Phillips Edison Grocery Center REIT II 10-K 9 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016
Entity Registrant Name	PHILLIPS EDISON GROCERY CENTER REIT II, INC.
Entity Central Index Key	1,581,405
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		46.4
Entity Public Float			$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate:
Land and improvements	$ 452,515	$ 319,272
Building and improvements	905,705	635,426
Acquired in-place lease assets	138,916	100,144
Acquired above-market lease assets	13,024	11,667
Total investment in property	1,510,160	1,066,509
Accumulated depreciation and amortization	(85,255)	(30,204)
Net investment in property	1,424,905	1,036,305
Investment in unconsolidated joint venture	14,287	0
Total investment in real estate assets, net	1,439,192	1,036,305
Cash and cash equivalents	8,259	17,359
Accounts receivable – affiliates	0	939
Other assets, net	39,076	25,110
Total assets	1,486,527	1,079,713
Liabilities:
Mortgages and loans payable, net	533,215	81,305
Acquired below market lease intangibles, net	53,196	43,917
Accounts payable – affiliates	3,499	2,073
Accounts payable and other liabilities	34,383	29,133
Total liabilities	624,293	156,428
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 December 31, 2016 and 2015	0	0
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 46,372 and 45,723 shares issued and outstanding at December 31, 2016 and 2015, respectively	463	458
Additional paid-in capital	1,026,887	1,011,635
Accumulated other comprehensive income	4,390	0
Accumulated deficit	(169,506)	(88,808)
Total equity	862,234	923,285
Total liabilities and equity	$ 1,486,527	$ 1,079,713

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000	1,000,000
Common stock, shares outstanding	46,372	45,723

Consolidated Statements Of Oper

Consolidated Statements Of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental income	$ 95,877	$ 44,494	$ 6,434
Tenant recovery income	33,311	15,510	1,973
Other property income	608	409	38
Total revenues	129,796	60,413	8,445
Expenses:
Property operating	22,226	10,756	1,651
Real estate taxes	20,157	9,592	966
General and administrative	18,139	3,744	1,606
Acquisition expenses	10,754	13,661	5,449
Depreciation and amortization	56,541	25,778	3,516
Total expenses	127,817	63,531	13,188
Other:
Interest expense, net	(10,970)	(3,990)	(1,206)
Gain on contribution of properties to unconsolidated joint venture	3,341	0	0
Other income, net	153	410	116
Net loss	$ (5,497)	$ (6,698)	$ (5,833)
Per share information - basic and diluted:
Loss per share - basic and diluted	$ (0.12)	$ (0.18)	$ (0.57)
Basic	46,228	36,538	10,302
Diluted	46,230	36,538	10,302
Comprehensive loss:
Net loss	$ (5,497)	$ (6,698)	$ (5,833)
Other comprehensive income
Unrealized gain on derivatives	4,199	0	0
Reclassification of derivative loss into interest expense	191	0	0
Comprehensive loss	$ (1,107)	$ (6,698)	$ (5,833)

Consolidated Statements Of Equi

Consolidated Statements Of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	AOCI Attributable to Parent	Accumulated Deficit
Balance, value 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	553,131	$ 222	552,909
Issuance of common stock, shares		22,238
Share repurchases, value	(115)	$ 0	(115)
Share repurchases, shares		(1)
Dividend reinvestment plan (DRIP), Value	7,162	$ 3	7,159
Dividend reinvestment plan (DRIP), shares		302
Common distributions declared	(16,742)				(16,742)
Offering costs	(69,157)		(69,157)
Net loss	(5,833)				(5,833)
Balance, value 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	549,275	$ 221	549,054
Issuance of common stock, shares		22,136
Share repurchases, value	(5,049)	$ (2)	(5,047)
Share repurchases, shares		(215)
Dividend reinvestment plan (DRIP), Value	29,782	$ 14	29,768
Dividend reinvestment plan (DRIP), shares		1,254
Common distributions declared	(59,390)				(59,390)
Offering costs	(53,136)		(53,136)
Net loss	(6,698)				(6,698)
Balance, value at Dec. 31, 2015	923,285	$ 458	1,011,635	$ 0	(88,808)
Balance, shares at Dec. 31, 2015		45,723
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, value	(23,031)	$ (12)	(23,019)
Share repurchases, shares		(1,021)
Dividend reinvestment plan (DRIP), Value	38,263	$ 17	38,246
Dividend reinvestment plan (DRIP), shares		1,670
Change in unrealized gain on interest rate swaps	4,390			4,390
Common distributions declared	(75,201)				(75,201)
Share-based Compensation	25		25
Net loss	(5,497)				(5,497)
Balance, value at Dec. 31, 2016	$ 862,234	$ 463	$ 1,026,887	$ 4,390	$ (169,506)
Balance, shares at Dec. 31, 2016		46,372

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared	$ 1.62	$ 1.62	$ 1.49

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Cash Flows [Abstract]
Net loss	$ (5,497)	$ (6,698)	$ (5,833)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	55,219	24,889	3,475
Net amortization of above- and below-market leases	(2,142)	(1,151)	(152)
Amortization of deferred financing expense	2,245	1,056	379
Gain on contribution of properties	(3,341)	0	0
Change in fair value of derivatives	(1,076)	(107)	0
Straight-line rental income	(2,767)	(2,056)	(256)
Equity in net loss of unconsolidated joint venture	316	0	0
Other	407	(45)	0
Changes in operating assets and liabilities:
Accounts receivable and accounts payable - affiliates	2,365	1,890	53
Other assets	(10,079)	(10,541)	(3,235)
Accounts payable and other liabilities	9,703	9,381	4,258
Net cash provided by (used in) operating activities	45,353	16,618	(1,311)
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(422,416)	(609,281)	(295,451)
Capital expenditures	(17,803)	(8,660)	(638)
Change in restricted cash and investments	(1,680)	(913)	(236)
Investment in unconsolidated joint venture	(7,715)	0	0
Proceeds after contribution to unconsolidated joint venture	87,386	0	0
Net cash used in investing activities	(362,228)	(618,854)	(296,325)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in credit facility	28,000	0	0
Payments on mortgages and loans payable	(22,727)	(20,745)	(504)
Proceeds from mortgages and loan payable	370,000	0	0
Payments of deferred financing expenses	(5,722)	(1,192)	(3,452)
Distributions paid, net of DRIP	(36,864)	(26,332)	(6,535)
Repurchases of common stock	(24,912)	(3,250)	(33)
Payment of offering costs	0	(57,278)	(65,954)
Proceeds from issuance of common stock	0	549,275	553,131
Net cash provided by financing activities	307,775	440,478	476,653
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(9,100)	(161,758)	179,017
CASH AND CASH EQUIVALENTS:
Beginning of period	17,359	179,117	100
End of period	8,259	17,359	179,117
SUPPLEMENTAL CASH FLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cash paid for interest	9,347	3,562	524
Fair value of assumed debt	80,956	74,553	30,177
Assumed interest rate swaps	0	1,517	0
Initial investment in unconsolidated joint venture	6,888	0	0
Accrued capital expenditures	2,490	5,873	508
Change in offering costs payable to sponsor(s)	0	(4,142)	1,345
Reclassification of deferred offering costs to additional paid-in capital	0	0	1,858
Change in distributions payable	75	3,276	3,045
Change in accrued share repurchase obligation	(1,881)	1,799	82
Distributions reinvested	$ 38,263	$ 29,782	$ 7,162

Organization (Notes)

Organization (Notes)	12 Months Ended
	Dec. 31, 2016
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. We closed our primary offering of shares of common stock in September 2015. Our advisor is Phillips Edison NTR II LLC (“PE-NTR II”), which is directly or indirectly owned by Phillips Edison Limited Partnership (the “Phillips Edison sponsor”). Under the terms of the advisory agreement between PE-NTR II and us (the “PE-NTR II Agreement”), PE-NTR II is responsible for the management of our day-to-day activities and the implementation of our investment strategy. The PE-NTR II Agreement has a one-year term, but may be renewed for an unlimited number of successive one-year periods upon the mutual consent of the parties and approval of the independent members of our board of directors. We invest primarily in well-occupied, grocery-anchored, neighborhood and community shopping centers that have 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 or real estate-related assets. As of December 31, 2016 , we wholly-owned fee simple interests in 74 real estate properties acquired from third parties unaffiliated to us or PE-NTR II. In addition, we owned a 20% equity interest in a joint venture that owned eleven real estate properties (see Note 4 ).

Summary Of Significant Accounti

Summary Of Significant Accounting Policies (Notes)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation. Partially-Owned Entities —Accounting Standards Update (“ASU”) 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , amended the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity. We adopted ASU 2015-02 on January 1, 2016, and retrospectively applied the guidance for all periods presented. As a result, we have determined that the Operating Partnership is considered a VIE. We are the primary beneficiary of the VIE and our partnership interest is considered a majority voting interest. As such, we have consolidated the Operating Partnership and its wholly-owned subsidiaries. Use of Estimates —The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; recoverable amounts of receivables; initial valuations of tangible and intangible assets and liabilities and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions, the valuation and nature of derivatives and their effectiveness as hedges; and other fair value measurement assessments required for the preparation of consolidated financial statements. Actual results could differ from those estimates. Cash and Cash Equivalents —We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts and money market funds. The cash and cash equivalent balances at one or more of our financial institutions exceeds the Federal Depository Insurance Corporation (“FDIC”) insurance coverage. Restricted Cash —Restricted cash primarily consists of escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements. As of December 31, 2016 and 2015 , the balance in restricted cash was $2.8 million and $1.1 million , respectively, which was included in the Other Assets, Net. Investment in Property and Lease Intangibles —Real estate assets are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 5 - 7 years for furniture, fixtures and equipment, 15 years for land improvements, and 30 years for buildings and building improvements. Tenant improvements are amortized over the shorter of the respective lease term or the expected useful life of the asset. Major replacements that extend the useful lives of the assets are capitalized, and maintenance and repair costs are expensed as incurred. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable, or at least annually. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. Such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. We recorded no impairments for the years ended December 31, 2016 , 2015 , and 2014 . The results of operations of acquired properties are included in our results of operations from their respective dates of acquisition. We assess the acquisition-date fair values of all tangible assets, identifiable intangibles, and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis and replacement cost) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Acquisition-related costs are expensed as incurred. The fair values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases is the cost we would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, we evaluate the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the weighted-average remaining lease terms. Acquired above- and below-market lease values are recorded based on the present value (using interest rates that reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of the market lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental income over the remaining terms of the respective leases. We also consider fixed rate renewal options in our calculation of the fair value of below-market leases and the periods over which such leases are amortized. If a tenant has a unilateral option to renew a below-market lease and we determine that the tenant has a financial incentive to exercise such option, we include such an option in the calculation of the fair value of such lease and the period over which the lease is amortized. We estimate the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. We estimate the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the note’s outstanding principal balance is amortized over the life of the mortgage note payable as an adjustment to interest expense. Deferred Financing Expenses —ASU 2015-03, Interest - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs, amended existing guidance to require the presentation of certain debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, provided guidance regarding the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. We adopted ASU 2015-03 and ASU 2015-15 on January 1, 2016, and retrospectively applied the guidance for all periods presented. Deferred financing expenses are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. Certain unamortized debt issuance costs were reclassified from Deferred Financing Expense, Net to Mortgages and Loans Payable, Net, with a portion remaining in Other Assets, Net. The adoption did not have an impact on our results of operations. Fair Value Measurement —Accounting Standard Codification (“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. Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we did or could actually realize upon disposition of the financial assets and liabilities previously sold or currently held. Derivative Instruments and Hedging Activities —We use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage such risk. We do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match, such as notional amounts, settlement dates, reset dates, the calculation period and the LIBOR rate. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Changes in fair value as well as net payments or receipts under interest rate swap agreements that do not qualify for hedge accounting treatment are recorded as other income or other expense in the consolidated statements of operations and comprehensive loss. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of operations and comprehensive loss as a component of net loss or as a component of comprehensive loss and as a component of stockholders’ equity on the consolidated balance sheets. Although management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. Gain on Sale of Assets —We recognize sales of assets only upon the closing of the transaction with the purchaser. We recognize gains on assets sold upon closing if the collectibility of the sales price is reasonably assured, we are not obligated to perform any significant activities after the sale to earn the profit, we have received adequate initial investment from the purchaser, and other profit recognition criteria have been satisfied. We may defer recognition of gains in whole or in part until: (i) the profit is determinable, meaning that the collectibility of the sales price is reasonably assured or the amount that will not be collectible can be estimated; and (ii) the earnings process is virtually complete, meaning that we are not obliged to perform any significant activities after the sale to earn the profit. Gains and losses on transfers of operating properties resulting from the sale of a partial interest in properties to unconsolidated joint ventures are recognized using the partial sale provisions under ASC 360-20, Property, Plant & Equipment - Real Estate Sales . Investment in Unconsolidated Joint Venture —We account for our investment in our unconsolidated joint venture using the equity method of accounting as we exercise significant influence over, but do not control, this entity. This investment was initially recorded at cost and is subsequently adjusted for contributions made to and distributions received from the joint venture. Earnings or loss for our investment are recognized in accordance with the terms of the applicable joint venture agreement, generally through a pro rata allocation. Under a pro rata allocation, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership percentages. To recognize the character of distributions from our unconsolidated joint venture, we review the nature of cash distributions received for purposes of determining whether such distributions should be classified as either a return on investment, which would be included in operating activities, or a return of investment, which would be included in investing activities on the consolidated statements of cash flows. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of our investment in our unconsolidated joint venture may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. Management’s estimates of fair value are based upon a discounted cash flow model for each specific investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums, capitalization rates, discount rates and credit spreads used in these models are based upon rates we believe to be within a reasonable range of current market rates. Revenue Recognition —We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether we or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. We recognize rental income on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of Other Assets, Net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. As of December 31, 2016 and 2015 , the deferred rent receivable was $5.1 million and $2.4 million , respectively. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. We periodically review the collectability of outstanding receivables. Allowances will be taken for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. As of December 31, 2016 and 2015 , the bad debt reserve was $1.0 million and $0.3 million , respectively. We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets. Income Taxes —We have elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Our qualification and taxation as a REIT depends on our ability, on a continuing basis, to meet certain organizational and operational qualification requirements imposed upon REITs by the Code. If we fail to qualify as a REIT for any reason in a taxable year, we will be subject to tax on our taxable income at regular corporate rates. We would not be able to deduct distributions paid to stockholders in any year in which we fail to qualify as a REIT. We will also be disqualified for the four taxable years following the year during which qualification was lost unless we are entitled to relief under specific statutory provisions. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income, property or net worth, respectively, and to federal income and excise taxes on our undistributed income. Additionally, GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that our tax positions will be sustained in any tax examinations. The tax composition of our distributions declared for the years ended December 31, 2016 and 2015 , was as follows: 2016 2015 Ordinary Income 19.81 % 11.07 % Return of Capital 80.19 % 88.93 % Total 100.00 % 100.00 % Repurchase of Common Stock —We offer a share repurchase program (“SRP”) which may allow certain stockholders to have their shares repurchased subject to approval and certain limitations and restrictions (see Note 11 ). Under our SRP, the maximum amount of common stock that we may redeem, at the shareholder’s election, during any calendar year is limited, among other things, to 5% of the weighted-average number of shares outstanding during the prior calendar year. The maximum amount is reduced each reporting period by the current year share redemptions to date. In addition, the cash available for repurchases on any particular date is generally limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the beginning of that period. Shares repurchased pursuant to our SRP are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders’ equity. Our accounting policy related to share repurchases is to reduce common stock based on the par value of the shares and to reduce capital surplus for the excess of the repurchase price over the par value. Since the inception of the SRP, we have had an accumulated deficit balance; therefore, the excess over the par value has been applied to additional paid-in capital. Once we have retained earnings, the excess will be charged entirely to retained earnings. Class B Units —We issue Class B units of the Operating Partnership as compensation for the asset management services provided by PE-NTR II under our current advisory agreement. Under the limited partnership agreement of the Operating Partnership, as amended, the Class B units vests, and are no longer subject to forfeiture, at such time as the following events occur: (x) the value of the Operating Partnership’s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6% cumulative, pre-tax, non-compounded annual return thereon (the “economic hurdle” or the “market condition”); (y) any one of the following occurs: (1) the termination of our advisory agreement by an affirmative vote of a majority of our independent directors without cause, provided that we do not engage an affiliate of PE-NTR II as our new external advisor following such termination; (2) a listing event; or (3) another liquidity event; and (z) the advisor under such advisory agreement is still providing advisory services to us (the “service condition”). Such Class B units will be forfeited immediately if: (a) the advisory agreement is terminated for cause; or (b) the advisory agreement is terminated by an affirmative vote of a majority of our independent directors without cause before the economic hurdle has been met. The Class B units have both a market condition and a service condition up to and through a Liquidity Event (“Liquidity Event”). A Liquidity Event is defined as being the first to occur of the following: (i) a listing, (ii) a termination without cause (as discussed above), or (iii) another liquidity event. Therefore, the vesting of Class B units occurs only upon completion of both the market condition and service condition. Additionally, PE-NTR II has no disincentive for nonperformance other than the forfeiture of Class B units, which is not a sufficiently large disincentive for nonperformance and, accordingly, no performance commitment exists. Because PE-NTR II can be terminated without cause before a Liquidity Event occurs, and at such time the market condition and service condition may not be satisfied, the Class B units may be forfeited. Additionally, if the market condition and service condition had been satisfied and a Liquidity Event had not occurred, the Class B unit holders could not control the Liquidity Event because each of the aforementioned events that represent a Liquidity Event must be approved unanimously by our independent directors. As a result, we have concluded that the service condition is not probable. Because the satisfaction of the market and service conditions is not probable, and thus no compensation will be recognized unless the market condition and service condition become probable. Based on our conclusion of the market condition and service condition not being probable, the Class B units will be treated as unissued for accounting purposes until the market condition, service condition and liquidity event have been achieved. However, as the Class B unit holders are not required to return the distributions if the Class B units are forfeited before they vest, the distributions will be treated as compensation expense. This expense will be calculated as the product of the number of unvested Class B units issued to date and the stated distribution rate at the time such distribution is authorized. We have concluded that PE-NTR II’s performance under the current advisory agreement is not complete until it has served as the advisor through the date of a Liquidity Event because, prior to such date, the Class B units are subject to forfeiture by the unit holders. As a result, we have concluded the measurement date occurs when a Liquidity Event has occurred and at such time PE-NTR II has continued providing advisory services, and that the Class B units are not considered issued until such a Liquidity Event. Share-based Compensation —We account for our share-based compensation plan based on guidance which requires that compensation expense be recognized on the fair value of the stock awards less estimated forfeitures. Our restricted stock grants vest based upon the completion of a service period (“service-based grants”). Service-based grants are valued according to the determined value per share for our common stock at the date of grant. Awards of service-based grants of stock are expensed as compensation on a straight-line basis over the vesting period. These awards follow a graded vesting schedule over approximately four years. During the year ended December 31, 2016 , approximately 4,400 shares of restricted stock were granted with a weighted-average grant date fair value of $22.50 per share. For the year ended December 31, 2016 , we recognized $ 24,600 of stock-based compensation expense as a component of General and Administrative Expense. No shares vested or were forfeited during 2016. As of December 31, 2016 , we had $75,500 of total unrecognized compensation cost related to unvested stock compensation. Such unrecognized compensation cost is expected to be recognized over a weighted average period of approximately two years. Segment Reporting —We assess and measure operating results of our properties based on net property operations. We internally evaluate the operating performance of our portfolio of properties and do not differentiate properties by geography, size or type. Each of our investment properties is considered a separate operating segment, and as each property earns revenue and incurs expenses, individual operating results are reviewed and discrete financial information is available. However, the properties are aggregated into one reportable segment as they have similar economic characteristics, we provide similar services to the tenants at each of our properties, and we evaluate the collective performance of our properties. Accordingly, we did not report any segment disclosures. 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 2014-09, Revenue from Contracts with Customers (Topic 606) This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In 2015, the FASB provided for a one-year deferral of the effective date for ASU 2014-09, making it effective for annual reporting periods beginning after December 15, 2017. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, we do not expect the adoption to have a material impact on our rental income. We continue to evaluate the effect the adoption of this standard will have on our other source of revenue. This includes reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance and other common area maintenance. However, we currently do not believe the adoption will significantly affect the timing of the recognition of our reimbursement revenue. ASU 2016-02, Leases (Topic 842) This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. It is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted. January 1, 2019 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2016-18, Statement of Cash Flows (Topic 230) This update amends existing guidance in order to clarify the classification and presentation of restricted cash on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2017-01, Business Combinations (Topic 805) This update amends existing guidance in order to clarify when an integrated set of ass

Fair Value Measurements (Notes)

Fair Value Measurements (Notes)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS 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, Restricted Cash, Accounts Receivable, and Accounts Payable and Other Liabilities —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 approximates 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 borrowings as of December 31, 2016 and 2015 (dollars in thousands): 2016 2015 Fair value $ 527,167 $ 87,387 Recorded value (1) 537,736 82,720 (1) Recorded value does not include deferred financing costs of $4.5 million and $1.4 million as of December 31, 2016 and 2015 , respectively. Derivative Instruments —As of December 31, 2016 , we had two interest rate swaps that fixed the LIBOR rate on $243 million of our unsecured term loan facility (“Term Loans”). Additionally, in December 2016 we entered into two forward starting interest rate swap agreement that will fix the LIBOR rate on $127 million of our Term Loans effective January 2017. As of December 31, 2016 and 2015 , we also had two interest rate swaps that fixed the variable interest rate on $15.8 million and $16.1 million , respectively, of two of our secured variable-rate mortgage notes. For a more detailed discussion of our derivatives and hedging activities, see Note 10 . All interest rate swap agreements are measured at fair value on a recurring basis. The fair values of the interest rate swap agreements as of December 31, 2016 and 2015 , were based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and were determined using interest rate pricing models and interest rate related observable inputs. Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2016 and 2015 , we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. We record derivative assets as Other Assets, Net and derivative liabilities as Accounts Payable and Other Liabilities on our consolidated balance sheets. The fair value measurements of our derivative asset and liability as of December 31, 2016 and 2015 , are as follows (in thousands): 2016 2015 Derivative asset: Interest rate swaps designated as hedging instruments - Term Loans $ 5,369 $ — Derivative liability: Interest rate swaps designated as hedging instruments - Term Loans $ 463 $ — Interest rate swaps not designated as hedging instruments - mortgage notes 850 1,410 Total $ 1,313 $ 1,410

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture (Notes)	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure	INVESTMENT IN UNCONSOLIDATED JOINT VENTURE On March 22, 2016, we entered into a joint venture (the “Joint Venture”) through our indirect wholly-owned subsidiary, PE OP II Value Added Grocery, LLC (“REIT Member”) with a limited partnership (“Investor Member”) affiliated with TPG Real Estate, the real estate platform of the global private investment firm TPG, and with PECO Value Added Grocery Manager, LLC(“PECO Member”), a wholly-owned subsidiary of our Phillips Edison sponsor, and an affiliate of our advisor and property manager, Phillips Edison & Company Ltd. (“Property Manager”). REIT Member owns a 20% initial equity interest and Investor Member owns an 80% initial equity interest in the Joint Venture. REIT Member and Investor Member may contribute up to $50 million and $200 million of equity, respectively, to the Joint Venture. PECO Member manages and conducts the day-to-day operations and affairs of the Joint Venture. REIT Member has customary approval rights in respect to major decisions, but does not have the right to cause or prohibit various material transactions. The Joint Venture’s income, losses, and distributions are generally allocated based on the members’ respective ownership interests. Therefore, we account for the Joint Venture under the equity method. The Joint Venture’s income, losses and distributions will generally be allocated based on the members’ respective ownership interests, including the PECO Member promote described below. Distributions of net cash are anticipated to be made on a monthly basis, as appropriate. Additional capital contributions in proportion to the members’ respective capital interests in the Joint Venture may be required. Pursuant to the Joint Venture agreement, PECO Member is entitled to a customary promote subject to a preferred return and a hurdle. With respect to REIT Member’s investment, PECO Member will receive 15% of net operating cash flow distributions after a 10% return, and then 22.5% after a 15% return. PECO Member will also be entitled to a quarterly asset management fee equal to a percentage of the aggregate investment value of the property owned by the Joint Venture. In addition, REIT Member entered into a Contribution Agreement with Investor Member and the Joint Venture (the “Contribution Agreement”), pursuant to which REIT Member contributed to the Joint Venture its ownership interests in six grocery-anchored shopping center properties. The contributed properties were valued at approximately $94.3 million . The Joint Venture distributed cash of $87.4 million to REIT Member, which was net of REIT Member’s initial investment of $6.9 million . Due to our 20% interest in the Joint Venture, the contribution of the six properties is considered a partial sale. As a result, we deferred 20% of the gain from the contribution and recognized an immediate net gain of $3.3 million from this transaction. As of December 31, 2016 , we have contributed $14.6 million of the $50 million commitment. On March 7, 2017 , our board of directors approved certain short-term loans (the “Joint Venture Loans”) we will fund to the Joint Venture for their acquisition needs. The Joint Venture Loans have a term of up to 60 days, and are to be funded 80% by the Investor Member and 20% by us. Our portion of the outstanding principal should not exceed $15 million at any given time. The Joint Venture Loans will carry a variable interest rate of greater of a) LIBOR plus 1.70% , or b) the borrowing rate on our revolving credit facility.

Real Estate Acquisitions (Notes

Real Estate Acquisitions (Notes)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Real Estate Acquisitions	REAL ESTATE ACQUISITIONS During the year ended December 31, 2016 , we acquired 23 grocery-anchored shopping centers and additional real estate adjacent to a previously acquired center for an aggregate purchase price of $506.5 million , including $76.3 million of assumed debt with a fair value of $81.0 million . During the year ended December 31, 2015 , we acquired 37 grocery-anchored shopping centers and additional real estate adjacent to a previously acquired center for an aggregate purchase price of $685.5 million , including $73.8 million of assumed debt with a fair value of $74.6 million . The following tables present certain additional information regarding our acquisitions of properties during the year ended December 31, 2016 and 2015 . For the year ended December 31, 2016 and 2015 , we allocated the purchase price of acquisitions to the fair value of the assets acquired and liabilities assumed as follows (in thousands): 2016 2015 Land and improvements $ 156,577 $ 211,986 Building and improvements 316,806 423,907 Acquired in-place leases 48,554 71,040 Acquired above-market leases 2,547 7,691 Acquired below-market leases (18,017 ) (29,137 ) Total assets and lease liabilities acquired 506,467 685,487 Less: Fair value of assumed debt at acquisition 80,956 74,553 Less: Assumed interest rate swap — 1,517 Net assets acquired $ 425,511 $ 609,417 The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the years ended December 31, 2016 and 2015 are as follows (in years): 2016 2015 Acquired in-place leases 12 11 Acquired above-market leases 7 6 Acquired below-market leases 16 15 The amounts recognized for revenues, acquisition expenses and net loss from each respective acquisition date to December 31, 2016 and 2015 , related to the operating activities of our acquisitions are as follows (in thousands): 2016 2015 Revenues $ 27,171 $ 25,348 Acquisition expenses 9,747 12,558 Net loss 4,315 9,059 The following unaudited pro forma information summarizes selected financial information from our combined results of operations as if all of our acquisitions for 2016 and 2015 had been acquired on January 1, 2015 . Acquisition expenses related to each respective acquisition are not expected to have a continuing impact and, therefore, have been excluded from these pro forma results. 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 Year Ended December 31, (in thousands) 2016 2015 Pro forma revenues $ 149,853 $ 149,746 Pro forma net income 4,968 9,982

Acquired Intangible Lease Asset

Acquired Intangible Lease Assets (Notes)	12 Months Ended
	Dec. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]
Acquired Intangible Assets	ACQUIRED INTANGIBLE LEASE ASSETS Acquired intangible lease assets consisted of the following amounts as of December 31, 2016 and 2015 (in thousands): 2016 2015 Acquired in-place leases $ 138,916 $ 100,144 Acquired above-market leases 13,024 11,667 Total acquired intangible lease assets 151,940 111,811 Accumulated amortization (23,274 ) (8,889 ) Net acquired intangible lease assets $ 128,666 $ 102,922 Summarized below is the amortization recorded on the intangible assets for the years ended December 31, 2016 , 2015 and 2014 , (in thousands): 2016 2015 2014 Acquired in-place leases $ 13,201 $ 6,665 $ 1,059 Acquired above-market leases 1,883 987 178 Total $ 15,084 $ 7,652 $ 1,237 Estimated future amortization of the respective acquired intangible lease assets as of December 31, 2016 , for each of the next five years is as follows (in thousands): Year In-Place Leases Above-Market Leases 2017 $ 15,371 $ 2,058 2018 14,347 1,938 2019 13,644 1,588 2020 12,891 1,194 2021 10,917 974

Mortgage and Loans Payable (Not

Mortgage and Loans Payable (Notes)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Mortgage and Loans Payable	MORTGAGES AND LOANS PAYABLE The following is a summary of the outstanding principal balances of our debt obligations as of December 31, 2016 and 2015 (in thousands): Interest Rate (1) 2016 2015 Revolving credit facility due 2018 (2)(3) 2.02 % $ 28,000 $ — Term loan due 2019 (2) 1.99-2.79% 185,000 — Term loan due 2020 (2) 2.06-2.99% 185,000 — Mortgages payable (4) 4.13-6.64% 134,941 81,398 Assumed below-market debt adjustment, net (5) 4,795 1,322 Deferred financing costs (6) (4,521 ) (1,415 ) Total $ 533,215 $ 81,305 (1) Includes the effects of derivative financial instruments (see Notes 3 and 10 ). (2) The revolving credit facility and term loans have options to extend their maturities to 2019 and 2021, respectively. A maturity date extension for the first or second tranche on the term loans requires the payment of an extension fee of 0.15% of the outstanding principal amount of the corresponding tranche. The term loans had an original capacity of $370 million which was fully advanced during 2016. (3) The gross borrowings under our revolving credit facility were $504.5 million during the year ended December 31, 2016 . The gross payments on our revolving credit facility were $476.5 million during the year ended December 31, 2016 . The revolving credit facility had a capacity of $350 million and $200 million as of December 31, 2016 and 2015 , respectively. (4) Due to the non-recourse nature of our fixed-rate mortgages, the assets and liabilities of the related properties are neither available to pay the debts of the consolidated property-holding limited liability companies nor constitute obligations of such consolidated limited liability companies as of December 31, 2016 . (5) Net of accumulated amortization of $1.3 million and $0.7 million as of December 31, 2016 and 2015 , respectively. (6) Net of accumulated amortization of $1.2 million and $0.2 million as of December 31, 2016 and 2015 , respectively. Deferred financing costs related to the revolving credit facility were $1.8 million and $1.7 million , as of December 31, 2016 and 2015 , respectively, which is net of accumulated amortization of $2.2 million and $1.1 million , respectively. As of December 31, 2016 and 2015 , the weighted-average interest rate for all of our mortgages and loans payable was 3.0% and 5.6% , respectively. The allocation of total debt between fixed and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing costs is summarized below (in thousands): 2016 2015 As to interest rate: (1) Fixed-rate debt $ 377,941 $ 81,398 Variable-rate debt 155,000 — Total $ 532,941 $ 81,398 As to collateralization: Unsecured debt $ 398,000 $ — Secured debt 134,941 81,398 Total $ 532,941 $ 81,398 (1) Includes the effects of derivative financial instruments (see Notes 3 and 10 ). Below is a listing of our maturity schedule with the respective principal payment obligations, excluding market debt adjustments and deferred financing costs (in thousands): 2017 2018 2019 2020 2021 Thereafter Total Revolving credit facility (1) $ — $ 28,000 $ — $ — $ — $ — $ 28,000 Term loans — — 185,000 185,000 — — 370,000 Mortgages payable 14,283 25,640 2,102 2,208 38,235 52,473 134,941 Total maturing debt $ 14,283 $ 53,640 $ 187,102 $ 187,208 $ 38,235 $ 52,473 $ 532,941 (1) The revolving credit facility matures in June 2018 with additional options to extend the maturity to June 2019.

Acquired Below Market Lease Int

Acquired Below Market Lease Intangibles (Notes)	12 Months Ended
	Dec. 31, 2016
Below Market Lease [Abstract]
Acquired Below-Market Lease Intangibles	ACQUIRED BELOW-MARKET LEASE INTANGIBLES Acquired intangible lease liabilities consisted of the following as of December 31, 2016 and 2015 (in thousands): 2016 2015 Acquired below-market lease liabilities $ 59,558 $ 46,385 Accumulated amortization (6,362 ) (2,468 ) Net acquired below-market lease liabilities $ 53,196 $ 43,917 Summarized below is the amortization recorded on the below-market lease intangible liabilities for the years ended December 31, 2016 , 2015 , and 2014 (in thousands): 2016 2015 2014 Acquired below-market leases $ 4,025 $ 2,138 $ 330 Estimated future amortization income of the intangible lease liabilities as of December 31, 2016 for each of the five succeeding calendar years is as follows (in thousands): Year Below-Market Leases 2017 $ 4,368 2018 4,240 2019 4,134 2020 4,026 2021 3,986

Commitments And Contingencies (

Commitments And Contingencies (Notes)	12 Months Ended
	Dec. 31, 2016
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 record liabilities as they arise related to environmental obligations. 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. Operating Lease We lease land under a long-term lease at one property, which was acquired in 2016. Total rental expense for the lease was $0.3 million for the year ended December 31, 2016 . Minimum rental commitments remaining under the noncancelable terms of the lease as of December 31, 2016 , are as follows: (i) 2017, $364,140 ; (ii) 2018, $364,140 ; (iii) 2019, $364,140 ; and (iv) 2020, $364,140 . There is no rental commitment for 2021 or thereafter.

Derivative and Hedging Activiti

Derivative and Hedging Activities (Notes)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments and hedging activities disclosure	DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposure to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings. Cash Flow Hedges of Interest Rate Risk Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the year ended December 31, 2016 , such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings prior to de-designation, which was $0.5 million for the year ended December 31, 2016 . A floor feature on the interest rate of our hedged debt that was not included on the associated interest rate swap caused this ineffectiveness. Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next twelve months, we estimate that an additional $0.2 million will be reclassified from Other Comprehensive Income to Interest Expense, Net. The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of December 31, 2016 (notional amounts in thousands). We had no such interest rate swaps outstanding as of December 31, 2015 . Count (1) Notional Amount Fixed LIBOR Maturity Date 4 $370,000 0.7%-1.7% 2019-2020 (1) Two of the interest rate swaps with a notional amount of $127 million are not effective until January 2017. Derivatives Not Designated as Hedging Instruments Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks, but do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of these derivative instruments, as well as any payments, are recorded directly in Other (Expense) Income, Net, and resulted in a loss of $0.1 million and a gain of $0.1 million for the years ended December 31, 2016 and 2015 , respectively. We had no derivatives for the year ended December 31, 2014 . Credit risk-related Contingent Features We have agreements with our derivative counterparties that contain a provision where, if we either default or are capable of being declared in default on any of our indebtedness, we could also be declared to be in default on our derivative obligations. As of December 31, 2016 and 2015 , the fair value of our derivatives excluded any adjustment for nonperformance risk related to these agreements. As of December 31, 2016 and 2015 , we have not posted any collateral related to these agreements.

Equity (Notes)

Equity (Notes)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Equity	EQUITY General — The holders 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. On April 14, 2016, our board of directors established an estimated value per share of our common stock of $22.50 based substantially on the estimated market value of our portfolio of real estate properties as of March 31, 2016. We engaged a third party valuation firm to provide a calculation of the range in estimated value per share of our common stock as of March 31, 2016, which reflected certain balance sheet assets and liabilities as of that date. Distribution Reinvestment Plan —We have adopted the DRIP that allows stockholders to invest distributions in additional shares of our common stock. We continue to offer up to approximately 55.6 million shares of our common stock under the DRIP. Initially, the purchase price per share under the DRIP was $23.75 . In accordance with the DRIP, because we established an estimated value per share on April 14, 2016, subsequent to that date, participants acquired and continue to acquire shares of common stock through the DRIP at a price of $22.50 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 in cash. Share Repurchase Program —Our SRP may provide a limited opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations. Initially shares were repurchased at a price equal to or at a discount from the stockholders’ original purchase prices paid for the shares being repurchased. Effective April 14, 2016, the repurchase price per share for all stockholders is equal to the estimated value per share of $22.50 . Effective May 15, 2016, under our amended SRP, the maximum amount of common stock that we may repurchase at the stockholder’s election during any calendar year is limited, among other things, to 5% of the weighted-average number of shares outstanding during the prior calendar year. The maximum amount is reduced each reporting period by the current year share repurchases to date. In addition, the cash available for repurchases on any particular date is generally limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the beginning of that period. Class B Units —The Operating Partnership issues limited partnership units that are designated as Class B units for asset management services provided by PE-NTR II. The vesting of Class B units is contingent upon a market condition and service condition. We had outstanding unvested Class B units of 0.4 million and 0.2 million as of December 31, 2016 and 2015 , respectively.

Earnings Per Share (Notes)

Earnings Per Share (Notes)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. During the year ended December 31, 2016 , approximately 4,400 shares of restricted stock were granted under our 2013 Independent Director Stock Plan and are potentially dilutive. The securities were included in our diluted EPS calculation but did not have a material impact on EPS for the year ended December 31, 2016 . The impact of these grants on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the restricted stock units based on dividends declared and the units’ participation rights in undistributed earnings. The effects of the two-class method on basic and diluted EPS were immaterial to the consolidated financial statements as of December 31, 2016 , 2015 and 2014 . Class B units are potentially dilutive securities as they contain non-forfeitable rights to dividends or dividend equivalents. There were 414,415 , 231,809 , and 17,515 Class B units of the Operating Partnership outstanding as of December 31, 2016 , 2015 and 2014 , respectively. The vesting of the Class B units is contingent upon satisfaction of a market condition and service condition. Since the satisfaction of both conditions was not probable as of December 31, 2016 , 2015 , and 2014 , the Class B units remained unvested and thus were not included in the diluted net income per share computations.

Related Party Transactions (Not

Related Party Transactions (Notes)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Economic Dependency —We are dependent on PE-NTR II, Phillips Edison & Company Ltd. (the “Property Manager”), and their respective affiliates for certain services that are essential to us, including asset acquisition and disposition decisions, asset management, operating and leasing of our properties, and other general and administrative responsibilities. In the event that PE-NTR II, the Property Manager, and/or their respective affiliates are unable to provide such services, we would be required to find alternative service providers, which could result in higher costs and expenses. Advisory Agreement —Pursuant to the PE-NTR II Agreement, PE-NTR II is entitled to specified fees for certain services, including managing our day-to-day activities and implementing our investment strategy. PE-NTR II manages our day-to-day affairs and our portfolio of real estate investments subject to the board’s supervision. Expenses are reimbursed to PE-NTR II based on amounts incurred on our behalf. Prior to December 3, 2015, our advisor was American Realty Capital PECO II Advisors, LLC (“ARC”). Pursuant to the former advisory agreement, ARC was entitled to specified fees for certain services, including managing our day-to-day activities and implementing our investment strategy. ARC had entered into a sub-advisory agreement with PE-NTR II, who managed our day-to-day affairs and our portfolio of real estate investments on behalf of ARC, subject to the board’s supervision and with the condition that certain major decisions required the consent of both ARC and PE-NTR II. The expenses reimbursed to ARC and PE-NTR II were reimbursed in proportion to the amount of expenses incurred on our behalf by ARC and PE-NTR II, respectively. Organization and Offering Costs —Under the terms of the former advisory agreement, we were to reimburse, on a monthly basis, PE-NTR II, ARC, or their respective affiliates for cumulative organization and offering costs and future organization and offering costs they incurred on our behalf, but only to the extent that the reimbursement would not exceed 2% 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 PE-NTR II, ARC, and their affiliates as of December 31, 2016 , 2015 and 2014 , and any related amounts reimbursable from (to) us as of December 31, 2016 , 2015 and 2014 (in thousands): 2016 2015 2014 Total organization and offering costs charged $ 18,081 $ 18,081 $ 16,381 Less: Total organization and offering costs reimbursed 18,081 19,020 13,178 Total organization and offering costs (receivable) payable $ — $ (939 ) $ 3,203 Acquisition Fee —We pay PE-NTR II under the current advisory agreement, and we paid ARC under the former advisory agreement, 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% 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 PE-NTR II for expenses actually incurred related to selecting, evaluating and acquiring assets on our behalf. 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 fee by issuing a number of restricted operating partnership units designated as Class B Units to PE-NTR II and ARC equal to: (i) 0.25% multiplied by (a) prior to the date on which we calculate an estimated net asset value (“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. Our board of directors established an estimated NAV per share of $22.50 on April 14, 2016. Under the PE-NTR II Agreement, beginning in January 2016, the asset management fee remained at 1% of the cost of our assets, but is paid 80% in cash and 20% in Class B units of the Operating Partnership instead of entirely in Class B units. The cash portion of the asset management fee is paid on a monthly basis in arrears at the rate of 0.06667% multiplied by the cost of our assets as of the last day of the preceding monthly period. Under the first amendment to the Operating Partnership’s amended and restated agreement of limited partnership, the Class B units portion of the asset management fee is based on the rate of 0.05% multiplied by the cost of our assets. On April 14, 2016, we established an estimated NAV and the calculation of the Class B units portion of the asset management fee was changed to be based on the rate of 0.05% multiplied by the lower of the cost of our assets and our estimated NAV. The Class B units will continue to be issued quarterly in arrears and remain subject to existing forfeiture provisions. PE-NTR II and ARC are entitled to receive distributions on the Class B units at the same rate as distributions are paid to common stockholders. Such distributions are in addition to the incentive fees that PE-NTR II, ARC and their affiliates may receive from us. During the year ended December 31, 2016 , the Operating Partnership issued 182,606 Class B units to PE-NTR II and ARC under the advisory agreement for asset management services performed by PE-NTR II during the period from October 1, 2015 to September 30, 2016. During the year ended December 31, 2015 , the Operating Partnership issued 214,294 Class B units to PE-NTR II and ARC under the advisory agreement for asset management services performed by PE-NTR II during the period from October 1, 2014 to September 30, 2015. These Class B units will not vest until an economic hurdle has been met. PE-NTR II or one of its affiliates must continue to provide advisory services through the date that such economic hurdle is met. The economic hurdle will be met when (a) the value of the Operating Partnership’s assets, plus all distributions made; equal or exceeds (b) the total amount of capital contributed by investors, plus a 6% cumulative, pre-tax, non-compounded annual return on the capital contributed. Financing Coordination Fee— We paid PE-NTR II and ARC under the former advisory agreement a financing fee equal to 0.75% of all amounts made available under any loan or line of credit in connection with the origination or refinancing of any debt that we obtain and use to finance properties or other permitted investments. As of January 1, 2016, under the PE-NTR II Agreement, we are not required to pay this fee. Disposition Fee —We pay PE-NTR II under the PE-NTR II Agreement for substantial assistance in connection with the sale of properties or other investments up to the lesser of: (i) 2% 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 PE-NTR II and others) in connection with the sale may not exceed the lesser of a competitive real estate commission and 6% of the contract sales price. The conflicts committee of our board of directors will determine whether PE-NTR II has provided substantial assistance to us in connection with the sale of an asset. Substantial assistance in connection with the sale of a property includes 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 PE-NTR II in connection with a sale. General and Administrative Expenses —As of December 31, 2016 and 2015 , we owed PE-NTR II and their affiliates $43,021 and $18,000 , respectively, for general and administrative expenses paid on our behalf. Summarized below are the fees earned by and the expenses reimbursable to PE-NTR II and ARC, except for organization and offering costs and general and administrative expenses, which we disclose above, for the year ended December 31, 2016 , 2015 , and 2014 , and any related amounts unpaid as of December 31, 2016 and 2015 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2016 2015 2014 2016 2015 Acquisition fees (1) $ 5,037 $ 6,841 $ 3,221 $ 179 $ — Acquisition expenses (1) 1,008 1,227 403 — 1 Asset management fees (2) 10,043 — — 1,007 — Class B unit distributions (3) 684 82 5 57 16 Financing coordination fees (4) — 554 1,714 — — Total $ 16,772 $ 8,704 $ 5,343 $ 1,243 $ 17 (1) The acquisition fees and expenses are presented as Acquisition Expenses on the consolidated statements of operations. (2) Asset management fees are presented as General and Administrative on the consolidated statements of operations. (3) Represents the distributions paid to the PE-NTR II and ARC as holders of Class B units of the Operating Partnership and is presented as General and Administrative on the consolidated statements of operations. (4) Financing coordination fees are presented as Other Assets, Net or Mortgages and Loans Payable, Net, on the consolidated balance sheets and amortized over the term of the related loan. As of January 1, 2016, we are no longer required to pay financing coordination fees. Annual Subordinated Performance Fee —We may pay PE-NTR II or its assignees 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% per annum, PE-NTR II will be entitled to 15% of the amount in excess of such 6% per annum, provided that the amount paid to PE-NTR II does not exceed 10% 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% of remaining net sales proceeds after return of capital contributions to stockholders plus payment to investors of a 6% cumulative, pre-tax non-compounded annual return on the capital contributed by stockholders. Generally, PE-NTR II has an 85% interest and ARC has a 15% interest and 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% 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% 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 PE-NTR II Agreement, 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% of the amount by which the value of our assets owned at the time of such termination or non-renewal plus distributions exceeds the aggregate capital contributed by stockholders plus an amount equal to a 7% 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 a 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 owned by the Phillips Edison affiliates or other third parties. Property Management Fee —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. Leasing Commissions —In addition to the property management 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. Construction Management Fee —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. Expenses and Reimbursements —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 PE-NTR II or certain of its affiliates. The Property Manager also directs the purchase of equipment and supplies and supervises all maintenance activity. 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 and corporate matters, as well as fees and expenses of third-party accountants. Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the years ended December 31, 2016 , 2015 , and 2014 , and any related amounts unpaid as of December 31, 2016 and 2015 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2016 2015 2014 2016 2015 Property management fees (1) $ 4,716 $ 2,085 $ 273 $ 423 $ 307 Leasing commissions (2) 3,758 1,788 245 386 86 Construction management fees (2) 1,059 377 26 185 68 Other fees and reimbursements (3) 3,584 2,017 251 367 1,157 Total $ 13,117 $ 6,267 $ 795 $ 1,361 $ 1,618 (1) The property management fees are included in Property Operating on the consolidated statements of operations. (2) Leasing commissions paid for leases with terms less than one year are expensed and included in Depreciation and Amortization on the consolidated statements of operations. Leasing commissions paid for leases with terms greater than one year, and construction management fees, are capitalized and amortized over the life of the related leases or assets. (3) Other fees and reimbursements are included in Property Operating and General and Administrative on the consolidated statements of operations based on the nature of the expense. Dealer Manager —The dealer manager for our initial public offering was Realty Capital Securities, LLC (the “Dealer Manager”). The Dealer Manager provided 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 was generally paid a sales commission equal to 7% 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% of the gross proceeds from the sale of shares of the common stock sold in the primary offering. The Dealer Manager typically re-allowed 100% of the selling commissions and a portion of the dealer manager fee to participating broker-dealers. Alternatively, a participating broker-dealer could 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 re-allowed such that the combined selling commission and dealer manager fee do not exceed 10% of the gross proceeds of our primary offering. The dealer manager agreement terminated upon termination of the initial public offering. Prior to February 2016, we utilized transfer agent services provided by an affiliate of the Dealer Manager. Fees incurred from this transfer agent represented amounts paid by PE-NTR II to the affiliate of the Dealer Manager for such services. We reimbursed PE-NTR II for these fees through the payment of organization and offering costs. The transfer agent ceased services and the agreement was terminated in connection with the bankruptcy of the transfer agent and its parent company. 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 years ended December 31, 2016 , 2015 , and 2014 , and any related amounts unpaid, which are included as a component of total unpaid organization and offering costs, as of December 31, 2016 and 2015 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2016 2015 2014 2016 2015 Total commissions and fees incurred from Dealer Manager $ — $ 51,213 $ 52,744 $ — $ — Transfer agent fees incurred related to offering costs — 1,254 659 140 150 Other fees expensed from the transfer agent 140 559 — 560 420 Share Purchases by PE-NTR II and AR Capital sponsor —PE-NTR II made an initial investment in us through the purchase of 8,888 shares of our common stock and may not sell any of these shares while serving as our advisor. AR Capital LLC, which is under common control with ARC, also purchased 17,778 shares of our common stock. PE-NTR II and AR Capital LLC purchased shares at a purchase price of $ 22.50 per share, reflecting no dealer manager fee or selling commissions paid on such shares. Unconsolidated Joint Venture —As of December 31, 2016 , we owed the Joint Venture $152,104 for real estate tax, property operating, and other general and administrative expenses paid during the year on our behalf.

Operating Leases (Notes)

Operating Leases (Notes)	12 Months Ended
	Dec. 31, 2016
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 December 31, 2016 , assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands): Year Amount 2017 $ 103,643 2018 96,958 2019 84,858 2020 73,036 2021 59,819 2022 and thereafter 233,621 Total $ 651,935 No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of December 31, 2016 . As of December 31, 2016 , our real estate investments in Florida represented 16.2% of our ABR. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse economic developments in the Florida real estate market.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited) (Notes)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Quarterly Financial Data (Unaudited)	QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 and 2015 . We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information. 2016 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 28,301 $ 31,378 $ 34,002 $ 36,115 Net income (loss) 1,351 (4,552 ) 48 (2,344 ) Net income (loss) per share - basic and diluted 0.03 (0.10 ) 0.00 (0.05 ) 2015 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 9,496 $ 11,555 $ 16,441 $ 22,921 Net loss (115 ) (1,229 ) (2,128 ) (3,226 ) Net loss per share - basic and diluted (0.00 ) (0.04 ) (0.05 ) (0.07 )

Subsequent Events (Notes)

Subsequent Events (Notes)	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Distributions Distributions equal to a daily amount of $0.00443989 per share of common stock outstanding were paid subsequent to December 31, 2016 to the stockholders of record from December 1, 2016 through December 31, 2016 , and distributions equal to a daily amount of $0.00445205 per share of common stock outstanding were paid subsequent to December 31, 2016 to the stockholders of record from January 1, 2017 through February 28, 2017 as follows (in thousands): Distribution Period Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution December 1, 2016 through December 31, 2016 1/3/2017 $ 6,396 $ 3,174 $ 3,222 January 1, 2017 through January 31, 2017 2/1/2017 6,415 3,169 3,246 February 1, 2017 through February 28, 2017 3/1/2017 5,798 2,854 2,944 In February 2017 , our board of directors authorized distributions to the stockholders of record at the close of business each day in the period commencing March 1, 2017 through and including May 31, 2017 . The authorized distributions equal an amount of $0.00445205 per share of common stock. We expect to pay these distributions on the first business day after the end of each month. Acquisitions Subsequent to December 31, 2016 , we acquired a 100% ownership interest in the following properties (dollars in thousands): Property Name Location Anchor Acquisition Date Purchase Price Square Footage Leased % Rentable Square Feet at Acquisition Herndon Station Fresno, CA Save Mart 2/10/2017 $ 16,688 95,370 96.1 % Windmill Station Clovis, CA Save Mart 2/10/2017 9,500 27,486 100.0 % Plaza Station Pompton Plains, NJ Stop & Shop 2/27/2017 51,050 161,035 95.5 % Bells Fork Station Greenville, NC Harris Teeter 3/1/2017 9,250 71,666 91.7 % 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 Annual Report on Form 10-K was filed with the SEC.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation (Notes)	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Disclosure [Text Block]	SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION As of December 31, 2016 (in thousands) Initial Cost (1) Cost Capitalized Subsequent to Acquisition Gross Amount Carried at End of Period (2) Property Name City, State Encumbrances Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total (3) Accumulated Depreciation (4) Date Constructed/ Renovated Date Acquired Bethany Village Shopping Center Alpharetta, GA $ — $ 4,833 $ 5,474 $ 205 $ 4,905 $ 5,607 $ 10,512 $ 762 2001 3/14/2014 Staunton Plaza Staunton, VA — 4,311 10,035 144 4,367 10,123 14,490 1,178 2006 4/30/2014 Northpark Village Lubbock, TX — 1,467 6,212 256 1,614 6,321 7,935 677 1990 7/25/2014 Spring Cypress Village Houston, TX — 8,219 11,731 907 8,368 12,489 20,857 1,464 1982/2007 7/30/2014 Kipling Marketplace Littleton, CO — 3,108 8,547 312 3,156 8,811 11,967 973 1983/2009 8/7/2014 Lake Washington Crossing Melbourne, FL — 3,617 9,121 259 3,704 9,293 12,997 972 1987/2012 8/15/2014 MetroWest Village Orlando, FL — 4,665 12,528 327 4,794 12,726 17,520 1,386 1990 8/20/2014 Kings Crossing Sun City Center, FL — 4,064 8,918 210 4,146 9,046 13,192 979 2000 8/26/2014 Commonwealth Square Folsom, CA 6,773 6,811 12,962 899 7,047 13,625 20,672 1,843 1987 10/2/2014 Colonial Promenade Winter Haven, FL — 9,132 21,733 266 9,163 21,968 31,131 2,662 1986/2008 10/10/2014 Point Loomis Shopping Center Milwaukee, WI — 4,380 8,145 5 4,380 8,150 12,530 868 1965/1991 10/21/2014 Hilander Village Roscoe, IL — 2,293 6,637 372 2,402 6,900 9,302 1,145 1994 10/22/2014 Milan Plaza Milan, MI — 854 1,760 169 929 1,854 2,783 659 1960/1975 10/22/2014 Laguna 99 Plaza Elk Grove, CA — 5,264 12,298 485 5,525 12,522 18,047 1,336 1992 11/10/2014 Southfield Shopping Center St. Louis, MO — 5,307 12,781 184 5,367 12,905 18,272 1,358 1987 11/18/2014 Shasta Crossroads Redding, CA — 5,818 19,148 1,509 6,218 20,257 26,475 1,916 1989 11/25/2014 Spivey Junction Stockbridge, GA — 4,359 7,179 738 4,673 7,603 12,276 860 1998 12/5/2014 Quivira Crossings Overland Park, KS 8,416 6,784 10,113 344 7,000 10,241 17,241 1,135 1996 12/16/2014 Plaza Farmington Farmington, NM — 8,564 6,074 769 8,658 6,749 15,407 884 2004 12/22/2014 Crossroads of Shakopee Shakopee, MN — 10,180 13,602 306 10,354 13,734 24,088 1,760 1998 12/22/2014 Willimantic Plaza Willimantic, CT — 3,429 9,166 265 3,581 9,279 12,860 1,112 1968/1990 1/30/2015 Harvest Plaza Akron, OH — 1,022 6,063 261 1,214 6,132 7,346 626 1974/2000 2/9/2015 North Point Landing Modesto, CA — 7,756 20,278 575 7,974 20,635 28,609 1,746 1964/2008 2/11/2015 Oakhurst Plaza Seminole, FL — 2,586 3,152 278 2,586 3,430 6,016 442 1974/2001 2/27/2015 Glenwood Crossing Cincinnati, OH — 4,191 2,538 336 4,491 2,574 7,065 522 1999 3/27/2015 Rosewick Crossing La Plata, MD — 7,413 15,169 626 7,517 15,691 23,208 1,446 2008 4/2/2015 Waterford Park Plaza Plymouth, MN 11,878 4,150 14,453 542 4,411 14,734 19,145 1,377 1989 4/6/2015 Ocean Breeze Jensen Beach, FL — 5,896 7,861 237 5,943 8,051 13,994 705 1993/2010 4/30/2015 Old Alabama Square Alpharetta, GA — 9,712 13,937 739 10,218 14,170 24,388 1,139 2000 6/10/2015 Central Valley Market Place Ceres, CA — 2,610 15,821 83 2,640 15,874 18,514 1,001 2005 6/29/2015 Meadows on the Parkway Boulder, CO — 24,131 20,529 980 24,512 21,128 45,640 1,419 1989 7/16/2015 Broadlands Marketplace Broomfield, CO — 6,395 8,280 326 6,541 8,460 15,001 683 2002 7/16/2015 West Acres Shopping Center Fresno, CA — 3,386 6,069 136 3,386 6,205 9,591 613 1990 7/31/2015 Plano Market Street Plano, TX — 15,121 28,920 410 15,171 29,280 44,451 1,836 2009 7/31/2015 Island Walk Plaza Fernandina Beach, FL — 7,248 13,113 861 7,540 13,682 21,222 1,112 1987/2012 9/30/2015 North Pointe Plaza North Charleston, SC — 9,182 28,118 (526 ) 9,416 27,358 36,774 1,971 1989 9/30/2015 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION As of December 31, 2016 (in thousands) Initial Cost (1) Cost Capitalized Subsequent to Acquisition Gross Amount Carried at End of Period (2) (3) Property Name City, State Encumbrances Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Shoregate Center Willowick, OH — 6,774 12,684 2,548 7,719 14,287 22,006 1,774 1958/2005 10/7/2015 Village Center Racine, WI — 4,945 23,515 273 5,092 23,641 28,733 1,850 2002/2003 10/30/2015 Alico Commons Fort Myers, FL — 3,636 14,340 46 3,642 14,380 18,022 761 2009 11/2/2015 Port St. John Plaza Port St John, FL — 2,758 3,806 210 2,933 3,841 6,774 382 1986 11/2/2015 Rockledge Square Rockledge, FL — 2,765 3,292 141 2,765 3,433 6,198 413 1985 11/2/2015 Windover Square Melbourne, FL — 3,242 11,744 471 3,433 12,024 15,457 606 1984/2010 11/2/2015 51st and Olive Glendale, AZ 3,796 1,974 6,870 125 2,070 6,899 8,969 416 1975/2007 11/6/2015 Cocoa Commons Cocoa, FL — 4,468 6,534 171 4,551 6,622 11,173 440 1986 11/19/2015 Sheffield Crossing Sheffield Village, OH 9,192 6,053 9,274 245 6,205 9,367 15,572 745 1989 12/17/2015 Amherst Marketplace Amherst, OH 6,565 2,916 8,213 64 2,974 8,219 11,193 378 1996 12/17/2015 Shoppes at Windmill Place Batavia, IL — 7,980 14,873 345 8,187 15,011 23,198 740 1991/1997 12/17/2015 Hamilton Mill Village Dacula, GA — 6,320 9,566 706 6,428 10,164 16,592 519 1996 12/22/2015 Normandale Village Bloomington, MN 12,620 7,107 10,880 418 7,437 10,968 18,405 673 1973 12/22/2015 Wyandotte Plaza Kansas City, KS — 5,149 14,414 533 5,209 14,887 20,096 678 1961/2015 12/23/2015 Everybody's Plaza Cheshire, CT — 2,336 8,453 180 2,437 8,532 10,969 386 1960/2005 12/30/2015 Carriagetown Station Amesbury, MA — 6,811 13,885 127 6,896 13,927 20,823 583 2000 2/4/2016 Vineyard Center Station Templeton, CA 5,500 1,718 5,818 9 1,718 5,827 7,545 226 2007 2/17/2016 Glen Lakes Station Weeki Wachee, FL — 3,030 5,712 12 3,036 5,718 8,754 253 2008 2/23/2016 Sanibel Station Fort Myers, FL — 3,395 5,201 37 3,412 5,221 8,633 265 2003 2/23/2016 Fairfield Commons Lakewood, CO — 7,706 24,427 513 8,108 24,538 32,646 847 1985 2/25/2016 Lakewood Station Lakewood, OH — 1,585 9,589 511 1,780 9,905 11,685 322 1991 3/10/2016 Amherst Station II Amherst, NY — 4,782 6,752 402 4,853 7,083 11,936 390 1980/1999 4/8/2016 Bartow Marketplace Station Cartersville, GA — 12,349 21,159 407 12,411 21,504 33,915 995 1995 4/8/2016 Bloomingdale Hills Station Riverview, FL — 3,719 4,773 104 3,785 4,811 8,596 228 2002/2012 4/4/2016 Stone Gate Station Crowley, TX 7,746 4,992 6,807 117 5,089 6,827 11,916 270 2003 4/15/2016 Broadway Pavilion Station Santa Maria, CA — 8,125 18,138 245 8,297 18,211 26,508 552 1987 5/5/2016 Mckinney Station Mckinney, TX 4,393 9,756 12,172 94 9,808 12,214 22,022 394 2003 5/24/2016 Montville Station Montville, CT 9,648 12,603 11,926 265 12,779 12,015 24,794 456 2007 5/24/2016 Raynham Station Raynham, MA 17,000 7,618 25,811 569 7,877 26,121 33,998 715 1965/1991 5/24/2016 Suntree Station Southlake, TX 9,695 6,312 15,103 119 6,376 15,158 21,534 392 2000 5/24/2016 Crosscreek Village Station St. Cloud, FL — 3,350 7,794 1 3,350 7,795 11,145 229 2008 5/20/2016 Market Walk Station Savannah, GA — 19,426 25,565 272 19,526 25,737 45,263 826 2014/2015 5/11/2016 Green Valley Station Henderson, NV — 7,028 13,607 396 7,179 13,852 21,031 383 1978/1982 5/31/2016 Livonia Station Livonia, MI — 3,861 14,717 331 4,170 14,739 18,909 164 1988 9/20/2016 Franklin Station Franklin, WI 7,858 5,647 5,426 — 5,647 5,426 11,073 23 1994/2009 12/28/2016 Alameda Crossing Station Avondale, AZ 13,861 4,987 15,845 — 4,987 15,845 20,832 60 2006 12/2/2016 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION As of December 31, 2016 (in thousands) Initial Cost (1) Cost Capitalized Subsequent to Acquisition Gross Amount Carried at End of Period (2) (3) Property Name City, State Encumbrances Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Date Constructed/ Renovated Date Acquired Shorewood Station Shorewood, IL — 9,221 21,521 — 9,221 21,521 30,742 80 2001 12/15/2016 Palmer Town Station Easton, PA — 7,216 21,828 1 7,217 21,828 29,045 — 2005 12/30/2016 Totals $ 134,941 $ 441,918 $ 890,499 $ 25,803 $ 452,515 $ 905,705 $ 1,358,220 $ 61,981 (1) The initial cost to us represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired. (2) The aggregate cost of real estate owned at December 31, 2016 . (3) The aggregate cost of real estate owned at December 31, 2016 for federal income tax purposes is $1.4 billion . Reconciliation of real estate owned: 2016 2015 Balance at January 1 $ 954,698 $ 308,472 Additions during the year: Real estate acquisitions 473,383 635,893 Net additions to/improvements of real estate 15,233 10,333 Deductions during the year: Real estate dispositions (85,094 ) — Balance at December 31 $ 1,358,220 $ 954,698 Reconciliation of accumulated depreciation: 2016 2015 Balance at January 1 $ 21,315 $ 2,452 Additions during the year: Depreciation expense 42,247 18,863 Deductions during the year: Accumulated depreciation of real estate dispositions (1,581 ) — Balance at December 31 $ 61,981 $ 21,315 * * * * *

Summary Of Significant Accoun25

Summary Of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation.
Partially-Owned Entities	Partially-Owned Entities —Accounting Standards Update (“ASU”) 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , amended the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity. We adopted ASU 2015-02 on January 1, 2016, and retrospectively applied the guidance for all periods presented. As a result, we have determined that the Operating Partnership is considered a VIE. We are the primary beneficiary of the VIE and our partnership interest is considered a majority voting interest. As such, we have consolidated the Operating Partnership and its wholly-owned subsidiaries.
Use of Estimates	Use of Estimates —The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; recoverable amounts of receivables; initial valuations of tangible and intangible assets and liabilities and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions, the valuation and nature of derivatives and their effectiveness as hedges; and other fair value measurement assessments required for the preparation of consolidated financial statements. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents —We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts and money market funds.
Restricted Cash	Restricted Cash —Restricted cash primarily consists of escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements.
Investment in Property and Lease Intangibles	Investment in Property and Lease Intangibles —Real estate assets are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 5 - 7 years for furniture, fixtures and equipment, 15 years for land improvements, and 30 years for buildings and building improvements. Tenant improvements are amortized over the shorter of the respective lease term or the expected useful life of the asset. Major replacements that extend the useful lives of the assets are capitalized, and maintenance and repair costs are expensed as incurred. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable, or at least annually. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. Such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. We recorded no impairments for the years ended December 31, 2016 , 2015 , and 2014 . The results of operations of acquired properties are included in our results of operations from their respective dates of acquisition. We assess the acquisition-date fair values of all tangible assets, identifiable intangibles, and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis and replacement cost) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Acquisition-related costs are expensed as incurred. The fair values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases is the cost we would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, we evaluate the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the weighted-average remaining lease terms. Acquired above- and below-market lease values are recorded based on the present value (using interest rates that reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of the market lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental income over the remaining terms of the respective leases. We also consider fixed rate renewal options in our calculation of the fair value of below-market leases and the periods over which such leases are amortized. If a tenant has a unilateral option to renew a below-market lease and we determine that the tenant has a financial incentive to exercise such option, we include such an option in the calculation of the fair value of such lease and the period over which the lease is amortized. We estimate the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. We estimate the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the note’s outstanding principal balance is amortized over the life of the mortgage note payable as an adjustment to interest expense.
Deferred Financing Expenses	Deferred Financing Expenses —ASU 2015-03, Interest - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs, amended existing guidance to require the presentation of certain debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, provided guidance regarding the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. We adopted ASU 2015-03 and ASU 2015-15 on January 1, 2016, and retrospectively applied the guidance for all periods presented. Deferred financing expenses are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. Certain unamortized debt issuance costs were reclassified from Deferred Financing Expense, Net to Mortgages and Loans Payable, Net, with a portion remaining in Other Assets, Net. The adoption did not have an impact on our results of operations.
Fair Value Measurement	Fair Value Measurement —Accounting Standard Codification (“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. Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we did or could actually realize upon disposition of the financial assets and liabilities previously sold or currently held.
Derivatives Instruments and Hedging Activities	Derivative Instruments and Hedging Activities —We use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage such risk. We do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match, such as notional amounts, settlement dates, reset dates, the calculation period and the LIBOR rate. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Changes in fair value as well as net payments or receipts under interest rate swap agreements that do not qualify for hedge accounting treatment are recorded as other income or other expense in the consolidated statements of operations and comprehensive loss. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of operations and comprehensive loss as a component of net loss or as a component of comprehensive loss and as a component of stockholders’ equity on the consolidated balance sheets. Although management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity.
Gain on Sale of Assets	Gain on Sale of Assets —We recognize sales of assets only upon the closing of the transaction with the purchaser. We recognize gains on assets sold upon closing if the collectibility of the sales price is reasonably assured, we are not obligated to perform any significant activities after the sale to earn the profit, we have received adequate initial investment from the purchaser, and other profit recognition criteria have been satisfied. We may defer recognition of gains in whole or in part until: (i) the profit is determinable, meaning that the collectibility of the sales price is reasonably assured or the amount that will not be collectible can be estimated; and (ii) the earnings process is virtually complete, meaning that we are not obliged to perform any significant activities after the sale to earn the profit. Gains and losses on transfers of operating properties resulting from the sale of a partial interest in properties to unconsolidated joint ventures are recognized using the partial sale provisions under ASC 360-20, Property, Plant & Equipment - Real Estate Sales .
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture —We account for our investment in our unconsolidated joint venture using the equity method of accounting as we exercise significant influence over, but do not control, this entity. This investment was initially recorded at cost and is subsequently adjusted for contributions made to and distributions received from the joint venture. Earnings or loss for our investment are recognized in accordance with the terms of the applicable joint venture agreement, generally through a pro rata allocation. Under a pro rata allocation, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership percentages. To recognize the character of distributions from our unconsolidated joint venture, we review the nature of cash distributions received for purposes of determining whether such distributions should be classified as either a return on investment, which would be included in operating activities, or a return of investment, which would be included in investing activities on the consolidated statements of cash flows. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of our investment in our unconsolidated joint venture may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. Management’s estimates of fair value are based upon a discounted cash flow model for each specific investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums, capitalization rates, discount rates and credit spreads used in these models are based upon rates we believe to be within a reasonable range of current market rates.
Revenue Recognition	Revenue Recognition —We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether we or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: • whether the lease stipulates how and on what a tenant improvement allowance may be spent; • whether the tenant or landlord retains legal title to the improvements; • the uniqueness of the improvements; • the expected economic life of the tenant improvements relative to the length of the lease; and • who constructs or directs the construction of the improvements. We recognize rental income on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of Other Assets, Net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. As of December 31, 2016 and 2015 , the deferred rent receivable was $5.1 million and $2.4 million , respectively. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. We periodically review the collectability of outstanding receivables. Allowances will be taken for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. As of December 31, 2016 and 2015 , the bad debt reserve was $1.0 million and $0.3 million , respectively. We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets.
Income Taxes	Income Taxes —We have elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Our qualification and taxation as a REIT depends on our ability, on a continuing basis, to meet certain organizational and operational qualification requirements imposed upon REITs by the Code. If we fail to qualify as a REIT for any reason in a taxable year, we will be subject to tax on our taxable income at regular corporate rates. We would not be able to deduct distributions paid to stockholders in any year in which we fail to qualify as a REIT. We will also be disqualified for the four taxable years following the year during which qualification was lost unless we are entitled to relief under specific statutory provisions. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income, property or net worth, respectively, and to federal income and excise taxes on our undistributed income. Additionally, GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that our tax positions will be sustained in any tax examinations.
Repurchase of Common Stock	Repurchase of Common Stock —We offer a share repurchase program (“SRP”) which may allow certain stockholders to have their shares repurchased subject to approval and certain limitations and restrictions (see Note 11 ). Under our SRP, the maximum amount of common stock that we may redeem, at the shareholder’s election, during any calendar year is limited, among other things, to 5% of the weighted-average number of shares outstanding during the prior calendar year. The maximum amount is reduced each reporting period by the current year share redemptions to date. In addition, the cash available for repurchases on any particular date is generally limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the beginning of that period. Shares repurchased pursuant to our SRP are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders’ equity. Our accounting policy related to share repurchases is to reduce common stock based on the par value of the shares and to reduce capital surplus for the excess of the repurchase price over the par value. Since the inception of the SRP, we have had an accumulated deficit balance; therefore, the excess over the par value has been applied to additional paid-in capital. Once we have retained earnings, the excess will be charged entirely to retained earnings.
Class B Units	Class B Units —We issue Class B units of the Operating Partnership as compensation for the asset management services provided by PE-NTR II under our current advisory agreement. Under the limited partnership agreement of the Operating Partnership, as amended, the Class B units vests, and are no longer subject to forfeiture, at such time as the following events occur: (x) the value of the Operating Partnership’s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6% cumulative, pre-tax, non-compounded annual return thereon (the “economic hurdle” or the “market condition”); (y) any one of the following occurs: (1) the termination of our advisory agreement by an affirmative vote of a majority of our independent directors without cause, provided that we do not engage an affiliate of PE-NTR II as our new external advisor following such termination; (2) a listing event; or (3) another liquidity event; and (z) the advisor under such advisory agreement is still providing advisory services to us (the “service condition”). Such Class B units will be forfeited immediately if: (a) the advisory agreement is terminated for cause; or (b) the advisory agreement is terminated by an affirmative vote of a majority of our independent directors without cause before the economic hurdle has been met. The Class B units have both a market condition and a service condition up to and through a Liquidity Event (“Liquidity Event”). A Liquidity Event is defined as being the first to occur of the following: (i) a listing, (ii) a termination without cause (as discussed above), or (iii) another liquidity event. Therefore, the vesting of Class B units occurs only upon completion of both the market condition and service condition. Additionally, PE-NTR II has no disincentive for nonperformance other than the forfeiture of Class B units, which is not a sufficiently large disincentive for nonperformance and, accordingly, no performance commitment exists. Because PE-NTR II can be terminated without cause before a Liquidity Event occurs, and at such time the market condition and service condition may not be satisfied, the Class B units may be forfeited. Additionally, if the market condition and service condition had been satisfied and a Liquidity Event had not occurred, the Class B unit holders could not control the Liquidity Event because each of the aforementioned events that represent a Liquidity Event must be approved unanimously by our independent directors. As a result, we have concluded that the service condition is not probable. Because the satisfaction of the market and service conditions is not probable, and thus no compensation will be recognized unless the market condition and service condition become probable. Based on our conclusion of the market condition and service condition not being probable, the Class B units will be treated as unissued for accounting purposes until the market condition, service condition and liquidity event have been achieved. However, as the Class B unit holders are not required to return the distributions if the Class B units are forfeited before they vest, the distributions will be treated as compensation expense. This expense will be calculated as the product of the number of unvested Class B units issued to date and the stated distribution rate at the time such distribution is authorized.
Share-based Compensation	Share-based Compensation —We account for our share-based compensation plan based on guidance which requires that compensation expense be recognized on the fair value of the stock awards less estimated forfeitures. Our restricted stock grants vest based upon the completion of a service period (“service-based grants”). Service-based grants are valued according to the determined value per share for our common stock at the date of grant. Awards of service-based grants of stock are expensed as compensation on a straight-line basis over the vesting period. These awards follow a graded vesting schedule over approximately four years.
Segment Reporting	Segment Reporting —We assess and measure operating results of our properties based on net property operations. We internally evaluate the operating performance of our portfolio of properties and do not differentiate properties by geography, size or type. Each of our investment properties is considered a separate operating segment, and as each property earns revenue and incurs expenses, individual operating results are reviewed and discrete financial information is available. However, the properties are aggregated into one reportable segment as they have similar economic characteristics, we provide similar services to the tenants at each of our properties, and we evaluate the collective performance of our properties. Accordingly, we did not report any segment disclosures.
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 2014-09, Revenue from Contracts with Customers (Topic 606) This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In 2015, the FASB provided for a one-year deferral of the effective date for ASU 2014-09, making it effective for annual reporting periods beginning after December 15, 2017. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, we do not expect the adoption to have a material impact on our rental income. We continue to evaluate the effect the adoption of this standard will have on our other source of revenue. This includes reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance and other common area maintenance. However, we currently do not believe the adoption will significantly affect the timing of the recognition of our reimbursement revenue. ASU 2016-02, Leases (Topic 842) This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. It is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted. January 1, 2019 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2016-18, Statement of Cash Flows (Topic 230) This update amends existing guidance in order to clarify the classification and presentation of restricted cash on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2017-01, Business Combinations (Topic 805) This update amends existing guidance in order to clarify when an integrated set of assets and activities is considered a business. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2017 On January 1, 2017, we adopted this standard. We expect that most of our acquisition activity will no longer be considered a business combination under the new guidance and will instead be classified as an asset acquisition. As a result, most acquisition-related expenses that will be recorded on our consolidated statements of operations and comprehensive income (loss) as Acquisition Expense will be capitalized and amortized over the life of the related assets. This change is only applicable to acquisitions after January 1, 2017.
Reclassification	Reclassification —The following line items on our consolidated balance sheet for the year ended December 31, 2015 , were reclassified to conform to the current year presentation: • Acquired Intangible Lease Assets was separated into Acquired In-Place Lease Assets and Acquired Above-Market Lease Assets. • Distribution payable was reclassified from its own line to be included in Accounts Payable and Other Liabilities. The following line item on our consolidated statements of cash flows for the year ended December 31, 2015 , was reclassified to conform to the current year presentation: • Net gain on write-off of deferred financing expense, capitalized leasing commission, and market debt adjustment was reclassified to Other.

Summary Of Significant Accoun26

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of Tax Treatment of Distributions	The tax composition of our distributions declared for the years ended December 31, 2016 and 2015 , was as follows: 2016 2015 Ordinary Income 19.81 % 11.07 % Return of Capital 80.19 % 88.93 % Total 100.00 % 100.00 %
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 2014-09, Revenue from Contracts with Customers (Topic 606) This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In 2015, the FASB provided for a one-year deferral of the effective date for ASU 2014-09, making it effective for annual reporting periods beginning after December 15, 2017. January 1, 2018 Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, we do not expect the adoption to have a material impact on our rental income. We continue to evaluate the effect the adoption of this standard will have on our other source of revenue. This includes reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance and other common area maintenance. However, we currently do not believe the adoption will significantly affect the timing of the recognition of our reimbursement revenue. ASU 2016-02, Leases (Topic 842) This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. It is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted. January 1, 2019 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2016-18, Statement of Cash Flows (Topic 230) This update amends existing guidance in order to clarify the classification and presentation of restricted cash on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. ASU 2017-01, Business Combinations (Topic 805) This update amends existing guidance in order to clarify when an integrated set of assets and activities is considered a business. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2017 On January 1, 2017, we adopted this standard. We expect that most of our acquisition activity will no longer be considered a business combination under the new guidance and will instead be classified as an asset acquisition. As a result, most acquisition-related expenses that will be recorded on our consolidated statements of operations and comprehensive income (loss) as Acquisition Expense will be capitalized and amortized over the life of the related assets. This change is only applicable to acquisitions after January 1, 2017.

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value of Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Mortgage and Loan Payable Fair Value	The following is a summary of borrowings as of December 31, 2016 and 2015 (dollars in thousands): 2016 2015 Fair value $ 527,167 $ 87,387 Recorded value (1) 537,736 82,720 (1) Recorded value does not include deferred financing costs of $4.5 million and $1.4 million as of December 31, 2016 and 2015 , respectively.
Derivative Fair Value	We record derivative assets as Other Assets, Net and derivative liabilities as Accounts Payable and Other Liabilities on our consolidated balance sheets. The fair value measurements of our derivative asset and liability as of December 31, 2016 and 2015 , are as follows (in thousands): 2016 2015 Derivative asset: Interest rate swaps designated as hedging instruments - Term Loans $ 5,369 $ — Derivative liability: Interest rate swaps designated as hedging instruments - Term Loans $ 463 $ — Interest rate swaps not designated as hedging instruments - mortgage notes 850 1,410 Total $ 1,313 $ 1,410

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Allocation of Acquisition Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed	For the year ended December 31, 2016 and 2015 , we allocated the purchase price of acquisitions to the fair value of the assets acquired and liabilities assumed as follows (in thousands): 2016 2015 Land and improvements $ 156,577 $ 211,986 Building and improvements 316,806 423,907 Acquired in-place leases 48,554 71,040 Acquired above-market leases 2,547 7,691 Acquired below-market leases (18,017 ) (29,137 ) Total assets and lease liabilities acquired 506,467 685,487 Less: Fair value of assumed debt at acquisition 80,956 74,553 Less: Assumed interest rate swap — 1,517 Net assets acquired $ 425,511 $ 609,417
Weighted-average Amortization Periods of Acquired Lease Intangibles	The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the years ended December 31, 2016 and 2015 are as follows (in years): 2016 2015 Acquired in-place leases 12 11 Acquired above-market leases 7 6 Acquired below-market leases 16 15
Real Estate Acquisitions, Operating Activities	The amounts recognized for revenues, acquisition expenses and net loss from each respective acquisition date to December 31, 2016 and 2015 , related to the operating activities of our acquisitions are as follows (in thousands): 2016 2015 Revenues $ 27,171 $ 25,348 Acquisition expenses 9,747 12,558 Net loss 4,315 9,059
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 2016 and 2015 had been acquired on January 1, 2015 . Acquisition expenses related to each respective acquisition are not expected to have a continuing impact and, therefore, have been excluded from these pro forma results. 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 Year Ended December 31, (in thousands) 2016 2015 Pro forma revenues $ 149,853 $ 149,746 Pro forma net income 4,968 9,982

Acquired Intangible Lease Ass29

Acquired Intangible Lease Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]
Acquired Intangible Assets	Acquired intangible lease assets consisted of the following amounts as of December 31, 2016 and 2015 (in thousands): 2016 2015 Acquired in-place leases $ 138,916 $ 100,144 Acquired above-market leases 13,024 11,667 Total acquired intangible lease assets 151,940 111,811 Accumulated amortization (23,274 ) (8,889 ) Net acquired intangible lease assets $ 128,666 $ 102,922
Finite-lived Intangible Assets Amortization Expense	Summarized below is the amortization recorded on the intangible assets for the years ended December 31, 2016 , 2015 and 2014 , (in thousands): 2016 2015 2014 Acquired in-place leases $ 13,201 $ 6,665 $ 1,059 Acquired above-market leases 1,883 987 178 Total $ 15,084 $ 7,652 $ 1,237
Schedule of Acquired Intangible Assets, Future Amortization Expense	Estimated future amortization of the respective acquired intangible lease assets as of December 31, 2016 , for each of the next five years is as follows (in thousands): Year In-Place Leases Above-Market Leases 2017 $ 15,371 $ 2,058 2018 14,347 1,938 2019 13,644 1,588 2020 12,891 1,194 2021 10,917 974

Mortgage and Loans Payable (Tab

Mortgage and Loans Payable (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt Obligations	The following is a summary of the outstanding principal balances of our debt obligations as of December 31, 2016 and 2015 (in thousands): Interest Rate (1) 2016 2015 Revolving credit facility due 2018 (2)(3) 2.02 % $ 28,000 $ — Term loan due 2019 (2) 1.99-2.79% 185,000 — Term loan due 2020 (2) 2.06-2.99% 185,000 — Mortgages payable (4) 4.13-6.64% 134,941 81,398 Assumed below-market debt adjustment, net (5) 4,795 1,322 Deferred financing costs (6) (4,521 ) (1,415 ) Total $ 533,215 $ 81,305 (1) Includes the effects of derivative financial instruments (see Notes 3 and 10 ). (2) The revolving credit facility and term loans have options to extend their maturities to 2019 and 2021, respectively. A maturity date extension for the first or second tranche on the term loans requires the payment of an extension fee of 0.15% of the outstanding principal amount of the corresponding tranche. The term loans had an original capacity of $370 million which was fully advanced during 2016. (3) The gross borrowings under our revolving credit facility were $504.5 million during the year ended December 31, 2016 . The gross payments on our revolving credit facility were $476.5 million during the year ended December 31, 2016 . The revolving credit facility had a capacity of $350 million and $200 million as of December 31, 2016 and 2015 , respectively. (4) Due to the non-recourse nature of our fixed-rate mortgages, the assets and liabilities of the related properties are neither available to pay the debts of the consolidated property-holding limited liability companies nor constitute obligations of such consolidated limited liability companies as of December 31, 2016 . (5) Net of accumulated amortization of $1.3 million and $0.7 million as of December 31, 2016 and 2015 , respectively. (6) Net of accumulated amortization of $1.2 million and $0.2 million as of December 31, 2016 and 2015 , respectively. Deferred financing costs related to the revolving credit facility were $1.8 million and $1.7 million , as of December 31, 2016 and 2015 , respectively, which is net of accumulated amortization of $2.2 million and $1.1 million , respectively.
Schedule of Long-term Debt Instruments, Alternative	The allocation of total debt between fixed and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing costs is summarized below (in thousands): 2016 2015 As to interest rate: (1) Fixed-rate debt $ 377,941 $ 81,398 Variable-rate debt 155,000 — Total $ 532,941 $ 81,398 As to collateralization: Unsecured debt $ 398,000 $ — Secured debt 134,941 81,398 Total $ 532,941 $ 81,398 (1) Includes the effects of derivative financial instruments (see Notes 3 and 10 ).
Schedule of Maturities of Long-term Debt	Below is a listing of our maturity schedule with the respective principal payment obligations, excluding market debt adjustments and deferred financing costs (in thousands): 2017 2018 2019 2020 2021 Thereafter Total Revolving credit facility (1) $ — $ 28,000 $ — $ — $ — $ — $ 28,000 Term loans — — 185,000 185,000 — — 370,000 Mortgages payable 14,283 25,640 2,102 2,208 38,235 52,473 134,941 Total maturing debt $ 14,283 $ 53,640 $ 187,102 $ 187,208 $ 38,235 $ 52,473 $ 532,941 (1) The revolving credit facility matures in June 2018 with additional options to extend the maturity to June 2019.

Acquired Below Market Lease I31

Acquired Below Market Lease Intangibles (Tables)	12 Months Ended
	Dec. 31, 2016
Below Market Lease [Abstract]
Schedule of Below Market Lease	Acquired intangible lease liabilities consisted of the following as of December 31, 2016 and 2015 (in thousands): 2016 2015 Acquired below-market lease liabilities $ 59,558 $ 46,385 Accumulated amortization (6,362 ) (2,468 ) Net acquired below-market lease liabilities $ 53,196 $ 43,917
Below Market Lease, Amortization	Summarized below is the amortization recorded on the below-market lease intangible liabilities for the years ended December 31, 2016 , 2015 , and 2014 (in thousands): 2016 2015 2014 Acquired below-market leases $ 4,025 $ 2,138 $ 330
Below Market Lease, Future Amortization Income	Estimated future amortization income of the intangible lease liabilities as of December 31, 2016 for each of the five succeeding calendar years is as follows (in thousands): Year Below-Market Leases 2017 $ 4,368 2018 4,240 2019 4,134 2020 4,026 2021 3,986

Derivative and Hedging Activi32

Derivative and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of December 31, 2016 (notional amounts in thousands). We had no such interest rate swaps outstanding as of December 31, 2015 . Count (1) Notional Amount Fixed LIBOR Maturity Date 4 $370,000 0.7%-1.7% 2019-2020 (1) Two of the interest rate swaps with a notional amount of $127 million are not effective until January 2017.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2016
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 PE-NTR II, ARC, and their affiliates as of December 31, 2016 , 2015 and 2014 , and any related amounts reimbursable from (to) us as of December 31, 2016 , 2015 and 2014 (in thousands): 2016 2015 2014 Total organization and offering costs charged $ 18,081 $ 18,081 $ 16,381 Less: Total organization and offering costs reimbursed 18,081 19,020 13,178 Total organization and offering costs (receivable) payable $ — $ (939 ) $ 3,203
Advisor Transactions	Summarized below are the fees earned by and the expenses reimbursable to PE-NTR II and ARC, except for organization and offering costs and general and administrative expenses, which we disclose above, for the year ended December 31, 2016 , 2015 , and 2014 , and any related amounts unpaid as of December 31, 2016 and 2015 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2016 2015 2014 2016 2015 Acquisition fees (1) $ 5,037 $ 6,841 $ 3,221 $ 179 $ — Acquisition expenses (1) 1,008 1,227 403 — 1 Asset management fees (2) 10,043 — — 1,007 — Class B unit distributions (3) 684 82 5 57 16 Financing coordination fees (4) — 554 1,714 — — Total $ 16,772 $ 8,704 $ 5,343 $ 1,243 $ 17 (1) The acquisition fees and expenses are presented as Acquisition Expenses on the consolidated statements of operations. (2) Asset management fees are presented as General and Administrative on the consolidated statements of operations. (3) Represents the distributions paid to the PE-NTR II and ARC as holders of Class B units of the Operating Partnership and is presented as General and Administrative on the consolidated statements of operations. (4) Financing coordination fees are presented as Other Assets, Net or Mortgages and Loans Payable, Net, on the consolidated balance sheets and amortized over the term of the related loan. As of January 1, 2016, we are no longer required to pay financing coordination fees.
Property Manager Transactions	Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the years ended December 31, 2016 , 2015 , and 2014 , and any related amounts unpaid as of December 31, 2016 and 2015 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2016 2015 2014 2016 2015 Property management fees (1) $ 4,716 $ 2,085 $ 273 $ 423 $ 307 Leasing commissions (2) 3,758 1,788 245 386 86 Construction management fees (2) 1,059 377 26 185 68 Other fees and reimbursements (3) 3,584 2,017 251 367 1,157 Total $ 13,117 $ 6,267 $ 795 $ 1,361 $ 1,618 (1) The property management fees are included in Property Operating on the consolidated statements of operations. (2) Leasing commissions paid for leases with terms less than one year are expensed and included in Depreciation and Amortization on the consolidated statements of operations. Leasing commissions paid for leases with terms greater than one year, and construction management fees, are capitalized and amortized over the life of the related leases or assets. (3) Other fees and reimbursements are included in Property Operating and General and Administrative on the consolidated statements of operations based on the nature of the expense.
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 years ended December 31, 2016 , 2015 , and 2014 , and any related amounts unpaid, which are included as a component of total unpaid organization and offering costs, as of December 31, 2016 and 2015 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2016 2015 2014 2016 2015 Total commissions and fees incurred from Dealer Manager $ — $ 51,213 $ 52,744 $ — $ — Transfer agent fees incurred related to offering costs — 1,254 659 140 150 Other fees expensed from the transfer agent 140 559 — 560 420

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2016
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 December 31, 2016 , assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands): Year Amount 2017 $ 103,643 2018 96,958 2019 84,858 2020 73,036 2021 59,819 2022 and thereafter 233,621 Total $ 651,935

Quarterly Financial Data (Una35

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 and 2015 . We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information. 2016 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 28,301 $ 31,378 $ 34,002 $ 36,115 Net income (loss) 1,351 (4,552 ) 48 (2,344 ) Net income (loss) per share - basic and diluted 0.03 (0.10 ) 0.00 (0.05 ) 2015 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 9,496 $ 11,555 $ 16,441 $ 22,921 Net loss (115 ) (1,229 ) (2,128 ) (3,226 ) Net loss per share - basic and diluted (0.00 ) (0.04 ) (0.05 ) (0.07 )

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Distributions Paid	Distributions equal to a daily amount of $0.00443989 per share of common stock outstanding were paid subsequent to December 31, 2016 to the stockholders of record from December 1, 2016 through December 31, 2016 , and distributions equal to a daily amount of $0.00445205 per share of common stock outstanding were paid subsequent to December 31, 2016 to the stockholders of record from January 1, 2017 through February 28, 2017 as follows (in thousands): Distribution Period Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution December 1, 2016 through December 31, 2016 1/3/2017 $ 6,396 $ 3,174 $ 3,222 January 1, 2017 through January 31, 2017 2/1/2017 6,415 3,169 3,246 February 1, 2017 through February 28, 2017 3/1/2017 5,798 2,854 2,944
Schedule of Business Acquisitions, by Acquisition	Subsequent to December 31, 2016 , we acquired a 100% ownership interest in the following properties (dollars in thousands): Property Name Location Anchor Acquisition Date Purchase Price Square Footage Leased % Rentable Square Feet at Acquisition Herndon Station Fresno, CA Save Mart 2/10/2017 $ 16,688 95,370 96.1 % Windmill Station Clovis, CA Save Mart 2/10/2017 9,500 27,486 100.0 % Plaza Station Pompton Plains, NJ Stop & Shop 2/27/2017 51,050 161,035 95.5 % Bells Fork Station Greenville, NC Harris Teeter 3/1/2017 9,250 71,666 91.7 %

Organization (Details)

Organization (Details)	Dec. 31, 2016property
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	74
Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	11
Equity method investment, ownership percentage	20.00%

Summary Of Significant Accoun38

Summary Of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
VIE Ownership Percentage	50.00%
Restricted Cash	$ 2,800,000	$ 1,100,000
Impairment of real estate	0	0	$ 0
Deferred Revenue	5,100,000	2,400,000
Bad debt reserve	$ 1,027,000	$ 267,000
Ordinary income	19.81%	11.07%
Return of capital	80.19%	88.93%
Percentage of Distributions	100.00%	100.00%
Percentage of weighted-average shares	5.00%
Operating Partnership Return for Class B to Vest	6.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	4,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share	$ 22.50
Allocated Share-based Compensation Expense	$ 24,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 75,500
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years
Furniture and Fixtures [Member] | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Furniture and Fixtures [Member] | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Dec. 31, 2016USD ($)Debt_Instrument	Dec. 31, 2015USD ($)Debt_Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded Value	$ 537,736	$ 82,720
Unamortized Deferred Financing Cost	4,521	1,415
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	527,167	87,387
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	(1,313)	(1,410)
Designated as hedging instrument | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 370,000
Number of Interest Rate Derivatives Held | Debt_Instrument	2
Derivative Assets (Liabilities), at Fair Value, Net	$ 5,369	0
Designated as hedging instrument | Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 127,000
Number of Interest Rate Derivatives Held | Debt_Instrument	2
Derivative Assets (Liabilities), at Fair Value, Net	$ (463)	0
Term Loan Facility | Designated as hedging instrument | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	243,000
Mortgages | Not designated as hedging instrument | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	15,800	$ 16,100
Number of Interest Rate Derivatives Held | Debt_Instrument		2
Derivative Assets (Liabilities), at Fair Value, Net	$ 850	$ 1,410

Investment in Unconsolidated 40

Investment in Unconsolidated Joint Venture (Details) $ in Thousands	Mar. 07, 2017USD ($)	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Interest in Joint Venture		$ 7,715	$ 0	$ 0
Percentage of Distributions		100.00%	100.00%
Number of real estate properties | property		74
Gain on contribution of properties to unconsolidated joint venture		$ 3,341	$ 0	$ 0
Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		20.00%
Number of real estate properties | property		11
Contribution of Property		$ 94,300
Proceeds From Contribution of Properties to Unconsolidated Joint Venture After Investment		87,400
Real Estate Investments, Joint Ventures		6,900
Gain on contribution of properties to unconsolidated joint venture		$ 3,300
Investor Member
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		80.00%
Investor Member | Subsequent event
Schedule of Equity Method Investments [Line Items]
Short-term Loan Funding Percentage	80.00%
REIT Member
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		20.00%
Deferred Gain on Sale Percentage		20.00%
REIT Member | Joint Venture
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Interest in Joint Venture		$ 14,600
Number of real estate properties | property		6
REIT Member | Subsequent event
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Payment Terms	60
Short-term Loan Funding Percentage	20.00%
Maximum Loan Balance	$ 15,000
Loans Spread	1.70%
Maximum | Investor Member
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Interest in Joint Venture		$ 200,000
Maximum | PECO Member | Joint Venture
Schedule of Equity Method Investments [Line Items]
Percentage of Distributions		23.00%
percentage of return		15.00%
Maximum | REIT Member
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Interest in Joint Venture		$ 50,000
Minimum | PECO Member | Joint Venture
Schedule of Equity Method Investments [Line Items]
Percentage of Distributions		15.00%
percentage of return		10.00%

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details) - Series of individually immaterial business acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property
Business Acquisition [Line Items]
Number of businesses acquired | property	23	37
Total assets and lease liabilities acquired	$ 506,467	$ 685,487
Carrying value of assumed debt at acquisition	76,300	73,800
Less: Fair value of assumed debt at acquisition	$ 80,956	$ 74,553

Real Estate Acquisitions (Det42

Real Estate Acquisitions (Details) - Allocation - Series of individually immaterial business acquisitions - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Land and improvements	$ 156,577	$ 211,986
Building and improvements	316,806	423,907
Total assets and lease liabilities acquired	506,467	685,487
Less: Fair value of assumed debt at acquisition	80,956	74,553
Assumed interest rate swap	0	1,517
Net assets acquired	425,511	609,417
Acquired in-place leases
Business Acquisition [Line Items]
Acquired leases	48,554	71,040
Acquired above-market leases
Business Acquisition [Line Items]
Acquired leases	2,547	7,691
Acquired below-market leases
Business Acquisition [Line Items]
Acquired leases	$ (18,017)	$ (29,137)

Real Estate Acquisitions (Det43

Real Estate Acquisitions (Details) - Weighted Average Amortization - Series of individually immaterial business acquisitions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Acquired in-place leases
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years	11 years
Acquired above-market leases
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years	6 years
Acquired below-market leases
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	16 years	15 years

Real Estate Acquisitions (Det44

Real Estate Acquisitions (Details) - Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Acquisition expenses	$ 10,754	$ 13,661	$ 5,449
Series of individually immaterial business acquisitions
Business Acquisition [Line Items]
Revenues	27,171	25,348
Acquisition expenses	9,747	12,558
Net loss	$ 4,315	$ 9,059

Real Estate Acquisitions (Det45

Real Estate Acquisitions (Details) - Pro Forma - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Combinations [Abstract]
Pro forma revenue	$ 149,853	$ 149,746
Pro forma net income	$ 4,968	$ 9,982

Acquired Intangible Lease Ass46

Acquired Intangible Lease Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 151,940	$ 111,811
Accumulated amortization	(23,274)	(8,889)
Net Acquired intangible assets	128,666	102,922
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	138,916	100,144
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 13,024	$ 11,667

Acquired Intangible Lease Ass47

Acquired Intangible Lease Assets (Details) - Amortization Expense - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets, Amortization Expense	$ 15,084	$ 7,652	$ 1,237
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets, Amortization Expense	13,201	6,665	1,059
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets, Amortization Expense	$ 1,883	$ 987	$ 178

Acquired Intangible Lease Ass48

Acquired Intangible Lease Assets (Details) - Five Succeeding Calendar Years $ in Thousands	Dec. 31, 2016USD ($)
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
2,017	$ 15,371
2,018	14,347
2,019	13,644
2,020	12,891
2,021	10,917
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
2,017	2,058
2,018	1,938
2,019	1,588
2,020	1,194
2,021	$ 974

Mortgage and Loans Payable (Det

Mortgage and Loans Payable (Details) - Debt Obligations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total	$ 532,941	$ 81,398
Assumed below-market debt adjustment, net	4,795	1,322
Deferred financing costs	(4,521)	(1,415)
Total	533,215	81,305
Accumulated amortization, assumed below-market debt adjustment	1,300	700
Accumulated Amortization of Deferred Financing Costs	$ 1,200	$ 200
Long-term Debt, Weighted Average Interest Rate	3.00%	5.60%
Mortgages
Debt Instrument [Line Items]
Total	$ 134,941	$ 81,398
Mortgages | Minimum
Debt Instrument [Line Items]
Interest Rate	4.13%
Mortgages | Maximum
Debt Instrument [Line Items]
Interest Rate	6.64%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	2.02%
Total	$ 28,000	0
Proceeds from Lines of Credit	504,500
Repayments of Lines of Credit	476,500
Line of Credit Facility, Maximum Borrowing Capacity	350,000	200,000
Deferred Financing Costs, Net, Revolver	1,800	1,700
Accumulated Amortization of Deferred Financing Costs, Revolver	2,200	1,100
Term Loan Facility
Debt Instrument [Line Items]
Total	$ 370,000
Maturity Date Extension Fee, Percent	0.15%
Term Loan Due 2019
Debt Instrument [Line Items]
Total	$ 185,000	0
Term Loan Due 2019 | Minimum
Debt Instrument [Line Items]
Interest Rate	1.99%
Term Loan Due 2019 | Maximum
Debt Instrument [Line Items]
Interest Rate	2.79%
Term Loan Due 2020
Debt Instrument [Line Items]
Total	$ 185,000	$ 0
Term Loan Due 2020 | Minimum
Debt Instrument [Line Items]
Interest Rate	2.06%
Term Loan Due 2020 | Maximum
Debt Instrument [Line Items]
Interest Rate	2.99%

Mortgage and Loans Payable Debt

Mortgage and Loans Payable Debt Obligation Alternative (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Long-term Debt, by Type Alternative [Abstract]
Fixed-rate debt	$ 377,941	$ 81,398
Variable-rate debt	155,000	0
Total	532,941	81,398
Unsecured Debt	398,000	0
Secured Debt	$ 134,941	$ 81,398

Mortgage and Loans Payable (D51

Mortgage and Loans Payable (Details) - Principal Payment Obiligations - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt maturing 2017	$ 14,283,000
Debt maturing 2018	53,640,000
Debt maturing 2019	187,102,000
Debt maturing 2020	187,208,000
Debt maturing 2021	38,235,000
Debt maturing thereafter	52,473,000
Total	532,941,000	$ 81,398,000
Mortgages
Debt Instrument [Line Items]
Debt maturing 2017	14,283,000
Debt maturing 2018	25,640,000
Debt maturing 2019	2,102,000
Debt maturing 2020	2,208,000
Debt maturing 2021	38,235,000
Debt maturing thereafter	52,473,000
Total	134,941,000	81,398,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt maturing 2017	0
Debt maturing 2018	28,000,000
Debt maturing 2019	0
Debt maturing 2020	0
Debt maturing 2021	0
Debt maturing thereafter	0
Total	28,000,000	$ 0
Term Loan Facility
Debt Instrument [Line Items]
Debt maturing 2017	0
Debt maturing 2018	0
Debt maturing 2019	185,000,000
Debt maturing 2020	185,000,000
Debt maturing 2021	0
Debt maturing thereafter	0
Total	$ 370,000,000

Acquired Below Market Lease I52

Acquired Below Market Lease Intangibles Below Market Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Below Market Lease [Abstract]
Acquired below-market lease liabilities	$ 59,558	$ 46,385
Accumulated amortization	(6,362)	(2,468)
Net acquired below-market lease liabilities	$ 53,196	$ 43,917

Acquired Below Market Lease I53

Acquired Below Market Lease Intangibles (Details) - Amortization Expense - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Below Market Lease [Abstract]
Acquired below-market leases, amortization	$ 4,025	$ 2,138	$ 330

Acquired Below Market Lease I54

Acquired Below Market Lease Intangibles (Details) - Five Succeeding Calendar Years $ in Thousands	Dec. 31, 2016USD ($)
Below Market Lease [Abstract]
2,017	$ 4,368
2,018	4,240
2,019	4,134
2,020	4,026
2,021	$ 3,986

Commitments And Contingencies N

Commitments And Contingencies Narrative (Details)	12 Months Ended
	Dec. 31, 2016USD ($)claimproperty
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Pending Claims, Number | claim	0
Number of Properties Subject to Ground Leases | property	1
Operating Leases, Rent Expense	$ 300,000
Operating Leases, Future Minimum Payments Due, Next Twelve Months	364,140
Operating Leases, Future Minimum Payments, Due in Two Years	364,140
Operating Leases, Future Minimum Payments, Due in Three Years	364,140
Operating Leases, Future Minimum Payments, Due in Four Years	364,140
Operating Leases, Future Minimum Payments, Due Thereafter	$ 0

Derivative and Hedging Activi56

Derivative and Hedging Activities Derivative designated as cash flow hedge (interst rate swap) (Details) - Designated as hedging instrument	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Interest rate swap
Derivative [Line Items]
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net	$ 500,000
Derivative instruments, gain (loss) reclassification from Accumulated OCI to Income, estimated net amount to be transferred	$ 200,000
Derivative, number of instruments held	4	0
Derivative, notional amount	$ 370,000,000
Interest rate swap | Minimum
Derivative [Line Items]
Derivative, fixed interest rate	0.70%
Interest rate swap | Maximum
Derivative [Line Items]
Derivative, fixed interest rate	1.70%
Forward Contracts
Derivative [Line Items]
Derivative, number of instruments held	2
Derivative, notional amount	$ 127,000,000

Derivative and Hedging Activi57

Derivative and Hedging Activities (Details) - Interest rate swap - Not designated as hedging instrument	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, loss (gain)	$ 100,000	$ (100,000)
Derivative, number of instruments held			0

Equity (Details)

Equity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Apr. 14, 2016	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Common stock, voting rights	The holders 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.
Share price	$ 22.50	$ 22.50
Stock repurchase program, remaining number of shares authorized to be repurchased	55,600,000
Initial purchase price per share under DRIP	$ 23.75
Maximum percentage of shares under SRP	5.00%
Class B units unvested	414,415		231,809	17,515

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Stock issued during period, shares, restricted stock award, gross	4,400
Class B units unvested	414,415	231,809	17,515

Related Party Transactions Rela

Related Party Transactions Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Apr. 14, 2016
Related Party Transaction [Line Items]
Share Price	$ 22.50		$ 22.50
Operating Partnership Return for Class B to Vest	6.00%
Accounts payable – affiliates	$ 3,499,000	$ 2,073,000
Shares owned by sub-advisor	8,888
Shares owned by AR Capital sponsor	17,778
Advisor and Sub-Advisor share purchase price	$ 22.50
Due to/from unconsolidated JV	$ 152,104
Advisory Agreement
Related Party Transaction [Line Items]
Accounts payable – affiliates	$ 1,243,000	17,000
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%
Sub-Advisor interest in special limited partner	85.00%
Advisor interest in special limited partner	15.00%
Subordinated incentive listing fee percentage	15.00%
Investor return before subordinated listing incentive fee	6.00%
Distribution made to limited partner, cash distributions paid	$ 0
Subordinated distribution upon termination of Advisor Agreement percentage	15.00%
Investor return before subordinated distribution upon termination of Advisor Agreement	7.00%
Advisory Agreement | Acquisition fee [Member]
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
Accounts payable – affiliates	$ 179,000	$ 0
Advisory Agreement | Asset management subordinated participation
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
Class B units issuance due date	60 days
Asset management participation calculation percentage	0.25%
Common stock, price per share	$ 22.50
Share Price	$ 22.50
Class B units of operating partnership, issued in connection with asset management services	182,606	214,294
Operating Partnership Return for Class B to Vest	6.00%
Advisory Agreement | Financing coordination fees
Related Party Transaction [Line Items]
Related party transaction, rate	0.75%
Accounts payable – affiliates	$ 0	$ 0
Advisory Agreement | General and administrative reimbursements
Related Party Transaction [Line Items]
Accounts payable – affiliates	$ 43,021	18,000
Advisory Agreement | Maximum | Organization and offering cost reimbursement
Related Party Transaction [Line Items]
Related party transaction, rate	2.00%
Advisory Agreement | Maximum | Disposition fee
Related Party Transaction [Line Items]
Related party transaction, rate	6.00%
Advisory Agreement | Minimum | Disposition fee
Related Party Transaction [Line Items]
Related party transaction, rate	2.00%
Advisory Agreement | Cash | Asset management subordinated participation
Related Party Transaction [Line Items]
Related party transaction, rate	80.00%
Related party monthly transaction rate	0.06667%
Advisory Agreement | Unit Distribution | Asset management subordinated participation
Related Party Transaction [Line Items]
Related party transaction, rate	20.00%
Property Manager
Related Party Transaction [Line Items]
Accounts payable – affiliates	$ 1,361,000	1,618,000
Property Manager | Property management fees
Related Party Transaction [Line Items]
Accounts payable – affiliates	$ 423,000	$ 307,000

Related Party Transactions Orga

Related Party Transactions Organization and Offering Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Total organization and offering costs charged	$ 18,081	$ 18,081	$ 16,381
Less: Total organization and offering costs reimbursed	18,081	19,020	13,178
Total organization and offering costs (receivable) payable	$ 0	$ (939)	$ (3,203)

Related Party Transactions Advi

Related Party Transactions Advisor Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accounts payable – affiliates	$ 3,499	$ 2,073
Advisory Agreement
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	16,772	8,704	$ 5,343
Accounts payable – affiliates	1,243	17
Advisory Agreement | Acquisition fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	5,037	6,841	3,221
Accounts payable – affiliates	179	0
Advisory Agreement | Acquisition expenses
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	1,008	1,227	403
Accounts payable – affiliates	0	1
Advisory Agreement | Asset management fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	10,043	0	0
Accounts payable – affiliates	1,007	0
Advisory Agreement | Class B unit distributions
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	684	82	5
Accounts payable – affiliates	57	16
Advisory Agreement | Financing coordination fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	0	554	$ 1,714
Accounts payable – affiliates	$ 0	$ 0

Related Party Transactions Prop

Related Party Transactions Property Manager Transactions (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	May 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accounts payable – affiliates		$ 3,499	$ 2,073
Property Manager
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		13,117	6,267	$ 795
Accounts payable – affiliates		$ 1,361	1,618
Property Manager | Property management fees
Related Party Transaction [Line Items]
Property Management Fee, Percent Fee	4.50%	4.00%
Related Party Transaction, Expenses from Transactions with Related Party		$ 4,716	2,085	273
Accounts payable – affiliates		$ 423	307
Property Manager | Leasing commissions
Related Party Transaction [Line Items]
Allowed Percentage Increase to Leasing Fee Payable		50.00%
Related Party Transaction, Expenses from Transactions with Related Party		$ 3,758	1,788	245
Accounts payable – affiliates		386	86
Property Manager | Construction management fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,059	377	26
Accounts payable – affiliates		185	68
Property Manager | Other fees and reimbursements
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		3,584	2,017	$ 251
Accounts payable – affiliates		$ 367	$ 1,157

Related Party Transactions Deal

Related Party Transactions Dealer Manager Transactions (Details) - Dealer Manager - Dealer Manager fee - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
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%
Total commission and fees incurred from Dealer Manager	$ 0	$ 51,213	$ 52,744
Total commission and fees payable to Dealer Manager	0	0
Transfer agent fees incurred related to offering costs	0	1,254	659
Transfer agent fees payable related to offering costs	140	150
Other fees expensed from the transfer agent	140	559	$ 0
Other fees payable to the transfer agent	$ 560	$ 420

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Leases, Operating [Abstract]
2,017	$ 103,643
2,018	96,958
2,019	84,858
2,020	73,036
2,021	59,819
2022 and thereafter	233,621
Total	$ 651,935
Concentration Risk, Percentage	16.20%

Quarterly Financial Data (Una66

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Data [Abstract]
Total revenue	$ 36,115	$ 34,002	$ 31,378	$ 28,301	$ 22,921	$ 16,441	$ 11,555	$ 9,496
Net Income (Loss)	$ (2,344)	$ 48	$ (4,552)	$ 1,351	$ (3,226)	$ (2,128)	$ (1,229)	$ (115)	$ (5,497)	$ (6,698)	$ (5,833)
Net income (loss) per share - basic and diluted	$ (0.05)	$ 0	$ (0.10)	$ 0.03	$ (0.07)	$ (0.05)	$ (0.04)	$ 0	$ (0.12)	$ (0.18)	$ (0.57)

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Mar. 01, 2017USD ($)ft²	Feb. 27, 2017USD ($)ft²	Feb. 10, 2017USD ($)ft²	Feb. 01, 2017USD ($)	Jan. 03, 2017USD ($)	Dec. 31, 2016$ / shares	Feb. 28, 2017$ / shares	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares
Subsequent Event [Line Items]
Common stock, dividends, per share, declared | $ / shares								$ 1.62	$ 1.62	$ 1.49
Gross Amount of Distribution Paid								$ 75,201	$ 59,390	$ 16,742
Dividend Reinvested Through DRIP								38,263	29,782	7,162
Net Cash Distributions								$ 36,864	$ 26,332	$ 6,535
Dividend paid
Subsequent Event [Line Items]
Common stock, dividends, per share, declared | $ / shares						$ 0.00443989
Dividend paid | Subsequent event
Subsequent Event [Line Items]
Common stock, dividends, per share, declared | $ / shares							$ 0.00445205
Gross Amount of Distribution Paid	$ 5,798			$ 6,415	$ 6,396
Dividend Reinvested Through DRIP	2,854			3,169	3,174
Net Cash Distributions	2,944			$ 3,246	$ 3,222
Herndon Station | Subsequent event
Subsequent Event [Line Items]
Purchase Price			$ 16,688
Square Footage | ft²			95,370
Leased % Rentable Square Feet at Acquisition			96.10%
Windmill Station | Subsequent event
Subsequent Event [Line Items]
Purchase Price			$ 9,500
Square Footage | ft²			27,486
Leased % Rentable Square Feet at Acquisition			100.00%
Plaza Station | Subsequent event
Subsequent Event [Line Items]
Purchase Price		$ 51,050
Square Footage | ft²		161,035
Leased % Rentable Square Feet at Acquisition		95.50%
Bells Fork Station | Subsequent event
Subsequent Event [Line Items]
Purchase Price	$ 9,250
Square Footage | ft²	71,666
Leased % Rentable Square Feet at Acquisition	91.70%

Schedule III - Real Estate As68

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Federal Income Tax Basis	$ 1,400,000
Encumbrances	134,941
Initial Cost, Land and Improvements	441,918
Initial Cost, Buildings and Improvements	890,499
Costs Capitalized Subsequent to Acquisition, Improvements	25,803
Carrying Amount, Land and Improvements	452,515
Carrying Amount, Buildings and Improvements	905,705
Carrying Amount, Total	1,358,220	$ 954,698	$ 308,472
Accumulated Depreciation	61,981	$ 21,315	$ 2,452
Bethany Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land and Improvements	4,833
Initial Cost, Buildings and Improvements	5,474
Costs Capitalized Subsequent to Acquisition, Improvements	205
Carrying Amount, Land and Improvements	4,905
Carrying Amount, Buildings and Improvements	5,607
Carrying Amount, Total	10,512
Accumulated Depreciation	$ 762
Date Acquired	Mar. 14, 2014
Staunton Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,311
Initial Cost, Buildings and Improvements	10,035
Costs Capitalized Subsequent to Acquisition, Improvements	144
Carrying Amount, Land and Improvements	4,367
Carrying Amount, Buildings and Improvements	10,123
Carrying Amount, Total	14,490
Accumulated Depreciation	$ 1,178
Date Acquired	Apr. 30, 2014
Northpark Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	1,467
Initial Cost, Buildings and Improvements	6,212
Costs Capitalized Subsequent to Acquisition, Improvements	256
Carrying Amount, Land and Improvements	1,614
Carrying Amount, Buildings and Improvements	6,321
Carrying Amount, Total	7,935
Accumulated Depreciation	$ 677
Date Acquired	Jul. 25, 2014
Spring Cypress Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	8,219
Initial Cost, Buildings and Improvements	11,731
Costs Capitalized Subsequent to Acquisition, Improvements	907
Carrying Amount, Land and Improvements	8,368
Carrying Amount, Buildings and Improvements	12,489
Carrying Amount, Total	20,857
Accumulated Depreciation	$ 1,464
Date Acquired	Jul. 30, 2014
Kipling Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,108
Initial Cost, Buildings and Improvements	8,547
Costs Capitalized Subsequent to Acquisition, Improvements	312
Carrying Amount, Land and Improvements	3,156
Carrying Amount, Buildings and Improvements	8,811
Carrying Amount, Total	11,967
Accumulated Depreciation	$ 973
Date Acquired	Aug. 7, 2014
Lake Washington Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,617
Initial Cost, Buildings and Improvements	9,121
Costs Capitalized Subsequent to Acquisition, Improvements	259
Carrying Amount, Land and Improvements	3,704
Carrying Amount, Buildings and Improvements	9,293
Carrying Amount, Total	12,997
Accumulated Depreciation	$ 972
Date Acquired	Aug. 15, 2014
MetroWest Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,665
Initial Cost, Buildings and Improvements	12,528
Costs Capitalized Subsequent to Acquisition, Improvements	327
Carrying Amount, Land and Improvements	4,794
Carrying Amount, Buildings and Improvements	12,726
Carrying Amount, Total	17,520
Accumulated Depreciation	$ 1,386
Date Acquired	Aug. 20, 2014
Kings Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,064
Initial Cost, Buildings and Improvements	8,918
Costs Capitalized Subsequent to Acquisition, Improvements	210
Carrying Amount, Land and Improvements	4,146
Carrying Amount, Buildings and Improvements	9,046
Carrying Amount, Total	13,192
Accumulated Depreciation	$ 979
Date Acquired	Aug. 26, 2014
Commonwealth Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,773
Initial Cost, Land and Improvements	6,811
Initial Cost, Buildings and Improvements	12,962
Costs Capitalized Subsequent to Acquisition, Improvements	899
Carrying Amount, Land and Improvements	7,047
Carrying Amount, Buildings and Improvements	13,625
Carrying Amount, Total	20,672
Accumulated Depreciation	$ 1,843
Date Acquired	Oct. 2, 2014
Colonial Promenade
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	9,132
Initial Cost, Buildings and Improvements	21,733
Costs Capitalized Subsequent to Acquisition, Improvements	266
Carrying Amount, Land and Improvements	9,163
Carrying Amount, Buildings and Improvements	21,968
Carrying Amount, Total	31,131
Accumulated Depreciation	$ 2,662
Date Acquired	Oct. 10, 2014
Point Loomis
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,380
Initial Cost, Buildings and Improvements	8,145
Costs Capitalized Subsequent to Acquisition, Improvements	5
Carrying Amount, Land and Improvements	4,380
Carrying Amount, Buildings and Improvements	8,150
Carrying Amount, Total	12,530
Accumulated Depreciation	$ 868
Date Acquired	Oct. 21, 2014
Hilander Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,293
Initial Cost, Buildings and Improvements	6,637
Costs Capitalized Subsequent to Acquisition, Improvements	372
Carrying Amount, Land and Improvements	2,402
Carrying Amount, Buildings and Improvements	6,900
Carrying Amount, Total	9,302
Accumulated Depreciation	$ 1,145
Date Acquired	Oct. 22, 2014
Milan Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	854
Initial Cost, Buildings and Improvements	1,760
Costs Capitalized Subsequent to Acquisition, Improvements	169
Carrying Amount, Land and Improvements	929
Carrying Amount, Buildings and Improvements	1,854
Carrying Amount, Total	2,783
Accumulated Depreciation	$ 659
Date Acquired	Oct. 22, 2014
Laguna 99 Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,264
Initial Cost, Buildings and Improvements	12,298
Costs Capitalized Subsequent to Acquisition, Improvements	485
Carrying Amount, Land and Improvements	5,525
Carrying Amount, Buildings and Improvements	12,522
Carrying Amount, Total	18,047
Accumulated Depreciation	$ 1,336
Date Acquired	Nov. 10, 2014
Southfield Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,307
Initial Cost, Buildings and Improvements	12,781
Costs Capitalized Subsequent to Acquisition, Improvements	184
Carrying Amount, Land and Improvements	5,367
Carrying Amount, Buildings and Improvements	12,905
Carrying Amount, Total	18,272
Accumulated Depreciation	$ 1,358
Date Acquired	Nov. 18, 2014
Shasta Crossroads
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,818
Initial Cost, Buildings and Improvements	19,148
Costs Capitalized Subsequent to Acquisition, Improvements	1,509
Carrying Amount, Land and Improvements	6,218
Carrying Amount, Buildings and Improvements	20,257
Carrying Amount, Total	26,475
Accumulated Depreciation	$ 1,916
Date Acquired	Nov. 25, 2014
Spivey Junction
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,359
Initial Cost, Buildings and Improvements	7,179
Costs Capitalized Subsequent to Acquisition, Improvements	738
Carrying Amount, Land and Improvements	4,673
Carrying Amount, Buildings and Improvements	7,603
Carrying Amount, Total	12,276
Accumulated Depreciation	$ 860
Date Acquired	Dec. 5, 2014
Quivira Crossings
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,416
Initial Cost, Land and Improvements	6,784
Initial Cost, Buildings and Improvements	10,113
Costs Capitalized Subsequent to Acquisition, Improvements	344
Carrying Amount, Land and Improvements	7,000
Carrying Amount, Buildings and Improvements	10,241
Carrying Amount, Total	17,241
Accumulated Depreciation	$ 1,135
Date Acquired	Dec. 16, 2014
Plaza Farmington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	8,564
Initial Cost, Buildings and Improvements	6,074
Costs Capitalized Subsequent to Acquisition, Improvements	769
Carrying Amount, Land and Improvements	8,658
Carrying Amount, Buildings and Improvements	6,749
Carrying Amount, Total	15,407
Accumulated Depreciation	$ 884
Date Acquired	Dec. 22, 2014
Crossroads of Shakopee
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	10,180
Initial Cost, Buildings and Improvements	13,602
Costs Capitalized Subsequent to Acquisition, Improvements	306
Carrying Amount, Land and Improvements	10,354
Carrying Amount, Buildings and Improvements	13,734
Carrying Amount, Total	24,088
Accumulated Depreciation	$ 1,760
Date Acquired	Dec. 22, 2014
Willimantic Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,429
Initial Cost, Buildings and Improvements	9,166
Costs Capitalized Subsequent to Acquisition, Improvements	265
Carrying Amount, Land and Improvements	3,581
Carrying Amount, Buildings and Improvements	9,279
Carrying Amount, Total	12,860
Accumulated Depreciation	$ 1,112
Date Acquired	Jan. 30, 2015
Harvest Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	1,022
Initial Cost, Buildings and Improvements	6,063
Costs Capitalized Subsequent to Acquisition, Improvements	261
Carrying Amount, Land and Improvements	1,214
Carrying Amount, Buildings and Improvements	6,132
Carrying Amount, Total	7,346
Accumulated Depreciation	$ 626
Date Acquired	Feb. 9, 2015
North Point Landing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,756
Initial Cost, Buildings and Improvements	20,278
Costs Capitalized Subsequent to Acquisition, Improvements	575
Carrying Amount, Land and Improvements	7,974
Carrying Amount, Buildings and Improvements	20,635
Carrying Amount, Total	28,609
Accumulated Depreciation	$ 1,746
Date Acquired	Feb. 11, 2015
Oakhurst Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,586
Initial Cost, Buildings and Improvements	3,152
Costs Capitalized Subsequent to Acquisition, Improvements	278
Carrying Amount, Land and Improvements	2,586
Carrying Amount, Buildings and Improvements	3,430
Carrying Amount, Total	6,016
Accumulated Depreciation	$ 442
Date Acquired	Feb. 27, 2015
Glenwood Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,191
Initial Cost, Buildings and Improvements	2,538
Costs Capitalized Subsequent to Acquisition, Improvements	336
Carrying Amount, Land and Improvements	4,491
Carrying Amount, Buildings and Improvements	2,574
Carrying Amount, Total	7,065
Accumulated Depreciation	$ 522
Date Acquired	Mar. 27, 2015
Rosewick Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,413
Initial Cost, Buildings and Improvements	15,169
Costs Capitalized Subsequent to Acquisition, Improvements	626
Carrying Amount, Land and Improvements	7,517
Carrying Amount, Buildings and Improvements	15,691
Carrying Amount, Total	23,208
Accumulated Depreciation	$ 1,446
Date Acquired	Apr. 2, 2015
Waterford Park Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,878
Initial Cost, Land and Improvements	4,150
Initial Cost, Buildings and Improvements	14,453
Costs Capitalized Subsequent to Acquisition, Improvements	542
Carrying Amount, Land and Improvements	4,411
Carrying Amount, Buildings and Improvements	14,734
Carrying Amount, Total	19,145
Accumulated Depreciation	$ 1,377
Date Acquired	Apr. 6, 2015
Ocean Breeze
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,896
Initial Cost, Buildings and Improvements	7,861
Costs Capitalized Subsequent to Acquisition, Improvements	237
Carrying Amount, Land and Improvements	5,943
Carrying Amount, Buildings and Improvements	8,051
Carrying Amount, Total	13,994
Accumulated Depreciation	$ 705
Date Acquired	Apr. 30, 2015
Old Alabama Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	9,712
Initial Cost, Buildings and Improvements	13,937
Costs Capitalized Subsequent to Acquisition, Improvements	739
Carrying Amount, Land and Improvements	10,218
Carrying Amount, Buildings and Improvements	14,170
Carrying Amount, Total	24,388
Accumulated Depreciation	$ 1,139
Date Acquired	Jun. 10, 2015
Central Valley Market Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,610
Initial Cost, Buildings and Improvements	15,821
Costs Capitalized Subsequent to Acquisition, Improvements	83
Carrying Amount, Land and Improvements	2,640
Carrying Amount, Buildings and Improvements	15,874
Carrying Amount, Total	18,514
Accumulated Depreciation	$ 1,001
Date Acquired	Jun. 29, 2015
Meadows on the Parkway
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	24,131
Initial Cost, Buildings and Improvements	20,529
Costs Capitalized Subsequent to Acquisition, Improvements	980
Carrying Amount, Land and Improvements	24,512
Carrying Amount, Buildings and Improvements	21,128
Carrying Amount, Total	45,640
Accumulated Depreciation	$ 1,419
Date Acquired	Jul. 16, 2015
Broadlands Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	6,395
Initial Cost, Buildings and Improvements	8,280
Costs Capitalized Subsequent to Acquisition, Improvements	326
Carrying Amount, Land and Improvements	6,541
Carrying Amount, Buildings and Improvements	8,460
Carrying Amount, Total	15,001
Accumulated Depreciation	$ 683
Date Acquired	Jul. 16, 2015
West Acres Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,386
Initial Cost, Buildings and Improvements	6,069
Costs Capitalized Subsequent to Acquisition, Improvements	136
Carrying Amount, Land and Improvements	3,386
Carrying Amount, Buildings and Improvements	6,205
Carrying Amount, Total	9,591
Accumulated Depreciation	$ 613
Date Acquired	Jul. 31, 2015
Plano Market Street
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	15,121
Initial Cost, Buildings and Improvements	28,920
Costs Capitalized Subsequent to Acquisition, Improvements	410
Carrying Amount, Land and Improvements	15,171
Carrying Amount, Buildings and Improvements	29,280
Carrying Amount, Total	44,451
Accumulated Depreciation	$ 1,836
Date Acquired	Jul. 31, 2015
Island Walk Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,248
Initial Cost, Buildings and Improvements	13,113
Costs Capitalized Subsequent to Acquisition, Improvements	861
Carrying Amount, Land and Improvements	7,540
Carrying Amount, Buildings and Improvements	13,682
Carrying Amount, Total	21,222
Accumulated Depreciation	$ 1,112
Date Acquired	Sep. 30, 2015
North Pointe Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	9,182
Initial Cost, Buildings and Improvements	28,118
Costs Capitalized Subsequent to Acquisition, Improvements	(526)
Carrying Amount, Land and Improvements	9,416
Carrying Amount, Buildings and Improvements	27,358
Carrying Amount, Total	36,774
Accumulated Depreciation	$ 1,971
Date Acquired	Sep. 30, 2015
Shoregate Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	6,774
Initial Cost, Buildings and Improvements	12,684
Costs Capitalized Subsequent to Acquisition, Improvements	2,548
Carrying Amount, Land and Improvements	7,719
Carrying Amount, Buildings and Improvements	14,287
Carrying Amount, Total	22,006
Accumulated Depreciation	$ 1,774
Date Acquired	Oct. 7, 2015
Village Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,945
Initial Cost, Buildings and Improvements	23,515
Costs Capitalized Subsequent to Acquisition, Improvements	273
Carrying Amount, Land and Improvements	5,092
Carrying Amount, Buildings and Improvements	23,641
Carrying Amount, Total	28,733
Accumulated Depreciation	$ 1,850
Date Acquired	Oct. 30, 2015
Alico Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,636
Initial Cost, Buildings and Improvements	14,340
Costs Capitalized Subsequent to Acquisition, Improvements	46
Carrying Amount, Land and Improvements	3,642
Carrying Amount, Buildings and Improvements	14,380
Carrying Amount, Total	18,022
Accumulated Depreciation	$ 761
Date Acquired	Nov. 2, 2015
Port St. John Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,758
Initial Cost, Buildings and Improvements	3,806
Costs Capitalized Subsequent to Acquisition, Improvements	210
Carrying Amount, Land and Improvements	2,933
Carrying Amount, Buildings and Improvements	3,841
Carrying Amount, Total	6,774
Accumulated Depreciation	$ 382
Date Acquired	Nov. 2, 2015
Rockledge Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,765
Initial Cost, Buildings and Improvements	3,292
Costs Capitalized Subsequent to Acquisition, Improvements	141
Carrying Amount, Land and Improvements	2,765
Carrying Amount, Buildings and Improvements	3,433
Carrying Amount, Total	6,198
Accumulated Depreciation	$ 413
Date Acquired	Nov. 2, 2015
Windover Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,242
Initial Cost, Buildings and Improvements	11,744
Costs Capitalized Subsequent to Acquisition, Improvements	471
Carrying Amount, Land and Improvements	3,433
Carrying Amount, Buildings and Improvements	12,024
Carrying Amount, Total	15,457
Accumulated Depreciation	$ 606
Date Acquired	Nov. 2, 2015
51st and Olive
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,796
Initial Cost, Land and Improvements	1,974
Initial Cost, Buildings and Improvements	6,870
Costs Capitalized Subsequent to Acquisition, Improvements	125
Carrying Amount, Land and Improvements	2,070
Carrying Amount, Buildings and Improvements	6,899
Carrying Amount, Total	8,969
Accumulated Depreciation	$ 416
Date Acquired	Nov. 6, 2015
Cocoa Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,468
Initial Cost, Buildings and Improvements	6,534
Costs Capitalized Subsequent to Acquisition, Improvements	171
Carrying Amount, Land and Improvements	4,551
Carrying Amount, Buildings and Improvements	6,622
Carrying Amount, Total	11,173
Accumulated Depreciation	$ 440
Date Acquired	Nov. 19, 2015
Sheffield Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,192
Initial Cost, Land and Improvements	6,053
Initial Cost, Buildings and Improvements	9,274
Costs Capitalized Subsequent to Acquisition, Improvements	245
Carrying Amount, Land and Improvements	6,205
Carrying Amount, Buildings and Improvements	9,367
Carrying Amount, Total	15,572
Accumulated Depreciation	$ 745
Date Acquired	Dec. 17, 2015
Amherst Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,565
Initial Cost, Land and Improvements	2,916
Initial Cost, Buildings and Improvements	8,213
Costs Capitalized Subsequent to Acquisition, Improvements	64
Carrying Amount, Land and Improvements	2,974
Carrying Amount, Buildings and Improvements	8,219
Carrying Amount, Total	11,193
Accumulated Depreciation	$ 378
Date Acquired	Dec. 17, 2015
Shoppes at Windmill Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,980
Initial Cost, Buildings and Improvements	14,873
Costs Capitalized Subsequent to Acquisition, Improvements	345
Carrying Amount, Land and Improvements	8,187
Carrying Amount, Buildings and Improvements	15,011
Carrying Amount, Total	23,198
Accumulated Depreciation	$ 740
Date Acquired	Dec. 17, 2015
Hamilton Mill Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	6,320
Initial Cost, Buildings and Improvements	9,566
Costs Capitalized Subsequent to Acquisition, Improvements	706
Carrying Amount, Land and Improvements	6,428
Carrying Amount, Buildings and Improvements	10,164
Carrying Amount, Total	16,592
Accumulated Depreciation	$ 519
Date Acquired	Dec. 22, 2015
Normandale Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,620
Initial Cost, Land and Improvements	7,107
Initial Cost, Buildings and Improvements	10,880
Costs Capitalized Subsequent to Acquisition, Improvements	418
Carrying Amount, Land and Improvements	7,437
Carrying Amount, Buildings and Improvements	10,968
Carrying Amount, Total	18,405
Accumulated Depreciation	$ 673
Date Acquired	Dec. 22, 2015
Wyandotte Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,149
Initial Cost, Buildings and Improvements	14,414
Costs Capitalized Subsequent to Acquisition, Improvements	533
Carrying Amount, Land and Improvements	5,209
Carrying Amount, Buildings and Improvements	14,887
Carrying Amount, Total	20,096
Accumulated Depreciation	$ 678
Date Acquired	Dec. 23, 2015
Everybody's Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,336
Initial Cost, Buildings and Improvements	8,453
Costs Capitalized Subsequent to Acquisition, Improvements	180
Carrying Amount, Land and Improvements	2,437
Carrying Amount, Buildings and Improvements	8,532
Carrying Amount, Total	10,969
Accumulated Depreciation	$ 386
Date Acquired	Dec. 30, 2015
Carriagetown Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	6,811
Initial Cost, Buildings and Improvements	13,885
Costs Capitalized Subsequent to Acquisition, Improvements	127
Carrying Amount, Land and Improvements	6,896
Carrying Amount, Buildings and Improvements	13,927
Carrying Amount, Total	20,823
Accumulated Depreciation	$ 583
Date Acquired	Feb. 4, 2016
Vineyard Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,500
Initial Cost, Land and Improvements	1,718
Initial Cost, Buildings and Improvements	5,818
Costs Capitalized Subsequent to Acquisition, Improvements	9
Carrying Amount, Land and Improvements	1,718
Carrying Amount, Buildings and Improvements	5,827
Carrying Amount, Total	7,545
Accumulated Depreciation	$ 226
Date Acquired	Feb. 17, 2016
Glen Lakes Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,030
Initial Cost, Buildings and Improvements	5,712
Costs Capitalized Subsequent to Acquisition, Improvements	12
Carrying Amount, Land and Improvements	3,036
Carrying Amount, Buildings and Improvements	5,718
Carrying Amount, Total	8,754
Accumulated Depreciation	$ 253
Date Acquired	Feb. 23, 2016
Sanibel Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,395
Initial Cost, Buildings and Improvements	5,201
Costs Capitalized Subsequent to Acquisition, Improvements	37
Carrying Amount, Land and Improvements	3,412
Carrying Amount, Buildings and Improvements	5,221
Carrying Amount, Total	8,633
Accumulated Depreciation	$ 265
Date Acquired	Feb. 23, 2016
Fairfield Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,706
Initial Cost, Buildings and Improvements	24,427
Costs Capitalized Subsequent to Acquisition, Improvements	513
Carrying Amount, Land and Improvements	8,108
Carrying Amount, Buildings and Improvements	24,538
Carrying Amount, Total	32,646
Accumulated Depreciation	$ 847
Date Acquired	Feb. 25, 2016
Lakewood Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	1,585
Initial Cost, Buildings and Improvements	9,589
Costs Capitalized Subsequent to Acquisition, Improvements	511
Carrying Amount, Land and Improvements	1,780
Carrying Amount, Buildings and Improvements	9,905
Carrying Amount, Total	11,685
Accumulated Depreciation	$ 322
Date Acquired	Mar. 10, 2016
Amherst Station II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,782
Initial Cost, Buildings and Improvements	6,752
Costs Capitalized Subsequent to Acquisition, Improvements	402
Carrying Amount, Land and Improvements	4,853
Carrying Amount, Buildings and Improvements	7,083
Carrying Amount, Total	11,936
Accumulated Depreciation	$ 390
Date Acquired	Apr. 8, 2016
Bartow Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	12,349
Initial Cost, Buildings and Improvements	21,159
Costs Capitalized Subsequent to Acquisition, Improvements	407
Carrying Amount, Land and Improvements	12,411
Carrying Amount, Buildings and Improvements	21,504
Carrying Amount, Total	33,915
Accumulated Depreciation	$ 995
Date Acquired	Apr. 8, 2016
Bloomingdale Hills
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,719
Initial Cost, Buildings and Improvements	4,773
Costs Capitalized Subsequent to Acquisition, Improvements	104
Carrying Amount, Land and Improvements	3,785
Carrying Amount, Buildings and Improvements	4,811
Carrying Amount, Total	8,596
Accumulated Depreciation	$ 228
Date Acquired	Apr. 4, 2016
Stone Gate Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,746
Initial Cost, Land and Improvements	4,992
Initial Cost, Buildings and Improvements	6,807
Costs Capitalized Subsequent to Acquisition, Improvements	117
Carrying Amount, Land and Improvements	5,089
Carrying Amount, Buildings and Improvements	6,827
Carrying Amount, Total	11,916
Accumulated Depreciation	$ 270
Date Acquired	Apr. 15, 2016
Broadway Pavilion Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	8,125
Initial Cost, Buildings and Improvements	18,138
Costs Capitalized Subsequent to Acquisition, Improvements	245
Carrying Amount, Land and Improvements	8,297
Carrying Amount, Buildings and Improvements	18,211
Carrying Amount, Total	26,508
Accumulated Depreciation	$ 552
Date Acquired	May 5, 2016
Mckinney Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,393
Initial Cost, Land and Improvements	9,756
Initial Cost, Buildings and Improvements	12,172
Costs Capitalized Subsequent to Acquisition, Improvements	94
Carrying Amount, Land and Improvements	9,808
Carrying Amount, Buildings and Improvements	12,214
Carrying Amount, Total	22,022
Accumulated Depreciation	$ 394
Date Acquired	May 24, 2016
Montville Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,648
Initial Cost, Land and Improvements	12,603
Initial Cost, Buildings and Improvements	11,926
Costs Capitalized Subsequent to Acquisition, Improvements	265
Carrying Amount, Land and Improvements	12,779
Carrying Amount, Buildings and Improvements	12,015
Carrying Amount, Total	24,794
Accumulated Depreciation	$ 456
Date Acquired	May 24, 2016
Raynham Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17,000
Initial Cost, Land and Improvements	7,618
Initial Cost, Buildings and Improvements	25,811
Costs Capitalized Subsequent to Acquisition, Improvements	569
Carrying Amount, Land and Improvements	7,877
Carrying Amount, Buildings and Improvements	26,121
Carrying Amount, Total	33,998
Accumulated Depreciation	$ 715
Date Acquired	May 24, 2016
Suntree Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,695
Initial Cost, Land and Improvements	6,312
Initial Cost, Buildings and Improvements	15,103
Costs Capitalized Subsequent to Acquisition, Improvements	119
Carrying Amount, Land and Improvements	6,376
Carrying Amount, Buildings and Improvements	15,158
Carrying Amount, Total	21,534
Accumulated Depreciation	$ 392
Date Acquired	May 24, 2016
Crosscreek Village Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,350
Initial Cost, Buildings and Improvements	7,794
Costs Capitalized Subsequent to Acquisition, Improvements	1
Carrying Amount, Land and Improvements	3,350
Carrying Amount, Buildings and Improvements	7,795
Carrying Amount, Total	11,145
Accumulated Depreciation	$ 229
Date Acquired	May 20, 2016
Market Walk Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	19,426
Initial Cost, Buildings and Improvements	25,565
Costs Capitalized Subsequent to Acquisition, Improvements	272
Carrying Amount, Land and Improvements	19,526
Carrying Amount, Buildings and Improvements	25,737
Carrying Amount, Total	45,263
Accumulated Depreciation	$ 826
Date Acquired	May 11, 2016
Green Valley Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,028
Initial Cost, Buildings and Improvements	13,607
Costs Capitalized Subsequent to Acquisition, Improvements	396
Carrying Amount, Land and Improvements	7,179
Carrying Amount, Buildings and Improvements	13,852
Carrying Amount, Total	21,031
Accumulated Depreciation	$ 383
Date Acquired	May 31, 2016
Livonia Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,861
Initial Cost, Buildings and Improvements	14,717
Costs Capitalized Subsequent to Acquisition, Improvements	331
Carrying Amount, Land and Improvements	4,170
Carrying Amount, Buildings and Improvements	14,739
Carrying Amount, Total	18,909
Accumulated Depreciation	$ 164
Date Acquired	Sep. 20, 2016
Franklin Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,858
Initial Cost, Land and Improvements	5,647
Initial Cost, Buildings and Improvements	5,426
Costs Capitalized Subsequent to Acquisition, Improvements	0
Carrying Amount, Land and Improvements	5,647
Carrying Amount, Buildings and Improvements	5,426
Carrying Amount, Total	11,073
Accumulated Depreciation	$ 23
Date Acquired	Dec. 28, 2016
Alameda Crossing Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,861
Initial Cost, Land and Improvements	4,987
Initial Cost, Buildings and Improvements	15,845
Costs Capitalized Subsequent to Acquisition, Improvements	0
Carrying Amount, Land and Improvements	4,987
Carrying Amount, Buildings and Improvements	15,845
Carrying Amount, Total	20,832
Accumulated Depreciation	$ 60
Date Acquired	Dec. 2, 2016
Shorewood Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	9,221
Initial Cost, Buildings and Improvements	21,521
Costs Capitalized Subsequent to Acquisition, Improvements	0
Carrying Amount, Land and Improvements	9,221
Carrying Amount, Buildings and Improvements	21,521
Carrying Amount, Total	30,742
Accumulated Depreciation	$ 80
Date Acquired	Dec. 15, 2016
Palmer Town Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,216
Initial Cost, Buildings and Improvements	21,828
Costs Capitalized Subsequent to Acquisition, Improvements	1
Carrying Amount, Land and Improvements	7,217
Carrying Amount, Buildings and Improvements	21,828
Carrying Amount, Total	29,045
Accumulated Depreciation	$ 0
Date Acquired	Dec. 30, 2016

Schedule III - Real Estate As69

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III, Reconciliation of Real Estate Owned - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at January 1	$ 954,698	$ 308,472
Real estate acquisitions	473,383	635,893
Net additions to/improvements of real estate	15,233	10,333
Real estate dispositions	(85,094)	0
Balance at December 31	$ 1,358,220	$ 954,698

Schedule III - Real Estate As70

Schedule III - Real Estate Assets and Accumulated Depreciation Reconciliation of Real Estate Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at January 1	$ 21,315	$ 2,452
Depreciation expense	42,247	18,863
Accumulated depreciation of real estate dispositions	(1,581)	0
Balance at December 31	$ 61,981	$ 21,315