Document And Entity Information
Document And Entity Information - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
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 | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 46.6 | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment in real estate: | ||
Land and improvements | $ 520,526 | $ 452,515 |
Building and improvements | 1,047,758 | 905,705 |
Acquired in-place lease assets | 158,510 | 138,916 |
Acquired above-market lease assets | 14,742 | 13,024 |
Total investment in property | 1,741,536 | 1,510,160 |
Accumulated depreciation and amortization | (157,290) | (85,255) |
Net investment in property | 1,584,246 | 1,424,905 |
Investment in unconsolidated joint venture | 16,076 | 14,287 |
Total investment in real estate assets, net | 1,600,322 | 1,439,192 |
Cash and cash equivalents | 1,435 | 8,259 |
Restricted cash | 4,382 | 2,829 |
Other assets, net | 46,178 | 36,247 |
Total assets | 1,652,317 | 1,486,527 |
Liabilities: | ||
Debt obligations, net | 775,275 | 533,215 |
Acquired below market lease intangibles, net | 54,994 | 53,196 |
Accounts payable – affiliates | 1,808 | 3,499 |
Accounts payable and other liabilities | 36,961 | 34,383 |
Total liabilities | 869,038 | 624,293 |
Commitments and contingencies (Note 8) | 0 | 0 |
Equity: | ||
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at December 31, 2017 and 2016, respectively | 0 | 0 |
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 46,584 and 46,372 shares issued and outstanding at December 31, 2017 and 2016, respectively | 468 | 463 |
Additional paid-in capital | 1,031,685 | 1,026,887 |
Accumulated other comprehensive income | 6,459 | 4,390 |
Accumulated deficit | (255,333) | (169,506) |
Total equity | 783,279 | 862,234 |
Total liabilities and equity | $ 1,652,317 | $ 1,486,527 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 46,584 | 46,372 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Rental income | $ 119,444 | $ 95,877 | $ 44,494 |
Tenant recovery income | 42,265 | 33,311 | 15,510 |
Other property income | 868 | 608 | 409 |
Total revenues | 162,577 | 129,796 | 60,413 |
Expenses: | |||
Property operating | 27,270 | 22,226 | 10,756 |
Real estate taxes | 25,154 | 20,157 | 9,592 |
General and administrative | 19,352 | 18,139 | 3,744 |
Acquisition expenses | 586 | 10,754 | 13,661 |
Termination of affiliate arrangements | 5,962 | 0 | 0 |
Depreciation and amortization | 71,200 | 56,541 | 25,778 |
Total expenses | 149,524 | 127,817 | 63,531 |
Other: | |||
Interest expense, net | (22,494) | (10,970) | (3,990) |
Gain on contribution of properties to unconsolidated joint venture | 0 | 3,341 | 0 |
Other (loss) income, net | (90) | 153 | 410 |
Net loss | $ (9,531) | $ (5,497) | $ (6,698) |
Per share information - basic and diluted: | |||
Loss per share - basic and diluted | $ (0.20) | $ (0.12) | $ (0.18) |
Weighted-average common shares outstanding: | |||
Basic | 46,544 | 46,228 | 36,538 |
Diluted | 46,544 | 46,230 | 36,538 |
Comprehensive loss: | |||
Net loss | $ (9,531) | $ (5,497) | $ (6,698) |
Other comprehensive income: | |||
Change in unrealized gain on interest rate swaps | 1,553 | 4,390 | 0 |
Comprehensive loss | $ (7,978) | $ (1,107) | $ (6,698) |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Balance, shares at Dec. 31, 2014 | 22,548 | ||||
Balance, value at Dec. 31, 2014 | $ 468,501 | $ 225 | $ 490,996 | $ 0 | $ (22,720) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock, shares | 22,136 | ||||
Issuance of common stock, value | 549,275 | $ 221 | 549,054 | ||
Share repurchases, shares | (215) | ||||
Share repurchases, value | (5,049) | $ (2) | (5,047) | ||
Distribution reinvestment plan (DRIP), shares | 1,254 | ||||
Distribution reinvestment plan (DRIP), value | 29,782 | $ 14 | 29,768 | ||
Change in unrealized gain on interest rate swaps | 0 | ||||
Common distributions declared | (59,390) | (59,390) | |||
Offering costs | 53,136 | 53,136 | |||
Net loss | (6,698) | (6,698) | |||
Balance, shares at Dec. 31, 2015 | 45,723 | ||||
Balance, value at Dec. 31, 2015 | 923,285 | $ 458 | 1,011,635 | 0 | (88,808) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share repurchases, shares | (1,021) | ||||
Share repurchases, value | (23,031) | $ (12) | (23,019) | ||
Distribution reinvestment plan (DRIP), shares | 1,670 | ||||
Distribution reinvestment plan (DRIP), value | 38,263 | $ 17 | 38,246 | ||
Change in unrealized gain on interest rate swaps | 4,390 | 4,390 | |||
Common distributions declared | (75,201) | (75,201) | |||
Share-based compensation, value | 25 | 25 | |||
Net loss | (5,497) | (5,497) | |||
Balance, shares at Dec. 31, 2016 | 46,372 | ||||
Balance, value at Dec. 31, 2016 | 862,234 | $ 463 | 1,026,887 | 4,390 | (169,506) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Adoption of new accounting pronouncement (see Note 9) | 516 | (516) | |||
Balance at January 1, 2017, as adjusted at Jan. 01, 2017 | 862,234 | $ 463 | 1,026,887 | 4,906 | (170,022) |
Balance, shares at Jan. 01, 2017 | 46,372 | ||||
Balance, shares at Dec. 31, 2016 | 46,372 | ||||
Balance, value at Dec. 31, 2016 | $ 862,234 | $ 463 | 1,026,887 | 4,390 | (169,506) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share repurchases, shares | (1,400) | (1,402) | |||
Share repurchases, value | $ (31,772) | $ (13) | (31,759) | ||
Distribution reinvestment plan (DRIP), shares | 1,613 | ||||
Distribution reinvestment plan (DRIP), value | 36,537 | $ 18 | 36,519 | ||
Change in unrealized gain on interest rate swaps | 1,553 | 1,553 | |||
Common distributions declared | (75,780) | (75,780) | |||
Share-based compensation, shares | 1 | ||||
Share-based compensation, value | 38 | 38 | 0 | ||
Net loss | (9,531) | (9,531) | |||
Balance, shares at Dec. 31, 2017 | 46,584 | ||||
Balance, value at Dec. 31, 2017 | $ 783,279 | $ 468 | $ 1,031,685 | $ 6,459 | $ (255,333) |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, dividends, per share, declared | $ 1.62 | $ 1.62 | $ 1.62 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Cash Flows [Abstract] | |||
Net loss | $ (9,531) | $ (5,497) | $ (6,698) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 69,937 | 55,219 | 24,889 |
Net amortization of above- and below-market leases | (2,365) | (2,142) | (1,151) |
Amortization of deferred financing expense | 2,802 | 2,245 | 1,056 |
Gain on contribution of properties | 0 | (3,341) | 0 |
Changes in fair value of derivatives | (595) | (1,076) | (107) |
Straight-line rental income | (2,407) | (2,767) | (2,056) |
Equity in net loss of unconsolidated joint venture | 115 | 316 | 0 |
Other | 184 | 407 | (45) |
Changes in operating assets and liabilities: | |||
Accounts receivable and accounts payable - affiliates | (1,691) | 2,365 | 1,890 |
Other assets | (9,323) | (10,079) | (10,541) |
Accounts payable and other liabilities | 3,182 | 9,703 | 9,381 |
Net cash provided by operating activities | 50,308 | 45,353 | 16,618 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Real estate acquisitions | (174,701) | (422,416) | (609,281) |
Capital expenditures | (20,930) | (17,803) | (8,660) |
Change in restricted cash and investments | (1,553) | (1,680) | (913) |
Investment in unconsolidated joint venture | (2,854) | (7,715) | 0 |
Return of investment in unconsolidated joint venture | 950 | 0 | 0 |
Proceeds after contribution to unconsolidated joint venture | 0 | 87,386 | 0 |
Principal disbursement on notes receivable - affiliates | (1,272) | 0 | 0 |
Principal proceeds on notes receivable - affiliates | 1,272 | 0 | 0 |
Net cash used in investing activities | (199,088) | (362,228) | (618,854) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net change in credit facility | 29,357 | 28,000 | 0 |
Proceeds from mortgages and loan payable | 200,000 | 370,000 | 0 |
Payments on mortgages and loans payable | (14,460) | (22,727) | (20,745) |
Payments of deferred financing expenses | (2,400) | (5,722) | (1,192) |
Distributions paid, net of DRIP | (39,208) | (36,864) | (26,332) |
Repurchases of common stock | (31,333) | (24,912) | (3,250) |
Payment of offering costs | 0 | 0 | (57,278) |
Proceeds from issuance of common stock | 0 | 0 | 549,275 |
Net cash provided by financing activities | 141,956 | 307,775 | 440,478 |
Net decrease in cash and cash equivalents | (6,824) | (9,100) | (161,758) |
CASH AND CASH EQUIVALENTS: | |||
Beginning of period | 8,259 | 17,359 | 179,117 |
End of period | 1,435 | 8,259 | 17,359 |
SUPPLEMENTAL CASH FLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Cash paid for interest | 20,256 | 9,347 | 3,562 |
Fair value of assumed debt | 29,015 | 80,956 | 74,553 |
Assumed interest rate swaps | 0 | 0 | 1,517 |
Initial investment in unconsolidated joint venture | 0 | 6,888 | 0 |
Accrued capital expenditures | 2,385 | 2,490 | 5,873 |
Change in offering costs payable to sponsor(s) | 0 | 0 | (4,142) |
Change in distributions payable | 35 | 75 | 3,276 |
Change in accrued share repurchase obligation | 439 | (1,881) | 1,799 |
Distributions reinvested | $ 36,537 | $ 38,263 | $ 29,782 |
Organization (Notes)
Organization (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. 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 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. Our advisor and property managers are owned by Phillips Edison & Company, Inc. and its subsidiaries (“PECO,” “Advisor,” or “Manager”), formerly known as Phillips Edison Grocery Center REIT I, Inc. On October 4, 2017, PECO acquired our advisor and property managers from Phillips Edison Limited Partnership (“PELP”). Under the terms of the advisory agreement (“Advisory Agreement”) and the master property management and master services agreements (“Management Agreements”) between subsidiaries of PECO and us, PECO is responsible for the management of our day-to-day activities and the implementation of our investment strategy. As of December 31, 2017 , we wholly-owned fee simple interests in 85 real estate properties acquired from third parties unaffiliated with us or PECO. In addition, we owned a 20% equity interest in a joint venture that owned 14 real estate properties as of December 31, 2017 (see Note 4 ). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. 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 —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 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. Investment in Property and Lease Intangibles —In January 2017 , the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This update amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. We adopted ASU 2017-01 on January 1, 2017 , and applied it prospectively. Under this new guidance, most of our real estate acquisition activity is no longer considered a business combination and is instead classified as an asset acquisition. As a result, most acquisition-related costs that would have been recorded on our consolidated statements of operations prior to adoption have been capitalized and will be amortized over the life of the related asset. Costs incurred related to properties that were not ultimately acquired were recorded as Acquisition Expenses on our consolidated statements of operations. As of December 31, 2017 , none of our real estate acquisitions in 2017 met the definition of a business; therefore, we accounted for all as asset acquisitions. Real estate assets are stated at cost less accumulated depreciation. The majority of acquisition-related costs are capitalized and allocated to the various classes of assets acquired. These costs are then amortized over the estimated useful lives associated with the assets acquired. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally not to exceed 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. 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. If deemed unrecoverable on an undiscounted basis, 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, 2017 , 2016 , and 2015 . 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. 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 discount 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 are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. Deferred financing costs related to our term loan facilities and mortgages are in Debt Obligations, Net, while deferred financing costs related to our revolving credit facility are in Other Assets, Net, on our consolidated balance sheets. Deferred financing costs related to the revolving credit facility were $0.6 million and $1.8 million , as of December 31, 2017 and 2016 , respectively, which are net of accumulated amortization of $3.4 million and $2.2 million , respectively. 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. 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. 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 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, 2017 and 2016 , the deferred rent receivable was $7.7 million and $5.1 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, which were $21.4 million and $16.1 million as of December 31, 2017 and 2016 , respectively. 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, 2017 and 2016 , the bad debt reserve was $2.1 million and $1.0 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. We are continuing to evaluate the impact of the Tax Cuts and Jobs Act on the organization as a whole. We do not expect the impact of the Tax Cuts and Jobs Act to have a material impact on the financial statements. The tax composition of our distributions declared for the years ended December 31, 2017 and 2016 , was as follows: 2017 2016 Ordinary Income 14.84 % 19.81 % Return of Capital 85.16 % 80.19 % 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 10 ). 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 PECO under our 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 PECO 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, PECO 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 PECO 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, 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 PECO’s performance under the 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 PECO has continued providing advisory services, and that the Class B units are not considered issued until such a Liquidity Event. Stock-based Compensation —We account for our stock-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. For the years ended December 31, 2017 and 2016 , we recognized $38,000 and $25,000 , respectively, of stock-based compensation expense as a component of General and Administrative Expense on the consolidated statements of operations. As of December 31, 2017 , we had $74,000 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 —In 2017, we modified our approach of evaluating operating segments. We internally evaluate the operating performance of our portfolio of properties and currently do not differentiate properties by geography, size, or type. As operating performance is reviewed at a portfolio level rather than at a property level, our entire portfolio of properties is considered to be one operating segment. Accordingly, we did not report any other segment disclosures in 2017 . 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 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) This update amends existing guidance in order to provide consistency in accounting for the derecognition of a business or nonprofit activity. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We adopted this standard concurrently with ASU 2014-09, listed below. We expect the adoption will impact our transactions that are subject to the amendments, which, although expected to be infrequent, would include a partial sale of real estate or contribution of a nonfinancial asset to form a joint venture. 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 Upon adoption, we will include amounts generally described as restricted cash within the beginning-of-period and end-of-period total amounts on the statement of cash flows. This change will not have a material impact on the consolidated financial statements. ASU 2016-15, Statement of Cash Flows (Topic 230) This update addresses the presentation of eight specific cash receipts and cash payments 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 have evaluated the impact the adoption of this standard will have on our consolidated financial statements. Of the eight specific cash receipts and cash payments listed within this guidance, only three would be applicable to our business as it stands currently: debt prepayment or debt extinguishment costs, proceeds from settlement of insurance claims, and distributions received from equity method investees. This change will not have a material impact on the consolidated financial statements. We will apply the guidance for all of the eight cash flow types to any future transactions when applicable. 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. This update 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. We have identified areas within our accounting policies we believe could be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities. In January 2018, the FASB issued a proposed ASU related to ASC 842. The update would allow lessors to use a practical expedient to account for non-lease components and related lease components as a single lease component instead of accounting for them separately, if certain conditions are met. This proposal is currently under consideration by regulators. We also expect to recognize right of use assets on our consolidated balance sheets related to certain ground leases where we are the lessee. We will continue to evaluate the effect the adoption of ASU 2016-02 will have on our consolidated financial statements. However, we currently believe that the adoption of ASU 2016-02 will not have a material impact on our consolidated financial statements. 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 also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09. 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 |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. 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 —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. Debt Obligations —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, 2017 and 2016 (dollars in thousands): 2017 2016 Fair value $ 770,537 $ 527,167 Recorded value (1) 780,545 537,736 (1) Recorded value does not include net deferred financing costs of $5.3 million and $4.5 million as of December 31, 2017 and 2016 , respectively. Derivative Instruments —As of December 31, 2017 , we had five interest rate swaps that fixed LIBOR on $570 million of our unsecured term loan facilities (“Term Loans”) and as of December 31, 2016, we had two interest rate swaps that fixed LIBOR on $243 million of the Term Loans. For a more detailed discussion of our cash flow hedges, see Note 9 . As of December 31, 2017 and 2016 , we were also party to two interest rate swaps that fixed the variable interest rate on $15.4 million and $15.8 million , respectively, of two of our variable-rate mortgage notes. The change in fair value of these instruments is recorded in Other (Loss) Income, Net on the consolidated statements of operations and was not material for the years ended December 31, 2017 , 2016 , or 2015 . All interest rate swap agreements are measured at fair value on a recurring basis. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. In accordance with ASC 820 Fair Value Measurement , we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. 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, 2017 and 2016 , 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 assets and liabilities as of December 31, 2017 and 2016 were as follows (in thousands): 2017 2016 Derivative asset: Interest rate swaps designated as hedging instruments - Term Loans $ 6,544 $ 5,369 Derivative liability: Interest rate swaps designated as hedging instruments - Term Loans $ 85 $ 463 Interest rate swaps not designated as hedging instruments - mortgage notes 255 850 Total $ 340 $ 1,313 |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Venture (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure | 4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE In March 2016, we entered into a joint venture (“Joint Venture”) where we may contribute up to $50 million of equity. In 2016, we made an initial net contribution of $6.9 million , consisting of six shopping centers valued at approximately $94.3 million in exchange for $87.4 million in cash. The contribution of properties was considered a partial sale, and as a result, we deferred 20% of the gain from the contribution and recognized an immediate net gain of $3.3 million . The following table summarizes our unconsolidated joint venture as of December 31, 2017 and 2016 (dollars in thousands): Ownership Percentage Number of Shopping Centers Contributions Distributions 2017 2016 2017 2016 Joint Venture 20% 14 $ 2,854 $ 7,715 $ 950 $ — In March 2017, our board of directors approved certain short-term loans (the “JV Loans”) that we may provide to the Joint Venture for its acquisition needs. The JV Loans have terms of up to 60 days , and are to be funded 20% by us. Our portion of the outstanding principal should not exceed $15 million at any given time. The JV Loans will incur interest at a rate equal to the greater of a) LIBOR plus 1.70% , or b) the borrowing rate on our revolving credit facility. In June 2017, we loaned the Joint Venture $1.3 million , which was subsequently repaid in July 2017. As of December 31, 2017, there were no outstanding loans between the Joint Venture and us. |
Real Estate Acquisitions (Notes
Real Estate Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Acquisitions | 5. REAL ESTATE ACQUISITIONS During the year ended December 31, 2017 , we acquired eleven grocery-anchored shopping centers. 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 the years ended December 31, 2017 and 2016 , we allocated the purchase prices to the fair value of the assets acquired and liabilities assumed as follows (in thousands): 2017 2016 Land and improvements $ 59,969 $ 156,577 Building and improvements 129,451 316,806 Acquired in-place leases 19,594 48,554 Acquired above-market leases 1,718 2,547 Acquired below-market leases (6,394 ) (18,017 ) Total assets and lease liabilities acquired 204,338 506,467 Less: Fair value of assumed debt at acquisition 29,015 80,956 Net assets acquired $ 175,323 $ 425,511 The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the years ended December 31, 2017 and 2016 , are as follows (in years): 2017 2016 Acquired in-place leases 11 12 Acquired above-market leases 7 7 Acquired below-market leases 19 16 |
Acquired Intangible Leases (Not
Acquired Intangible Leases (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Acquired Intangible Leases | 6. ACQUIRED INTANGIBLE LEASES Acquired intangible lease assets and liabilities consisted of the following amounts as of December 31, 2017 and 2016 (in thousands): 2017 2016 In-place leases $ 158,510 $ 138,916 Above-market leases 14,742 13,024 Total intangible lease assets 173,252 151,940 Accumulated amortization (42,124 ) (23,274 ) Net intangible lease assets $ 131,128 $ 128,666 Below-market lease liabilities $ 65,953 $ 59,558 Accumulated amortization (10,959 ) (6,362 ) Net below-market lease liabilities $ 54,994 $ 53,196 Summarized below is the amortization recorded on the intangible assets and liabilities for the years ended December 31, 2017 , 2016 and 2015 , (in thousands): 2017 2016 2015 In-place leases $ 16,618 $ 13,201 $ 6,665 Above-market leases 2,232 1,883 987 Below-market leases (4,597 ) (4,025 ) (2,138 ) Total $ 14,253 $ 11,059 $ 5,514 Estimated future amortization of the respective acquired intangible lease assets and liabilities as of December 31, 2017 , for each of the next five years is as follows (in thousands): Year In-Place Leases Above-Market Leases Below-Market Leases 2018 $ 16,477 $ 2,206 $ (4,616 ) 2019 15,774 1,855 (4,510 ) 2020 15,020 1,461 (4,402 ) 2021 13,044 1,200 (4,362 ) 2022 11,684 986 (4,205 ) |
Debt Obligations, Net (Notes)
Debt Obligations, Net (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Obligations | 7. DEBT OBLIGATIONS, NET The following is a summary of the outstanding principal balances of our debt obligations as of December 31, 2017 and 2016 (in thousands): Interest Rate (1) 2017 2016 Revolving credit facility (2) 3.04% $ 57,357 $ 28,000 Term loans (3) 2.24%-4.09% 570,000 370,000 Mortgages payable (4) 3.45%-6.64% 149,081 134,941 Assumed below-market debt adjustment, net (5) 4,107 4,795 Deferred financing costs, net (6) (5,270 ) (4,521 ) Total $ 775,275 $ 533,215 (1) Includes the effects of derivative financial instruments (see Notes 3 and 9 ). (2) The revolving credit facility matures in July 2018. We intend to exercise an option to extend the maturity date to January 2019. Gross borrowings under our revolving credit facility were $313.0 million and gross payments on our revolving credit facility were $283.6 million during the year ended December 31, 2017 . The revolving credit facility had a maximum capacity of $350 million as of December 31, 2017 and 2016 . (3) The term loans consist of a $185 million tranche maturing in 2019 and a $185 million tranche maturing in 2020, each of which have options to extend to 2021. 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. In September 2017, we executed a new $200 million term loan, which matures in 2024. (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, 2017 . (5) Net of accumulated amortization of $2.0 million and $1.3 million as of December 31, 2017 and 2016 , respectively. (6) Net of accumulated amortization of $2.6 million and $1.2 million as of December 31, 2017 and 2016 , respectively. As of December 31, 2017 and 2016 , the weighted-average interest rate for all of our debt obligations was 3.5% and 3.0% , 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): 2017 2016 As to interest rate: (1) Fixed-rate debt $ 719,081 $ 377,941 Variable-rate debt 57,357 155,000 Total $ 776,438 $ 532,941 As to collateralization: Unsecured debt $ 627,357 $ 398,000 Secured debt 149,081 134,941 Total $ 776,438 $ 532,941 (1) Includes the effects of derivative financial instruments (see Notes 3 and 9 ). Below is a listing of our maturity schedule with the respective principal payment obligations, excluding market debt adjustments and deferred financing costs (in thousands): 2018 2019 2020 2021 2022 Thereafter Total Revolving credit facility (1) $ 57,357 $ — $ — $ — $ — $ — $ 57,357 Term loans — 185,000 185,000 — — 200,000 570,000 Mortgages payable 26,368 2,848 2,985 51,931 19,666 45,283 149,081 Total maturing debt $ 83,725 $ 187,848 $ 187,985 $ 51,931 $ 19,666 $ 245,283 $ 776,438 (1) The revolving credit facility matures in July 2018. We intend to exercise an option to extend the maturity date to January 2019. |
Commitments And Contingencies (
Commitments And Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 8. COMMITMENTS AND CONTINGENCIES Litigation —We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the resolution of such claims and litigation will not have a material adverse effect on our consolidated financial statements. Environmental Matters —In connection with the ownership and operation of real estate, we may potentially be liable for costs and damages related to environmental matters. In addition, we may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property, and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify us against future remediation costs. We also carry environmental liability insurance on our properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which we may be liable. We are not aware of any environmental matters which we believe are reasonably likely to have a material effect on our consolidated financial statements. Operating Lease —We lease land under a long-term lease at one property, which was acquired in 2016. The lease term expires in December 2020, at which time the lessor has the first option to sell the property to us, or otherwise we have the option to extend the lease. Total rental expense for the lease was $0.4 million and $0.3 million for the years ended December 31, 2017 and 2016 , respectively. Approximate minimum rental commitments remaining under the noncancelable terms of the lease as of December 31, 2017 , are as follows: (i) 2018, $364,000 ; (ii) 2019, $364,000 ; and (iii) 2020, $364,000 . There is no rental commitment for 2021 or thereafter. |
Derivative and Hedging Activiti
Derivative and Hedging Activities (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments and hedging activities disclosure | 9. DERIVATIVES AND HEDGING ACTIVITIES In September 2017, we adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This update amended existing guidance in order to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. It requires us to disclose the effect of our hedging activities on our consolidated statements of operations and eliminated the periodic measurement and recognition of hedging ineffectiveness. In accordance with the modified retrospective transition method required by ASU 2017-12, we recognized the cumulative effect of the change, representing the reversal of the $0.5 million cumulative ineffectiveness gain as of December 31, 2016, in the opening balance of Accumulated Other Comprehensive Income (“AOCI”) with a corresponding adjustment to the opening balance of Accumulated Deficit as of the beginning of 2017. 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 interest rate swaps 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 Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2017 and 2016 , such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. The ineffectiveness previously reported in earnings for the quarters ended March 31, 2017 and June 30, 2017, was adjusted to reflect application of the provisions of ASU 2017-12 as of the beginning of 2017 (as discussed above). This adjustment was not material. 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 $1.9 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, 2017 and 2016 (notional amounts in thousands): 2017 2016 (1) Count 5 4 Notional Amount $570,000 $370,000 Fixed LIBOR 0.7%-2.2% 0.7%-1.7% Maturity Date 2019-2024 2019-2020 (1) Two of the interest rate swaps with a notional amount of $127 million were entered into in December 2016, but were not effective until January 2017. The table below details the location of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2017 and 2016 (in thousands). There were no cash flow hedges in 2015. 2017 2016 Amount of gain recognized in other comprehensive income on derivatives $ 1,451 $ 4,199 Amount of gain reclassified from AOCI into interest expense 102 191 Credit risk-related Contingent Features We have agreements with our derivative counterparties that contain provisions 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, 2017 , the fair value of our derivatives in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk related to these agreements, was approximately $0.3 million . As of December 31, 2017 , we had not posted any collateral related to these agreements and were not in breach of any agreement provisions. If we had breached any of these provisions, we could have been required to settle our obligations under the agreements at their termination value of $0.3 million . |
Equity (Notes)
Equity (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Equity | 10. 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 May 9, 2017, our board of directors increased its estimated value per share of our common stock to $22.75 based substantially on the estimated market value of our portfolio of real estate properties as of March 31, 2017. 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, 2017, which reflected certain balance sheet assets and liabilities as of that date. Distribution Reinvestment Plan —We have adopted a DRIP that allows stockholders to invest distributions in additional shares of our common stock. Before our board of directors approved an increased estimated value per share on May 9, 2017, shares were issued under the DRIP at a price of $22.50 per share. Subsequent to that date, participants acquired and continue to acquire shares of common stock through the DRIP at a price of $22.75 per share. Share Repurchase Program —Our SRP provides an opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations. The cash available for repurchases on any particular date will generally be 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. The board of directors reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase. Effective April 14, 2016, the repurchase price per share for all stockholders was equal to the estimated value per share of $22.50 , which was subsequently increased to $22.75 on May 9, 2017. During the year ended December 31, 2017 , repurchase requests surpassed the funding limits under the SRP. Approximately 1.4 million shares of common stock were repurchased under our SRP during the year ended December 31, 2017 . Due to the program’s funding limits, the funds available for repurchases in 2018 are expected to be insufficient to meet all requests. When we are unable to fulfill all repurchase requests in a given month, we will honor requests on a pro rata basis to the extent funds are available until the requests are satisfied or withdrawn. We will continue to fulfill all repurchases sought upon a stockholder’s death, “qualifying disability,” or “determination of incompetence” in accordance with the terms of the SRP. Class B Units —The Operating Partnership issues limited partnership units that are designated as Class B units for asset management services provided by PECO. The vesting of Class B units is contingent upon a market condition and service condition. We had 0.4 million unvested Class B units outstanding as of December 31, 2017 and 2016 . In September 2017, we entered into an agreement with American Realty Capital PECO II Advisors, LLC (“ARC”) and its affiliates to terminate all remaining contractual and economic relationships between us and ARC. In exchange for a payment of $6 million , ARC and its affiliates sold their unvested Class B units and their interests in a special limited partner interest co-owned with PELP back to us, and terminated all fee-sharing arrangements with PECO. As a result, our ongoing fees payable to the Advisor have been reduced by 15% (see Note 12 ). |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11. 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. Restricted stock is granted under our 2013 Independent Director Stock Plan and is potentially dilutive. There were 4,968 and 4,448 shares of restricted stock outstanding as of December 31, 2017 and 2016 , respectively. There were no shares of restricted stock outstanding as of December 31, 2015 . During periods of net loss, these securities are anti-dilutive and, as a result, are excluded from the weighted-average common shares used to calculate diluted EPS. Class B units are participating securities as they contain non-forfeitable rights to dividends or dividend equivalents, and are potentially dilutive due to their right of conversion to common stock upon vesting. There were 0.4 million , 0.4 million , and 0.2 million Class B units of the Operating Partnership outstanding as of December 31, 2017 , 2016 and 2015 , 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, 2017 , 2016 , and 2015 , 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, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. RELATED PARTY TRANSACTIONS Economic Dependency —We are dependent on PECO 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 PECO is unable to provide such services, we would be required to find alternative service providers, which could result in higher costs and expenses. Advisor —Effective September 1, 2017, we entered into the amended and restated Advisory Agreement. Pursuant to the Advisory Agreement, the Advisor is entitled to specified fees for certain services, including managing our day-to-day activities and implementing our investment strategy. The Advisor manages our day-to-day affairs and our portfolio of real estate investments subject to the board’s supervision. Prior to December 3, 2015, our advisor was ARC, who entered into a sub-advisory agreement with the Advisor. The expenses reimbursed to ARC and the Advisor were reimbursed in proportion to the amount of expenses incurred on our behalf by ARC and the Advisor, respectively. Organization and Offering Costs —Under the terms of the former advisory agreement, we were to reimburse, on a monthly basis, the Advisor, 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 the Advisor, ARC, and their affiliates as of December 31, 2017 , 2016 , and 2015 , and any related amounts reimbursable to us as of December 31, 2017 , 2016 , and 2015 (in thousands): 2017 2016 2015 Cumulative organization and offering costs charged $ 18,081 $ 18,081 $ 18,081 Less: Cumulative organization and offering costs reimbursed 18,081 18,081 19,020 Total organization and offering costs receivable $ — $ — $ (939 ) Asset Management Fee and Subordinated Participation Date Rate Payable Description January 1, 2015 through December 31, 2015 1.00% 100% in Class B units The Class B units were issued on a quarterly basis at the rate of 0.25% multiplied by the lower of the cost of assets and the applicable quarterly NAV, divided by the per share NAV. January 1, 2016 through August 31, 2017 1.00% 80% in cash; 20% in Class B units The cash portion was 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. The Class B unit portion was issued on a quarterly basis at the rate of 0.05% multiplied by the lower of the cost of assets and the applicable quarterly NAV, divided by the per share NAV. September 1, 2017 through December 31, 2017 0.85% 80% in cash; 20% in Class B units The cash portion was paid on a monthly basis in arrears at the rate of 0.05667% multiplied by the cost of our assets as of the last day of the preceding monthly period. The Class B unit portion is issued on a quarterly basis at the rate of 0.0425% multiplied by the lower of the cost of assets and the applicable quarterly NAV, divided by the per share NAV. The Advisor is 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 compensation that the Advisor and their affiliates may receive from us. During the years ended December 31, 2017 and 2016 , the Operating Partnership issued 92,549 and 182,606 Class B units, respectively, to the Advisor and ARC under the Advisory Agreement for asset management services performed by the Advisor. The Advisor 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. Prior to September 2017, ARC also received the asset management fee and subordinated participation, as well as distributions on Class B units. For a more detailed discussion of the termination of our relationship with ARC, see Note 10 . Other Advisory Fees and Reimbursements Paid in Cash Fee Type Date Rate Description Acquisition fee January 1, 2015 though August 31, 2017 1.00% Equal to the product of (x) the rate and (y) the cost of investments we acquired or originated, including any debt attributable to such investments. September 1, 2017 through December 31, 2017 0.85% Acquisition expenses January 1, 2015 through December 31, 2017 N/A Reimbursements for direct expenses incurred related to selecting, evaluating, and acquiring assets on our behalf, including certain personnel costs. Disposition fee January 1, 2015 through August 31, 2017 2.00% Equal to the lesser of: (i) the product of the rate and 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 the Advisor and others) in connection with the sale may not exceed the lesser of a competitive real estate commission or 6% of the contract sales price. September 1, 2017 through December 31, 2017 1.70% Financing fee January 1, 2015 through December 31, 2015 0.75% Equal to the product of (x) the rate and (y) 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. General and Administrative Expenses —As of December 31, 2017 and 2016 , we owed the Advisor and their affiliates $119,000 and $43,000 , respectively, for general and administrative expenses paid on our behalf. Summarized below are the fees earned by and the expenses reimbursable to the Advisor and ARC under the Advisory Agreement and former advisory agreement, except for organization and offering costs and general and administrative expenses, which we disclose above, for the year ended December 31, 2017 , 2016 , and 2015 , and any related amounts unpaid as of December 31, 2017 and 2016 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2017 2016 2015 2017 2016 Acquisition fees (1) $ 1,898 $ 5,037 $ 6,841 $ — $ 179 Acquisition expenses (1) 625 1,008 1,227 — — Asset management fees (2) 12,001 10,043 — 48 1,007 Class B unit distributions (3) 702 684 82 56 57 Financing coordination fees (4) — — 554 — — Total $ 15,226 $ 16,772 $ 8,704 $ 104 $ 1,243 (1) Prior to January 1, 2017, acquisition and due diligence fees were presented as Acquisition Expenses on the consolidated statements of operations. The majority of these costs are now capitalized and allocated to the related investment in real estate assets on the consolidated balance sheet based on the acquisition-date fair values of the respective assets and liabilities acquired. (2) Asset management fees are presented as General and Administrative on the consolidated statements of operations. (3) Represents the distributions paid to the Advisor 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 Debt Obligations, 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 the Advisor 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, the Advisor will be entitled to 12.75% of the amount in excess of such 6% per annum, provided that the amount paid to the Advisor does not exceed 8.5% 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 a subsidiary of PECO a subordinated participation in the net sales proceeds of the sale of real estate assets equal to 12.75% 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. No sales of real estate assets have occurred to date. Subordinated Incentive Listing Distribution —The Operating Partnership may pay to a subsidiary of PECO a subordinated incentive listing distribution upon the listing of our common stock on a national securities exchange. Such incentive listing distribution is equal to 12.75% 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 PECO, nor any of its affiliates, can earn both the subordinated participation in the net sales proceeds and the subordinated incentive listing distribution. No subordinated incentive listing distribution has been earned to date. Subordinated Distribution Upon Termination of the Advisor Agreement —Upon termination or non-renewal of the Advisory Agreement, a subsidiary of PECO shall be entitled to a subordinated termination distribution in the form of a non-interest bearing promissory note equal to 12.75% 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, PECO 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. Manager —All of our properties are managed and leased by the Manager. The Manager also manages properties owned by PECO affiliates or other third parties. Below is a summary of fees charged by and expenses reimbursable to the Manager as outlined in the Management Agreements. Manager Fees and Reimbursements Paid in Cash Fee Type Rate Description Property Management 4.00% Equal to the product of (x) the monthly gross cash receipts from the properties managed and (y) the rate. Leasing Commissions Market Rate Fees for leasing services rendered with respect to a particular property, including if a tenant exercised an option to extend an existing lease. The fee may be increased by up to 50% if a co-broker is engaged to lease a particular vacancy. Construction Management Market Rate Paid for construction management services rendered with respect to a particular property. Other Expenses and Reimbursements N/A Costs and expenses incurred by the Manager on our behalf, including certain employee compensation, legal, travel, and other out-of-pocket expenses that were 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 Manager for the years ended December 31, 2017 , 2016 , and 2015 , and any related amounts unpaid as of December 31, 2017 and 2016 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2017 2016 2015 2017 2016 Property management fees (1) $ 6,035 $ 4,716 $ 2,085 $ 580 $ 423 Leasing commissions (2) 3,342 3,758 1,788 202 386 Construction management fees (2) 941 1,059 377 260 185 Other fees and reimbursements (3) 3,779 3,584 2,017 491 367 Total $ 14,097 $ 13,117 $ 6,267 $ 1,533 $ 1,361 (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”), an affiliate of ARC. 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 agreement terminated upon termination of the initial public offering in September 2015. 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 PECO to the affiliate of the Dealer Manager for such services. We reimbursed PECO 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, 2017 , 2016 , and 2015 , and any related amounts unpaid, which are included as a component of total unpaid organization and offering costs, as of December 31, 2017 and 2016 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2017 2016 2015 2017 2016 Total commissions and fees incurred from Dealer Manager $ — $ — $ 51,213 $ — $ — Transfer agent fees incurred related to offering costs — — 1,254 — 140 Other fees expensed from the transfer agent — 140 559 — 560 Share Purchases by the Advisor —The Advisor 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. The Advisor purchased shares at a purchase price of $22.50 per share, reflecting no dealer manager fee nor selling commissions paid on such shares. Unconsolidated Joint Venture —As of December 31, 2017 and 2016 , we owed the Joint Venture approximately $52,000 and $152,000 , respectively, primarily related to activity at the six properties contributed by us to the Joint Venture. See Note 4 for more information regarding the Joint Venture. |
Operating Leases (Notes)
Operating Leases (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Leases, Operating [Abstract] | |
Operating Leases | 13. 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, 2017 , assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands): Year Amount 2018 $ 119,185 2019 107,463 2020 94,392 2021 78,473 2022 63,143 2023 and thereafter 226,373 Total $ 689,029 No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of December 31, 2017 . As of December 31, 2017 , our real estate investments in Florida, California, and Georgia represented 15.1% , 13.4% , and 11.0% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse economic developments in those real estate markets. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | 14. QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2017 and 2016 . 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. 2017 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter (1) Fourth Quarter Total revenue $ 38,801 $ 39,958 $ 40,971 $ 42,847 Net loss (87 ) (1,252 ) (5,857 ) (2,335 ) Net loss per share - basic and diluted (0.00 ) (0.03 ) (0.13 ) (0.04 ) (1) The net loss in the third quarter was largely due to the termination of affiliate arrangements (see Note 10 ). 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 ) |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS Distributions Distributions were paid subsequent to December 31, 2017, as follows (in thousands): Month Dates of Record Distribution Amount per Share (1) Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution December 12/1/2017 - 12/31/2017 $0.00445205 1/2/2018 $ 6,432 $ 3,006 $ 3,426 January 1/16/2018 $0.13541652 2/1/2018 6,326 2,922 3,404 February 2/15/2018 $0.13541652 3/1/2018 6,314 2,898 3,416 (1) The December distribution amount per share is a daily amount, while the January and February amount per share is a monthly amount. The 2018 monthly distribution amount will result in the same annual distribution amount as the daily distribution amount. In March 2018 , our board of directors authorized distributions to the stockholders of record as of March 15, 2018 , April 16, 2018 , and May 15, 2018 . The authorized distributions equal an amount of $0.13541652 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, 2017 , we acquired the following property (dollars in thousands): Property Name Location Anchor Acquisition Date Purchase Price Square Footage Leased % Rentable Square Feet at Acquisition Seville Commons Arlington, TX Walmart 1/19/2018 $ 18,200 113,742 92.4 % Joint Venture Subsequent to December 31, 2017 , we received a distribution of $0.3 million from the Joint Venture. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 (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 Bethany Village Shopping Center Alpharetta, GA $ — $ 4,833 $ 5,474 $ 380 $ 5,015 $ 5,672 $ 10,687 $ 1,042 2001 3/14/2014 Staunton Plaza Staunton, VA — 4,311 10,035 204 4,428 10,122 14,550 1,626 2006 4/30/2014 Northpark Village Lubbock, TX — 1,467 6,212 365 1,678 6,366 8,044 977 1990 7/25/2014 Spring Cypress Village Houston, TX — 8,219 11,731 1,044 8,471 12,523 20,994 2,112 1982/2007 7/30/2014 Kipling Marketplace Littleton, CO — 3,108 8,547 414 3,229 8,840 12,069 1,386 1983/2009 8/7/2014 Lake Washington Crossing Melbourne, FL — 3,617 9,121 605 3,767 9,576 13,343 1,385 1987/2012 8/15/2014 MetroWest Village Orlando, FL — 4,665 12,528 438 4,833 12,798 17,631 1,996 1990 8/20/2014 Kings Crossing Sun City Center, FL — 4,064 8,918 537 4,286 9,233 13,519 1,414 2000 8/26/2014 Commonwealth Square Folsom, CA 6,576 6,811 12,962 1,174 7,136 13,811 20,947 2,732 1987 10/2/2014 Colonial Promenade Winter Haven, FL — 9,132 21,733 553 9,184 22,234 31,418 3,870 1986/2008 10/10/2014 Point Loomis Shopping Center Milwaukee, WI — 4,380 8,145 44 4,380 8,189 12,569 1,270 1965/1991 10/21/2014 Hilander Village Roscoe, IL — 2,293 6,637 902 2,732 7,100 9,832 1,694 1994 10/22/2014 Milan Plaza Milan, MI — 854 1,760 346 1,041 1,919 2,960 954 1960/1975 10/22/2014 Laguna 99 Plaza Elk Grove, CA — 5,264 12,298 687 5,590 12,659 18,249 1,985 1992 11/10/2014 Southfield Shopping Center St. Louis, MO — 5,307 12,781 464 5,506 13,046 18,552 2,038 1987 11/18/2014 Shasta Crossroads Redding, CA — 5,818 19,148 1,738 6,373 20,331 26,704 2,930 1989 11/25/2014 Spivey Junction Stockbridge, GA — 4,359 7,179 752 4,673 7,617 12,290 1,292 1998 12/5/2014 Quivira Crossings Overland Park, KS 8,239 6,784 10,113 674 7,188 10,383 17,571 1,739 1996 12/16/2014 Plaza Farmington Farmington, NM — 8,564 6,074 833 8,716 6,755 15,471 1,380 2004 12/22/2014 Crossroads of Shakopee Shakopee, MN — 10,180 13,602 544 10,436 13,890 24,326 2,666 1998 12/22/2014 Willimantic Plaza Willimantic, CT — 3,429 9,166 299 3,599 9,295 12,894 1,699 1968/1990 1/30/2015 Harvest Plaza Akron, OH — 1,022 6,063 1,065 1,314 6,836 8,150 974 1974/2000 2/9/2015 North Point Landing Modesto, CA — 7,756 20,278 888 7,974 20,948 28,922 2,693 1964/2008 2/11/2015 Oakhurst Plaza Seminole, FL — 2,586 3,152 446 2,601 3,583 6,184 701 1974/2001 2/27/2015 Glenwood Crossing Cincinnati, OH — 4,191 2,538 489 4,505 2,713 7,218 830 1999 3/27/2015 Rosewick Crossing La Plata, MD — 7,413 15,169 855 7,712 15,725 23,437 2,320 2008 4/2/2015 Waterford Park Plaza Plymouth, MN — 4,150 14,453 846 4,606 14,843 19,449 2,190 1989 4/6/2015 Ocean Breeze Jensen Beach, FL — 5,896 7,861 435 5,965 8,227 14,192 1,150 1993/2010 4/30/2015 Old Alabama Square Alpharetta, GA — 9,712 13,937 1,622 10,225 15,046 25,271 1,893 2000 6/10/2015 Central Valley Market Place Ceres, CA — 2,610 15,821 256 2,751 15,936 18,687 1,677 2005 6/29/2015 Meadows on the Parkway Boulder, CO — 24,131 20,529 1,528 24,632 21,556 46,188 2,493 1989 7/16/2015 Broadlands Marketplace Broomfield, CO — 6,395 8,280 509 6,549 8,635 15,184 1,186 2002 7/16/2015 West Acres Shopping Center Fresno, CA — 3,386 6,069 235 3,474 6,216 9,690 1,046 1990 7/31/2015 Plano Market Street Plano, TX — 15,121 28,920 305 15,190 29,156 44,346 3,183 2009 7/31/2015 Island Walk Plaza Fernandina Beach, FL — 7,248 13,113 1,437 7,644 14,154 21,798 2,051 1987/2012 9/30/2015 North Pointe Plaza North Charleston, SC — 9,182 28,118 (323 ) 9,478 27,499 36,977 3,661 1989 9/30/2015 Shoregate Center Willowick, OH — 6,774 12,684 3,424 7,997 14,885 22,882 3,318 1958/2005 10/7/2015 Village Center Racine, WI — 4,945 23,515 455 5,272 23,643 28,915 3,459 2002/2003 10/30/2015 Alico Commons Fort Myers, FL — 3,636 14,340 93 3,671 14,398 18,069 1,417 2009 11/2/2015 Port St. John Plaza Port St John, FL — 2,758 3,806 499 3,196 3,867 7,063 729 1986 11/2/2015 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION As of December 31, 2017 (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 Rockledge Square Rockledge, FL — 2,765 3,292 240 2,765 3,532 6,297 630 1985 11/2/2015 Windover Square Melbourne, FL — 3,242 11,744 518 3,465 12,039 15,504 1,148 1984/2010 11/2/2015 51st and Olive Glendale, AZ 3,689 1,974 6,870 287 2,082 7,049 9,131 785 1975/2007 11/6/2015 Cocoa Commons Cocoa, FL — 4,468 6,534 737 4,673 7,066 11,739 857 1986 11/19/2015 Sheffield Crossing Sheffield Village, OH 8,988 6,053 9,274 649 6,314 9,662 15,976 1,510 1989 12/17/2015 Amherst Marketplace Amherst, OH 6,420 2,916 8,213 100 3,010 8,219 11,229 760 1996 12/17/2015 Shoppes at Windmill Place Batavia, IL — 7,980 14,873 612 8,394 15,071 23,465 1,506 1991/1997 12/17/2015 Hamilton Mill Village Dacula, GA — 6,320 9,566 1,038 6,493 10,431 16,924 1,067 1996 12/22/2015 Normandale Village Bloomington, MN 12,390 7,107 10,880 989 7,647 11,329 18,976 1,375 1973 12/22/2015 Wyandotte Plaza Kansas City, KS — 5,149 14,414 560 5,238 14,885 20,123 1,369 1961/2015 12/23/2015 Everybody's Plaza Cheshire, CT — 2,336 8,453 218 2,475 8,532 11,007 779 1960/2005 12/30/2015 Carriagetown Station Amesbury, MA — 6,811 13,885 233 6,985 13,944 20,929 1,225 2000 2/4/2016 Vineyard Center Station Templeton, CA 5,500 1,718 5,818 75 1,757 5,854 7,611 498 2007 2/17/2016 Glen Lakes Station Weeki Wachee, FL — 3,030 5,712 70 3,043 5,769 8,812 558 2008 2/23/2016 Sanibel Station Fort Myers, FL — 3,395 5,201 85 3,445 5,236 8,681 588 2003 2/23/2016 Fairfield Commons Lakewood, CO — 7,706 24,427 1,146 8,431 24,848 33,279 1,888 1985 2/25/2016 Lakewood Station Lakewood, OH — 1,585 9,589 623 1,893 9,904 11,797 729 1991 3/10/2016 Amherst Station II Amherst, NY — 4,782 6,752 772 4,895 7,411 12,306 946 1980/1999 4/8/2016 Bartow Marketplace Station Cartersville, GA — 12,349 21,159 496 12,427 21,577 34,004 2,332 1995 4/8/2016 Bloomingdale Hills Station Riverview, FL — 3,719 4,773 160 3,790 4,862 8,652 540 2002/2012 4/4/2016 Stone Gate Station Crowley, TX 7,615 4,992 6,807 122 5,089 6,832 11,921 634 2003 4/15/2016 Broadway Pavilion Station Santa Maria, CA — 8,125 18,138 404 8,383 18,284 26,667 1,394 1987 5/5/2016 Mckinney Station Mckinney, TX 3,901 9,756 12,172 141 9,808 12,261 22,069 1,072 2003 5/24/2016 Montville Station Montville, CT 9,470 12,603 11,926 440 12,910 12,059 24,969 1,252 2007 5/24/2016 Raynham Station Raynham, MA 17,000 7,618 25,811 914 7,954 26,389 34,343 1,971 1965/1991 5/24/2016 Suntree Station Southlake, TX 9,532 6,312 15,103 226 6,376 15,265 21,641 1,079 2000 5/24/2016 Crosscreek Village Station St. Cloud, FL — 3,350 7,794 26 3,360 7,810 11,170 624 2008 5/20/2016 Market Walk Station Savannah, GA — 19,426 25,565 971 19,758 26,204 45,962 2,099 2014/2015 5/11/2016 Green Valley Station Henderson, NV — 7,028 13,607 471 7,199 13,907 21,106 1,063 1978/1982 5/31/2016 Livonia Station Livonia, MI — 3,861 14,717 574 4,388 14,764 19,152 840 1988 9/20/2016 Franklin Station Franklin, WI 7,728 5,647 5,426 526 6,040 5,559 11,599 400 1994/2009 12/28/2016 Alameda Crossing Station Avondale, AZ 13,639 4,987 15,845 280 5,077 16,035 21,112 790 2006 12/2/2016 Shorewood Station Shorewood, IL — 9,221 21,521 565 9,524 21,783 31,307 1,086 2001 12/15/2016 Palmer Town Station Easton, PA — 7,216 21,828 583 7,377 22,250 29,627 1,013 2005 12/30/2016 Plaza 23 Station Pompton Plains, NJ — 10,743 36,975 883 11,205 37,396 48,601 1,362 1963/1997 2/27/2017 Herndon Station Fresno, CA — 6,196 10,165 241 6,391 10,211 16,602 602 2005 2/10/2017 Windmill Station Clovis, CA — 2,638 6,317 155 2,749 6,361 9,110 258 2001 2/10/2017 Bells Fork Station Greenville, NC — 2,474 5,518 303 2,587 5,708 8,295 227 2006 3/1/2017 Evans Station Evans, GA — 3,902 7,385 444 3,934 7,797 11,731 247 1995 5/9/2017 Riverlakes Station Bakersfield, CA 14,112 7,857 14,732 160 7,892 14,857 22,749 335 1997 6/16/2017 SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION As of December 31, 2017 (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 Ormond Beach Station Ormond Beach, FL — 4,940 7,345 136 4,996 7,425 12,421 156 1967/2010 7/12/2017 Mansfield Station Mansfield, TX — 4,506 12,366 38 4,528 12,382 16,910 186 2015 9/6/2017 Heritage Plaza Station Carol Stream, IL 9,696 5,435 15,423 178 5,486 15,550 21,036 191 1988 9/28/2017 Mountain Crossing Station Dacula, GA 4,586 6,427 6,832 (3 ) 6,425 6,831 13,256 37 1997 12/1/2017 Loganville Station Loganville, GA — 4,851 6,393 — 4,851 6,393 11,244 — 1997 12/22/2017 Totals $ 149,081 $ 501,887 $ 1,019,950 $ 46,447 $ 520,526 $ 1,047,758 $ 1,568,284 $ 115,166 (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, 2017 . (3) The aggregate cost of real estate owned at December 31, 2017 for federal income tax purposes is $1.7 billion . Reconciliation of real estate owned: 2017 2016 Balance at January 1 $ 1,358,220 $ 954,698 Additions during the year: Real estate acquisitions 189,420 473,383 Net additions to/improvements of real estate 20,644 15,233 Deductions during the year: Real estate dispositions — (85,094 ) Balance at December 31 $ 1,568,284 $ 1,358,220 Reconciliation of accumulated depreciation: 2017 2016 Balance at January 1 $ 61,981 $ 21,315 Additions during the year: Depreciation expense 53,185 42,247 Deductions during the year: Accumulated depreciation of real estate dispositions — (1,581 ) Balance at December 31 $ 115,166 $ 61,981 * * * * * |
Summary Of Significant Accoun24
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 —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 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. 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 —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 —In January 2017 , the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This update amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. We adopted ASU 2017-01 on January 1, 2017 , and applied it prospectively. Under this new guidance, most of our real estate acquisition activity is no longer considered a business combination and is instead classified as an asset acquisition. As a result, most acquisition-related costs that would have been recorded on our consolidated statements of operations prior to adoption have been capitalized and will be amortized over the life of the related asset. Costs incurred related to properties that were not ultimately acquired were recorded as Acquisition Expenses on our consolidated statements of operations. As of December 31, 2017 , none of our real estate acquisitions in 2017 met the definition of a business; therefore, we accounted for all as asset acquisitions. Real estate assets are stated at cost less accumulated depreciation. The majority of acquisition-related costs are capitalized and allocated to the various classes of assets acquired. These costs are then amortized over the estimated useful lives associated with the assets acquired. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally not to exceed 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. 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. If deemed unrecoverable on an undiscounted basis, 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, 2017 , 2016 , and 2015 . 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. 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 discount 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 —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. Deferred financing costs related to our term loan facilities and mortgages are in Debt Obligations, Net, while deferred financing costs related to our revolving credit facility are in Other Assets, Net, on our consolidated balance sheets. |
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. |
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. 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 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, 2017 and 2016 , the deferred rent receivable was $7.7 million and $5.1 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, which were $21.4 million and $16.1 million as of December 31, 2017 and 2016 , respectively. 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, 2017 and 2016 , the bad debt reserve was $2.1 million and $1.0 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. We are continuing to evaluate the impact of the Tax Cuts and Jobs Act on the organization as a whole. We do not expect the impact of the Tax Cuts and Jobs Act to have a material impact on the financial statements. The tax composition of our distributions declared for the years ended December 31, 2017 and 2016 , was as follows: 2017 2016 Ordinary Income 14.84 % 19.81 % Return of Capital 85.16 % 80.19 % Total 100.00 % 100.00 % |
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 10 ). 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 PECO under our 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 PECO 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, PECO 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 PECO 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, 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 PECO’s performance under the 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 PECO has continued providing advisory services, and that the Class B units are not considered issued until such a Liquidity Event. |
Stock-based Compensation | Stock-based Compensation —We account for our stock-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 —In 2017, we modified our approach of evaluating operating segments. We internally evaluate the operating performance of our portfolio of properties and currently do not differentiate properties by geography, size, or type. As operating performance is reviewed at a portfolio level rather than at a property level, our entire portfolio of properties is considered to be one operating segment. Accordingly, we did not report any other segment disclosures in 2017 . |
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 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) This update amends existing guidance in order to provide consistency in accounting for the derecognition of a business or nonprofit activity. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We adopted this standard concurrently with ASU 2014-09, listed below. We expect the adoption will impact our transactions that are subject to the amendments, which, although expected to be infrequent, would include a partial sale of real estate or contribution of a nonfinancial asset to form a joint venture. 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 Upon adoption, we will include amounts generally described as restricted cash within the beginning-of-period and end-of-period total amounts on the statement of cash flows. This change will not have a material impact on the consolidated financial statements. ASU 2016-15, Statement of Cash Flows (Topic 230) This update addresses the presentation of eight specific cash receipts and cash payments 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 have evaluated the impact the adoption of this standard will have on our consolidated financial statements. Of the eight specific cash receipts and cash payments listed within this guidance, only three would be applicable to our business as it stands currently: debt prepayment or debt extinguishment costs, proceeds from settlement of insurance claims, and distributions received from equity method investees. This change will not have a material impact on the consolidated financial statements. We will apply the guidance for all of the eight cash flow types to any future transactions when applicable. 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. This update 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. We have identified areas within our accounting policies we believe could be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities. In January 2018, the FASB issued a proposed ASU related to ASC 842. The update would allow lessors to use a practical expedient to account for non-lease components and related lease components as a single lease component instead of accounting for them separately, if certain conditions are met. This proposal is currently under consideration by regulators. We also expect to recognize right of use assets on our consolidated balance sheets related to certain ground leases where we are the lessee. We will continue to evaluate the effect the adoption of ASU 2016-02 will have on our consolidated financial statements. However, we currently believe that the adoption of ASU 2016-02 will not have a material impact on our consolidated financial statements. 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 also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09. 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, the adoption of this standard did not have a material impact on our rental or reimbursement revenue. We are adopting this guidance on a modified retrospective basis. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-12, Derivatives and Hedging (Topic 815) This update amended existing guidance in order to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. September 2017 Upon adoption, we included a disclosure related to the effect of our hedging activities on our consolidated statements of operations. This disclosure also eliminated the periodic measurement and recognition of hedging ineffectiveness. We adopted this guidance on a modified retrospective basis and applied an adjustment to Accumulated Other Comprehensive Income with a corresponding adjustment to the opening balance of Accumulated Deficit as of the beginning of 2017. For a more detailed discussion of this adoption, see Note 9. ASU 2017-01, Business Combinations This update amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. January 1, 2017 During the year ended December 31, 2017, we capitalized $4.5 million of acquisition costs as a result of this adoption. For a more detailed discussion of the effect of this adoption on our financial statements, refer to the Investment in Property and Lease Intangibles section above. |
Reclassification | Reclassification —The following line items on our consolidated balance sheet for the year ended December 31, 2016 , were reclassified to conform to the current year presentation: • Restricted Cash was separately disclosed due to significance in the current period. In the previous period these amounts were included in Other Assets, Net. |
Earnings Per Share Earning Per
Earnings Per Share Earning Per Share Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy | 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 |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Tax Treatment of Distributions | The tax composition of our distributions declared for the years ended December 31, 2017 and 2016 , was as follows: 2017 2016 Ordinary Income 14.84 % 19.81 % Return of Capital 85.16 % 80.19 % 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 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) This update amends existing guidance in order to provide consistency in accounting for the derecognition of a business or nonprofit activity. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. January 1, 2018 We adopted this standard concurrently with ASU 2014-09, listed below. We expect the adoption will impact our transactions that are subject to the amendments, which, although expected to be infrequent, would include a partial sale of real estate or contribution of a nonfinancial asset to form a joint venture. 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 Upon adoption, we will include amounts generally described as restricted cash within the beginning-of-period and end-of-period total amounts on the statement of cash flows. This change will not have a material impact on the consolidated financial statements. ASU 2016-15, Statement of Cash Flows (Topic 230) This update addresses the presentation of eight specific cash receipts and cash payments 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 have evaluated the impact the adoption of this standard will have on our consolidated financial statements. Of the eight specific cash receipts and cash payments listed within this guidance, only three would be applicable to our business as it stands currently: debt prepayment or debt extinguishment costs, proceeds from settlement of insurance claims, and distributions received from equity method investees. This change will not have a material impact on the consolidated financial statements. We will apply the guidance for all of the eight cash flow types to any future transactions when applicable. 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. This update 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. We have identified areas within our accounting policies we believe could be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities. In January 2018, the FASB issued a proposed ASU related to ASC 842. The update would allow lessors to use a practical expedient to account for non-lease components and related lease components as a single lease component instead of accounting for them separately, if certain conditions are met. This proposal is currently under consideration by regulators. We also expect to recognize right of use assets on our consolidated balance sheets related to certain ground leases where we are the lessee. We will continue to evaluate the effect the adoption of ASU 2016-02 will have on our consolidated financial statements. However, we currently believe that the adoption of ASU 2016-02 will not have a material impact on our consolidated financial statements. 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 also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09. 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, the adoption of this standard did not have a material impact on our rental or reimbursement revenue. We are adopting this guidance on a modified retrospective basis. The following table provides a brief description of newly adopted accounting pronouncements and their effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-12, Derivatives and Hedging (Topic 815) This update amended existing guidance in order to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. September 2017 Upon adoption, we included a disclosure related to the effect of our hedging activities on our consolidated statements of operations. This disclosure also eliminated the periodic measurement and recognition of hedging ineffectiveness. We adopted this guidance on a modified retrospective basis and applied an adjustment to Accumulated Other Comprehensive Income with a corresponding adjustment to the opening balance of Accumulated Deficit as of the beginning of 2017. For a more detailed discussion of this adoption, see Note 9. ASU 2017-01, Business Combinations This update amended existing guidance in order to clarify when an integrated set of assets and activities is considered a business. January 1, 2017 During the year ended December 31, 2017, we capitalized $4.5 million of acquisition costs as a result of this adoption. For a more detailed discussion of the effect of this adoption on our financial statements, refer to the Investment in Property and Lease Intangibles section above. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value of Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Debt Obligations Fair Value | The following is a summary of borrowings as of December 31, 2017 and 2016 (dollars in thousands): 2017 2016 Fair value $ 770,537 $ 527,167 Recorded value (1) 780,545 537,736 (1) Recorded value does not include net deferred financing costs of $5.3 million and $4.5 million as of December 31, 2017 and 2016 , respectively. |
Derivative Fair Value | The fair value measurements of our derivative assets and liabilities as of December 31, 2017 and 2016 were as follows (in thousands): 2017 2016 Derivative asset: Interest rate swaps designated as hedging instruments - Term Loans $ 6,544 $ 5,369 Derivative liability: Interest rate swaps designated as hedging instruments - Term Loans $ 85 $ 463 Interest rate swaps not designated as hedging instruments - mortgage notes 255 850 Total $ 340 $ 1,313 |
Investment in Unconsolidated 28
Investment in Unconsolidated Joint Venture Unconsolidatged Joint Venture Investment (Table) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Venture | The following table summarizes our unconsolidated joint venture as of December 31, 2017 and 2016 (dollars in thousands): Ownership Percentage Number of Shopping Centers Contributions Distributions 2017 2016 2017 2016 Joint Venture 20% 14 $ 2,854 $ 7,715 $ 950 $ — |
Real Estate Acquisitions (Table
Real Estate Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | For the years ended December 31, 2017 and 2016 , we allocated the purchase prices to the fair value of the assets acquired and liabilities assumed as follows (in thousands): 2017 2016 Land and improvements $ 59,969 $ 156,577 Building and improvements 129,451 316,806 Acquired in-place leases 19,594 48,554 Acquired above-market leases 1,718 2,547 Acquired below-market leases (6,394 ) (18,017 ) Total assets and lease liabilities acquired 204,338 506,467 Less: Fair value of assumed debt at acquisition 29,015 80,956 Net assets acquired $ 175,323 $ 425,511 |
Schedule of 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, 2017 and 2016 , are as follows (in years): 2017 2016 Acquired in-place leases 11 12 Acquired above-market leases 7 7 Acquired below-market leases 19 16 |
Acquired Intangible Leases (Tab
Acquired Intangible Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Acquired Intangible Leases | Acquired intangible lease assets and liabilities consisted of the following amounts as of December 31, 2017 and 2016 (in thousands): 2017 2016 In-place leases $ 158,510 $ 138,916 Above-market leases 14,742 13,024 Total intangible lease assets 173,252 151,940 Accumulated amortization (42,124 ) (23,274 ) Net intangible lease assets $ 131,128 $ 128,666 Below-market lease liabilities $ 65,953 $ 59,558 Accumulated amortization (10,959 ) (6,362 ) Net below-market lease liabilities $ 54,994 $ 53,196 |
Schedule of Intangible Leases Amortization | Summarized below is the amortization recorded on the intangible assets and liabilities for the years ended December 31, 2017 , 2016 and 2015 , (in thousands): 2017 2016 2015 In-place leases $ 16,618 $ 13,201 $ 6,665 Above-market leases 2,232 1,883 987 Below-market leases (4,597 ) (4,025 ) (2,138 ) Total $ 14,253 $ 11,059 $ 5,514 |
Schedule of Future Amortization - Acquired Intangible Leases | Estimated future amortization of the respective acquired intangible lease assets and liabilities as of December 31, 2017 , for each of the next five years is as follows (in thousands): Year In-Place Leases Above-Market Leases Below-Market Leases 2018 $ 16,477 $ 2,206 $ (4,616 ) 2019 15,774 1,855 (4,510 ) 2020 15,020 1,461 (4,402 ) 2021 13,044 1,200 (4,362 ) 2022 11,684 986 (4,205 ) |
Debt Obligations, Net (Tables)
Debt Obligations, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Principal Balances and Interest Rates | The following is a summary of the outstanding principal balances of our debt obligations as of December 31, 2017 and 2016 (in thousands): Interest Rate (1) 2017 2016 Revolving credit facility (2) 3.04% $ 57,357 $ 28,000 Term loans (3) 2.24%-4.09% 570,000 370,000 Mortgages payable (4) 3.45%-6.64% 149,081 134,941 Assumed below-market debt adjustment, net (5) 4,107 4,795 Deferred financing costs, net (6) (5,270 ) (4,521 ) Total $ 775,275 $ 533,215 (1) Includes the effects of derivative financial instruments (see Notes 3 and 9 ). (2) The revolving credit facility matures in July 2018. We intend to exercise an option to extend the maturity date to January 2019. Gross borrowings under our revolving credit facility were $313.0 million and gross payments on our revolving credit facility were $283.6 million during the year ended December 31, 2017 . The revolving credit facility had a maximum capacity of $350 million as of December 31, 2017 and 2016 . (3) The term loans consist of a $185 million tranche maturing in 2019 and a $185 million tranche maturing in 2020, each of which have options to extend to 2021. 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. In September 2017, we executed a new $200 million term loan, which matures in 2024. (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, 2017 . (5) Net of accumulated amortization of $2.0 million and $1.3 million as of December 31, 2017 and 2016 , respectively. (6) Net of accumulated amortization of $2.6 million and $1.2 million as of December 31, 2017 and 2016 , respectively. |
Schedule of Debt Allocations | 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): 2017 2016 As to interest rate: (1) Fixed-rate debt $ 719,081 $ 377,941 Variable-rate debt 57,357 155,000 Total $ 776,438 $ 532,941 As to collateralization: Unsecured debt $ 627,357 $ 398,000 Secured debt 149,081 134,941 Total $ 776,438 $ 532,941 (1) Includes the effects of derivative financial instruments (see Notes 3 and 9 ). |
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): 2018 2019 2020 2021 2022 Thereafter Total Revolving credit facility (1) $ 57,357 $ — $ — $ — $ — $ — $ 57,357 Term loans — 185,000 185,000 — — 200,000 570,000 Mortgages payable 26,368 2,848 2,985 51,931 19,666 45,283 149,081 Total maturing debt $ 83,725 $ 187,848 $ 187,985 $ 51,931 $ 19,666 $ 245,283 $ 776,438 (1) The revolving credit facility matures in July 2018. We intend to exercise an option to extend the maturity date to January 2019. |
Derivative and Hedging Activi32
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (notional amounts in thousands): 2017 2016 (1) Count 5 4 Notional Amount $570,000 $370,000 Fixed LIBOR 0.7%-2.2% 0.7%-1.7% Maturity Date 2019-2024 2019-2020 (1) Two of the interest rate swaps with a notional amount of $127 million were entered into in December 2016, but were not effective until January 2017. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The table below details the location of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2017 and 2016 (in thousands). There were no cash flow hedges in 2015. 2017 2016 Amount of gain recognized in other comprehensive income on derivatives $ 1,451 $ 4,199 Amount of gain reclassified from AOCI into interest expense 102 191 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Summary of Organization and Offering Costs | Summarized below are the cumulative organization and offering costs charged by and the cumulative costs reimbursed to the Advisor, ARC, and their affiliates as of December 31, 2017 , 2016 , and 2015 , and any related amounts reimbursable to us as of December 31, 2017 , 2016 , and 2015 (in thousands): 2017 2016 2015 Cumulative organization and offering costs charged $ 18,081 $ 18,081 $ 18,081 Less: Cumulative organization and offering costs reimbursed 18,081 18,081 19,020 Total organization and offering costs receivable $ — $ — $ (939 ) |
Asset Management Fee and Subordinated Participation | Asset Management Fee and Subordinated Participation Date Rate Payable Description January 1, 2015 through December 31, 2015 1.00% 100% in Class B units The Class B units were issued on a quarterly basis at the rate of 0.25% multiplied by the lower of the cost of assets and the applicable quarterly NAV, divided by the per share NAV. January 1, 2016 through August 31, 2017 1.00% 80% in cash; 20% in Class B units The cash portion was 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. The Class B unit portion was issued on a quarterly basis at the rate of 0.05% multiplied by the lower of the cost of assets and the applicable quarterly NAV, divided by the per share NAV. September 1, 2017 through December 31, 2017 0.85% 80% in cash; 20% in Class B units The cash portion was paid on a monthly basis in arrears at the rate of 0.05667% multiplied by the cost of our assets as of the last day of the preceding monthly period. The Class B unit portion is issued on a quarterly basis at the rate of 0.0425% multiplied by the lower of the cost of assets and the applicable quarterly NAV, divided by the per share NAV. |
Other Advisory Fees and Reimbursements | Other Advisory Fees and Reimbursements Paid in Cash Fee Type Date Rate Description Acquisition fee January 1, 2015 though August 31, 2017 1.00% Equal to the product of (x) the rate and (y) the cost of investments we acquired or originated, including any debt attributable to such investments. September 1, 2017 through December 31, 2017 0.85% Acquisition expenses January 1, 2015 through December 31, 2017 N/A Reimbursements for direct expenses incurred related to selecting, evaluating, and acquiring assets on our behalf, including certain personnel costs. Disposition fee January 1, 2015 through August 31, 2017 2.00% Equal to the lesser of: (i) the product of the rate and 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 the Advisor and others) in connection with the sale may not exceed the lesser of a competitive real estate commission or 6% of the contract sales price. September 1, 2017 through December 31, 2017 1.70% Financing fee January 1, 2015 through December 31, 2015 0.75% Equal to the product of (x) the rate and (y) 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. |
Advisor Transactions | Summarized below are the fees earned by and the expenses reimbursable to the Advisor and ARC under the Advisory Agreement and former advisory agreement, except for organization and offering costs and general and administrative expenses, which we disclose above, for the year ended December 31, 2017 , 2016 , and 2015 , and any related amounts unpaid as of December 31, 2017 and 2016 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2017 2016 2015 2017 2016 Acquisition fees (1) $ 1,898 $ 5,037 $ 6,841 $ — $ 179 Acquisition expenses (1) 625 1,008 1,227 — — Asset management fees (2) 12,001 10,043 — 48 1,007 Class B unit distributions (3) 702 684 82 56 57 Financing coordination fees (4) — — 554 — — Total $ 15,226 $ 16,772 $ 8,704 $ 104 $ 1,243 (1) Prior to January 1, 2017, acquisition and due diligence fees were presented as Acquisition Expenses on the consolidated statements of operations. The majority of these costs are now capitalized and allocated to the related investment in real estate assets on the consolidated balance sheet based on the acquisition-date fair values of the respective assets and liabilities acquired. (2) Asset management fees are presented as General and Administrative on the consolidated statements of operations. (3) Represents the distributions paid to the Advisor 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 Debt Obligations, 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. |
Manager Fees and Reimbursements | Manager Fees and Reimbursements Paid in Cash Fee Type Rate Description Property Management 4.00% Equal to the product of (x) the monthly gross cash receipts from the properties managed and (y) the rate. Leasing Commissions Market Rate Fees for leasing services rendered with respect to a particular property, including if a tenant exercised an option to extend an existing lease. The fee may be increased by up to 50% if a co-broker is engaged to lease a particular vacancy. Construction Management Market Rate Paid for construction management services rendered with respect to a particular property. Other Expenses and Reimbursements N/A Costs and expenses incurred by the Manager on our behalf, including certain employee compensation, legal, travel, and other out-of-pocket expenses that were directly related to the management of specific properties and corporate matters, as well as fees and expenses of third-party accountants. |
Manager Transactions | Summarized below are the fees earned by and the expenses reimbursable to the Manager for the years ended December 31, 2017 , 2016 , and 2015 , and any related amounts unpaid as of December 31, 2017 and 2016 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2017 2016 2015 2017 2016 Property management fees (1) $ 6,035 $ 4,716 $ 2,085 $ 580 $ 423 Leasing commissions (2) 3,342 3,758 1,788 202 386 Construction management fees (2) 941 1,059 377 260 185 Other fees and reimbursements (3) 3,779 3,584 2,017 491 367 Total $ 14,097 $ 13,117 $ 6,267 $ 1,533 $ 1,361 (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, 2017 , 2016 , and 2015 , and any related amounts unpaid, which are included as a component of total unpaid organization and offering costs, as of December 31, 2017 and 2016 (in thousands): For the Period Ended Unpaid Amount as of December 31, December 31, 2017 2016 2015 2017 2016 Total commissions and fees incurred from Dealer Manager $ — $ — $ 51,213 $ — $ — Transfer agent fees incurred related to offering costs — — 1,254 — 140 Other fees expensed from the transfer agent — 140 559 — 560 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands): Year Amount 2018 $ 119,185 2019 107,463 2020 94,392 2021 78,473 2022 63,143 2023 and thereafter 226,373 Total $ 689,029 |
Quarterly Financial Data (Una35
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 . 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. 2017 (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter (1) Fourth Quarter Total revenue $ 38,801 $ 39,958 $ 40,971 $ 42,847 Net loss (87 ) (1,252 ) (5,857 ) (2,335 ) Net loss per share - basic and diluted (0.00 ) (0.03 ) (0.13 ) (0.04 ) (1) The net loss in the third quarter was largely due to the termination of affiliate arrangements (see Note 10 ). 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 ) |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Distributions Paid | Distributions Distributions were paid subsequent to December 31, 2017, as follows (in thousands): Month Dates of Record Distribution Amount per Share (1) Date Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through the DRIP Net Cash Distribution December 12/1/2017 - 12/31/2017 $0.00445205 1/2/2018 $ 6,432 $ 3,006 $ 3,426 January 1/16/2018 $0.13541652 2/1/2018 6,326 2,922 3,404 February 2/15/2018 $0.13541652 3/1/2018 6,314 2,898 3,416 (1) The December distribution amount per share is a daily amount, while the January and February amount per share is a monthly amount. The 2018 monthly distribution amount will result in the same annual distribution amount as the daily distribution amount. |
Schedule of Business Acquisitions, by Acquisition | Subsequent to December 31, 2017 , we acquired the following property (dollars in thousands): Property Name Location Anchor Acquisition Date Purchase Price Square Footage Leased % Rentable Square Feet at Acquisition Seville Commons Arlington, TX Walmart 1/19/2018 $ 18,200 113,742 92.4 % |
Organization (Details)
Organization (Details) | Dec. 31, 2017property | Dec. 31, 2017 | Mar. 22, 2016 |
Schedule of Equity Method Investments [Line Items] | |||
Number of real estate properties | 85 | ||
Corporate Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of real estate properties | 14 | 14 | 6 |
Equity method investment, ownership percentage | 20.00% |
Summary Of Significant Accoun38
Summary Of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | |||
Impairment of real estate | $ 0 | $ 0 | $ 0 |
Deferred rent receivables, net | 7,700,000 | 5,100,000 | |
Accounts receivable, gross | 21,400,000 | 16,100,000 | |
Bad debt reserve | $ 2,100,000 | $ 1,000,000 | |
Ordinary income | 14.84% | 19.81% | |
Return of capital | 85.16% | 80.19% | |
Total distributions percentage | 100.00% | 100.00% | |
Repurchase of common stock, shares, weighted-average percentage | 5.00% | ||
Operating Partnership return for Class B to vest | 6.00% | ||
Stock-based compensation vesting periods | 4 years | ||
Share-based compensation expense | $ 38,000 | $ 25,000 | |
Employee service share-based compensation, unvested | $ 74,000 | ||
Employee service share-based compensation, vesting periods | 2 years | ||
Furniture and Fixtures [Member] | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Furniture and Fixtures [Member] | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Land Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 15 years | ||
Building and Building Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 30 years | ||
Revolving Credit Facility | |||
Significant Accounting Policies [Line Items] | |||
Deferred financing expenses, net | $ 600,000 | 1,800,000 | |
Accumulated amortization of deferred financing expenses | 3,400,000 | $ 2,200,000 | |
Adjustments for New Accounting Pronouncement [Member] | |||
Significant Accounting Policies [Line Items] | |||
Deferred Gain on Sale of Property | 500,000 | ||
Real Estate Acquisition Related Costs | $ 4,500,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2017USD ($)Debt_Instrument | Dec. 31, 2016USD ($)Debt_Instrument | Dec. 28, 2016USD ($)Debt_Instrument |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Recorded value | $ 780,545 | $ 537,736 | |
Unamortized deferred financing cost | 5,270 | 4,521 | |
Derivative liabilities, at fair value | 300 | ||
Fair Value, Input, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 770,537 | 527,167 | |
Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities, at fair value | $ 340 | $ 1,313 | |
Designated as hedging instrument | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of interest rate derivatives held | Debt_Instrument | 2 | ||
Derivative, notional amount | $ 127,000 | ||
Designated as hedging instrument | Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of Interest Rate Derivatives Held, Effective | Debt_Instrument | 5 | 2 | |
Number of interest rate derivatives held | Debt_Instrument | 4 | ||
Derivative, notional amount | $ 570,000 | $ 370,000 | |
Derivative assets, at fair value | 6,544 | 5,369 | |
Derivative liabilities, at fair value | 85 | 463 | |
Not designated as hedging instrument | Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities, at fair value | 255 | 850 | |
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 | $ 570,000 | $ 243,000 | |
Mortgages | Not designated as hedging instrument | Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of interest rate derivatives held | Debt_Instrument | 2 | 2 | |
Derivative, notional amount | $ 15,400 | $ 15,800 |
Investment in Unconsolidated 40
Investment in Unconsolidated Joint Venture (Details) | Mar. 22, 2016USD ($) | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017 | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Interest in Joint Venture | $ 2,854,000 | $ 7,715,000 | $ 0 | |||
Proceeds received for property contribution in excess of Joint Venture agreement | 0 | 87,386,000 | 0 | |||
Distribution, Joint Venture | $ 950,000 | 0 | $ 0 | |||
Number of real estate properties | property | 85 | |||||
Corporate Joint Venture | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Interest in Joint Venture | $ 6,900,000 | $ 2,854,000 | 7,715,000 | |||
Properties contributed to Joint Venture, value | 94,300,000 | |||||
Proceeds received for property contribution in excess of Joint Venture agreement | $ 87,400,000 | |||||
Deferred gain percentage on contribution of properties | 20.00% | |||||
Net gain recognized on property contribution in excess of Joint Venture agreement | $ 3,300,000 | |||||
Equity method investment, ownership percentage | 20.00% | |||||
Distribution, Joint Venture | $ 950,000 | $ 0 | ||||
Number of real estate properties | 6 | 14 | 14 | |||
Short term loan funding to Joint Venture, payment terms | 60 days | |||||
Short-term loan funding to Joint Venture, percentage | 20.00% | |||||
Short term loan funding to Joint Venture, maximum loan balance | $ 15,000,000 | |||||
Short term loan funding to Joint Venture, spread | 1.70% | |||||
Short term loan to Joint Venture | $ 1,300,000 | |||||
Short term loan funding to Joint Venture, outstanding balance due from | $ 0 | |||||
Maximum | Corporate Joint Venture | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Interest in Joint Venture | $ 50,000,000 |
Real Estate Acquisitions (Detai
Real Estate Acquisitions (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||
Number of real estate acquisitions | 11 | 23 |
Land and improvements | $ 59,969 | $ 156,577 |
Building and improvements | 129,451 | 316,806 |
Total assets and lease liabilities acquired | 204,338 | 506,467 |
Less: Fair value of assumed debt at acquisition | 29,015 | 80,956 |
Net assets acquired | 175,323 | 425,511 |
Acquired in-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired leases | 19,594 | 48,554 |
Acquired above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired leases | 1,718 | 2,547 |
Acquired below-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired leases | $ (6,394) | $ (18,017) |
Real Estate Acquisitions (Det42
Real Estate Acquisitions (Details) - Weighted Average Amortization | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Acquired in-place leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible leases, weighted average amortization periods | 11 years | 12 years |
Acquired above-market leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible leases, weighted average amortization periods | 7 years | 7 years |
Acquired below-market leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible leases, weighted average amortization periods | 19 years | 16 years |
Acquired Intangible Leases (Det
Acquired Intangible Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Acquired Finite-Lived Intangible Leases [Line Items] | ||
In-place leases | $ 158,510 | $ 138,916 |
Above-market leases | 14,742 | 13,024 |
Total intangible lease assets | 173,252 | 151,940 |
Accumulated amortization | (42,124) | (23,274) |
Net intangible lease assets | 131,128 | 128,666 |
Below Market Lease, Gross | 65,953 | 59,558 |
Below Market Lease, Accumulated Amortization | (10,959) | (6,362) |
Below Market Lease, Net | $ 54,994 | $ 53,196 |
Acquired Intangible Leases (D44
Acquired Intangible Leases (Details) - Amortization Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Leases [Line Items] | |||
Intangible leases, amortization expenses | $ 14,253 | $ 11,059 | $ 5,514 |
Acquired below-market leases | |||
Acquired Finite-Lived Intangible Leases [Line Items] | |||
Below-market leases, amortization expenses | (4,597) | (4,025) | (2,138) |
Acquired in-place leases | |||
Acquired Finite-Lived Intangible Leases [Line Items] | |||
Intangible leases, amortization expenses | 16,618 | 13,201 | 6,665 |
Acquired above-market leases | |||
Acquired Finite-Lived Intangible Leases [Line Items] | |||
Intangible leases, amortization expenses | $ 2,232 | $ 1,883 | $ 987 |
Acquired Intangible Leases (D45
Acquired Intangible Leases (Details) - Future Amortization $ in Thousands | Dec. 31, 2017USD ($) |
Acquired below-market leases | |
Acquired Finite-Lived Intangible Leases [Line Items] | |
2,018 | $ (4,616) |
2,019 | (4,510) |
2,020 | (4,402) |
2,021 | (4,362) |
2,022 | (4,205) |
Acquired in-place leases | |
Acquired Finite-Lived Intangible Leases [Line Items] | |
2,018 | 16,477 |
2,019 | 15,774 |
2,020 | 15,020 |
2,021 | 13,044 |
2,022 | 11,684 |
Acquired above-market leases | |
Acquired Finite-Lived Intangible Leases [Line Items] | |
2,018 | 2,206 |
2,019 | 1,855 |
2,020 | 1,461 |
2,021 | 1,200 |
2,022 | $ 986 |
Debt Obligations, Net (Details)
Debt Obligations, Net (Details) - Debt Obligations, Net - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Long term debt | $ 776,438 | $ 532,941 |
Assumed below-market debt adjustment, net | 4,107 | 4,795 |
Deferred financing costs, net | (5,270) | (4,521) |
Total | 775,275 | 533,215 |
Accumulated amortization, assumed below-market debt adjustment | 2,000 | 1,300 |
Accumulated Amortization of Deferred Financing Costs | $ 2,600 | $ 1,200 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.50% | 3.00% |
Mortgages | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 149,081 | $ 134,941 |
Mortgages | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.45% | |
Mortgages | Maximum | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.64% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.04% | |
Long term debt | $ 57,357 | 28,000 |
Proceeds from lines of credit | 313,000 | |
Repayments of Lines of Credit | 283,600 | |
Line of Credit Facility, Maximum Borrowing Capacity | 350,000 | |
Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 570,000 | $ 370,000 |
Maturity Date Extension Fee, Percent | 0.15% | |
Term Loan Due 2019 | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 185,000 | |
Term Loan Due 2019 | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.24% | |
Term Loan Due 2019 | Maximum | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.09% | |
Term Loan Due 2020 | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 185,000 | |
Term Loan Due 2024 | ||
Debt Instrument [Line Items] | ||
Long term debt | $ 200,000 |
Debt Obligations, Net Debt Obli
Debt Obligations, Net Debt Obligation Alternative (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Fixed-rate debt | $ 719,081 | $ 377,941 |
Variable-rate debt | 57,357 | 155,000 |
Total | 776,438 | 532,941 |
Unsecured debt | 627,357 | 398,000 |
Secured debt | $ 149,081 | $ 134,941 |
Debt Obligations, Net (Detail48
Debt Obligations, Net (Details) - Principal Payment Obiligations - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt maturing 2017 | $ 83,725 | |
Debt maturing 2018 | 187,848 | |
Debt maturing 2019 | 187,985 | |
Debt maturing 2020 | 51,931 | |
Debt maturing 2021 | 19,666 | |
Debt maturing thereafter | 245,283 | |
Total | 776,438 | $ 532,941 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Debt maturing 2017 | 26,368 | |
Debt maturing 2018 | 2,848 | |
Debt maturing 2019 | 2,985 | |
Debt maturing 2020 | 51,931 | |
Debt maturing 2021 | 19,666 | |
Debt maturing thereafter | 45,283 | |
Total | 149,081 | 134,941 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt maturing 2017 | 57,357 | |
Debt maturing 2018 | 0 | |
Debt maturing 2019 | 0 | |
Debt maturing 2020 | 0 | |
Debt maturing 2021 | 0 | |
Debt maturing thereafter | 0 | |
Total | 57,357 | 28,000 |
Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Debt maturing 2017 | 0 | |
Debt maturing 2018 | 185,000 | |
Debt maturing 2019 | 185,000 | |
Debt maturing 2020 | 0 | |
Debt maturing 2021 | 0 | |
Debt maturing thereafter | 200,000 | |
Total | $ 570,000 | $ 370,000 |
Commitments And Contingencies N
Commitments And Contingencies Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating Leases, Rent Expense | $ 400,000 | $ 300,000 |
Operating Leases, Future Minimum Payments Due in 2018 | 364,000 | |
Operating Leases, Future Minimum Payments, Due in 2019 | 364,000 | |
Operating Leases, Future Minimum Payments, Due in 2020 | 364,000 | |
Operating Leases, Future Minimum Payments, Due in 2021 and Thereafter | $ 0 |
Derivative and Hedging Activi50
Derivative and Hedging Activities (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Debt_Instrument | Dec. 31, 2016USD ($)Debt_Instrument | Dec. 28, 2016USD ($)Debt_Instrument | |
Derivative [Line Items] | |||
Amount of gain recognized in other comprehensive income on derivatives | $ 1,451 | $ 4,199 | |
Amount of gain reclassified from AOCI into interest expense | 102 | 191 | |
Credit risk derivative liabilities | 300 | ||
Designated as hedging instrument | |||
Derivative [Line Items] | |||
Reversal of cumulative ineffectiveness gain due to adoption of new accounting policy | 500 | ||
Count | Debt_Instrument | 2 | ||
Notional amount | $ 127,000 | ||
Interest rate swap | |||
Derivative [Line Items] | |||
Credit risk derivative liabilities | $ 340 | $ 1,313 | |
Interest rate swap | Designated as hedging instrument | |||
Derivative [Line Items] | |||
Number of Interest Rate Derivatives Held, Effective | Debt_Instrument | 5 | 2 | |
Amount estimated to be reclassified from AOCI to interest expense over next 12 months | $ 1,900 | ||
Count | Debt_Instrument | 4 | ||
Notional amount | 570,000 | $ 370,000 | |
Credit risk derivative liabilities | $ 85 | $ 463 | |
Interest rate swap | Designated as hedging instrument | Minimum | |||
Derivative [Line Items] | |||
Fixed LIBOR | 0.69% | 0.69% | |
Interest rate swap | Designated as hedging instrument | Maximum | |||
Derivative [Line Items] | |||
Fixed LIBOR | 2.20% | 1.692% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 4 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2017 | May 09, 2017 | Dec. 31, 2016 | Apr. 14, 2016 | Dec. 31, 2015 | |
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 | $ 22.75 | |||||
Shares issued, price per share | $ 22.75 | $ 22.50 | ||||
Stock repurchased during period, shares | 1.4 | |||||
Class B units unvested | 0.4 | 0.4 | 0.4 | 0.2 | ||
Payments to terminate affiliate relationship | $ 6 | |||||
Related party transaction, rate decrease | 15.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Class B units unvested | 400,000 | 400,000 | 200,000 |
Stock Compensation Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Restricted stock compensation plan, shares | 4,968 | 4,448 | 0 |
Related Party Transactions Advi
Related Party Transactions Advisor Fee Structure (Details) - USD ($) | 4 Months Ended | 12 Months Ended | 20 Months Ended | 32 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2017 | Aug. 31, 2017 | |
Related Party Transaction [Line Items] | ||||||
Accounts payable – affiliates | $ 1,808,000 | $ 1,808,000 | $ 3,499,000 | |||
Advisory agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party, Monthly Cash Asset Management Fee Rate | 0.05667% | 0.06667% | ||||
Accounts payable – affiliates | $ 104,000 | $ 104,000 | $ 1,243,000 | |||
Investor Return Before Subordinated Performance Participation | 6.00% | 6.00% | ||||
Subordinated Performance Fee Percentage | 12.75% | 12.75% | ||||
Limit on Performance Fee, Percent of Total Return, Max | 8.50% | 8.50% | ||||
Subordinated participation in net sales proceeds percentage | 12.75% | 12.75% | ||||
Investor return before subordinated participation in net sales proceeds | 6.00% | 6.00% | ||||
Subordinated incentive listing fee percentage | 12.75% | 12.75% | ||||
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 | 12.75% | 12.75% | ||||
Investor return before subordinated distribution upon termination of Advisor Agreement | 7.00% | 7.00% | ||||
Asset management subordinated participation | Advisory agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Class B units of operating partnership, issued in connection with asset management services | 92,549 | 182,606 | ||||
Disposition fee | Maximum | Advisory agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Rate | 6.00% | |||||
Disposition fee | Minimum | Advisory agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Rate | 1.70% | 2.00% | ||||
Asset management fees | Advisory agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Rate | 0.85% | 1.00% | 1.00% | |||
Percentage of return | 6.00% | |||||
Accounts payable – affiliates | $ 48,000 | $ 48,000 | $ 1,007,000 | |||
Asset management fees | Cash | Advisory agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Rate | 80.00% | 80.00% | ||||
Asset management fees | Unit Distribution | Advisory agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Rate | 20.00% | 100.00% | 20.00% | |||
Related Party, Quarterly Subordinated Participation Fee Rate | 0.0425% | 0.25% | 0.05% | |||
Acquisition fee | Advisory agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Rate | 0.85% | 1.00% | ||||
Accounts payable – affiliates | $ 0 | $ 0 | 179,000 | |||
Organization and offering cost reimbursement [Member] | Maximum | Advisory agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Rate | 2.00% | |||||
Financing coordination fees | Advisory agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Rate | 0.75% | |||||
Accounts payable – affiliates | $ 0 | $ 0 | $ 0 |
Related Party Transactions Orga
Related Party Transactions Organization and Offering Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | |||
Total organization and offering costs charged | $ 18,081 | $ 18,081 | $ 18,081 |
Less: Total organization and offering costs reimbursed | 18,081 | 18,081 | 19,020 |
Total organization and offering costs receivable | $ 0 | $ 0 | $ (939) |
Related Party Transactions Ad55
Related Party Transactions Advisor Fees (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Accounts payable – affiliates | $ 1,808,000 | $ 3,499,000 | |
Advisory agreement | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 15,226,000 | 16,772,000 | $ 8,704,000 |
Accounts payable – affiliates | 104,000 | 1,243,000 | |
Advisory agreement | Asset management fees | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 12,001,000 | 10,043,000 | 0 |
Accounts payable – affiliates | 48,000 | 1,007,000 | |
Advisory agreement | Class B unit distributions | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 702,000 | 684,000 | 82,000 |
Accounts payable – affiliates | 56,000 | 57,000 | |
Advisory agreement | Acquisition fees | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 1,898,000 | 5,037,000 | 6,841,000 |
Accounts payable – affiliates | 0 | 179,000 | |
Advisory agreement | Acquisition expenses | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 625,000 | 1,008,000 | 1,227,000 |
Accounts payable – affiliates | 0 | 0 | |
Advisory agreement | Financing coordination fees | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 0 | $ 554,000 |
Accounts payable – affiliates | 0 | 0 | |
Advisory agreement | General and administrative reimbursements | |||
Related Party Transaction [Line Items] | |||
Accounts payable – affiliates | $ 119,000 | $ 43,000 |
Related Party Transactions Mana
Related Party Transactions Manager Fee Structure (Details) - Property Manager | 12 Months Ended |
Dec. 31, 2017 | |
Leasing Commissions | |
Related Party Transaction [Line Items] | |
Allowed Percentage Increase to Leasing Fee Payable | 50.00% |
Property Management Fee | |
Related Party Transaction [Line Items] | |
Property Management Fee, Percent Fee | 4.00% |
Related Party Transactions Ma57
Related Party Transactions Manager Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Accounts payable – affiliates | $ 1,808 | $ 3,499 | |
Property Manager | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 14,097 | 13,117 | $ 6,267 |
Accounts payable – affiliates | 1,533 | 1,361 | |
Property Manager | Property Management Fee | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 6,035 | 4,716 | 2,085 |
Accounts payable – affiliates | 580 | 423 | |
Property Manager | Leasing Commissions | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 3,342 | 3,758 | 1,788 |
Accounts payable – affiliates | 202 | 386 | |
Property Manager | Construction management fees | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 941 | 1,059 | 377 |
Accounts payable – affiliates | 260 | 185 | |
Property Manager | Other fees and reimbursements | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 3,779 | 3,584 | $ 2,017 |
Accounts payable – affiliates | $ 491 | $ 367 |
Related Party Transactions Deal
Related Party Transactions Dealer Manager Transactions (Details) - Dealer Manager - Dealer Manager fee - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Dealer Manager selling commission percentage | 7.00% | ||
Dealer Manager fee percentage | 3.00% | ||
Total commission and fees incurred from Dealer Manager | $ 0 | $ 0 | $ 51,213 |
Total commission and fees payable to Dealer Manager | 0 | 0 | |
Transfer agent fees incurred related to offering costs | 0 | 0 | 1,254 |
Transfer agent fees payable related to offering costs | 0 | 140 | |
Other fees expensed from the transfer agent | 0 | 140 | $ 559 |
Other fees payable to the transfer agent | $ 0 | $ 560 |
Related Party Transactions Othe
Related Party Transactions Other (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Shares owned by sub-advisor | 8,888 | |
Sub-advisor share purchase price | $ 22.50 | |
Due to unconsolidated joint venture | $ 152,000 | $ 52,000 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,018 | $ 119,185 |
2,019 | 107,463 |
2,020 | 94,392 |
2,021 | 78,473 |
2,022 | 63,143 |
2023 and thereafter | 226,373 |
Total | $ 689,029 |
FLORIDA | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 15.10% |
CALIFORNIA | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 13.40% |
GEORGIA | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 11.00% |
Quarterly Financial Data (Una61
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Total revenue | $ 42,847 | $ 40,971 | $ 39,958 | $ 38,801 | $ 36,115 | $ 34,002 | $ 31,378 | $ 28,301 | |||
Net income (loss) | $ (2,335) | $ (5,857) | $ (1,252) | $ (87) | $ (2,344) | $ 48 | $ (4,552) | $ 1,351 | $ (9,531) | $ (5,497) | $ (6,698) |
Net income (loss) per share - basic and diluted | $ (0.04) | $ (0.13) | $ (0.03) | $ 0 | $ (0.05) | $ 0 | $ (0.10) | $ 0.03 | $ (0.20) | $ (0.12) | $ (0.18) |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Mar. 01, 2018USD ($)$ / shares | Feb. 20, 2018USD ($) | Feb. 01, 2018USD ($)$ / shares | Jan. 19, 2018USD ($)ft² | Jan. 02, 2018USD ($)$ / shares | May 31, 2018$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares |
Subsequent Event [Line Items] | |||||||||
Common stock, dividends, per share, declared | $ / shares | $ 1.62 | $ 1.62 | $ 1.62 | ||||||
Dividend Reinvested Through DRIP | $ 36,537 | $ 38,263 | $ 29,782 | ||||||
Net cash distribution | 75,780 | 75,201 | 59,390 | ||||||
Distribution, Joint Venture | 950 | 0 | $ 0 | ||||||
Subsequent event | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock, dividends, per share, declared | $ / shares | $ 0.13541652 | $ 0.13541652 | $ 0.00445205 | $ 0.13541652 | |||||
Gross amount of distribution paid | $ 6,314 | $ 6,326 | $ 6,432 | ||||||
Dividend Reinvested Through DRIP | 2,898 | 2,922 | 3,006 | ||||||
Net cash distribution | $ 3,416 | $ 3,404 | $ 3,426 | ||||||
Seville Commons | Subsequent event | |||||||||
Subsequent Event [Line Items] | |||||||||
Purchase Price | $ 18,200 | ||||||||
Square Footage | ft² | 113,742 | ||||||||
Leased % Rentable Square Feet at Acquisition | 92.40% | ||||||||
Corporate Joint Venture | |||||||||
Subsequent Event [Line Items] | |||||||||
Distribution, Joint Venture | $ 950 | $ 0 | |||||||
Corporate Joint Venture | Subsequent event | |||||||||
Subsequent Event [Line Items] | |||||||||
Distribution, Joint Venture | $ 300 |
Schedule III - Real Estate As63
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 149,081 | ||
Initial Cost, Land and Improvements | 501,887 | ||
Initial Cost, Buildings and Improvements | 1,019,950 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 46,447 | ||
Carrying Amount, Land and Improvements | 520,526 | ||
Carrying Amount, Buildings and Improvements | 1,047,758 | ||
Carrying Amount, Total | 1,568,284 | $ 1,358,220 | $ 954,698 |
Accumulated Depreciation | 115,166 | $ 61,981 | $ 21,315 |
SEC Schedule III, Real Estate, Federal Income Tax Basis | 1,700,000 | ||
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 | 380 | ||
Carrying Amount, Land and Improvements | 5,015 | ||
Carrying Amount, Buildings and Improvements | 5,672 | ||
Carrying Amount, Total | 10,687 | ||
Accumulated Depreciation | $ 1,042 | ||
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 | 204 | ||
Carrying Amount, Land and Improvements | 4,428 | ||
Carrying Amount, Buildings and Improvements | 10,122 | ||
Carrying Amount, Total | 14,550 | ||
Accumulated Depreciation | $ 1,626 | ||
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 | 365 | ||
Carrying Amount, Land and Improvements | 1,678 | ||
Carrying Amount, Buildings and Improvements | 6,366 | ||
Carrying Amount, Total | 8,044 | ||
Accumulated Depreciation | $ 977 | ||
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 | 1,044 | ||
Carrying Amount, Land and Improvements | 8,471 | ||
Carrying Amount, Buildings and Improvements | 12,523 | ||
Carrying Amount, Total | 20,994 | ||
Accumulated Depreciation | $ 2,112 | ||
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 | 414 | ||
Carrying Amount, Land and Improvements | 3,229 | ||
Carrying Amount, Buildings and Improvements | 8,840 | ||
Carrying Amount, Total | 12,069 | ||
Accumulated Depreciation | $ 1,386 | ||
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 | 605 | ||
Carrying Amount, Land and Improvements | 3,767 | ||
Carrying Amount, Buildings and Improvements | 9,576 | ||
Carrying Amount, Total | 13,343 | ||
Accumulated Depreciation | $ 1,385 | ||
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 | 438 | ||
Carrying Amount, Land and Improvements | 4,833 | ||
Carrying Amount, Buildings and Improvements | 12,798 | ||
Carrying Amount, Total | 17,631 | ||
Accumulated Depreciation | $ 1,996 | ||
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 | 537 | ||
Carrying Amount, Land and Improvements | 4,286 | ||
Carrying Amount, Buildings and Improvements | 9,233 | ||
Carrying Amount, Total | 13,519 | ||
Accumulated Depreciation | $ 1,414 | ||
Date Acquired | Aug. 26, 2014 | ||
Commonwealth Square | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,576 | ||
Initial Cost, Land and Improvements | 6,811 | ||
Initial Cost, Buildings and Improvements | 12,962 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 1,174 | ||
Carrying Amount, Land and Improvements | 7,136 | ||
Carrying Amount, Buildings and Improvements | 13,811 | ||
Carrying Amount, Total | 20,947 | ||
Accumulated Depreciation | $ 2,732 | ||
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 | 553 | ||
Carrying Amount, Land and Improvements | 9,184 | ||
Carrying Amount, Buildings and Improvements | 22,234 | ||
Carrying Amount, Total | 31,418 | ||
Accumulated Depreciation | $ 3,870 | ||
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 | 44 | ||
Carrying Amount, Land and Improvements | 4,380 | ||
Carrying Amount, Buildings and Improvements | 8,189 | ||
Carrying Amount, Total | 12,569 | ||
Accumulated Depreciation | $ 1,270 | ||
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 | 902 | ||
Carrying Amount, Land and Improvements | 2,732 | ||
Carrying Amount, Buildings and Improvements | 7,100 | ||
Carrying Amount, Total | 9,832 | ||
Accumulated Depreciation | $ 1,694 | ||
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 | 346 | ||
Carrying Amount, Land and Improvements | 1,041 | ||
Carrying Amount, Buildings and Improvements | 1,919 | ||
Carrying Amount, Total | 2,960 | ||
Accumulated Depreciation | $ 954 | ||
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 | 687 | ||
Carrying Amount, Land and Improvements | 5,590 | ||
Carrying Amount, Buildings and Improvements | 12,659 | ||
Carrying Amount, Total | 18,249 | ||
Accumulated Depreciation | $ 1,985 | ||
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 | 464 | ||
Carrying Amount, Land and Improvements | 5,506 | ||
Carrying Amount, Buildings and Improvements | 13,046 | ||
Carrying Amount, Total | 18,552 | ||
Accumulated Depreciation | $ 2,038 | ||
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 | 1,738 | ||
Carrying Amount, Land and Improvements | 6,373 | ||
Carrying Amount, Buildings and Improvements | 20,331 | ||
Carrying Amount, Total | 26,704 | ||
Accumulated Depreciation | $ 2,930 | ||
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 | 752 | ||
Carrying Amount, Land and Improvements | 4,673 | ||
Carrying Amount, Buildings and Improvements | 7,617 | ||
Carrying Amount, Total | 12,290 | ||
Accumulated Depreciation | $ 1,292 | ||
Date Acquired | Dec. 5, 2014 | ||
Quivira Crossings | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 8,239 | ||
Initial Cost, Land and Improvements | 6,784 | ||
Initial Cost, Buildings and Improvements | 10,113 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 674 | ||
Carrying Amount, Land and Improvements | 7,188 | ||
Carrying Amount, Buildings and Improvements | 10,383 | ||
Carrying Amount, Total | 17,571 | ||
Accumulated Depreciation | $ 1,739 | ||
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 | 833 | ||
Carrying Amount, Land and Improvements | 8,716 | ||
Carrying Amount, Buildings and Improvements | 6,755 | ||
Carrying Amount, Total | 15,471 | ||
Accumulated Depreciation | $ 1,380 | ||
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 | 544 | ||
Carrying Amount, Land and Improvements | 10,436 | ||
Carrying Amount, Buildings and Improvements | 13,890 | ||
Carrying Amount, Total | 24,326 | ||
Accumulated Depreciation | $ 2,666 | ||
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 | 299 | ||
Carrying Amount, Land and Improvements | 3,599 | ||
Carrying Amount, Buildings and Improvements | 9,295 | ||
Carrying Amount, Total | 12,894 | ||
Accumulated Depreciation | $ 1,699 | ||
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 | 1,065 | ||
Carrying Amount, Land and Improvements | 1,314 | ||
Carrying Amount, Buildings and Improvements | 6,836 | ||
Carrying Amount, Total | 8,150 | ||
Accumulated Depreciation | $ 974 | ||
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 | 888 | ||
Carrying Amount, Land and Improvements | 7,974 | ||
Carrying Amount, Buildings and Improvements | 20,948 | ||
Carrying Amount, Total | 28,922 | ||
Accumulated Depreciation | $ 2,693 | ||
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 | 446 | ||
Carrying Amount, Land and Improvements | 2,601 | ||
Carrying Amount, Buildings and Improvements | 3,583 | ||
Carrying Amount, Total | 6,184 | ||
Accumulated Depreciation | $ 701 | ||
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 | 489 | ||
Carrying Amount, Land and Improvements | 4,505 | ||
Carrying Amount, Buildings and Improvements | 2,713 | ||
Carrying Amount, Total | 7,218 | ||
Accumulated Depreciation | $ 830 | ||
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 | 855 | ||
Carrying Amount, Land and Improvements | 7,712 | ||
Carrying Amount, Buildings and Improvements | 15,725 | ||
Carrying Amount, Total | 23,437 | ||
Accumulated Depreciation | $ 2,320 | ||
Date Acquired | Apr. 2, 2015 | ||
Waterford Park Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial Cost, Land and Improvements | 4,150 | ||
Initial Cost, Buildings and Improvements | 14,453 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 846 | ||
Carrying Amount, Land and Improvements | 4,606 | ||
Carrying Amount, Buildings and Improvements | 14,843 | ||
Carrying Amount, Total | 19,449 | ||
Accumulated Depreciation | $ 2,190 | ||
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 | 435 | ||
Carrying Amount, Land and Improvements | 5,965 | ||
Carrying Amount, Buildings and Improvements | 8,227 | ||
Carrying Amount, Total | 14,192 | ||
Accumulated Depreciation | $ 1,150 | ||
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 | 1,622 | ||
Carrying Amount, Land and Improvements | 10,225 | ||
Carrying Amount, Buildings and Improvements | 15,046 | ||
Carrying Amount, Total | 25,271 | ||
Accumulated Depreciation | $ 1,893 | ||
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 | 256 | ||
Carrying Amount, Land and Improvements | 2,751 | ||
Carrying Amount, Buildings and Improvements | 15,936 | ||
Carrying Amount, Total | 18,687 | ||
Accumulated Depreciation | $ 1,677 | ||
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 | 1,528 | ||
Carrying Amount, Land and Improvements | 24,632 | ||
Carrying Amount, Buildings and Improvements | 21,556 | ||
Carrying Amount, Total | 46,188 | ||
Accumulated Depreciation | $ 2,493 | ||
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 | 509 | ||
Carrying Amount, Land and Improvements | 6,549 | ||
Carrying Amount, Buildings and Improvements | 8,635 | ||
Carrying Amount, Total | 15,184 | ||
Accumulated Depreciation | $ 1,186 | ||
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 | 235 | ||
Carrying Amount, Land and Improvements | 3,474 | ||
Carrying Amount, Buildings and Improvements | 6,216 | ||
Carrying Amount, Total | 9,690 | ||
Accumulated Depreciation | $ 1,046 | ||
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 | 305 | ||
Carrying Amount, Land and Improvements | 15,190 | ||
Carrying Amount, Buildings and Improvements | 29,156 | ||
Carrying Amount, Total | 44,346 | ||
Accumulated Depreciation | $ 3,183 | ||
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 | 1,437 | ||
Carrying Amount, Land and Improvements | 7,644 | ||
Carrying Amount, Buildings and Improvements | 14,154 | ||
Carrying Amount, Total | 21,798 | ||
Accumulated Depreciation | $ 2,051 | ||
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 | (323) | ||
Carrying Amount, Land and Improvements | 9,478 | ||
Carrying Amount, Buildings and Improvements | 27,499 | ||
Carrying Amount, Total | 36,977 | ||
Accumulated Depreciation | $ 3,661 | ||
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 | 3,424 | ||
Carrying Amount, Land and Improvements | 7,997 | ||
Carrying Amount, Buildings and Improvements | 14,885 | ||
Carrying Amount, Total | 22,882 | ||
Accumulated Depreciation | $ 3,318 | ||
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 | 455 | ||
Carrying Amount, Land and Improvements | 5,272 | ||
Carrying Amount, Buildings and Improvements | 23,643 | ||
Carrying Amount, Total | 28,915 | ||
Accumulated Depreciation | $ 3,459 | ||
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 | 93 | ||
Carrying Amount, Land and Improvements | 3,671 | ||
Carrying Amount, Buildings and Improvements | 14,398 | ||
Carrying Amount, Total | 18,069 | ||
Accumulated Depreciation | $ 1,417 | ||
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 | 499 | ||
Carrying Amount, Land and Improvements | 3,196 | ||
Carrying Amount, Buildings and Improvements | 3,867 | ||
Carrying Amount, Total | 7,063 | ||
Accumulated Depreciation | $ 729 | ||
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 | 240 | ||
Carrying Amount, Land and Improvements | 2,765 | ||
Carrying Amount, Buildings and Improvements | 3,532 | ||
Carrying Amount, Total | 6,297 | ||
Accumulated Depreciation | $ 630 | ||
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 | 518 | ||
Carrying Amount, Land and Improvements | 3,465 | ||
Carrying Amount, Buildings and Improvements | 12,039 | ||
Carrying Amount, Total | 15,504 | ||
Accumulated Depreciation | $ 1,148 | ||
Date Acquired | Nov. 2, 2015 | ||
51st and Olive | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 3,689 | ||
Initial Cost, Land and Improvements | 1,974 | ||
Initial Cost, Buildings and Improvements | 6,870 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 287 | ||
Carrying Amount, Land and Improvements | 2,082 | ||
Carrying Amount, Buildings and Improvements | 7,049 | ||
Carrying Amount, Total | 9,131 | ||
Accumulated Depreciation | $ 785 | ||
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 | 737 | ||
Carrying Amount, Land and Improvements | 4,673 | ||
Carrying Amount, Buildings and Improvements | 7,066 | ||
Carrying Amount, Total | 11,739 | ||
Accumulated Depreciation | $ 857 | ||
Date Acquired | Nov. 19, 2015 | ||
Sheffield Crossing | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 8,988 | ||
Initial Cost, Land and Improvements | 6,053 | ||
Initial Cost, Buildings and Improvements | 9,274 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 649 | ||
Carrying Amount, Land and Improvements | 6,314 | ||
Carrying Amount, Buildings and Improvements | 9,662 | ||
Carrying Amount, Total | 15,976 | ||
Accumulated Depreciation | $ 1,510 | ||
Date Acquired | Dec. 17, 2015 | ||
Amherst Marketplace | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 6,420 | ||
Initial Cost, Land and Improvements | 2,916 | ||
Initial Cost, Buildings and Improvements | 8,213 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 100 | ||
Carrying Amount, Land and Improvements | 3,010 | ||
Carrying Amount, Buildings and Improvements | 8,219 | ||
Carrying Amount, Total | 11,229 | ||
Accumulated Depreciation | $ 760 | ||
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 | 612 | ||
Carrying Amount, Land and Improvements | 8,394 | ||
Carrying Amount, Buildings and Improvements | 15,071 | ||
Carrying Amount, Total | 23,465 | ||
Accumulated Depreciation | $ 1,506 | ||
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 | 1,038 | ||
Carrying Amount, Land and Improvements | 6,493 | ||
Carrying Amount, Buildings and Improvements | 10,431 | ||
Carrying Amount, Total | 16,924 | ||
Accumulated Depreciation | $ 1,067 | ||
Date Acquired | Dec. 22, 2015 | ||
Normandale Village | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 12,390 | ||
Initial Cost, Land and Improvements | 7,107 | ||
Initial Cost, Buildings and Improvements | 10,880 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 989 | ||
Carrying Amount, Land and Improvements | 7,647 | ||
Carrying Amount, Buildings and Improvements | 11,329 | ||
Carrying Amount, Total | 18,976 | ||
Accumulated Depreciation | $ 1,375 | ||
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 | 560 | ||
Carrying Amount, Land and Improvements | 5,238 | ||
Carrying Amount, Buildings and Improvements | 14,885 | ||
Carrying Amount, Total | 20,123 | ||
Accumulated Depreciation | $ 1,369 | ||
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 | 218 | ||
Carrying Amount, Land and Improvements | 2,475 | ||
Carrying Amount, Buildings and Improvements | 8,532 | ||
Carrying Amount, Total | 11,007 | ||
Accumulated Depreciation | $ 779 | ||
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 | 233 | ||
Carrying Amount, Land and Improvements | 6,985 | ||
Carrying Amount, Buildings and Improvements | 13,944 | ||
Carrying Amount, Total | 20,929 | ||
Accumulated Depreciation | $ 1,225 | ||
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 | 75 | ||
Carrying Amount, Land and Improvements | 1,757 | ||
Carrying Amount, Buildings and Improvements | 5,854 | ||
Carrying Amount, Total | 7,611 | ||
Accumulated Depreciation | $ 498 | ||
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 | 70 | ||
Carrying Amount, Land and Improvements | 3,043 | ||
Carrying Amount, Buildings and Improvements | 5,769 | ||
Carrying Amount, Total | 8,812 | ||
Accumulated Depreciation | $ 558 | ||
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 | 85 | ||
Carrying Amount, Land and Improvements | 3,445 | ||
Carrying Amount, Buildings and Improvements | 5,236 | ||
Carrying Amount, Total | 8,681 | ||
Accumulated Depreciation | $ 588 | ||
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 | 1,146 | ||
Carrying Amount, Land and Improvements | 8,431 | ||
Carrying Amount, Buildings and Improvements | 24,848 | ||
Carrying Amount, Total | 33,279 | ||
Accumulated Depreciation | $ 1,888 | ||
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 | 623 | ||
Carrying Amount, Land and Improvements | 1,893 | ||
Carrying Amount, Buildings and Improvements | 9,904 | ||
Carrying Amount, Total | 11,797 | ||
Accumulated Depreciation | $ 729 | ||
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 | 772 | ||
Carrying Amount, Land and Improvements | 4,895 | ||
Carrying Amount, Buildings and Improvements | 7,411 | ||
Carrying Amount, Total | 12,306 | ||
Accumulated Depreciation | $ 946 | ||
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 | 496 | ||
Carrying Amount, Land and Improvements | 12,427 | ||
Carrying Amount, Buildings and Improvements | 21,577 | ||
Carrying Amount, Total | 34,004 | ||
Accumulated Depreciation | $ 2,332 | ||
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 | 160 | ||
Carrying Amount, Land and Improvements | 3,790 | ||
Carrying Amount, Buildings and Improvements | 4,862 | ||
Carrying Amount, Total | 8,652 | ||
Accumulated Depreciation | $ 540 | ||
Date Acquired | Apr. 4, 2016 | ||
Stone Gate Plaza | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 7,615 | ||
Initial Cost, Land and Improvements | 4,992 | ||
Initial Cost, Buildings and Improvements | 6,807 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 122 | ||
Carrying Amount, Land and Improvements | 5,089 | ||
Carrying Amount, Buildings and Improvements | 6,832 | ||
Carrying Amount, Total | 11,921 | ||
Accumulated Depreciation | $ 634 | ||
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 | 404 | ||
Carrying Amount, Land and Improvements | 8,383 | ||
Carrying Amount, Buildings and Improvements | 18,284 | ||
Carrying Amount, Total | 26,667 | ||
Accumulated Depreciation | $ 1,394 | ||
Date Acquired | May 5, 2016 | ||
Mckinney Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 3,901 | ||
Initial Cost, Land and Improvements | 9,756 | ||
Initial Cost, Buildings and Improvements | 12,172 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 141 | ||
Carrying Amount, Land and Improvements | 9,808 | ||
Carrying Amount, Buildings and Improvements | 12,261 | ||
Carrying Amount, Total | 22,069 | ||
Accumulated Depreciation | $ 1,072 | ||
Date Acquired | May 24, 2016 | ||
Montville Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 9,470 | ||
Initial Cost, Land and Improvements | 12,603 | ||
Initial Cost, Buildings and Improvements | 11,926 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 440 | ||
Carrying Amount, Land and Improvements | 12,910 | ||
Carrying Amount, Buildings and Improvements | 12,059 | ||
Carrying Amount, Total | 24,969 | ||
Accumulated Depreciation | $ 1,252 | ||
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 | 914 | ||
Carrying Amount, Land and Improvements | 7,954 | ||
Carrying Amount, Buildings and Improvements | 26,389 | ||
Carrying Amount, Total | 34,343 | ||
Accumulated Depreciation | $ 1,971 | ||
Date Acquired | May 24, 2016 | ||
Suntree Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 9,532 | ||
Initial Cost, Land and Improvements | 6,312 | ||
Initial Cost, Buildings and Improvements | 15,103 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 226 | ||
Carrying Amount, Land and Improvements | 6,376 | ||
Carrying Amount, Buildings and Improvements | 15,265 | ||
Carrying Amount, Total | 21,641 | ||
Accumulated Depreciation | $ 1,079 | ||
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 | 26 | ||
Carrying Amount, Land and Improvements | 3,360 | ||
Carrying Amount, Buildings and Improvements | 7,810 | ||
Carrying Amount, Total | 11,170 | ||
Accumulated Depreciation | $ 624 | ||
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 | 971 | ||
Carrying Amount, Land and Improvements | 19,758 | ||
Carrying Amount, Buildings and Improvements | 26,204 | ||
Carrying Amount, Total | 45,962 | ||
Accumulated Depreciation | $ 2,099 | ||
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 | 471 | ||
Carrying Amount, Land and Improvements | 7,199 | ||
Carrying Amount, Buildings and Improvements | 13,907 | ||
Carrying Amount, Total | 21,106 | ||
Accumulated Depreciation | $ 1,063 | ||
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 | 574 | ||
Carrying Amount, Land and Improvements | 4,388 | ||
Carrying Amount, Buildings and Improvements | 14,764 | ||
Carrying Amount, Total | 19,152 | ||
Accumulated Depreciation | $ 840 | ||
Date Acquired | Sep. 20, 2016 | ||
Franklin Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 7,728 | ||
Initial Cost, Land and Improvements | 5,647 | ||
Initial Cost, Buildings and Improvements | 5,426 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 526 | ||
Carrying Amount, Land and Improvements | 6,040 | ||
Carrying Amount, Buildings and Improvements | 5,559 | ||
Carrying Amount, Total | 11,599 | ||
Accumulated Depreciation | $ 400 | ||
Date Acquired | Dec. 28, 2016 | ||
Alameda Crossing Station | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 13,639 | ||
Initial Cost, Land and Improvements | 4,987 | ||
Initial Cost, Buildings and Improvements | 15,845 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 280 | ||
Carrying Amount, Land and Improvements | 5,077 | ||
Carrying Amount, Buildings and Improvements | 16,035 | ||
Carrying Amount, Total | 21,112 | ||
Accumulated Depreciation | $ 790 | ||
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 | 565 | ||
Carrying Amount, Land and Improvements | 9,524 | ||
Carrying Amount, Buildings and Improvements | 21,783 | ||
Carrying Amount, Total | 31,307 | ||
Accumulated Depreciation | $ 1,086 | ||
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 | 583 | ||
Carrying Amount, Land and Improvements | 7,377 | ||
Carrying Amount, Buildings and Improvements | 22,250 | ||
Carrying Amount, Total | 29,627 | ||
Accumulated Depreciation | $ 1,013 | ||
Date Acquired | Dec. 30, 2016 | ||
Plaza 23 Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial Cost, Land and Improvements | 10,743 | ||
Initial Cost, Buildings and Improvements | 36,975 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 883 | ||
Carrying Amount, Land and Improvements | 11,205 | ||
Carrying Amount, Buildings and Improvements | 37,396 | ||
Carrying Amount, Total | 48,601 | ||
Accumulated Depreciation | $ 1,362 | ||
Date Acquired | Feb. 27, 2017 | ||
Herndon Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial Cost, Land and Improvements | 6,196 | ||
Initial Cost, Buildings and Improvements | 10,165 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 241 | ||
Carrying Amount, Land and Improvements | 6,391 | ||
Carrying Amount, Buildings and Improvements | 10,211 | ||
Carrying Amount, Total | 16,602 | ||
Accumulated Depreciation | $ 602 | ||
Date Acquired | Feb. 10, 2017 | ||
Windmill Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial Cost, Land and Improvements | 2,638 | ||
Initial Cost, Buildings and Improvements | 6,317 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 155 | ||
Carrying Amount, Land and Improvements | 2,749 | ||
Carrying Amount, Buildings and Improvements | 6,361 | ||
Carrying Amount, Total | 9,110 | ||
Accumulated Depreciation | $ 258 | ||
Date Acquired | Feb. 10, 2017 | ||
Bells Fork Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial Cost, Land and Improvements | 2,474 | ||
Initial Cost, Buildings and Improvements | 5,518 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 303 | ||
Carrying Amount, Land and Improvements | 2,587 | ||
Carrying Amount, Buildings and Improvements | 5,708 | ||
Carrying Amount, Total | 8,295 | ||
Accumulated Depreciation | $ 227 | ||
Date Acquired | Mar. 1, 2017 | ||
Evans Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial Cost, Land and Improvements | 3,902 | ||
Initial Cost, Buildings and Improvements | 7,385 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 444 | ||
Carrying Amount, Land and Improvements | 3,934 | ||
Carrying Amount, Buildings and Improvements | 7,797 | ||
Carrying Amount, Total | 11,731 | ||
Accumulated Depreciation | $ 247 | ||
Date Acquired | May 9, 2017 | ||
Riverlakes Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 14,112 | ||
Initial Cost, Land and Improvements | 7,857 | ||
Initial Cost, Buildings and Improvements | 14,732 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 160 | ||
Carrying Amount, Land and Improvements | 7,892 | ||
Carrying Amount, Buildings and Improvements | 14,857 | ||
Carrying Amount, Total | 22,749 | ||
Accumulated Depreciation | $ 335 | ||
Date Acquired | Jun. 16, 2017 | ||
Ormond Beach [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial Cost, Land and Improvements | 4,940 | ||
Initial Cost, Buildings and Improvements | 7,345 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 136 | ||
Carrying Amount, Land and Improvements | 4,996 | ||
Carrying Amount, Buildings and Improvements | 7,425 | ||
Carrying Amount, Total | 12,421 | ||
Accumulated Depreciation | $ 156 | ||
Date Acquired | Jul. 12, 2017 | ||
Mansfield Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial Cost, Land and Improvements | 4,506 | ||
Initial Cost, Buildings and Improvements | 12,366 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 38 | ||
Carrying Amount, Land and Improvements | 4,528 | ||
Carrying Amount, Buildings and Improvements | 12,382 | ||
Carrying Amount, Total | 16,910 | ||
Accumulated Depreciation | $ 186 | ||
Date Acquired | Sep. 6, 2017 | ||
Heritage Plaza Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 9,696 | ||
Initial Cost, Land and Improvements | 5,435 | ||
Initial Cost, Buildings and Improvements | 15,423 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 178 | ||
Carrying Amount, Land and Improvements | 5,486 | ||
Carrying Amount, Buildings and Improvements | 15,550 | ||
Carrying Amount, Total | 21,036 | ||
Accumulated Depreciation | $ 191 | ||
Date Acquired | Sep. 28, 2017 | ||
Mountain Crossing Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 4,586 | ||
Initial Cost, Land and Improvements | 6,427 | ||
Initial Cost, Buildings and Improvements | 6,832 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | (3) | ||
Carrying Amount, Land and Improvements | 6,425 | ||
Carrying Amount, Buildings and Improvements | 6,831 | ||
Carrying Amount, Total | 13,256 | ||
Accumulated Depreciation | $ 37 | ||
Date Acquired | Dec. 1, 2017 | ||
Loganville Station [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $ 0 | ||
Initial Cost, Land and Improvements | 4,851 | ||
Initial Cost, Buildings and Improvements | 6,393 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||
Carrying Amount, Land and Improvements | 4,851 | ||
Carrying Amount, Buildings and Improvements | 6,393 | ||
Carrying Amount, Total | 11,244 | ||
Accumulated Depreciation | $ 0 | ||
Date Acquired | Dec. 22, 2017 |
Schedule III - Real Estate As64
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III, Reconciliation of Real Estate Owned - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||
Balance at January 1 | $ 1,358,220 | $ 954,698 |
Real estate acquisitions | 189,420 | 473,383 |
Net additions to/improvements of real estate | 20,644 | 15,233 |
Real estate dispositions | 0 | (85,094) |
Balance at December 31 | $ 1,568,284 | $ 1,358,220 |
Schedule III - Real Estate As65
Schedule III - Real Estate Assets and Accumulated Depreciation Reconciliation of Real Estate Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||
Balance at January 1 | $ 61,981 | $ 21,315 |
Depreciation expense | 53,185 | 42,247 |
Accumulated depreciation of real estate dispositions | 0 | (1,581) |
Balance at December 31 | $ 115,166 | $ 61,981 |