Seritage Growth Properties (SRG) 10-K 11 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
	Dec. 31, 2015	Mar. 04, 2016	Jul. 06, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	SRG
Entity Registrant Name	SERITAGE GROWTH PROPERTIES
Entity Central Index Key	1,628,063
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 1,163,986,000
Class A Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,261,542
Class B Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,589,020
Class C Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,329,485

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET $ in Thousands	Dec. 31, 2015USD ($)
Investment in real estate
Land	$ 840,563
Buildings and improvements	814,652
Accumulated depreciation	(29,076)
Real Estate Investment Property, at Cost, Total	1,626,139
Construction in progress	13,136
Net investment in real estate	1,639,275
Investment in unconsolidated joint ventures	427,052
Cash and cash equivalents	62,867
Restricted cash	92,475
Tenant and other receivables, net	9,772
Lease intangible assets, net	578,795
Prepaid expenses, deferred expenses and other assets, net	23,123
Total assets	2,833,359
Liabilities
Mortgage loans payable, net	1,142,422
Accounts payable, accrued expenses and other liabilities	120,860
Total liabilities	$ 1,263,282
Commitments and contingencies (Note 10)
Shareholders' Equity
Additional paid-in capital	$ 924,508
Accumulated deficit	(38,145)
Total shareholders' equity	886,695
Non-controlling interests	683,382
Total equity	1,570,077
Total liabilities and equity	2,833,359
Class A Common Shares [Member]
Shareholders' Equity
Common shares	248
Total equity	248
Class B Common Shares [Member]
Shareholders' Equity
Common shares	16
Total equity	16
Class C Common Shares [Member]
Shareholders' Equity
Common shares	68
Total equity	$ 68

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical)	Dec. 31, 2015$ / sharesshares
Class A Common Shares [Member]
Common shares, par value | $ / shares	$ 0.01
Common shares, authorized	100,000,000
Common shares, outstanding	24,817,842
Common shares, issued	24,817,842
Class B Common Shares [Member]
Common shares, par value | $ / shares	$ 0.01
Common shares, authorized	5,000,000
Common shares, outstanding	1,589,020
Common shares, issued	1,589,020
Class C Common Shares [Member]
Common shares, par value | $ / shares	$ 0.01
Common shares, authorized	50,000,000
Common shares, outstanding	6,773,185
Common shares, issued	6,773,185

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS shares in Thousands, $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
REVENUE
Rental income	$ 86,645
Tenant reimbursements	26,926
Total revenue	113,571
EXPENSES
Property operating	6,329
Real estate taxes	22,355
Depreciation and amortization	65,907
General and administrative	9,956
Acquisition-related expenses	18,397
Total expenses	122,944
Operating loss	(9,373)
Equity in income of unconsolidated joint ventures	4,772
Interest and other income	136
Interest expense	(30,461)
Unrealized loss on interest rate cap	(2,933)
Loss before income taxes	(37,859)
Provision for income taxes	(944)
Net loss	(38,803)
Net loss attributable to non-controlling interests	16,465
Net loss attributable to common shareholders	$ (22,338)
Net loss per share attributable to Class A and Class C common shareholders - Basic and diluted | $ / shares	$ (0.71)
Weighted average Class A and Class C common shares outstanding - Basic and diluted | shares	31,386

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Dec. 31, 2015 - USD ($) $ in Thousands	Total	Class A Common Shares [Member]	Class B Common Shares [Member]	Class C Common Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Non-Controlling Interest [Member]
Beginning balance at Jul. 06, 2015	$ 1,635,957	$ 246	$ 16	$ 68	$ 923,636		$ 711,991
Beginning balance, shares at Jul. 06, 2015		24,584,000	1,589,000	6,790,000
Net loss	(38,803)					$ (22,338)	(16,465)
Offering related costs	(126)				(70)		(56)
Dividends and distributions declared	(27,895)					(15,807)	(12,088)
Issuance of restricted stock, net		$ 2			(2)
Issuance of restricted stock, net, shares		216,835
Stock-based compensation	944				944
Stock issued in conversion of securities		$ 0
Stock sold in conversion of securities				$ 0
Stock issued in conversion securities, shares		17,450
Stock sold in conversion of securities, shares				(17,000)
Ending balance at Dec. 31, 2015	$ 1,570,077	$ 248	$ 16	$ 68	$ 924,508	$ (38,145)	$ 683,382
Ending balance, shares at Dec. 31, 2015		24,817,842	1,589,020	6,773,185

CONSOLIDATED STATEMENT OF EQUI6

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	Dec. 17, 2015	Dec. 31, 2015
Dividends and distributions declared, per share		$ 0.50
Class A Common Shares [Member]
Dividends and distributions declared, per share	$ 0.50
Issuance of restricted stock, common shares		216,835
Share class exchanges, common shares		17,450

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (38,803)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in income of unconsolidated joint ventures	(4,772)
Distributions from unconsolidated joint ventures	6,733
Unrealized loss on interest rate cap	2,933
Stock-based compensation	944
Depreciation and amortization	65,907
Amortization of deferred financing costs	2,657
Amortization of above and below market leases, net	(388)
Straight-line rent adjustment	(8,299)
Change in operating assets and liabilities
Tenants and other receivables	(1,473)
Prepaid expenses, deferred expenses and other assets	(25,596)
Restricted cash	(3,761)
Accounts payable, accrued expenses and other liabilities	21,589
Net cash provided by operating activities	17,671
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of real estate and unconsolidated joint ventures	(2,653,019)
Development of real estate	(11,273)
Increase in restricted cash	(66,107)
Net cash used in investing activities	(2,730,399)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of mortgage loans payable, net	1,161,196
Payment of financing costs	(21,431)
Proceeds from issuance of common stock and non-controlling interest	1,644,042
Offering related costs	(8,212)
Net cash provided by financing activities	2,775,595
Net increase in cash and cash equivalents	62,867
Cash and cash equivalents, end of period	62,867
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	25,325
Capitalized interest	226
Income taxes paid	944
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Development of real estate financed with accounts payable	2,856
Dividends and distribution declared and unpaid	$ 27,894

Organization

Organization	6 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 – Organization Seritage Growth Properties was organized in Maryland on June 3, 2015 and initially capitalized with 100 shares of Class A common shares. The Company conducts its operations through Seritage Growth Properties, L.P. (the “Operating Partnership”), a Delaware limited partnership that was formed on April 22, 2015. Unless the context otherwise requires, “Seritage” and the “Company” refer to Seritage Growth Properties, the Operating Partnership and its subsidiaries. On June 11, 2015 Sears Holdings Corporation (“Sears Holdings”) effected a rights offering (the “Rights Offering”) to Sears Holdings stockholders to purchase common shares of Seritage in order to fund, in part, the $2.7 billion acquisition of 234 of Sears Holdings’ owned properties and one of its ground leased properties (the “Wholly Owned Properties”), and its 50% interests in three joint ventures (such joint ventures, the “JVs,” and such 50% joint venture interests the “JV Interests”) that collectively own 28 properties, ground lease one property and lease two properties (collectively, the “JV Properties”) (collectively, the “Transaction”). The Rights Offering ended on July 2, 2015 and the Company’s Class A common shares were listed on the New York Stock Exchange (“NYSE”) on July 6, 2015. On July 7, 2015, the Company completed the Transaction with Sears Holdings (see Note 3) and commenced operations. The Company did not have any operations prior to the completion of the Rights Offering and Transaction. Seritage is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”) primarily engaged in the real property business through the Company’s investment in the Operating Partnership. Subsidiaries of the Operating Partnership lease a substantial majority of the space at all but 11 of the Wholly Owned Properties back to Sears Holdings under a master lease agreement (“Master Lease”), with the remainder of such space leased to third-party tenants. A substantial majority of the space at the JV Properties is also leased (or subleased) by the JVs to Sears Holdings under master lease agreements (collectively, the “JV Master Leases”). The Master Lease and the JV Master Leases provide the Company and the JVs with the right to recapture certain space from Sears Holdings at each property for retenanting or redevelopment purposes.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their wholly-owned subsidiaries, and all other entities in which they have a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) in which the Company has, as a result of ownership, contractual interests or other financial interests, both the power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. All intercompany accounts and transactions have been eliminated. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, but does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. To the extent such variable interests are in entities that cannot be evaluated under the Variable Interest Model, the Company evaluates its interests using the Voting Interest Entity Model. The Company has a variable interest in the Operating Partnership. The Operating Partnership is not currently within the scope of the Variable Interest Model and is instead evaluated under the Voting Interest Entity Model. The Company holds a 56.6% interest in the Operating Partnership and is the sole general partner which gives the Company exclusive and complete responsibility for the day-to-day management, authority to make decisions and control of the Operating Partnership. As the limited partners in the Operating Partnership, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights, the Company consolidates its interest in the Operating Partnership. The portions of consolidated entities not owned by the Company and the Operating Partnership are presented as non-controlling interests as of and during the period presented. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant assumptions and estimates relate to fair values of acquired assets and liabilities assumed for purposes of applying the acquisition method of accounting, the useful lives of tangible and intangible assets, real estate impairment assessments, and assessing the recoverability of accounts receivables. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates. Segment Reporting The Company currently operates in a single reportable segment, which includes the acquisition, ownership, development, redevelopment, management and leasing of retail properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company does not distinguish or group consolidated operations based on geography, size, or type. The Company aggregates all properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants and operational process. Accounting for Real Estate Acquisitions Upon the acquisition of real estate, the Company assesses the fair value of acquired assets and liabilities assumed, including land, buildings, improvements and identified intangibles such as above-market and below-market leases, in-place leases and other items, as applicable, and allocates the purchase price based on these assessments. In making estimates of fair values, the Company may use a number of sources, including data provided by third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. The fair values of tangible assets are determined on an “if vacant” basis. The “if vacant” fair value allocated to land is generally estimated via a market or sales comparison approach with the subject site being compared to similar properties that have sold or are currently listed for sale. The comparable properties are adjusted for dissimilar characteristics such as market conditions, location, access/frontage, size, shape/topography, or intended use, including the impact of any encumbrances on such use. The “if vacant” value allocated to buildings and site improvements is generally estimated using an income approach and a cost approach that utilizes published guidelines for current replacement cost or actual construction costs for similar, recently developed properties. Assumptions used in the income approach include capitalization and discount rates, lease-up time, market rents, make ready costs, land value, and site improvement value. The estimated fair value of in-place tenant leases includes lease origination costs (the costs the Company would have incurred to lease the property to the current occupancy level) and the lost revenues during the period necessary to lease-up from vacant to the current occupancy level. Such estimates include the fair value of leasing commissions, legal costs and tenant coordination costs that would be incurred to lease the property to this occupancy level. Additionally, the Company evaluates the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period, which generally ranges up to one year. The fair value of acquired in-place tenant leases is included in lease intangible assets on the consolidated balance sheet and amortized over the remaining lease term for each tenant. Identifiable intangible assets and liabilities are calculated for above-market and below-market tenant and ground leases where the Company is either the lessor or the lessee. The difference between the contractual rental rates and the Company’s estimate of market rental rates is measured over a period equal to the remaining non-cancelable term of the leases including significantly below-market renewal options for which exercise of the renewal option appears to be reasonably assured. Above-market tenant leases and below-market ground leases are included in lease intangible assets on the consolidated balance sheet; below-market tenant leases and above-market ground leases are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheet. The values assigned to above-market and below-market tenant leases are amortized as reductions and increases. respectively, to base rental revenue over the remaining term of the respective leases. The values assigned to below-market and above-market ground leases are amortized as increases and reductions, respectively, to property operating expenses over the remaining term of the respective leases. The Company expenses transaction costs associated with business combinations in the period incurred. These costs are included in acquisition-related expenses within the consolidated statement of operations. Real Estate Investments Real estate assets are recorded at cost, less accumulated depreciation and amortization. Expenditures for ordinary repairs and maintenance will be expensed as incurred. Significant renovations which improve the property or extend the useful life of the assets are capitalized. As real estate is undergoing redevelopment activities, all amounts directly associated with and attributable to the project, including planning, development and construction costs, interest costs, personnel costs of employees directly involved and other miscellaneous costs incurred during the period of redevelopment, are capitalized. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives as follows: Building: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease The Company amortizes identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired, generally the remaining non-cancelable term of a related lease. On a periodic basis, management assesses whether there are indicators that the value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated and probability weighted holding period, are less than a real estate asset’s carrying value. Various factors are considered in the estimation process, including expected future operating income, trends and prospects and the effects of demand, competition, and other economic factors. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its estimated fair value. No such impairment losses were recognized for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting as the Company exercises significant influence, but does not control these entities. These investments are initially recorded at cost and are subsequently adjusted for cash contributions, cash distributions and earnings which are recognized in accordance with the terms of the applicable agreement. 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 the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the Company’s 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. No such impairment losses were recognized for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. Cash and Cash Equivalents The Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions and primarily in funds that are insured by the United States federal government. Restricted Cash Restricted cash represents cash deposited in escrow accounts, which generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements, as well as legally restricted tenant security deposits. As of December 31, 2015, the Company had approximately $92.5 million of restricted cash, including $51.3 million related to future capital investments such as unfunded construction commitments, deferred maintenance and environmental reserves, and $41.2 million related to basic property carrying costs such as real estate taxes, insurance and ground rent. Tenant and Other Receivables Accounts receivable includes unpaid amounts billed to tenants, accrued revenues for future billings to tenants for property expenses and amounts arising from the straight-lining of rent. The Company periodically reviews its receivables for collectability, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific rent receivable will be made. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances to assess the risk of uncollectible amounts and establish appropriate provisions. Revenue Recognition Rental income is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as deferred rent receivable and included as a component of tenant and other receivables on the consolidated balance sheet. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company will determine whether the allowance represents funding for the construction of leasehold improvements and evaluate the ownership of such improvements. If the Company is considered the owner of the improvements for accounting purposes, the Company will capitalize the amount of the tenant allowance and depreciate it over the shorter of the useful life of the improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as reduction of rental revenue on straight-line basis. The Company commences recognizing revenue based on an evaluation of a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. Tenant reimbursement income arises from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred. Accounting for Recapture and Termination Activity Pursuant to the Master Lease Seritage 100% Recapture Rights. The Company generally treats the delivery of a 100% recapture notice as a modification of the Master Lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: • Accrued rental revenues related to the straight-line method of reporting rental revenue that is deemed uncollectable as result of the lease modification is amortized over the remaining shortened life of the lease from the date of notice to the date of termination. • Intangible lease assets and liabilities that are deemed to be impacted by the lease modification are amortized over the shorter of the shortened lease term or the remaining useful life of the asset or liability. A 100% recapture will generally occur in conjunction with obtaining a new tenant or a real estate development project. As such, termination fees, if any, associated with the 100% recapture notice are generally capitalized as either an initial direct cost of obtaining a new leases or a necessary cost of the real estate project and depreciated over the life of the new lease obtained or the real estate asset being constructed or improved. Seritage 50% Recapture Rights. The Company generally treats the delivery of a 50% recapture notice as a modification of the Master Lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: • The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that is subject to the lease modification is amortized over the remaining shortened life of the lease from the date of notice to the date of termination. The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that is attributable to the retained space is amortized over the remaining life of the Master Lease. • The portion of intangible lease assets and liabilities that are deemed to be impacted by the lease modification is amortized over the shorter of the shortened lease term or the remaining useful life of the asset or liability. The portion of intangible lease assets and liabilities that is attributable to the retained space is amortized over the remaining useful life of the asset or liability. Sears Holdings Termination Rights. The Master Lease provides Sears Holdings with certain rights to terminate the Master Lease with respect to properties that cease to be profitable for operation by Sears Holdings. Such a termination would generally result in the following accounting adjustments for the terminated property: • Accrued rental revenues related to the straight-line method of reporting rental revenue that is subject to the termination is amortized over the remaining shortened life of the lease from the date of notice to the date of termination. • Intangible lease assets and liabilities that are deemed to be impacted by the termination are amortized over the shorter of the shortened lease term or the remaining useful life of the asset or liability. Additionally, termination fees required to be paid by Sears Holdings to the Company are recognized as income over the remaining shortened life of the lease from the date of notice to the date of termination. Derivatives The Company’s use of derivative instruments is limited to the management of interest rate exposure and not for speculative purposes. In connection with the issuance of the Company’s mortgage loans, the Company purchased for $5.0 million an interest rate cap with a term of four years, a notional amount of $1.26 billion and a strike rate of 3.5%. The interest rate cap is measured at fair value and included as a component of prepaid expenses, deferred expenses and other assets on the consolidated balance sheet. The Company has elected not to utilize hedge accounting and therefore the change in fair value is included within change in fair value of interest rate cap on the consolidated statement of operations. For the period July 7, 2015 (Date Operations Commenced) through December 31, 2015, the Company recorded a loss of $2.9 million related to the change in fair value of the interest rate cap. Stock-Based Compensation The Company generally recognizes equity awards to employees as compensation expense and includes such expense within general and administrative expenses on the consolidated statement of operations. Compensation expense for equity awards is generally based on the fair value of the common shares at the date of the grant and is recognized (i) ratably over the vesting period for awards with time-based vesting and (ii) for awards with performance-based vesting, at the date the achievement of performance criteria is deemed probable, an amount equal to that which would have been recognized ratably from the date of the grant through the date the achievement of performance criteria is deemed probable, and then ratably from the date the achievement of performance criteria is deemed probable through the remainder of the vesting period. Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company’s investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2015, substantially all of the Company’s real estate properties were leased to Sears Holdings and the majority of Company’s rental revenues were derived from the Master Lease (see Note 6). Sears Holdings is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the SEC. Refer to www.sec.gov for Sears Holdings Corporation publicly-available financial information. Other than the Company’s tenant concentration, management believes the Company’s portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2015, the Company’s portfolio of 235 Wholly Owned Properties was diversified by location across 49 states and Puerto Rico. Earnings per Share The Company has three classes of common stock. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common shares and Class C non-voting common shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. The net earnings per share amounts are the same for Class A and Class C common shares because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. Class B non-economic common shares are excluded from earnings per share computations as they do not have economic rights. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing earnings per share pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of earnings per share. Recently Issued Accounting Pronouncements On February 25, 2016, the Financial Accounting Standards Boards (“FASB”) issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), “Leases” which replaces the existing guidance in ASC 840, Leases. ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (ROU) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases, the lessee would recognize a straight-line total lease expense. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements and footnote disclosures. In September 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-16, which amends Topic 805, Business Combinations In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU 2015-03 is effective for annual periods beginning after December 31, 2015. Early adoption is permitted. The Company elected to early adopt ASU 2015-03 during the current period for the costs related to the mortgage loans issued in connection with the Transaction. As the Company has not previously reported debt issuance costs and mortgage loans payable within the consolidated financial statements, retrospective application is not required. As such, debt issuance costs, net of accumulated amortization, are netted against mortgage loans payable on the consolidated balance sheet. In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis,” which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for annual periods beginning after December 15, 2015. Although the Company has not yet finalized its evaluation of this new accounting standard, aside from certain expanded disclosure requirements, it is not expected that the adoption of this standard will have a material impact on the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, with early adoption permitted for annual periods beginning after December 15, 2016. The standard can be applied either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment recognized as of the date of initial application. The Company is evaluating the impact of adopting this new accounting standard on its consolidated financial statements.

Acquisitions

Acquisitions	6 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions	Note 3 – Acquisitions On July 7, 2015, the Company purchased the Wholly Owned Properties and JV Interests at their fair value for $2.7 billion, with the substantial majority of such properties being leased back to Sears Holdings. The following table summarizes the purchase price and fair values of the net assets acquired in the Transaction (in thousands): Proceeds from issuance of common stock and non-controlling interest $ 1,644,042 Less: Offering related costs (8,212 ) Proceeds from issuance of mortgage loans payable 1,161,196 Less: Deferred financing costs (21,431 ) Total sources of funds net of offering and financing costs 2,775,595 Real estate assets acquired Land 840,563 Buildings and improvements 810,499 Lease intangibles In-place leases 595,443 Below-market ground lease 11,766 Above-market leases 9,058 Below-market leases (20,045 ) Investments in unconsolidated joint ventures 429,012 Total fair value of real estate assets acquired 2,676,296 Plus: Restricted cash Environmental expenses reserve 12,034 Deferred maintenance reserve 10,575 Total restricted cash 22,609 Less: Assumed liabilities Real estate taxes payable (23,277 ) Environmental expenses (12,034 ) Deferred maintenance (10,575 ) Total assumed liabilities (45,886 ) Net cash paid for acquisition of real estate and unconsolidated joint ventures 2,653,019 Additional (sources) / uses of cash Prepaid rent (26,855 ) Initial funding of unfunded construction commitments reserve (restricted cash) 42,470 Initial funding of property carry costs reserve (restricted cash) 32,482 Initial funding of interest expense reserve (restricted cash) 4,924 Acquisition-related expenses 18,340 Prepaid interest expense 1,249 Total additional (sources) uses of cash, net 72,610 Remaining excess cash from transaction $ 49,966 The allocation of the consideration for this acquisition remains subject to adjustment as the Company finalizes its purchase price allocation. The Company is utilizing an independent third party to assist management with its determination of the final allocation of value.

Lease Intangible Assets and Lia

Lease Intangible Assets and Liabilities	6 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Lease Intangible Assets and Liabilities	Note 4 – Lease Intangible Assets and Liabilities Lease intangible assets (acquired in-place leases, above-market leases and below-market ground leases) and liabilities (acquired below-market leases), net of accumulated amortization, were $578.8 million and $19.0 million as of December 31, 2015, respectively. The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): Gross Accumulated Wtd. Avg. Remaining Amortization Lease Intangible Assets Asset Amortization Balance Period In-place leases, net $ 595,443 $ (36,800 ) $ 558,643 8.4 years Below-market ground leases, net 11,766 (102 ) 11,664 57.5 years Above-market leases, net 9,058 (570 ) 8,488 8.8 years Total $ 616,267 $ (37,472 ) $ 578,795 9.4 years Gross Accumulated Wtd. Avg. Lease Intangible Liabilities Liability Amortization Balance Period Below-market leases, net $ 20,045 $ (1,059 ) $ 18,986 11.4 years Total $ 20,045 $ (1,059 ) $ 18,986 11.4 years Amortization of acquired below-market leases, net of acquired above-market leases resulted in additional rental income of $0.5 million for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding years commencing January 1, 2016 is as follows (in thousands): 2016 $ (978 ) 2017 (978 ) 2018 (978 ) 2019 (951 ) 2020 (822 ) Amortization of acquired below-market ground leases resulted in additional rent expense of $0.1 million for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. Estimated annual amortization of acquired below-market ground leases for each of the five succeeding years commencing January 1, 2016 is as follows (in thousands): 2016 $ 203 2017 203 2018 203 2019 203 2020 203 Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $36.8 million for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. Estimated annual amortization of acquired in-place leases for each of the five succeeding years commencing January 1, 2016 is as follows (in thousands): 2016 $ 73,601 2017 73,601 2018 73,033 2019 70,228 2020 67,372

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Note 5 – Investments in Unconsolidated Joint Ventures The Company conducts a portion of its property rental activities through investments in unconsolidated joint ventures for which the Company holds less than a controlling interest. The Company’s partners in these unconsolidated joint ventures are unrelated real estate entities or commercial enterprises. The Company and its unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures. The obligations to make capital contributions are governed by each unconsolidated joint venture’s respective operating agreement and related governing documents. The Company currently has investments in three unconsolidated entities: GS Portfolio Holdings LLC (the “GGP JV”), a joint venture between Seritage and a subsidiary of General Growth Properties, Inc. (together with its subsidiaries, “GGP”), SPS Portfolio Holdings LLC (the “Simon JV”), a joint venture between Seritage and a subsidiary of Simon Property Group, Inc. (together with its subsidiaries, “Simon”), and MS Portfolio LLC (the “Macerich JV”), a joint venture between Seritage and a subsidiary of The Macerich Company (together with its subsidiaries, “Macerich”). A substantial majority of the space at the JV Properties is leased to Sears Holdings under the JV Master Leases which include recapture rights and termination rights with similar terms as those described under the Master Lease. The GGP JV submitted recapture notices related to two properties during the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015 and submitted recapture notices related to two additional properties subsequent to December 31, 2015. The Company’s investments in unconsolidated joint ventures at December 31, 2015, consisted of (in thousands): Joint Venture # of Initial Seritage % GGP JV 12 $ 165,000 50 % Macerich JV 9 150,000 50 % Simon JV 10 114,012 50 % Total 31 $ 429,012 Each unconsolidated joint venture is obligated to maintain financial statements in accordance with GAAP. The Company shares in the profits and losses of these unconsolidated joint ventures generally in accordance with the Company’s respective equity interests. In some instances, the Company may recognize profits and losses related to investment in an unconsolidated joint venture that differ from the Company’s equity interest in the unconsolidated joint venture. This may arise from impairments that the Company recognizes related to its investment that differ from the impairments the unconsolidated joint venture recognizes with respect to its assets; differences between the Company’s basis in assets it has transferred to the unconsolidated joint venture and the unconsolidated joint venture’s basis in those assets; the Company’s deferral of the unconsolidated joint venture’s profits from land sales to the Company; or other items. There were no joint venture impairment charges during the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. The following table presents combined condensed financial data for all of the Company’s unconsolidated joint ventures as of December 31, 2015 (in thousands): December 31, ASSETS Investment in real estate Land $ 214,726 Buildings and improvements 603,265 Accumulated depreciation (24,111 ) 793,880 Construction in progress 1,481 Net investment in real estate 795,361 Cash and cash equivalents 19,903 Tenant and other receivables, net 4,990 Other assets, net 30,506 Total assets $ 850,760 LIABILITIES AND EQUITY Liabilities Accounts payable, accrued expenses and other liabilities $ 13,973 Total liabilities 13,973 Equity Partnership equity 823,923 Retained earnings 12,864 Total equity 836,787 Total liabilities and equity $ 850,760 INVESTMENT IN UNCONSOLIDATED JOINT VENTURES Total equity $ 836,786 Less: joint venture partners’ share (418,393 ) Plus: basis differences 8,659 Investment in unconsolidated joint ventures $ 427,052 July 7, 2015 EQUITY IN INCOME OF UNCONSOLIDATED JOINT VENTURES Total revenue $ 35,150 Property operating expenses (7,339 ) Depreciation and amortization (17,975 ) Operating income 9,836 Other expenses (292 ) Net income $ 9,544 Equity in income of unconsolidated joint ventures $ 4,772

Leases

Leases	6 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Leases	Note 6 – Leases Master Lease On July 7, 2015, subsidiaries of Seritage and subsidiaries of Sears Holdings entered into the Master Lease. The Master Lease generally is a triple net lease with respect to all space which is leased thereunder to Sears Holdings, subject to proportional sharing by Sears Holdings for repair and maintenance charges, real property taxes, insurance and other costs and expenses which are common to both the space leased by Sears Holdings and other space occupied by unrelated third-party tenants in the same or other buildings pursuant to third-party leases, space which is recaptured pursuant to the Company recapture rights described below and all other space which is constructed on the properties. Under the Master Lease, Sears Holdings and/or one or more of its subsidiaries will be required to make all expenditures reasonably necessary to maintain the premises in good appearance, repair and condition for as long as they are in occupancy. The Master Lease has an initial term of 10 years and contains three options for five-year renewals of the term and a final option for a four-year renewal. As of December 31, 2015, the annual base rent paid directly by Sears Holdings and its subsidiaries under the Master Lease was approximately $134 million. In each of the initial and first two renewal terms, annual base rent will be increased by 2.0% per annum for each lease year over the rent for the immediately preceding lease year. For subsequent renewal terms, rent will be set at the commencement of the renewal term at a fair market rent based on a customary third-party appraisal process, taking into account all the terms of the Master Lease and other relevant factors, but in no event will the renewal rent be less than the rent payable in the immediately preceding lease year. The Master Lease provides the Company with the right to recapture up to approximately 50% of the space occupied by Sears Holdings at the 224 Wholly Owned Properties included in the Master Lease (subject to certain exceptions). In addition, Seritage has the right to recapture any automotive care centers which are free-standing or attached as “appendages” to the properties, all outparcels or outlots and certain portions of the parking areas and common areas. Upon exercise of this recapture right, the Company will generally incur certain costs and expenses for the separation of the recaptured space from the remaining Sears Holdings space and can reconfigure and rent the recaptured space to third-party tenants. The Company also has the right to recapture 100% of the space occupied by Sears Holdings at each of 21 identified Wholly Owned Properties by making a specified lease termination payment to Sears Holdings, after which the Company can reposition and re-lease those stores. While the Company will be permitted to exercise its recapture rights all at once or in stages as to any particular property, it will not be permitted to recapture all or substantially all of the space subject to the recapture right at more than 50 Wholly Owned Properties during any lease year. The Company exercised its 100% recapture rights with respect to three properties during the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015 and deposited lease termination payments of $0.4 million, $11.2 million and $1.1 million in escrow accounts for each of Braintree, MA, Honolulu, HI, and Memphis, TN, respectively. For each of these properties, the Company will recapture 100% of the space formerly leased to Sears Holdings. The lease termination payments were calculated as the greater of an amount specified at the time the Company entered into the Master Lease with Sears Holding and an amount equal to 10 times the adjusted EBITDA attributable to such space within the Sears Holdings main store which is not attributable to the space subject to the separate 50% recapture right discussed above for the 12-month period ending at the end of the fiscal quarter ending immediately prior to recapturing such space. Note that there are no lease termination fees associated with the Company’s right to recapture 50% of the space occupied by Sears Holdings as described above. The Master Lease also provides for certain rights to Sears Holdings to terminate the Master Lease with respect to Wholly Owned Properties that cease to be profitable for operation by Sears Holdings. In order to terminate the Master Lease with respect to a certain property, Sears Holdings must make a payment to the Company of an amount equal to one year of rent (together with taxes and other expenses) with respect to such property. Such termination right, however, will be limited so that it will not have the effect of reducing the fixed rent under the Master Lease by more than 20% per annum. Further, no such termination rights can be exercised prior to August 1, 2016. Revenues from the Master Lease for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015 are as follows (in thousands and excluding the effect of straight-line rent): July 7, 2015 (Date Operations Rental income $ 64,838 Tenant reimbursements 25,204 Total revenue $ 90,042 Lessor The Company generally leases space to tenants under non-cancelable operating leases. The leases typically provide for the payment of fixed base rents, as well as reimbursements of real estate taxes, insurance, maintenance and other costs. Certain leases also provide for the payment by the lessee of additional rents based on a percentage of their sales. As of December 31, 2015, future base rental revenue under non-cancelable operating leases, excluding extension options and signed leases for which rental payments have not yet commenced, is as follows (in thousands): 2016 $ 158,638 2017 159,878 2018 161,561 2019 163,279 2020 163,789 Thereafter 843,241 $ 1,650,386 These future minimum amounts do not include tenant reimbursement income or additional rents based on a percentage of tenants’ sales. For the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, the Company recognized $26.9 million of tenant reimbursement income, as well as, approximately $0.1 million of additional rent based on a percentage of tenants’ sales which was included in rental income. As Lessee In connection with the Transaction, the Company acquired a ground lease for one property. During the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, the Company recorded rent expense of less than $0.1 million, which is classified within property operating expenses on the consolidated statement of operations. The ground lease requires the Company to make fixed annual rental payments and expires in 2073 assuming all options are exercised.

Mortgage Loans Payable

Mortgage Loans Payable	6 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans Payable	Note 7 – Mortgage Loans Payable During the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, pursuant to the Transaction, the Company entered into a mortgage and mezzanine loan agreement (collectively, the “Loan Agreements”), providing for term loans in an initial principal amount of approximately $1.16 billion (collectively, the “Mortgage Loans”) and a $100 million future funding facility (the “Future Funding Facility”), which the Company expects to be available to finance the redevelopment of properties in its portfolio from time to time, subject to satisfaction of certain conditions. No amounts were drawn during the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015 under the Future Funding Facility. All outstanding principal and interest under the Mortgage Loans is due and payable on the payment dates and will mature on the payment date in July 2019, pursuant to the mezzanine loan agreement and mortgage loan agreement, respectively. The Company has two one-year extension options subject to the payment of an extension fee and satisfaction of certain other conditions. Borrowings under the Mortgage Loans bear interest at the London Interbank Offered Rates (“LIBOR”) plus, as of December 31, 2015, a weighted-average spread of 465 basis points; payments are made monthly on an interest-only basis. The weighted-average interest rate for the Mortgage Loans for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015 was 4.96%. The Mortgage Loans are secured by all of the Company’s Wholly Owned Properties and a pledge of its equity in the JVs. The Loan Agreements contain customary covenants for a real estate financing, including terms that limit the Company’s ability to grant liens on its assets, incur additional indebtedness, or transfer or sell assets, as well as those that may require the Company to obtain lender approval for certain major tenant leases or significant redevelopment projects. Such restrictions also include cash flow sweep provisions based on certain measures of the Company’s financial and operating performance, including in the case that “Debt Yield” (the ratio of net operating income for the borrowers to their debt) is less than 11.0% or if the Company fails to achieve certain thresholds for tenant diversification. The Loan Agreements prohibit repayment of any amounts outstanding for the first 12 months (other than repayments in connection with property releases and certain other exceptions) and contains a yield maintenance provision for the early extinguishment of the debt within the first 30 months. The Company believes it is currently in compliance with all material terms and conditions of the Loan Agreements. All obligations under the Loan Agreements are non-recourse to the borrowers and the pledgors of the JV Interests and the guarantors thereunder, except that (i) the borrowers and the guarantors will be liable, on a joint and several basis, for losses incurred by the lenders in respect of certain matters customary for commercial real estate loans, including misappropriation of funds and certain environmental liabilities and (ii) the indebtedness under the Loan Agreements will be fully recourse to the borrowers and guarantors upon the occurrence of certain events customary for commercial real estate loans, including without limitation prohibited transfers, prohibited voluntary liens and bankruptcy. Additionally the guarantors delivered a limited completion guaranty with respect to future redevelopments undertaken by the borrowers at the properties. The Company incurred $21.4 million of debt issuance costs related to the Mortgage Loans, which are recorded as a direct deduction from the carrying amount of the Mortgage Loans and amortized over the term of the Loan Agreements. As of December 31, 2015, the unamortized balance of the Company’s debt issuance costs was $18.8 million.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 – Income Taxes The Company plans to elect to be taxed as a REIT as defined under Section 856(c) of the Code for federal income tax purposes, commencing with its initial taxable year ended December 31, 2015 and expects to continue to operate to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to currently distribute at least 90% of its adjusted REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to federal income tax on taxable income that is distributed to its shareholders. If the Company fails to qualify as a REIT or does not distribute 100% of its taxable income in any taxable year, it will be subject to federal taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state, local and Puerto Rico taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. The Company has evaluated whether any uncertain tax provisions exist as of December 31, 2015 and has concluded that there are no uncertain tax positions.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9 – Fair Value Measurements ASC 820, Fair Value Measurement and Disclosures Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data Level 3 - unobservable inputs used when little or no market data is available The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in its assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring or Non-Recurring Basis All derivative instruments are carried at fair value and are valued using Level 2 input. The Company’s derivative instruments as of December 31, 2015 included an interest rate cap. The Company utilizes an independent third party and interest rate market pricing models to assist management in determining the fair value of this instrument. The fair value of the Company’s interest rate cap at December 31, 2015 was approximately $2.1 million and is included as a component of prepaid expenses, deferred expenses and other assets on the consolidated balance sheet. The Company has elected not to utilize hedge accounting and therefore the change in fair value is included within change in fair value of interest rate cap on the consolidated statement of operations. For the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, the Company recorded a loss of $2.9 million related to the change in fair value of the interest rate cap. Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the consolidated balance sheet include cash equivalents and mortgages payable. The fair value of cash equivalents is classified as Level 1 and the fair value of mortgages payable is classified as Level 2. Cash equivalents are carried at cost, which approximates fair value. The fair value of mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings. As of December 31, 2015, the estimated fair value of the Company’s debt was $1.2 billion which approximated the carrying value at such date as the current risk-adjusted rate approximates the stated rates on the Company’s mortgages.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 – Commitments and Contingencies Insurance The Company maintains general liability insurance and all-risk property and rental value, with sub-limits for certain perils such as floods and earthquakes on each of the Company’s properties. The Company also maintains coverage for terrorism acts as defined by Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020. Insurance premiums are charged directly to each of the retail properties. The Company will be responsible for deductibles and losses in excess of insurance coverage, which could be material. The Company continues to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, the Company cannot anticipate what coverage will be available on commercially reasonable terms in the future. Environmental Matters Under various federal, state and local laws, ordinances and regulations, the Company may be considered an owner or operator of real property or may have arranged for the disposal or treatment of hazardous or toxic substances. As a result, the Company may be liable for certain costs including removal, remediation, government fines and injuries to persons and property. The Company does not believe that any resulting liability from such matters will have a material effect on the consolidated financial position, results of operations or liquidity of the Company. Under the Master Lease, Sears Holdings has indemnified the Company from certain environmental liabilities at the Wholly Owned Properties existing before, or caused by Sears Holdings during, the period in which each Wholly Owned Property is leased to Sears Holdings, including removal and remediation of all affected facilities and equipment constituting the automotive care center facilities (and each JV Master Lease includes a similar requirement of Sears Holdings). As of December 31, 2015, the Company had approximately $12.0 million of restricted cash in a lender reserve account to fund potential environmental costs that were identified during due diligence related to the Transaction. Litigation and Other Matters In accordance with accounting standards regarding loss contingencies, the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued or disclose the fact that such a range of loss cannot be estimated. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. In such cases, the Company discloses the nature of the contingency, and an estimate of the possible loss, range of loss, or disclose the fact that an estimate cannot be made. The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material effect on the consolidated financial position, results of operations, cash flows or liquidity of the Company. In May and June of 2015, four purported Sears Holdings shareholders filed lawsuits in the Delaware Court of Chancery challenging the Transaction, which lawsuits have since been consolidated into a single action captioned In re Sears Holdings Corporation Stockholder and Derivative Litigation, Consol. C.A. No. 11081-VCL (the “Action”). On October 15, 2015, plaintiffs filed a verified consolidated stockholder derivative complaint (the “Complaint”) in the Action against defendants the individual members of Sears Holdings’ Board of Directors, ESL Investments, Inc. (together with its affiliates, “ESL”), Sears Holdings’ CEO, Fairholme Capital Management L.L.C. (“FCM”), and Seritage. The plaintiffs have brought the Action derivatively on behalf of Sears Holdings, which is named as a nominal defendant, and allege that the Sears Holdings directors, as well as ESL (in its capacity as the alleged controlling stockholder of Sears Holdings), breached their fiduciary duties to Sears Holdings shareholders by selling the Wholly Owned Properties to Seritage at a price that was unfairly low and was the result of a process that allegedly was flawed. The Complaint also alleges that Seritage and FCM aided and abetted these alleged fiduciary breaches. Among other forms of relief, the plaintiffs are currently seeking damages in unspecified amounts. The Company believes that the plaintiffs’ claims and allegations against the Company are legally without merit and intends to contest these lawsuits vigorously. Due to, among other things, the fact that the litigation is at a very early stage, management cannot reasonably estimate the possible loss or range of loss, if any, that may arise from this matter.

Related Party Disclosure

Related Party Disclosure	6 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Disclosure	Note 11 – Related Party Disclosure Edward S. Lampert Edward S. Lampert is Chairman and Chief Executive Officer of Sears Holdings and is the Chairman and Chief Executive Officer of ESL. ESL beneficially owned approximately 49.6% of Sears Holdings’ outstanding common stock at December 31, 2015. Mr. Lampert is also the Chairman of Seritage. For purposes of funding the purchase price for the acquisition of the Wholly Owned Properties and the JV Interests from Sears Holdings, the Company effected the Rights Offering to existing Sears Holdings shareholders, including ESL. As of December 31, 2015, ESL held an approximately 43.4% interest in Operating Partnership and approximately 3.9% and 100% of the outstanding Class A common shares and Class B non-economic common shares, respectively. Transition Services Agreement On July 7, 2015, the Operating Partnership and Sears Holdings Management Corporation (“SHMC”), a wholly owned subsidiary of Sears Holdings, entered into a transition services agreement (the “Transition Services Agreement”, or “TSA”). Pursuant to the TSA, SHMC will provide certain limited services to the Operating Partnership during the period from the closing of the Transaction through the 18-month anniversary of the closing, unless the Operating Partnership terminates the agreement. During the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, the services provided by SHMC included specified facilities management, accounting, treasury, tax and related support services. Fees incurred under the TSA were approximately $0.2 million for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015 and are included in general and administrative expenses on the consolidated statement of operations. Of this amount, less than $0.1 million was accrued as of December 31, 2015 and is included in accounts payable, accrued expenses and other liabilities on the on the consolidated balance sheet. SHMC does not provide the Company with any business managerial, leasing, development or construction services or direct any of the Company’s business, financial or strategic policies or decisions. Sears Holding Corporation During the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, Sears Holdings made direct payments to certain taxing authorities with respect to real estate taxes due at Wholly Owned Properties covered under the Master Lease. Pursuant to the Master Lease, Sears Holdings also remits monthly installment payments to the Company for the payment of real estate taxes. As such, the amounts remitted directly to the taxing authorities by Sears Holdings were deemed overpayments that were to be returned to Sears Holdings. As of December 31, 2015, these amounts totaled $8.7 million and are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheet.

Non-Controlling Interests

Non-Controlling Interests	6 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Note 12 – Non-Controlling Interests Partnership Agreement On July 7, 2015, Seritage and ESL entered into the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”). Pursuant to the Partnership Agreement, as the sole general partner of Operating Partnership, Seritage exercises exclusive and complete responsibility and discretion in its day-to-day management, authority to make decisions and control of Operating Partnership, and may not be removed as general partner by the limited partners. As of December 31, 2015, the Company held a 56.6% interest in the Operating Partnership and ESL held a 43.4% interest. The portions of consolidated entities not owned by the Company are presented as non-controlling interest as of and during the period presented.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Shareholders' Equity	Note 13 – Shareholders’ Equity Class A Common Shares On July 7, 2015, the Company issued 22,332,037 Class A common shares at a price of $29.58 per share, for aggregate proceeds of $660.6 million, pursuant to the Rights Offering. The Company incurred costs of approximately $8.2 million related to the Rights Offering. On July 7, 2015, the Company issued and sold to a subsidiary of GGP 1,125,760 Class A common shares at a price of $29.58 per share, for an aggregate purchase price of $33.3 million, in a transaction exempt from registration under the Securities Act. On July 7, 2015, the Company issued and sold to a subsidiary of Simon 1,125,760 Class A common shares at a price of $29.58 per share, for an aggregate purchase price of $33.3 million, in a transaction exempt from registration under the Securities Act. Class A shares have a par value of $0.01 per share. Class B Non-Economic Common Shares On July 7, 2015, the Company issued and sold to ESL 1,589,020 Class B non-economic common shares of beneficial interest in connection with an exchange of cash and subscription rights for Class B non-economic common shares in a transaction exempt from registration under the Securities Act pursuant to Section 4(a)(2) thereof. The aggregate purchase price for the Class B non-economic common shares purchased by ESL was $0.9 million. The Class B non-economic common shares have voting rights, but do not have economic rights and, as such, do not receive dividends and are not included in earnings per share computations. Class B non-economic common shares have a par value of $0.01 per share. Class C Non-Voting Common Shares On July 7, 2015, the Company issued 6,790,635 Class C non-voting common shares at a price of $29.58 per share, for aggregate proceeds of $200.9 million, pursuant to the Rights Offering. The Class C non-voting common shares have economic rights, but do not have voting rights. Upon any transfer of a Class C non-voting common share to any person other than an affiliate of the holder of such share, such share shall automatically convert into one Class A common share. During the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, 17,450 net shares of Class C non-voting common shares were converted to Class A common shares. Class C non-voting shares have a par value of $0.01 per share. Dividends and Distributions On December 17, 2015, the Company declared a cash dividend of $0.50 per Class A and Class C common share for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. The holders of Operating Partnership units were entitled to an equal distribution per Operating Partnership unit held as of December 31, 2015. The dividends and distributions payable are recorded as liabilities in the Company’s consolidated balance sheet at December 31, 2015. The dividend has been reflected as a reduction of shareholders’ equity and the distribution has been reflected as a reduction of the limited partners’ non-controlling interest. These amounts were paid on January 14, 2016. The Company declared total dividends of $0.50 per Class A and Class C common share during the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. The dividends have been reflected as follows for federal income tax purposes: July 7, 2015 (Date Operations Commenced) to December 31, 2015 Ordinary income $ 0.50 Return of capital — Total $ 0.50 On March 8, 2016, the Company declared a cash dividend of $0.25 per Class A and Class C common share for the quarter ending March 31, 2016. The holders of Operating Partnership units are entitled to an equal distribution per Operating Partnership unit held as of March 31, 2016.

Earnings per Share

Earnings per Share	6 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings per Share	Note 14 – Earnings per Share The table below provides a reconciliation of net loss and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares. Potentially dilutive securities consist of shares of non-vested restricted stock and the redeemable non-controlling interests in Operating Partnership. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing EPS pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of EPS. Earnings per share has not been presented for Class B shareholders as they do not have economic rights. (in thousands except per share amounts) July 7, 2015 (Date Operations Commenced) to December 31, 2015 Numerator - Basic and Diluted Net loss $ (38,803 ) Net loss attributable to non-controlling interests 16,465 Net loss attributable to common shareholders $ (22,338 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 24,707 Weighted average Class C common shares outstanding 6,679 Weighted average Class A and Class C common shares outstanding 31,386 Net loss per share attributable to Class A and Class C common shareholders $ (0.71 ) No adjustments were made to the numerator for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, because the Company generated a net loss. During periods of net loss, undistributed losses are not allocated to the participating securities as they are not required to absorb losses. No adjustments were made to the denominator for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, because (i) the inclusion of outstanding non-vested restricted shares would have had an anti-dilutive effect and (ii) including the non-controlling interest in the Operating Partnership would also require that the share of Operating Partnership loss attributable to such interests be added back to net loss, therefore, resulting in no effect on earnings per share. As of December 31, 2015, there were 221,484 shares of non-vested restricted stock outstanding.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Note 15 – Stock Based Compensation On July 7, 2015, the Company adopted the Seritage Growth Properties 2015 Share Plan (the “Plan”). The number of shares of common stock reserved for issuance under the Plan is 3,250,000. The Plan provides for grants of restricted shares, share units, other share-based awards, options, and share appreciation rights, each as defined in the Plan (collectively, the “Awards”). Directors, officers, other employees and consultants of the Company and its subsidiaries and affiliates are eligible for Awards. Restricted Shares Pursuant to the Plan, the Company made grants of restricted shares and share units during the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. The vesting terms of these grants are specific to the individual grant and vary in that a portion of the restricted shares and share units vest either immediately or in equal annual amounts over the next three years (time-based vesting) and a portion of the restricted shares vest on the third anniversary of the grants subject to the achievement of certain performance criteria (performance-based vesting). In general, participating employees are required to remain employed for vesting to occur (subject to certain limited exceptions). Restricted shares that do not vest are forfeited. Dividends on restricted shares and share units with time-based vesting are paid to holders of such shares and share units and are not returnable, even if the underlying shares or share units do not ultimately vest. Dividends on restricted shares with performance-based vesting are accrued when declared and paid to holders of such shares on the third anniversary of the initial grant subject to the vesting of the underlying shares. The following table summarizes restricted share activity for the grant year ended December 31, 2015: For the year ended December 31, 2015 Weighted- Average Grant Shares Date Fair Value Unvested restricted shares at beginning of period — $ — Restricted shares granted (1) 238,387 30.73 Restricted shares vested (16,903 ) 29.58 Restricted shares forfeited — — Unvested restricted shares at end of period 221,484 $ 30.81 (1) Includes 21,552 share units. The Company recognized $0.9 million in compensation expense related to the restricted shares for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, which is included in general and administrative on the Company’s consolidated statement of operations. As of December 31, 2015, there were $6.4 million of total unrecognized compensation costs related to the outstanding restricted shares which is expected to be recognized over a weighted-average period of approximately 2.8 years.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	6 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Note 16 – Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the significant components of accounts payable, accrued expenses and other liabilities (in thousands): December 31, 2015 Dividends payable $ 27,894 Accrued real estate taxes 25,333 Below-market leases 18,986 Accounts payable and accrued expenses 15,124 Environmental reserve 11,824 Deferred maintenance 10,281 Sears Holdings payable 8,670 Accrued interest 2,748 Total accounts payable, accrued expenses and other liabilities $ 120,860

Quarterly Financial Information

Quarterly Financial Information (unaudited)	6 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (unaudited)	Note 17 – Quarterly Financial Information (unaudited) The following table sets forth the selected quarterly financial data for the Company (in thousands, except per share amounts): July 7, 2015 (Date Operations Three Months Ended Commenced) to December 31, 2015 September 30, 2015 Total revenue $ 59,508 $ 54,063 Operating income (loss) 7,177 (16,550 ) Net loss (6,950 ) (31,853 ) Net loss attributable to common shareholders (4,037 ) (18,301 ) Net loss per share attributable to Class A and Class C common shareholders - Basic and diluted (0.13 ) (0.58 ) Weighted average Class A and Class C common shares outstanding - Basic and diluted 31,391 31,384

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	6 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SERITAGE GROWTH PROPERTIES SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) Acquisition Costs (1) Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period (2) Name of Center Location Encumbrances Land Buildings and Land Buildings and Land Buildings and Total Accumulated Date Life Upon Which Depreciation is Computed The Mall at Sears Anchorage, (3) $ 11,517 $ 11,729 $ — $ 554 $ 11,517 $ 12,283 $ 23,800 $ (403 ) July, 2015 (4) Freestanding Cullman, AL (3) 947 846 — — 947 846 1,793 (38 ) July, 2015 (4) McCain Mall North Little (3) 1,288 2,881 — — 1,288 2,881 4,169 (140 ) July, 2015 (4) Freestanding Russellville, (3) 318 1,270 — — 318 1,270 1,588 (49 ) July, 2015 (4) Flagstaff Mall Flagstaff, AZ (3) 932 2,179 — — 932 2,179 3,111 (71 ) July, 2015 (4) Superstition Springs Mesa, AZ (3) 2,661 2,559 — — 2,661 2,559 5,220 (109 ) July, 2015 (4) Shopping Center Peoria, AZ (3) 1,204 509 — — 1,204 509 1,713 (60 ) July, 2015 (4) Desert Sky Mall Phoenix , AZ (3) 2,605 2,448 — — 2,605 2,448 5,053 (96 ) July, 2015 (4) Freestanding Phoenix , AZ (3) 568 1,088 — — 568 1,088 1,656 (70 ) July, 2015 (4) Prescott Gateway Mall Prescott, AZ (3) 1,071 835 — — 1,071 835 1,906 (58 ) July, 2015 (4) The Mall at Sierra Vista Sierra Vista, (3) 1,252 1,791 — — 1,252 1,791 3,043 (58 ) July, 2015 (4) Freestanding Sierra Vista, (3) 938 1,736 — — 938 1,736 2,674 (87 ) July, 2015 (4) Park Place Tucson, AZ (3) 5,207 3,458 — — 5,207 3,458 8,665 (132 ) July, 2015 (4) Southgate Mall Yuma, AZ (3) 1,485 1,596 — — 1,485 1,596 3,081 (87 ) July, 2015 (4) Kmart Center Antioch, CA (3) 1,594 2,525 — — 1,594 2,525 4,119 (82 ) July, 2015 (4) Big Bear Lake Shopping Center Big Bear (3) 3,664 2,945 — — 3,664 2,945 6,609 (87 ) July, 2015 (4) Southbay Pavilion Carson, CA (3) 11,476 5,223 — — 11,476 5,223 16,699 (196 ) July, 2015 (4) Chula Vista Center Chula Vista, (3) 7,315 6,834 — — 7,315 6,834 14,149 (215 ) July, 2015 (4) Sunrise Mall Citrus Heights, (3) 3,778 2,088 — — 3,778 2,088 5,866 (216 ) July, 2015 (4) Freestanding Delano, CA (3) 1,905 2,208 — — 1,905 2,208 4,113 (66 ) July, 2015 (4) Parkway Plaza El Cajon, CA (3) 10,573 2,883 — — 10,573 2,883 13,456 (203 ) July, 2015 (4) Imperial Valley Mall El Centro, CA (3) 3,877 3,977 — — 3,877 3,977 7,854 (134 ) July, 2015 (4) Solano Fairfield, CA (3) 3,679 1,366 — — 3,679 1,366 5,045 (62 ) July, 2015 (4) Florin Mall Florin, CA (3) 1,022 1,366 — — 1,022 1,366 2,388 (91 ) July, 2015 (4) Manchester Mall Fresno, CA (3) 1,370 2,000 — — 1,370 2,000 3,370 (134 ) July, 2015 (4) Mill Creek Marketplace McKinleyville, (3) 1,354 1,655 — — 1,354 1,655 3,009 (72 ) July, 2015 (4) Merced Mall Merced, CA (3) 2,534 1,604 — — 2,534 1,604 4,138 (95 ) July, 2015 (4) Montclair Plaza Montclair, (3) 2,498 2,119 — — 2,498 2,119 4,617 (47 ) July, 2015 (4) Moreno Valley Mall Moreno (3) 3,898 3,407 — — 3,898 3,407 7,305 (134 ) July, 2015 (4) NewPark Mall Newark, CA (3) 4,312 3,268 — — 4,312 3,268 7,580 (152 ) July, 2015 (4) Valley Plaza North (3) 8,049 3,172 — — 8,049 3,172 11,221 (74 ) July, 2015 (4) Northridge Fashion Center Northridge, (3) 5,402 3,466 — — 5,402 3,466 8,868 (134 ) July, 2015 (4) Palm Desert Palm Desert, (3) 5,473 1,705 — — 5,473 1,705 7,178 (75 ) July, 2015 (4) Ramona Station Ramona, CA (3) 7,239 1,452 — — 7,239 1,452 8,691 (100 ) July, 2015 (4) Freestanding Riverside, (3) 4,397 4,407 — — 4,397 4,407 8,804 (200 ) July, 2015 (4) Freestanding Riverside, (3) 2,670 2,489 — — 2,670 2,489 5,159 (110 ) July, 2015 (4) Galleria at Roseville Roseville, (3) 4,848 3,215 — — 4,848 3,215 8,063 (106 ) July, 2015 (4) Northridge Mall Salinas, CA (3) 2,644 4,394 — — 2,644 4,394 7,038 (137 ) July, 2015 (4) Inland Center San (3) 4,131 2,066 — — 4,131 2,066 6,197 (119 ) July, 2015 (4) Shops at Tanforan San Bruno, (3) 7,854 4,642 — — 7,854 4,642 12,496 (183 ) July, 2015 (4) University Town Centre (UTC) San Diego, (3) 22,445 14,094 — — 22,445 14,094 36,539 (301 ) July, 2015 (4) Eastridge Mall (CA) San Jose, (3) 1,531 2,356 — — 1,531 2,356 3,887 (227 ) July, 2015 (4) Capitola Mall Santa Cruz, (3) 4,338 4,803 — — 4,338 4,803 9,141 (140 ) July, 2015 (4) Santa Maria Town Center Santa Maria, (3) 3,967 2,635 — — 3,967 2,635 6,602 (71 ) July, 2015 (4) Freestanding Santa (3) 43,915 3,974 — — 43,915 3,974 47,889 (81 ) July, 2015 (4) Freestanding Santa Paula, (3) 2,002 1,147 — — 2,002 1,147 3,149 (75 ) July, 2015 (4) Promenade in Temecula Temecula, (3) 6,098 2,214 — — 6,098 2,214 8,312 (118 ) July, 2015 (4) Janss Marketplace Thousand (3) 9,858 14,781 — 2,109 9,858 16,890 26,748 (288 ) July, 2015 (4) Pacific View Ventura, CA (3) 5,578 6,172 — — 5,578 6,172 11,750 (93 ) July, 2015 (4) Sequoia Mall Visalia, CA (3) 2,967 2,243 — — 2,967 2,243 5,210 (80 ) July, 2015 (4) West Covina West (3) 5,972 2,053 — — 5,972 2,053 8,025 (132 ) July, 2015 (4) Westminster Mall Westminster, (3) 6,845 5,651 — — 6,845 5,651 12,496 (179 ) July, 2015 (4) Westland Shopping Center Lakewood, (3) 1,290 4,550 — — 1,290 4,550 5,840 (113 ) July, 2015 (4) Thornton Place Thornton, (3) 1,881 1,300 — — 1,881 1,300 3,181 (179 ) July, 2015 (4) Crystal Mall Waterford, (3) 1,371 2,534 — — 1,371 2,534 3,905 (98 ) July, 2015 (4) Corbin’s Corner West (3) 6,434 10,466 — — 6,434 10,466 16,900 (252 ) July, 2015 (4) Freestanding Rehoboth (3) 714 4,523 — — 714 4,523 5,237 (135 ) July, 2015 (4) Altamonte Mall Altamonte (3) 4,051 6,788 — — 4,051 6,788 10,839 (212 ) July, 2015 (4) Town Center at Boca Raton Boca (3) 16,089 7,480 — — 16,089 7,480 23,569 (241 ) July, 2015 (4) DeSoto Square Bradenton, (3) 958 900 — — 958 900 1,858 (80 ) July, 2015 (4) Beachway Plaza Bradenton, (3) 1,420 1,479 — — 1,420 1,479 2,899 (69 ) July, 2015 (4) Countryside Clearwater, (3) 5,852 17,777 — 713 5,852 18,490 24,342 (370 ) July, 2015 (4) Miami International Mall Doral, FL (3) 9,214 2,654 — — 9,214 2,654 11,868 (108 ) July, 2015 (4) Edison Mall Ft. Myers, (3) 3,168 2,853 — — 3,168 2,853 6,021 (94 ) July, 2015 (4) The Oaks Mall Gainesville, (3) 2,439 1,205 — — 2,439 1,205 3,644 (53 ) July, 2015 (4) Westland Shopping Mall Hialeah, FL (3) 9,683 3,472 — — 9,683 3,472 13,155 (128 ) July, 2015 (4) Freestanding Hialeah, FL (3) 5,492 2,344 — — 5,492 2,344 7,836 (72 ) July, 2015 (4) Center of Osceola Kissimmee, (3) 2,107 2,556 — — 2,107 2,556 4,663 (102 ) July, 2015 (4) Lakeland Square Lakeland, (3) 1,503 1,045 — — 1,503 1,045 2,548 (57 ) July, 2015 (4) Freestanding Melbourne, (3) 2,441 1,981 — — 2,441 1,981 4,422 (103 ) July, 2015 (4) Aventura Mall Miami, FL (3) 13,264 61,577 — — 13,264 61,577 74,841 (1,063 ) July, 2015 (4) Southland Mall (FL) Miami, FL (3) 5,219 1,236 — — 5,219 1,236 6,455 (120 ) July, 2015 (4) Coastland Center Naples, FL (3) 8,857 2,209 — — 8,857 2,209 11,066 (90 ) July, 2015 (4) Freestanding North (3) 4,748 2,434 — — 4,748 2,434 7,182 (105 ) July, 2015 (4) Paddock Mall Ocala, FL (3) 2,468 1,150 — — 2,468 1,150 3,618 (68 ) July, 2015 (4) Kmart Shopping Center Orange (3) 1,477 1,701 — 9 1,477 1,710 3,187 (77 ) July, 2015 (4) Orlando Fashion Square Orlando, (3) 4,403 3,626 — — 4,403 3,626 8,029 (189 ) July, 2015 (4) Panama City Mall Panama (3) 3,227 1,614 — — 3,227 1,614 4,841 (95 ) July, 2015 (4) University Town Plaza Pensacola, (3) 2,620 2,990 — — 2,620 2,990 5,610 (124 ) July, 2015 (4) Westfield Broward Plantation, (3) 6,933 2,509 — — 6,933 2,509 9,442 (130 ) July, 2015 (4) Sarasota Square Sarasota, (3) 3,920 2,200 — — 3,920 2,200 6,120 (105 ) July, 2015 (4) Freestanding St. (3) 1,653 777 — — 1,653 777 2,430 (78 ) July, 2015 (4) Tyrone Square Mall St. (3) 2,381 2,420 — — 2,381 2,420 4,801 (130 ) July, 2015 (4) Cumberland Mall Atlanta, (3) 8,891 6,469 — — 8,891 6,469 15,360 (164 ) July, 2015 (4) Oglethorpe Mall Savannah, (3) 5,285 3,012 — — 5,285 3,012 8,297 (96 ) July, 2015 (4) Freestanding Honolulu (3) 6,824 2,195 — — 6,824 2,195 9,019 (68 ) July, 2015 (4) Freestanding Algona, IA (3) 644 2,796 — — 644 2,796 3,440 (77 ) July, 2015 (4) Lindale Mall Cedar (3) 2,833 2,197 — — 2,833 2,197 5,030 (87 ) July, 2015 (4) Freestanding Charles (3) 793 1,914 — — 793 1,914 2,707 (85 ) July, 2015 (4) Webster City Plaza Webster (3) 392 896 — — 392 896 1,288 (33 ) July, 2015 (4) Boise Towne Square Boise, ID (3) 1,828 1,848 — — 1,828 1,848 3,676 (71 ) July, 2015 (4) Freestanding Chicago, IL (3) 3,665 3,504 — — 3,665 3,504 7,169 (64 ) July, 2015 (4) Freestanding Chicago, IL (3) 905 804 — — 905 804 1,709 (50 ) July, 2015 (4) Kedzie Square Chicago, IL (3) 2,385 7,924 — — 2,385 7,924 10,309 (176 ) July, 2015 (4) Homewood Square Homewood, (3) 3,954 4,766 — — 3,954 4,766 8,720 (162 ) July, 2015 (4) Louis Joliet Shopping Mall Joliet, IL (3) 2,557 3,108 — — 2,557 3,108 5,665 (165 ) July, 2015 (4) Freestanding Lombard, IL (3) 2,685 8,281 — — 2,685 8,281 10,966 (153 ) July, 2015 (4) Freestanding Moline, IL (3) 2,010 751 — — 2,010 751 2,761 (81 ) July, 2015 (4) North Riverside Park Mall North (3) 1,846 3,178 — — 1,846 3,178 5,024 (127 ) July, 2015 (4) Orland Square Orland Park, (3) 1,783 974 — — 1,783 974 2,757 (73 ) July, 2015 (4) Sherwood Plaza Springfield, (3) 2,182 5,051 — — 2,182 5,051 7,233 (172 ) July, 2015 (4) Freestanding Steger, IL (3) 589 2,846 — — 589 2,846 3,435 (53 ) July, 2015 (4) North Pointe Plaza Elkhart, IN (3) 1,349 869 — — 1,349 869 2,218 (42 ) July, 2015 (4) Glenbrook Square Ft. Wayne, (3) 3,247 5,476 — — 3,247 5,476 8,723 (156 ) July, 2015 (4) Broadway Center Merrillville, (3) 3,413 3,224 — — 3,413 3,224 6,637 (166 ) July, 2015 (4) Freestanding Leavenworth, (3) 397 705 — — 397 705 1,102 (52 ) July, 2015 (4) Metcalf Shopping Center Overland (3) 2,775 1,766 — — 2,775 1,766 4,541 (130 ) July, 2015 (4) Pennyrile Marketplace Hopkinsville, (3) 553 2,815 — — 553 2,815 3,368 (106 ) July, 2015 (4) Audubon Plaza Owensboro, (3) 411 1,083 — — 411 1,083 1,494 (35 ) July, 2015 (4) Kentucky Oaks Paducah, KY (3) 1,022 2,868 — — 1,022 2,868 3,890 (97 ) July, 2015 (4) Freestanding Houma, LA (3) 590 2,030 — — 590 2,030 2,620 (78 ) July, 2015 (4) The Mall of Acadiana Lafayette, (3) 1,406 5,094 — — 1,406 5,094 6,500 (168 ) July, 2015 (4) Freestanding New Iberia, (3) 450 1,819 — — 450 1,819 2,269 (95 ) July, 2015 (4) Braintree Marketplace Braintree (5), (3) 6,585 5,614 — — 6,585 5,614 12,199 (133 ) July, 2015 (4) Square One Mall Saugus, MA (3) 1,656 2,835 — — 1,656 2,835 4,491 (139 ) July, 2015 (4) Bowie Town Center Bowie, MD (3) 4,583 2,335 — — 4,583 2,335 6,918 (92 ) July, 2015 (4) Hunt Valley Towne Centre Cockeysville, (3) 5,768 2,319 — — 5,768 2,319 8,087 (99 ) July, 2015 (4) South River Colony Edgewater, (3) 5,534 2,116 — — 5,534 2,116 7,650 (102 ) July, 2015 (4) Valley Mall (MD) Hagerstown, (3) 2,877 1,378 — — 2,877 1,378 4,255 (95 ) July, 2015 (4) Midtown Shopping Center Madawaska, (3) 140 942 — — 140 942 1,082 (21 ) July, 2015 (4) Freestanding Alpena, MI (3) 782 1,427 — — 782 1,427 2,209 (74 ) July, 2015 (4) Jackson Crossing Jackson, MI (3) 2,720 1,184 — — 2,720 1,184 3,904 (95 ) July, 2015 (4) Lincoln Park Shopping Center Lincoln (3) 1,106 3,198 — — 1,106 3,198 4,304 (129 ) July, 2015 (4) Hillside Plaza Manistee, (3) 508 3,045 — — 508 3,045 3,553 (115 ) July, 2015 (4) Macomb Mall Roseville, (3) 3,286 4,778 — — 3,286 4,778 8,064 (182 ) July, 2015 (4) Freestanding Sault Ste. (3) 946 917 — — 946 917 1,863 (67 ) July, 2015 (4) Freestanding St. Clair (3) 2,399 1,797 — — 2,399 1,797 4,196 (80 ) July, 2015 (4) Oakland Mall Troy, MI (3) 7,954 2,651 — — 7,954 2,651 10,605 (228 ) July, 2015 (4) Freestanding Ypsilanti, (3) 2,462 1,277 — — 2,462 1,277 3,739 (101 ) July, 2015 (4) Burnsville Center Burnsville, (3) 3,513 1,281 — — 3,513 1,281 4,794 (139 ) July, 2015 (4) Detroit Lakes K Mart Plaza Detroit (3) 1,130 1,220 — — 1,130 1,220 2,350 (97 ) July, 2015 (4) Maplewood Mall Maplewood, (3) 3,605 1,162 — — 3,605 1,162 4,767 (97 ) July, 2015 (4) Freestanding St. Paul, (3) 1,866 1,028 — — 1,866 1,028 2,894 (104 ) July, 2015 (4) Freestanding Cape (3) 609 908 — — 609 908 1,517 (36 ) July, 2015 (4) Flower Valley Shopping Center Florissant, (3) 2,430 1,607 — — 2,430 1,607 4,037 (93 ) July, 2015 (4) Freestanding Jefferson (3) 957 2,224 — — 957 2,224 3,181 (79 ) July, 2015 (4) Kickapoo Corners Springfield, (3) 922 2,050 — — 922 2,050 2,972 (68 ) July, 2015 (4) Columbus Centre Columbus, (3) 2,940 2,547 — — 2,940 2,547 5,487 (116 ) July, 2015 (4) Freestanding Havre, MT (3) 600 790 — — 600 790 1,390 (48 ) July, 2015 (4) Asheville Mall Asheville, (3) 4,141 2,036 — — 4,141 2,036 6,177 (115 ) July, 2015 (4) Concord Plaza Concord, (3) 2,325 1,275 — — 2,325 1,275 3,600 (127 ) July, 2015 (4) Landmark Center Greensboro, (3) 3,869 4,387 — 734 3,869 5,121 8,990 (153 ) July, 2015 (4) Kmart Shopping Center Minot, ND (3) 1,724 2,925 — — 1,724 2,925 4,649 (106 ) July, 2015 (4) Freestanding Kearney, (3) 272 483 — — 272 483 755 (35 ) July, 2015 (4) Mall of New Hampshire Manchester, (3) 1,458 4,160 — — 1,458 4,160 5,618 (119 ) July, 2015 (4) Pheasant Lane Mall Nashua, NH (3) 1,794 7,255 — — 1,794 7,255 9,049 (120 ) July, 2015 (4) Fox Run Mall Portsmouth, (3) 3,934 3,375 — — 3,934 3,375 7,309 (135 ) July, 2015 (4) Mall at Rockingham Park Salem, NH (3) 3,321 12,198 — — 3,321 12,198 15,519 (255 ) July, 2015 (4) Freestanding Middletown, (3) 5,647 2,941 — — 5,647 2,941 8,588 (241 ) July, 2015 (4) Freestanding Watchung, (3) 6,704 4,110 — — 6,704 4,110 10,814 (181 ) July, 2015 (4) Willowbrook Mall Wayne, NJ (3) 12,849 4,553 — — 12,849 4,553 17,402 (245 ) July, 2015 (4) Freestanding Deming, (3) 1,085 1,194 — — 1,085 1,194 2,279 (65 ) July, 2015 (4) Freestanding Farmington, (3) 1,480 1,845 — — 1,480 1,845 3,325 (79 ) July, 2015 (4) Kmart Shopping Center Hobbs, NM (3) 1,386 2,557 — — 1,386 2,557 3,943 (85 ) July, 2015 (4) Eastern Commons Shopping Center Henderson, (3) 3,124 1,362 — — 3,124 1,362 4,486 (97 ) July, 2015 (4) Meadows Mall Las Vegas, (3) 3,354 1,879 — — 3,354 1,879 5,233 (105 ) July, 2015 (4) Meadowood Mall Reno, NV (3) 2,135 5,748 — — 2,135 5,748 7,883 (98 ) July, 2015 (4) Colonie Center Albany, NY (3) 8,289 6,523 — — 8,289 6,523 14,812 (230 ) July, 2015 (4) Great Northern Mall Clay, NY (3) 787 4,134 — — 787 4,134 4,921 (120 ) July, 2015 (4) Huntington Square Mall East (3) 7,617 2,065 — — 7,617 2,065 9,682 (120 ) July, 2015 (4) Freestanding Hicksville, (3) 38,625 19,066 — — 38,625 19,066 57,691 (538 ) July, 2015 (4) Oakdale Mall Johnson (3) 2,169 934 — — 2,169 934 3,103 (60 ) July, 2015 (4) Freestanding Olean, NY (3) 249 2,124 — — 249 2,124 2,373 (80 ) July, 2015 (4) Mall at Greece Ridge Center Rochester, (3) 3,082 1,560 — — 3,082 1,560 4,642 (114 ) July, 2015 (4) Sidney Plaza Sidney, NY (3) 1,942 1,769 — — 1,942 1,769 3,711 (177 ) July, 2015 (4) Eastview Mall Victor, NY (3) 4,144 1,391 — — 4,144 1,391 5,535 (116 ) July, 2015 (4) Jefferson Valley Mall Yorktown (3) 3,584 1,569 — — 3,584 1,569 5,153 (108 ) July, 2015 (4) Belden Village Canton, OH (3) 1,650 5,854 — — 1,650 5,854 7,504 (208 ) July, 2015 (4) Chapel Hill Mall Chapel Hill, (3) 444 1,460 — — 444 1,460 1,904 (147 ) July, 2015 (4) Dayton Mall Dayton, OH (3) 2,650 1,223 — — 2,650 1,223 3,873 (118 ) July, 2015 (4) Freestanding Kenton, OH (3) 340 417 — — 340 417 757 (61 ) July, 2015 (4) Freestanding Marietta, (3) 598 706 — — 598 706 1,304 (43 ) July, 2015 (4) Great Lakes Mall Mentor, OH (3) 1,092 1,776 — — 1,092 1,776 2,868 (111 ) July, 2015 (4) Southland Shopping Center Middleburg (3) 698 1,547 — — 698 1,547 2,245 (78 ) July, 2015 (4) Kmart Plaza North (3) 1,044 1,126 — — 1,044 1,126 2,170 (61 ) July, 2015 (4) Freestanding Tallmadge, (3) 870 682 — — 870 682 1,552 (56 ) July, 2015 (4) Westgate Village Shopping Center Toledo, OH (3) 1,664 1,289 — — 1,664 1,289 2,953 (74 ) July, 2015 (4) Freestanding Muskogee, (3) 647 966 — — 647 966 1,613 (69 ) July, 2015 (4) Freestanding Oklahoma (3) 1,542 2,210 — — 1,542 2,210 3,752 (184 ) July, 2015 (4) Freestanding Tulsa, OK (3) 2,048 5,386 — — 2,048 5,386 7,434 (142 ) July, 2015 (4) Clackamas Town Center Happy (3) 6,659 1,271 — — 6,659 1,271 7,930 (59 ) July, 2015 (4) Freestanding The Dalles, (3) 616 775 — — 616 775 1,391 (50 ) July, 2015 (4) Walnut Bottom Towne Centre Carlisle, PA (3) 1,103 1,725 — — 1,103 1,725 2,828 (28 ) July, 2015 (4) Shops at Prospect Columbia, (3) 897 2,202 — — 897 2,202 3,099 (67 ) July, 2015 (4) King of Prussia King Of (3) — 42,300 — 34 — 42,334 42,334 (646 ) July, 2015 (4) Kmart & Lowes Shopping Center Lebanon, PA (3) 1,333 2,085 — — 1,333 2,085 3,418 (136 ) July, 2015 (4) Countryside Shopping Center Mount (3) 970 1,520 — — 970 1,520 2,490 (92 ) July, 2015 (4) Freestanding Walnutport, (3) 885 3,452 — — 885 3,452 4,337 (141 ) July, 2015 (4) Haines Acres Shopping Center York, PA (3) 1,096 1,414 — — 1,096 1,414 2,510 (58 ) July, 2015 (4) Rexville (Bayamon) Towne Center Bayamon, (3) 656 7,173 — — 656 7,173 7,829 (146 ) July, 2015 (4) Las Catalinas Caguas, PR (3) 431 9,362 — — 431 9,362 9,793 (178 ) July, 2015 (4) Plaza Carolina Carolina, PR (3) 611 8,640 — — 611 8,640 9,251 (192 ) July, 2015 (4) Plaza Guaynabo Guaynabo, (3) 1,603 26,695 — — 1,603 26,695 28,298 (472 ) July, 2015 (4) Western Plaza Mayaguez, (3) 564 4,555 — — 564 4,555 5,119 (128 ) July, 2015 (4) Ponce Towne Center Ponce, PR (3) 473 3,965 — — 473 3,965 4,438 (106 ) July, 2015 (4) Rhode Island Mall Warwick, RI (3) 9,166 3,388 — — 9,166 3,388 12,554 (204 ) July, 2015 (4) Boulevard Market Fair Anderson, (3) 1,297 638 — — 1,297 638 1,935 (36 ) July, 2015 (4) Northwoods Mall Charleston, (3) 3,576 1,497 — — 3,576 1,497 5,073 (92 ) July, 2015 (4) Kmart Plaza Rock Hill, (3) 1,432 1,079 — — 1,432 1,079 2,511 (73 ) July, 2015 (4) Freestanding Sioux Falls, (3) 1,025 1,783 — — 1,025 1,783 2,808 (53 ) July, 2015 (4) Wolfchase Galleria Cordova, TN (3) 2,581 4,279 — — 2,581 4,279 6,860 (114 ) July, 2015 (4) Freestanding Memphis (5), (3) 2,827 2,475 — — 2,827 2,475 5,302 (108 ) July, 2015 (4) Tech Ridge Austin, TX (3) 3,164 2,858 — — 3,164 2,858 6,022 (144 ) July, 2015 (4) Southwest Center Mall Dallas, TX (3) 1,154 1,314 — — 1,154 1,314 2,468 (90 ) July, 2015 (4) Freestanding El Paso, TX (3) 2,008 1,778 — — 2,008 1,778 3,786 (79 ) July, 2015 (4) Baybrook Mall Friendswood, (3) 6,124 2,038 — — 6,124 2,038 8,162 (101 ) July, 2015 (4) Kmart Plaza Harlingen, (3) 1,795 1,183 — — 1,795 1,183 2,978 (42 ) July, 2015 (4) Memorial City Mall Houston, TX (3) 7,967 4,625 — — 7,967 4,625 12,592 (202 ) July, 2015 (4) Freestanding Houston, TX (3) 6,110 1,525 — — 6,110 1,525 7,635 (80 ) July, 2015 (4) Ingram Park Mall Ingram, TX (3) 4,651 2,560 — — 4,651 2,560 7,211 (99 ) July, 2015 (4) Irving Mall Irving, TX (3) 4,493 5,743 — — 4,493 5,743 10,236 (204 ) July, 2015 (4) Freestanding San Antonio, (3) 5,468 1,457 — — 5,468 1,457 6,925 (84 ) July, 2015 (4) Freestanding Shepherd, (3) 5,457 2,081 — — 5,457 2,081 7,538 (91 ) July, 2015 (4) Valley View Center Valley (3) 4,706 3,230 — — 4,706 3,230 7,936 (184 ) July, 2015 (4) Freestanding Westwood, (3) 2,899 1,748 — — 2,899 1,748 4,647 (112 ) July, 2015 (4) Antelope Square Layton, UT (3) 2,234 974 — — 2,234 974 3,208 (73 ) July, 2015 (4) Jordan Landing Shopping Center West (3) 3,190 2,305 — — 3,190 2,305 5,495 (80 ) July, 2015 (4) Landmark Mall Alexandria, (3) 3,728 3,294 — — 3,728 3,294 7,022 (166 ) July, 2015 (4) Greenbrier Mall Chesapeake, (3) 4,236 1,700 — — 4,236 1,700 5,936 (100 ) July, 2015 (4) Fair Oaks Mall Fairfax, VA (3) 10,873 1,491 — — 10,873 1,491 12,364 (102 ) July, 2015 (4) Newmarket Fair Mall Hampton, (3) 771 1,011 — — 771 1,011 1,782 (103 ) July, 2015 (4) Pembroke Mall Virginia (3) 10,413 4,760 — — 10,413 4,760 15,173 (133 ) July, 2015 (4) Warrenton Village Warrenton, (3) 1,956 2,480 — — 1,956 2,480 4,436 (78 ) July, 2015 (4) Overland Plaza Redmond, (3) 5,133 4,133 — — 5,133 4,133 9,266 (164 ) July, 2015 (4) Westfield Vancouver Vancouver, (3) 3,378 1,136 — — 3,378 1,136 4,514 (81 ) July, 2015 (4) Freestanding Yakima, (3) 1,863 2,856 — — 1,863 2,856 4,719 (140 ) July, 2015 (4) Southridge Mall (WI) Greendale, (3) 3,208 2,340 — — 3,208 2,340 5,548 (181 ) July, 2015 (4) West Towne Mall Madison, (3) 3,053 2,130 — — 3,053 2,130 5,183 (168 ) July, 2015 (4) Freestanding Platteville, (3) 748 1,195 — — 748 1,195 1,943 (66 ) July, 2015 (4) Patrick Street Plaza Charleston, (3) 2,030 797 — — 2,030 797 2,827 (69 ) July, 2015 (4) Valley Point Elkins, WV (3) 788 1,147 — — 788 1,147 1,935 (61 ) July, 2015 (4) Freestanding Scott Depot, (3) 987 484 — — 987 484 1,471 (44 ) July, 2015 (4) Mountain Plaza Casper, WY (3) 509 1,303 — — 509 1,303 1,812 (59 ) July, 2015 (4) Freestanding Gillette, (3) 846 876 — — 846 876 1,722 (65 ) July, 2015 (4) Freestanding Riverton, (3) 561 847 — — 561 847 1,408 (58 ) July, 2015 (4) Construction in process Various (3) — — — 13,136 — 13,136 13,136 — n/a n/a 840,563 810,499 — 17,289 840,563 827,788 1,668,351 (29,076 ) (1) Acquisition costs are based on initial purchase price acquisition and are subject to adjustment. See Note 3. (2) The aggregate cost of land, building and improvements for federal income tax purposes is approximately $2.3 billion. (3) All properties are encumbered by our Mortgage Loans Payable. See Note 7. (4) Depreciation is computed based on the following estimated useful lives: Building: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease SERITAGE GROWTH PROPERTIES NOTES TO SCHEDULE III (Dollars in thousands) Reconciliation of Real Estate 2015 Balance at beginning of period $ 1,651,062 Additions 17,289 Impairments — Dispositions and write-offs — Balance at end of period $ 1,668,351 Reconciliation of Accumulated Depreciation 2015 Balance at beginning of period $ — Depreciation expense 29,076 Dispositions and write-offs — Balance at end of period $ 29,076

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their wholly-owned subsidiaries, and all other entities in which they have a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) in which the Company has, as a result of ownership, contractual interests or other financial interests, both the power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. All intercompany accounts and transactions have been eliminated. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, but does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. To the extent such variable interests are in entities that cannot be evaluated under the Variable Interest Model, the Company evaluates its interests using the Voting Interest Entity Model. The Company has a variable interest in the Operating Partnership. The Operating Partnership is not currently within the scope of the Variable Interest Model and is instead evaluated under the Voting Interest Entity Model. The Company holds a 56.6% interest in the Operating Partnership and is the sole general partner which gives the Company exclusive and complete responsibility for the day-to-day management, authority to make decisions and control of the Operating Partnership. As the limited partners in the Operating Partnership, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights, the Company consolidates its interest in the Operating Partnership. The portions of consolidated entities not owned by the Company and the Operating Partnership are presented as non-controlling interests as of and during the period presented.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant assumptions and estimates relate to fair values of acquired assets and liabilities assumed for purposes of applying the acquisition method of accounting, the useful lives of tangible and intangible assets, real estate impairment assessments, and assessing the recoverability of accounts receivables. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates.
Segment Reporting	Segment Reporting The Company currently operates in a single reportable segment, which includes the acquisition, ownership, development, redevelopment, management and leasing of retail properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company does not distinguish or group consolidated operations based on geography, size, or type. The Company aggregates all properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants and operational process.
Accounting for Real Estate Acquisitions	Accounting for Real Estate Acquisitions Upon the acquisition of real estate, the Company assesses the fair value of acquired assets and liabilities assumed, including land, buildings, improvements and identified intangibles such as above-market and below-market leases, in-place leases and other items, as applicable, and allocates the purchase price based on these assessments. In making estimates of fair values, the Company may use a number of sources, including data provided by third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. The fair values of tangible assets are determined on an “if vacant” basis. The “if vacant” fair value allocated to land is generally estimated via a market or sales comparison approach with the subject site being compared to similar properties that have sold or are currently listed for sale. The comparable properties are adjusted for dissimilar characteristics such as market conditions, location, access/frontage, size, shape/topography, or intended use, including the impact of any encumbrances on such use. The “if vacant” value allocated to buildings and site improvements is generally estimated using an income approach and a cost approach that utilizes published guidelines for current replacement cost or actual construction costs for similar, recently developed properties. Assumptions used in the income approach include capitalization and discount rates, lease-up time, market rents, make ready costs, land value, and site improvement value. The estimated fair value of in-place tenant leases includes lease origination costs (the costs the Company would have incurred to lease the property to the current occupancy level) and the lost revenues during the period necessary to lease-up from vacant to the current occupancy level. Such estimates include the fair value of leasing commissions, legal costs and tenant coordination costs that would be incurred to lease the property to this occupancy level. Additionally, the Company evaluates the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period, which generally ranges up to one year. The fair value of acquired in-place tenant leases is included in lease intangible assets on the consolidated balance sheet and amortized over the remaining lease term for each tenant. Identifiable intangible assets and liabilities are calculated for above-market and below-market tenant and ground leases where the Company is either the lessor or the lessee. The difference between the contractual rental rates and the Company’s estimate of market rental rates is measured over a period equal to the remaining non-cancelable term of the leases including significantly below-market renewal options for which exercise of the renewal option appears to be reasonably assured. Above-market tenant leases and below-market ground leases are included in lease intangible assets on the consolidated balance sheet; below-market tenant leases and above-market ground leases are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheet. The values assigned to above-market and below-market tenant leases are amortized as reductions and increases. respectively, to base rental revenue over the remaining term of the respective leases. The values assigned to below-market and above-market ground leases are amortized as increases and reductions, respectively, to property operating expenses over the remaining term of the respective leases. The Company expenses transaction costs associated with business combinations in the period incurred. These costs are included in acquisition-related expenses within the consolidated statement of operations.
Real Estate Investments	Real Estate Investments Real estate assets are recorded at cost, less accumulated depreciation and amortization. Expenditures for ordinary repairs and maintenance will be expensed as incurred. Significant renovations which improve the property or extend the useful life of the assets are capitalized. As real estate is undergoing redevelopment activities, all amounts directly associated with and attributable to the project, including planning, development and construction costs, interest costs, personnel costs of employees directly involved and other miscellaneous costs incurred during the period of redevelopment, are capitalized. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives as follows: Building: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease The Company amortizes identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired, generally the remaining non-cancelable term of a related lease. On a periodic basis, management assesses whether there are indicators that the value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated and probability weighted holding period, are less than a real estate asset’s carrying value. Various factors are considered in the estimation process, including expected future operating income, trends and prospects and the effects of demand, competition, and other economic factors. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its estimated fair value. No such impairment losses were recognized for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting as the Company exercises significant influence, but does not control these entities. These investments are initially recorded at cost and are subsequently adjusted for cash contributions, cash distributions and earnings which are recognized in accordance with the terms of the applicable agreement. 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 the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the Company’s 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. No such impairment losses were recognized for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions and primarily in funds that are insured by the United States federal government.
Restricted Cash	Restricted Cash Restricted cash represents cash deposited in escrow accounts, which generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements, as well as legally restricted tenant security deposits. As of December 31, 2015, the Company had approximately $92.5 million of restricted cash, including $51.3 million related to future capital investments such as unfunded construction commitments, deferred maintenance and environmental reserves, and $41.2 million related to basic property carrying costs such as real estate taxes, insurance and ground rent.
Tenant and Other Receivables	Tenant and Other Receivables Accounts receivable includes unpaid amounts billed to tenants, accrued revenues for future billings to tenants for property expenses and amounts arising from the straight-lining of rent. The Company periodically reviews its receivables for collectability, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific rent receivable will be made. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances to assess the risk of uncollectible amounts and establish appropriate provisions.
Revenue Recognition	Revenue Recognition Rental income is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as deferred rent receivable and included as a component of tenant and other receivables on the consolidated balance sheet. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company will determine whether the allowance represents funding for the construction of leasehold improvements and evaluate the ownership of such improvements. If the Company is considered the owner of the improvements for accounting purposes, the Company will capitalize the amount of the tenant allowance and depreciate it over the shorter of the useful life of the improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as reduction of rental revenue on straight-line basis. The Company commences recognizing revenue based on an evaluation of a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. Tenant reimbursement income arises from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred.
Accounting for Recapture and Termination Activity Pursuant to the Master Lease	Accounting for Recapture and Termination Activity Pursuant to the Master Lease Seritage 100% Recapture Rights. The Company generally treats the delivery of a 100% recapture notice as a modification of the Master Lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: • Accrued rental revenues related to the straight-line method of reporting rental revenue that is deemed uncollectable as result of the lease modification is amortized over the remaining shortened life of the lease from the date of notice to the date of termination. • Intangible lease assets and liabilities that are deemed to be impacted by the lease modification are amortized over the shorter of the shortened lease term or the remaining useful life of the asset or liability. A 100% recapture will generally occur in conjunction with obtaining a new tenant or a real estate development project. As such, termination fees, if any, associated with the 100% recapture notice are generally capitalized as either an initial direct cost of obtaining a new leases or a necessary cost of the real estate project and depreciated over the life of the new lease obtained or the real estate asset being constructed or improved. Seritage 50% Recapture Rights. The Company generally treats the delivery of a 50% recapture notice as a modification of the Master Lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: • The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that is subject to the lease modification is amortized over the remaining shortened life of the lease from the date of notice to the date of termination. The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that is attributable to the retained space is amortized over the remaining life of the Master Lease. • The portion of intangible lease assets and liabilities that are deemed to be impacted by the lease modification is amortized over the shorter of the shortened lease term or the remaining useful life of the asset or liability. The portion of intangible lease assets and liabilities that is attributable to the retained space is amortized over the remaining useful life of the asset or liability. Sears Holdings Termination Rights. The Master Lease provides Sears Holdings with certain rights to terminate the Master Lease with respect to properties that cease to be profitable for operation by Sears Holdings. Such a termination would generally result in the following accounting adjustments for the terminated property: • Accrued rental revenues related to the straight-line method of reporting rental revenue that is subject to the termination is amortized over the remaining shortened life of the lease from the date of notice to the date of termination. • Intangible lease assets and liabilities that are deemed to be impacted by the termination are amortized over the shorter of the shortened lease term or the remaining useful life of the asset or liability. Additionally, termination fees required to be paid by Sears Holdings to the Company are recognized as income over the remaining shortened life of the lease from the date of notice to the date of termination.
Derivatives	Derivatives The Company’s use of derivative instruments is limited to the management of interest rate exposure and not for speculative purposes. In connection with the issuance of the Company’s mortgage loans, the Company purchased for $5.0 million an interest rate cap with a term of four years, a notional amount of $1.26 billion and a strike rate of 3.5%. The interest rate cap is measured at fair value and included as a component of prepaid expenses, deferred expenses and other assets on the consolidated balance sheet. The Company has elected not to utilize hedge accounting and therefore the change in fair value is included within change in fair value of interest rate cap on the consolidated statement of operations. For the period July 7, 2015 (Date Operations Commenced) through December 31, 2015, the Company recorded a loss of $2.9 million related to the change in fair value of the interest rate cap.
Stock-Based Compensation	Stock-Based Compensation The Company generally recognizes equity awards to employees as compensation expense and includes such expense within general and administrative expenses on the consolidated statement of operations. Compensation expense for equity awards is generally based on the fair value of the common shares at the date of the grant and is recognized (i) ratably over the vesting period for awards with time-based vesting and (ii) for awards with performance-based vesting, at the date the achievement of performance criteria is deemed probable, an amount equal to that which would have been recognized ratably from the date of the grant through the date the achievement of performance criteria is deemed probable, and then ratably from the date the achievement of performance criteria is deemed probable through the remainder of the vesting period.
Concentration of Credit Risk	Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company’s investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2015, substantially all of the Company’s real estate properties were leased to Sears Holdings and the majority of Company’s rental revenues were derived from the Master Lease (see Note 6). Sears Holdings is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the SEC. Refer to www.sec.gov for Sears Holdings Corporation publicly-available financial information. Other than the Company’s tenant concentration, management believes the Company’s portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2015, the Company’s portfolio of 235 Wholly Owned Properties was diversified by location across 49 states and Puerto Rico.
Earnings per Share	Earnings per Share The Company has three classes of common stock. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common shares and Class C non-voting common shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. The net earnings per share amounts are the same for Class A and Class C common shares because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. Class B non-economic common shares are excluded from earnings per share computations as they do not have economic rights. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing earnings per share pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of earnings per share.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements On February 25, 2016, the Financial Accounting Standards Boards (“FASB”) issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), “Leases” which replaces the existing guidance in ASC 840, Leases. ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (ROU) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases, the lessee would recognize a straight-line total lease expense. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements and footnote disclosures. In September 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-16, which amends Topic 805, Business Combinations In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU 2015-03 is effective for annual periods beginning after December 31, 2015. Early adoption is permitted. The Company elected to early adopt ASU 2015-03 during the current period for the costs related to the mortgage loans issued in connection with the Transaction. As the Company has not previously reported debt issuance costs and mortgage loans payable within the consolidated financial statements, retrospective application is not required. As such, debt issuance costs, net of accumulated amortization, are netted against mortgage loans payable on the consolidated balance sheet. In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis,” which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for annual periods beginning after December 15, 2015. Although the Company has not yet finalized its evaluation of this new accounting standard, aside from certain expanded disclosure requirements, it is not expected that the adoption of this standard will have a material impact on the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, with early adoption permitted for annual periods beginning after December 15, 2016. The standard can be applied either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment recognized as of the date of initial application. The Company is evaluating the impact of adopting this new accounting standard on its consolidated financial statements.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Estimated Useful Lives	Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives as follows: Building: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Summary of Purchase Price and Fair Value of Net Assets Acquired	The following table summarizes the purchase price and fair values of the net assets acquired in the Transaction (in thousands): Proceeds from issuance of common stock and non-controlling interest $ 1,644,042 Less: Offering related costs (8,212 ) Proceeds from issuance of mortgage loans payable 1,161,196 Less: Deferred financing costs (21,431 ) Total sources of funds net of offering and financing costs 2,775,595 Real estate assets acquired Land 840,563 Buildings and improvements 810,499 Lease intangibles In-place leases 595,443 Below-market ground lease 11,766 Above-market leases 9,058 Below-market leases (20,045 ) Investments in unconsolidated joint ventures 429,012 Total fair value of real estate assets acquired 2,676,296 Plus: Restricted cash Environmental expenses reserve 12,034 Deferred maintenance reserve 10,575 Total restricted cash 22,609 Less: Assumed liabilities Real estate taxes payable (23,277 ) Environmental expenses (12,034 ) Deferred maintenance (10,575 ) Total assumed liabilities (45,886 ) Net cash paid for acquisition of real estate and unconsolidated joint ventures 2,653,019 Additional (sources) / uses of cash Prepaid rent (26,855 ) Initial funding of unfunded construction commitments reserve (restricted cash) 42,470 Initial funding of property carry costs reserve (restricted cash) 32,482 Initial funding of interest expense reserve (restricted cash) 4,924 Acquisition-related expenses 18,340 Prepaid interest expense 1,249 Total additional (sources) uses of cash, net 72,610 Remaining excess cash from transaction $ 49,966

Lease Intangible Assets and L29

Lease Intangible Assets and Liabilities (Tables)	6 Months Ended
	Dec. 31, 2015
Summary of Lease Intangible Assets	The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): Gross Accumulated Wtd. Avg. Remaining Amortization Lease Intangible Assets Asset Amortization Balance Period In-place leases, net $ 595,443 $ (36,800 ) $ 558,643 8.4 years Below-market ground leases, net 11,766 (102 ) 11,664 57.5 years Above-market leases, net 9,058 (570 ) 8,488 8.8 years Total $ 616,267 $ (37,472 ) $ 578,795 9.4 years
Summary of Lease Intangible Liabilities	The following table summarizes the Company’s lease intangible liabilities: Gross Accumulated Wtd. Avg. Lease Intangible Liabilities Liability Amortization Balance Period Below-market leases, net $ 20,045 $ (1,059 ) $ 18,986 11.4 years Total $ 20,045 $ (1,059 ) $ 18,986 11.4 years
Schedule of Estimated Amortization for Below-Market Ground Leases	Estimated annual amortization of acquired below-market ground leases for each of the five succeeding years commencing January 1, 2016 is as follows (in thousands): 2016 $ 203 2017 203 2018 203 2019 203 2020 203
Above-Market Leases, Net [Member]
Schedule of Estimated Annual Amortization of Acquired In Place Leases	Estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding years commencing January 1, 2016 is as follows (in thousands): 2016 $ (978 ) 2017 (978 ) 2018 (978 ) 2019 (951 ) 2020 (822 )
In-Place Leases, Net [Member]
Schedule of Estimated Annual Amortization of Acquired In Place Leases	Estimated annual amortization of acquired in-place leases for each of the five succeeding years commencing January 1, 2016 is as follows (in thousands): 2016 $ 73,601 2017 73,601 2018 73,033 2019 70,228 2020 67,372

Investments in Unconsolidated30

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Summary of Company's Investments in Unconsolidated Joint Ventures	The Company’s investments in unconsolidated joint ventures at December 31, 2015, consisted of (in thousands): Joint Venture # of Initial Seritage % GGP JV 12 $ 165,000 50 % Macerich JV 9 150,000 50 % Simon JV 10 114,012 50 % Total 31 $ 429,012
Summary of Combined Condensed Financial Data of Unconsolidated Joint Ventures	The following table presents combined condensed financial data for all of the Company’s unconsolidated joint ventures as of December 31, 2015 (in thousands): December 31, ASSETS Investment in real estate Land $ 214,726 Buildings and improvements 603,265 Accumulated depreciation (24,111 ) 793,880 Construction in progress 1,481 Net investment in real estate 795,361 Cash and cash equivalents 19,903 Tenant and other receivables, net 4,990 Other assets, net 30,506 Total assets $ 850,760 LIABILITIES AND EQUITY Liabilities Accounts payable, accrued expenses and other liabilities $ 13,973 Total liabilities 13,973 Equity Partnership equity 823,923 Retained earnings 12,864 Total equity 836,787 Total liabilities and equity $ 850,760 INVESTMENT IN UNCONSOLIDATED JOINT VENTURES Total equity $ 836,786 Less: joint venture partners’ share (418,393 ) Plus: basis differences 8,659 Investment in unconsolidated joint ventures $ 427,052 July 7, 2015 EQUITY IN INCOME OF UNCONSOLIDATED JOINT VENTURES Total revenue $ 35,150 Property operating expenses (7,339 ) Depreciation and amortization (17,975 ) Operating income 9,836 Other expenses (292 ) Net income $ 9,544 Equity in income of unconsolidated joint ventures $ 4,772

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Summary of Revenue from Master Lease	Revenues from the Master Lease for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015 are as follows (in thousands and excluding the effect of straight-line rent): July 7, 2015 (Date Operations Rental income $ 64,838 Tenant reimbursements 25,204 Total revenue $ 90,042
Schedule of Future Rental Revenue Under Non-cancelable Operating Leases	As of December 31, 2015, future base rental revenue under non-cancelable operating leases, excluding extension options and signed leases for which rental payments have not yet commenced, is as follows (in thousands): 2016 $ 158,638 2017 159,878 2018 161,561 2019 163,279 2020 163,789 Thereafter 843,241 $ 1,650,386

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Summary of Dividends Reflected for Federal Income Tax Purposes	The dividends have been reflected as follows for federal income tax purposes: July 7, 2015 (Date Operations Commenced) to December 31, 2015 Ordinary income $ 0.50 Return of capital — Total $ 0.50

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Reconciliation of Net Loss and Number of Common Shares Used in Computations of Basic Earnings Per Share	The table below provides a reconciliation of net loss and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares. Potentially dilutive securities consist of shares of non-vested restricted stock and the redeemable non-controlling interests in Operating Partnership. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing EPS pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of EPS. Earnings per share has not been presented for Class B shareholders as they do not have economic rights. (in thousands except per share amounts) July 7, 2015 (Date Operations Commenced) to December 31, 2015 Numerator - Basic and Diluted Net loss $ (38,803 ) Net loss attributable to non-controlling interests 16,465 Net loss attributable to common shareholders $ (22,338 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 24,707 Weighted average Class C common shares outstanding 6,679 Weighted average Class A and Class C common shares outstanding 31,386 Net loss per share attributable to Class A and Class C common shareholders $ (0.71 )

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Share	The following table summarizes restricted share activity for the grant year ended December 31, 2015: For the year ended December 31, 2015 Weighted- Average Grant Shares Date Fair Value Unvested restricted shares at beginning of period — $ — Restricted shares granted (1) 238,387 30.73 Restricted shares vested (16,903 ) 29.58 Restricted shares forfeited — — Unvested restricted shares at end of period 221,484 $ 30.81 (1) Includes 21,552 share units.

Accounts Payable, Accrued Exp35

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Components of Accounts Payable, Accrued Expenses and Other Liabilities	The following table summarizes the significant components of accounts payable, accrued expenses and other liabilities (in thousands): December 31, 2015 Dividends payable $ 27,894 Accrued real estate taxes 25,333 Below-market leases 18,986 Accounts payable and accrued expenses 15,124 Environmental reserve 11,824 Deferred maintenance 10,281 Sears Holdings payable 8,670 Accrued interest 2,748 Total accounts payable, accrued expenses and other liabilities $ 120,860

Quarterly Financial Informati36

Quarterly Financial Information (unaudited) (Tables)	6 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of Selected Quarterly Financial Data	The following table sets forth the selected quarterly financial data for the Company (in thousands, except per share amounts): July 7, 2015 (Date Operations Three Months Ended Commenced) to December 31, 2015 September 30, 2015 Total revenue $ 59,508 $ 54,063 Operating income (loss) 7,177 (16,550 ) Net loss (6,950 ) (31,853 ) Net loss attributable to common shareholders (4,037 ) (18,301 ) Net loss per share attributable to Class A and Class C common shareholders - Basic and diluted (0.13 ) (0.58 ) Weighted average Class A and Class C common shares outstanding - Basic and diluted 31,391 31,384

Organization - Additional Infor

Organization - Additional Information (Detail) $ in Billions	Jul. 07, 2015USD ($)	Jun. 11, 2015USD ($)RetailFacilitiesPropertyJointVenture	Dec. 31, 2015
Organization And Basis Of Presentation [Line Items]
Operations Commenced Date			Jul. 7, 2015
Sears Holdings Corporation [Member]
Organization And Basis Of Presentation [Line Items]
Business acquisition fair value, purchase price | $	$ 2.7	$ 2.7
Number of real estate properties acquired | Property		234
Number of ground leased properties acquired | Property		1
Interests in joint ventures acquired		50.00%
Number of joint venture acquired | JointVenture		3
Sears Holdings Corporation [Member] | Joint Venture [Member]
Organization And Basis Of Presentation [Line Items]
Number of retail facilities		28
Number of retail facilities subject to ground lease		1
Number of retail facilities subject to lease		2

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Additional Information (Detail)	6 Months Ended
	Dec. 31, 2015USD ($)PropertyStatesSegment	Jul. 07, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | Segment	1
Impairment loss on real estate assets	$ 0
Impairment loss	0
Restricted cash	$ 92,475,000
Number of wholly owned properties acquired | Property	235
Number of states in properties located | States	49
Interest Rate Cap [Member]
Summary Of Significant Accounting Policies [Line Items]
Interest rate caps purchased	$ 5,000,000
Derivative, term of contract	4 years
Notional amount	$ 1,260,000,000
Derivative strike rate	3.50%
Derivative loss	$ 2,900,000
Future Capital Investments [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	51,300,000
Basic Property Carrying Costs [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 41,200,000
Operating Partnership [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of operating partnership interest held by parent	56.60%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalent maturity period	3 months
Sears Holdings Corporation [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted cash		$ 22,609,000
Right to recapture property space	100.00%
Master Lease [Member]
Summary Of Significant Accounting Policies [Line Items]
Right to recapture property space	50.00%
Master Lease [Member] | Sears Holdings Corporation [Member]
Summary Of Significant Accounting Policies [Line Items]
Right to recapture property space	100.00%

Summary of Significant Accoun39

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail)	6 Months Ended
	Dec. 31, 2015
Minimum [Member] | Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Minimum [Member] | Site Improvement [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Maximum [Member] | Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Maximum [Member] | Site Improvement [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Billions	Jul. 07, 2015	Jun. 11, 2015
Sears Holdings Corporation [Member]
Business Acquisition [Line Items]
Business acquisition fair value, purchase price	$ 2.7	$ 2.7

Acquisitions - Summary of Fair

Acquisitions - Summary of Fair Values of Net Assets Acquired (Detail) - USD ($) $ in Thousands	Jul. 07, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Proceeds from issuance of common stock and non-controlling interest		$ 1,644,042
Less: Offering related costs		(8,212)
Proceeds from issuance of mortgage loans payable		1,161,196
Less: Deferred financing costs		(21,431)
Plus: Restricted cash
Restricted cash		92,475
Environmental Expenses Reserve [Member]
Plus: Restricted cash
Restricted cash		$ 12,000
Sears Holdings Corporation [Member]
Business Acquisition [Line Items]
Proceeds from issuance of common stock and non-controlling interest	$ 1,644,042
Less: Offering related costs	(8,212)
Proceeds from issuance of mortgage loans payable	1,161,196
Less: Deferred financing costs	(21,431)
Total sources of funds net of offering and financing costs	2,775,595
Real estate assets acquired
Land	840,563
Buildings and improvements	810,499
In-place leases	595,443
Below-market ground lease	11,766
Above-market leases	9,058
Below-market leases	(20,045)
Investments in unconsolidated joint ventures	429,012
Total fair value of real estate assets acquired	2,676,296
Plus: Restricted cash
Restricted cash	22,609
Less: Assumed liabilities
Real estate taxes payable	(23,277)
Environmental expenses	(12,034)
Deferred maintenance	(10,575)
Total assumed liabilities	(45,886)
Net cash paid for acquisition of real estate and unconsolidated joint ventures	2,653,019
Additional (sources) / uses of cash
Prepaid rent	(26,855)
Initial funding of unfunded construction commitments reserve (restricted cash)	42,470
Initial funding of property carry costs reserve (restricted cash)	32,482
Initial funding of interest expense reserve (restricted cash)	4,924
Acquisition-related expenses	18,340
Prepaid interest expense	1,249
Total additional (sources) uses of cash, net	72,610
Remaining excess cash from transaction	49,966
Sears Holdings Corporation [Member] | Environmental Expenses Reserve [Member]
Plus: Restricted cash
Restricted cash	12,034
Sears Holdings Corporation [Member] | Deferred Maintenance Reserve [Member]
Plus: Restricted cash
Restricted cash	$ 10,575

Lease Intangible Assets and L42

Lease Intangible Assets and Liabilities - Additional Information (Detail) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net of accumulated amortization	$ 578,795
Identified intangible liability, net of accumulated amortization	18,986
Amortization of below-market leases, net of above-market leases	500
Rental expense	100
In-Place Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net of accumulated amortization	558,643
Amortization expense of intangible assets	$ 36,800

Lease Intangible Assets and L43

Lease Intangible Assets and Liabilities - Summary of Lease Intangible Assets (Detail) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross Asset	$ 616,267
Accumulated Amortization	(37,472)
Balance	$ 578,795
Wtd.Avg. Remaining Amortization Period	9 years 4 months 24 days
In-Place Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Asset	$ 595,443
Accumulated Amortization	(36,800)
Balance	$ 558,643
Wtd.Avg. Remaining Amortization Period	8 years 4 months 24 days
Below-Market Ground Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Asset	$ 11,766
Accumulated Amortization	(102)
Balance	$ 11,664
Wtd.Avg. Remaining Amortization Period	57 years 6 months
Above-Market Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Asset	$ 9,058
Accumulated Amortization	(570)
Balance	$ 8,488
Wtd.Avg. Remaining Amortization Period	8 years 9 months 18 days

Lease Intangible Assets and L44

Lease Intangible Assets and Liabilities - Summary of Lease Intangible Liabilities (Detail) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)
Below Market Lease, Net [Abstract]
Gross Liability	$ 20,045
Accumulated Amortization	(1,059)
Balance	$ 18,986
Wtd. Avg. Remaining Amortization Period	11 years 4 months 24 days

Lease Intangible Assets and L45

Lease Intangible Assets and Liabilities - Schedule of Estimated Annual Amortization of Below Market Leases (Detail) - Above-Market Leases, Net [Member] $ in Thousands	Dec. 31, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
2,016	$ (978)
2,017	(978)
2,018	(978)
2,019	(951)
2,020	$ (822)

Lease Intangible Assets and L46

Lease Intangible Assets and Liabilities - Schedule of Estimated Amortization for Below-Market Ground Leases (Detail) - Leases Acquired In-Place Market Adjustment [Member] $ in Thousands	Dec. 31, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
2,016	$ 203
2,017	203
2,018	203
2,019	203
2,020	$ 203

Lease Intangible Assets and L47

Lease Intangible Assets and Liabilities - Schedule of Estimated Annual Amortization of Acquired In Place Leases (Detail) - In-Place Leases, Net [Member] $ in Thousands	Dec. 31, 2015USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
2,016	$ 73,601
2,017	73,601
2,018	73,033
2,019	70,228
2,020	$ 67,372

Investments in Unconsolidated48

Investments in Unconsolidated Joint Ventures - Additional Information (Detail)	Jan. 01, 2016Property	Dec. 31, 2015USD ($)Property
Income Statement Equity Method Investments [Line Items]
Number of properties recaptured		2
Joint venture impairment charges | $		$ 0
Subsequent Event [Member]
Income Statement Equity Method Investments [Line Items]
Number of properties recaptured	2

Investments in Unconsolidated49

Investments in Unconsolidated Joint Ventures - Summary of Company's Investments in Unconsolidated Joint Ventures (Detail) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)Property
Income Statement Equity Method Investments [Line Items]
Number of properties | Property	31
Initial Investment | $	$ 429,012
General Growth Properties, Inc. [Member]
Income Statement Equity Method Investments [Line Items]
Number of properties | Property	12
Initial Investment | $	$ 165,000
Seritage % Ownership	50.00%
The Macerich Company [Member]
Income Statement Equity Method Investments [Line Items]
Number of properties | Property	9
Initial Investment | $	$ 150,000
Seritage % Ownership	50.00%
Simon Property Group Inc [Member]
Income Statement Equity Method Investments [Line Items]
Number of properties | Property	10
Initial Investment | $	$ 114,012
Seritage % Ownership	50.00%

Investments in Unconsolidated50

Investments in Unconsolidated Joint Ventures - Summary of Combined Condensed Financial Data of Unconsolidated Joint Ventures (Detail) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)
ASSETS
Land	$ 214,726
Buildings and improvements	603,265
Accumulated depreciation	(24,111)
Investment in real estate, gross	793,880
Construction in progress	1,481
Net investment in real estate	795,361
Cash and cash equivalents	19,903
Tenant and other receivables, net	4,990
Other assets, net	30,506
Total assets	850,760
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	13,973
Total liabilities	13,973
Equity
Partnership equity	823,923
Retained earnings	12,864
Total equity	836,787
Total liabilities and equity	850,760
Total revenue	35,150
Property operating expenses	(7,339)
Depreciation and amortization	(17,975)
Operating income	9,836
Other expenses	(292)
Net income	9,544
Equity in income of unconsolidated joint ventures	4,772
Total equity	836,787
Less: joint venture partners' share	(418,393)
Plus: basis differences	8,659
Investment in unconsolidated joint ventures	$ 427,052

Leases - Additional Information

Leases - Additional Information (Detail)	Jul. 07, 2015USD ($)LeaseOptions	Jun. 11, 2015Property	Sep. 30, 2015USD ($)Property	Dec. 31, 2015USD ($)Property
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Base rent paid by Sears Holdings and subsidiaries under master lease				$ 100,000
Right to recapture property space exercised percentage				100.00%
Tenant reimbursements				$ 26,926,000
Additional rent based on percentage of tenants' sales				$ 100,000
Rent expense			$ 100,000
Operating leases expiration year			2,073
Number of properties subject to ground lease | Property			1
Number of real estate properties acquisition exercised | Property				3
Braintree Marketplace - Braintree, MA [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Lease termination payments deposited in escrow				$ 400,000
Freestanding - Honolulu, HI [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Lease termination payments deposited in escrow				11,200,000
Freestanding - Memphis, TN [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Lease termination payments deposited in escrow				$ 1,100,000
Sears Holdings Corporation [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Right to recapture property space				100.00%
Number of real estate properties wholly-owned | Property		234
Master Lease [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Lease term	10 years
Renewal period of leases	5 years
Final option renewal period	4 years
Base rent paid by Sears Holdings and subsidiaries under master lease	$ 134,000,000
Number of renewal term that will be increased | Lease	2
Percentage of increase annual lease rent	2.00%
Right to recapture property space				50.00%
Number of real estate properties wholly-owned | Property				224
Lease termination, description				While the Company will be permitted to exercise its recapture rights all at once or in stages as to any particular property, it will not be permitted to recapture all or substantially all of the space subject to the recapture right at more than 50 Wholly Owned Properties during any lease year.
Tenant reimbursements				$ 25,204,000
Number of real estate properties wholly-owned | Property				50
Master Lease [Member] | Five Year Renewal [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Number of options for renewal of lease | Options	3
Master Lease [Member] | Four Year Renewal [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Number of options for renewal of lease | Options	1
Master Lease [Member] | Sears Holdings Corporation [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Right to recapture property space				100.00%
Number of real estate properties wholly-owned | Property				21
Lease termination, description				The lease termination payments were calculated as the greater of an amount specified at the time the Company entered into the Master Lease with Sears Holding and an amount equal to 10 times the adjusted EBITDA attributable to such space within the Sears Holdings main store which is not attributable to the space subject to the separate 50% recapture right discussed above for the 12-month period ending at the end of the fiscal quarter ending immediately prior to recapturing such space.
Lease termination fees associated with the rights to capture 50% of the space				$ 0
Percentage of reduction of fixed rent under master lease				20.00%

Leases - Summary of Revenue fro

Leases - Summary of Revenue from Master Lease (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015
Property Subject to or Available for Operating Lease [Line Items]
Rental income			$ 86,645
Tenant reimbursements			26,926
Total revenue	$ 59,508	$ 54,063	113,571
Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Rental income			64,838
Tenant reimbursements			25,204
Total revenue			$ 90,042

Leases - Schedule of Future Ren

Leases - Schedule of Future Rental Revenue Under Non-cancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Leases [Abstract]
2,016	$ 158,638
2,017	159,878
2,018	161,561
2,019	163,279
2,020	163,789
Thereafter	843,241
Total operating leases	$ 1,650,386

Mortgage Loans Payable - Additi

Mortgage Loans Payable - Additional Information (Detail)	6 Months Ended
	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
Debt issuance costs related to the mortgage loans	$ 21,431,000
Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan agreement, description	The Loan Agreements contain customary covenants for a real estate financing, including terms that limit the Company’s ability to grant liens on its assets, incur additional indebtedness, or transfer or sell assets, as well as those that may require the Company to obtain lender approval for certain major tenant leases or significant redevelopment projects. Such restrictions also include cash flow sweep provisions based on certain measures of the Company’s financial and operating performance, including in the case that “Debt Yield” (the ratio of net operating income for the borrowers to their debt) is less than 11.0% or if the Company fails to achieve certain thresholds for tenant diversification. The Loan Agreements prohibit repayment of any amounts outstanding for the first 12 months (other than repayments in connection with property releases and certain other exceptions) and contains a yield maintenance provision for the early extinguishment of the debt within the first 30 months.
Maximum debt yield percentage	11.00%
Debt issuance costs related to the mortgage loans	$ 21,400,000
Unamortized balance of company's debt issuance costs	$ 18,800,000
Mortgage Loans over $1,000,000 [Member] | Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Expiration date	Jul. 31, 2019
Maturity description	All outstanding principal and interest under the Mortgage Loans is due and payable on the payment dates and will mature on the payment date in July 2019, pursuant to the mezzanine loan agreement and mortgage loan agreement, respectively. The Company has two one-year extension options subject to the payment of an extension fee and satisfaction of certain other conditions.
Interest rate description	Borrowings under the Mortgage Loans bear interest at the London Interbank Offered Rates ("LIBOR") plus, as of December 31, 2015, a weighted-average spread of 465 basis points; payments are made monthly on an interest-only basis.
Basis spread on variable rate	4.65%
Frequency of interest payment	Monthly
Mortgage Loans over $1,000,000 [Member] | Mortgage Loans [Member] | Term Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Loan, face amount	$ 1,160,000,000
Weighted average interest rate	4.96%
Mortgage Loans over $1,000,000 [Member] | Mortgage Loans [Member] | Future Funding Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Loan, face amount	$ 100,000,000
Undrawn loan amount	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Dec. 31, 2015USD ($)
Income Tax Contingency [Line Items]
Uncertain tax positions	$ 0
Minimum [Member]
Income Tax Contingency [Line Items]
Distribution of taxable income to qualify as REIT, percent	90.00%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Millions	6 Months Ended
	Dec. 31, 2015USD ($)
Fair Value, Inputs, Level 2 [Member] | Mortgage Loans over $1,000,000 [Member] | Mortgage Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages payable, fair value	$ 1,200
Interest Rate Cap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative loss	2.9
Interest Rate Cap [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, fair value	$ 2.1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	1 Months Ended
	Jun. 30, 2015Lawsuits	May. 31, 2015Lawsuits	Dec. 31, 2015USD ($)
Loss Contingencies [Line Items]
Restricted cash			$ 92,475
Number of Sears Holdings shareholders filed lawsuits | Lawsuits	4	4
Environmental Expenses Reserve [Member]
Loss Contingencies [Line Items]
Restricted cash			$ 12,000

Related Party Disclosure - Addi

Related Party Disclosure - Additional Information (Detail) - USD ($) $ in Millions	Jul. 07, 2015	Dec. 31, 2015
Transaction Services Agreement [Member]
Schedule of Other Related Party Transactions [Line Items]
Transition service agreement period	18 months
Transition service agreement fees		$ 0.2
Transaction Services Agreement [Member] | Accounts Payable and Accrued Liabilities [Member]
Schedule of Other Related Party Transactions [Line Items]
Fee accrued		0.1
Sears Holdings Corporation [Member] | Accounts Payable and Accrued Liabilities [Member]
Schedule of Other Related Party Transactions [Line Items]
Real estate tax benefit		$ 8.7
Operating Partnership [Member] | ESL [Member]
Schedule of Other Related Party Transactions [Line Items]
Ownership interest percentage held by related party		43.40%
Operating Partnership [Member] | Sears Holdings Corporation [Member] | ESL [Member]
Schedule of Other Related Party Transactions [Line Items]
Beneficiary Ownership interest percentage held by related party		49.60%
Ownership interest percentage held by related party		43.40%
Operating Partnership [Member] | Sears Holdings Corporation [Member] | Class A Common Shares [Member] | ESL [Member]
Schedule of Other Related Party Transactions [Line Items]
Ownership interest percentage held by related party		3.90%
Operating Partnership [Member] | Sears Holdings Corporation [Member] | Class B Non-Economic Common Shares [Member] | ESL [Member]
Schedule of Other Related Party Transactions [Line Items]
Ownership interest percentage held by related party		100.00%

Non-controlling Interests - Add

Non-controlling Interests - Additional Information (Detail) - Operating Partnership [Member]	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Percentage of operating partnership interest held by parent	56.60%
ESL [Member]
Noncontrolling Interest [Line Items]
Percentage of operating partnership interest held by parent	56.60%
Ownership interest percentage held by related party	43.40%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 08, 2016	Dec. 17, 2015	Jul. 07, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Stock issuance cost				$ 8,212
Cash dividend declared				$ 0.50
Class A Common Shares [Member]
Class of Stock [Line Items]
Common shares issued			22,332,037	24,817,842
Common shares price per share			$ 29.58
Aggregate proceeds from issuance of common shares			$ 660,600
Stock issuance cost			$ 8,200
Common shares, par value			$ 0.01	$ 0.01
Cash dividend declared		$ 0.50
Class A Common Shares [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Cash dividend declared	$ 0.25
Class A Common Shares [Member] | General Growth Properties, Inc. [Member]
Class of Stock [Line Items]
Common shares issued			1,125,760
Common shares price per share			$ 29.58
Aggregate proceeds from issuance of common shares			$ 33,300
Class A Common Shares [Member] | Simon Property Group Inc [Member]
Class of Stock [Line Items]
Common shares issued			1,125,760
Common shares price per share			$ 29.58
Aggregate proceeds from issuance of common shares			$ 33,300
Class B Non-Economic Common Shares [Member]
Class of Stock [Line Items]
Common shares, par value			$ 0.01
Class B Non-Economic Common Shares [Member] | ESL [Member]
Class of Stock [Line Items]
Common shares issued			1,589,020
Aggregate proceeds from issuance of common shares			$ 900
Class C Non Voting Common Shares [Member]
Class of Stock [Line Items]
Common shares issued			6,790,635
Common shares price per share			$ 29.58
Aggregate proceeds from issuance of common shares			$ 200,900
Common shares, par value			$ 0.01
Common shares converted to Class A common shares				17,450
Class C Common Shares [Member]
Class of Stock [Line Items]
Common shares issued				6,773,185
Common shares, par value				$ 0.01
Cash dividend declared		$ 0.50
Class C Common Shares [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Cash dividend declared	$ 0.25

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Dividends Reflected for Federal Income Tax Purposes (Detail)	6 Months Ended
	Dec. 31, 2015$ / shares
Dividends Payable [Line Items]
Total	$ 0.50
Federal Income Tax [Member] | Dividend Declared [Member]
Dividends Payable [Line Items]
Ordinary income	0.50
Return of capital	0
Total	$ 0.50

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation of Net Loss and Number of Common Shares Used in Computations of Basic Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015
Numerator-Basic and Diluted
Net loss	$ (6,950)	$ (31,853)	$ (38,803)
Net loss attributable to non-controlling interests			16,465
Net loss attributable to common shareholders	$ (4,037)	$ (18,301)	$ (22,338)
Denominator-Basic and Diluted
Weighted average common shares outstanding	31,391	31,384	31,386
Net loss per share attributable to Class A and Class C common shareholders			$ (0.71)
Class A Common Shares [Member]
Denominator-Basic and Diluted
Weighted average common shares outstanding			24,707
Class C Common Shares [Member]
Denominator-Basic and Diluted
Weighted average common shares outstanding			6,679

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	Dec. 31, 2015	Jul. 06, 2015
Restricted Share [Member]
Earning Per Share [Line Items]
Non-vested restricted stock outstanding	221,484	0

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	Jul. 07, 2015	Dec. 31, 2015
Time Based Restricted Shares and Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Share [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 6.4
Unrecognized compensation costs, weighted average expected recognition period		2 years 9 months 18 days
Restricted Share [Member] | General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recognized		$ 0.9
Seritage Growth Properties 2015 Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance	3,250,000
Maximum number of shares available for grant per participants	0

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Restricted Share (Detail) - Restricted Share [Member]	6 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares at beginning of period | shares	0
Restricted shares granted | shares	238,387
Restricted shares vested | shares	(16,903)
Restricted shares forfeited | shares	0
Unvested restricted shares at end of period | shares	221,484
Weighted-Average Grant Date Fair Value, Unvested restricted shares at beginning of period | $ / shares	$ 0
Weighted-Average Grant Date Fair Value, Restricted shares granted | $ / shares	30.73
Weighted-Average Grant Date Fair Value, Restricted shares vested | $ / shares	29.58
Weighted-Average Grant Date Fair Value, Restricted shares forfeited | $ / shares	0
Weighted-Average Grant Date Fair Value, Unvested restricted shares at end of period | $ / shares	$ 30.81

Stock Based Compensation - Su66

Stock Based Compensation - Summary of Restricted Share (Parenthetical) (Detail)	Dec. 31, 2015shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units	21,552

Accounts Payable, Accrued Exp67

Accounts Payable, Accrued Expenses and Other Liabilities - Components of Accounts Payable, Accrued Expenses and Other Liabilities (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Payables and Accruals [Abstract]
Dividends payable	$ 27,894
Accrued real estate taxes	25,333
Below-market leases	18,986
Accounts payable and accrued expenses	15,124
Environmental reserve	11,824
Deferred maintenance	10,281
Sears Holdings payable	8,670
Accrued interest	2,748
Total accounts payable, accrued expenses and other liabilities	$ 120,860

Quarterly Financial Data - Summ

Quarterly Financial Data - Summary of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 59,508	$ 54,063	$ 113,571
Operating income (loss)	7,177	(16,550)	(9,373)
Net loss	(6,950)	(31,853)	(38,803)
Net loss attributable to common shareholders	$ (4,037)	$ (18,301)	$ (22,338)
Net loss per share attributable to Class A and Class C common shareholders-Basic and diluted	$ (0.13)	$ (0.58)	$ (0.71)
Weighted average Class A and Class C common shares outstanding-Basic and diluted	31,391	31,384	31,386

Schedule III - Real Estate an69

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Jul. 06, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 840,563
Acquisition Costs, Buildings and Improvements	810,499
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	17,289
Gross Amount at Which Carried at Close of Period , Land	840,563
Gross Amount at Which Carried at Close of Period, Building and Improvements	827,788
Total	1,668,351	$ 1,651,062
Accumulated Depreciation	(29,076)	$ 0
The Mall at Sears - Anchorage, AK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	11,517
Acquisition Costs, Buildings and Improvements	11,729
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	554
Gross Amount at Which Carried at Close of Period , Land	11,517
Gross Amount at Which Carried at Close of Period, Building and Improvements	12,283
Total	23,800
Accumulated Depreciation	$ (403)
Date Acquired	2015-07
Freestanding - Cullman, AL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 947
Acquisition Costs, Buildings and Improvements	846
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	947
Gross Amount at Which Carried at Close of Period, Building and Improvements	846
Total	1,793
Accumulated Depreciation	$ (38)
Date Acquired	2015-07
McCain Mall - North Little Rock, AR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,288
Acquisition Costs, Buildings and Improvements	2,881
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,288
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,881
Total	4,169
Accumulated Depreciation	$ (140)
Date Acquired	2015-07
Freestanding - Russellville, AR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 318
Acquisition Costs, Buildings and Improvements	1,270
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	318
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,270
Total	1,588
Accumulated Depreciation	$ (49)
Date Acquired	2015-07
Flagstaff Mall - Flagstaff, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 932
Acquisition Costs, Buildings and Improvements	2,179
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	932
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,179
Total	3,111
Accumulated Depreciation	$ (71)
Date Acquired	2015-07
Superstition Springs - Mesa, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,661
Acquisition Costs, Buildings and Improvements	2,559
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,661
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,559
Total	5,220
Accumulated Depreciation	$ (109)
Date Acquired	2015-07
Shopping Center - Peoria, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,204
Acquisition Costs, Buildings and Improvements	509
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,204
Gross Amount at Which Carried at Close of Period, Building and Improvements	509
Total	1,713
Accumulated Depreciation	$ (60)
Date Acquired	2015-07
Desert Sky Mall - Phoenix, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,605
Acquisition Costs, Buildings and Improvements	2,448
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,605
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,448
Total	5,053
Accumulated Depreciation	$ (96)
Date Acquired	2015-07
Freestanding - Phoenix, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 568
Acquisition Costs, Buildings and Improvements	1,088
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	568
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,088
Total	1,656
Accumulated Depreciation	$ (70)
Date Acquired	2015-07
Prescott Gateway Mall - Prescott, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,071
Acquisition Costs, Buildings and Improvements	835
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,071
Gross Amount at Which Carried at Close of Period, Building and Improvements	835
Total	1,906
Accumulated Depreciation	$ (58)
Date Acquired	2015-07
The Mall at Sierra Vista - Sierra Vista, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,252
Acquisition Costs, Buildings and Improvements	1,791
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,252
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,791
Total	3,043
Accumulated Depreciation	$ (58)
Date Acquired	2015-07
Freestanding - Sierra Vista, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 938
Acquisition Costs, Buildings and Improvements	1,736
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	938
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,736
Total	2,674
Accumulated Depreciation	$ (87)
Date Acquired	2015-07
Park Place - Tucson, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,207
Acquisition Costs, Buildings and Improvements	3,458
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,207
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,458
Total	8,665
Accumulated Depreciation	$ (132)
Date Acquired	2015-07
Southgate Mall - Yuma, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,485
Acquisition Costs, Buildings and Improvements	1,596
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,485
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,596
Total	3,081
Accumulated Depreciation	$ (87)
Date Acquired	2015-07
Kmart Center - Antioch, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,594
Acquisition Costs, Buildings and Improvements	2,525
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,594
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,525
Total	4,119
Accumulated Depreciation	$ (82)
Date Acquired	2015-07
Big Bear Lake Shopping Center - Big Bear Lake, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,664
Acquisition Costs, Buildings and Improvements	2,945
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,664
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,945
Total	6,609
Accumulated Depreciation	$ (87)
Date Acquired	2015-07
Southbay Pavilion - Carson, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 11,476
Acquisition Costs, Buildings and Improvements	5,223
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	11,476
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,223
Total	16,699
Accumulated Depreciation	$ (196)
Date Acquired	2015-07
Chula Vista Center - Chula Vista, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 7,315
Acquisition Costs, Buildings and Improvements	6,834
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	7,315
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,834
Total	14,149
Accumulated Depreciation	$ (215)
Date Acquired	2015-07
Sunrise Mall - Citrus Heights, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,778
Acquisition Costs, Buildings and Improvements	2,088
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,778
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,088
Total	5,866
Accumulated Depreciation	$ (216)
Date Acquired	2015-07
Freestanding - Delano, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,905
Acquisition Costs, Buildings and Improvements	2,208
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,905
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,208
Total	4,113
Accumulated Depreciation	$ (66)
Date Acquired	2015-07
Parkway Plaza - El Cajon, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 10,573
Acquisition Costs, Buildings and Improvements	2,883
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	10,573
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,883
Total	13,456
Accumulated Depreciation	$ (203)
Date Acquired	2015-07
Imperial Valley Mall - El Centro, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,877
Acquisition Costs, Buildings and Improvements	3,977
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,877
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,977
Total	7,854
Accumulated Depreciation	$ (134)
Date Acquired	2015-07
Solano - Fairfield, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,679
Acquisition Costs, Buildings and Improvements	1,366
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,679
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,366
Total	5,045
Accumulated Depreciation	$ (62)
Date Acquired	2015-07
Florin Mall - Florin, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,022
Acquisition Costs, Buildings and Improvements	1,366
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,022
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,366
Total	2,388
Accumulated Depreciation	$ (91)
Date Acquired	2015-07
Manchester Mall - Fresno, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,370
Acquisition Costs, Buildings and Improvements	2,000
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,370
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,000
Total	3,370
Accumulated Depreciation	$ (134)
Date Acquired	2015-07
Mill Creek Marketplace - McKinleyville, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,354
Acquisition Costs, Buildings and Improvements	1,655
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,354
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,655
Total	3,009
Accumulated Depreciation	$ (72)
Date Acquired	2015-07
Merced Mall - Merced, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,534
Acquisition Costs, Buildings and Improvements	1,604
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,534
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,604
Total	4,138
Accumulated Depreciation	$ (95)
Date Acquired	2015-07
Montclair Plaza - Montclair, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,498
Acquisition Costs, Buildings and Improvements	2,119
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,498
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,119
Total	4,617
Accumulated Depreciation	$ (47)
Date Acquired	2015-07
Moreno Valley Mall - Moreno Valley, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,898
Acquisition Costs, Buildings and Improvements	3,407
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,898
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,407
Total	7,305
Accumulated Depreciation	$ (134)
Date Acquired	2015-07
New Park Mall - Newark, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,312
Acquisition Costs, Buildings and Improvements	3,268
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,312
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,268
Total	7,580
Accumulated Depreciation	$ (152)
Date Acquired	2015-07
Valley Plaza - North Hollywood, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 8,049
Acquisition Costs, Buildings and Improvements	3,172
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	8,049
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,172
Total	11,221
Accumulated Depreciation	$ (74)
Date Acquired	2015-07
Northridge Fashion Center - Northridge, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,402
Acquisition Costs, Buildings and Improvements	3,466
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,402
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,466
Total	8,868
Accumulated Depreciation	$ (134)
Date Acquired	2015-07
Palm Desert - Palm Desert, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,473
Acquisition Costs, Buildings and Improvements	1,705
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,473
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,705
Total	7,178
Accumulated Depreciation	$ (75)
Date Acquired	2015-07
Ramona Station Ramona CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 7,239
Acquisition Costs, Buildings and Improvements	1,452
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	7,239
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,452
Total	8,691
Accumulated Depreciation	$ (100)
Date Acquired	2015-07
Freestanding - Riverside, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,397
Acquisition Costs, Buildings and Improvements	4,407
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,397
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,407
Total	8,804
Accumulated Depreciation	$ (200)
Date Acquired	2015-07
Freestanding - Riverside, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,670
Acquisition Costs, Buildings and Improvements	2,489
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,670
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,489
Total	5,159
Accumulated Depreciation	$ (110)
Date Acquired	2015-07
Galleria at Roseville - Roseville, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,848
Acquisition Costs, Buildings and Improvements	3,215
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,848
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,215
Total	8,063
Accumulated Depreciation	$ (106)
Date Acquired	2015-07
Northridge Mall - Salinas, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,644
Acquisition Costs, Buildings and Improvements	4,394
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,644
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,394
Total	7,038
Accumulated Depreciation	$ (137)
Date Acquired	2015-07
Inland Center - San Bernardino, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,131
Acquisition Costs, Buildings and Improvements	2,066
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,131
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,066
Total	6,197
Accumulated Depreciation	$ (119)
Date Acquired	2015-07
Shops at Tanforan - San Bruno, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 7,854
Acquisition Costs, Buildings and Improvements	4,642
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	7,854
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,642
Total	12,496
Accumulated Depreciation	$ (183)
Date Acquired	2015-07
University Town Centre - San Diego, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 22,445
Acquisition Costs, Buildings and Improvements	14,094
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	22,445
Gross Amount at Which Carried at Close of Period, Building and Improvements	14,094
Total	36,539
Accumulated Depreciation	$ (301)
Date Acquired	2015-07
Eastridge Mall - San Jose, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,531
Acquisition Costs, Buildings and Improvements	2,356
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,531
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,356
Total	3,887
Accumulated Depreciation	$ (227)
Date Acquired	2015-07
Capitola Mall - Santa Cruz, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,338
Acquisition Costs, Buildings and Improvements	4,803
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,338
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,803
Total	9,141
Accumulated Depreciation	$ (140)
Date Acquired	2015-07
Santa Maria Town Center - Santa Maria, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,967
Acquisition Costs, Buildings and Improvements	2,635
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,967
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,635
Total	6,602
Accumulated Depreciation	$ (71)
Date Acquired	2015-07
Freestanding - Santa Monica, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 43,915
Acquisition Costs, Buildings and Improvements	3,974
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	43,915
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,974
Total	47,889
Accumulated Depreciation	$ (81)
Date Acquired	2015-07
Freestanding - Santa Paula, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,002
Acquisition Costs, Buildings and Improvements	1,147
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,002
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,147
Total	3,149
Accumulated Depreciation	$ (75)
Date Acquired	2015-07
Promenade in Temecula - Temecula, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,098
Acquisition Costs, Buildings and Improvements	2,214
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	6,098
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,214
Total	8,312
Accumulated Depreciation	$ (118)
Date Acquired	2015-07
Janss Marketplace - Thousand Oaks, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 9,858
Acquisition Costs, Buildings and Improvements	14,781
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,109
Gross Amount at Which Carried at Close of Period , Land	9,858
Gross Amount at Which Carried at Close of Period, Building and Improvements	16,890
Total	26,748
Accumulated Depreciation	$ (288)
Date Acquired	2015-07
Pacific View - Ventura, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,578
Acquisition Costs, Buildings and Improvements	6,172
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,578
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,172
Total	11,750
Accumulated Depreciation	$ (93)
Date Acquired	2015-07
Sequoia Mall - Visalia, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,967
Acquisition Costs, Buildings and Improvements	2,243
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,967
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,243
Total	5,210
Accumulated Depreciation	$ (80)
Date Acquired	2015-07
West Covina - West Covina, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,972
Acquisition Costs, Buildings and Improvements	2,053
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,972
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,053
Total	8,025
Accumulated Depreciation	$ (132)
Date Acquired	2015-07
Westminster Mall - Westminster, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,845
Acquisition Costs, Buildings and Improvements	5,651
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	6,845
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,651
Total	12,496
Accumulated Depreciation	$ (179)
Date Acquired	2015-07
Westland Shopping Center - Lakewood, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,290
Acquisition Costs, Buildings and Improvements	4,550
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,290
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,550
Total	5,840
Accumulated Depreciation	$ (113)
Date Acquired	2015-07
Thornton Place - Thornton, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,881
Acquisition Costs, Buildings and Improvements	1,300
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,881
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,300
Total	3,181
Accumulated Depreciation	$ (179)
Date Acquired	2015-07
Crystal Mall - Waterford, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,371
Acquisition Costs, Buildings and Improvements	2,534
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,371
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,534
Total	3,905
Accumulated Depreciation	$ (98)
Date Acquired	2015-07
Corbin's Corner - West Hartford, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,434
Acquisition Costs, Buildings and Improvements	10,466
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	6,434
Gross Amount at Which Carried at Close of Period, Building and Improvements	10,466
Total	16,900
Accumulated Depreciation	$ (252)
Date Acquired	2015-07
Freestanding - Rehoboth Beach, DE [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 714
Acquisition Costs, Buildings and Improvements	4,523
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	714
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,523
Total	5,237
Accumulated Depreciation	$ (135)
Date Acquired	2015-07
Altamonte Mall - Altamonte Springs, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,051
Acquisition Costs, Buildings and Improvements	6,788
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,051
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,788
Total	10,839
Accumulated Depreciation	$ (212)
Date Acquired	2015-07
Town Center at Boca - Raton Boca Raton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 16,089
Acquisition Costs, Buildings and Improvements	7,480
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	16,089
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,480
Total	23,569
Accumulated Depreciation	$ (241)
Date Acquired	2015-07
DeSoto Square - Bradenton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 958
Acquisition Costs, Buildings and Improvements	900
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	958
Gross Amount at Which Carried at Close of Period, Building and Improvements	900
Total	1,858
Accumulated Depreciation	$ (80)
Date Acquired	2015-07
Beachway Plaza - Bradenton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,420
Acquisition Costs, Buildings and Improvements	1,479
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,420
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,479
Total	2,899
Accumulated Depreciation	$ (69)
Date Acquired	2015-07
Countryside - Clearwater, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,852
Acquisition Costs, Buildings and Improvements	17,777
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	713
Gross Amount at Which Carried at Close of Period , Land	5,852
Gross Amount at Which Carried at Close of Period, Building and Improvements	18,490
Total	24,342
Accumulated Depreciation	$ (370)
Date Acquired	2015-07
Miami International Mall - Doral, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 9,214
Acquisition Costs, Buildings and Improvements	2,654
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	9,214
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,654
Total	11,868
Accumulated Depreciation	$ (108)
Date Acquired	2015-07
Edison Mall - Ft. Myers, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,168
Acquisition Costs, Buildings and Improvements	2,853
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,168
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,853
Total	6,021
Accumulated Depreciation	$ (94)
Date Acquired	2015-07
The Oaks Mall - Gainesville, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,439
Acquisition Costs, Buildings and Improvements	1,205
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,439
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,205
Total	3,644
Accumulated Depreciation	$ (53)
Date Acquired	2015-07
Westland Shopping Mall - Hialeah, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 9,683
Acquisition Costs, Buildings and Improvements	3,472
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	9,683
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,472
Total	13,155
Accumulated Depreciation	$ (128)
Date Acquired	2015-07
Freestanding - Hialeah, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,492
Acquisition Costs, Buildings and Improvements	2,344
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,492
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,344
Total	7,836
Accumulated Depreciation	$ (72)
Date Acquired	2015-07
Center of Osceola - Kissimmee, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,107
Acquisition Costs, Buildings and Improvements	2,556
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,107
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,556
Total	4,663
Accumulated Depreciation	$ (102)
Date Acquired	2015-07
Lakeland Square - Lakeland, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,503
Acquisition Costs, Buildings and Improvements	1,045
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,503
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,045
Total	2,548
Accumulated Depreciation	$ (57)
Date Acquired	2015-07
Freestanding - Melbourne, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,441
Acquisition Costs, Buildings and Improvements	1,981
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,441
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,981
Total	4,422
Accumulated Depreciation	$ (103)
Date Acquired	2015-07
Aventura Mall - Miami, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 13,264
Acquisition Costs, Buildings and Improvements	61,577
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	13,264
Gross Amount at Which Carried at Close of Period, Building and Improvements	61,577
Total	74,841
Accumulated Depreciation	$ (1,063)
Date Acquired	2015-07
Southland Mall - Miami, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,219
Acquisition Costs, Buildings and Improvements	1,236
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,219
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,236
Total	6,455
Accumulated Depreciation	$ (120)
Date Acquired	2015-07
Coastland Center - Naples, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 8,857
Acquisition Costs, Buildings and Improvements	2,209
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	8,857
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,209
Total	11,066
Accumulated Depreciation	$ (90)
Date Acquired	2015-07
Freestanding - North Miami, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,748
Acquisition Costs, Buildings and Improvements	2,434
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,748
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,434
Total	7,182
Accumulated Depreciation	$ (105)
Date Acquired	2015-07
Paddock Mall - Ocala, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,468
Acquisition Costs, Buildings and Improvements	1,150
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,468
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,150
Total	3,618
Accumulated Depreciation	$ (68)
Date Acquired	2015-07
Kmart Shopping Center - Orange Park, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,477
Acquisition Costs, Buildings and Improvements	1,701
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	9
Gross Amount at Which Carried at Close of Period , Land	1,477
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,710
Total	3,187
Accumulated Depreciation	$ (77)
Date Acquired	2015-07
Orlando Fashion Square - Orlando, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,403
Acquisition Costs, Buildings and Improvements	3,626
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,403
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,626
Total	8,029
Accumulated Depreciation	$ (189)
Date Acquired	2015-07
Panama City Mall - Panama City, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,227
Acquisition Costs, Buildings and Improvements	1,614
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,227
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,614
Total	4,841
Accumulated Depreciation	$ (95)
Date Acquired	2015-07
University Town Plaza - Pensacola, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,620
Acquisition Costs, Buildings and Improvements	2,990
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,620
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,990
Total	5,610
Accumulated Depreciation	$ (124)
Date Acquired	2015-07
Westfield Broward - Plantation, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,933
Acquisition Costs, Buildings and Improvements	2,509
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	6,933
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,509
Total	9,442
Accumulated Depreciation	$ (130)
Date Acquired	2015-07
Sarasota Square - Sarasota, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,920
Acquisition Costs, Buildings and Improvements	2,200
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,920
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,200
Total	6,120
Accumulated Depreciation	$ (105)
Date Acquired	2015-07
Freestanding - St. Petersburg, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,653
Acquisition Costs, Buildings and Improvements	777
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,653
Gross Amount at Which Carried at Close of Period, Building and Improvements	777
Total	2,430
Accumulated Depreciation	$ (78)
Date Acquired	2015-07
Tyrone Square Mall - St. Petersburg, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,381
Acquisition Costs, Buildings and Improvements	2,420
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,381
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,420
Total	4,801
Accumulated Depreciation	$ (130)
Date Acquired	2015-07
Cumberland Mall - Atlanta, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 8,891
Acquisition Costs, Buildings and Improvements	6,469
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	8,891
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,469
Total	15,360
Accumulated Depreciation	$ (164)
Date Acquired	2015-07
Oglethorpe Mall - Savannah, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,285
Acquisition Costs, Buildings and Improvements	3,012
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,285
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,012
Total	8,297
Accumulated Depreciation	$ (96)
Date Acquired	2015-07
Freestanding - Honolulu, HI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,824
Acquisition Costs, Buildings and Improvements	2,195
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	6,824
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,195
Total	9,019
Accumulated Depreciation	$ (68)
Date Acquired	2015-07
Freestanding - Algona, IA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 644
Acquisition Costs, Buildings and Improvements	2,796
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	644
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,796
Total	3,440
Accumulated Depreciation	$ (77)
Date Acquired	2015-07
Lindale Mall - Cedar Rapids, IA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,833
Acquisition Costs, Buildings and Improvements	2,197
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,833
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,197
Total	5,030
Accumulated Depreciation	$ (87)
Date Acquired	2015-07
Freestanding - Charles City, IA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 793
Acquisition Costs, Buildings and Improvements	1,914
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	793
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,914
Total	2,707
Accumulated Depreciation	$ (85)
Date Acquired	2015-07
Webster City Plaza - Webster City, IA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 392
Acquisition Costs, Buildings and Improvements	896
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	392
Gross Amount at Which Carried at Close of Period, Building and Improvements	896
Total	1,288
Accumulated Depreciation	$ (33)
Date Acquired	2015-07
Boise Towne Square - Boise, ID [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,828
Acquisition Costs, Buildings and Improvements	1,848
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,828
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,848
Total	3,676
Accumulated Depreciation	$ (71)
Date Acquired	2015-07
Freestanding - Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,665
Acquisition Costs, Buildings and Improvements	3,504
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,665
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,504
Total	7,169
Accumulated Depreciation	$ (64)
Date Acquired	2015-07
Freestanding - Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 905
Acquisition Costs, Buildings and Improvements	804
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	905
Gross Amount at Which Carried at Close of Period, Building and Improvements	804
Total	1,709
Accumulated Depreciation	$ (50)
Date Acquired	2015-07
Kedzie Square - Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,385
Acquisition Costs, Buildings and Improvements	7,924
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,385
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,924
Total	10,309
Accumulated Depreciation	$ (176)
Date Acquired	2015-07
Homewood Square - Homewood, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,954
Acquisition Costs, Buildings and Improvements	4,766
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,954
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,766
Total	8,720
Accumulated Depreciation	$ (162)
Date Acquired	2015-07
Louis Joliet Shopping Mall - Joliet, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,557
Acquisition Costs, Buildings and Improvements	3,108
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,557
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,108
Total	5,665
Accumulated Depreciation	$ (165)
Date Acquired	2015-07
Freestanding - Lombard, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,685
Acquisition Costs, Buildings and Improvements	8,281
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,685
Gross Amount at Which Carried at Close of Period, Building and Improvements	8,281
Total	10,966
Accumulated Depreciation	$ (153)
Date Acquired	2015-07
Freestanding - Moline, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,010
Acquisition Costs, Buildings and Improvements	751
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,010
Gross Amount at Which Carried at Close of Period, Building and Improvements	751
Total	2,761
Accumulated Depreciation	$ (81)
Date Acquired	2015-07
North Riverside Park Mall - North Riverside, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,846
Acquisition Costs, Buildings and Improvements	3,178
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,846
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,178
Total	5,024
Accumulated Depreciation	$ (127)
Date Acquired	2015-07
Orland Square - Orland Park, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,783
Acquisition Costs, Buildings and Improvements	974
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,783
Gross Amount at Which Carried at Close of Period, Building and Improvements	974
Total	2,757
Accumulated Depreciation	$ (73)
Date Acquired	2015-07
Sherwood Plaza - Springfield, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,182
Acquisition Costs, Buildings and Improvements	5,051
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,182
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,051
Total	7,233
Accumulated Depreciation	$ (172)
Date Acquired	2015-07
Freestanding - Steger, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 589
Acquisition Costs, Buildings and Improvements	2,846
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	589
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,846
Total	3,435
Accumulated Depreciation	$ (53)
Date Acquired	2015-07
North Pointe Plaza - Elkhart, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,349
Acquisition Costs, Buildings and Improvements	869
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,349
Gross Amount at Which Carried at Close of Period, Building and Improvements	869
Total	2,218
Accumulated Depreciation	$ (42)
Date Acquired	2015-07
Glenbrook Square - Ft. Wayne, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,247
Acquisition Costs, Buildings and Improvements	5,476
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,247
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,476
Total	8,723
Accumulated Depreciation	$ (156)
Date Acquired	2015-07
Broadway Center - Merrillville, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,413
Acquisition Costs, Buildings and Improvements	3,224
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,413
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,224
Total	6,637
Accumulated Depreciation	$ (166)
Date Acquired	2015-07
Freestanding - Leavenworth, KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 397
Acquisition Costs, Buildings and Improvements	705
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	397
Gross Amount at Which Carried at Close of Period, Building and Improvements	705
Total	1,102
Accumulated Depreciation	$ (52)
Date Acquired	2015-07
Metcalf Shopping Center - Overland Pk, KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,775
Acquisition Costs, Buildings and Improvements	1,766
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,775
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,766
Total	4,541
Accumulated Depreciation	$ (130)
Date Acquired	2015-07
Pennyrile Marketplace - Hopkinsville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 553
Acquisition Costs, Buildings and Improvements	2,815
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	553
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,815
Total	3,368
Accumulated Depreciation	$ (106)
Date Acquired	2015-07
Audubon Plaza - Owensboro, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 411
Acquisition Costs, Buildings and Improvements	1,083
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	411
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,083
Total	1,494
Accumulated Depreciation	$ (35)
Date Acquired	2015-07
Kentucky Oaks - Paducah, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,022
Acquisition Costs, Buildings and Improvements	2,868
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,022
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,868
Total	3,890
Accumulated Depreciation	$ (97)
Date Acquired	2015-07
Freestanding - Houma, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 590
Acquisition Costs, Buildings and Improvements	2,030
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	590
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,030
Total	2,620
Accumulated Depreciation	$ (78)
Date Acquired	2015-07
The Mall of Acadiana - Lafayette, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,406
Acquisition Costs, Buildings and Improvements	5,094
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,406
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,094
Total	6,500
Accumulated Depreciation	$ (168)
Date Acquired	2015-07
Freestanding - New Iberia, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 450
Acquisition Costs, Buildings and Improvements	1,819
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	450
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,819
Total	2,269
Accumulated Depreciation	$ (95)
Date Acquired	2015-07
Braintree Marketplace - Braintree, MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,585
Acquisition Costs, Buildings and Improvements	5,614
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	6,585
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,614
Total	12,199
Accumulated Depreciation	$ (133)
Date Acquired	2015-07
Square One Mall - Saugus, MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,656
Acquisition Costs, Buildings and Improvements	2,835
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,656
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,835
Total	4,491
Accumulated Depreciation	$ (139)
Date Acquired	2015-07
Bowie Town Center - Bowie, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,583
Acquisition Costs, Buildings and Improvements	2,335
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,583
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,335
Total	6,918
Accumulated Depreciation	$ (92)
Date Acquired	2015-07
Hunt Valley Towne Centre - Cockeysville, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,768
Acquisition Costs, Buildings and Improvements	2,319
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,768
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,319
Total	8,087
Accumulated Depreciation	$ (99)
Date Acquired	2015-07
South River Colony - Edgewater, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,534
Acquisition Costs, Buildings and Improvements	2,116
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,534
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,116
Total	7,650
Accumulated Depreciation	$ (102)
Date Acquired	2015-07
Valley Mall - Hagerstown, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,877
Acquisition Costs, Buildings and Improvements	1,378
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,877
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,378
Total	4,255
Accumulated Depreciation	$ (95)
Date Acquired	2015-07
Midtown Shopping Center - Madawaska, ME [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 140
Acquisition Costs, Buildings and Improvements	942
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	140
Gross Amount at Which Carried at Close of Period, Building and Improvements	942
Total	1,082
Accumulated Depreciation	$ (21)
Date Acquired	2015-07
Freestanding - Alpena, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 782
Acquisition Costs, Buildings and Improvements	1,427
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	782
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,427
Total	2,209
Accumulated Depreciation	$ (74)
Date Acquired	2015-07
Jackson Crossing - Jackson, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,720
Acquisition Costs, Buildings and Improvements	1,184
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,720
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,184
Total	3,904
Accumulated Depreciation	$ (95)
Date Acquired	2015-07
Lincoln Park Shopping Center - Lincoln Park, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,106
Acquisition Costs, Buildings and Improvements	3,198
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,106
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,198
Total	4,304
Accumulated Depreciation	$ (129)
Date Acquired	2015-07
Hillside Plaza - Manistee, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 508
Acquisition Costs, Buildings and Improvements	3,045
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	508
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,045
Total	3,553
Accumulated Depreciation	$ (115)
Date Acquired	2015-07
Macomb Mall - Roseville, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,286
Acquisition Costs, Buildings and Improvements	4,778
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,286
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,778
Total	8,064
Accumulated Depreciation	$ (182)
Date Acquired	2015-07
Freestanding - Sault Ste. Marie, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 946
Acquisition Costs, Buildings and Improvements	917
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	946
Gross Amount at Which Carried at Close of Period, Building and Improvements	917
Total	1,863
Accumulated Depreciation	$ (67)
Date Acquired	2015-07
Freestanding - St. Clair Shores, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,399
Acquisition Costs, Buildings and Improvements	1,797
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,399
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,797
Total	4,196
Accumulated Depreciation	$ (80)
Date Acquired	2015-07
Oakland Mall - Troy, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 7,954
Acquisition Costs, Buildings and Improvements	2,651
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	7,954
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,651
Total	10,605
Accumulated Depreciation	$ (228)
Date Acquired	2015-07
Freestanding - Ypsilanti, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,462
Acquisition Costs, Buildings and Improvements	1,277
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,462
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,277
Total	3,739
Accumulated Depreciation	$ (101)
Date Acquired	2015-07
Burnsville Center - Burnsville, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,513
Acquisition Costs, Buildings and Improvements	1,281
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,513
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,281
Total	4,794
Accumulated Depreciation	$ (139)
Date Acquired	2015-07
Detroit Lakes K Mart Plaza - Detroit Lakes, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,130
Acquisition Costs, Buildings and Improvements	1,220
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,130
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,220
Total	2,350
Accumulated Depreciation	$ (97)
Date Acquired	2015-07
Maplewood Mall - Maplewood, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,605
Acquisition Costs, Buildings and Improvements	1,162
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,605
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,162
Total	4,767
Accumulated Depreciation	$ (97)
Date Acquired	2015-07
Freestanding - St. Paul, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,866
Acquisition Costs, Buildings and Improvements	1,028
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,866
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,028
Total	2,894
Accumulated Depreciation	$ (104)
Date Acquired	2015-07
Freestanding - Cape Girardeau, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 609
Acquisition Costs, Buildings and Improvements	908
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	609
Gross Amount at Which Carried at Close of Period, Building and Improvements	908
Total	1,517
Accumulated Depreciation	$ (36)
Date Acquired	2015-07
Flower Valley Shopping Center - Florissant, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,430
Acquisition Costs, Buildings and Improvements	1,607
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,430
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,607
Total	4,037
Accumulated Depreciation	$ (93)
Date Acquired	2015-07
Freestanding - Jefferson City, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 957
Acquisition Costs, Buildings and Improvements	2,224
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	957
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,224
Total	3,181
Accumulated Depreciation	$ (79)
Date Acquired	2015-07
Kickapoo Corners - Springfield, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 922
Acquisition Costs, Buildings and Improvements	2,050
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	922
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,050
Total	2,972
Accumulated Depreciation	$ (68)
Date Acquired	2015-07
Columbus Centre - Columbus, MS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,940
Acquisition Costs, Buildings and Improvements	2,547
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,940
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,547
Total	5,487
Accumulated Depreciation	$ (116)
Date Acquired	2015-07
Freestanding - Havre, MT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 600
Acquisition Costs, Buildings and Improvements	790
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	600
Gross Amount at Which Carried at Close of Period, Building and Improvements	790
Total	1,390
Accumulated Depreciation	$ (48)
Date Acquired	2015-07
Asheville Mall - Asheville, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,141
Acquisition Costs, Buildings and Improvements	2,036
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,141
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,036
Total	6,177
Accumulated Depreciation	$ (115)
Date Acquired	2015-07
Concord Plaza - Concord, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,325
Acquisition Costs, Buildings and Improvements	1,275
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,325
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,275
Total	3,600
Accumulated Depreciation	$ (127)
Date Acquired	2015-07
Landmark Center - Greensboro, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,869
Acquisition Costs, Buildings and Improvements	4,387
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	734
Gross Amount at Which Carried at Close of Period , Land	3,869
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,121
Total	8,990
Accumulated Depreciation	$ (153)
Date Acquired	2015-07
Kmart Shopping Center - Minot, ND [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,724
Acquisition Costs, Buildings and Improvements	2,925
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,724
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,925
Total	4,649
Accumulated Depreciation	$ (106)
Date Acquired	2015-07
Freestanding - Kearney, NE [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 272
Acquisition Costs, Buildings and Improvements	483
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	272
Gross Amount at Which Carried at Close of Period, Building and Improvements	483
Total	755
Accumulated Depreciation	$ (35)
Date Acquired	2015-07
Mall of New Hampshire - Manchester, NH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,458
Acquisition Costs, Buildings and Improvements	4,160
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,458
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,160
Total	5,618
Accumulated Depreciation	$ (119)
Date Acquired	2015-07
Pheasant Lane Mall - Nashua, NH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,794
Acquisition Costs, Buildings and Improvements	7,255
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,794
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,255
Total	9,049
Accumulated Depreciation	$ (120)
Date Acquired	2015-07
Fox Run Mall - Portsmouth, NH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,934
Acquisition Costs, Buildings and Improvements	3,375
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,934
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,375
Total	7,309
Accumulated Depreciation	$ (135)
Date Acquired	2015-07
Mall at Rockingham Park - Salem, NH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,321
Acquisition Costs, Buildings and Improvements	12,198
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,321
Gross Amount at Which Carried at Close of Period, Building and Improvements	12,198
Total	15,519
Accumulated Depreciation	$ (255)
Date Acquired	2015-07
Freestanding - Middletown, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,647
Acquisition Costs, Buildings and Improvements	2,941
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,647
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,941
Total	8,588
Accumulated Depreciation	$ (241)
Date Acquired	2015-07
Freestanding - Watchung, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,704
Acquisition Costs, Buildings and Improvements	4,110
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	6,704
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,110
Total	10,814
Accumulated Depreciation	$ (181)
Date Acquired	2015-07
Willowbrook Mall - Wayne, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 12,849
Acquisition Costs, Buildings and Improvements	4,553
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	12,849
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,553
Total	17,402
Accumulated Depreciation	$ (245)
Date Acquired	2015-07
Freestanding - Deming, NM [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,085
Acquisition Costs, Buildings and Improvements	1,194
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,085
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,194
Total	2,279
Accumulated Depreciation	$ (65)
Date Acquired	2015-07
Freestanding - Farmington, NM [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,480
Acquisition Costs, Buildings and Improvements	1,845
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,480
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,845
Total	3,325
Accumulated Depreciation	$ (79)
Date Acquired	2015-07
Kmart Shopping Center - Hobbs, NM [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,386
Acquisition Costs, Buildings and Improvements	2,557
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,386
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,557
Total	3,943
Accumulated Depreciation	$ (85)
Date Acquired	2015-07
Eastern Commons Shopping Center - Henderson, NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,124
Acquisition Costs, Buildings and Improvements	1,362
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,124
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,362
Total	4,486
Accumulated Depreciation	$ (97)
Date Acquired	2015-07
Meadows Mall - Las Vegas, NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,354
Acquisition Costs, Buildings and Improvements	1,879
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,354
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,879
Total	5,233
Accumulated Depreciation	$ (105)
Date Acquired	2015-07
Meadowood Mall - Reno, NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,135
Acquisition Costs, Buildings and Improvements	5,748
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,135
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,748
Total	7,883
Accumulated Depreciation	$ (98)
Date Acquired	2015-07
Colonie Center - Albany, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 8,289
Acquisition Costs, Buildings and Improvements	6,523
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	8,289
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,523
Total	14,812
Accumulated Depreciation	$ (230)
Date Acquired	2015-07
Great Northern Mall - Clay, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 787
Acquisition Costs, Buildings and Improvements	4,134
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	787
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,134
Total	4,921
Accumulated Depreciation	$ (120)
Date Acquired	2015-07
Huntington Square Mall - East Northport, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 7,617
Acquisition Costs, Buildings and Improvements	2,065
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	7,617
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,065
Total	9,682
Accumulated Depreciation	$ (120)
Date Acquired	2015-07
Freestanding - Hicksville, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 38,625
Acquisition Costs, Buildings and Improvements	19,066
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	38,625
Gross Amount at Which Carried at Close of Period, Building and Improvements	19,066
Total	57,691
Accumulated Depreciation	$ (538)
Date Acquired	2015-07
Oakdale Mall - Johnson City, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,169
Acquisition Costs, Buildings and Improvements	934
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,169
Gross Amount at Which Carried at Close of Period, Building and Improvements	934
Total	3,103
Accumulated Depreciation	$ (60)
Date Acquired	2015-07
Freestanding - Olean, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 249
Acquisition Costs, Buildings and Improvements	2,124
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	249
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,124
Total	2,373
Accumulated Depreciation	$ (80)
Date Acquired	2015-07
Mall at Greece Ridge Center - Rochester, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,082
Acquisition Costs, Buildings and Improvements	1,560
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,082
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,560
Total	4,642
Accumulated Depreciation	$ (114)
Date Acquired	2015-07
Sidney Plaza - Sidney, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,942
Acquisition Costs, Buildings and Improvements	1,769
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,942
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,769
Total	3,711
Accumulated Depreciation	$ (177)
Date Acquired	2015-07
Eastview Mall - Victor, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,144
Acquisition Costs, Buildings and Improvements	1,391
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,144
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,391
Total	5,535
Accumulated Depreciation	$ (116)
Date Acquired	2015-07
Jefferson Valley Mall - Yorktown Heights, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,584
Acquisition Costs, Buildings and Improvements	1,569
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,584
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,569
Total	5,153
Accumulated Depreciation	$ (108)
Date Acquired	2015-07
Belden Village - Canton, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,650
Acquisition Costs, Buildings and Improvements	5,854
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,650
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,854
Total	7,504
Accumulated Depreciation	$ (208)
Date Acquired	2015-07
Chapel Hill Mall Chapel Hill OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 444
Acquisition Costs, Buildings and Improvements	1,460
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	444
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,460
Total	1,904
Accumulated Depreciation	$ (147)
Date Acquired	2015-07
Dayton Mall - Dayton, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,650
Acquisition Costs, Buildings and Improvements	1,223
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,650
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,223
Total	3,873
Accumulated Depreciation	$ (118)
Date Acquired	2015-07
Freestanding - Kenton, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 340
Acquisition Costs, Buildings and Improvements	417
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	340
Gross Amount at Which Carried at Close of Period, Building and Improvements	417
Total	757
Accumulated Depreciation	$ (61)
Date Acquired	2015-07
Freestanding - Marietta, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 598
Acquisition Costs, Buildings and Improvements	706
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	598
Gross Amount at Which Carried at Close of Period, Building and Improvements	706
Total	1,304
Accumulated Depreciation	$ (43)
Date Acquired	2015-07
Great Lakes Mall - Mentor, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,092
Acquisition Costs, Buildings and Improvements	1,776
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,092
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,776
Total	2,868
Accumulated Depreciation	$ (111)
Date Acquired	2015-07
Southland Shopping Center - Middleburg Heights, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 698
Acquisition Costs, Buildings and Improvements	1,547
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	698
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,547
Total	2,245
Accumulated Depreciation	$ (78)
Date Acquired	2015-07
Kmart Plaza - North Canton, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,044
Acquisition Costs, Buildings and Improvements	1,126
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,044
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,126
Total	2,170
Accumulated Depreciation	$ (61)
Date Acquired	2015-07
Freestanding - Tallmadge, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 870
Acquisition Costs, Buildings and Improvements	682
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	870
Gross Amount at Which Carried at Close of Period, Building and Improvements	682
Total	1,552
Accumulated Depreciation	$ (56)
Date Acquired	2015-07
Westgate Village Shopping Center - Toledo, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,664
Acquisition Costs, Buildings and Improvements	1,289
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,664
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,289
Total	2,953
Accumulated Depreciation	$ (74)
Date Acquired	2015-07
Freestanding - Muskogee, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 647
Acquisition Costs, Buildings and Improvements	966
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	647
Gross Amount at Which Carried at Close of Period, Building and Improvements	966
Total	1,613
Accumulated Depreciation	$ (69)
Date Acquired	2015-07
Freestanding - Oklahoma City, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,542
Acquisition Costs, Buildings and Improvements	2,210
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,542
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,210
Total	3,752
Accumulated Depreciation	$ (184)
Date Acquired	2015-07
Freestanding - Tulsa, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,048
Acquisition Costs, Buildings and Improvements	5,386
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,048
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,386
Total	7,434
Accumulated Depreciation	$ (142)
Date Acquired	2015-07
Clackamas Town Center - Happy Valley, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,659
Acquisition Costs, Buildings and Improvements	1,271
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	6,659
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,271
Total	7,930
Accumulated Depreciation	$ (59)
Date Acquired	2015-07
Freestanding - The Dalles, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 616
Acquisition Costs, Buildings and Improvements	775
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	616
Gross Amount at Which Carried at Close of Period, Building and Improvements	775
Total	1,391
Accumulated Depreciation	$ (50)
Date Acquired	2015-07
Walnut Bottom Towne Centre - Carlisle, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,103
Acquisition Costs, Buildings and Improvements	1,725
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,103
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,725
Total	2,828
Accumulated Depreciation	$ (28)
Date Acquired	2015-07
Shops at Prospect - Columbia, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 897
Acquisition Costs, Buildings and Improvements	2,202
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	897
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,202
Total	3,099
Accumulated Depreciation	$ (67)
Date Acquired	2015-07
King of Prussia - King Of Prussia, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Buildings and Improvements	$ 42,300
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	34
Gross Amount at Which Carried at Close of Period, Building and Improvements	42,334
Total	42,334
Accumulated Depreciation	$ (646)
Date Acquired	2015-07
Kmart And Lowes Shopping Center - Lebanon, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,333
Acquisition Costs, Buildings and Improvements	2,085
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,333
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,085
Total	3,418
Accumulated Depreciation	$ (136)
Date Acquired	2015-07
Countryside Shopping Center - Mount Pleasant, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 970
Acquisition Costs, Buildings and Improvements	1,520
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	970
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,520
Total	2,490
Accumulated Depreciation	$ (92)
Date Acquired	2015-07
Freestanding - Walnutport, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 885
Acquisition Costs, Buildings and Improvements	3,452
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	885
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,452
Total	4,337
Accumulated Depreciation	$ (141)
Date Acquired	2015-07
Haines Acres Shopping Center -York, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,096
Acquisition Costs, Buildings and Improvements	1,414
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,096
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,414
Total	2,510
Accumulated Depreciation	$ (58)
Date Acquired	2015-07
Rexville Bayamon Towne Center - Bayamon, PR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 656
Acquisition Costs, Buildings and Improvements	7,173
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	656
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,173
Total	7,829
Accumulated Depreciation	$ (146)
Date Acquired	2015-07
Las Catalinas - Caguas, PR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 431
Acquisition Costs, Buildings and Improvements	9,362
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	431
Gross Amount at Which Carried at Close of Period, Building and Improvements	9,362
Total	9,793
Accumulated Depreciation	$ (178)
Date Acquired	2015-07
Plaza Carolina - Carolina, PR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 611
Acquisition Costs, Buildings and Improvements	8,640
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	611
Gross Amount at Which Carried at Close of Period, Building and Improvements	8,640
Total	9,251
Accumulated Depreciation	$ (192)
Date Acquired	2015-07
Plaza Guaynabo Guaynabo PR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,603
Acquisition Costs, Buildings and Improvements	26,695
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,603
Gross Amount at Which Carried at Close of Period, Building and Improvements	26,695
Total	28,298
Accumulated Depreciation	$ (472)
Date Acquired	2015-07
Western Plaza - Mayaguez, PR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 564
Acquisition Costs, Buildings and Improvements	4,555
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	564
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,555
Total	5,119
Accumulated Depreciation	$ (128)
Date Acquired	2015-07
Ponce Towne Center - Ponce, PR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 473
Acquisition Costs, Buildings and Improvements	3,965
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	473
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,965
Total	4,438
Accumulated Depreciation	$ (106)
Date Acquired	2015-07
Rhode Island Mall - Warwick, RI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 9,166
Acquisition Costs, Buildings and Improvements	3,388
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	9,166
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,388
Total	12,554
Accumulated Depreciation	$ (204)
Date Acquired	2015-07
Boulevard Market Fair - Anderson, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,297
Acquisition Costs, Buildings and Improvements	638
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,297
Gross Amount at Which Carried at Close of Period, Building and Improvements	638
Total	1,935
Accumulated Depreciation	$ (36)
Date Acquired	2015-07
Northwoods Mall - Charleston, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,576
Acquisition Costs, Buildings and Improvements	1,497
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,576
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,497
Total	5,073
Accumulated Depreciation	$ (92)
Date Acquired	2015-07
Kmart Plaza - Rock Hill, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,432
Acquisition Costs, Buildings and Improvements	1,079
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,432
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,079
Total	2,511
Accumulated Depreciation	$ (73)
Date Acquired	2015-07
Freestanding - Sioux Falls, SD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,025
Acquisition Costs, Buildings and Improvements	1,783
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,025
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,783
Total	2,808
Accumulated Depreciation	$ (53)
Date Acquired	2015-07
Wolfchase Galleria - Cordova, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,581
Acquisition Costs, Buildings and Improvements	4,279
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,581
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,279
Total	6,860
Accumulated Depreciation	$ (114)
Date Acquired	2015-07
Freestanding - Memphis, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,827
Acquisition Costs, Buildings and Improvements	2,475
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,827
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,475
Total	5,302
Accumulated Depreciation	$ (108)
Date Acquired	2015-07
Tech Ridge - Austin, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,164
Acquisition Costs, Buildings and Improvements	2,858
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,164
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,858
Total	6,022
Accumulated Depreciation	$ (144)
Date Acquired	2015-07
Southwest Center Mall - Dallas, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,154
Acquisition Costs, Buildings and Improvements	1,314
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,154
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,314
Total	2,468
Accumulated Depreciation	$ (90)
Date Acquired	2015-07
Freestanding - El Paso, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,008
Acquisition Costs, Buildings and Improvements	1,778
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,008
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,778
Total	3,786
Accumulated Depreciation	$ (79)
Date Acquired	2015-07
Baybrook Mall - Friendswood, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,124
Acquisition Costs, Buildings and Improvements	2,038
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	6,124
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,038
Total	8,162
Accumulated Depreciation	$ (101)
Date Acquired	2015-07
Kmart Plaza - Harlingen, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,795
Acquisition Costs, Buildings and Improvements	1,183
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,795
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,183
Total	2,978
Accumulated Depreciation	$ (42)
Date Acquired	2015-07
Memorial City Mall - Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 7,967
Acquisition Costs, Buildings and Improvements	4,625
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	7,967
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,625
Total	12,592
Accumulated Depreciation	$ (202)
Date Acquired	2015-07
Freestanding - Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,110
Acquisition Costs, Buildings and Improvements	1,525
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	6,110
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,525
Total	7,635
Accumulated Depreciation	$ (80)
Date Acquired	2015-07
Ingram Park Mall - Ingram, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,651
Acquisition Costs, Buildings and Improvements	2,560
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,651
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,560
Total	7,211
Accumulated Depreciation	$ (99)
Date Acquired	2015-07
Irving Mall - Irving, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,493
Acquisition Costs, Buildings and Improvements	5,743
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,493
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,743
Total	10,236
Accumulated Depreciation	$ (204)
Date Acquired	2015-07
Freestanding -San Antonio, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,468
Acquisition Costs, Buildings and Improvements	1,457
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,468
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,457
Total	6,925
Accumulated Depreciation	$ (84)
Date Acquired	2015-07
Freestanding - Shepherd, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,457
Acquisition Costs, Buildings and Improvements	2,081
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,457
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,081
Total	7,538
Accumulated Depreciation	$ (91)
Date Acquired	2015-07
Valley View Center - Valley View, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,706
Acquisition Costs, Buildings and Improvements	3,230
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,706
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,230
Total	7,936
Accumulated Depreciation	$ (184)
Date Acquired	2015-07
Freestanding - Westwood, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,899
Acquisition Costs, Buildings and Improvements	1,748
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,899
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,748
Total	4,647
Accumulated Depreciation	$ (112)
Date Acquired	2015-07
Antelope Square - Layton, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,234
Acquisition Costs, Buildings and Improvements	974
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,234
Gross Amount at Which Carried at Close of Period, Building and Improvements	974
Total	3,208
Accumulated Depreciation	$ (73)
Date Acquired	2015-07
Jordan Landing Shopping Center - West Jordan, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,190
Acquisition Costs, Buildings and Improvements	2,305
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,190
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,305
Total	5,495
Accumulated Depreciation	$ (80)
Date Acquired	2015-07
Landmark Mall - Alexandria, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,728
Acquisition Costs, Buildings and Improvements	3,294
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,728
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,294
Total	7,022
Accumulated Depreciation	$ (166)
Date Acquired	2015-07
Greenbrier Mall - Chesapeake, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,236
Acquisition Costs, Buildings and Improvements	1,700
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	4,236
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,700
Total	5,936
Accumulated Depreciation	$ (100)
Date Acquired	2015-07
Fair Oaks Mall - Fairfax, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 10,873
Acquisition Costs, Buildings and Improvements	1,491
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	10,873
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,491
Total	12,364
Accumulated Depreciation	$ (102)
Date Acquired	2015-07
Newmarket Fair Mall - Hampton, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 771
Acquisition Costs, Buildings and Improvements	1,011
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	771
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,011
Total	1,782
Accumulated Depreciation	$ (103)
Date Acquired	2015-07
Pembroke Mall - Virginia Beach, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 10,413
Acquisition Costs, Buildings and Improvements	4,760
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	10,413
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,760
Total	15,173
Accumulated Depreciation	$ (133)
Date Acquired	2015-07
Warrenton Village - Warrenton, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,956
Acquisition Costs, Buildings and Improvements	2,480
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,956
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,480
Total	4,436
Accumulated Depreciation	$ (78)
Date Acquired	2015-07
Overland Plaza - Redmond, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,133
Acquisition Costs, Buildings and Improvements	4,133
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	5,133
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,133
Total	9,266
Accumulated Depreciation	$ (164)
Date Acquired	2015-07
Westfield Vancouver - Vancouver, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,378
Acquisition Costs, Buildings and Improvements	1,136
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,378
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,136
Total	4,514
Accumulated Depreciation	$ (81)
Date Acquired	2015-07
Freestanding - Yakima, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,863
Acquisition Costs, Buildings and Improvements	2,856
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,863
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,856
Total	4,719
Accumulated Depreciation	$ (140)
Date Acquired	2015-07
Southridge Mall - Greendale, WI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,208
Acquisition Costs, Buildings and Improvements	2,340
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,208
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,340
Total	5,548
Accumulated Depreciation	$ (181)
Date Acquired	2015-07
West Towne Mall - Madison, WI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,053
Acquisition Costs, Buildings and Improvements	2,130
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	3,053
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,130
Total	5,183
Accumulated Depreciation	$ (168)
Date Acquired	2015-07
Freestanding - Platteville, WI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 748
Acquisition Costs, Buildings and Improvements	1,195
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	748
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,195
Total	1,943
Accumulated Depreciation	$ (66)
Date Acquired	2015-07
Patrick Street Plaza - Charleston, WV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,030
Acquisition Costs, Buildings and Improvements	797
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,030
Gross Amount at Which Carried at Close of Period, Building and Improvements	797
Total	2,827
Accumulated Depreciation	$ (69)
Date Acquired	2015-07
Valley Point - Elkins, WV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 788
Acquisition Costs, Buildings and Improvements	1,147
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	788
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,147
Total	1,935
Accumulated Depreciation	$ (61)
Date Acquired	2015-07
Freestanding - Scott Depot, WV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 987
Acquisition Costs, Buildings and Improvements	484
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	987
Gross Amount at Which Carried at Close of Period, Building and Improvements	484
Total	1,471
Accumulated Depreciation	$ (44)
Date Acquired	2015-07
Mountain Plaza - Casper, WY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 509
Acquisition Costs, Buildings and Improvements	1,303
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	509
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,303
Total	1,812
Accumulated Depreciation	$ (59)
Date Acquired	2015-07
Freestanding - Gillette, WY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 846
Acquisition Costs, Buildings and Improvements	876
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	846
Gross Amount at Which Carried at Close of Period, Building and Improvements	876
Total	1,722
Accumulated Depreciation	$ (65)
Date Acquired	2015-07
Freestanding - Riverton, WY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 561
Acquisition Costs, Buildings and Improvements	847
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	561
Gross Amount at Which Carried at Close of Period, Building and Improvements	847
Total	1,408
Accumulated Depreciation	$ (58)
Date Acquired	2015-07
Construction in Process [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	13,136
Gross Amount at Which Carried at Close of Period, Building and Improvements	13,136
Total	$ 13,136

Schedule III - Real Estate an70

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions	6 Months Ended
	Dec. 31, 2015USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost of land, building and improvements for federal income tax purpose	$ 2.3
Building [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life upon Which Depreciation is Computed	25 years
Building [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life upon Which Depreciation is Computed	40 years
Site Improvement [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life upon Which Depreciation is Computed	5 years
Site Improvement [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life upon Which Depreciation is Computed	15 years
Tenant Improvements [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life upon which depreciation is computed, description	shorter of the estimated useful life or non-cancelable term of lease

Schedule III - Reconciliation o

Schedule III - Reconciliation of Real Estate (Detail) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of period	$ 1,651,062
Additions	17,289
Impairments	0
Dispositions and write-offs	0
Balance at end of period	$ 1,668,351

Schedule III - Reconciliation72

Schedule III - Reconciliation of Accumulated Depreciation (Detail) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of period	$ 0
Depreciation expense	29,076
Dispositions and write-offs	0
Balance at end of period	$ 29,076