per share. Prior to the amendment, the Company was authorized to make 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. As the Company’s board of directors has suspended the SRP, there is no current effective limit based on % of the net proceeds from the DRP. See Note 1 – “Organization” for further discussion on the suspension of the SRP. 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]
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	$ 0	$ 4,547,000
Net proceeds from distribution reinvestment	$ 0

Dispositions - Additional Infor

Dispositions - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2020USD ($)Property	Mar. 31, 2020USD ($)	Sep. 30, 2020Property
Assets Of Disposal Group Including Discontinued Operation [Abstract]
Number of properties sold | Property	3		15
Cash proceeds from sale of property | $	$ 37,255	$ 37,255

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)OperatingLease	Dec. 31, 2020USD ($)
Operating Leased Assets [Line Items]
Number of retail operating leases | OperatingLease	700
Accounts and rent receivable, net	$ 20,001	$ 21,851
COVID-19 [Member]
Operating Leased Assets [Line Items]
Accounts and rent receivable, net		$ 20,001
Allowance for bad debts	3,082
Deferred rent receivable	$ 3,299
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	16 years

Leases - Summary of Rental Inco

Leases - Summary of Rental Income Related to Operating Leases (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Operating Leases Lease Income [Abstract]
Rental income - fixed payments		$ 23,889	$ 24,030
Rental income - variable payments	[1]	5,941	6,075
Amortization of acquired market leases, net		170	595
Rental income		$ 30,000	$ 30,700
[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, 2021	Dec. 31, 2020
Intangible assets:
Accumulated amortization	$ (134,612)	$ (131,121)
Acquired lease intangibles, net	68,048	71,539
Intangible liabilities:
Acquired below market lease value	70,260	70,260
Accumulated amortization	(29,510)	(28,602)
Acquired below market lease intangibles, net	40,750	41,658
Acquired in-place lease value [Member]
Intangible assets:
Acquired intangible assets	156,918	156,918
Acquired lease intangibles, net	44,959
Acquired above market lease value [Member]
Intangible assets:
Acquired intangible assets	45,742	$ 45,742
Acquired lease intangibles, net	$ 23,089

Acquired Intangible Assets an_4

Acquired Intangible Assets and Liabilities (Schedule of Amortization of Acquired In Place Lease Value, Above Market and Below Market Lease Values) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 170	$ 595
Acquired in-place lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as amortization expense	2,752	3,728
Acquired above market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	(738)	(783)
Acquired below market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 908	$ 1,378

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, 2021	Dec. 31, 2020
Future amortization for acquired in-place and above market lease assets:
Acquired lease intangibles, net	$ 68,048	$ 71,539
Future amortization for below market lease liabilities:
2021 (remainder of year)	2,680
2022	3,366
2023	3,108
2024	2,932
2025	2,741
Thereafter	25,923
Total	40,750
Acquired in-place lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2021 (remainder of year)	7,475
2022	7,600
2023	6,397
2024	5,412
2025	3,620
Thereafter	14,455
Acquired lease intangibles, net	44,959
Above Market Leases [Member]
Future amortization for acquired in-place and above market lease assets:
2021 (remainder of year)	2,201
2022	2,649
2023	2,463
2024	2,296
2025	2,030
Thereafter	11,450
Acquired lease intangibles, net	$ 23,089

Debt and Derivative Instrumen_3

Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 361,704	$ 416,017
Credit facility payable	259,000	215,000
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	620,704	631,017
Add: Unamortized mortgage premiums	215	419
Less: Unamortized debt issuance costs	(2,386)	(2,718)
Total debt	$ 618,533	$ 628,718
Mortgages Payable, Weighted Average Interest Rate	3.69%	3.69%
Credit Facilities Payable, Weighted Average Interest Rate	3.60%	3.89%
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps, Weighted Average Interest Rate	3.65%	3.76%
Fixed rate mortgages payable [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 147,675	$ 163,738
Mortgages Payable, Weighted Average Interest Rate	4.11%	4.25%
Variable rate mortgages payable with swap agreements [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 213,345	$ 251,595
Mortgages Payable, Weighted Average Interest Rate	3.40%	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	1.72%	1.75%

Debt and Derivative Instrumen_4

Debt and Derivative Instruments (Narrative) (Details)	Sep. 29, 2020	Mar. 31, 2021USD ($)Property	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020
Debt Instrument [Line Items]
Debt principal balance		$ 620,704,000		$ 631,017,000
Estimated fair value of debt		614,112,000		625,751,000
Outstanding line of credit		259,000,000		$ 215,000,000
Outstanding balance repaid		8,097,000	$ 43,022,000
Interest expense		6,042,000	$ 6,498,000
Amount expected to be reclassified from accumulated other comprehensive income (loss) into income in the next twelve months		$ 7,216,000
Mortgages Payable [Member]
Debt Instrument [Line Items]
Debt, covenant compliance		the Company was current on all of the payments and except for two mortgage loans with covenant violations which only required cash maintenance accounts be established for their two mortgaged properties, all other mortgage loans were in compliance with their financial covenants.
Weighted Average Years to Maturity		2 years 9 months 18 days
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		$ 109,000,000
Credit facility, interest rate		2.15%
Credit facility, maturity date		Aug. 1, 2022
Line of credit facility, expiration date, extension period		1 year
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Credit facility available for borrowing		$ 91,000,000
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		4.65%
Credit facility, maturity date		Aug. 1, 2023
Credit Facility [Member]
Debt Instrument [Line Items]
Number of properties pledged as collateral | Property		27
Debt, covenant compliance		the Company is in compliance with all financial covenants related to the Credit Facility as amended.
Leverage ratio	65.00%				62.50%
Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
LIBOR floor rate	0.25%

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, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
2021 (remainder of the year)	$ 29,977
2022	211,152
2023	241,556
2024	341
2025	92,951
Thereafter	44,727
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	620,704	$ 631,017
Maturity of Credit Facility [Member]
Debt Instrument [Line Items]
2022	109,000
2023	150,000
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	259,000
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
2021 (remainder of the year)	1,167
2022	615
2023	326
2024	341
2025	295
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	2,744
Maturities of Mortgage Loans [Member]
Debt Instrument [Line Items]
2021 (remainder of the year)	28,810
2022	101,537
2023	91,230
2025	92,656
Thereafter	44,727
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	$ 358,960

Debt and Derivative Instrumen_6

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
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	$ (106)
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	$ 48,501
Interest Rate Swap Two [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (787)
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	$ (351)
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	$ (338)
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	$ (1,743)
Interest Rate Swap Six [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jun. 7, 2016
Derivative instrument, effective date	Jul. 1, 2016
Derivative instrument, maturity date	Jul. 1, 2023
Derivative instrument, pay fixed interest rate	1.42%	[1]
Derivative liability, notional amount	$ 43,680
Interest Rate Swap Six [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (1,152)
Interest Rate Swap Seven [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jul. 21, 2016
Derivative instrument, effective date	Aug. 1, 2016
Derivative instrument, maturity date	Aug. 1, 2023
Derivative instrument, pay fixed interest rate	1.30%	[1]
Derivative liability, notional amount	$ 47,550
Interest Rate Swap Seven [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (1,143)
Interest Rate Swap Eight [Member]
Derivative [Line Items]
Derivative instrument, date entered	Jun. 5, 2017
Derivative instrument, effective date	May 31, 2017
Derivative instrument, maturity date	May 15, 2022
Derivative instrument, pay fixed interest rate	1.90%	[1]
Derivative liability, notional amount	$ 14,700
Interest Rate Swap Eight [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (292)
Interest Rate Swap Nine [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 Nine [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (3,451)
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	2.74%	[1]
Derivative liability, notional amount	$ 25,000
Interest Rate Swap Ten [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (1,438)
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	$ (1,441)
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	2.73%	[1]
Derivative liability, notional amount	$ 40,000
Interest Rate Swap Twelve [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	(2,301)
Interest Rate Swap Thirteen [Member]
Derivative [Line Items]
Derivative liability, notional amount	363,345
Interest Rate Swap Thirteen [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (14,543)
[1]	Receive floating rate index based upon one-month LIBOR. At March 31, 2021, the one-month LIBOR was 0.11%.

Debt and Derivative Instrumen_7

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2021
Derivative [Line Items]
Derivative instrument, receive floating rate index	one-month LIBOR
LIBOR [Member]
Derivative [Line Items]
One month floating rate	0.11%

Debt and Derivative Instrumen_8

Debt and Derivative Instruments (Schedule of Effect of Derivatives on Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion of derivatives	$ 1,161	$ (14,552)
Reclassification adjustment for amounts included in net gain or loss (effective portion)	$ 1,864	$ 403

Distributions (Schedule of Dist

Distributions (Schedule of Distributions Paid, Declared and Rescinded) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Distributions [Abstract]
Distributions paid	$ 10,841	[1]
Distributions declared	$ 8,173	[2]
[1]	The distribution paid in 2020 was authorized in the fourth quarter of 2019 and paid during the first quarter of 2020 to stockholders of record as of December 31, 2019.
[2]	The distribution declared during the first quarter of 2020 was rescinded during the second quarter.

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Additional shares excluded from the computation of diluted earnings per share	3,914	4,124

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	$ 50,000
Total fair value at vesting date	0	$ 0
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	$ 18,000	$ 15,000

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of the Restricted Shares and Restricted Share Units) (Details)	Mar. 31, 2021shares
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	6,457
Outstanding, Shares	6,457
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	683
Outstanding, Shares	683

Segment Reporting (Details)

Segment Reporting (Details) - Segment	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to related parties		$ 3,093		$ 5,348
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party	[1]	309	$ 329
Due to related parties	[1]	235		237
Real Estate Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		1,236	1,085
Due to related parties		464		387
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		350	343
Due to related parties		91		178
Construction Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party			4
Due to related parties		4		4
Leasing fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		61	83
Due to related parties		65		77
Real Estate Management Costs [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party	[2]	1,647	1,515
Due to related parties	[2]	624		646
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[3]	2,234	$ 2,229
Due to related parties	[3]	$ 2,234		$ 4,465
[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 income (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 income (loss).
[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)	3 Months Ended
	Mar. 31, 2021
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%

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] - Other Liabilities [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other liabilities	$ 14,543	$ 17,568
Level 2 [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other liabilities	$ 14,543	$ 17,568

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Repayment of mortgages		$ 54,313	$ 56
Walgreens Plaza [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Repayment of mortgages	$ 4,650
Heritage Square Properties [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Repayment of mortgages	$ 4,460