Inland Real Estate Income Trust (INRE) 10-Q 11 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 10, 2022
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, 2022
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		36,113,057
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
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, 2022	Dec. 31, 2021
Investment properties held and used:
Land	$ 267,946	$ 267,946
Building and other improvements	994,632	993,129
Total	1,262,578	1,261,075
Less accumulated depreciation	(255,024)	(245,532)
Net investment properties held and used	1,007,554	1,015,543
Cash and cash equivalents	9,174	8,229
Restricted cash	6,067	5,154
Accounts and rent receivable	18,134	18,560
Acquired lease intangible assets, net	55,324	58,203
Operating lease right-of-use asset, net	14,463	14,570
Other assets	13,375	6,448
Total assets	1,124,091	1,126,707
Liabilities:
Mortgages and credit facility payable, net	592,223	595,542
Accounts payable and accrued expenses	8,713	9,089
Operating lease liability	24,489	24,396
Distributions payable	4,894	4,888
Acquired intangible liabilities, net	37,041	37,918
Due to related parties	2,829	2,537
Other liabilities	7,720	14,414
Total liabilities	677,909	688,784
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, 36,079,247 and 36,040,928 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	36	36
Additional paid in capital	812,177	811,233
Accumulated distributions and net loss	(372,029)	(365,877)
Accumulated other comprehensive income (loss)	5,998	(7,469)
Total stockholders’ equity	446,182	437,923
Total liabilities and stockholders’ equity	$ 1,124,091	$ 1,126,707

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	36,079,247	36,040,928
Common stock, shares outstanding	36,079,247	36,040,928

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income:
Rental income	$ 29,113	$ 30,000
Other property income	30	48
Total income	29,143	30,048
Cost and Expenses:
Property operating expenses	5,593	5,719
Real estate tax expense	3,730	3,670
General and administrative expenses	1,412	1,313
Business management fee	2,244	2,234
Depreciation and amortization	11,854	12,455
Total expenses	24,833	25,391
Other Income (Expense):
Interest expense	(5,567)	(6,042)
Interest and other (expense) income	(1)	57
Net loss	$ (1,258)	$ (1,328)
Net loss per common share, basic and diluted	$ (0.03)	$ (0.04)
Weighted average number of common shares outstanding, basic and diluted	36,084,505	36,022,368
Comprehensive income:
Net loss	$ (1,258)	$ (1,328)
Unrealized gain on derivatives	11,999	1,161
Reclassification adjustment for amounts included in net loss	1,468	1,864
Comprehensive income	$ 12,209	$ 1,697

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, 2020	$ 443,959	$ 36	$ 810,210	$ (348,719)	$ (17,568)
Balance, shares at Dec. 31, 2020		36,022,368
Shares repurchased	0
Unrealized gain 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
Balance at Dec. 31, 2021	$ 437,923	$ 36	811,233	(365,877)	(7,469)
Balance, shares at Dec. 31, 2021	36,040,928	36,040,928
Distributions declared	$ (4,894)			(4,894)
Proceeds from distribution reinvestment plan	1,849		1,849
Proceeds from distribution reinvestment plan, shares		102,241
Shares repurchased	(924)		(924)
Shares repurchased, shares		(63,922)
Unrealized gain on derivatives	11,999				11,999
Reclassification adjustment for amounts included in net loss	1,468				1,468
Equity-based compensation	19		19
Net loss	(1,258)			(1,258)
Balance at Mar. 31, 2022	$ 446,182	$ 36	$ 812,177	$ (372,029)	$ 5,998
Balance, shares at Mar. 31, 2022	36,079,247	36,079,247

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2022$ / shares
Statement Of Stockholders Equity [Abstract]
Distributions declared per share	$ 0.135600

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (1,258)	$ (1,328)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	11,854	12,455
Amortization of debt issuance costs and mortgage premiums, net	367	128
Amortization of acquired market leases, net	(166)	(170)
Amortization of equity-based compensation	19	18
Reduction in the carrying amount of the right-of-use-asset	107	113
Straight-line income, net	50	(180)
Other non-cash adjustments	27	24
Changes in assets and liabilities:
Accounts payable and accrued expenses	(461)	(706)
Accounts and rent receivable	376	2,030
Due to related parties	292	(2,255)
Operating lease liability	94	88
Other liabilities	468	179
Other assets	(307)	220
Net cash flows provided by operating activities	11,462	10,616
Cash flows from investing activities:
Capital expenditures	(907)	(622)
Other assets	(27)
Net cash flows used in investing activities	(934)	(622)
Cash flows from financing activities:
Payment of credit facility	(20,988)	(8,097)
Proceeds from credit facility	95,988	52,097
Payment of mortgages payable	(75,125)	(54,313)
Payment of debt issuance costs	(3,561)
Proceeds from the distribution reinvestment plan	1,849
Shares repurchased	(924)
Distributions paid	(4,888)
Early termination of interest rate swap agreements	(1,021)
Net cash flows used in financing activities	(8,670)	(10,313)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,858	(319)
Cash, cash equivalents and restricted cash, at beginning of the period	13,383	13,985
Cash, cash equivalents and restricted cash, at end of period	15,241	13,666
Supplemental disclosure of cash flow information:
Cash paid for interest	4,790	5,766
Supplemental schedule of non-cash investing and financing activities:
Accrued capital expenditures	$ 795	$ 608

Organization

Organization	3 Months Ended
	Mar. 31, 2022
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 acquiring and owning retail properties and targets a portfolio substantially comprised of grocery-anchored properties. The Company has invested in joint ventures and may continue to invest in additional joint ventures or acquire other real estate assets if its management believes the expected returns from those investments exceed that of retail properties. The Company also may invest in real estate-related equity securities of both publicly traded and private real estate companies, as well as commercial mortgage-backed securities. The Company 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. 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 4, 2022, as reported in the Company’s Form 8-K filed with the Securities and Exchange Commission on the same date and the Company’s Form 8-K/A filed on March 7, 2022, the Company announced that the Company’s board of directors unanimously approved: (i) an Estimated Per Share NAV as of December 31, 2021, which serves as the 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 (ii) that, in accordance with the SRP as further described below in Note 3 – “Equity,”, beginning with repurchases in April 2022 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 stopped paying distributions in the second quarter of 2020 and suspended its DRP and SRP. The suspension of the DRP was effective on June 6, 2020 and the suspension of the SRP was effective on June 26, 2020. On June 29, 2021, the Company announced the lifting of the suspension of its DRP. The effective date of the DRP reinstatement was July 22, 2021. The Company also announced the lifting of the suspension of the SRP and its adoption of the fourth amendment and restatement of the SRP, with the first repurchase having occurred on August 16, 2021. See Note 3 – “Equity” for additional details. At March 31, 2022, the Company owned 44 retail properties, totaling 6,481,262 square feet. The properties are located in 21 states. At March 31, 2022, the portfolio had a weighted average physical occupancy of 92.8% and economic occupancy of 93.0%.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021, as filed with the Securities and Exchange Commission on March 16, 2022, under the heading Note 2 – “Summary of Significant Accounting Policies.” There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2022, 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. 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 during 2020 and requested rent deferral or rent abatement during this pandemic. The Company’s deferred rent balance is $135 at March 31, 2022, which decreased from the deferred rent balance of $399 at December 31, 2021 and $4,457 at December 31, 2020, due primarily to collections of such rent. However, the extent to which the COVID-19 pandemic further impacts the Company’s operations and those of our tenants will depend on future developments, including the impact of the Delta, Omicron or other variants of COVID-19 in the U.S. The impact cannot be predicted with confidence, including the scope, severity and duration of the pandemic’s variants, the actions taken to contain the pandemic’s variants or mitigate their impact, and the direct and indirect economic effects of the pandemic’s variants 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 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, 2022 2021 Cash and cash equivalents $ 9,174 $ 11,586 Restricted cash 6,067 2,080 Total cash, cash equivalents, and restricted cash $ 15,241 $ 13,666

Equity

Equity	3 Months Ended
	Mar. 31, 2022
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, 2022, there were 36,079,247 shares of common stock outstanding including 5,883,830 shares issued through the DRP, net of 3,348,579 shares repurchased through the SRP. 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. 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 stopped paying distributions in the second quarter of 2020 and suspended its DRP and SRP. The suspension of the DRP was effective on June 6, 2020 and the suspension of the SRP was effective on June 26, 2020. On June 29, 2021, the Company announced the lifting of the suspension of its DRP. The effective date of the DRP reinstatement was July 22, 2021. There were $1,849 and zero distributions reinvested through the DRP during the three months ended March 31, 2022 and 2021, respectively. See Note 1 – “Organization” for discussion on the suspension during 2020 and resumption of the DRP during 2021. 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. Purchases are in the Company’s sole discretion. In the case of repurchases made upon the death of a stockholder or qualifying disability (“Exceptional Repurchases”), as defined in the SRP, the one year holding period does not apply. On 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 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; of (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 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. 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. The Company’s board of directors suspended the SRP effective June 26, 2020. On June 29, 2021, the Company announced the lifting of the suspension of its share repurchase program and its adoption of the fourth amendment and restatement of the program. The effective date of the SRP reinstatement and the Fourth Amended and Restated Share Repurchase Program (the “Fourth SRP”) was August 12, 2021. Pursuant to the Fourth SRP, any written request for treatment as an Exceptional Repurchase due to the death or qualifying disability of an owner that occurred between June 1, 2019 and May 31, 2020 (inclusive) was timely if received by the Company no later than January 31, 2022, and any written request for treatment as an Exceptional Repurchase due to the death or qualifying disability of an owner that occurred between June 1, 2020 and July 31, 2021, (inclusive) will be timely received if received by the Company no later than July 31, 2022. If either or both of the aforementioned funding or 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 of the following categories up to 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 $924 and zero for the three months ended March 31, 2022 and 2021, respectively. There was zero liability related to the SRP at March 31, 2022 and December 31, 2021. See Note 1 – “Organization” for further discussion on the suspension during 2020 and resumption of the SRP during 2021.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	NOTE 4 – LEASES The Company is lessor under approximately 700 retail operating leases. The remaining lease terms for the Company’s leases range from less than one year to 15 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, 2022 2021 Rental income - fixed payments $ 23,532 $ 23,889 Rental income - variable payments (a) 5,415 5,941 Amortization of acquired market leases, net 166 170 Rental income $ 29,113 $ 30,000 (a) Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance. The Company continues to monitor the impact of the COVID-19 pandemic on the collectability of lease obligations. As of March 31, 2022, the Company’s accounts and rent receivable, net balance was $18,134, which was net of an allowance for bad debts of $1,424 and included $135 of deferred rent receivable related to COVID-19 agreements negotiated with tenants. As of December 31, 2021, the Company’s accounts and rent receivable, net balance was $18,560, which was net of an allowance for bad debts of $1,259 and included $399 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, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Liabilities	NOTE 5 – ACQUIRED INTANGIBLE ASSETS AND LIABILITIES The following table summarizes the Company’s identified intangible assets and liabilities as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Intangible assets: Acquired in-place lease value $ 156,918 $ 156,918 Acquired above market lease value 45,742 45,742 Accumulated amortization (147,336 ) (144,457 ) Acquired lease intangibles, net $ 55,324 $ 58,203 Intangible liabilities: Acquired below market lease value $ 70,260 $ 70,260 Accumulated amortization (33,219 ) (32,342 ) Acquired below market lease intangibles, net $ 37,041 $ 37,918 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, 2022 2021 Amortization recorded as amortization expense: Acquired in-place lease value $ 2,169 $ 2,752 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (711 ) $ (738 ) Acquired below market leases 877 908 Net rental income increase $ 166 $ 170 Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2022 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2022 (remainder of year) $ 5,463 $ 1,945 $ 2,501 2023 6,429 2,468 3,111 2024 5,403 2,305 2,928 2025 3,530 2,030 2,729 2026 2,479 1,792 2,631 Thereafter 11,871 9,609 23,141 Total $ 35,175 $ 20,149 $ 37,041

Debt and Derivative Instruments

Debt and Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt and Derivative Instruments	NOTE 6 – DEBT AND DERIVATIVE INSTRUMENTS As of March 31, 2022 and December 31, 2021, the Company had the following mortgages and credit facility payable: March 31, 2022 December 31, 2021 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 112,581 3.84 % $ 118,463 3.88 % Variable rate mortgages payable with swap agreements 130,237 3.45 % 198,796 3.42 % Variable rate mortgages payable without swap agreements — 0.00 % 684 1.70 % Mortgages payable $ 242,818 3.63 % $ 317,943 3.59 % Credit facility payable 354,000 2.94 % 279,000 3.03 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 596,818 3.22 % $ 596,943 3.33 % Add: Unamortized mortgage premiums — 17 Less: Unamortized debt issuance costs (4,595 ) (1,418 ) Total debt $ 592,223 $ 595,542 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 $596,818 and $596,943 as of March 31, 2022 and December 31, 2021, respectively, and its estimated fair value was $590,756 and $591,089 as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, scheduled principal payments and maturities on the Company’s debt were as follows: March 31, 2022 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2022 (remainder of the year) $ 236 $ 26,800 $ — $ 27,036 2023 326 77,437 — 77,763 2024 341 — — 341 2025 295 92,656 — 92,951 2026 — 44,727 79,000 123,727 Thereafter — — 275,000 275,000 Total $ 1,198 $ 241,620 $ 354,000 $ 596,818 Credit Facility On February 3, 2022, the Company entered into a second amended and restated credit agreement (the “Credit Agreement”) in respect of the Company’s credit facility with KeyBank National Association, individually and as administrative agent, KeyBanc Capital Markets Inc., PNC Capital Markets LLC and BofA Securities, Inc., as joint lead arrangers, and other lenders from time to time parties to the Credit Agreement (the “Credit Facility”). Pursuant to the Credit Agreement, the aggregate total commitments under the Credit Facility were increased from $350,000 to $475,000. The Credit Facility consists of the “Revolving Credit Facility” providing revolving credit commitments in an aggregate amount of $200,000 and a term loan facility (the term loans funded under such commitments, the “Term Loan”) providing term loan commitments in an aggregate amount of $275,000 (increased from $150,000). The Credit Agreement provides the Company with the ability from time to time to increase the size of the Credit Facility up to a total of $825,000, subject to certain conditions. See “Note 14 – Subsequent Events” for discussion of an anticipated amendment to the Credit Agreement. The Revolving Credit Facility matures on February 3, 2026, 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 February 3, 2027. Borrowings under the Credit Facility bear interest equal to one-month Term SOFR plus a margin, the amount of which depends on the Company’s leverage ratio. At March 31, 2022, the Company had $79,000 outstanding under the Revolving Credit Facility and $275,000 outstanding under the Term Loan. At March 31, 2022, the interest rates on the Revolving Credit Facility and the Term Loan were 1.84% and 3.26%, respectively. As of March 31, 2022, the Company had a maximum amount of $121,000 available for borrowing under the Revolving Credit Facility, subject to the terms and conditions of the Credit Agreement that governs the Credit Facility, including compliance with the covenants which could further limit the amount available. 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 so long as at any time there are at least fifteen unencumbered properties with an unencumbered pool value of $300,000 or more The Credit Facility requires compliance with certain covenants, including a minimum tangible net worth requirement, a limitation on the use of leverage, a distribution limitation, restrictions on indebtedness and investment restrictions. It also contains customary default provisions including the failure to comply with the Company's covenants and the failure to pay when amounts outstanding under the Credit Facility become due. As of March 31, 2022, 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, 2022, the Company was current on all of its debt service payments. As of March 31, 2022 there was one mortgage loan which only required that the Company establish a cash maintenance account for the property. 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, 2022, the weighted average years to maturity for the Company’s mortgages payable was 2.6 years. Interest Rate Swap Agreements The Company entered into interest rate swaps to fix certain of its floating LIBOR based debt under variable rate loans to a fixed rate to manage its risk exposure to interest rate fluctuations. The Company will generally match the maturity of the underlying variable rate debt with the maturity date on the interest swap. See Note 13 – "Fair Value Measurements" for further information. The following table summarizes the Company’s interest rate swap contracts outstanding as of March 31, 2022. Date Entered Effective Date Maturity Date Receive Floating Rate Index (a) Pay Fixed Rate Notional Amount Fair Value at March 31, 2022 Assets December 23, 2015 December 23, 2015 January 2, 2026 1-month LIBOR 2.30 % 26,000 125 June 7, 2016 July 1, 2016 July 1, 2023 1-month LIBOR 1.42 % 41,348 304 July 21, 2016 August 1, 2016 August 1, 2023 1-month LIBOR 1.30 % 36,089 375 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.69 % 90,000 2,200 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.85 % 100,000 1,729 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.72 % 85,000 1,997 $ 378,437 $ 6,730 Liabilities September 17, 2015 September 17, 2015 September 17, 2022 1-month LIBOR 1.90 % 13,700 (49 ) October 2, 2015 November 1, 2015 November 1, 2022 1-month LIBOR 1.79 % 13,100 (38 ) $ 26,800 $ (87 ) (a) At March 31, 2022, the one-month LIBOR and the one-month term SOFR were 0.45% and 0.30%, respectively. 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, 2022 and 2021. Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2022 2021 Effective portion of derivatives $ 11,999 $ 1,161 Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 1,468 $ 1,864 The total amount of interest expense presented on the consolidated statements of operations and comprehensive income (loss) was $5,567 and $6,042, for the three months ended March 31, 2022 and 2021, 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 $2,167.

Distributions

Distributions	3 Months Ended
	Mar. 31, 2022
Distributions [Abstract]
Distributions	NOTE 7 – 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 the Company did not resume declaring distributions until The table below presents the distributions paid and declared during the three months ended March 31, 2022 and 2021. Three Months Ended March 31, 2022 2021 Distributions paid $ 4,888 $ — Distributions declared $ 4,894 $ —

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings (Loss) per Share	NOTE 8 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net income (loss) by the common shares plus common share equivalents. The Company excludes antidilutive restricted shares and units from the calculation of weighted-average shares for diluted EPS. As a result of a net loss in the three months ended March 31, 2022 and 2021, 3,709 shares and 3,914 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, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9 – COMMITMENTS AND CONTINGENCIES The Company may be subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the consolidated financial statements of the Company.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	NOTE 10 – EQUITY-BASED COMPENSATION Under the Company’s Employee and Director Restricted Share Plan (“RSP”), restricted shares and restricted share units generally vest over a one to three year vesting period from the date of the grant, subject to the specific terms of the grant. In accordance with the RSP, restricted shares and restricted share units 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 $19 and $18, in the aggregate, for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company had $77 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 1.6 years 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, 2021 8,108 252 Granted — 4 Vested — — Outstanding at March 31, 2022 8,108 256

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	NOTE 11 – SEGMENT REPORTING The Company has one reportable segment as defined by U.S. GAAP, retail real estate, for the three months ended March 31, 2022 and 2021.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Transactions With Related Parties	NOTE 12 – TRANSACTIONS WITH RELATED PARTIES The following table summarizes the Company’s related party transactions for the three months ended March 31, 2022. 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 2022 2021 March 31, 2022 December 31, 2021 General and administrative reimbursements (a) $ 397 $ 309 $ 380 $ 209 Loan costs (b) $ 32 $ — $ 5 $ — Real estate management fees $ 1,127 $ 1,236 $ — $ — Property operating expenses 323 350 97 — Leasing fees 85 61 103 87 Total real estate management related costs (c) $ 1,535 $ 1,647 $ 200 $ 87 Business management fees (d) $ 2,244 $ 2,234 $ 2,244 $ 2,241 (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. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (b) The Business Manager and its related parties are entitled to reimbursement for certain legal costs related to securing financing for the Company. Such costs are capitalized as debt issuance costs on the consolidated balance sheets and amortized into interest expense on the consolidated statements of operations and comprehensive income over the term of the related financing. Unpaid amounts are included in due to related parties in the consolidated balance sheets. ( c ) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”) (and its predecessor), the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive income. ( d ) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. 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, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 13 – FAIR VALUE MEASUREMENTS Fair Value Hierarchy The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company has estimated the fair value of its financial and non-financial instruments using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Recurring Fair Value Measurements For assets and liabilities measured at fair value on a recurring basis, the table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively. Fair Value Level 1 Level 2 Level 3 Total March 31, 2022 Interest rate swap agreements - Other assets $ — $ 6,730 $ — $ 6,730 Interest rate swap agreements - Other liabilities $ — $ 87 $ — $ 87 December 31, 2021 Interest rate swap agreements - Other assets $ — $ — $ — $ — Interest rate swap agreements - Other liabilities $ — $ 7,469 $ — $ 7,469 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, 2022
Subsequent Events [Abstract]
Subsequent Events	NOTE 14 – SUBSEQUENT EVENTS In connection with the preparation of its financial statements, the Company has evaluated events that occurred subsequent to March 31, 2022 through the date on which these financial statements were issued to determine whether any of these events required disclosure in the financial statements. Expected Acquisition of Portfolio of Eight Retail Shopping Center Properties On May 5, 2022, the Company entered into a definitive purchase and sale agreement (the “PSA”) to acquire, in the aggregate, eight retail shopping center properties from certain subsidiaries of Inland Retail Property Fund, LP for approximately $278,000 (the “Purchase Price”). The properties are located across seven states and collectively comprise approximately 686,851 square feet. The Properties are leased primarily to retail, restaurant and grocery tenants. Inland Retail Property Fund, LP is a fund managed by an affiliate of the Company’s sponsor and business manager and the PSA represents a related party transaction. The transaction is anticipated to close on May 17, 2022. The Company expects to fund the Purchase Price and any closing costs primarily by increasing the amount of the term loan borrowed under its credit facility by $300,000 and using cash on hand. The Company is in discussions with certain of the lenders under the Credit Agreement that governs the existing credit facility to amend the Credit Agreement to, among other things, modify certain provisions, including several covenants, impacted by this acquisition. The amendment is expected to close concurrently with the closing of the acquisition.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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.
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 during 2020 and requested rent deferral or rent abatement during this pandemic. The Company’s deferred rent balance is $135 at March 31, 2022, which decreased from the deferred rent balance of $399 at December 31, 2021 and $4,457 at December 31, 2020, due primarily to collections of such rent. However, the extent to which the COVID-19 pandemic further impacts the Company’s operations and those of our tenants will depend on future developments, including the impact of the Delta, Omicron or other variants of COVID-19 in the U.S. The impact cannot be predicted with confidence, including the scope, severity and duration of the pandemic’s variants, the actions taken to contain the pandemic’s variants or mitigate their impact, and the direct and indirect economic effects of the pandemic’s variants 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 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, 2022 2021 Cash and cash equivalents $ 9,174 $ 11,586 Restricted cash 6,067 2,080 Total cash, cash equivalents, and restricted cash $ 15,241 $ 13,666

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 Cash and cash equivalents $ 9,174 $ 11,586 Restricted cash 6,067 2,080 Total cash, cash equivalents, and restricted cash $ 15,241 $ 13,666

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 Rental income - fixed payments $ 23,532 $ 23,889 Rental income - variable payments (a) 5,415 5,941 Amortization of acquired market leases, net 166 170 Rental income $ 29,113 $ 30,000 (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, 2022
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, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Intangible assets: Acquired in-place lease value $ 156,918 $ 156,918 Acquired above market lease value 45,742 45,742 Accumulated amortization (147,336 ) (144,457 ) Acquired lease intangibles, net $ 55,324 $ 58,203 Intangible liabilities: Acquired below market lease value $ 70,260 $ 70,260 Accumulated amortization (33,219 ) (32,342 ) Acquired below market lease intangibles, net $ 37,041 $ 37,918
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, 2022 2021 Amortization recorded as amortization expense: Acquired in-place lease value $ 2,169 $ 2,752 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (711 ) $ (738 ) Acquired below market leases 877 908 Net rental income increase $ 166 $ 170
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2022 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases 2022 (remainder of year) $ 5,463 $ 1,945 $ 2,501 2023 6,429 2,468 3,111 2024 5,403 2,305 2,928 2025 3,530 2,030 2,729 2026 2,479 1,792 2,631 Thereafter 11,871 9,609 23,141 Total $ 35,175 $ 20,149 $ 37,041

Debt and Derivative Instrumen_2

Debt and Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Mortgages and Credit Facilities Payable	As of March 31, 2022 and December 31, 2021, the Company had the following mortgages and credit facility payable: March 31, 2022 December 31, 2021 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 112,581 3.84 % $ 118,463 3.88 % Variable rate mortgages payable with swap agreements 130,237 3.45 % 198,796 3.42 % Variable rate mortgages payable without swap agreements — 0.00 % 684 1.70 % Mortgages payable $ 242,818 3.63 % $ 317,943 3.59 % Credit facility payable 354,000 2.94 % 279,000 3.03 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 596,818 3.22 % $ 596,943 3.33 % Add: Unamortized mortgage premiums — 17 Less: Unamortized debt issuance costs (4,595 ) (1,418 ) Total debt $ 592,223 $ 595,542
Schedule of Principal Payments and Maturities of Company's Debt	As of March 31, 2022, scheduled principal payments and maturities on the Company’s debt were as follows: March 31, 2022 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2022 (remainder of the year) $ 236 $ 26,800 $ — $ 27,036 2023 326 77,437 — 77,763 2024 341 — — 341 2025 295 92,656 — 92,951 2026 — 44,727 79,000 123,727 Thereafter — — 275,000 275,000 Total $ 1,198 $ 241,620 $ 354,000 $ 596,818
Summary of Interest Rate Swap Contracts Outstanding	The following table summarizes the Company’s interest rate swap contracts outstanding as of March 31, 2022. Date Entered Effective Date Maturity Date Receive Floating Rate Index (a) Pay Fixed Rate Notional Amount Fair Value at March 31, 2022 Assets December 23, 2015 December 23, 2015 January 2, 2026 1-month LIBOR 2.30 % 26,000 125 June 7, 2016 July 1, 2016 July 1, 2023 1-month LIBOR 1.42 % 41,348 304 July 21, 2016 August 1, 2016 August 1, 2023 1-month LIBOR 1.30 % 36,089 375 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.69 % 90,000 2,200 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.85 % 100,000 1,729 February 3, 2022 March 1, 2022 February 3, 2027 1-month Term SOFR 1.72 % 85,000 1,997 $ 378,437 $ 6,730 Liabilities September 17, 2015 September 17, 2015 September 17, 2022 1-month LIBOR 1.90 % 13,700 (49 ) October 2, 2015 November 1, 2015 November 1, 2022 1-month LIBOR 1.79 % 13,100 (38 ) $ 26,800 $ (87 ) (a) At March 31, 2022, the one-month LIBOR and the one-month term SOFR were 0.45% and 0.30%, respectively.
Schedule of Effect of Derivatives on Consolidated Statements of Operations and Comprehensive Income (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, 2022 and 2021. Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2022 2021 Effective portion of derivatives $ 11,999 $ 1,161 Reclassification adjustment for amounts included in net gain or loss (effective portion) $ 1,468 $ 1,864

Distributions (Tables)

Distributions (Tables)	3 Months Ended
	Mar. 31, 2022
Distributions [Abstract]
Schedule of Distributions Paid and Declared	The table below presents the distributions paid and declared during the three months ended March 31, 2022 and 2021. Three Months Ended March 31, 2022 2021 Distributions paid $ 4,888 $ — Distributions declared $ 4,894 $ —

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2021 8,108 252 Granted — 4 Vested — — Outstanding at March 31, 2022 8,108 256

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022. 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 2022 2021 March 31, 2022 December 31, 2021 General and administrative reimbursements (a) $ 397 $ 309 $ 380 $ 209 Loan costs (b) $ 32 $ — $ 5 $ — Real estate management fees $ 1,127 $ 1,236 $ — $ — Property operating expenses 323 350 97 — Leasing fees 85 61 103 87 Total real estate management related costs (c) $ 1,535 $ 1,647 $ 200 $ 87 Business management fees (d) $ 2,244 $ 2,234 $ 2,244 $ 2,241 (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. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (b) The Business Manager and its related parties are entitled to reimbursement for certain legal costs related to securing financing for the Company. Such costs are capitalized as debt issuance costs on the consolidated balance sheets and amortized into interest expense on the consolidated statements of operations and comprehensive income over the term of the related financing. Unpaid amounts are included in due to related parties in the consolidated balance sheets. ( c ) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”) (and its predecessor), the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive income. ( d ) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. 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, 2022
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, 2022 and December 31, 2021, respectively. Fair Value Level 1 Level 2 Level 3 Total March 31, 2022 Interest rate swap agreements - Other assets $ — $ 6,730 $ — $ 6,730 Interest rate swap agreements - Other liabilities $ — $ 87 $ — $ 87 December 31, 2021 Interest rate swap agreements - Other assets $ — $ — $ — $ — Interest rate swap agreements - Other liabilities $ — $ 7,469 $ — $ 7,469

Organization (Narrative) (Detai

Organization (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022ft²PropertyState
Organization [Line Items]
Number of retail properties owned | Property	44
Square footage of real estate properties owned | ft²	6,481,262
Number of states in which company owns real estate properties | State	21
Weighted average physical occupancy rate of property portfolio	92.80%
Weighted average economic occupancy rate of property portfolio	93.00%
Share Repurchase Program [Member]
Organization [Line Items]
Suspension effective date	Jun. 26, 2020
Announcement date for reinstatement of Share Repurchase Program	Jun. 29, 2021
First share repurchase following the reinstatement of Share Repurchase Program occurred	Aug. 16, 2021
DRP [Member]
Organization [Line Items]
Suspension effective date	Jun. 6, 2020
Announcement date for reinstatement of DRP	Jun. 29, 2021
Effective date of reinstatement of DRP	Jul. 22, 2021

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
COVID-19 [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Deferred rent receivable	$ 135	$ 399	$ 4,457

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 9,174	$ 8,229	$ 11,586
Restricted cash	6,067	5,154	2,080
Total cash, cash equivalents, and restricted cash	$ 15,241	$ 13,383	$ 13,666	$ 13,985

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)	3 Months Ended		36 Months Ended	113 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Oct. 16, 2015	Mar. 31, 2022	Dec. 31, 2021	Mar. 03, 2020
Equity [Line Items]
Common stock, shares sold	36,079,247		33,534,022	36,079,247	36,040,928
Proceeds from offering			$ 834,399,000
Common stock, shares outstanding	36,079,247			36,079,247	36,040,928
Distribution reinvestment plan, shares				5,883,830
Shares repurchased through the share repurchase program				3,348,579
Distribution reinvested	$ 1,849,000
Stock repurchase program, amount	924,000	$ 0
Other liabilities	$ 7,720,000			$ 7,720,000	$ 14,414,000
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; of (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 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. 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 aforementioned funding or 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 of the following categories up to 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%
Prior Share Repurchase Agreement [Member] | Exceptional Repurchases [Member]
Equity [Line Items]
Percentage of share price on repurchase of shares						100.00%
Stock Repurchase Program [Member]
Equity [Line Items]
Other liabilities	$ 0			$ 0	$ 0
Minimum [Member]
Equity [Line Items]
Stock repurchase program, to be held	1 year
Maximum [Member] | Third Amended and Restated Share Repurchase Program [Member]
Equity [Line Items]
Stock repurchase program per share amount						$ 25
Percentage of prior fiscal year end outstanding shares that may be repurchased	5.00%
DRP [Member]
Equity [Line Items]
Distribution reinvested	$ 1,849,000	$ 0

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)OperatingLease	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Operating Leased Assets [Line Items]
Number of retail operating leases | OperatingLease	700
Accounts and rent receivable	$ 18,134	$ 18,560
COVID-19 [Member]
Operating Leased Assets [Line Items]
Accounts and rent receivable	18,134	18,560
Allowance for bad debts	1,424	1,259
Deferred rent receivable	$ 135	$ 399	$ 4,457
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	15 years

Leases - Summary of Rental Inco

Leases - Summary of Rental Income Related to Operating Leases (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Operating Leases Lease Income [Abstract]
Rental income - fixed payments		$ 23,532	$ 23,889
Rental income - variable payments	[1]	5,415	5,941
Amortization of acquired market leases, net		166	170
Rental income		$ 29,113	$ 30,000
[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, 2022	Dec. 31, 2021
Intangible assets:
Accumulated amortization	$ (147,336)	$ (144,457)
Acquired lease intangibles, net	55,324	58,203
Intangible liabilities:
Acquired below market lease value	70,260	70,260
Accumulated amortization	(33,219)	(32,342)
Acquired below market lease intangibles, net	37,041	37,918
Acquired in-place lease value [Member]
Intangible assets:
Acquired intangible assets	156,918	156,918
Acquired lease intangibles, net	35,175
Acquired above market lease value [Member]
Intangible assets:
Acquired intangible assets	45,742	$ 45,742
Acquired lease intangibles, net	$ 20,149

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, 2022	Mar. 31, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 166	$ 170
Acquired in-place lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as amortization expense	2,169	2,752
Acquired above market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	(711)	(738)
Acquired below market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 877	$ 908

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, 2022	Dec. 31, 2021
Future amortization for acquired in-place and above market lease assets:
Acquired lease intangibles, net	$ 55,324	$ 58,203
Future amortization for below market lease liabilities:
2022 (remainder of year)	2,501
2023	3,111
2024	2,928
2025	2,729
2026	2,631
Thereafter	23,141
Total	37,041
Acquired in-place lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2022 (remainder of year)	5,463
2023	6,429
2024	5,403
2025	3,530
2026	2,479
Thereafter	11,871
Acquired lease intangibles, net	35,175
Above Market Leases [Member]
Future amortization for acquired in-place and above market lease assets:
2022 (remainder of year)	1,945
2023	2,468
2024	2,305
2025	2,030
2026	1,792
Thereafter	9,609
Acquired lease intangibles, net	$ 20,149

Debt and Derivative Instrumen_3

Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 242,818	$ 317,943
Credit facility payable	354,000	279,000
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	596,818	596,943
Add: Unamortized mortgage premiums		17
Less: Unamortized debt issuance costs	(4,595)	(1,418)
Total debt	$ 592,223	$ 595,542
Mortgages Payable, Weighted Average Interest Rate	3.63%	3.59%
Credit Facilities Payable, Weighted Average Interest Rate	2.94%	3.03%
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps, Weighted Average Interest Rate	3.22%	3.33%
Fixed rate mortgages payable [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 112,581	$ 118,463
Mortgages Payable, Weighted Average Interest Rate	3.84%	3.88%
Variable rate mortgages payable with swap agreements [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 130,237	$ 198,796
Mortgages Payable, Weighted Average Interest Rate	3.45%	3.42%
Variable rate mortgages payable without swap agreements [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable		$ 684
Mortgages Payable, Weighted Average Interest Rate	0.00%	1.70%

Debt and Derivative Instrumen_4

Debt and Derivative Instruments (Narrative) (Details)	Feb. 03, 2022USD ($)	Mar. 31, 2022USD ($)Property	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Debt principal balance		$ 596,818,000		$ 596,943,000
Estimated fair value of debt		590,756,000		591,089,000
Outstanding line of credit		354,000,000		$ 279,000,000
Interest expense		5,567,000	$ 6,042,000
Amount expected to be reclassified from accumulated other comprehensive income (loss) into income in the next twelve months		$ 2,167,000
Mortgages Payable [Member]
Debt Instrument [Line Items]
Debt, covenant compliance		the Company was current on all of its debt service payments. As of March 31, 2022 there was one mortgage loan which only required that the Company establish a cash maintenance account for the property.
Weighted Average Years to Maturity		2 years 7 months 6 days
Properties with covenant violations | Property		1
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding line of credit		$ 79,000,000
Credit facility, interest rate		1.84%
Credit facility, maturity date	Feb. 3, 2026
Line of credit facility, expiration date, extension period	1 year
Revolving Credit Facility [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of commitments	$ 200,000,000
Term Loan [Member]
Debt Instrument [Line Items]
Outstanding line of credit		$ 275,000,000
Credit facility, interest rate		3.26%
Credit facility, maturity date	Feb. 3, 2027
Credit Facility [Member]
Debt Instrument [Line Items]
Debt principal balance		$ 354,000,000
Number of properties pledged as collateral | Property		35
Debt, covenant compliance		the Company is in compliance with all financial covenants related to the Credit Facility as amended.
Minimum [Member] | Revolving Credit Facility [Member] | Lenders [Member]
Debt Instrument [Line Items]
Increase in aggregate total commitments under credit facility	$ 350,000,000
Number of unencumbered properties | Property		15
Unencumbered pool value		$ 300,000,000
Minimum [Member] | Term Loan [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of term loan commitments	150,000,000
Maximum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility available for borrowing		$ 121,000,000
Maximum [Member] | Revolving Credit Facility [Member] | Lenders [Member]
Debt Instrument [Line Items]
Increase in aggregate total commitments under credit facility	475,000,000
Time to time increasing size of credit facility	825,000,000
Maximum [Member] | Term Loan [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of term loan commitments	$ 275,000,000

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, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2022 (remainder of the year)	$ 27,036
2023	77,763
2024	341
2025	92,951
2026	123,727
Thereafter	275,000
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	596,818	$ 596,943
Maturity of Credit Facility [Member]
Debt Instrument [Line Items]
2026	79,000
Thereafter	275,000
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	354,000
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
2022 (remainder of the year)	236
2023	326
2024	341
2025	295
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	1,198
Maturities of Mortgage Loans [Member]
Debt Instrument [Line Items]
2022 (remainder of the year)	26,800
2023	77,437
2025	92,656
2026	44,727
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps	$ 241,620

Debt and Derivative Instrumen_6

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Derivative [Line Items]
Derivative assets, notional amount	$ 378,437
Derivative liability, notional amount	26,800
Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	6,730
Fair value of derivative liabilities measured on recurring basis	$ (87)
Interest Rate Swap One [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, receive floating rate index	1-month LIBOR	[1]
Derivative instrument, pay fixed interest rate	2.30%
Derivative assets, notional amount	$ 26,000
Interest Rate Swap One [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 125
Interest Rate Swap Two [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, receive floating rate index	1-month LIBOR	[1]
Derivative instrument, pay fixed interest rate	1.42%
Derivative assets, notional amount	$ 41,348
Interest Rate Swap Two [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 304
Interest Rate Swap Three [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, receive floating rate index	1-month LIBOR	[1]
Derivative instrument, pay fixed interest rate	1.30%
Derivative assets, notional amount	$ 36,089
Interest Rate Swap Three [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 375
Interest Rate Swap Four [Member]
Derivative [Line Items]
Derivative instrument, date entered	Feb. 3, 2022
Derivative instrument, effective date	Mar. 1, 2022
Derivative instrument, maturity date	Feb. 3, 2027
Derivative instrument, receive floating rate index	1-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.69%
Derivative assets, notional amount	$ 90,000
Interest Rate Swap Four [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 2,200
Interest Rate Swap Five [Member]
Derivative [Line Items]
Derivative instrument, date entered	Feb. 3, 2022
Derivative instrument, effective date	Mar. 1, 2022
Derivative instrument, maturity date	Feb. 3, 2027
Derivative instrument, receive floating rate index	1-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.85%
Derivative assets, notional amount	$ 100,000
Interest Rate Swap Five [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 1,729
Interest Rate Swap Six [Member]
Derivative [Line Items]
Derivative instrument, date entered	Feb. 3, 2022
Derivative instrument, effective date	Mar. 1, 2022
Derivative instrument, maturity date	Feb. 3, 2027
Derivative instrument, receive floating rate index	1-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.72%
Derivative assets, notional amount	$ 85,000
Interest Rate Swap Six [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative assets measured on recurring basis	$ 1,997
Interest Rate Swap Seven [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, receive floating rate index	1-month LIBOR	[1]
Derivative instrument, pay fixed interest rate	1.90%
Derivative liability, notional amount	$ 13,700
Interest Rate Swap Seven [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (49)
Interest Rate Swap Eight [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, receive floating rate index	1-month LIBOR	[1]
Derivative instrument, pay fixed interest rate	1.79%
Derivative liability, notional amount	$ 13,100
Interest Rate Swap Eight [Member] | Recurring [Member]
Derivative [Line Items]
Fair value of derivative liabilities measured on recurring basis	$ (38)
[1]	At March 31, 2022, the one-month LIBOR and the one-month term SOFR were 0.45% and 0.30%, respectively.

Debt and Derivative Instrumen_7

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2022
London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative instrument, receive floating rate index	one-month LIBOR
One month floating rate	0.45%
SOFR
Derivative [Line Items]
Derivative instrument, receive floating rate index	one-month term SOFR
One month floating rate	0.30%

Debt and Derivative Instrumen_8

Debt and Derivative Instruments (Schedule of Effect of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification adjustment for amounts included in net loss	$ 1,468	$ 1,864
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion of derivatives	11,999	1,161
Reclassification adjustment for amounts included in net loss	$ 1,468	$ 1,864

Distributions (Narrative) (Deta

Distributions (Narrative) (Details) - USD ($)	3 Months Ended	15 Months Ended
	Mar. 31, 2022	Jun. 29, 2021
Distributions [Abstract]
Amount per share of distributions	$ 0.135600
Dividends payable, date declared	Mar. 31, 2022
Dividends payable, date of record	Mar. 31, 2022
Dividends payable, date to be paid	Apr. 7, 2022
Distributions declared	$ 4,894,000	$ 0

Distributions (Schedule of Dist

Distributions (Schedule of Distributions Paid and Declared) (Details) - USD ($)	3 Months Ended	15 Months Ended
	Mar. 31, 2022	Jun. 29, 2021
Distributions [Abstract]
Distributions paid	$ 4,888,000
Distributions declared	$ 4,894,000	$ 0

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Additional shares excluded from the computation of diluted earnings per share	3,709	3,914

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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 7 months 6 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 7 months 6 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	$ 77,000
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	$ 19,000	$ 18,000

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of the Restricted Shares and Restricted Share Units) (Details)	3 Months Ended
	Mar. 31, 2022shares
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	8,108
Outstanding, Shares	8,108
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares	252
Granted, Shares	4
Outstanding, Shares	256

Segment Reporting (Details)

Segment Reporting (Details) - Segment	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to related parties		$ 2,829		$ 2,537
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party	[1]	397	$ 309
Due to related parties	[1]	380		209
Loan Costs [Member]
Related Party Transaction [Line Items]
Loan costs with related party	[2]	32
Due to related parties	[2]	5
Real Estate Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		1,127	1,236
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		323	350
Due to related parties		97
Leasing fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		85	61
Due to related parties		103		87
Real Estate Management Costs [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party	[3]	1,535	1,647
Due to related parties	[3]	200		87
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses incurred with related party	[4]	2,244	$ 2,234
Due to related parties	[4]	$ 2,244		$ 2,241
[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. Unpaid amounts are included in due to related parties in the consolidated balance sheets.
[2]	The Business Manager and its related parties are entitled to reimbursement for certain legal costs related to securing financing for the Company. Such costs are capitalized as debt issuance costs on the consolidated balance sheets and amortized into interest expense on the consolidated statements of operations and comprehensive income over the term of the related financing. Unpaid amounts are included in due to related parties in the consolidated balance sheets.
[3]	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.
[4]	The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. 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, 2022
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] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Assets [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets	$ 6,730
Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other liabilities	87	$ 7,469
Level 2 [Member] | Other Assets [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets	6,730
Level 2 [Member] | Other Liabilities [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other liabilities	$ 87	$ 7,469

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	May 05, 2022USD ($)ft²Property	Mar. 31, 2022ft²
Subsequent Event [Line Items]
Area of properties | ft²		6,481,262
Purchase and Sales Agreement | Subsequent Event
Subsequent Event [Line Items]
Payment to acquire properties | $	$ 278,000
Number of properties to be acquired | Property	8
Area of properties | ft²	686,851
Incremental amount borrowed under the term loan | $	$ 300,000