Phillips Edison Grocery Center REIT II 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Apr. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015
Entity Registrant Name	Phillips Edison Grocery Center REIT II, Inc.
Entity Central Index Key	1581405
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		32.3

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ASSETS
Land and Improvements	$122,656	$103,612
Building and improvements	246,564	204,860
Acquired intangible lease assets	40,315	33,082
Total investment in real estate assets	409,535	341,554
Accumulated depreciation and amortization	-8,008	-3,689
Total investment in real estate assets, net	401,527	337,865
Cash and cash equivalents	235,312	179,117
Deferred financing expense, net of accumulated amortization of $589 and $379, respectively	2,979	3,073
Other Assets, net	33,931	6,581
Total assets	673,749	526,636
Liabilities:
Mortgages and loans payable	38,816	29,928
Acquired below market lease intangibles, less accumulated amortization of $714 and $330, respectively	18,872	16,919
Distributions Payable	3,799	3,045
Accounts payable - affiliates	1,806	3,386
Accounts payable and other liabilities	5,600	4,857
Total liabilities	68,893	58,135
Commitments and contingencies (Note 9)	0	0
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at March 31, 2015 and December 31, 2014	0	0
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 29,094 and 22,548 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	291	225
Additional paid-in capital	637,496	490,996
Accumulated deficit	-32,931	-22,720
Total equity	604,856	468,501
Total liabilities and equity	$673,749	$526,636

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Deferred financing expense, accumulated amortization	$589	$379
Acquired below market lease intangibles, accumulated amortization	$714	$330
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares outstanding	29,094,000	22,548,000

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations and Comprehensive Loss (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental income	$7,006	$41
Tenant recovery income	2,299	12
Other property income	191	1
Total revenues	9,496	54
Expenses:
Property operating	1,722	8
Real estate taxes	1,293	7
General and administrative	627	151
Acquisition expenses	1,165	202
Depreciation and amortization	4,187	33
Total expenses	8,994	401
Other income (expense):
Interest expense, net	-701	-2
Other income	84	0
Net loss	-115	-349
Per share information - basic and diluted:
Net loss per share - basic and diluted	$0	($0.26)
Weighted-average common shares outstanding - basic and diluted	25,186	1,335
Comprehensive loss:
Net loss	-115	-349
Other comprehensive income	0	0
Comprehensive loss	($115)	($349)

Consolidated_Statements_Of_Equ

Consolidated Statements Of Equity (USD $)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Deficit [Member]
In Thousands, unless otherwise specified
Balance, values at Dec. 31, 2013	$55	$0	$200	($145)
Balance, shares at Dec. 31, 2013		9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, value	83,140	34	83,106
Issuance of common stock, shares		3,348
Distribution reinvestment plan (DRIP), value	70	0	70
Distribution reinvestment plan (DRIP), shares		3
Common distributions declared	-519			-519
Offering costs	-11,970		-11,970
Net loss	-349			-349
Balance, values at Mar. 31, 2014	70,427	34	71,406	-1,013
Balance, shares at Mar. 31, 2014		3,360
Balance, values at Dec. 31, 2014	468,501	225	490,996	-22,720
Balance, shares at Dec. 31, 2014		22,548
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, value	157,684	64	157,620
Issuance of common stock, shares		6,343
Shares repurchases, Value	-291		-291
Share repurchases, Shares		-3
Distribution reinvestment plan (DRIP), value	4,883	2	4,881
Distribution reinvestment plan (DRIP), shares		206
Common distributions declared	-10,096			-10,096
Offering costs	-15,710		-15,710
Net loss	-115			-115
Balance, values at Mar. 31, 2015	$604,856	$291	$637,496	($32,931)
Balance, shares at Mar. 31, 2015		29,094

Consolidated_Statements_Of_Equ1

Consolidated Statements Of Equity (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Stockholders' Equity [Abstract]
Common distributions declared, per share	$0.40	$0.26

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	($115)	($349)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	4,061	33
Net amortization of above- and below-market leases	-230	0
Amortization of deferred financing expense	209	0
Straight-line rental income	-273	-3
Changes in operating assets and liabilities:
Other assets	-1,163	52
Accounts payable and other liabilities	567	116
Accounts payable - affiliates	437	0
Net cash provided by (used in) operating activities	3,493	-151
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	-81,507	-11,521
Capital expenditures	-776	0
Change in restricted cash	-179	0
Net cash used in investing activities	-82,462	-11,521
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	157,684	83,140
Payment of offering costs	-17,727	-10,286
Distributions paid, net of DRIP	-4,459	-78
Repurchases of common stock	-82	0
Payments on mortgages, notes and loans payable	-137	-80
Payments of deferred financing expense	-115	-15
Net cash provided by financing activities	135,164	72,681
NET INCREASE IN CASH AND CASH EQUIVALENTS	56,195	61,009
CASH AND CASH EQUIVALENTS:
Beginning of period	179,117	100
End of period	235,312	61,109
SUPPLEMENTAL CASHFLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cash paid for interest	543	2
Fair value of debt assumed	9,148	0
Accrued capital expenditures	475	166
Change in offering costs payable to sponsor(s)	-2,017	-174
Reclassification of deferred offering costs to additional paid-in capital	0	1,858
Change in distributions payable	754	371
Change in accrued share repurchase obligation	209	0
Distributions reinvested	$4,883	$70

Organization

Organization	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION
	Phillips Edison Grocery Center REIT II, Inc., (“we”, the “Company”, “our”, or “us”) was formed as a Maryland corporation in June 2013. Substantially all of our business is conducted through Phillips Edison—Grocery Center Operating Partnership II, L.P. (the “Operating Partnership”), a Delaware limited partnership formed in June 2013. We are a limited partner of the Operating Partnership, and our wholly owned subsidiary, PE Grocery Center OP GP II LLC, is the sole general partner of the Operating Partnership. As we accept subscriptions for shares in our continuous public offering, we will transfer all of the net proceeds of the offering to the Operating Partnership as a capital contribution in exchange for units of limited partnership interest; however, we are deemed to have made capital contributions in the amount of the gross offering proceeds received from investors.
	We are offering to the public, pursuant to a registration statement filed on Form S-11 with the Securities and Exchange Commission (the “SEC”) and declared effective on November 25, 2013, $2.475 billion in shares of common stock on a “reasonable best efforts” basis in our initial public offering (“our initial public offering”). Our initial public offering consists of a primary offering of $2.0 billion in shares offered to investors at a price of $25.00 per share, with discounts available for certain categories of purchasers, and $0.475 billion in shares offered to stockholders pursuant to a distribution reinvestment plan (the “DRIP”) at a price of $23.75 per share. We have the right to reallocate the shares of common stock offered between the primary offering and the DRIP. On January 22, 2015, our board of directors made the determination to close the primary portion of our initial public offering upon the earlier of (i) June 30, 2015 or (ii) the sale of $1.6 billion in shares of our common stock. As of May 5, 2015, we had raised $815.1 million since inception, inclusive of shares sold under the DRIP.
	Our advisor is American Realty Capital PECO II Advisors, LLC (the “Advisor”), a limited liability company that was formed in the State of Delaware in July 2013 and is under common control with AR Capital LLC (the “AR Capital sponsor”). We have entered into an advisory agreement, dated January 22, 2015, with the Advisor which makes the Advisor responsible for the management of our day-to-day activities and the implementation of our investment strategy. The Advisor has delegated certain duties under the advisory agreement, including the management of our day-to-day operations and our portfolio of real estate assets, to Phillips Edison NTR II LLC (the “Sub-advisor”), which is directly or indirectly owned by Phillips Edison Limited Partnership (the “Phillips Edison sponsor”), and Michael Phillips and Jeffrey Edison, principals of our Phillips Edison sponsor. Notwithstanding such delegation to the Sub-advisor, the Advisor retains ultimate responsibility for the performance of all the matters entrusted to it under the advisory agreement.
	We invest primarily in well-occupied grocery-anchored neighborhood and community shopping centers having a mix of creditworthy national and regional retailers selling necessity-based goods and services in strong demographic markets throughout the United States. In addition, we may invest in other retail properties including power and lifestyle shopping centers, multi-tenant shopping centers, free-standing single-tenant retail properties, and other real estate and real estate-related loans and securities depending on real estate market conditions and investment opportunities that we determine are in the best interests of our stockholders. We expect that retail properties primarily would underlie or secure the real estate-related loans and securities in which we may invest.
	As of March 31, 2015, we owned fee simple interests in 25 real estate properties, acquired from third parties unaffiliated with us, the Advisor, or the Sub-advisor.

Summary_Of_Significant_Account

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Set forth below is a summary of the significant accounting estimates and policies that management believes are important to the preparation of our consolidated interim financial statements. Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by management. As a result, these estimates are subject to a degree of uncertainty. There have been no changes to our significant accounting policies during the three months ended March 31, 2015. For a full summary of our accounting policies, refer to our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 5, 2015.
	Basis of Presentation and Principles of Consolidation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to the audited financial statements of Phillips Edison Grocery Center REIT II, Inc. for the year ended December 31, 2014, which are included in our 2014 Annual Report on Form 10-K, as certain footnote disclosures contained in such audited financial statements have been omitted from this Quarterly Report on Form 10-Q. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation have been included in this Quarterly Report. Our results of operations for the three months ended March 31, 2015 are not necessarily indicative of the operating results expected for the full year.
	The accompanying consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation.
	Earnings Per Share—Earnings per share are calculated based on the weighted-average number of common shares outstanding during each period. Diluted income per share considers the effect of any potentially dilutive share equivalents for the three months ended March 31, 2015 and 2014.
	There were 53,575 Class B units of the Operating Partnership outstanding and held by the Advisor and the Sub-advisor as of March 31, 2015. The vesting of the Class B units is contingent upon a market condition and service condition. The satisfaction of the market or service condition was not probable as of March 31, 2015, and, therefore, the Class B units are not included in earnings per share.
	Reclassifications—The following line items on our consolidated balance sheet as of December 31, 2014 were reclassified to conform to the current year presentation:
	•	Distributions payable was reclassified from accounts payable and other liabilities to its own line item; and
	•	Restricted cash was reclassified from its own line item to other assets, net.
	The following line items on our consolidated statement of cash flows for the three months ended March 31, 2014 were reclassified to conform to the current year presentation:
	•	The change in accounts receivable and the change in prepaid expenses and other were reclassified to the change in other assets; and
	•	The change in accounts payable and the change in accrued and other liabilities were reclassified to the change in accounts payable and other liabilities.
	Impact of Recently Issued Accounting Pronouncements—The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:
	Standard		Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
	ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs		This update amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted.	1-Jan-16	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Equity

Equity	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Equity	EQUITY
	General—We have the authority to issue a total of 1 billion shares of common stock with a par value of $0.01 per share and 10 million shares of preferred stock, $0.01 par value per share. As of March 31, 2015, we had issued 29.1 million shares of common stock generating gross proceeds of $723.1 million. We had issued no shares of preferred stock. The holders of shares of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the board of directors. Our charter does not provide for cumulative voting in the election of directors.
	Distribution Reinvestment Plan—We have adopted the DRIP that allows stockholders to invest distributions in additional shares of our common stock at a price equal to $23.75 per share. Stockholders who elect to participate in the DRIP, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of our common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions used to purchase those shares of common stock in cash.  Distributions reinvested through the DRIP for the three months ended March 31, 2015 and 2014 were $4.9 million and $0.1 million, respectively.
	Share Repurchase Program—Our share repurchase program may provide a limited opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations, at a price equal to or at a discount from the purchase prices paid for the shares being repurchased.
	Repurchases of shares of common stock will be made at least quarterly upon written notice received by us by 4:00 p.m. Eastern time on the last business day prior to a quarterly financial filing. Stockholders may withdraw their repurchase request at any time before 4:00 p.m. Eastern time on the last business day prior to a quarterly financial filing.
	The board of directors may, in its sole discretion, amend, suspend, or terminate the share repurchase program at any time. If the board of directors decides to amend, suspend or terminate the share repurchase program, stockholders will be provided with no less than 30 days' written notice. The board of directors also reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase.
	The following table presents the activity of the share repurchase program for the three months ended March 31, 2015:
		2015
	Shares repurchased	3,300
	Cost of repurchases	$	82,500
	Average repurchase price	$	25
	We record a liability representing our obligation to repurchase shares of common stock submitted for repurchase as of period end but not yet repurchased. Below is a summary of our obligation to repurchase shares of common stock recorded as a component of accounts payable and other liabilities on our consolidated balance sheets as of March 31, 2015 and December 31, 2014:
		31-Mar-15		31-Dec-14
	Shares submitted for repurchase	12,200		3,300
	Liability recorded	$	291,300	$	82,500

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurement	FAIR VALUE MEASUREMENT
	ASC 820, Fair Value Measurement (“ASC 820”) defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:
	Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
	Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
	Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability.
	The following describes the methods we use to estimate the fair value of our financial and non-financial assets and liabilities:
	Cash and cash equivalents and restricted cash —We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization. Included in cash and cash equivalents as of March 31, 2015 and December 31, 2014, was $30.0 million in a money market fund for which we consider the carrying value to approximate fair value based on Level 1 inputs.
	Accounts receivable and accounts payable—We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization.
	Real estate investments—The purchase prices of the investment properties, including related lease intangible assets and liabilities, were allocated at estimated fair value based on Level 3 inputs, such as discount rates, capitalization rates, comparable sales, replacement costs, income and expense growth rates and current market rents and allowances as determined
	by management.
	Mortgages and loans payable —We estimate the fair value of our debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs.  The discount rate used approximated current lending rates for loans or groups of loans with similar maturities and credit quality, assuming the debt is outstanding through maturity and considering the debt’s collateral (if applicable).  We have utilized market information, as available, or present value techniques to estimate the amounts required to be disclosed.
	The following is a summary of discount rates and borrowings as of March 31, 2015 and December 31, 2014 (dollars in thousands):
		31-Mar-15			31-Dec-14
	Discount rates:
	Secured fixed-rate debt	4.1		%	4.3		%
	Borrowings:
	Fair value	$	40,387		$	31,141
	Recorded value	38,816			29,928

Real_Estate_Acquisitions_Notes

Real Estate Acquisitions (Notes)	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Real Estate Acquisitions	REAL ESTATE ACQUISITIONS
	During the three months ended March 31, 2015, we acquired a 100% ownership in five grocery-anchored retail centers for a purchase price of approximately $65.1 million, including $8.8 million of assumed debt with a fair value of $9.1 million. The following tables present certain additional information regarding our acquisitions of properties which were deemed individually immaterial when acquired, but are material in the aggregate.
	For the three months ended March 31, 2015 and 2014, we allocated the purchase price of acquisitions to the fair value of the assets acquired and liabilities assumed as follows (in thousands):
		2015			2014
	Land and improvements	$	18,984		$	4,833
	Building and improvements	41,197			5,474
	Acquired in-place leases	6,826			844
	Acquired above-market leases	407			—
	Acquired below-market leases	(2,337		)	—
	Total assets and lease liabilities acquired	65,077			11,151
	Debt assumed	9,148			—
	Net assets acquired	$	55,929		$	11,151
	The weighted-average amortization periods for acquired in-place lease, above-market lease, and below-market lease intangibles acquired during the three months ended March 31, 2015 and 2014 are as follows (in years):
		2015		2014
	Acquired in-place leases	9		6
	Acquired above-market leases	8		—
	Acquired below-market leases	18		—
	The amounts recognized for revenues, acquisition expenses and net loss from the respective acquisition dates to March 31, 2015 and 2014 related to the operating activities of our acquisitions are as follows (in thousands):
		2015			2014
	Revenues	$	903		$	54
	Acquisition expenses	1,044			181
	Net loss	1,052			177
	The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if all of our acquisitions for 2014 and 2015 had been acquired on January 1, 2014. This pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of the period, nor does it purport to represent the results of future operations.
		For the Three Months Ended March 31,
	(in thousands)	2015			2014
	Pro forma revenues	$	10,307		$	9,832
	Pro forma net income	1,126			1,586

Acquired_Intangible_Assets

Acquired Intangible Assets	3 Months Ended
	Mar. 31, 2015
Finite Lived Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets	ACQUIRED INTANGIBLE ASSETS
	Acquired intangible lease assets consisted of the following as of March 31, 2015 and December 31, 2014 (in thousands):
		March 31, 2015			December 31, 2014
	Acquired in-place leases	$	35,930		$	29,104
	Acquired above-market leases	4,385			3,978
	Total acquired intangible lease assets	40,315			33,082
	Accumulated amortization	(2,490		)	(1,237		)
	Net acquired intangible lease assets	$	37,825		$	31,845
	Summarized below is the amortization recorded on the intangible assets for the three months ended March 31, 2015, and 2014 (in thousands):
		2015			2014
	Acquired in-place leases(1)	$	1,099		$	12
	Acquired above-market leases(2)	154			—
	Total	$	1,253		$	12
	(1) Amortization recorded on acquired in-place leases was included in depreciation and amortization in the consolidated statements of operations.
	(2) Amortization recorded on acquired above-market leases was an adjustment to rental revenue in the consolidated statements of operations.
	Estimated future amortization of the respective acquired intangible lease assets as of March 31, 2015 for the remainder of 2015 and for each of the five succeeding calendar years and thereafter is as follows (in thousands):
	Year	In-Place Leases			Above-Market Leases
	April 1 to December 31, 2015	$	3,448		$	469
	2016	4,631			617
	2017	4,625			565
	2018	3,847			488
	2019	3,144			427
	2020 and thereafter	14,076			1,488
	Total	$	33,771		$	4,054

Mortgages_and_Notes_Payable

Mortgages and Notes Payable	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Mortgages and Loans Payable	MORTGAGES AND LOANS PAYABLE
	As of March 31, 2015 and December 31, 2014, we had approximately $37.0 million and $28.3 million, respectively, of outstanding mortgage notes payable, excluding fair value of debt adjustments. Each mortgage note payable is secured by the respective property on which the debt was placed.
	As of March 31, 2015, we had access to a $200 million revolving credit facility, which may be expanded to $700 million, from which we may draw funds to pay certain long-term debt obligations as they mature. The interest rate on the revolving credit facility is variable, based on either the prime rate, one-month LIBOR, or the federal funds rate and is affected by other factors, such as company size and leverage. The credit facility matures on July 2, 2018, with two six-month extension options to extend the maturity to July 2, 2019 that we may exercise upon payment of an extension fee equal to 0.075% of the total commitments under the facility at the time of each extension. There were no outstanding borrowings under this facility as of March 31, 2015, nor did we have any borrowing capacity under the facility, as we had not yet designated any of our properties as being included in the calculation of the borrowing base as defined by the terms of the credit facility.
	Of the amounts outstanding on our mortgages and loans payable at March 31, 2015, there are no loans maturing in 2015. As of March 31, 2015 and December 31, 2014, the weighted-average interest rate for the loans was 5.7% and 5.8%, respectively.
	The table below summarizes our loan assumptions in conjunction with property acquisitions for the three months ended March 31, 2015 (dollars in thousands):
			2015
	Number of properties acquired with loan assumptions		1
	Carrying value of assumed debt		$	8,800
	Fair value of assumed debt		$	9,148
	The assumed debt market adjustment will be amortized over the remaining life of the loan, and this amortization is classified as interest expense. The amortization recorded on the assumed below-market debt adjustment was $0.1 million for the three months ended March 31, 2015. There were no loan assumptions in conjunction with property acquisitions for the three months ended March 31, 2014.
	The following is a summary of our debt obligations as of March 31, 2015 and December 31, 2014 (in thousands):
		March 31, 2015			December 31, 2014
	Fixed rate mortgages payable(1)	$	36,983		$	28,320
	Assumed below-market debt adjustment	1,834			1,608
	Total	$	38,816		$	29,928
	(1)	Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Staunton Plaza, Commonwealth Square, Quivira Crossings, and Willimantic Plaza.
	Below is a listing of our maturity schedule with the respective principal payment obligations (in thousands) and weighted-average interest rates:
		2015 (1)			2016			2017			2018			2019			Thereafter			Total
	Maturing debt(2)
	Fixed-rate mortgages payable	$	452		$	619		$	9,460		$	8,769		$	547		$	17,136		$	36,983
	Weighted-average interest rate on debt:
	Fixed-rate mortgages payable	5.7		%	5.6		%	5.6		%	6.6		%	5.3		%	5.4		%	5.7		%
	(1)	Includes only April 1, 2015 through December 31, 2015.
	(2)	The debt maturity table does not include any below-market debt adjustment, of which $1.8 million, net of accumulated amortization, was outstanding as of March 31, 2015.

Acquired_BelowMarket_Lease_Int

Acquired Below-Market Lease Intangibles	3 Months Ended
	Mar. 31, 2015
Below Market Lease [Abstract]
Acquired Below-Market Lease Intangibles	ACQUIRED BELOW-MARKET LEASE INTANGIBLES
	Summarized below is the amortization recorded on the below-market lease intangible liabilities for the three months ended March 31, 2015 and 2014 (in thousands):
			2015		2014
	Acquired below-market leases(1)		$	384	$	—
	(1) Amortization recorded on acquired below-market leases was an adjustment to rental revenue in the consolidated statements of operations.
	Estimated future amortization income of the intangible lease liabilities as of March 31, 2015 for the remainder of 2015 and for each of the five succeeding calendar years and thereafter is as follows (in thousands):
	Year	Below-Market Leases
	April 1 to December 31, 2015	$	1,177
	2016	1,579
	2017	1,374
	2018	1,246
	2019	1,139
	2020 and thereafter	12,357
	Total	$	18,872

Commitments_And_Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES
	Litigation
	In the ordinary course of business, we may become subject to litigation or claims. There are no material legal proceedings pending, or known to be contemplated, against us.
	Environmental Matters
	In connection with the ownership and operation of real estate, we may be potentially liable for costs and damages related to environmental matters. We have not been notified by any governmental authority of any material non-compliance, liability or other claim, nor are we aware of any other environmental condition that we believe will have a material impact on our consolidated financial statements.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS
	Economic Dependency—We are dependent on the Advisor, the Sub-advisor, Phillips Edison & Company Ltd. (the “Property Manager”), Realty Capital Securities, LLC (the “Dealer Manager”) and their respective affiliates for certain services that are essential to us, including the sale of our shares of common stock, asset acquisition and disposition decisions, asset management, operating and leasing of our properties, and other general and administrative responsibilities. In the event that the Advisor, the Sub-advisor, the Property Manager and/or the Dealer Manager are unable to provide such services, we would be required to find alternative service providers or sources of capital, which could result in higher costs and expenses.
	Advisory Agreement—Pursuant to our advisory agreement, the Advisor is entitled to specified fees for certain services, including managing our day-to-day activities and implementing our investment strategy. The Advisor has entered into an amended and restated sub-advisory agreement with the Sub-advisor, which manages our day-to-day affairs and our portfolio of real estate investments, on behalf of the Advisor, subject to the board’s supervision and certain major decisions requiring the consent of both the Advisor and Sub-advisor. The expenses to be reimbursed to the Advisor and Sub-advisor will be reimbursed in proportion to the amount of expenses incurred on our behalf by the Advisor and Sub-advisor, respectively.
	Organization and Offering Costs—Under the terms of the advisory agreement, we are to reimburse on a monthly basis the Advisor, the Sub-advisor or their respective affiliates (the “Advisor Entities”) for cumulative organization and offering costs and future organization and offering costs they may incur on our behalf but only to the extent that the reimbursement would not exceed 2.0% of gross proceeds raised in all primary offerings measured at the completion of such primary offering.
	Summarized below are the cumulative organization and offering costs charged by and the cumulative costs reimbursed to the Advisor, the Sub-advisor and their affiliates for the three months ended March 31, 2015 and December 31, 2014 , and any related amounts unpaid as of March 31, 2015 and December 31, 2014 (in thousands):
		31-Mar-15		31-Dec-14
	Total Organization and Offering costs charged	$	17,139	$	16,381
	Total Organization and Offering costs reimbursed	15,953		13,178
	Total unpaid Organization and Offering costs	$	1,186	$	3,203
	Acquisition Fee—We pay our Advisor Entities or their assignees an acquisition fee related to services provided in connection with the selection and purchase or origination of real estate and real estate-related investments. The acquisition fee is equal to 1.0% of the contract purchase price of each property we acquire, including acquisition or origination expenses and any debt attributable to such investments.
	Acquisition Expenses—We reimburse the Sub-advisor for expenses actually incurred related to selecting, evaluating and acquiring assets on our behalf.  During the three months ended March 31, 2015, we reimbursed the Sub-advisor for personnel costs related to due diligence services for assets we acquired during the period.
	Asset Management Subordinated Participation—Within 60 days after the end of each calendar quarter (subject to the approval of our board of directors), we will pay an asset management subordinated participation by issuing a number of restricted operating partnership units designated as Class B Units to the Advisor and Sub-advisor equal to: (i) 0.25% multiplied by (a) prior to the date on which we calculate an estimated NAV per share, the cost of assets and (b) on and after the date on which we calculate an estimated NAV per share, the lower of the cost of assets and the applicable quarterly NAV divided by (ii) (a) prior to the date on which we calculate an estimated NAV per share, the value of one share of common stock as of the last day of such calendar quarter, which is equal initially to $22.50 (the primary offering price minus selling commissions and dealer manager fees) and (b) on and after the date on which we calculate an estimated NAV per share, the per share NAV.
	The Advisor and Sub-advisor are entitled to receive distributions on the vested and unvested Class B units they receive in connection with their asset management subordinated participation at the same rate as distributions are paid to common stockholders. Such distributions are in addition to the incentive fees that the Advisor and Sub-advisor and their affiliates may receive from us. During the three months ended March 31, 2015, the Operating Partnership issued 36,060 Class B units to the Advisor and the Sub-advisor under the advisory agreement for the asset management services performed by the Advisor and the Sub-advisor during the period from October 1, 2014 to December 31, 2014. These Class B units will not vest until an economic hurdle has been met. The Advisor, the Sub-advisor or one of their respective affiliates must continue to provide advisory services through the date that such economic hurdle is met. The economic hurdle will be met when the value of the Operating Partnership’s assets plus all distributions made equal or exceed the total amount of capital contributed by investors plus a 6.0% cumulative, pre-tax, non-compounded annual return thereon.
	Financing Coordination Fee—When our Advisor Entities provide services in connection with the origination or refinancing of any debt that we obtain and use to finance properties or other permitted investments, we pay the Advisor Entities a financing fee equal to 0.75% of all amounts made available under any such loan or line of credit.
	Disposition Fee—For substantial assistance in connection with the sale of properties or other investments, we will pay our Advisor Entities or their respective affiliates up to the lesser of: (i) 2.0% of the contract sales price of each property or other investment sold; or (ii) one-half of the total brokerage commissions paid if a non-affiliated broker is also involved in the sale, provided that total real estate commissions paid (to our Advisor Entities and others) in connection with the sale may not exceed the lesser of a competitive real estate commission and 6.0% of the contract sales price. The Conflicts Committee will determine whether our Advisor Entities or their affiliates have provided substantial assistance to us in connection with the sale of an asset. Substantial assistance in connection with the sale of a property includes our Advisor Entities’ preparation of an investment package for the property (including an investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or such other substantial services performed by our Advisor Entities in connection with a sale.
	General and Administrative Expenses—As of March 31, 2015 and December 31, 2014, we owed both the Advisor and the Sub-advisor and their affiliates $52,000 and $11,000, respectively, for general and administrative expenses paid on our behalf. As of March 31, 2015, neither the Advisor nor the Sub-advisor has allocated any portion of their employees’ salaries to general and administrative expenses.
	Summarized below are the fees earned by and the expenses reimbursable to the Advisor and the Sub-advisor, except for organization and offering costs and general and administrative expenses, which we disclose above, for the three months ended March 31, 2015 and 2014 and any related amounts unpaid as of March 31, 2015 and December 31, 2014 (in thousands):
		For the Three Months Ended				Unpaid Amount as of
		March 31,				March 31,		December 31,
		2015		2014		2015		2014
	Acquisition fees	$	650	$	112	$	—	$	—
	Acquisition expenses	84		14		—		—
	Class B unit distribution(1)	9		—		5		3
	Financing fees	66		—		—		—
	Total	$	809	$	126	$	5	$	3
	(1)	Represents the distributions paid to the Advisor and the Sub-advisor as holders of Class B units of the Operating Partnership.
	Annual Subordinated Performance Fee—We may pay our Advisor Entities or their respective affiliates an annual subordinated performance fee calculated on the basis of our total return to stockholders, payable annually in arrears, such that for any year in which our total return on stockholders’ capital exceeds 6.0% per annum, our Advisor Entities will be entitled to 15.0% of the amount in excess of such 6.0% per annum, provided that the amount paid to the Advisor Entities does not exceed 10.0% of the aggregate total return for that year. No such amounts have been incurred or payable to date.
	Subordinated Participation in Net Sales Proceeds—The Operating Partnership may pay to Phillips Edison Special Limited Partner II LLC (the “Special Limited Partner”) a subordinated participation in the net sales proceeds of the sale of real estate assets equal to 15.0% of remaining net sales proceeds after return of capital contributions to stockholders plus payment to investors of a 6.0% cumulative, pre-tax, non-compounded return on the capital contributed by stockholders. Generally, the Advisor has a 15.0% interest and the Sub-advisor has an 85.0% interest in the Special Limited Partner. No sales of real estate assets have occurred to date.
	Subordinated Incentive Listing Distribution—The Operating Partnership may pay to the Special Limited Partner a subordinated incentive listing distribution upon the listing of our common stock on a national securities exchange. Such incentive listing distribution is equal to 15.0% of the amount by which the market value of all of our issued and outstanding common stock plus distributions exceeds the aggregate capital contributed by stockholders plus an amount equal to a 6.0% cumulative, pre-tax non-compounded annual return to stockholders.
	Neither the Special Limited Partner nor any of its affiliates can earn both the subordinated participation in the net sales proceeds and the subordinated incentive listing distribution. No subordinated incentive listing distribution has been earned to date.
	Subordinated Distribution Upon Termination of the Advisor Agreement—Upon termination or non-renewal of the advisory agreement and provided that we do not engage the Sub-advisor or an affiliate of the Advisor or Sub-advisor as our new external advisor following such termination or non-renewal, the Special Limited Partner shall be entitled to a subordinated termination distribution in the form of a non-interest bearing promissory note equal to 15.0% of the amount by which the sum of our market value plus distributions exceeds the aggregate capital contributed by stockholders plus an amount equal to a 6.0% cumulative, pre-tax non-compounded annual return to stockholders.  In addition, the Special Limited Partner may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs. No such termination has occurred to date.
	Property Manager—All of our real properties are managed and leased by the Property Manager. The Property Manager is wholly owned by our Phillips Edison sponsor. The Property Manager also manages real properties acquired by the Phillips Edison affiliates or other third parties.
	Commencing June 1, 2014, the amount we pay to the Property Manager in monthly property management fees decreased from 4.5% to 4.0% of the monthly gross cash receipts from the properties managed by the Property Manager. In the event that we contract directly with a non-affiliated third-party property manager with respect to a property, we will pay the Property Manager a monthly oversight fee equal to 1.0% of the gross revenues of the property managed. In addition to the property management fee or oversight fee, if the Property Manager provides leasing services with respect to a property, we pay the Property Manager leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services based on national market rates. The Property Manager shall be paid a leasing fee in connection with a tenant’s exercise of an option to extend an existing lease, and the leasing fees payable to the Property Manager may be increased by up to 50% in the event that the Property Manager engages a co-broker to lease a particular vacancy. We reimburse the costs and expenses incurred by the Property Manager on our behalf, including employee compensation, legal, travel and other out-of-pocket expenses that are directly related to the management of specific properties, as well as fees and expenses of third-party accountants.
	If we engage the Property Manager to provide construction management services with respect to a particular property, we pay a construction management fee in an amount that is usual and customary for comparable services rendered to similar projects in the geographic market of the property.
	The Property Manager hires, directs and establishes policies for employees who have direct responsibility for the operations of each real property it manages, which may include, but is not limited to, on-site managers and building and maintenance personnel. Certain employees of the Property Manager may be employed on a part-time basis and may also be employed by the Sub-advisor or certain of its affiliates. The Property Manager also directs the purchase of equipment and supplies and will supervise all maintenance activity.
	Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the three months ended March 31, 2015 and 2014 and any related amounts unpaid as of March 31, 2015 and December 31, 2014 (in thousands):
		For the Three Months Ended				Unpaid Amount as of
		March 31,				March 31,		December 31,
		2015		2014		2015		2014
	Property management fees	$	330	$	2	$	143	$	97
	Leasing commissions	422		—		326		43
	Construction management fees	20		—		10		5
	Other fees and reimbursements	250		21		84		24
	Total	$	1,022	$	23	$	563	$	169
	Dealer Manager—The Dealer Manager is a member firm of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and was organized on August 29, 2007. The Dealer Manager is under common control with our AR Capital sponsor and will provide certain sales, promotional and marketing services in connection with the distribution of the shares of common stock offered under our offering. Excluding shares sold pursuant to the “friends and family” program, the Dealer Manager will generally be paid a sales commission equal to 7.0% of the gross proceeds from the sale of shares of the common stock sold in the primary offering and a dealer manager fee equal to 3.0% of the gross proceeds from the sale of shares of the common stock sold in the primary offering.
	The Dealer Manager typically reallows 100% of the selling commissions and a portion of the dealer manager fee to participating broker-dealers. Alternatively, a participating broker-dealer may elect to receive a commission based upon the proceeds from the sale of shares by such participating broker-dealer, with a portion of such fee being paid at the time of such sale and the remaining amounts paid on each anniversary of the closing of such sale up to and including the fifth anniversary of the closing of such sale, in which event, a portion of the dealer manager fee will be reallowed such that the combined selling commission and dealer manager fee do not exceed 10% of the gross proceeds of our primary offering.
	Starting with the commencement of our public offering, we utilized transfer agent services provided by an affiliate of the Dealer Manager. Fees incurred from the transfer agent represent amounts paid by our Sub-advisor to the affiliate of the Dealer Manager for such services. We reimburse our Sub-advisor for these fees through the payment of organization and offering costs. The following table details total selling commissions, dealer manager fees, and service fees paid to the Dealer Manager and its affiliate related to the sale of common stock for the three months ended March 31, 2015 and 2014 and any related amounts unpaid, which are included as a component of total unpaid organization and offering costs, as of March 31, 2015 and December 31, 2014 (in thousands):
		For the Three Months Ended				Payable as of
		March 31,				March 31,		December 31,
		2015		2014		2015		2014
	Total commissions and fees incurred from Dealer Manager	$	14,951	$	7,804	$	—	$	—
	Fees incurred from the transfer agent	200		63		140		220
	Share Purchases by Sub-advisor and AR Capital sponsor—Our Sub-advisor made an initial investment in us through the purchase of 8,888 shares of our common stock. The Sub-advisor may not sell any of these shares while serving as the Sub-advisor. Our AR Capital sponsor has also purchased 17,778 shares of our common stock. The Sub-advisor and AR Capital sponsor purchased shares at a purchase price of $22.50 per share, reflecting no dealer manager fee or selling commissions paid on such shares.

Operating_Leases

Operating Leases	3 Months Ended
	Mar. 31, 2015
Leases, Operating [Abstract]
Operating Leases	OPERATING LEASES
	The terms and expirations of our operating leases with our tenants vary. The lease agreements frequently contain options to extend the terms of leases and other terms and conditions as negotiated. We retain substantially all of the risks and benefits of ownership of the real estate assets leased to tenants.
	Approximate future rentals to be received under non-cancelable operating leases in effect at March 31, 2015, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands):
	Year	Amount
	April 1 to December 31, 2015	$	20,984
	2016	26,542
	2017	24,562
	2018	21,639
	2019	17,397
	2020 and thereafter	62,371
	Total	$	173,495
	No single tenant comprised 10% or more of our aggregate annualized effective rent as of March 31, 2015.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS
	Sale of Shares of Common Stock
	From April 1, 2015 through April 30, 2015, we raised gross proceeds of approximately $79.1 million through the issuance of 3.2 million shares of common stock under our offering. As of May 1, 2015, approximately 47.1 million shares remained available for sale to the public under our offering, exclusive of shares available under the DRIP.
	Distributions to Stockholders
	Distributions equal to a daily amount of $0.00445205 per share of common stock outstanding were paid subsequent to March 31, 2015 to the stockholders of record from March 1, 2015 through April 30, 2015 as follows (in thousands):
	Distribution Period	Date Distribution Paid	Gross Amount of Distribution Paid			Distribution Reinvested through the DRIP		Net Cash Distribution
	March 1, 2015 through March 31, 2015	4/1/15	$	3,800		$	1,989	$	1,811
	April 1, 2015 through April 30, 2015	5/1/15	4,101			2,166		1,935
	On March 4, 2015, our board of directors authorized distributions to the stockholders of record at the close of business each day in the period commencing May 1, 2015 through and including May 31, 2015. We expect to pay these distributions on June 1, 2015. On May 5, 2015, our board of directors authorized distributions to the stockholders of record at the close of business each day in the period commencing June 1, 2015 through and including July 31, 2015. The authorized distributions equal an amount of $0.00445205 per share of common stock, par value $0.01 per share.
	Acquisitions
	Subsequent to March 31, 2015, we acquired the following properties (dollars in thousands):
	Property Name	Location	Anchor Tenant		Acquisition Date	Purchase Price		Square Footage		Leased % of Rentable Square Feet at Acquisition
	Rosewick Crossing	La Plata, MD	Giant Food		4/2/15	$	25,000	112,472		81.2	%
	Waterford Plaza	Plymouth, MN	Cub Foods		4/6/15	19,320		127,586		96	%
	Ocean Breeze	Jensen Beach, FL	Publix		4/30/15	14,900		96,192		84	%
	The supplemental purchase accounting disclosures required by GAAP relating to the recent acquisitions of the aforementioned properties have not been presented as the initial accounting for these acquisitions was incomplete at the time this Quarterly Report on Form 10-Q was filed with the SEC. The initial accounting was incomplete due to the late closing dates of the acquisitions.

Summary_Of_Significant_Account1

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to the audited financial statements of Phillips Edison Grocery Center REIT II, Inc. for the year ended December 31, 2014, which are included in our 2014 Annual Report on Form 10-K, as certain footnote disclosures contained in such audited financial statements have been omitted from this Quarterly Report on Form 10-Q. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation have been included in this Quarterly Report. Our results of operations for the three months ended March 31, 2015 are not necessarily indicative of the operating results expected for the full year.
	The accompanying consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation.
Earnings Per Share	Earnings Per Share—Earnings per share are calculated based on the weighted-average number of common shares outstanding during each period. Diluted income per share considers the effect of any potentially dilutive share equivalents for the three months ended March 31, 2015 and 2014.
Reclassifications	Reclassifications—The following line items on our consolidated balance sheet as of December 31, 2014 were reclassified to conform to the current year presentation:
	•	Distributions payable was reclassified from accounts payable and other liabilities to its own line item; and
	•	Restricted cash was reclassified from its own line item to other assets, net.
	The following line items on our consolidated statement of cash flows for the three months ended March 31, 2014 were reclassified to conform to the current year presentation:
	•	The change in accounts receivable and the change in prepaid expenses and other were reclassified to the change in other assets; and
	•	The change in accounts payable and the change in accrued and other liabilities were reclassified to the change in accounts payable and other liabilities.
Impact of Recently Issued Accounting Pronouncements	Impact of Recently Issued Accounting Pronouncements—The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:
	Standard		Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
	ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs		This update amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted.	1-Jan-16	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Summary_Of_Significant_Account2

Summary Of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:
	Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
	ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs	This update amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted.	1-Jan-16	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Equity_Tables

Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Share repurchase program	The following table presents the activity of the share repurchase program for the three months ended March 31, 2015:
		2015
	Shares repurchased	3,300
	Cost of repurchases	$	82,500
	Average repurchase price	$	25
Share repurchase program, repurchase obligations	We record a liability representing our obligation to repurchase shares of common stock submitted for repurchase as of period end but not yet repurchased. Below is a summary of our obligation to repurchase shares of common stock recorded as a component of accounts payable and other liabilities on our consolidated balance sheets as of March 31, 2015 and December 31, 2014:
		31-Mar-15		31-Dec-14
	Shares submitted for repurchase	12,200		3,300
	Liability recorded	$	291,300	$	82,500

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Inputs, Liabilities, Quantitative Information	The following is a summary of discount rates and borrowings as of March 31, 2015 and December 31, 2014 (dollars in thousands):
		31-Mar-15			31-Dec-14
	Discount rates:
	Secured fixed-rate debt	4.1		%	4.3		%
	Borrowings:
	Fair value	$	40,387		$	31,141
	Recorded value	38,816			29,928

Real_Estate_Acquisitions_Table

Real Estate Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	For the three months ended March 31, 2015 and 2014, we allocated the purchase price of acquisitions to the fair value of the assets acquired and liabilities assumed as follows (in thousands):
		2015			2014
	Land and improvements	$	18,984		$	4,833
	Building and improvements	41,197			5,474
	Acquired in-place leases	6,826			844
	Acquired above-market leases	407			—
	Acquired below-market leases	(2,337		)	—
	Total assets and lease liabilities acquired	65,077			11,151
	Debt assumed	9,148			—
	Net assets acquired	$	55,929		$	11,151
Weighted-average Amortization Periods of Acquired Lease Intangibles	The weighted-average amortization periods for acquired in-place lease, above-market lease, and below-market lease intangibles acquired during the three months ended March 31, 2015 and 2014 are as follows (in years):
		2015		2014
	Acquired in-place leases	9		6
	Acquired above-market leases	8		—
	Acquired below-market leases	18		—
Real Estate Acquisitions	The amounts recognized for revenues, acquisition expenses and net loss from the respective acquisition dates to March 31, 2015 and 2014 related to the operating activities of our acquisitions are as follows (in thousands):
		2015			2014
	Revenues	$	903		$	54
	Acquisition expenses	1,044			181
	Net loss	1,052			177
Business Acquisition, Pro Forma Information	The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if all of our acquisitions for 2014 and 2015 had been acquired on January 1, 2014. This pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of the period, nor does it purport to represent the results of future operations.
		For the Three Months Ended March 31,
	(in thousands)	2015			2014
	Pro forma revenues	$	10,307		$	9,832
	Pro forma net income	1,126			1,586

Acquired_Intangible_Assets_Tab

Acquired Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Finite Lived Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets	Acquired intangible lease assets consisted of the following as of March 31, 2015 and December 31, 2014 (in thousands):
		March 31, 2015			December 31, 2014
	Acquired in-place leases	$	35,930		$	29,104
	Acquired above-market leases	4,385			3,978
	Total acquired intangible lease assets	40,315			33,082
	Accumulated amortization	(2,490		)	(1,237		)
	Net acquired intangible lease assets	$	37,825		$	31,845
Finite-lived Intangible Assets Amortization Expense	Summarized below is the amortization recorded on the intangible assets for the three months ended March 31, 2015, and 2014 (in thousands):
		2015			2014
	Acquired in-place leases(1)	$	1,099		$	12
	Acquired above-market leases(2)	154			—
	Total	$	1,253		$	12
	(1) Amortization recorded on acquired in-place leases was included in depreciation and amortization in the consolidated statements of operations.
	(2) Amortization recorded on acquired above-market leases was an adjustment to rental revenue in the consolidated statements of operations.
Schedule of Acquired Intangible Assets, Future Amortization Expense	Estimated future amortization of the respective acquired intangible lease assets as of March 31, 2015 for the remainder of 2015 and for each of the five succeeding calendar years and thereafter is as follows (in thousands):
	Year	In-Place Leases			Above-Market Leases
	April 1 to December 31, 2015	$	3,448		$	469
	2016	4,631			617
	2017	4,625			565
	2018	3,847			488
	2019	3,144			427
	2020 and thereafter	14,076			1,488
	Total	$	33,771		$	4,054

Mortgages_and_Notes_Payable_Ta

Mortgages and Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of Assumed Debt	The table below summarizes our loan assumptions in conjunction with property acquisitions for the three months ended March 31, 2015 (dollars in thousands):
			2015
	Number of properties acquired with loan assumptions		1
	Carrying value of assumed debt		$	8,800
	Fair value of assumed debt		$	9,148
Schedule of Debt Obligations	The following is a summary of our debt obligations as of March 31, 2015 and December 31, 2014 (in thousands):
		March 31, 2015			December 31, 2014
	Fixed rate mortgages payable(1)	$	36,983		$	28,320
	Assumed below-market debt adjustment	1,834			1,608
	Total	$	38,816		$	29,928
	(1)	Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Staunton Plaza, Commonwealth Square, Quivira Crossings, and Willimantic Plaza.
Schedule of Maturities of Long-term Debt	Below is a listing of our maturity schedule with the respective principal payment obligations (in thousands) and weighted-average interest rates:
		2015 (1)			2016			2017			2018			2019			Thereafter			Total
	Maturing debt(2)
	Fixed-rate mortgages payable	$	452		$	619		$	9,460		$	8,769		$	547		$	17,136		$	36,983
	Weighted-average interest rate on debt:
	Fixed-rate mortgages payable	5.7		%	5.6		%	5.6		%	6.6		%	5.3		%	5.4		%	5.7		%
	(1)	Includes only April 1, 2015 through December 31, 2015.
	(2)	The debt maturity table does not include any below-market debt adjustment, of which $1.8 million, net of accumulated amortization, was outstanding as of March 31, 2015.

Acquired_BelowMarket_Lease_Int1

Acquired Below-Market Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2015
Below Market Lease [Abstract]
Below-market lease, amortization	Summarized below is the amortization recorded on the below-market lease intangible liabilities for the three months ended March 31, 2015 and 2014 (in thousands):
			2015		2014
	Acquired below-market leases(1)		$	384	$	—
	(1) Amortization recorded on acquired below-market leases was an adjustment to rental revenue in the consolidated statements of operations.
Below-market lease, future amortization	Estimated future amortization income of the intangible lease liabilities as of March 31, 2015 for the remainder of 2015 and for each of the five succeeding calendar years and thereafter is as follows (in thousands):
	Year	Below-Market Leases
	April 1 to December 31, 2015	$	1,177
	2016	1,579
	2017	1,374
	2018	1,246
	2019	1,139
	2020 and thereafter	12,357
	Total	$	18,872

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Summary of organization and offering costs	Summarized below are the cumulative organization and offering costs charged by and the cumulative costs reimbursed to the Advisor, the Sub-advisor and their affiliates for the three months ended March 31, 2015 and December 31, 2014 , and any related amounts unpaid as of March 31, 2015 and December 31, 2014 (in thousands):
		31-Mar-15		31-Dec-14
	Total Organization and Offering costs charged	$	17,139	$	16,381
	Total Organization and Offering costs reimbursed	15,953		13,178
	Total unpaid Organization and Offering costs	$	1,186	$	3,203
Advisor Transactions	Summarized below are the fees earned by and the expenses reimbursable to the Advisor and the Sub-advisor, except for organization and offering costs and general and administrative expenses, which we disclose above, for the three months ended March 31, 2015 and 2014 and any related amounts unpaid as of March 31, 2015 and December 31, 2014 (in thousands):
		For the Three Months Ended				Unpaid Amount as of
		March 31,				March 31,		December 31,
		2015		2014		2015		2014
	Acquisition fees	$	650	$	112	$	—	$	—
	Acquisition expenses	84		14		—		—
	Class B unit distribution(1)	9		—		5		3
	Financing fees	66		—		—		—
	Total	$	809	$	126	$	5	$	3
	(1)	Represents the distributions paid to the Advisor and the Sub-advisor as holders of Class B units of the Operating Partnership.
Property Manager Transactions	Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the three months ended March 31, 2015 and 2014 and any related amounts unpaid as of March 31, 2015 and December 31, 2014 (in thousands):
		For the Three Months Ended				Unpaid Amount as of
		March 31,				March 31,		December 31,
		2015		2014		2015		2014
	Property management fees	$	330	$	2	$	143	$	97
	Leasing commissions	422		—		326		43
	Construction management fees	20		—		10		5
	Other fees and reimbursements	250		21		84		24
	Total	$	1,022	$	23	$	563	$	169
Dealer Manager Transactions	The following table details total selling commissions, dealer manager fees, and service fees paid to the Dealer Manager and its affiliate related to the sale of common stock for the three months ended March 31, 2015 and 2014 and any related amounts unpaid, which are included as a component of total unpaid organization and offering costs, as of March 31, 2015 and December 31, 2014 (in thousands):
		For the Three Months Ended				Payable as of
		March 31,				March 31,		December 31,
		2015		2014		2015		2014
	Total commissions and fees incurred from Dealer Manager	$	14,951	$	7,804	$	—	$	—
	Fees incurred from the transfer agent	200		63		140		220

Operating_Leases_Tables

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2015
Leases, Operating [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Approximate future rentals to be received under non-cancelable operating leases in effect at March 31, 2015, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands):
	Year	Amount
	April 1 to December 31, 2015	$	20,984
	2016	26,542
	2017	24,562
	2018	21,639
	2019	17,397
	2020 and thereafter	62,371
	Total	$	173,495

Subsequent_Events_Tables

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Dividends Paid	Distributions equal to a daily amount of $0.00445205 per share of common stock outstanding were paid subsequent to March 31, 2015 to the stockholders of record from March 1, 2015 through April 30, 2015 as follows (in thousands):
	Distribution Period	Date Distribution Paid	Gross Amount of Distribution Paid			Distribution Reinvested through the DRIP		Net Cash Distribution
	March 1, 2015 through March 31, 2015	4/1/15	$	3,800		$	1,989	$	1,811
	April 1, 2015 through April 30, 2015	5/1/15	4,101			2,166		1,935
Schedule of Business Acquisitions	Subsequent to March 31, 2015, we acquired the following properties (dollars in thousands):
	Property Name	Location	Anchor Tenant		Acquisition Date	Purchase Price		Square Footage		Leased % of Rentable Square Feet at Acquisition
	Rosewick Crossing	La Plata, MD	Giant Food		4/2/15	$	25,000	112,472		81.2	%
	Waterford Plaza	Plymouth, MN	Cub Foods		4/6/15	19,320		127,586		96	%
	Ocean Breeze	Jensen Beach, FL	Publix		4/30/15	14,900		96,192		84	%

Organization_Details

Organization (Details) (USD $)	Mar. 31, 2015	5-May-15
	Properties
Organization [Line Items]
Offering total shares value	$2,475,000,000
Event to close the primary portion of IPO, common stock sold	1,600,000,000
Common stock gross proceeds, including additional paid-in capital	723,100,000
Number of Real Estate Properties	25
Subsequent Event [Member]
Organization [Line Items]
Common stock gross proceeds, including additional paid-in capital		815,100,000
IPO [Member]
Organization [Line Items]
Offering total shares value	2,000,000,000
Sale of stock, price per share	$25
Initial Public Offering Distribution Reinvestment Plan [Member]
Organization [Line Items]
Offering total shares value	$475,000,000
Sale of stock, price per share	$23.75

Summary_Of_Significant_Account3

Summary Of Significant Accounting Policies (Details)	Mar. 31, 2015
Accounting Policies [Abstract]
Class B units outstanding	53,575

Equity_Details

Equity (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Common stock, shares authorized	1,000,000,000		1,000,000,000
Common stock, par value	$0.01		$0.01
Preferred stock, shares authorized	10,000,000		10,000,000
Preferred stock, par value	$0.01		$0.01
Common stock, shares issued	29,100,000
Common stock gross proceeds, including additional paid-in capital	$723,100,000
Preferred stock, shares issued	0		0
Common stock, voting rights	The holders of shares of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the board of directors. Our charter does not provide for cumulative voting in the election of directors.
Distributions reinvested	4,883,000	70,000
Dividend Reinvestment Plan [Member]
Class of Stock [Line Items]
Common stock, price per share for DRIP	$23.75
Distributions reinvested	4,900,000	100,000
Share Repurchase Program [Member]
Class of Stock [Line Items]
Common stock, share repurchase plan termination notice days	30 days
Common stock, shares repurchased	3,300
Common stock, cost of repurchases	82,500
Common stock, average repurchase price	$25
Share repurchase program, shares submitted for repurchase	12,200		3,300
Share repurchase program, liability recorded	$291,300		$82,500

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value discount rate, secured fixed-rate debt	4.10%	4.30%
Mortgage loans payable, fair value	$40,387,000	$31,141,000
Mortgage loans payable, recorded value	38,816,000	29,928,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Funds, at Carrying Value	$30,000,000

Real_Estate_Acquisitions_Detai

Real Estate Acquisitions (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Business Acquisition [Line Items]
Business acquisition, cost of acquired entity, debt assumed	$8,800,000
Fair value of assumed debt	9,148,000
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of Property Acquisitions during period	5
Business acquisition, cost of acquired entity, purchase price	65,100,000
Business acquisition, cost of acquired entity, debt assumed	8,800,000
Fair value of assumed debt	$9,148,000	$0

Real_Estate_Acquisitions_Detai1

Real Estate Acquisitions (Details) - Allocation (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Business Acquisition [Line Items]
Fair value of assumed debt	$9,148
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Purchase price allocation, land and land improvements	18,984	4,833
Purchase price allocation, building and improvements	41,197	5,474
Purchase Price Allocation, In-Place Leases	6,826	844
Purchase Price Allocation, Above-Market Leases	407	0
Purchase Price Allocation, Below-Market Leases	-2,337	0
Purchase price allocation, total assets and lease liabilities acquired	65,077	11,151
Fair value of assumed debt	9,148	0
Purchase price allocation, net assets acquired	$55,929	$11,151

Real_Estate_Acquisitions_Detai2

Real Estate Acquisitions (Details)-Weighted average amortization periods (Series of Individually Immaterial Business Acquisitions)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Acquired in-place leases
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	9 years	6 years
Acquired above-market leases
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	8 years
Acquired Below-Market Leases
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	18 years

Real_Estate_Acquisitions_Detai3

Real Estate Acquisitions (Details) - Operations (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Business Acquisition [Line Items]
Acquisition expenses	$1,165	$202
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Revenues	903	54
Acquisition expenses	1,044	181
Net loss	($1,052)	($177)

Real_Estate_Acquisitions_Detai4

Real Estate Acquisitions (Details) - Pro Forma (Acquisitions in 2015 and 2014 [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Acquisitions in 2015 and 2014 [Member]
Business Acquisition [Line Items]
Pro forma revenues	$10,307	$9,832
Pro forma net income	$1,126	$1,586

Acquired_Intangible_Assets_Det

Acquired Intangible Assets (Details) - Period Ending (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible lease assets	$40,315	$33,082
Acquired intangible assets, accumulated amortization	-2,490	-1,237
Acquired intangible assets, net of accumulated amortization	37,825	31,845
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible lease assets	35,930	29,104
Acquired intangible assets, net of accumulated amortization	33,771
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible lease assets	4,385	3,978
Acquired intangible assets, net of accumulated amortization	$4,054

Acquired_Intangible_Assets_Det1

Acquired Intangible Assets (Details) - Amortization Expense (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, amortization	$1,253		$12
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, amortization	1,099	[1]	12	[1]
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, amortization	$154	[2]	$0	[2]
[1]	Amortization recorded on acquired in-place leases was included in depreciation and amortization in the consolidated statements of operations.
[2]	Amortization recorded on acquired above-market leases was an adjustment to rental revenue in the consolidated statements of operations.

Acquired_Intangible_Assets_Det2

Acquired Intangible Assets (Details) - Five Succeeding Calendar Years (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, net of accumulated amortization	$37,825	$31,845
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
April 1 to December 31, 2015	3,448
2016	4,631
2017	4,625
2018	3,847
2019	3,144
2020 and thereafter	14,076
Acquired intangible assets, net of accumulated amortization	33,771
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
April 1 to December 31, 2015	469
2016	617
2017	565
2018	488
2019	427
2020 and thereafter	1,488
Acquired intangible assets, net of accumulated amortization	$4,054

Mortgages_and_Notes_Payable_De

Mortgages and Notes Payable (Details) (USD $)	3 Months Ended
	Mar. 31, 2015		Dec. 31, 2014
	Properties
Debt Instrument [Line Items]
Outstanding mortgage notes payable mature in 2015	$0
Weighted-average interest rate on debt	5.70%		5.80%
Number of properties acquired with loan assumptions	1
Carrying value of assumed debt	8,800,000
Fair value of assumed debt	9,148,000
Amortization of assumed below-market debt adjustment	100,000
Fixed Rate Mortgages Payable [Member]
Debt Instrument [Line Items]
Outstanding principal balance	36,983,000	[1],[2]	28,320,000	[1]
Weighted-average interest rate on debt	5.70%
Revolving Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity	200,000,000
Credit facility, maximum potential borrowing capacity	$700,000,000
Debt instrument, number of extension options	2
Debt instrument, extension fee percentage	0.08%
[1]	Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Staunton Plaza, Commonwealth Square, Quivira Crossings, and Willimantic Plaza.
[2]	The debt maturity table does not include any below-market debt adjustment, of which $1.8 million, net of accumulated amortization, was outstanding as of MarchB 31, 2015.

Mortgages_and_Notes_Payable_De1

Mortgages and Notes Payable (Details) - Debt Obligations (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Fixed Rate Mortgages Payable [Member]
Debt Instrument [Line Items]
Outstanding principal balance	$36,983	[1],[2]	$28,320	[1]
Assumed Below-Market Debt Adjustment [Member]
Debt Instrument [Line Items]
Outstanding principal balance, assumed below-market debt adjustment	1,834		1,608
Long-term Debt, Total [Member]
Debt Instrument [Line Items]
Outstanding principal balance, total long-term debt	$38,816		$29,928
[1]	Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Staunton Plaza, Commonwealth Square, Quivira Crossings, and Willimantic Plaza.
[2]	The debt maturity table does not include any below-market debt adjustment, of which $1.8 million, net of accumulated amortization, was outstanding as of MarchB 31, 2015.

Mortgages_and_Notes_Payable_De2

Mortgages and Notes Payable (Details) - Principal Payment Obligations (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Debt Instrument [Line Items]
Weighted-average interest rate on debt	5.70%		5.80%
Fixed Rate Mortgages Payable [Member]
Debt Instrument [Line Items]
Mortgage principal payment obligations, remainder of 2015	452	[1],[2]
Mortgage principal payment obligations, 2016	619	[2]
Mortgage principal payment obligations, 2017	9,460	[2]
Mortgage principal payment obligations, 2018	8,769	[2]
Mortgage principal payment obligations, 2019	547	[2]
Mortgage principal payment obligations, thereafter	17,136	[2]
Total maturing debt	36,983	[2],[3]	28,320	[3]
Weighted-average interest rate on debt, remainder of 2015	5.70%	[1]
Weighted-average interest rate on debt, 2016	5.60%
Weighted-average interest rate on debt, 2017	5.60%
Weighted-average interest rate on debt, 2018	6.60%
Weighted-average interest rate on debt, 2019	5.30%
Weighted-average interest rate on debt, thereafter	5.40%
Weighted-average interest rate on debt	5.70%
Assumed Below-Market Debt Adjustment [Member]
Debt Instrument [Line Items]
Below-market assumed debt adjustment	1,834		1,608
[1]	Includes only April 1, 2015 through December 31, 2015.
[2]	The debt maturity table does not include any below-market debt adjustment, of which $1.8 million, net of accumulated amortization, was outstanding as of MarchB 31, 2015.
[3]	Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Staunton Plaza, Commonwealth Square, Quivira Crossings, and Willimantic Plaza.

Acquired_BelowMarket_Lease_Int2

Acquired Below-Market Lease Intangibles (Details) - Amortization (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Below Market Lease [Abstract]
Acquired below-market lease, amortization	$384	[1]	$0	[1]
[1]	Amortization recorded on acquired below-market leases was an adjustment to rental revenue in the consolidated statements of operations.

Acquired_BelowMarket_Lease_Int3

Acquired Below-Market Lease Intangibles (Details) - Five Succeeding Calendar Years (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
April 1 to December 31, 2015	$1,177
2016	1,579
2017	1,374
2018	1,246
2019	1,139
2020 and thereafter	12,357
Below Market Lease, Net	$18,872

Related_Party_Transactions_Det

Related Party Transactions (Details) - Advisor (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Related Party Transactions [Abstract]
Max % of offering proceeds payable to advisor & sub-advisor for O&O	2.00%
Total organization and offering costs charged	$17,139				$16,381
Total organization and offering costs reimbursed	15,953				13,178
Total unpaid organization and offering costs	1,186				3,203
Acquisition fee percentage	1.00%
Class B units issuance due date	60 days
Class B units issued	36,060
Operating partnership return for class B to vest	6.00%
Financing fee percentage	0.75%
Disposition fee percentage	2.00%
Real estate commission, percent of sales price, max	6.00%
General and administrative expenses payable to related party	52				11
Acquisition fees	650		112
Acquisition expense	84		14
Class B unit distributions	9	[1]	0	[1]
Financing fees	66		0
Total fees and expenses	809		126
Acquisition fees, unpaid amount	0				0
Acquisition expense, unpaid amount	0				0
Class B distributions, unpaid amount	5	[1]			3	[1]
Financing fees, unpaid amount	0				0
Total unpaid fees and expenses	$5				$3
Investor return before subordinated performance participation	6.00%
Subordinated performance fee percentage	15.00%
Limit on performance fee, percent of total return, max	10.00%
Subordinated participation in net sales proceeds percentage	15.00%
Investor return before subordinated participation in net sales proceeds	6.00%
Advisor interest in special limited partner	15.00%
Sub-Advisor interest in special limited partner	85.00%
Subordinated incentive listing fee percentage	15.00%
Investor return before subordinated listing incentive fee	6.00%
Subordinated distribution upon termination of advisor agreement percentage	15.00%
Investor return before subordinated distribution upon termination of advisor agreement	6.00%
[1]	Represents the distributions paid to the Advisor and the Sub-advisor as holders of Class B units of the Operating Partnership.

Related_Party_Transactions_Det1

Related Party Transactions (Details) - Property Manager Transactions (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transactions [Abstract]
Property management fee, percent fee	4.00%
Property management oversight fee percent	1.00%
Property management fees	$330	$2
Leasing commissions	422	0
Construction management fees	20	0
Other property manager fees and reimbursements	250	21
Total property manager fees and reimbursements	1,022	23
Property management fees, unpaid amount	143		97
Leasing commissions, unpaid amount	326		43
Construction management fees, unpaid amount	10		5
Other fees and reimbursements, unpaid amount	84		24
Total unpaid property manager fees and reimbursements	$563		$169

Related_Party_Transactions_Det2

Related Party Transactions (Details) - Other (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transactions [Abstract]
Dealer manager selling commission percentage	7.00%
Dealer manager fee percentage	3.00%
Percentage of dealer manager selling commissions typically reallowed	100.00%
Selling commission & dealer manager fee, percent of offering, max	10.00%
Commissions and fees incurred from Dealer Manager	$14,951,000	$7,804,000
Fees and commissions, transfer agent	200,000	63,000
Fees and commissions payable to the dealer manager	0		0
Fees and commissions payable to the transfer agent	$140,000		$220,000
Shares owned by sub-advisor	8,888
Shares owned by AR capital sponsor	17,778
Advisor and sub-advisor share purchase price	$22.50

Operating_Leases_Details

Operating Leases (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Future rentals to be received under non-cancelable operating leases:
April 1 to December 31, 2015	20,984
2016	26,542
2017	24,562
2018	21,639
2019	17,397
2020 and thereafter	62,371
Total	173,495
Other tenants maximum
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%
Aggregate Annualized Effective Rent | Tenant concentration risk
Concentration Risk [Line Items]
Number of tenants accounting for 10% or more of our aggregate annualized effective rent	0

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended		1 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Apr. 30, 2015	1-May-15
Subsequent Event [Line Items]
Issuance of common stock, value	$157,684	$83,140
Subsequent Event [Member]
Subsequent Event [Line Items]
Issuance of common stock, value			$79,100
Issuance of common stock, shares			3,200,000
Common stock, shares available for sale				47,100,000

Subsequent_Events_Details_Dist

Subsequent Events (Details) - Distributions (USD $)	3 Months Ended		0 Months Ended		2 Months Ended	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	1-May-15	Apr. 01, 2015	Apr. 30, 2015	Jul. 31, 2015	Dec. 31, 2014	31-May-15
Subsequent Event [Line Items]
Distribution reinvestment plan (DRIP), value	$4,883	$70
Net cash distribution	4,459	78
Common stock, par value	$0.01						$0.01
Dividend Paid [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Gross amount of distribution paid			4,101	3,800
Common stock, distributions per share daily rate					$0.00
Distribution reinvestment plan (DRIP), value			2,166	1,989
Net cash distribution			$1,935	$1,811
Dividend Declared [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, distributions per share daily rate						$0.00
Common stock, par value								$0.01

Subsequent_Events_Details_Acqu

Subsequent Events (Details) - Acquisitions (Subsequent Event [Member], USD $)	0 Months Ended
In Thousands, unless otherwise specified	Apr. 02, 2015	Apr. 06, 2015	Apr. 30, 2015
Rosewick Crossing [Member]
Subsequent Event [Line Items]
Purchase price	$25,000
Square Footage	112,472
Leased % of Rentable Square Feet at Acquisition	81.20%
Waterford Plaza [Member]
Subsequent Event [Line Items]
Purchase price		19,320
Square Footage		127,586
Leased % of Rentable Square Feet at Acquisition		96.00%
Ocean Breeze [Member]
Subsequent Event [Line Items]
Purchase price			$14,900
Square Footage			96,192
Leased % of Rentable Square Feet at Acquisition			84.00%