Seritage Growth Properties (SRG) 10-K 1 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 24, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
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	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,526,300,000
Class A Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,942,572
Class B Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,451,336
Class C Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,750,185

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate
Land	$ 840,021	$ 840,563
Buildings and improvements	839,663	814,652
Accumulated depreciation	(89,940)	(29,076)
Real Estate Investment Property, at Cost, Total	1,589,744	1,626,139
Construction in progress	55,208	13,136
Net investment in real estate	1,644,952	1,639,275
Investment in unconsolidated joint ventures	425,020	427,052
Cash and cash equivalents	52,026	62,867
Restricted cash	87,616	92,475
Tenant and other receivables, net	23,172	9,772
Lease intangible assets, net	464,399	578,795
Prepaid expenses, deferred expenses and other assets, net	15,052	23,123
Total assets	2,712,237	2,833,359
Liabilities
Mortgage loans payable, net	1,166,871	1,142,422
Accounts payable, accrued expenses and other liabilities	121,055	120,860
Total liabilities	1,287,926	1,263,282
Commitments and contingencies (Note 10)
Shareholders' Equity
Additional paid-in capital	925,563	924,508
Accumulated deficit	(121,338)	(38,145)
Total shareholders' equity	804,557	886,695
Non-controlling interests	619,754	683,382
Total equity	1,424,311	1,570,077
Total liabilities and equity	2,712,237	2,833,359
Class A Common Shares [Member]
Shareholders' Equity
Common shares	258	248
Total equity	258	248
Class B Common Shares [Member]
Shareholders' Equity
Common shares	16	16
Total equity	16	16
Class C Common Shares [Member]
Shareholders' Equity
Common shares	58	68
Total equity	$ 58	$ 68

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Class A Common Shares [Member]
Common shares, par value	$ 0.01	$ 0.01
Common shares, authorized	100,000,000	100,000,000
Common shares, outstanding	25,843,251	24,817,842
Common shares, issued	25,843,251	24,817,842
Class B Common Shares [Member]
Common shares, par value	$ 0.01	$ 0.01
Common shares, authorized	5,000,000	5,000,000
Common shares, outstanding	1,589,020	1,589,020
Common shares, issued	1,589,020	1,589,020
Class C Common Shares [Member]
Common shares, par value	$ 0.01	$ 0.01
Common shares, authorized	50,000,000	50,000,000
Common shares, outstanding	5,754,685	6,773,185
Common shares, issued	5,754,685	6,773,185

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
REVENUE
Rental income	$ 86,645	$ 186,421
Tenant reimbursements	26,926	62,253
Total revenue	113,571	248,674
EXPENSES
Property operating	6,329	21,510
Real estate taxes	22,355	43,681
Depreciation and amortization	65,907	177,119
General and administrative	9,956	17,469
Litigation charge		19,000
Provision for doubtful accounts		269
Acquisition-related expenses	18,397	73
Total expenses	122,944	279,121
Operating loss	(9,373)	(30,447)
Equity in income of unconsolidated joint ventures	4,772	4,646
Interest and other income	136	266
Interest expense	(30,461)	(63,591)
Unrealized loss on interest rate cap	(2,933)	(1,378)
Loss before income taxes	(37,859)	(90,504)
Provision for income taxes	(944)	(505)
Net loss	(38,803)	(91,009)
Net loss attributable to non-controlling interests	16,465	39,451
Net loss attributable to common shareholders	$ (22,338)	$ (51,558)
Net loss per share attributable to Class A and Class C common shareholders – Basic and diluted	$ (0.71)	$ (1.64)
Weighted average Class A and Class C common shares outstanding - Basic and diluted	31,386	31,416

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Non-Controlling Interest [Member]	Class A Common Shares [Member]	Class B Common Shares [Member]	Class C Common Shares [Member]
Beginning balance at Jul. 07, 2015	$ 1,635,957	$ 923,636		$ 711,991	$ 246	$ 16	$ 68
Beginning balance, shares at Jul. 07, 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 shares		(2)			$ 2
Issuance of restricted shares, shares					217,000
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	924,508	(38,145)	683,382	$ 248	$ 16	$ 68
Ending balance, shares at Dec. 31, 2015					24,817,842	1,589,020	6,773,185
Net loss	(91,009)		(51,558)	(39,451)
Dividends and distributions declared	(55,812)		(31,635)	(24,177)
Vesting of restricted share units	(13)	(13)			$ 0
Vesting of restricted share units, shares					7,000
Stock-based compensation	1,068	1,068
Stock issued in conversion of securities					$ 10
Stock sold in conversion of securities							$ (10)
Stock issued in conversion securities, shares					1,018,500
Stock sold in conversion of securities, shares							(1,018,000)
Ending balance at Dec. 31, 2016	$ 1,424,311	$ 925,563	$ (121,338)	$ 619,754	$ 258	$ 16	$ 58
Ending balance, shares at Dec. 31, 2016					25,843,251	1,589,020	5,754,685

CONSOLIDATED STATEMENT OF EQUI6

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	Nov. 02, 2016	Aug. 02, 2016	May 03, 2016	Mar. 08, 2016	Dec. 17, 2015	Dec. 31, 2015	Dec. 31, 2016
Dividends and distributions declared, per share						$ 0.50	$ 1
Class A Common Shares [Member]
Dividends and distributions declared, per share	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.50	$ 0.50	$ 1
Share class exchanges, common shares						17,450	1,018,500

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (38,803)	$ (91,009)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in income of unconsolidated joint ventures	(4,772)	(4,646)
Distributions from unconsolidated joint ventures	6,733	15,677
Unrealized loss on interest rate cap	2,933	1,378
Stock-based compensation	944	1,068
Depreciation and amortization	65,907	177,119
Amortization of deferred financing costs	2,657	5,361
Amortization of above and below market leases, net	(388)	(680)
Straight-line rent adjustment	(8,299)	(12,862)
Change in operating assets and liabilities
Tenants and other receivables	(1,473)	350
Prepaid expenses, deferred expenses and other assets	(25,596)	6,080
Restricted cash	(3,761)	(17,554)
Accounts payable, accrued expenses and other liabilities	21,589	12,143
Net cash provided by operating activities	17,671	92,425
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of real estate and unconsolidated joint ventures	(2,653,019)
Investments in unconsolidated joint ventures		(9,000)
Development of real estate	(11,273)	(66,193)
Decrease (increase) in restricted cash	(66,107)	22,413
Net cash used in investing activities	(2,730,399)	(52,780)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of mortgage loans payable, net	1,161,196
Proceeds from Future Funding Facility		20,002
Payment of deferred financing costs	(21,431)	(914)
Proceeds from issuance of common stock and non-controlling interest	1,644,042
Offering related costs	(8,212)
Common dividends paid		(39,354)
Non-controlling interests distributions paid		(30,220)
Net cash (used in) provided by financing activities	2,775,595	(50,486)
Net (decrease) increase in cash and cash equivalents	62,867	(10,841)
Cash and cash equivalents, beginning of period		62,867
Cash and cash equivalents, end of period	62,867	52,026
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	25,325	61,051
Capitalized interest	226	3,077
Income taxes paid	944	505
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Development of real estate financed with accounts payable	2,856	6,369
Dividends and distribution declared and unpaid	$ 27,894	$ 13,954

Organization

Organization	12 Months Ended
	Dec. 31, 2016
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 15 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	12 Months Ended
	Dec. 31, 2016
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 VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. 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 are not evaluated under the VIE model, the Company evaluates its interests using the voting interest entity model. The Company holds a 56.7% 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. Through consideration of new consolidation guidance effective for the Company as of January 1, 2016, it has been concluded that the Operating Partnership is a VIE 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. Accordingly, the Company consolidates its interest in the Operating Partnership. However, as the Company holds what is deemed a majority voting interest in the Operating Partnership, it qualifies for the exemption from providing certain of the disclosure requirements associated with investments in VIEs. 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 periods 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’s chief operating decision maker, its Chief Executive Officer, assesses and measures the operating and financial results for each property on an individual basis and does not distinguish or group properties based on geography, size, or type. The Company, therefore, 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 statements 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 year ended December 31, 2016 or 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 year ended December 31, 2016 or 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, 2016, the Company had approximately $87.6 million of restricted cash, consisting of $65.5 million reserved for redevelopment costs, tenant allowances and leasing commissions, deferred maintenance, environmental remediation and other capital expenditures, $19.2 million related to basic property carrying costs such as real estate taxes, insurance and ground rent; and $2.9 million of other restricted cash which consists primarily of prepaid rental income. As of December 31, 2015, the Company had approximately $92.5 million of restricted cash, including $51.3 million reserved for redevelopment costs, deferred maintenance, environmental remediation and other capital expenditures; $38.5 million related to basic property carrying costs such as real estate taxes, insurance and ground rent and $2.7 million of other restricted cash which consists primarily of prepaid rental income. 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 related 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 are deemed uncollectable as result of the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. • 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 from the date of notice to the date of vacancy 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 lease 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 are subject to the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. 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 is deemed to be impacted by the lease modification is amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy 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 are subject to the termination are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. • Intangible lease assets and liabilities that are deemed to be impacted by the termination are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. • Termination fees required to be paid by Sears Holdings are recognized as follows: • For the portion of the termination fee attributable to the annual base rent of the subject property, termination income is recognized on a straight-line basis over the shortened life of the lease from the date the termination fee becomes legally binding to the date of termination. • For the portion of the termination fee attributable to estimated real estate taxes and property operating expenses for the subject property, prepaid rental income is recorded in the period such fee is received and recognized as tenant reimbursement revenue in the same periods as the expenses are incurred. 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 and Future Funding Facility, the Company purchased for $5.0 million an interest rate cap with a term of four years, a notional amount of $1,261 million 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 statements of operations. For the year ended December 31, 2016, the Company recorded an unrealized loss of $1.4 million related to the change in fair value of the interest rate cap as compared to an unrealized loss of $2.9 million for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015. As of December 31, 2016, the interest rate cap had a fair value of approximately $0.7 million as compared to $2.1 million at December 31, 2015. Stock-Based Compensation The Company generally recognizes equity awards to employees as compensation expense and includes such expense within general and administrative expenses in the consolidated statements 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, 2016, 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). Until the Company further diversifies the tenancy of its portfolio, an event that has a material adverse effect on Sears Holdings’ business, financial condition or results of operations could have a material adverse effect on the Company’s business, financial condition or results of operations. 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, 2016, the Company's portfolio of 235 Wholly Owned Properties was diversified by location across 49 states and Puerto Rico. Earnings (Loss) 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 (loss) 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 (loss) 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 In January 2017, the Financial Accounting Standards Boards (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01 which changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. While there are various differences between the accounting for an asset acquisition and a business combination, the Company expects that the largest impact will be the capitalization of transaction costs for asset acquisitions which are expensed for business combinations. ASU 2007-01 is effective, on a prospective basis, for interim and annual periods beginning after January 1, 2019; early adoption is permitted. The Company has chosen to early adopt ASU 2017-01 during the current period on a prospective basis and it did not have an impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows - Restricted Cash." ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or cash equivalents. Therefore, amounts generally described as restricted cash and equivalents should be included with cash and cash equivalents when reconciling the beginning and end of period total amounts on the statement of cash flows. Currently, there is no specific guidance to address how to classify or present these changes. ASU 2016-18 is effective, on a retroactive basis, for interim and annual periods beginning after December 15, 2017; early adoption is permitted. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements and footnote disclosures. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provides classification guidance for eight specific topics including debt extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees. ASU 2016-18 is effective, on a prospective basis, for interim and annual periods beginning after December 15, 2017; early adoption is permitted. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements and footnote disclosures. On February 25, 2016, the 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 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, with subsequent updates issued in August 2015 and March, April, May and December 2016,

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2016
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 (21,446 ) Total sources of funds net of offering and financing costs 2,775,580 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 $ 49,951

Lease Intangible Assets and Lia

Lease Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2016
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 $464.4 million and $16.8 million as of December 31, 2016, respectively. The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): December 31, 2016 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 592,871 $ (146,964 ) $ 445,907 Below-market ground leases, net 11,766 (305 ) 11,461 Above-market leases, net 8,964 (1,933 ) 7,031 Total $ 613,601 $ (149,202 ) $ 464,399 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 20,011 $ (3,184 ) $ 16,827 Total $ 20,011 $ (3,184 ) $ 16,827 December 31, 2015 Wtd. Avg. Remaining Gross Accumulated 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 Wtd. Avg. Remaining Gross Accumulated Amortization 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 $0.9 million for the year ended December 31, 2016 and $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, 2017 is as follows (in thousands): 2017 $ (970 ) 2018 (970 ) 2019 (943 ) 2020 (808 ) 2021 (792 ) Amortization of acquired below-market ground leases resulted in additional rent expense of $0.2 million for the year ended December 31, 2016 and $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, 2017 is as follows (in thousands): 2017 $ 203 2018 203 2019 203 2020 203 2021 203 Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $110.2 million for the year ended December 31, 2016 and $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, 2017 is as follows (in thousands): 2017 $ 102,380 2018 61,988 2019 59,823 2020 58,088 2021 52,248

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2016
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 GGP 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. As of December 31, 2016, the GGP JV had submitted recapture notices related to Pembroke Lakes Mall in Pembroke Pines, FL, Valley Plaza Mall in Bakersfield, CA, Staten Island Mall in Staten Island, NY and Coronado Mall in Albuquerque, NM. In addition, the GGP JV announced plans to recapture space at five additional locations according to a specific schedule, including Oakbrook Center in Oak Brook, IL, The Mall at Columbia in Columbia, MD, Natick Collection in Natick, MA, Paramus Park in Paramus, NJ and Alderwood in Lynnwood, WA. The GGP JV will recapture 100% of the space currently occupied by Sears Holdings at Alderwood and Paramus Park, while Sears Holdings will continue to occupy a downsized space at the other locations. No recaptures notices have been submitted related to properties in the Macerich JV or the Simon JV as of December 31, 2016. The Company’s investments in unconsolidated joint ventures at December 31, 2016, consisted of (in thousands): # of Total Initial Seritage % Joint Venture Properties GLA Investment Ownership GGP JV 12 2,167 $ 165,000 50 % Macerich JV 9 1,573 150,000 50 % Simon JV 10 1,714 114,012 50 % Total 31 5,454 $ 429,012 Each unconsolidated joint venture is obligated to prepare financial statements in accordance with GAAP. The Company generally shares in the profits and losses of these unconsolidated joint ventures 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 year ended December 31, 2016 or 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, 2016 and December 31, 2015, and for the year ended December 31, 2016 and the period from July 7, 2015 (Date operations Commenced) to December 31, 2015: December 31 2016 December 31, 2015 ASSETS Investment in real estate Land $ 214,109 $ 214,726 Buildings and improvements 598,978 603,265 Accumulated depreciation (56,324 ) (24,111 ) 756,763 793,880 Construction in progress 48,885 1,481 Net investment in real estate 805,648 795,361 Cash and cash equivalents 3,434 19,903 Tenant and other receivables, net 6,133 4,990 Other assets, net 38,646 30,506 Total assets $ 853,861 $ 850,760 LIABILITIES AND MEMBERS INTERESTS Liabilities Accounts payable, accrued expenses and other liabilities $ 14,177 $ 13,973 Total liabilities 14,177 13,973 Members Interest Additional paid in capital 830,389 823,923 Retained earnings 9,295 12,864 Total members interest 839,684 836,787 Total liabilities and members interest $ 853,861 $ 850,760 July 7, 2015 Year Ended (date commenced) to December 31, 2016 December 31, 2015 EQUITY IN INCOME OF UNCONSOLIDATED JOINT VENTURES Total revenue $ 66,417 $ 35,150 Property operating expenses (12,787 ) (7,339 ) Depreciation and amortization (42,233 ) (17,975 ) Operating income 11,397 9,836 Other expenses (2,105 ) (292 ) Net income $ 9,292 $ 9,544 Equity in income of unconsolidated joint ventures $ 4,646 $ 4,772

Leases

Leases	12 Months Ended
	Dec. 31, 2016
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 lease the space. 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, 2016 and December 31, 2015, the annual base rent paid directly by Sears Holdings and its subsidiaries under the Master Lease was approximately $134.0 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. Revenues from the Master Lease for the year ended December 31, 2016 and 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 Year Ended Commenced) to December 31, 2016 December 31, 2015 Rental income $ 133,237 $ 64,838 Tenant reimbursements 55,823 25,204 Total revenue $ 189,060 $ 90,042 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 initially included in the Master Lease (subject to certain exceptions). 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. 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 these recapture rights, 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. The lease termination payment is calculated as the greater of an amount specified at the time the Company entered into the Master Lease with Sears Holdings 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. As of December 31, 2016, the Company had exercised certain recapture rights with respect to 27 properties as follows: Property Recapture Type Notice Date Braintree, MA 100% November 2015 Honolulu, HI 100% December 2015 Memphis, TN 100% December 2015 San Antonio, TX Auto center March 2016 Bowie, MD Auto center May 2016 Hagerstown, MD Auto center May 2016 Albany, NY Auto center May 2016 Fairfax, VA Partial + auto May 2016 Wayne, NJ Partial May 2016 Ft. Wayne, IN Out parcel July 2016 Orlando, FL 100% July 2016 Anderson, SC Partial July 2016 West Jordan, UT Partial July 2016 Madison, WI Partial + auto center July 2016 North Hollywood, CA Partial July 2016 Warwick, RI Auto center October 2016 Rehoboth Beach, DE Partial October 2016 Charleston, SC Partial October 2016 West Hartford, CT 100% October 2016 St. Petersburg, FL 100% October 2016 Roseville, MI Partial November 2016 Troy, MI Partial November 2016 Santa Monica, CA 100% December 2016 Santa Cruz, CA Partial December 2016 Guaynabo, PR Partial December 2016 Saugus, MA Partial December 2016 Carson, CA Partial December 2016 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. Sears Holdings must provide notice of not less than 90 days of their intent to exercise such termination right and such termination right 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. During the year ended December 31, 2016, Sears Holdings provided notice that it intended to exercise its right to terminate the Master Lease with respect to 17 stores totaling 1.7 million square feet of gross leasable area. The aggregate annual base rent at these stores was approximately $6.0 million. Sears Holdings continued to pay Seritage rent until it vacated the stores in January 2017 and also paid Seritage a termination fee of approximately $10.0 million, an amount equal to one year of aggregate annual base rent plus one year of estimated real estate taxes and operating expenses. The 17 properties are as follows: Property Square Feet Cullman, AL 98,500 Sierra Vista, AZ 86,100 Thornton, CO 190,200 Chicago, IL 118,800 Springfield, IL 84,200 Elkhart, IN 86,500 Merrillville, IN 108,300 Houma, LA 96,700 New Iberia, LA 91,700 Alpena, MI 118,200 Manistee, MI 87,800 Sault Sainte Marie, MI 92,700 Kearney, NE 86,500 Deming, NM 96,600 Harlingen, TX 91,700 Yakima, WA 97,300 Riverton, WY 94,800 Total square feet 1,726,600 Subsequent to December 31, 2016, Sears Holdings provided notice that it intended to exercise its right to terminate the Master Lease with respect to 19 additional stores totaling 1.9 million square feet of gross leasable area. The aggregate annual base rent at these stores is approximately $5.9 million. Sears Holdings will continue to pay Seritage rent until it vacates the stores which is expected to occur in April 2017, and also will pay Seritage a termination fee equal to one year of aggregate annual base rent plus one year of estimated real estate taxes and operating expenses. The 19 properties are as follows: Property Square Feet El Paso, TX 103,657 Paducah, KY 108,244 Henderson, NV 122,823 Jefferson City, MO 92,016 Riverside, CA 94,500 Kissimmee, FL 112,505 Mount Pleasant, PA 83,536 Chapel Hill, OH 187,179 Concord, NC 137,499 Sioux Falls, SD 72,511 Platteville, WI 94,841 Muskogee, OK 87,500 Elkins, WV 94,885 Layton, UT 90,010 Detroit Lakes, MN 79,102 Hopkinsville, KY 70,326 Owensboro, KY 68,334 Leavenworth, KS 76,853 Kenton, OH 96,066 Total square feet 1,872,387 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, 2016, 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): 2017 164,242 2018 163,598 2019 163,537 2020 162,174 2021 163,442 Thereafter 622,419 $ 1,439,412 These future minimum amounts do not include tenant reimbursement income or additional rents based on a percentage of tenants’ sales. For the year ended December 31, 2016, the Company recognized $62.5 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. 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 year ended December 31, 2016, the Company recorded rent expense of approximately $0.2 million, which is classified within property operating expenses on the consolidated statements of operations. 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. 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	12 Months Ended
	Dec. 31, 2016
Mortgage Loans On Real Estate [Abstract]
Mortgage Loans Payable	Note 7 – Mortgage Loans Payable On July 7, 2015, pursuant to the Transaction, the Company entered into a mortgage loan agreement (the “Mortgage Loan Agreement”) and mezzanine loan agreement (collectively, the “Loan Agreements”), providing for term loans in an initial principal amount of approximately $1,161 million (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. As of December 31, 2016, the total principal amounts outstanding under the Mortgage Loans and the Future Funding Facility were $1,161 million and $20 million, respectively, and $80 million remained available under the Future Funding Facility for future draws by the Company. Interest under the Mortgage Loans is due and payable on the payment dates, and all outstanding principal amounts are due when the loan matures on the payment date in July 2019, pursuant to the Loan Agreements. 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, 2016, 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 and Future Funding Facility for the year ended December 31, 2016 was 5.24%. For the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, the weighted-average interest rate for the Mortgage Loans was 4.96%. The Loan Agreements contain a yield maintenance provision for the early extinguishment of the debt before March 9, 2018. The Mortgage Loans and Future Funding Facility 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 restrictions 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 upon certain measures of the Company’s and Sears Holdings’ financial and operating performance, including (a) where the “Debt Yield” (the ratio of net operating income for the mortgage borrowers to their debt) is less than 11.0%, (b) if the performance of Sears Holdings at the stores subject to the Master Lease with Sears Holdings fails to meet specified rent ratio thresholds, (c) if the Company fails to meet specified tenant diversification tests and (d) upon the occurrence of a bankruptcy or insolvency action with respect to Sears Holdings or if there is a payment default under the Master Lease with Sears Holdings, in each case, subject to cure rights, including providing specified amounts of cash collateral or satisfying tenant diversification thresholds. In November 2016, the Company and the servicer for our Mortgage Loans entered into amendments to our Loan Agreements to resolve a disagreement regarding one of the cash flow sweep provisions in our Loan Agreements. The principal terms of these amendments are that the Company has (i) posted $30.0 million, and will post $3.3 million on a monthly basis, to a redevelopment project reserve account, which amounts may be used by the Company to fund redevelopment activity and (ii) extended the spread maintenance provision for prepayment of the loan by two months through March 9, 2018 (with the spread maintenance premium for the second month at a reduced amount). 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, and the Company must maintain (i) a net worth of not less than $1 billion and (ii) a minimum liquidity of not less than $50.0 million, throughout the term of the Loan Agreements. The Company has incurred $22.3 million of debt issuance and other costs related to the Mortgage Loans and Future Funding Facility, including $0.9 million during the year ended December 31, 2016 and $21.4 million during the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, which are recorded as a direct deduction from the carrying amount of the Mortgage Loans and Future Funding Facility and amortized over the term of the Loan Agreements. As of December 31, 2016, the unamortized balance of the Company’s debt issuance costs was $14.3 million as compared to $18.8 million as December 31, 2015.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 – Income Taxes The Company has elected to be taxed as a REIT as defined under Section 856(c) of the Code for federal income tax purposes 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 evaluated whether any uncertain tax provisions exist as of December 31, 2016 and December 31, 2015 and concluded that there are no uncertain tax positions.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9 – Fair Value Measurements ASC 820, Fair Value Measurement 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 inputs. The Company’s derivative instruments as of December 31, 2016 and 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, 2016 and December 31, 2015 was approximately $0.7 million and $2.1 million, respectively, 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 in the consolidated statements of operations. For the year ended December 31, 2016, the Company recorded an unrealized loss of $1.4 million related to the change in fair value of the interest rate cap as compared to an unrealized loss of $2.9 million for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015. 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 mortgage loans payable. The fair value of cash equivalents is classified as Level 1 and the fair value of mortgage loans 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, 2016 and 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	12 Months Ended
	Dec. 31, 2016
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, 2016 and December 31, 2015, the Company had approximately $11.8 million and $12.0 million, respectively, 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

Related Party Disclosure

Related Party Disclosure	12 Months Ended
	Dec. 31, 2016
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 53.2% and 49.6% of Sears Holdings’ outstanding common stock at December 31, 2016 and December 31, 2015, respectively. Mr. Lampert is also the Chairman of Seritage. As of December 31, 2016, ESL held an approximately 43.3% interest in Operating Partnership and approximately 3.7% and 100% of the outstanding Class A common shares and Class B non-economic common shares, respectively. 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 Unsecured Term Loan On February 23, 2017 (the “Closing Date”), the Operating Partnership, as borrower, and the Company Loans under the Unsecured Term Loan (which was undrawn on the Closing Date) may be requested by the Operating Partnership at any time from the Closing Date until thirty days prior to the stated maturity date, upon five business days prior notice to the Administrative Agent. The total commitments of the lenders under the Unsecured Term Loan is $200.0 million, provided, that, the maximum draw amount under the Unsecured Term Loan through April 30, 2017 is $100.0 million, which amount increases to $150.0 million on May 1, 2017 and $200.0 million on September 1, 2017, in each instance so long as no cash flow sweep period is then in effect and continuing as of such date under the Company’s Mortgage Loan Agreement. Amounts drawn under the Unsecured Term Loan and repaid may not be redrawn. The Unsecured Term Loan will mature the earlier of (i) December 31, 2017 and (ii) the date on which the outstanding indebtedness under the Loan Agreements are repaid or refinanced in full. The Unsecured Term Loan may be prepaid at any time in whole or in part, without any penalty or premium. The principal amount of loans outstanding under the Unsecured Term Loan will bear a base annual interest rate of 6.50%. If a cash flow sweep period were to occur and be continuing under the Company’s Mortgage Loan Agreement (i) the interest rate on any outstanding advances would increase from and after such date by 1.5% per annum above the base interest rate and (ii) the interest rate on any advances made after such date would increase by 3.5% per annum above the base interest rate. Accrued and unpaid interest will be payable in cash, except that during the continuance of a cash flow sweep period under the existing mortgage loan agreement, the Operating Partnership may defer the payment of interest which deferred amount would be added to the outstanding principal balance of the loans. On the Closing Date, the Operating Partnership paid to the Initial Lenders an upfront commitment fee equal to $1.0 million. The Operating Partnership will also be required to pay an additional commitment fee of $1.0 million on the date that is ninety days after the Closing Date unless prior thereto (i) at least 33.3% of the principal amount of the Facility has been syndicated to lenders who are not affiliates of the Initial Lenders or (ii) the Unsecured Term Loan has been paid in full and the commitments have been terminated. The Unsecured Term Loan documentation requires that the Company at all times maintain (i) a net worth of not less than $1.0 billion, and (ii) a leverage ratio not to exceed 60.0%. The Unsecured Term Loan includes customary representations and warranties, covenants and indemnities. The Unsecured Term Loan also has customary events of default, including (subject to certain materiality thresholds and grace periods) payment default, failure to comply with covenants, material inaccuracy of representation or warranty, and bankruptcy or insolvency proceedings. If there is an event of default, the Lenders may declare all or any portion of the outstanding indebtedness to be immediately due and payable, exercise any rights they might have under any of the Unsecured Term Loan documents, and require the Operating Partnership to pay a default interest rate on overdue amounts equal to 1.50% in excess of the applicable base interest rate. Mr. Edward S. Lampert, the Company’s Chairman, is the Chairman and Chief Executive Officer of ESL, which controls JPP, LLC and JPP II, LLC. The terms of the Unsecured Term Loan were approved by the Company’s Audit Committee and the Company’s Board of Trustees (with Mr. Edward S. Lampert recusing himself). 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 was to 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. On January 7, 2017, the TSA expired by its terms. During the year ended December 31, 2016, the services provided by SHMC were limited to specific accounting and tax services, substantially all of which were in support of the Company’s 2015 year-end activities. Fees incurred for these services were approximately $0.1 million and are included in general and administrative expenses in the consolidated statements of operations. During the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, the services provided by SHMC included select facilities management, accounting, treasury, tax and related support services. Fees incurred for these services were approximately $0.2 million and are included in general and administrative expenses in the consolidated statements of operations.

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2016
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, 2016, the Company held a 56.7% interest in the Operating Partnership and ESL held a 43.3% interest. The portions of consolidated entities not owned by the Company are presented as non-controlling interest as of and during the period presented. Subsequent to December 31, 2016, 2,094,821 Operating Partnership units were converted to Class A shares resulting in the Company holding a 60.4% interest in the Operating Partnership and ESL holding a 39.6% interest.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2016
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. In addition, the Company issued and sold to subsidiaries of each of GGP and Simon 1,125,760 Class A common shares at a price of $29.58 per share, or an aggregate purchase price of $33.3 million, in transactions exempt from registration under the Securities Act. The subsidiary of GGP liquidated its position during the year ended December 31, 2016. Subsequent to December 31, 2016, 2,094,821 Operating Partnership units were converted to Class A shares. 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. Subsequent to December 31, 2016, 137,684 Class B shares were surrendered to the Company. 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 year ended December 31, 2016, 1,018,500 net shares of Class C non-voting common shares were converted to Class A common shares. 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 November 1, 2016, the Company declared a cash dividend of $0.25 per Class A and Class C common share for the three months ended December 31, 2016. The holders of Operating Partnership units were entitled to an equal distribution per Operating Partnership unit held on December 31, 2016. The dividends and distributions payable were recorded as liabilities on the Company's condensed consolidated balance sheet at December 31, 2016. 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 12, 2017. On August 2, 2016, the Company declared a cash dividend of $0.25 per Class A and Class C common share for the three months ended September 30, 2016. The holders of Operating Partnership units were entitled to an equal distribution per Operating Partnership unit held as of September 30, 2016. These amounts were paid on October 13, 2016. On May 3, 2016, the Company declared a cash dividend of $0.25 per Class A and Class C common share for the three months ended June 30, 2016. The holders of Operating Partnership units were entitled to an equal distribution per Operating Partnership unit held on June 30, 2016. These amounts were paid on July 14, 2016. On March 8, 2016, the Company declared a cash dividend of $0.25 per Class A and Class C common share for the three months ended March 31, 2016. The holders of Operating Partnership units were entitled to an equal distribution per Operating Partnership unit held on March 31, 2016. These amounts were paid on April 14, 2016. 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 on December 31, 2015. These amounts were paid on January 14, 2016. The Company declared total dividends of $1.00 per Class A and Class C common share during the year ended December 31, 2016 and $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 Year Ended (date operations commenced) to December 31, December 31, 2016 2015 Ordinary income $ 1.00 $ 0.50 Return of capital — — Total $ 1.00 $ 0.50 On February 28, 2017, the Company declared a cash dividend of $0.25 per Class A and Class C common share for the three months ending March 31, 2017. The holders of Operating Partnership units are entitled to an equal distribution per Operating Partnership unit held on March 31, 2016. These amounts will be paid on April 13, 2017.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2016
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 Year Ended Commenced) to December 31, 2016 December 31, 2015 Numerator - Basic and Diluted Net loss $ (91,009 ) $ (38,803 ) Net loss attributable to non-controlling interests 39,451 16,465 Net loss attributable to common shareholders $ (51,558 ) $ (22,338 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 25,497 24,707 Weighted average Class C common shares outstanding 5,919 6,679 Weighted average Class A and Class C common shares outstanding 31,416 31,386 Net loss per share attributable to Class A and Class C common shareholders $ (1.64 ) $ (0.71 ) No adjustments were made to the numerator for the year ended December 31, 2016 or 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 year ended December 31, 2016 or 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, 2016 and December 31, 2015, there were 216,348 and 221,484 shares, respectively, of non-vested restricted stock outstanding.

Stock Based Compensation

Stock Based Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased 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 shares have been registered with the SEC. 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 year ended December 31, 2016 and 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). As of December 31, 2016, the performance criteria have not been met. 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 periods ended December 31, 2016 and December 31, 2015: July 7, 2015 (date operations commenced) Year Ended December 31, 2016 to December 31, 2015 Weighted- Weighted- Average Grant Average Grant Shares Date Fair Value Shares Date Fair Value Unvested restricted shares at beginning of period 221,484 $ 37.18 — $ — Restricted shares granted 23,324 46.48 238,387 30.73 Restricted shares vested (28,460 ) 31.18 (16,903 ) 29.58 Restricted shares forfeited — — — — Unvested restricted shares at end of period 216,348 $ 38.98 221,484 $ 37.18 The Company recognized $1.1 million in compensation expense related to the restricted shares during the year ended December 31, 2016 and $0.9 million for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015. Compensation expenses related to the restricted shares are included in general and administrative on the Company's consolidated statements of operations. As of December 31, 2016, there were $8.2 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 2.7 years. 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	12 Months Ended
	Dec. 31, 2016
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, 2016 December 31, 2015 Accounts payable and accrued expenses $ 26,463 $ 13,793 Accrued real estate taxes 23,942 25,333 Litigation charge 19,000 — Below-market leases 16,827 18,986 Dividends payable 14,132 27,894 Environmental reserve 11,584 11,824 Deferred maintenance 4,124 10,281 Accrued interest 3,004 2,748 Prepaid rental income 1,979 1,331 Sears Holdings payable — 8,670 Total accounts payable, accrued expenses and other liabilities $ 121,055 $ 120,860

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2016
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): 2016 2015 July 7 (Date Operations Quarter Ended Quarter Ended Quarter Ended Quarter Commenced) to Quarter Ended March 31 June 30 September 30 December 31 September 30 December 31 Total revenue $ 63,004 $ 61,867 $ 57,607 $ 66,196 $ 54,063 $ 59,508 Operating income (loss) 396 2,765 (22,771 ) (10,837 ) (16,550 ) 7,177 Net loss (14,714 ) (12,565 ) (37,247 ) (26,483 ) (31,853 ) (6,950 ) Net loss attributable to common shareholders (8,335 ) (7,117 ) (21,102 ) (15,004 ) (18,301 ) (4,037 ) Net loss per share attributable to Class A and Class C common shareholders - Basic and diluted (0.27 ) (0.23 ) (0.67 ) (0.48 ) (0.58 ) (0.13 ) Weighted average Class A and Class C common shares outstanding - Basic and diluted 31,391 31,391 31,419 31,418 31,384 31,391

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
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, 2016 (Dollars in thousands) Costs Capitalized Gross Amount at Which Carried Acquisition Costs (1) Subsequent to Acquisition at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed The Mall at Sears Anchorage, AK (3) $ 11,517 $ 11,729 $ — $ 819 $ 11,517 $ 12,548 $ 24,065 $ (1,267 ) July, 2015 (4) Freestanding Cullman, AL (3) 947 846 — — 947 846 1,793 (117 ) July, 2015 (4) McCain Mall North Little Rock, AR (3) 1,288 2,881 — — 1,288 2,881 4,169 (447 ) July, 2015 (4) Freestanding Russellville, AR (3) 318 1,270 — — 318 1,270 1,588 (150 ) July, 2015 (4) Flagstaff Mall Flagstaff, AZ (3) 932 2,179 — — 932 2,179 3,111 (216 ) July, 2015 (4) Superstition Springs Mesa, AZ (3) 2,661 2,559 — — 2,661 2,559 5,220 (337 ) July, 2015 (4) Shopping Center Peoria, AZ (3) 1,204 509 — — 1,204 509 1,713 (196 ) July, 2015 (4) Desert Sky Mall Phoenix , AZ (3) 2,605 2,448 — — 2,605 2,448 5,053 (293 ) July, 2015 (4) Freestanding Phoenix , AZ (3) 568 1,088 — — 568 1,088 1,656 (215 ) July, 2015 (4) Prescott Gateway Mall Prescott, AZ (3) 1,071 835 — — 1,071 835 1,906 (183 ) July, 2015 (4) The Mall at Sierra Vista Sierra Vista, AZ (3) 1,252 1,791 — — 1,252 1,791 3,043 (177 ) July, 2015 (4) Freestanding Sierra Vista, AZ (3) 938 1,736 — — 938 1,736 2,674 (266 ) July, 2015 (4) Park Place Tucson, AZ (3) 5,207 3,458 — — 5,207 3,458 8,665 (406 ) July, 2015 (4) Southgate Mall Yuma, AZ (3) 1,485 1,596 — — 1,485 1,596 3,081 (272 ) July, 2015 (4) Kmart Center Antioch, CA (3) 1,594 2,525 — — 1,594 2,525 4,119 (245 ) July, 2015 (4) Big Bear Lake Shopping Center Big Bear Lake, CA (3) 3,664 2,945 — — 3,664 2,945 6,609 (257 ) July, 2015 (4) Southbay Pavilion Carson, CA (3) 11,476 5,223 — 7 11,476 5,230 16,706 (574 ) July, 2015 (4) Chula Vista Center Chula Vista, CA (3) 7,315 6,834 — — 7,315 6,834 14,149 (586 ) July, 2015 (4) Sunrise Mall Citrus Heights, CA (3) 3,778 2,088 — — 3,778 2,088 5,866 (707 ) July, 2015 (4) Freestanding Delano, CA (3) 1,905 2,208 — — 1,905 2,208 4,113 (263 ) July, 2015 (4) Parkway Plaza El Cajon, CA (3) 10,573 2,883 — — 10,573 2,883 13,456 (647 ) July, 2015 (4) Imperial Valley Mall El Centro, CA (3) 3,877 3,977 — — 3,877 3,977 7,854 (403 ) July, 2015 (4) Solano Fairfield, CA (3) 3,679 1,366 — — 3,679 1,366 5,045 (195 ) July, 2015 (4) Florin Mall Florin, CA (3) 1,022 1,366 — — 1,022 1,366 2,388 (306 ) July, 2015 (4) Manchester Mall Fresno, CA (3) 1,370 2,000 — — 1,370 2,000 3,370 (577 ) July, 2015 (4) Mill Creek Marketplace McKinleyville, CA (3) 1,354 1,655 — — 1,354 1,655 3,009 (233 ) July, 2015 (4) Merced Mall Merced, CA (3) 2,534 1,604 — — 2,534 1,604 4,138 (337 ) July, 2015 (4) Montclair Plaza Montclair, CA (3) 2,498 2,119 — — 2,498 2,119 4,617 (144 ) July, 2015 (4) Moreno Valley Mall Moreno Valley, CA (3) 3,898 3,407 — — 3,898 3,407 7,305 (394 ) July, 2015 (4) NewPark Mall Newark, CA (3) 4,312 3,268 — — 4,312 3,268 7,580 (475 ) July, 2015 (4) Valley Plaza North Hollywood, CA (3) 8,049 3,172 — — 8,049 3,172 11,221 (205 ) July, 2015 (4) Northridge Fashion Center Northridge, CA (3) 5,402 3,466 — — 5,402 3,466 8,868 (412 ) July, 2015 (4) Palm Desert Palm Desert, CA (3) 5,473 1,705 (542 ) (169 ) 4,931 1,536 6,467 (279 ) July, 2015 (4) Ramona Station Ramona, CA (3) 7,239 1,452 — 16 7,239 1,468 8,707 (324 ) July, 2015 (4) Freestanding Riverside, CA (3) 4,397 4,407 — — 4,397 4,407 8,804 (620 ) July, 2015 (4) Freestanding Riverside, CA (3) 2,670 2,489 — 54 2,670 2,543 5,213 (334 ) July, 2015 (4) Galleria at Roseville Roseville, CA (3) 4,848 3,215 — — 4,848 3,215 8,063 (331 ) July, 2015 (4) Northridge Mall Salinas, CA (3) 2,644 4,394 — — 2,644 4,394 7,038 (547 ) July, 2015 (4) Inland Center San Bernardino, CA (3) 4,131 2,066 — — 4,131 2,066 6,197 (385 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs (1) Subsequent to Acquisition at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Shops at Tanforan San Bruno, CA (3) 7,854 4,642 — — 7,854 4,642 12,496 (528 ) July, 2015 (4) University Town Centre (UTC) San Diego, CA (3) 22,445 14,094 — 1,738 22,445 15,832 38,277 (873 ) July, 2015 (4) Eastridge Mall (CA) San Jose, CA (3) 1,531 2,356 — — 1,531 2,356 3,887 (722 ) July, 2015 (4) Capitola Mall Santa Cruz, CA (3) 4,338 4,803 — — 4,338 4,803 9,141 (391 ) July, 2015 (4) Santa Maria Town Center Santa Maria, CA (3) 3,967 2,635 — — 3,967 2,635 6,602 (225 ) July, 2015 (4) Freestanding Santa Monica, CA (3) 43,916 3,973 — — 43,916 3,973 47,889 (251 ) July, 2015 (4) Freestanding Santa Paula, CA (3) 2,002 1,147 — — 2,002 1,147 3,149 (249 ) July, 2015 (4) Promenade in Temecula Temecula, CA (3) 6,098 2,214 — — 6,098 2,214 8,312 (401 ) July, 2015 (4) Janss Marketplace Thousand Oaks, CA (3) 9,853 14,785 — 2,768 9,853 17,553 27,406 (850 ) July, 2015 (4) Pacific View Ventura, CA (3) 5,578 6,172 — — 5,578 6,172 11,750 (229 ) July, 2015 (4) Sequoia Mall Visalia, CA (3) 2,967 2,243 — — 2,967 2,243 5,210 (232 ) July, 2015 (4) West Covina West Covina, CA (3) 5,972 2,053 — — 5,972 2,053 8,025 (459 ) July, 2015 (4) Westminster Mall Westminster, CA (3) 6,845 5,651 — — 6,845 5,651 12,496 (497 ) July, 2015 (4) Westland Shopping Center Lakewood, CO (3) 1,290 4,550 — — 1,290 4,550 5,840 (343 ) July, 2015 (4) Thornton Place Thornton, CO (3) 1,881 1,300 — — 1,881 1,300 3,181 (585 ) July, 2015 (4) Crystal Mall Waterford, CT (3) 1,371 2,534 — — 1,371 2,534 3,905 (300 ) July, 2015 (4) Corbin's Corner West Hartford, CT (3) 6,434 10,466 — — 6,434 10,466 16,900 (765 ) July, 2015 (4) Freestanding Rehoboth Beach, DE (3) 714 4,523 — — 714 4,523 5,237 (412 ) July, 2015 (4) Altamonte Mall Altamonte Springs, FL (3) 4,051 6,788 — — 4,051 6,788 10,839 (582 ) July, 2015 (4) Town Center at Boca Raton Boca Raton, FL (3) 16,090 7,479 — — 16,090 7,479 23,569 (701 ) July, 2015 (4) DeSoto Square Bradenton, FL (3) 958 900 — 7 958 907 1,865 (263 ) July, 2015 (4) Beachway Plaza Bradenton, FL (3) 1,420 1,479 — — 1,420 1,479 2,899 (207 ) July, 2015 (4) Countryside Clearwater, FL (3) 5,852 17,777 — 818 5,852 18,595 24,447 (932 ) July, 2015 (4) Miami International Mall Doral, FL (3) 9,214 2,654 — — 9,214 2,654 11,868 (552 ) July, 2015 (4) Edison Mall Ft. Myers, FL (3) 3,168 2,853 — — 3,168 2,853 6,021 (287 ) July, 2015 (4) The Oaks Mall Gainesville, FL (3) 2,439 1,205 — — 2,439 1,205 3,644 (167 ) July, 2015 (4) Westland Shopping Mall Hialeah, FL (3) 9,683 3,472 — — 9,683 3,472 13,155 (363 ) July, 2015 (4) Freestanding Hialeah, FL (3) 5,492 2,344 — — 5,492 2,344 7,836 (222 ) July, 2015 (4) Center of Osceola Kissimmee, FL (3) 2,107 2,556 — — 2,107 2,556 4,663 (318 ) July, 2015 (4) Lakeland Square Lakeland, FL (3) 1,503 1,045 — — 1,503 1,045 2,548 (204 ) July, 2015 (4) Freestanding Melbourne, FL (3) 2,441 1,981 — — 2,441 1,981 4,422 (324 ) July, 2015 (4) Aventura Mall Miami, FL (3) 13,265 61,576 — — 13,265 61,576 74,841 (2,462 ) July, 2015 (4) Southland Mall (FL) Miami, FL (3) 5,219 1,236 — — 5,219 1,236 6,455 (412 ) July, 2015 (4) Coastland Center Naples, FL (3) 8,857 2,209 — — 8,857 2,209 11,066 (347 ) July, 2015 (4) Freestanding North Miami, FL (3) 4,748 2,434 — — 4,748 2,434 7,182 (336 ) July, 2015 (4) Paddock Mall Ocala, FL (3) 2,468 1,150 — — 2,468 1,150 3,618 (220 ) July, 2015 (4) Kmart Shopping Center Orange Park, FL (3) 1,477 1,701 — 401 1,477 2,102 3,579 (249 ) July, 2015 (4) Orlando Fashion Square Orlando, FL (3) 4,403 3,626 — — 4,403 3,626 8,029 (581 ) July, 2015 (4) Panama City Mall Panama City, FL (3) 3,227 1,614 — — 3,227 1,614 4,841 (1,107 ) July, 2015 (4) University Town Plaza Pensacola, FL (3) 2,620 2,990 — — 2,620 2,990 5,610 (357 ) July, 2015 (4) Westfield Broward Plantation, FL (3) 6,933 2,509 — — 6,933 2,509 9,442 (424 ) July, 2015 (4) Sarasota Square Sarasota, FL (3) 3,920 2,200 — — 3,920 2,200 6,120 (333 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs (1) Subsequent to Acquisition at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Freestanding St. Petersburg, FL (3) 1,653 777 — — 1,653 777 2,430 (253 ) July, 2015 (4) Tyrone Square Mall St. Petersburg, FL (3) 2,381 2,420 — — 2,381 2,420 4,801 (412 ) July, 2015 (4) Cumberland Mall Atlanta, GA (3) 8,891 6,469 — 3 8,891 6,472 15,363 (495 ) July, 2015 (4) Oglethorpe Mall Savannah, GA (3) 5,285 3,012 — — 5,285 3,012 8,297 (296 ) July, 2015 (4) Freestanding Honolulu (5), HI (3) 6,824 2,195 — — 6,824 2,195 9,019 (138 ) July, 2015 (4) Freestanding Algona, IA (3) 644 2,796 — — 644 2,796 3,440 (234 ) July, 2015 (4) Lindale Mall Cedar Rapids, IA (3) 2,833 2,197 — — 2,833 2,197 5,030 (268 ) July, 2015 (4) Freestanding Charles City, IA (3) 793 1,914 — — 793 1,914 2,707 (259 ) July, 2015 (4) Webster City Plaza Webster City, IA (3) 392 896 — — 392 896 1,288 (102 ) July, 2015 (4) Boise Towne Square Boise, ID (3) 1,828 1,848 — — 1,828 1,848 3,676 (217 ) July, 2015 (4) Freestanding Chicago, IL (3) 3,665 3,504 — — 3,665 3,504 7,169 (193 ) July, 2015 (4) Freestanding Chicago, IL (3) 905 804 — — 905 804 1,709 (156 ) July, 2015 (4) Kedzie Square Chicago, IL (3) 2,385 7,924 — — 2,385 7,924 10,309 (531 ) July, 2015 (4) Homewood Square Homewood, IL (3) 3,954 4,766 — 36 3,954 4,802 8,756 (493 ) July, 2015 (4) Louis Joliet Shopping Mall Joliet, IL (3) 2,557 3,108 — — 2,557 3,108 5,665 (507 ) July, 2015 (4) Freestanding Lombard, IL (3) 2,685 8,281 — — 2,685 8,281 10,966 (462 ) July, 2015 (4) Freestanding Moline, IL (3) 2,010 751 — — 2,010 751 2,761 (263 ) July, 2015 (4) North Riverside Park Mall North Riverside, IL (3) 1,846 3,178 — — 1,846 3,178 5,024 (387 ) July, 2015 (4) Orland Square Orland Park, IL (3) 1,783 974 — — 1,783 974 2,757 (229 ) July, 2015 (4) Sherwood Plaza Springfield, IL (3) 2,182 5,051 — — 2,182 5,051 7,233 (527 ) July, 2015 (4) Freestanding Steger, IL (3) 589 2,846 — — 589 2,846 3,435 (160 ) July, 2015 (4) North Pointe Plaza Elkhart, IN (3) 1,349 869 — — 1,349 869 2,218 (128 ) July, 2015 (4) Glenbrook Square Ft. Wayne, IN (3) 3,247 5,476 — — 3,247 5,476 8,723 (475 ) July, 2015 (4) Broadway Center Merrillville, IN (3) 3,413 3,224 — — 3,413 3,224 6,637 (509 ) July, 2015 (4) Freestanding Leavenworth, KS (3) 397 705 — — 397 705 1,102 (161 ) July, 2015 (4) Metcalf Shopping Center Overland Park, KS (3) 2,775 1,766 — — 2,775 1,766 4,541 (408 ) July, 2015 (4) Pennyrile Marketplace Hopkinsville, KY (3) 553 2,815 — — 553 2,815 3,368 (325 ) July, 2015 (4) Audubon Plaza Owensboro, KY (3) 411 1,083 — — 411 1,083 1,494 (107 ) July, 2015 (4) Kentucky Oaks Paducah, KY (3) 1,022 2,868 — — 1,022 2,868 3,890 (298 ) July, 2015 (4) Freestanding Houma, LA (3) 590 2,030 — — 590 2,030 2,620 (239 ) July, 2015 (4) The Mall of Acadiana Lafayette, LA (3) 1,406 5,094 — — 1,406 5,094 6,500 (512 ) July, 2015 (4) Freestanding New Iberia, LA (3) 450 1,819 — — 450 1,819 2,269 (291 ) July, 2015 (4) Braintree Marketplace Braintree (5), MA (3) 6,585 5,614 — 9,889 6,585 15,503 22,088 (358 ) July, 2015 (4) Square One Mall Saugus, MA (3) 1,656 2,835 — — 1,656 2,835 4,491 (426 ) July, 2015 (4) Bowie Town Center Bowie, MD (3) 4,583 2,335 — — 4,583 2,335 6,918 (280 ) July, 2015 (4) Hunt Valley Towne Centre Cockeysville, MD (3) 5,768 2,319 — — 5,768 2,319 8,087 (306 ) July, 2015 (4) South River Colony Edgewater, MD (3) 5,534 2,116 — — 5,534 2,116 7,650 (317 ) July, 2015 (4) Valley Mall (MD) Hagerstown, MD (3) 2,877 1,378 — — 2,877 1,378 4,255 (298 ) July, 2015 (4) Midtown Shopping Center Madawaska, ME (3) 140 942 — — 140 942 1,082 (64 ) July, 2015 (4) Freestanding Alpena, MI (3) 782 1,427 — — 782 1,427 2,209 (228 ) July, 2015 (4) Jackson Crossing Jackson, MI (3) 2,720 1,184 — — 2,720 1,184 3,904 (297 ) July, 2015 (4) Lincoln Park Shopping Center Lincoln Park, MI (3) 1,106 3,198 — — 1,106 3,198 4,304 (390 ) July, 2015 (4) Hillside Plaza Manistee, MI (3) 508 3,045 — — 508 3,045 3,553 (355 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs (1) Subsequent to Acquisition at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Macomb Mall Roseville, MI (3) 3,286 4,778 — — 3,286 4,778 8,064 (557 ) July, 2015 (4) Freestanding Sault Ste. Marie, MI (3) 946 917 — — 946 917 1,863 (192 ) July, 2015 (4) Freestanding St. Clair Shores, MI (3) 2,399 1,797 — — 2,399 1,797 4,196 (249 ) July, 2015 (4) Oakland Mall Troy, MI (3) 7,954 2,651 — — 7,954 2,651 10,605 (758 ) July, 2015 (4) Freestanding Ypsilanti, MI (3) 2,462 1,277 — — 2,462 1,277 3,739 (331 ) July, 2015 (4) Burnsville Center Burnsville, MN (3) 3,513 1,281 — — 3,513 1,281 4,794 (452 ) July, 2015 (4) Detroit Lakes K Mart Plaza Detroit Lakes, MN (3) 1,130 1,220 — — 1,130 1,220 2,350 (287 ) July, 2015 (4) Maplewood Mall Maplewood, MN (3) 3,605 1,162 — — 3,605 1,162 4,767 (307 ) July, 2015 (4) Freestanding St. Paul, MN (3) 1,866 1,028 — — 1,866 1,028 2,894 (348 ) July, 2015 (4) Freestanding Cape Girardeau, MO (3) 609 908 — — 609 908 1,517 (95 ) July, 2015 (4) Flower Valley Shopping Center Florissant, MO (3) 2,430 1,607 — — 2,430 1,607 4,037 (290 ) July, 2015 (4) Freestanding Jefferson City, MO (3) 957 2,224 — — 957 2,224 3,181 (243 ) July, 2015 (4) Kickapoo Corners Springfield, MO (3) 922 2,050 — — 922 2,050 2,972 (215 ) July, 2015 (4) Columbus Centre Columbus, MS (3) 2,940 2,547 — — 2,940 2,547 5,487 (360 ) July, 2015 (4) Freestanding Havre, MT (3) 600 790 — — 600 790 1,390 (138 ) July, 2015 (4) Asheville Mall Asheville, NC (3) 4,141 2,036 — — 4,141 2,036 6,177 (347 ) July, 2015 (4) Concord Plaza Concord, NC (3) 2,325 1,275 — — 2,325 1,275 3,600 (414 ) July, 2015 (4) Landmark Center Greensboro, NC (3) 3,869 4,387 — 746 3,869 5,133 9,002 (528 ) July, 2015 (4) Kmart Shopping Center Minot, ND (3) 1,724 2,925 — — 1,724 2,925 4,649 (327 ) July, 2015 (4) Freestanding Kearney, NE (3) 272 483 — — 272 483 755 (93 ) July, 2015 (4) Mall of New Hampshire Manchester, NH (3) 1,458 4,160 — — 1,458 4,160 5,618 (355 ) July, 2015 (4) Pheasant Lane Mall Nashua, NH (3) 1,794 7,255 — — 1,794 7,255 9,049 (363 ) July, 2015 (4) Fox Run Mall Portsmouth, NH (3) 3,934 3,375 — — 3,934 3,375 7,309 (427 ) July, 2015 (4) Mall at Rockingham Park Salem, NH (3) 3,321 12,198 — — 3,321 12,198 15,519 (777 ) July, 2015 (4) Freestanding Middletown, NJ (3) 5,647 2,941 — 161 5,647 3,102 8,749 (769 ) July, 2015 (4) Freestanding Watchung, NJ (3) 6,704 4,110 — — 6,704 4,110 10,814 (550 ) July, 2015 (4) Willowbrook Mall Wayne, NJ (3) 12,850 4,553 — — 12,850 4,553 17,403 (763 ) July, 2015 (4) Freestanding Deming, NM (3) 1,085 1,194 — — 1,085 1,194 2,279 (191 ) July, 2015 (4) Freestanding Farmington, NM (3) 1,480 1,845 — — 1,480 1,845 3,325 (241 ) July, 2015 (4) Kmart Shopping Center Hobbs, NM (3) 1,386 2,557 — — 1,386 2,557 3,943 (260 ) July, 2015 (4) Eastern Commons Shopping Center Henderson, NV (3) 3,124 1,362 — — 3,124 1,362 4,486 (308 ) July, 2015 (4) Meadows Mall Las Vegas, NV (3) 3,354 1,879 — — 3,354 1,879 5,233 (324 ) July, 2015 (4) Meadowood Mall Reno, NV (3) 2,135 5,748 — — 2,135 5,748 7,883 (299 ) July, 2015 (4) Colonie Center Albany, NY (3) 8,289 6,523 — — 8,289 6,523 14,812 (693 ) July, 2015 (4) Great Northern Mall Clay, NY (3) 787 4,134 — — 787 4,134 4,921 (368 ) July, 2015 (4) Huntington Square Mall East Northport, NY (3) 7,617 2,065 — — 7,617 2,065 9,682 (377 ) July, 2015 (4) Freestanding Hicksville, NY (3) 38,626 19,065 — — 38,626 19,065 57,691 (1,695 ) July, 2015 (4) Oakdale Mall Johnson City, NY (3) 2,169 934 — — 2,169 934 3,103 (183 ) July, 2015 (4) Freestanding Olean, NY (3) 249 2,124 — — 249 2,124 2,373 (238 ) July, 2015 (4) Mall at Greece Ridge Center Rochester, NY (3) 3,082 1,560 — — 3,082 1,560 4,642 (367 ) July, 2015 (4) Sidney Plaza Sidney, NY (3) 1,942 1,769 — — 1,942 1,769 3,711 (576 ) July, 2015 (4) Eastview Mall Victor, NY (3) 4,144 1,391 — — 4,144 1,391 5,535 (374 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs (1) Subsequent to Acquisition at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Jefferson Valley Mall Yorktown Heights, NY (3) 3,584 1,569 — — 3,584 1,569 5,153 (345 ) July, 2015 (4) Belden Village Canton, OH (3) 1,650 5,854 — — 1,650 5,854 7,504 (631 ) July, 2015 (4) Chapel Hill Mall Chapel Hill, OH (3) 444 1,460 — — 444 1,460 1,904 (469 ) July, 2015 (4) Dayton Mall Dayton, OH (3) 2,650 1,223 — — 2,650 1,223 3,873 (381 ) July, 2015 (4) Freestanding Kenton, OH (3) 340 417 — — 340 417 757 (187 ) July, 2015 (4) Freestanding Marietta, OH (3) 598 706 — — 598 706 1,304 (132 ) July, 2015 (4) Great Lakes Mall Mentor, OH (3) 1,092 1,776 — — 1,092 1,776 2,868 (343 ) July, 2015 (4) Southland Shopping Center Middleburg Heights, OH (3) 698 1,547 — — 698 1,547 2,245 (249 ) July, 2015 (4) Kmart Plaza North Canton, OH (3) 1,044 1,126 — — 1,044 1,126 2,170 (189 ) July, 2015 (4) Freestanding Tallmadge, OH (3) 870 682 — — 870 682 1,552 (173 ) July, 2015 (4) Westgate Village Shopping Center Toledo, OH (3) 1,664 1,289 — — 1,664 1,289 2,953 (229 ) July, 2015 (4) Freestanding Muskogee, OK (3) 647 966 — — 647 966 1,613 (210 ) July, 2015 (4) Freestanding Oklahoma City, OK (3) 1,542 2,210 — — 1,542 2,210 3,752 (583 ) July, 2015 (4) Freestanding Tulsa, OK (3) 2,048 5,386 — 1,573 2,048 6,959 9,007 (508 ) July, 2015 (4) Clackamas Town Center Happy Valley, OR (3) 6,659 1,271 — — 6,659 1,271 7,930 (196 ) July, 2015 (4) Freestanding The Dalles, OR (3) 616 775 — — 616 775 1,391 (147 ) July, 2015 (4) Walnut Bottom Towne Centre Carlisle, PA (3) 1,103 1,725 — — 1,103 1,725 2,828 (86 ) July, 2015 (4) Shops at Prospect Columbia, PA (3) 897 2,202 — 6 897 2,208 3,105 (204 ) July, 2015 (4) King of Prussia King Of Prussia (6), PA (3) — 42,300 — - — 42,300 42,300 (1,849 ) July, 2015 (4) Kmart & Lowes Shopping Center Lebanon, PA (3) 1,333 2,085 — — 1,333 2,085 3,418 (423 ) July, 2015 (4) Countryside Shopping Center Mount Pleasant, PA (3) 970 1,520 — — 970 1,520 2,490 (262 ) July, 2015 (4) Freestanding Walnutport, PA (3) 885 3,452 — — 885 3,452 4,337 (434 ) July, 2015 (4) Haines Acres Shopping Center York, PA (3) 1,096 1,414 — 3 1,096 1,417 2,513 (176 ) July, 2015 (4) Rexville (Bayamon) Towne Center Bayamon, PR (3) 656 7,173 — 1 656 7,174 7,830 (445 ) July, 2015 (4) Las Catalinas Caguas, PR (3) 431 9,362 — — 431 9,362 9,793 (536 ) July, 2015 (4) Plaza Carolina Carolina, PR (3) 611 8,640 — — 611 8,640 9,251 (584 ) July, 2015 (4) Plaza Guaynabo Guaynabo, PR (3) 1,603 26,695 — — 1,603 26,695 28,298 (1,436 ) July, 2015 (4) Western Plaza Mayaguez, PR (3) 564 4,555 — — 564 4,555 5,119 (387 ) July, 2015 (4) Ponce Towne Center Ponce, PR (3) 473 3,965 — — 473 3,965 4,438 (302 ) July, 2015 (4) Rhode Island Mall Warwick, RI (3) 9,166 3,388 — — 9,166 3,388 12,554 (675 ) July, 2015 (4) Boulevard Market Fair Anderson, SC (3) 1,297 638 — — 1,297 638 1,935 (107 ) July, 2015 (4) Northwoods Mall Charleston, SC (3) 3,576 1,497 — — 3,576 1,497 5,073 (291 ) July, 2015 (4) Kmart Plaza Rock Hill, SC (3) 1,432 1,079 — — 1,432 1,079 2,511 (227 ) July, 2015 (4) Freestanding Sioux Falls, SD (3) 1,025 1,783 — — 1,025 1,783 2,808 (153 ) July, 2015 (4) Wolfchase Galleria Cordova, TN (3) 2,581 4,279 — — 2,581 4,279 6,860 (340 ) July, 2015 (4) Freestanding Memphis (5), TN (3) 2,827 2,475 — (2,475 ) 2,827 - 2,827 - July, 2015 (4) Tech Ridge Austin, TX (3) 3,164 2,858 — — 3,164 2,858 6,022 (446 ) July, 2015 (4) Southwest Center Mall Dallas, TX (3) 1,154 1,314 — — 1,154 1,314 2,468 (280 ) July, 2015 (4) Freestanding El Paso, TX (3) 2,008 1,778 — — 2,008 1,778 3,786 (248 ) July, 2015 (4) Baybrook Mall Friendswood, TX (3) 6,124 2,038 — — 6,124 2,038 8,162 (309 ) July, 2015 (4) Kmart Plaza Harlingen, TX (3) 1,795 1,183 — — 1,795 1,183 2,978 (120 ) July, 2015 (4) Memorial City Mall Houston, TX (3) 7,967 4,625 — — 7,967 4,625 12,592 (627 ) July, 2015 (4) Freestanding Houston, TX (3) 6,110 1,525 — — 6,110 1,525 7,635 (247 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs (1) Subsequent to Acquisition at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation Name of Center Location Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Ingram Park Mall Ingram, TX (3) 4,651 2,560 — — 4,651 2,560 7,211 (302 ) July, 2015 (4) Irving Mall Irving, TX (3) 4,493 5,743 — — 4,493 5,743 10,236 (525 ) July, 2015 (4) Freestanding San Antonio, TX (3) 5,468 1,457 — — 5,468 1,457 6,925 (255 ) July, 2015 (4) Freestanding Shepherd, TX (3) 5,457 2,081 — — 5,457 2,081 7,538 (279 ) July, 2015 (4) Valley View Center Valley View, TX (3) 4,706 3,230 — — 4,706 3,230 7,936 (573 ) July, 2015 (4) Freestanding Westwood, TX (3) 2,899 1,748 — — 2,899 1,748 4,647 (353 ) July, 2015 (4) Antelope Square Layton, UT (3) 2,234 974 — 527 2,234 1,501 3,735 (229 ) July, 2015 (4) Jordan Landing Shopping Center West Jordan, UT (3) 3,190 2,305 — — 3,190 2,305 5,495 (237 ) July, 2015 (4) Landmark Mall Alexandria, VA (3) 3,728 3,294 — — 3,728 3,294 7,022 (522 ) July, 2015 (4) Greenbrier Mall Chesapeake, VA (3) 4,236 1,700 — — 4,236 1,700 5,936 (306 ) July, 2015 (4) Fair Oaks Mall Fairfax, VA (3) 10,873 1,491 — — 10,873 1,491 12,364 (332 ) July, 2015 (4) Newmarket Fair Mall Hampton, VA (3) 771 1,011 — — 771 1,011 1,782 (339 ) July, 2015 (4) Pembroke Mall Virginia Beach, VA (3) 10,413 4,760 — 12,235 10,413 16,995 27,408 (733 ) July, 2015 (4) Warrenton Village Warrenton, VA (3) 1,956 2,480 — — 1,956 2,480 4,436 (242 ) July, 2015 (4) Overland Plaza Redmond, WA (3) 5,133 4,133 — — 5,133 4,133 9,266 (509 ) July, 2015 (4) Westfield Vancouver Vancouver, WA (3) 3,378 1,136 — — 3,378 1,136 4,514 (259 ) July, 2015 (4) Freestanding Yakima, WA (3) 1,863 2,856 — — 1,863 2,856 4,719 (420 ) July, 2015 (4) Southridge Mall Greendale, WI (3) 3,208 2,340 — — 3,208 2,340 5,548 (564 ) July, 2015 (4) West Towne Mall Madison, WI (3) 3,053 2,130 — — 3,053 2,130 5,183 (533 ) July, 2015 (4) Freestanding Platteville, WI (3) 748 1,195 — — 748 1,195 1,943 (195 ) July, 2015 (4) Patrick Street Plaza Charleston, WV (3) 2,030 797 — — 2,030 797 2,827 (215 ) July, 2015 (4) Valley Point Elkins, WV (3) 788 1,147 — — 788 1,147 1,935 (192 ) July, 2015 (4) Freestanding Scott Depot, WV (3) 987 484 — — 987 484 1,471 (141 ) July, 2015 (4) Mountain Plaza Casper, WY (3) 509 1,303 — — 509 1,303 1,812 (182 ) July, 2015 (4) Freestanding Gillette, WY (3) 846 876 — — 846 876 1,722 (189 ) July, 2015 (4) Freestanding Riverton, WY (3) 561 847 — — 561 847 1,408 (181 ) July, 2015 (4) Construction in process Various (3) — — — 55,208 — 55,208 55,208 — n/a n/a 840,563 810,499 (542 ) 84,372 840,021 894,871 1,734,892 (89,940 ) (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 (which includes construction in process) for federal income tax purposes is approximately $2.3 billion. (3) All properties are encumbered by our Mortgage Loans and Future Funding Facility. 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 2016 2015 Balance at beginning of period $ 1,668,351 $ 1,651,062 Additions 69,726 17,289 Impairments — Dispositions and write-offs (3,185 ) — Balance at end of period $ 1,734,892 $ 1,668,351 Reconciliation of Accumulated Depreciation 2016 2015 Balance at beginning of period $ 29,076 $ — Depreciation expense 60,972 29,076 Dispositions and write-offs (108 ) — Balance at end of period $ 89,940 $ 29,076

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements 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 VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. 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 are not evaluated under the VIE model, the Company evaluates its interests using the voting interest entity model. The Company holds a 56.7% 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. Through consideration of new consolidation guidance effective for the Company as of January 1, 2016, it has been concluded that the Operating Partnership is a VIE 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. Accordingly, the Company consolidates its interest in the Operating Partnership. However, as the Company holds what is deemed a majority voting interest in the Operating Partnership, it qualifies for the exemption from providing certain of the disclosure requirements associated with investments in VIEs. 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 periods 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’s chief operating decision maker, its Chief Executive Officer, assesses and measures the operating and financial results for each property on an individual basis and does not distinguish or group properties based on geography, size, or type. The Company, therefore, 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 statements 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 year ended December 31, 2016 or 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 year ended December 31, 2016 or 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, 2016, the Company had approximately $87.6 million of restricted cash, consisting of $65.5 million reserved for redevelopment costs, tenant allowances and leasing commissions, deferred maintenance, environmental remediation and other capital expenditures, $19.2 million related to basic property carrying costs such as real estate taxes, insurance and ground rent; and $2.9 million of other restricted cash which consists primarily of prepaid rental income. As of December 31, 2015, the Company had approximately $92.5 million of restricted cash, including $51.3 million reserved for redevelopment costs, deferred maintenance, environmental remediation and other capital expenditures; $38.5 million related to basic property carrying costs such as real estate taxes, insurance and ground rent and $2.7 million of other restricted cash which consists primarily of prepaid rental income.
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 related 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 are deemed uncollectable as result of the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. • 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 from the date of notice to the date of vacancy 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 lease 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 are subject to the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. 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 is deemed to be impacted by the lease modification is amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy 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 are subject to the termination are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. • Intangible lease assets and liabilities that are deemed to be impacted by the termination are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. • Termination fees required to be paid by Sears Holdings are recognized as follows: • For the portion of the termination fee attributable to the annual base rent of the subject property, termination income is recognized on a straight-line basis over the shortened life of the lease from the date the termination fee becomes legally binding to the date of termination. • For the portion of the termination fee attributable to estimated real estate taxes and property operating expenses for the subject property, prepaid rental income is recorded in the period such fee is received and recognized as tenant reimbursement revenue in the same periods as the expenses are incurred.
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 and Future Funding Facility, the Company purchased for $5.0 million an interest rate cap with a term of four years, a notional amount of $1,261 million 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 statements of operations. For the year ended December 31, 2016, the Company recorded an unrealized loss of $1.4 million related to the change in fair value of the interest rate cap as compared to an unrealized loss of $2.9 million for the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015. As of December 31, 2016, the interest rate cap had a fair value of approximately $0.7 million as compared to $2.1 million at December 31, 2015.
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 in the consolidated statements 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, 2016, 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). Until the Company further diversifies the tenancy of its portfolio, an event that has a material adverse effect on Sears Holdings’ business, financial condition or results of operations could have a material adverse effect on the Company’s business, financial condition or results of operations. 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, 2016, the Company's portfolio of 235 Wholly Owned Properties was diversified by location across 49 states and Puerto Rico.
Earnings (Loss) per Share	Earnings (Loss) 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 (loss) 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 (loss) 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 In January 2017, the Financial Accounting Standards Boards (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01 which changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. While there are various differences between the accounting for an asset acquisition and a business combination, the Company expects that the largest impact will be the capitalization of transaction costs for asset acquisitions which are expensed for business combinations. ASU 2007-01 is effective, on a prospective basis, for interim and annual periods beginning after January 1, 2019; early adoption is permitted. The Company has chosen to early adopt ASU 2017-01 during the current period on a prospective basis and it did not have an impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows - Restricted Cash." ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or cash equivalents. Therefore, amounts generally described as restricted cash and equivalents should be included with cash and cash equivalents when reconciling the beginning and end of period total amounts on the statement of cash flows. Currently, there is no specific guidance to address how to classify or present these changes. ASU 2016-18 is effective, on a retroactive basis, for interim and annual periods beginning after December 15, 2017; early adoption is permitted. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements and footnote disclosures. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provides classification guidance for eight specific topics including debt extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees. ASU 2016-18 is effective, on a prospective basis, for interim and annual periods beginning after December 15, 2017; early adoption is permitted. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements and footnote disclosures. On February 25, 2016, the 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 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, with subsequent updates issued in August 2015 and March, April, May and December 2016,

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
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)	12 Months Ended
	Dec. 31, 2016
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 (21,446 ) Total sources of funds net of offering and financing costs 2,775,580 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 $ 49,951

Lease Intangible Assets and L29

Lease Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Lease Intangible Assets	The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): December 31, 2016 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 592,871 $ (146,964 ) $ 445,907 Below-market ground leases, net 11,766 (305 ) 11,461 Above-market leases, net 8,964 (1,933 ) 7,031 Total $ 613,601 $ (149,202 ) $ 464,399 December 31, 2015 Wtd. Avg. Remaining Gross Accumulated 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 assets and liabilities (in thousands): Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 20,011 $ (3,184 ) $ 16,827 Total $ 20,011 $ (3,184 ) $ 16,827 Wtd. Avg. Remaining Gross Accumulated Amortization 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, 2017 is as follows (in thousands): 2017 $ 203 2018 203 2019 203 2020 203 2021 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, 2017 is as follows (in thousands): 2017 $ (970 ) 2018 (970 ) 2019 (943 ) 2020 (808 ) 2021 (792 )
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, 2017 is as follows (in thousands): 2017 $ 102,380 2018 61,988 2019 59,823 2020 58,088 2021 52,248

Investments in Unconsolidated30

Investments in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016, consisted of (in thousands): # of Total Initial Seritage % Joint Venture Properties GLA Investment Ownership GGP JV 12 2,167 $ 165,000 50 % Macerich JV 9 1,573 150,000 50 % Simon JV 10 1,714 114,012 50 % Total 31 5,454 $ 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, 2016 and December 31, 2015, and for the year ended December 31, 2016 and the period from July 7, 2015 (Date operations Commenced) to December 31, 2015: December 31 2016 December 31, 2015 ASSETS Investment in real estate Land $ 214,109 $ 214,726 Buildings and improvements 598,978 603,265 Accumulated depreciation (56,324 ) (24,111 ) 756,763 793,880 Construction in progress 48,885 1,481 Net investment in real estate 805,648 795,361 Cash and cash equivalents 3,434 19,903 Tenant and other receivables, net 6,133 4,990 Other assets, net 38,646 30,506 Total assets $ 853,861 $ 850,760 LIABILITIES AND MEMBERS INTERESTS Liabilities Accounts payable, accrued expenses and other liabilities $ 14,177 $ 13,973 Total liabilities 14,177 13,973 Members Interest Additional paid in capital 830,389 823,923 Retained earnings 9,295 12,864 Total members interest 839,684 836,787 Total liabilities and members interest $ 853,861 $ 850,760 July 7, 2015 Year Ended (date commenced) to December 31, 2016 December 31, 2015 EQUITY IN INCOME OF UNCONSOLIDATED JOINT VENTURES Total revenue $ 66,417 $ 35,150 Property operating expenses (12,787 ) (7,339 ) Depreciation and amortization (42,233 ) (17,975 ) Operating income 11,397 9,836 Other expenses (2,105 ) (292 ) Net income $ 9,292 $ 9,544 Equity in income of unconsolidated joint ventures $ 4,646 $ 4,772

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
Summary of Revenue from Master Lease	Revenues from the Master Lease for the year ended December 31, 2016 and 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 Year Ended Commenced) to December 31, 2016 December 31, 2015 Rental income $ 133,237 $ 64,838 Tenant reimbursements 55,823 25,204 Total revenue $ 189,060 $ 90,042
Summary of Recapture Rights Exercised by the Company	As of December 31, 2016, the Company had exercised certain recapture rights with respect to 27 properties as follows: Property Recapture Type Notice Date Braintree, MA 100% November 2015 Honolulu, HI 100% December 2015 Memphis, TN 100% December 2015 San Antonio, TX Auto center March 2016 Bowie, MD Auto center May 2016 Hagerstown, MD Auto center May 2016 Albany, NY Auto center May 2016 Fairfax, VA Partial + auto May 2016 Wayne, NJ Partial May 2016 Ft. Wayne, IN Out parcel July 2016 Orlando, FL 100% July 2016 Anderson, SC Partial July 2016 West Jordan, UT Partial July 2016 Madison, WI Partial + auto center July 2016 North Hollywood, CA Partial July 2016 Warwick, RI Auto center October 2016 Rehoboth Beach, DE Partial October 2016 Charleston, SC Partial October 2016 West Hartford, CT 100% October 2016 St. Petersburg, FL 100% October 2016 Roseville, MI Partial November 2016 Troy, MI Partial November 2016 Santa Monica, CA 100% December 2016 Santa Cruz, CA Partial December 2016 Guaynabo, PR Partial December 2016 Saugus, MA Partial December 2016 Carson, CA Partial December 2016
Summary of Properties	The 17 properties are as follows: Property Square Feet Cullman, AL 98,500 Sierra Vista, AZ 86,100 Thornton, CO 190,200 Chicago, IL 118,800 Springfield, IL 84,200 Elkhart, IN 86,500 Merrillville, IN 108,300 Houma, LA 96,700 New Iberia, LA 91,700 Alpena, MI 118,200 Manistee, MI 87,800 Sault Sainte Marie, MI 92,700 Kearney, NE 86,500 Deming, NM 96,600 Harlingen, TX 91,700 Yakima, WA 97,300 Riverton, WY 94,800 Total square feet 1,726,600 The 19 properties are as follows: Property Square Feet El Paso, TX 103,657 Paducah, KY 108,244 Henderson, NV 122,823 Jefferson City, MO 92,016 Riverside, CA 94,500 Kissimmee, FL 112,505 Mount Pleasant, PA 83,536 Chapel Hill, OH 187,179 Concord, NC 137,499 Sioux Falls, SD 72,511 Platteville, WI 94,841 Muskogee, OK 87,500 Elkins, WV 94,885 Layton, UT 90,010 Detroit Lakes, MN 79,102 Hopkinsville, KY 70,326 Owensboro, KY 68,334 Leavenworth, KS 76,853 Kenton, OH 96,066 Total square feet 1,872,387
Schedule of Future Rental Revenue Under Non-cancelable Operating Leases	As of December 31, 2016, 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): 2017 164,242 2018 163,598 2019 163,537 2020 162,174 2021 163,442 Thereafter 622,419 $ 1,439,412

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
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 Year Ended (date operations commenced) to December 31, December 31, 2016 2015 Ordinary income $ 1.00 $ 0.50 Return of capital — — Total $ 1.00 $ 0.50

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2016
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 Year Ended Commenced) to December 31, 2016 December 31, 2015 Numerator - Basic and Diluted Net loss $ (91,009 ) $ (38,803 ) Net loss attributable to non-controlling interests 39,451 16,465 Net loss attributable to common shareholders $ (51,558 ) $ (22,338 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 25,497 24,707 Weighted average Class C common shares outstanding 5,919 6,679 Weighted average Class A and Class C common shares outstanding 31,416 31,386 Net loss per share attributable to Class A and Class C common shareholders $ (1.64 ) $ (0.71 )

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Share	The following table summarizes restricted share activity for the grant periods ended December 31, 2016 and December 31, 2015: July 7, 2015 (date operations commenced) Year Ended December 31, 2016 to December 31, 2015 Weighted- Weighted- Average Grant Average Grant Shares Date Fair Value Shares Date Fair Value Unvested restricted shares at beginning of period 221,484 $ 37.18 — $ — Restricted shares granted 23,324 46.48 238,387 30.73 Restricted shares vested (28,460 ) 31.18 (16,903 ) 29.58 Restricted shares forfeited — — — — Unvested restricted shares at end of period 216,348 $ 38.98 221,484 $ 37.18

Accounts Payable, Accrued Exp35

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 December 31, 2015 Accounts payable and accrued expenses $ 26,463 $ 13,793 Accrued real estate taxes 23,942 25,333 Litigation charge 19,000 — Below-market leases 16,827 18,986 Dividends payable 14,132 27,894 Environmental reserve 11,584 11,824 Deferred maintenance 4,124 10,281 Accrued interest 3,004 2,748 Prepaid rental income 1,979 1,331 Sears Holdings payable — 8,670 Total accounts payable, accrued expenses and other liabilities $ 121,055 $ 120,860

Quarterly Financial Informati36

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
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): 2016 2015 July 7 (Date Operations Quarter Ended Quarter Ended Quarter Ended Quarter Commenced) to Quarter Ended March 31 June 30 September 30 December 31 September 30 December 31 Total revenue $ 63,004 $ 61,867 $ 57,607 $ 66,196 $ 54,063 $ 59,508 Operating income (loss) 396 2,765 (22,771 ) (10,837 ) (16,550 ) 7,177 Net loss (14,714 ) (12,565 ) (37,247 ) (26,483 ) (31,853 ) (6,950 ) Net loss attributable to common shareholders (8,335 ) (7,117 ) (21,102 ) (15,004 ) (18,301 ) (4,037 ) Net loss per share attributable to Class A and Class C common shareholders - Basic and diluted (0.27 ) (0.23 ) (0.67 ) (0.48 ) (0.58 ) (0.13 ) Weighted average Class A and Class C common shares outstanding - Basic and diluted 31,391 31,391 31,419 31,418 31,384 31,391

Organization - Additional Infor

Organization - Additional Information (Detail) $ in Billions	Jul. 07, 2015USD ($)	Jun. 11, 2015USD ($)PropertyJointVentureRetailFacility	Jun. 03, 2015shares	Dec. 31, 2016Property
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
Number of Wholly Owned Properties not lease back to Sears Holdings | Property				15
Sears Holdings Corporation [Member] | Joint Venture [Member]
Organization And Basis Of Presentation [Line Items]
Number of retail facilities | RetailFacility		28
Number of retail facilities subject to ground lease | RetailFacility		1
Number of retail facilities subject to lease | RetailFacility		2
Class A Common Shares [Member]
Organization And Basis Of Presentation [Line Items]
Number of shares initially capitalized | shares			100

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)PropertySegmentState	Jul. 07, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | Segment		1
Impairment loss on real estate assets	$ 0	$ 0
Impairment loss	0	0
Restricted cash	92,475,000	87,616,000
Prepaid rental income	2,700,000	2,900,000
Unrealized loss on interest rate cap	2,933,000	$ 1,378,000
Number of wholly owned properties acquired | Property		235
Number of states in properties located | State		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		$ 1,261,000,000
Derivative strike rate		3.50%
Unrealized loss on interest rate cap	2,900,000	$ 1,400,000
Derivative assets, fair value	2,100,000	$ 700,000
Master Lease [Member]
Summary Of Significant Accounting Policies [Line Items]
Right to recapture property space		50.00%
Sears Holdings Corporation [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted cash			$ 22,609,000
Right to recapture property space		100.00%
Sears Holdings Corporation [Member] | Master Lease [Member]
Summary Of Significant Accounting Policies [Line Items]
Right to recapture property space		100.00%
Restricted Cash Reserves [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	51,300,000	$ 65,500,000
Basic Property Carrying Costs [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 38,500,000	$ 19,200,000
Operating Partnership [Member] | ESL [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of operating partnership interest held by parent		56.70%

Summary of Significant Accoun39

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2016
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 Purch

Acquisitions - Summary of Purchase Price and Fair Value of Net Assets Acquired (Detail) - USD ($) $ in Thousands	Jul. 07, 2015	Dec. 31, 2015	Dec. 31, 2016
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)	$ (914)
Plus: Restricted cash
Restricted cash		92,475	87,616
Environmental Expenses Reserve [Member]
Plus: Restricted cash
Restricted cash		$ 12,000	$ 11,800
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	(21,446)
Total sources of funds net of offering and financing costs	2,775,580
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	49,951
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) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net of accumulated amortization	$ 578,795	$ 464,399
Identified intangible liability, net of accumulated amortization	18,986	16,827
Amortization of below-market leases, net of above-market leases	500	900
Additional property expense	100	200
In-Place Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net of accumulated amortization	558,643	445,907
Amortization expense of intangible assets	$ 36,800	$ 110,200

Lease Intangible Assets and L43

Lease Intangible Assets and Liabilities - Summary of Lease Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Asset	$ 616,267	$ 613,601
Accumulated Amortization	(37,472)	(149,202)
Balance	$ 578,795	464,399
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	592,871
Accumulated Amortization	(36,800)	(146,964)
Balance	$ 558,643	445,907
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	11,766
Accumulated Amortization	(102)	(305)
Balance	$ 11,664	11,461
Wtd.Avg. Remaining Amortization Period	57 years 6 months
Above-Market Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Asset	$ 9,058	8,964
Accumulated Amortization	(570)	(1,933)
Balance	$ 8,488	$ 7,031
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) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Below Market Lease Net [Abstract]
Gross Liability	$ 20,045	$ 20,011
Accumulated Amortization	(1,059)	(3,184)
Balance	$ 18,986	$ 16,827
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, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
2,017	$ (970)
2,018	(970)
2,019	(943)
2,020	(808)
2,021	$ (792)

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, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
2,017	$ 203
2,018	203
2,019	203
2,020	203
2,021	$ 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, 2016USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
2,017	$ 102,380
2,018	61,988
2,019	59,823
2,020	58,088
2,021	$ 52,248

Investments in Unconsolidated48

Investments in Unconsolidated Joint Ventures - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)Location
Income Statement Equity Method Investments [Line Items]
Joint venture impairment charges | $	$ 0	$ 0
General Growth Properties, Inc. [Member]
Income Statement Equity Method Investments [Line Items]
Joint venture plans to recapture property space | Location		5
Recapture property space, percentage		100.00%

Investments in Unconsolidated49

Investments in Unconsolidated Joint Ventures - Summary of Company's Investments in Unconsolidated Joint Ventures (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)ft²Property
Income Statement Equity Method Investments [Line Items]
Number of properties | Property	31
Total GLA | ft²	5,454
Initial Investment | $	$ 429,012
General Growth Properties, Inc. [Member]
Income Statement Equity Method Investments [Line Items]
Number of properties | Property	12
Total GLA | ft²	2,167
Initial Investment | $	$ 165,000
Seritage % Ownership	50.00%
The Macerich Company [Member]
Income Statement Equity Method Investments [Line Items]
Number of properties | Property	9
Total GLA | ft²	1,573
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
Total GLA | ft²	1,714
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) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
ASSETS
Land	$ 214,726	$ 214,109
Buildings and improvements	603,265	598,978
Accumulated depreciation	(24,111)	(56,324)
Investment in real estate, gross	793,880	756,763
Construction in progress	1,481	48,885
Net investment in real estate	795,361	805,648
Cash and cash equivalents	19,903	3,434
Tenant and other receivables, net	4,990	6,133
Other assets, net	30,506	38,646
Total assets	850,760	853,861
LIABILITIES AND MEMBERS INTERESTS
Accounts payable, accrued expenses and other liabilities	13,973	14,177
Total liabilities	13,973	14,177
Members Interest
Additional paid in capital	823,923	830,389
Retained earnings	12,864	9,295
Total members interest	836,787	839,684
Total liabilities and members interest	850,760	853,861
Total revenue	35,150	66,417
Property operating expenses	(7,339)	(12,787)
Depreciation and amortization	(17,975)	(42,233)
Operating income	9,836	11,397
Other expenses	(292)	(2,105)
Net income	9,544	9,292
Equity in income of unconsolidated joint ventures	$ 4,772	$ 4,646

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	Mar. 01, 2017USD ($)ft²Property	Jul. 06, 2015LeaseOption	Jun. 11, 2015Property	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)ft²Property	Jul. 07, 2015
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Base rent paid by Sears Holdings and subsidiaries under master lease				$ 100	$ 200
Number of real estate properties acquisition exercised | Property					27
Tenant reimbursements				26,926	$ 62,253
Additional rent based on percentage of tenants' sales				100	$ 100
Number of properties subject to ground lease | Property					1
Rent expense				$ 100	$ 200
Operating leases expiration year				2,073
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
Number of options for renewal of lease | Option		3
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	$ 134,000
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.
Number of real estate properties wholly-owned | Property					50
Tenant reimbursements				$ 25,204	$ 55,823
Master Lease [Member] | Sears Holdings Corporation [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Number of options for renewal of lease | Option		1
Right to recapture property space					100.00%
Number of real estate properties wholly-owned | Property					21
Lease termination, description					The lease termination payment is calculated as the greater of an amount specified at the time the Company entered into the Master Lease with Sears Holdings 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.
Percentage of reduction of fixed rent under master lease					20.00%
Lease termination notice period					90 days
Master Lease [Member] | Sears Holdings Corporation [Member] | Lease Terminations [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Base rent paid by Sears Holdings and subsidiaries under master lease					$ 6,000
Number of unprofitable stores to terminate | Property					17
Gross leasable area | ft²					1,726,600
Lease termination fees paid					$ 10,000
Master Lease [Member] | Sears Holdings Corporation [Member] | Lease Terminations [Member] | Subsequent Event [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Base rent paid by Sears Holdings and subsidiaries under master lease	$ 5,900
Number of unprofitable stores to terminate | Property	19
Gross leasable area | ft²	1,872,387

Leases - Summary of Revenue fro

Leases - Summary of Revenue from Master Lease (Detail) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2016
Property Subject to or Available for Operating Lease [Line Items]
Rental income							$ 86,645	$ 186,421
Tenant reimbursements							26,926	62,253
Total revenue	$ 66,196	$ 57,607	$ 61,867	$ 63,004	$ 59,508	$ 54,063	113,571	248,674
Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Rental income							64,838	133,237
Tenant reimbursements							25,204	55,823
Total revenue							$ 90,042	$ 189,060

Leases - Summary of Recapture R

Leases - Summary of Recapture Rights Exercised by the Company (Detail)	12 Months Ended
	Dec. 31, 2016
Braintree, MA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	2015-11
Honolulu, HI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	2015-12
Memphis, TN [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	2015-12
San Antonio, TX [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date	2016-03
Bowie, MD [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date	2016-05
Hagerstown, MD [member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date	2016-05
Albany, NY [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date	2016-05
Fairfax, VA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial + auto center
Notice Date	2016-05
Wayne, NJ [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-05
Ft. Wayne, IN [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Out parcel
Notice Date	2016-07
Orlando, FL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	2016-07
Anderson, SC [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-07
West Jordan, UT [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-07
Madison, WI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial + auto center
Notice Date	2016-07
North Hollywood, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-07
Warwick, RI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date	2016-10
Rehoboth Beach, DE [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-10
Charleston, SC [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-10
West Hartford, CT [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	2016-10
St. Petersburg, FL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	2016-10
Roseville, MI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-11
Troy, MI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-11
Santa Monica, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	2016-12
Santa Cruz, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-12
Guaynabo, PR [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-12
Saugus, MA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-12
Carson, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date	2016-12

Leases - Summary of Properties

Leases - Summary of Properties (Detail) - Lease Terminations [Member] - Master Lease [Member] - Sears Holdings Corporation [Member] - ft²	Mar. 01, 2017	Dec. 31, 2016
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		1,726,600
Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	1,872,387
Cullman, AL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		98,500
Sierra Vista, AZ [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		86,100
Thornton, CO [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		190,200
Chicago, IL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		118,800
Springfield, IL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		84,200
Elkhart, IN [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		86,500
Merrillville, IN [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		108,300
Houma, LA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		96,700
New Iberia, LA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		91,700
Alpena, MI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		118,200
Manistee, MI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		87,800
Sault Sainte Marie, MI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		92,700
Kearney, NE [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		86,500
Deming, NM [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		96,600
Harlingen, TX [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		91,700
Yakima, WA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		97,300
Riverton, WY [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		94,800
El Paso, TX [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	103,657
Paducah, KY [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	108,244
Henderson, NV [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	122,823
Jefferson City, MO [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	92,016
Riverside, CA [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	94,500
Kissimmee, FL [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	112,505
Mount Pleasant, PA [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	83,536
Chapel Hill, OH [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	187,179
Concord, NC [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	137,499
Sioux Falls, SD [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	72,511
Platteville, WI [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	94,841
Muskogee, OK [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	87,500
Elkins, WV [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	94,885
Layton, UT [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	90,010
Detroit Lakes, MN [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	79,102
Hopkinsville, KY [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	70,326
Owensboro K Y | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	68,334
Leavenworth, KS [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	76,853
Kenton, OH [Member] | Subsequent Event [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	96,066

Leases - Schedule of Future Ren

Leases - Schedule of Future Rental Revenue Under Non-cancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Leases [Abstract]
2,017	$ 164,242
2,018	163,598
2,019	163,537
2,020	162,174
2,021	163,442
Thereafter	622,419
Total operating leases	$ 1,439,412

Mortgage Loans Payable - Additi

Mortgage Loans Payable - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended	18 Months Ended
	Nov. 30, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2016	Jul. 07, 2015
Mortgage Loans on Real Estate [Line Items]
Amount transferred to redevelopment project reserve	$ 30,000,000
Amount to be transferred to redevelopment project reserve on monthly basis	$ 3,300,000
Principal terms of amendments			Company has (i) posted $30.0 million, and will post $3.3 million on a monthly basis, to a redevelopment project reserve account, which amounts may be used by the Company to fund redevelopment activity and (ii) extended the spread maintenance provision for prepayment of the loan by two months through March 9, 2018 (with the spread maintenance premium for the second month at a reduced amount).
Minimum net worth			$ 1,000,000,000	$ 1,000,000,000
Minimum liquidity			50,000,000	50,000,000
Future Funding Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Principal amount outstanding			20,000,000	20,000,000
Amount available under funding facility			80,000,000	80,000,000
Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Principal amount outstanding			$ 1,161,000,000	1,161,000,000
Mortgage loan agreement, description			The Loan Agreements contain customary covenants for a real estate financing, including restrictions 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 upon certain measures of the Company’s and Sears Holdings’ financial and operating performance, including (a) where the “Debt Yield” (the ratio of net operating income for the mortgage borrowers to their debt) is less than 11.0%, (b) if the performance of Sears Holdings at the stores subject to the Master Lease with Sears Holdings fails to meet specified rent ratio thresholds, (c) if the Company fails to meet specified tenant diversification tests and (d) upon the occurrence of a bankruptcy or insolvency action with respect to Sears Holdings or if there is a payment default under the Master Lease with Sears Holdings, in each case, subject to cure rights, including providing specified amounts of cash collateral or satisfying tenant diversification thresholds.
Maximum debt yield percentage			11.00%
Unamortized balance of company's debt issuance costs		$ 18,800,000	$ 14,300,000	14,300,000
Mortgage Loans [Member] | Future Funding Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Debt issuance and other costs		$ 21,400,000	$ 900,000	$ 22,300,000
Mortgage Loans over $1,000,000 [Member] | Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Expiration date			Jul. 31, 2019
Interest rate description			Borrowings under the Mortgage Loans bear interest at the London Interbank Offered Rates (“LIBOR”) plus, as of December 31, 2016, 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
Weighted average interest rates		4.96%
Early extinguishment of debt			Mar. 9, 2018
Maturity description			The Loan Agreements contain customary covenants for a real estate financing, including restrictions 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 upon certain measures of the Company’s and Sears Holdings’ financial and operating performance, including (a) where the “Debt Yield” (the ratio of net operating income for the mortgage borrowers to their debt) is less than 11.0%, (b) if the performance of Sears Holdings at the stores subject to the Master Lease with Sears Holdings fails to meet specified rent ratio thresholds, (c) if the Company fails to meet specified tenant diversification tests and (d) upon the occurrence of a bankruptcy or insolvency action with respect to Sears Holdings or if there is a payment default under the Master Lease with Sears Holdings, in each case, subject to cure rights, including providing specified amounts of cash collateral or satisfying tenant diversification thresholds. The Loan Agreements contain a yield maintenance provision for the early extinguishment of the debt before March 9, 2018.
Mortgage Loans over $1,000,000 [Member] | Mortgage Loans [Member] | Term Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Loan, face amount					$ 1,161,000,000
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
Weighted average interest rates			5.24%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Contingency [Line Items]
Uncertain tax positions	$ 0	$ 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) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized loss related to change in fair value	$ 2,933	$ 1,378
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	1,200,000	1,200,000
Interest Rate Cap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, fair value	2,100	700
Unrealized loss related to change in fair value	2,900	1,400
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	$ 2,100	$ 700

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	1 Months Ended			12 Months Ended
	Oct. 31, 2016USD ($)	Jun. 30, 2015Lawsuit	May 31, 2015Lawsuit	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 07, 2015USD ($)
Loss Contingencies [Line Items]
Restricted cash				$ 87,616	$ 92,475
Number of Sears Holdings shareholders filed lawsuits | Lawsuit		4	4
Litigation settlement, amount	$ 19,000
Litigation charge				19,000
Sears Holdings Corporation [Member]
Loss Contingencies [Line Items]
Restricted cash						$ 22,609
Litigation settlement, amount	$ 40,000
Environmental Expenses Reserve [Member]
Loss Contingencies [Line Items]
Restricted cash				$ 11,800	$ 12,000
Environmental Expenses Reserve [Member] | Sears Holdings Corporation [Member]
Loss Contingencies [Line Items]
Restricted cash						$ 12,034

Related Party Disclosure - Addi

Related Party Disclosure - Additional Information (Detail) - USD ($)	Feb. 28, 2017	Jul. 07, 2015	Dec. 31, 2015	Dec. 31, 2016	Mar. 01, 2017	Feb. 23, 2017
Transaction Services Agreement [Member]
Schedule of Other Related Party Transactions [Line Items]
Transition service agreement period		18 months
Transition service agreement expiration date Date				Jan. 17, 2017
Transition service agreement fees			$ 200,000	$ 100,000
Unsecured Term Loan [Member]
Schedule of Other Related Party Transactions [Line Items]
Line of credit, maturity date				Dec. 31, 2017
Line of credit facility, maximum				$ 200,000,000
Debt instrument, interest rate terms				The principal amount of loans outstanding under the Unsecured Term Loan will bear a base annual interest rate of 6.50%. If a cash flow sweep period were to occur and be continuing under the Company’s Mortgage Loan Agreement (i) the interest rate on any outstanding advances would increase from and after such date by 1.5% per annum above the base interest rate and (ii) the interest rate on any advances made after such date would increase by 3.5% per annum above the base interest rate.
Maximum net worth required for loan documentation				$ 1,000,000,000
Unsecured Term Loan [Member] | Mortgage Loan Agreement [Member]
Schedule of Other Related Party Transactions [Line Items]
Debt instrument, base annual interest rate				6.50%
Unsecured Term Loan [Member] | Minimum [Member] | Mortgage Loan Agreement [Member]
Schedule of Other Related Party Transactions [Line Items]
Debt instrument, base interest rate period one				1.50%
Debt instrument, base interest rate period two				3.50%
Unsecured Term Loan [Member] | Maximum [Member]
Schedule of Other Related Party Transactions [Line Items]
Maximum leverage ratio				60.00%
Unsecured Term Loan [Member] | April 30, 2017 [Member]
Schedule of Other Related Party Transactions [Line Items]
Line of credit facility, maximum				$ 100,000,000
Unsecured Term Loan [Member] | May 1, 2017 [Member]
Schedule of Other Related Party Transactions [Line Items]
Line of credit facility, maximum				150,000,000
Unsecured Term Loan [Member] | September 1, 2017 [Member]
Schedule of Other Related Party Transactions [Line Items]
Line of credit facility, maximum				$ 200,000,000
Operating Partnership [Member] | Unsecured Term Loan [Member]
Schedule of Other Related Party Transactions [Line Items]
Line of credit, maturity date				Feb. 28, 2017
Default interest rate on overdue amounts excess of base interest rate				1.50%
Operating Partnership [Member] | Unsecured Term Loan [Member] | Subsequent Event [Member]
Schedule of Other Related Party Transactions [Line Items]
Principal amount outstanding						$ 200,000,000
Upfront commitment fee	$ 1,000,000
Additional commitment fee	$ 1,000,000
Number of days due to pay commitment fee after closing date	90 days
Operating Partnership [Member] | Unsecured Term Loan [Member] | Subsequent Event [Member] | Minimum [Member]
Schedule of Other Related Party Transactions [Line Items]
Principal amount of commitment fee percentage	33.30%
Operating Partnership [Member] | ESL [Member]
Schedule of Other Related Party Transactions [Line Items]
Ownership interest percentage held by related party				43.30%
Operating Partnership [Member] | ESL [Member] | Subsequent Event [Member]
Schedule of Other Related Party Transactions [Line Items]
Ownership interest percentage held by related party					39.60%
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%	53.20%
Ownership interest percentage held by related party			43.40%	43.30%
Operating Partnership [Member] | Sears Holdings Corporation [Member] | ESL [Member] | Class A Common Shares [Member]
Schedule of Other Related Party Transactions [Line Items]
Ownership interest percentage held by related party			3.90%	3.70%
Operating Partnership [Member] | Sears Holdings Corporation [Member] | ESL [Member] | Class B Non-Economic Common Shares [Member]
Schedule of Other Related Party Transactions [Line Items]
Ownership interest percentage held by related party			100.00%	100.00%

Non-controlling Interests - Add

Non-controlling Interests - Additional Information (Detail) - Operating Partnership [Member] - shares	Mar. 01, 2017	Dec. 31, 2016
Subsequent Event [Member]
Noncontrolling Interest [Line Items]
Conversion of units into class A shares	2,094,821
ESL [Member]
Noncontrolling Interest [Line Items]
Percentage of operating partnership interest held by parent		56.70%
Ownership interest percentage held by related party		43.30%
ESL [Member] | Subsequent Event [Member]
Noncontrolling Interest [Line Items]
Percentage of operating partnership interest held by parent	60.40%
Ownership interest percentage held by related party	39.60%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 01, 2017	Feb. 28, 2017	Nov. 02, 2016	Aug. 02, 2016	May 03, 2016	Mar. 08, 2016	Dec. 17, 2015	Jul. 07, 2015	Dec. 31, 2015	Dec. 31, 2016
Class of Stock [Line Items]
Stock issuance cost									$ 8,212
Cash dividend declared									$ 0.50	$ 1
Date dividends to be paid			Jan. 12, 2017	Oct. 13, 2016	Jul. 14, 2016	Apr. 14, 2016	Jan. 14, 2016
Dividends payable, date of record			Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016
Subsequent Event [Member]
Class of Stock [Line Items]
Date dividends to be paid		Apr. 13, 2017
Dividends payable, date of record		Mar. 31, 2017
Operating Partnership [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Conversion of units into class A shares	2,094,821
Class A Common Shares [Member]
Class of Stock [Line Items]
Common shares issued								22,332,037	24,817,842	25,843,251
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	$ 0.01
Cash dividend declared			$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.50		$ 0.50	$ 1
Dividends payable, date of record							Dec. 31, 2015
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 B Non-Economic Common Shares [Member] | Subsequent Event [Member] | ESL [Member]
Class of Stock [Line Items]
Common shares surrendered	137,684
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	1,018,500
Class C Common Shares [Member]
Class of Stock [Line Items]
Common shares issued									6,773,185	5,754,685
Common shares, par value									$ 0.01	$ 0.01
Cash dividend declared			$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.50		$ 0.50	$ 1
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) - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Dividends Payable [Line Items]
Total	$ 0.50	$ 1
Federal Income Tax [Member] | Dividend Declared [Member]
Dividends Payable [Line Items]
Ordinary income	0.50	1
Return of capital	0	0
Total	$ 0.50	$ 1

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	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2016
Numerator - Basic and Diluted
Net loss	$ (26,483)	$ (37,247)	$ (12,565)	$ (14,714)	$ (6,950)	$ (31,853)	$ (38,803)	$ (91,009)
Net loss attributable to non-controlling interests							16,465	39,451
Net loss attributable to common shareholders	$ (15,004)	$ (21,102)	$ (7,117)	$ (8,335)	$ (4,037)	$ (18,301)	$ (22,338)	$ (51,558)
Denominator - Basic and Diluted
Weighted average common shares outstanding	31,418	31,419	31,391	31,391	31,391	31,384	31,386	31,416
Net loss per share attributable to Class A and Class C common shareholders							$ (0.71)	$ (1.64)
Class A Common Shares [Member]
Denominator - Basic and Diluted
Weighted average common shares outstanding							24,707	25,497
Class C Common Shares [Member]
Denominator - Basic and Diluted
Weighted average common shares outstanding							6,679	5,919

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restricted Share [Member]
Earning Per Share [Line Items]
Non-vested restricted stock outstanding	216,348	221,484	0

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016	Jul. 07, 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	$ 8.2
Unrecognized compensation costs, weighted average expected recognition period	2 years 9 months 18 days	2 years 8 months 12 days
Restricted Share [Member] | General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recognized	$ 0.9	$ 1.1
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

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Restricted Share (Detail) - Restricted Share [Member] - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares at beginning of period		221,484
Restricted shares granted	238,387	23,324
Restricted shares vested	(16,903)	(28,460)
Restricted shares forfeited	0	0
Unvested restricted shares at end of period	221,484	216,348
Weighted-Average Grant Date Fair Value, Unvested restricted shares at beginning of period	$ 0	$ 37.18
Weighted-Average Grant Date Fair Value, Restricted shares granted	30.73	46.48
Weighted-Average Grant Date Fair Value, Restricted shares vested	29.58	31.18
Weighted-Average Grant Date Fair Value, Restricted shares forfeited	0	0
Weighted-Average Grant Date Fair Value, Unvested restricted shares at end of period	$ 37.18	$ 38.98

Accounts Payable, Accrued Exp68

Accounts Payable, Accrued Expenses and Other Liabilities - Components of Accounts Payable, Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Payables And Accruals [Abstract]
Accounts payable and accrued expenses	$ 26,463	$ 13,793
Accrued real estate taxes	23,942	25,333
Litigation charge	19,000
Below-market leases	16,827	18,986
Dividends payable	14,132	27,894
Environmental reserve	11,584	11,824
Deferred maintenance	4,124	10,281
Accrued interest	3,004	2,748
Prepaid rental income	1,979	1,331
Sears Holdings payable		8,670
Total accounts payable, accrued expenses and other liabilities	$ 121,055	$ 120,860

Quarterly Financial Informati69

Quarterly Financial Information (unaudited) - Summary of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 66,196	$ 57,607	$ 61,867	$ 63,004	$ 59,508	$ 54,063	$ 113,571	$ 248,674
Operating income (loss)	(10,837)	(22,771)	2,765	396	7,177	(16,550)	(9,373)	(30,447)
Net loss	(26,483)	(37,247)	(12,565)	(14,714)	(6,950)	(31,853)	(38,803)	(91,009)
Net loss attributable to common shareholders	$ (15,004)	$ (21,102)	$ (7,117)	$ (8,335)	$ (4,037)	$ (18,301)	$ (22,338)	$ (51,558)
Net loss per share attributable to Class A and Class C common shareholders – Basic and diluted	$ (0.48)	$ (0.67)	$ (0.23)	$ (0.27)	$ (0.13)	$ (0.58)	$ (0.71)	$ (1.64)
Weighted average Class A and Class C common shares outstanding - Basic and diluted	31,418	31,419	31,391	31,391	31,391	31,384	31,386	31,416

Schedule III - Real Estate an70

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Jul. 07, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 840,563
Acquisition Costs, Buildings and Improvements	810,499
Accounts payable and accrued expenses	26,463	$ 13,793
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	84,372
Gross Amount at Which Carried at Close of Period , Land	840,021
Gross Amount at Which Carried at Close of Period, Building and Improvements	894,871
Total	1,734,892	1,668,351	$ 1,651,062
Accumulated Depreciation	(89,940)	$ (29,076)	$ 0
Costs Capitalized Subsequent to Acquisition, Land	(542)
Construction in Process [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	55,208
Gross Amount at Which Carried at Close of Period, Building and Improvements	55,208
Total	55,208
Costs Capitalized Subsequent to Acquisition, Land	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
Accounts payable and accrued expenses	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	819
Gross Amount at Which Carried at Close of Period , Land	11,517
Gross Amount at Which Carried at Close of Period, Building and Improvements	12,548
Total	24,065
Accumulated Depreciation	$ (1,267)
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
Accounts payable and accrued expenses	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	$ (117)
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
Accounts payable and accrued expenses	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	$ (447)
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
Accounts payable and accrued expenses	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	$ (150)
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
Accounts payable and accrued expenses	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	$ (216)
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
Accounts payable and accrued expenses	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	$ (337)
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
Accounts payable and accrued expenses	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	$ (196)
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
Accounts payable and accrued expenses	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	$ (293)
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
Accounts payable and accrued expenses	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	$ (215)
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
Accounts payable and accrued expenses	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	$ (183)
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
Accounts payable and accrued expenses	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	$ (177)
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
Accounts payable and accrued expenses	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	$ (266)
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
Accounts payable and accrued expenses	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	$ (406)
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
Accounts payable and accrued expenses	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	$ (272)
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
Accounts payable and accrued expenses	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	$ (245)
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
Accounts payable and accrued expenses	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	$ (257)
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
Accounts payable and accrued expenses	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	7
Gross Amount at Which Carried at Close of Period , Land	11,476
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,230
Total	16,706
Accumulated Depreciation	$ (574)
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
Accounts payable and accrued expenses	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	$ (586)
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
Accounts payable and accrued expenses	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	$ (707)
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
Accounts payable and accrued expenses	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	$ (263)
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
Accounts payable and accrued expenses	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	$ (647)
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
Accounts payable and accrued expenses	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	$ (403)
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
Accounts payable and accrued expenses	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	$ (195)
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
Accounts payable and accrued expenses	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	$ (306)
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
Accounts payable and accrued expenses	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	$ (577)
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
Accounts payable and accrued expenses	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	$ (233)
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
Accounts payable and accrued expenses	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	$ (337)
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
Accounts payable and accrued expenses	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	$ (144)
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
Accounts payable and accrued expenses	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	$ (394)
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
Accounts payable and accrued expenses	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	$ (475)
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
Accounts payable and accrued expenses	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	$ (205)
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
Accounts payable and accrued expenses	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	$ (412)
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
Accounts payable and accrued expenses	(542)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(169)
Gross Amount at Which Carried at Close of Period , Land	4,931
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,536
Total	6,467
Accumulated Depreciation	$ (279)
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
Accounts payable and accrued expenses	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	16
Gross Amount at Which Carried at Close of Period , Land	7,239
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,468
Total	8,707
Accumulated Depreciation	$ (324)
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
Accounts payable and accrued expenses	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	$ (620)
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
Accounts payable and accrued expenses	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	54
Gross Amount at Which Carried at Close of Period , Land	2,670
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,543
Total	5,213
Accumulated Depreciation	$ (334)
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
Accounts payable and accrued expenses	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	$ (331)
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
Accounts payable and accrued expenses	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	$ (547)
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
Accounts payable and accrued expenses	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	$ (385)
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
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	$ (528)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	1,738
Gross Amount at Which Carried at Close of Period , Land	22,445
Gross Amount at Which Carried at Close of Period, Building and Improvements	15,832
Total	38,277
Accumulated Depreciation	$ (873)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (722)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (391)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (225)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Santa Monica, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	43,916
Acquisition Costs, Buildings and Improvements	3,973
Gross Amount at Which Carried at Close of Period , Land	43,916
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,973
Total	47,889
Accumulated Depreciation	$ (251)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (249)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (401)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Janss Marketplace - Thousand Oaks, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	9,853
Acquisition Costs, Buildings and Improvements	14,785
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,768
Gross Amount at Which Carried at Close of Period , Land	9,853
Gross Amount at Which Carried at Close of Period, Building and Improvements	17,553
Total	27,406
Accumulated Depreciation	$ (850)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (229)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (232)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (459)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (497)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (343)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (585)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (300)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (765)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (412)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (582)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Town Center at Boca - Raton Boca Raton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	16,090
Acquisition Costs, Buildings and Improvements	7,479
Gross Amount at Which Carried at Close of Period , Land	16,090
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,479
Total	23,569
Accumulated Depreciation	$ (701)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	7
Gross Amount at Which Carried at Close of Period , Land	958
Gross Amount at Which Carried at Close of Period, Building and Improvements	907
Total	1,865
Accumulated Depreciation	$ (263)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (207)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	818
Gross Amount at Which Carried at Close of Period , Land	5,852
Gross Amount at Which Carried at Close of Period, Building and Improvements	18,595
Total	24,447
Accumulated Depreciation	$ (932)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (552)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (287)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (167)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (363)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (222)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (318)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (204)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (324)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Aventura Mall - Miami, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	13,265
Acquisition Costs, Buildings and Improvements	61,576
Gross Amount at Which Carried at Close of Period , Land	13,265
Gross Amount at Which Carried at Close of Period, Building and Improvements	61,576
Total	74,841
Accumulated Depreciation	$ (2,462)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (412)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (347)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (336)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (220)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	401
Gross Amount at Which Carried at Close of Period , Land	1,477
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,102
Total	3,579
Accumulated Depreciation	$ (249)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (581)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (1,107)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (357)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (424)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (333)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (253)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (412)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	3
Gross Amount at Which Carried at Close of Period , Land	8,891
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,472
Total	15,363
Accumulated Depreciation	$ (495)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (296)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (138)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (234)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (268)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (259)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (102)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (217)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (193)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	905
Acquisition Costs, Buildings and Improvements	804
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	$ (156)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (531)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	36
Gross Amount at Which Carried at Close of Period , Land	3,954
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,802
Total	8,756
Accumulated Depreciation	$ (493)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (507)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (462)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (263)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (387)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (229)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (527)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (160)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (128)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (475)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (509)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Leavenworth, KS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	397
Acquisition Costs, Buildings and Improvements	705
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	$ (161)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (408)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (325)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (107)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (298)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (239)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (512)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (291)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	9,889
Gross Amount at Which Carried at Close of Period , Land	6,585
Gross Amount at Which Carried at Close of Period, Building and Improvements	15,503
Total	22,088
Accumulated Depreciation	$ (358)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (426)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (280)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (306)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (317)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (298)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (64)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (228)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (297)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (390)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (355)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (557)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (192)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (249)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (758)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (331)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (452)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (287)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (307)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (348)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (95)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (290)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (243)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (215)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (360)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Havre, MT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	600
Acquisition Costs, Buildings and Improvements	790
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	$ (138)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (347)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (414)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	746
Gross Amount at Which Carried at Close of Period , Land	3,869
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,133
Total	9,002
Accumulated Depreciation	$ (528)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (327)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Kearney, NE [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	272
Acquisition Costs, Buildings and Improvements	483
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	$ (93)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (355)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (363)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (427)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (777)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	161
Gross Amount at Which Carried at Close of Period , Land	5,647
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,102
Total	8,749
Accumulated Depreciation	$ (769)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (550)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Willowbrook Mall - Wayne, NJ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	12,850
Acquisition Costs, Buildings and Improvements	4,553
Gross Amount at Which Carried at Close of Period , Land	12,850
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,553
Total	17,403
Accumulated Depreciation	$ (763)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (191)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (241)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (260)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (308)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (324)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (299)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (693)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (368)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (377)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Hicksville, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	38,626
Acquisition Costs, Buildings and Improvements	19,065
Gross Amount at Which Carried at Close of Period , Land	38,626
Gross Amount at Which Carried at Close of Period, Building and Improvements	19,065
Total	57,691
Accumulated Depreciation	$ (1,695)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (183)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (238)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (367)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (576)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (374)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (345)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (631)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (469)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (381)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Kenton, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	340
Acquisition Costs, Buildings and Improvements	417
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	$ (187)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Marietta, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	598
Acquisition Costs, Buildings and Improvements	706
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	$ (132)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (343)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (249)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (189)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Tallmadge, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	870
Acquisition Costs, Buildings and Improvements	682
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	$ (173)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (229)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Muskogee, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	647
Acquisition Costs, Buildings and Improvements	966
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	$ (210)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (583)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	1,573
Gross Amount at Which Carried at Close of Period , Land	2,048
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,959
Total	9,007
Accumulated Depreciation	$ (508)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (196)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (147)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (86)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	6
Gross Amount at Which Carried at Close of Period , Land	897
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,208
Total	3,105
Accumulated Depreciation	$ (204)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
Gross Amount at Which Carried at Close of Period, Building and Improvements	42,300
Total	42,300
Accumulated Depreciation	$ (1,849)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (423)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (262)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (434)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	3
Gross Amount at Which Carried at Close of Period , Land	1,096
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,417
Total	2,513
Accumulated Depreciation	$ (176)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	1
Gross Amount at Which Carried at Close of Period , Land	656
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,174
Total	7,830
Accumulated Depreciation	$ (445)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (536)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (584)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (1,436)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (387)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (302)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (675)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (107)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (291)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (227)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (153)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (340)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	(2,475)
Gross Amount at Which Carried at Close of Period , Land	2,827
Total	$ 2,827
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (446)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (280)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (248)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (309)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (120)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (627)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (247)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (302)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (525)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (255)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (279)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (573)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (353)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	527
Gross Amount at Which Carried at Close of Period , Land	2,234
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,501
Total	3,735
Accumulated Depreciation	$ (229)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (237)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (522)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (306)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (332)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (339)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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, Buildings and Improvements	12,235
Gross Amount at Which Carried at Close of Period , Land	10,413
Gross Amount at Which Carried at Close of Period, Building and Improvements	16,995
Total	27,408
Accumulated Depreciation	$ (733)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (242)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (509)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (259)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (420)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Southridge Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	3,208
Acquisition Costs, Buildings and Improvements	2,340
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	$ (564)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (533)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (195)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (215)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (192)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (141)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
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
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	$ (182)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Gillette, WY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	846
Acquisition Costs, Buildings and Improvements	876
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	$ (189)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Freestanding - Riverton, WY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	561
Acquisition Costs, Buildings and Improvements	847
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	$ (181)
Date Acquired	2015-07
Costs Capitalized Subsequent to Acquisition, Land	$ 0

Schedule III - Real Estate an71

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions	12 Months Ended
	Dec. 31, 2016USD ($)
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) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Reconciliation Of Carrying Amount Of Real Estate Investments Roll Forward
Balance at beginning of period	$ 1,651,062,000	$ 1,668,351,000
Additions	17,289,000	69,726,000
Impairments	0	0
Dispositions and write-offs	0	(3,185,000)
Balance at end of period	$ 1,668,351,000	$ 1,734,892,000

Schedule III - Reconciliation73

Schedule III - Reconciliation of Accumulated Depreciation (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Reconciliation Of Real Estate Accumulated Depreciation Roll Forward
Balance at beginning of period	$ 0	$ 29,076
Depreciation expense	29,076	60,972
Dispositions and write-offs	0	(108)
Balance at end of period	$ 29,076	$ 89,940