Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 14, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Inland Real Estate Income Trust, Inc. | ||
Entity Central Index Key | 0001528985 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 786,260,115 | ||
Entity Common Stock, Shares Outstanding | 35,590,899 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Investment properties: | ||
Land | $ 277,229,000 | $ 277,229,000 |
Building and other improvements | 1,021,607,000 | 1,011,688,000 |
Total | 1,298,836,000 | 1,288,917,000 |
Less accumulated depreciation | (139,134,000) | (101,094,000) |
Net investment properties | 1,159,702,000 | 1,187,823,000 |
Cash and cash equivalents | 15,239,000 | 11,904,000 |
Restricted cash | 1,001,000 | 4,940,000 |
Investment in unconsolidated entities | 7,125,000 | |
Accounts and rent receivable | 16,176,000 | 15,152,000 |
Acquired lease intangible assets, net | 115,357,000 | 138,658,000 |
Deferred costs, net | 2,570,000 | 1,317,000 |
Other assets | 10,024,000 | 8,451,000 |
Total assets | 1,320,069,000 | 1,375,370,000 |
Liabilities: | ||
Mortgages and credit facility payable, net | 705,884,000 | 691,465,000 |
Accounts payable and accrued expenses | 8,849,000 | 10,167,000 |
Distributions payable | 11,924,000 | 4,537,000 |
Acquired intangible liabilities, net | 57,462,000 | 62,270,000 |
Deferred investment property acquisition obligations | 0 | 1,050,000 |
Due to related parties | 2,604,000 | 2,665,000 |
Other liabilities | 16,268,000 | 11,744,000 |
Total liabilities | 802,991,000 | 783,898,000 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding | ||
Common stock, $.001 par value, 1,460,000,000 shares authorized, 35,343,256 and 35,498,444 shares issued and outstanding as of December 31, 2018 and 2017, respectively | 35,000 | 35,000 |
Additional paid in capital | 795,409,000 | 798,567,000 |
Accumulated distributions and net loss | (283,859,000) | (212,883,000) |
Accumulated other comprehensive income | 5,493,000 | 5,753,000 |
Total stockholders’ equity | 517,078,000 | 591,472,000 |
Total liabilities and stockholders’ equity | $ 1,320,069,000 | $ 1,375,370,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,460,000,000 | 1,460,000,000 |
Common stock, shares issued | 35,343,256 | 35,498,444 |
Common stock, shares outstanding | 35,343,256 | 35,498,444 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income: | |||
Total income | $ 128,701,000 | $ 129,157,000 | $ 121,498,000 |
Cost and Expenses: | |||
Property operating expenses | 22,772,000 | 22,369,000 | 21,460,000 |
Real estate tax expense | 15,841,000 | 15,992,000 | 14,202,000 |
General and administrative expenses | 4,869,000 | 5,200,000 | 5,908,000 |
Acquisition related costs | 29,000 | 754,000 | (1,556,000) |
Business management fee | 9,345,000 | 9,196,000 | 8,580,000 |
Provision for asset impairment | 5,540,000 | 8,530,000 | 0 |
Depreciation and amortization | 57,835,000 | 61,804,000 | 59,860,000 |
Total expenses | 110,691,000 | 123,845,000 | 108,454,000 |
Operating income | 18,010,000 | 5,312,000 | 13,044,000 |
Interest expense | (27,137,000) | (24,582,000) | (21,635,000) |
Gain on early termination of interest rate swap agreements | 1,151,000 | ||
Loss on extinguishment of debt | (411,000) | ||
Interest and other income | 516,000 | 147,000 | 378,000 |
Provision for impairment of investment in and note receivable from unconsolidated entities | (15,405,000) | ||
Equity in earnings of unconsolidated entities | 21,000 | 252,000 | |
Net loss | $ (23,276,000) | $ (19,102,000) | $ (7,961,000) |
Net loss per common share, basic and diluted | $ (0.65) | $ (0.54) | $ (0.23) |
Weighted average number of common shares outstanding, basic and diluted | 35,589,729 | 35,571,249 | 34,963,827 |
Comprehensive loss: | |||
Net loss | $ (23,276,000) | $ (19,102,000) | $ (7,961,000) |
Unrealized gain on derivatives | 291,000 | 1,043,000 | 1,861,000 |
Reclassification adjustment for amounts included in net loss | (551,000) | 2,405,000 | 4,038,000 |
Comprehensive loss | (23,536,000) | (15,654,000) | (2,062,000) |
Rental Income [Member] | |||
Income: | |||
Total income | 99,637,000 | 99,413,000 | 93,719,000 |
Tenant Recovery Income [Member] | |||
Income: | |||
Total income | 28,641,000 | 29,270,000 | 26,723,000 |
Other Property Income [Member] | |||
Income: | |||
Total income | $ 423,000 | $ 474,000 | $ 1,056,000 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Distributions and Net Loss [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2015 | $ 690,844 | $ 34 | $ 774,411 | $ (80,007) | $ (3,594) |
Balance, shares at Dec. 31, 2015 | 34,491,607 | ||||
Distributions declared | (52,449) | (52,449) | |||
Proceeds from distribution reinvestment plan | 27,831 | $ 1 | 27,830 | ||
Proceeds from distribution reinvestment plan, shares | 1,213,419 | ||||
Shares repurchased | (9,724) | (9,724) | |||
Shares repurchased, shares | (442,743) | ||||
Unrealized gain on derivatives | 1,861 | 1,861 | |||
Reclassification adjustment for amounts included in net gain (loss) | 4,038 | 4,038 | |||
Equity based compensation | 14 | 14 | |||
Net loss | (7,961) | (7,961) | |||
Balance at Dec. 31, 2016 | 654,454 | $ 35 | 792,531 | (140,417) | 2,305 |
Balance, shares at Dec. 31, 2016 | 35,262,283 | ||||
Distributions declared | (53,364) | (53,364) | |||
Proceeds from distribution reinvestment plan | 27,069 | $ 1 | 27,068 | ||
Proceeds from distribution reinvestment plan, shares | 1,197,415 | ||||
Shares repurchased | (21,066) | $ (1) | (21,065) | ||
Shares repurchased, shares | (961,698) | ||||
Unrealized gain on derivatives | 1,043 | 1,043 | |||
Reclassification adjustment for amounts included in net gain (loss) | 2,405 | 2,405 | |||
Equity based compensation | 33 | 33 | |||
Equity based compensation, shares | 444 | ||||
Net loss | (19,102) | (19,102) | |||
Balance at Dec. 31, 2017 | $ 591,472 | $ 35 | 798,567 | (212,883) | 5,753 |
Balance, shares at Dec. 31, 2017 | 35,498,444 | 35,498,444 | |||
Distributions declared | $ (47,700) | (47,700) | |||
Proceeds from distribution reinvestment plan | 19,339 | $ 1 | 19,338 | ||
Proceeds from distribution reinvestment plan, shares | 864,039 | ||||
Shares repurchased | (22,545) | $ (1) | (22,544) | ||
Shares repurchased, shares | (1,020,223) | ||||
Unrealized gain on derivatives | 291 | 291 | |||
Reclassification adjustment for amounts included in net gain (loss) | (551) | (551) | |||
Equity based compensation | 48 | 48 | |||
Equity based compensation, shares | 996 | ||||
Net loss | (23,276) | (23,276) | |||
Balance at Dec. 31, 2018 | $ 517,078 | $ 35 | $ 795,409 | $ (283,859) | $ 5,493 |
Balance, shares at Dec. 31, 2018 | 35,343,256 | 35,343,256 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (23,276) | $ (19,102) | $ (7,961) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 57,835 | 61,804 | 59,860 |
Provision for asset impairment | 8,530 | ||
Provision for impairment of investment in and note receivable from unconsolidated entities | 15,405 | ||
Amortization of debt issuance costs and mortgage premiums, net | 596 | 397 | 359 |
Loss on extinguishment of debt | 411 | ||
Amortization of acquired market leases, net | (917) | (1,415) | (812) |
Amortization of equity based compensation | 48 | 33 | 14 |
Straight-line income, net | (1,180) | (1,678) | (2,164) |
Equity in (earnings) loss of unconsolidated entity | (21) | (252) | |
Distributions from unconsolidated entity | 146 | 126 | |
Payment of leasing fees | (1,707) | (823) | (413) |
Adjustment of contingent earnout liability | (853) | 575 | (3,709) |
Gain on early termination of interest rate swap agreements | (1,151) | ||
Other non-cash adjustments | 149 | (40) | (244) |
Changes in assets and liabilities: | |||
Accounts payable and accrued expenses | (1,848) | 3,249 | (1,324) |
Accounts and rent receivable | 906 | (1,020) | (1,386) |
Due to related parties | (19) | (150) | (5,891) |
Other liabilities | 499 | (118) | (197) |
Other assets | 153 | 504 | 197 |
Net cash flows provided by operating activities | 45,051 | 50,871 | 36,203 |
Cash flows from investing activities: | |||
Purchase of investment properties | (69,953) | (79,034) | |
Capital expenditures | (10,087) | (6,209) | (9,320) |
Investment in unconsolidated joint ventures | (2,736) | (6,917) | |
Other assets and other liabilities | (5,800) | (203) | (1,637) |
Net cash flows used in investing activities | (18,623) | (83,282) | (89,991) |
Cash flows from financing activities: | |||
Payment of offering costs | (199) | ||
Payment of credit facility | (56,278) | (43,000) | (141,000) |
Proceeds from credit facility | 257,000 | 95,800 | 72,000 |
Proceeds from mortgages payable | 39,179 | 150,335 | |
Payment of mortgages payable | (184,947) | (6,494) | (58,494) |
Proceeds from the distribution reinvestment plan | 19,339 | 27,069 | 27,831 |
Shares repurchased | (19,612) | (19,984) | (8,754) |
Distributions paid | (40,313) | (53,315) | (52,358) |
Early termination of interest rate swap agreements | 1,192 | ||
Payment of deferred investment property acquisition obligation | (1,050) | (6,415) | (8,838) |
Payment of debt issuance costs | (2,363) | (442) | (1,674) |
Net cash flows (used in) provided by financing activities | (27,032) | 32,398 | (21,151) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (604) | (13) | (74,939) |
Cash, cash equivalents and restricted cash, at beginning of the year | 16,844 | 16,857 | 91,796 |
Cash, cash equivalents and restricted cash, at end of the year | 16,240 | 16,844 | 16,857 |
Supplemental disclosure of cash flow information: | |||
Land | 17,513 | 15,128 | |
Building and improvements | 41,793 | 53,849 | |
Acquired in-place lease intangibles | 6,740 | 12,768 | |
Acquired above market lease intangibles | 8,645 | 1,080 | |
Acquired below market lease intangibles | (4,589) | (3,432) | |
Assumed liabilities, net | (149) | (359) | |
Purchase of investment properties | 69,953 | 79,034 | |
Cash paid for interest, net of amounts capitalized | 26,874 | 24,206 | 21,087 |
Supplemental schedule of non-cash investing and financing activities: | |||
Accrued SRP | 5,463 | 2,530 | 1,448 |
Distributions payable | $ 11,924 | $ 4,537 | $ 4,488 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Inland Real Estate Income Trust, Inc. (the “Company”) was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States. The Company has primarily focused on acquiring retail properties and intends to target a portfolio of 100% grocery-anchored properties The Company entered into a Business Management Agreement with IREIT Business Manager & Advisor, Inc. (the “Business Manager”), an indirect wholly owned subsidiary of Inland Real Estate Investment Corporation (the “Sponsor”), to be the Business Manager to the Company. At December 31, 2018, the Company owned 59 retail properties, totaling 6,870,124 square feet. The properties are located in 24 states. At December 31, 2018, the portfolio had a weighted average physical occupancy of 94.1% and economic occupancy of 94.7%. On January 16, 2018, the Company effected a 1-for-2.5 reverse stock split of its issued and outstanding common stock whereby every 2.5 shares of issued and outstanding common stock were converted into one share of its common stock (the “Reverse Stock Split”). In accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), all share information presented has been retroactively adjusted to reflect the Reverse Stock Split. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General The consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. Information with respect to square footage and occupancy is unaudited. Consolidation The consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries. Wholly owned subsidiaries generally consist of limited liability companies (“LLCs”). All intercompany balances and transactions have been eliminated in consolidation. Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities. The fiscal year-end of the Company is December 31. Partially-Owned Entities The Company will consolidate the operations of a joint venture if the Company determines that it is either the primary beneficiary of a variable interest entity (VIE) or has substantial influence and control of the entity. In instances where the Company determines that it is not the primary beneficiary of a VIE or the Company does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Company will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Company’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Company’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. Acquisitions Upon acquisition of real estate investment properties, the Company allocates the total purchase price of each property that is accounted for as an asset acquisition based on the relative fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. The acquisition date is the date on which the Company obtains control of the real estate investment property and transaction costs are capitalized. Assets and liabilities acquired typically include land, building and site improvements and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases. The portion of the purchase price allocated to above market lease values are included in acquired lease intangible assets, net and is amortized on a straight-line basis over the term of the related lease as a reduction to rental income. The portion allocated to below market lease values are included in acquired intangible liabilities, net and is amortized as an increase to rental income over the term of the lease including any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in-place lease value is included in acquired lease intangible assets, net and is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. The Company determines the fair value of the tangible assets consisting of land and buildings by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. The Company determines the fair value of assumed debt by calculating the net present value of the mortgage payments using interest rates for debt with similar terms and maturities. Differences between the fair value and the stated value is recorded as a discount or premium and amortized over the remaining term using the effective interest method. Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase price unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The Company’s policy is to record earnout components when estimable and probable. At December 31, 2018, there is no earnout liability outstanding. In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance that clarified the definition of a business and assists in the evaluation of whether a transaction should be accounted for as an acquisition of an asset or a business combination. The Company early adopted the new guidance and modified its accounting policy effective October 1, 2016. Prior to October 1, 2016, the Company expensed all acquisition expenses as incurred whether or not the acquisition was completed, and assets acquired and liabilities assumed were measured at their fair values rather than at their relative fair values as described above. Additionally, earnouts were recorded as additional purchase price of the related property and as a liability included in deferred investment property acquisition obligations on the consolidated balance sheets. The amount recorded was based on the Company’s best estimate of the potential future earnout payments at the date of an acquisition. The Company recorded the effect of changes in the underlying liability assumptions in acquisition related costs on the consolidated statements of operations and comprehensive loss. Impairment of Investment Properties and Equity Method Investments The Company assesses the carrying values of its respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs). The Company estimates the future undiscounted cash flows based on management’s intent as follows: (i) for real estate properties that the Company intends to hold long-term, including land held for development, properties currently under development and operating buildings, recoverability is assessed based on the estimated future net rental income from operating the property and termination value; and (ii) for real estate properties that the Company intends to sell, including land parcels, properties currently under development and operating buildings, recoverability is assessed based on estimated net proceeds, including net rental income during the holding period, from disposition that are estimated based on future net rental income of the property and utilizing expected market capitalization rates. The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of real estate properties. On a quarterly basis, management assesses whether there are any indicators that the carrying value of the Company’s investment in unconsolidated entities and notes receivable may be other than temporarily impaired as a loss in value that is other than a temporary decline is required to be recognized. Indicators include significant delays in construction, significant costs over budget and financial concerns. To the extent indicators suggest that a loss in value may have occurred, the Company will evaluate both quantitative and qualitative factors to determine if the loss in value is other than temporary. If a potential loss in value is determined to be other than temporary, the Company will recognize an impairment loss based on the estimated fair value of the investment. During the year ended December 31, 2018, the Company recorded an impairment charge of $9,865 related to its investment in Mainstreet Texas Development Fund, LLC, a joint venture formed to develop three transitional care/rapid recovery centers (“Mainstreet JV”). The Company has determined that, as of December 31, 2018, collection of its note receivable from Mainstreet JV is improbable and therefore, recorded an impairment charge of $5,540 to reduce the note receivable balance to zero. Both impairment charges related to Mainstreet JV are included in provision for impairment of investment in and note receivable from unconsolidated entities on the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2017, the Company recorded an impairment charge of $8,530 which is included in provision for asset impairment on the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2016 t no REIT Status The Company elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2013. Commencing with such taxable year, the Company was organized and began operating in such a manner as to qualify for taxation as a REIT under the Internal Revenue Code and believes it has so qualified. As a result, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments and excluding any net capital gain) to its stockholders. The Company will monitor the business and transactions that may potentially impact its REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes. The earnings of any taxable REIT subsidiaries will generally be subject to U.S. Federal corporate income tax. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short-term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Valuation of Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant, which taken as a whole determines the valuation. Allowances are taken for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line income receivables. Capitalization and Depreciation Real estate properties are recorded at cost less accumulated depreciation. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred. Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. Depreciation expense is computed using the straight-line method. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 5-15 years Tenant improvements Shorter of the life of the asset or the term of the related lease Leasing fees Term of the related lease Depreciation expense was $38,040, $39,497 and $35,086 for the years ended December 31, 2018, 2017 and 2016, respectively. Amortization of leasing fees were $360, $168, and $68 for the years ended December 31, 2018, 2017 and 2016, respectively. Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreements as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages and credit facility payable. Fair Value Measurements The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company’s cash equivalents, accounts receivable and payables and accrued expenses all approximate fair value due to the short term nature of these financial instruments. The Company’s financial instruments measured on a recurring basis include derivative interest rate instruments. Derivatives The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of, or controls the physical use of, the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduce revenue recognized over the term of the lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rent receivable in the consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and will decrease in the later years of a lease. Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement. The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and amounts due are considered collectible. Upon early lease termination, the Company provides for gains or losses related to unrecovered intangibles and other assets. As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved. Equity-Based Compensation The Company has restricted shares and units outstanding at December 31, 2018 and 2017. The Company recognizes expense related to the fair value of equity-based compensation awards as general and administrative expense in the consolidated statements of operations and comprehensive loss. The Company primarily recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period. See Note 8 - "Equity-Based Compensation" for further information. Recently Adopted Accounting Pronouncements In November 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, requires that amounts described as restricted cash and restricted cash equivalents be included in beginning and ending-of-period reconciliation of cash shown on the statement of cash flows. Amounts included in restricted cash represent those required to be set aside by lenders for real estate taxes, insurance, capital expenditures and tenant improvements on our existing properties. These amounts also include post close escrows for tenant improvements, leasing commissions, master lease, general repairs and maintenance, and are classified as restricted cash on the Company’s consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown in the Company’s consolidated statements of cash flows: December 31, 2018 2018 2017 Cash and cash equivalents $ 15,239 $ 11,904 Restricted cash 1,001 4,940 Total cash, cash equivalents, and restricted cash $ 16,240 $ 16,844 On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company selected the modified retrospective transition method which would include a cumulative effect of applying the standard on January 1, 2018. As the Company reviewed its revenue streams and concluded its previous recognition of revenue was in compliance with the new standard, no cumulative effect adjustment was required. Common area maintenance reimbursements that may be impacted will not be addressed until the Company's adoption of ASU No. 2016-02, Leases (Topic 842) considering its revisions to accounting for common area maintenance. Concurrently with the adoption of ASC 606, the Company adopted ASC 610-20, Other Income: Gains and Losses from the De-recognition of Non-financial Assets ("ASC 610-20") using the modified retrospective approach. ASC 610-20 applies to the sale, transfer and derecognition of nonfinancial assets and in substance nonfinancial assets to non-customers, including partial sales, and eliminates the guidance specific to real estate in ASC 360-20. Beginning January 1, 2018, gains on sales of properties, including partial sales, of non-financial assets (and in-substance non-financial assets) to non-customer are recognized in accordance with ASC 610-20, while the sale of non-financial assets with customers are governed by ASC 606. The only difference in the treatment of sales to customers and non-customers is the presentation in the Consolidated Statements of Operations (revenue and expense is reported when the sale is to a customer and net gain or loss is reported when the sale is to a non-customer). Based on the nature of the Company’s business, any property sales are expected to be transactions with non-customers. With respect to full disposals, the recognition will generally be consistent with the Company’s current measurement and pattern of recognition. Any sales of non-financial assets would represent only one performance obligation and would be recognized when an enforceable contract is in place, collectability is ensured, and control is transferred to the buyer. With respect to partial sales of real estate to joint ventures, the new guidance requires the Company to recognize a full gain or loss where an equity investment is retained, to the extent control is not retained. Any noncontrolling interest retained by the Company would, accordingly, be measured at fair value. We have not disposed of any property or land, and therefore, the adoption of ASC 610-20 has not had an impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The issues addressed in the new guidance include the cash flow classification of: debt prepayment and debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, distributions received from equity method investments, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. The standard was effective for fiscal years beginning after December 15, 2017, for public companies. The Company adopted the new accounting standard on January 1, 2018 by making a policy election to classify distributions received from an equity method investee as operating cash inflows up to its cumulative equity in earnings and any excess as investing inflows. Recently Issued Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). On July 30, 2018 the FASB issued ASU No. 2018-11, Targeted Improvements, Leases (Topic 842) ASU No. 2018-11 also provides companies with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company expects to adopt the ASU No. 2016-02 on its effective date without restating comparative periods and For lessees, ASU No. 2016-02 establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The Company is the lessee under a ground lease, for which it expects to recognize an ROU asset of approximately $15 to $17 million and a related lease liability of approximately $22 to $25 million on January 1, 2019 on its consolidated balance sheet upon adoption. Such amounts are subject to change and will be finalized on the Company’s consolidated financial statements for the three months ended March 31, 2019. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | NOTE 3 – EQUITY The Company commenced an initial public “best efforts” offering (the “Offering”) on October 18, 2012, which concluded on October 16, 2015. The Company sold 33,534,022 shares of common stock generating gross proceeds of $834,399 from the Offering. On March 5, 2019, the Company’s board of directors determined an estimated per share net asset value (the “Estimated Per Share NAV”) of the Company’s common stock as of December 31, 2018. The previously estimated per share NAV of the Company’s common stock as of December 31, 2017 was established on March 20, 2018. The Company provides the following programs to facilitate additional investment in the Company’s shares and to provide limited liquidity for stockholders. Distribution Reinvestment Plan On October 19, 2015, the Company registered 25,000,000 shares of common stock to be issued under its distribution reinvestment plan (“DRP”) pursuant to a registration statement on Form S-3D. The Company provides stockholders with the option to purchase additional shares from the Company by automatically reinvesting cash distributions through the DRP, subject to certain share ownership restrictions. The Company does not pay any selling commissions or a marketing contribution and due diligence expense allowance in connection with the DRP. Pursuant to the DRP, the price per share for shares of common stock purchased under the DRP is equal to the estimated value of a share, as determined by the Company’s board of directors and reported by the Company from time to time, until the shares become listed for trading, if a listing occurs, assuming that the DRP has not been terminated or suspended in connection with such listing. Distributions reinvested through the DRP were $19,339, $27,069 and $27,831 for the years ended December 31, 2018, 2017 and 2016, respectively. Share Repurchase Program The Company adopted a share repurchase program (as amended, “SRP”) effective October 18, 2012, under which the Company is authorized to purchase shares from stockholders who purchased their shares from the Company or received their shares through a non-cash transfer and who have held their shares for at least one year, if requested, if the Company chooses to purchase them. In the case of repurchases made upon the death of a stockholder or qualifying disability, as defined in the SRP, the one year holding period does not apply. The SRP was amended and restated effective January 1, 2018 to change the processing of repurchase requests from a monthly to a quarterly basis to align with the move to quarterly distributions. On February 11, 2019, the Company’s board of directors adopted a second amended and restated SRP (the “A&R SRP”), which will become effective on March 21, 2019. Under the A&R SRP, the Company is authorized to make ordinary repurchase at a price equal to 80.0% of the “share price,” which is defined in the A&R SRP as an amount equal to the lesser of: (A) $25, as adjusted under certain circumstances, including, among other things, if the applicable shares were purchased from the Company at a discounted price; or (B) the most recently disclosed estimated value per share. Prior to the amendment, the Company was authorized to make ordinary repurchases at a price ranging from 92.5% to 100% of the “share price.” The Company may repurchase shares upon a stockholder’s death or qualifying disability at a price equal to 100% of the “share price.” The A&R SRP provides the Company’s board of directors with the discretion to reduce the funding limit for share repurchases. Prior to the amendment, the funding for ordinary repurchases was limited to the proceeds from the DRP during a particular quarter. The A&R SRP limits the dollar amount for any repurchases made by the Company each calendar quarter to an amount equal to a percentage determined in the sole discretion of the board on a quarterly basis that will not be less than 50% of the net proceeds from the DRP during the applicable quarter. The Company continues to limit the number of shares repurchased during any calendar year to 5% of the number of shares outstanding on December 31st of the previous calendar year, as adjusted for the Reverse Stock Split. If either or both of the repurchase limitations prevent the Company from repurchasing all of the shares offered for repurchase during a calendar quarter, the Company will repurchase shares, on a pro rata basis within each category below, in accordance with the repurchase limitations in the following order: (a) first, all repurchases sought upon a stockholder’s death or qualifying disability and (b) second, all ordinary repurchases. Shares not repurchased due to the pro rata impact will be included in the list of requests in the immediately following calendar quarter, unless the request is withdrawn. The A&R SRP provides that a requesting party must own shares of at least $500 after giving effect to any repurchase by the Company. If a requesting party would fail to maintain this minimum balance after giving effect to any repurchase, the Company may, in its discretion, repurchase the remaining balance of shares which is less than $500, subject to the 5% share limit described above The SRP will immediately terminate if the Company’s shares become listed for trading on a national securities exchange Repurchases through the SRP were $22,545, $21,066 and $9,724 for the years ended December 31, 2018, 2017 and 2016, respectively. At December 31, 2018 and 2017, the liability related to the SRP was $5,463 and $2,530, respectively, recorded in other liabilities on the Company’s consolidated balance sheets. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 4 – ACQUISITIONS 2018 Acquisitions During the year ended December 31, 2018, the Company did not acquire any additional properties. 2017 Acquisitions During the year ended December 31, 2017 Date Acquired Property Name Location Property Type Square Footage Purchase Price (a) 1st Quarter 1/27/2017 Wilson Marketplace (b) Wilson, NC Multi-Tenant Retail 311,030 $ 40,783 2nd Quarter 4/3/2017 Pentucket Shopping Center (b) Plaistow, NH Multi-Tenant Retail 198,469 24,100 3rd Quarter 7/14/2017 Coastal North Town Center - Phase II Myrtle Beach, SC Retail 6,588 3,716 516,087 $ 68,599 (a) Contractual purchase price excluding closing credits. (b) Subsequent to the acquisition date, first mortgages were placed on the properties. The above acquisitions were accounted for as asset acquisitions. For the year ended December 31, 2017, the Company incurred $2,213 of total acquisition costs and fees, $1,459 of which are capitalized as the acquisition of net investment properties in the consolidated balance sheets. An adjustment to the deferred investment property acquisition obligation of $574 and $180 of acquisition and dead deal costs are included in acquisition related costs in the consolidated statements of operations and comprehensive loss. For properties acquired during the year ended December 31, 2017, the Company recorded total income of $5,202 and property net income of $325, which excludes expensed acquisition related costs. The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2017. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: For the Year Ended December 31, 2017 Land $ 17,513 Building and improvements 41,793 Acquired lease intangible assets, net 15,385 Acquired intangible liabilities, net (4,589 ) Assumed liabilities, net (149 ) Total $ 69,953 |
Investment in and Notes Receiva
Investment in and Notes Receivable from Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2018 | |
Investment In And Notes Receivable From Unconsolidated Entities [Abstract] | |
Investment in and Notes Receivable from Unconsolidated Entities | NOTE 5 – INVESTMENT IN AND NOTES RECEIVABLE FROM UNCONSOLIDATED ENTITIES In August 2017, the Company, through a wholly owned taxable REIT subsidiary, made an equity commitment to Mainstreet JV to develop, construct, lease, finance and sell parcels of land and related building improvements including personal property which were to be operated as rapid recovery healthcare facilities located in Beaumont, Amarillo and Temple, Texas. As of December 31, 2017, the equity investment in Mainstreet JV was $7,125. In conjunction with its equity investment in Mainstreet JV, the Company also agreed to provide subsidiaries of Mainstreet JV mezzanine loans in the aggregate amount of $5,400. The loan term was for 48 months with the Company earning interest at a rate of 14.5% per annum and receiving monthly interest payments based on a 10.5% pay rate. The remaining unpaid interest was to be due at maturity or upon certain defined events. The mezzanine loans were guaranteed by one of the other members of the joint venture. The borrowers could draw on the mezzanine loans as needed in connection with the construction of the rapid recovery healthcare facilities, however, did not draw on the mezzanine loans until the Company had fully funded its equity commitment to Mainstreet JV. As of December 31, 2017, the Company had not loaned any funds related to the mezzanine loans. During 2018, the Company funded its remaining equity commitment to Mainstreet JV, as well as the full $5,400 of mezzanine loans. Subsequently, during 2018, the Company identified several indicators that suggested it was probable that the Company would not recover its equity investment in or the mezzanine loans advanced to Mainstreet JV. Such indicators included construction overruns, loss of a planned tenant and the related cost of re-leasing. Additionally, the construction mortgage lender to Mainstreet JV stopped funding the construction draws for two of the properties and began foreclosure proceedings. As the Company does not intend to fund any more investments in Mainstreet JV and it does not expect to recover any of its previous investments, the Company determined an impairment for both its investment in and notes receivable from Mainstreet JV is appropriate. During the year ended December 31, 2018, the Company recorded an impairment to its investment in Mainstreet JV of $9,865 and an impairment to its notes receivable from unconsolidated entities of $5,540, both included in provision for impairment of investment in and note receivable from unconsolidated entities on the consolidated statement of operations and comprehensive loss. Both amounts represent a full impairment of such investments. |
Acquired Intangible Assets and
Acquired Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets and Liabilities | NOTE 6 – ACQUIRED INTANGIBLE ASSETS AND LIABILITIES The following table summarizes the Company’s identified intangible assets and liabilities as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Intangible assets: Acquired in-place lease value $ 165,182 $ 165,182 Acquired above market lease value 45,824 45,824 Accumulated amortization (95,649 ) (72,348 ) Acquired lease intangibles, net $ 115,357 $ 138,658 Intangible liabilities: Acquired below market lease value $ 71,551 $ 71,551 Above market ground lease 5,169 5,169 Accumulated amortization (19,258 ) (14,450 ) Acquired below market lease intangibles, net $ 57,462 $ 62,270 As of December 31, 2018, the weighted average amortization periods for acquired in-place lease, above market lease intangibles, below market lease intangibles and above market ground lease are 10, 14, 19 and 55 years, respectively. The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value is amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below market lease values, the amortization period includes any renewal periods with fixed rate renewals. The acquired above market ground lease is amortized on a straight-line basis as an adjustment to property operating expense over the term of the lease and includes renewal periods. The portion of the purchase price allocated to acquired in-place lease value is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. Amortization pertaining to acquired in-place lease value, above market ground lease, above market lease value and below market lease value is summarized below: Amortization recorded as amortization expense: 2018 2017 2016 Acquired in-place lease value $ 19,410 $ 22,104 $ 24,174 Amortization recorded as a reduction to property operating expense: Above market ground lease $ 94 $ 94 $ 94 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (3,891 ) $ (4,379 ) $ (4,341 ) Acquired below market leases 4,714 5,700 5,059 Net rental income increase $ 823 $ 1,321 $ 718 Estimated amortization of the respective intangible lease assets and liabilities as of December 31, 2018 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases Above Market Ground Lease 2019 $ 16,882 $ 3,405 $ (4,297 ) $ (94 ) 2020 $ 13,884 $ 3,067 $ (4,078 ) $ (94 ) 2021 $ 11,427 $ 2,997 $ (3,896 ) $ (94 ) 2022 $ 8,781 $ 2,691 $ (3,637 ) $ (94 ) 2023 $ 7,514 $ 2,489 $ (3,348 ) $ (94 ) Thereafter $ 26,400 $ 15,820 $ (33,341 ) $ (4,395 ) Total $ 84,888 $ 30,469 $ (52,597 ) $ (4,865 ) |
Debt and Derivative Instruments
Debt and Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Derivative Instruments | NOTE 7 – DEBT AND DERIVATIVE INSTRUMENTS As of December 31, 2018 and 2017, the Company had the following mortgages and credit facility payable: December 31, 2018 December 31, 2017 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 171,646 4.25 % $ 171,851 4.25 % Variable rate mortgages payable with swap agreements 252,244 3.33 % 383,517 3.49 % Variable rate mortgages payable 684 3.95 % 54,153 3.26 % Mortgages payable $ 424,574 3.71 % $ 609,521 3.69 % Credit facility payable $ 284,523 4.22 % $ 83,800 3.21 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 709,097 3.91 % $ 693,321 3.63 % Add: Unamortized mortgage premiums 1,683 2,316 Less: Unamortized debt issuance costs (4,896 ) (4,172 ) Total debt $ 705,884 $ 691,465 The Company’s indebtedness bore interest at a weighted average interest rate of 3.91% per annum at December 31, 2018, which includes the effects of interest rate swaps. The Company estimates the fair value of its total debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by the Company’s lenders using Level 3 inputs. The carrying value of the Company’s debt excluding mortgage premium and unamortized debt issuance costs was $709,097 and $693,321 as of December 31, 2018 and 2017, respectively, and its estimated fair value was $709,737 and $684,621 as of December 31, 2018 and 2017, respectively. As of December 31, 2018, scheduled principal payments and maturities on the Company’s debt were as follows: December 31, 2018 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2019 $ 232 $ 7,447 $ — $ 7,679 2020 897 — — 897 2021 1,531 82,740 — 84,271 2022 615 101,537 134,523 236,675 2023 — 91,230 150,000 241,230 Thereafter 962 137,383 — 138,345 Total $ 4,237 $ 420,337 $ 284,523 $ 709,097 Credit Facility Payable On August 1, 2018, the Company amended and restated its Credit Facility to, among other things, increase the facility from $110,000 to $350,000 including a $200,000 revolving credit facility (the “Revolving Credit Facility”) and a $150,000 term loan (the “Term Loan”), with an accordion feature that allows for an increase in available borrowings up to $700,000, subject to certain conditions. At December 31, 2018, the Company had $134,523 outstanding under the Revolving Credit Facility and $150,000 outstanding under the Term Loan. At December 31, 2018 the interest rate on the Revolving Credit Facility and the Term Loan was 4.15% and 4.29%, respectively. The Revolving Credit Facility matures on August 1, 2022, and the Company has the option to extend the maturity date for one additional year subject to the payment of an extension fee and certain other conditions. The Term Loan matures on August 1, 2023. As of December 31, 2018 the Company had $65,477 available for borrowing under the Revolving Credit Facility. The Company’s performance of the obligations under the Credit Facility, including the payment of any outstanding indebtedness under the Credit Facility, is guaranteed by certain subsidiaries of the Company, including each of the subsidiaries of the Company which owns or leases any of the properties included in the pool of unencumbered properties comprising the borrowing base. Additional properties will be added to and removed from the pool from time to time to support amounts borrowed under the Credit Facility. At December 31, 2018, there were 28 properties included in the pool of unencumbered properties. During the year ended December 31, 2018, the Company paid-off twelve mortgage loans with a principal balance of $184,700 and ten interest rate swap agreements with a notional amount of $131,300. The Credit Facility requires compliance with certain covenants, including a minimum tangible net worth requirement, a distribution limitation, restrictions on indebtedness and investment restrictions, as defined. It also contains customary default provisions including the failure to comply with the Company's covenants and the failure to pay when amounts outstanding under the Credit Facility become due. The Company is in compliance with all financial covenants related to the Credit Facility. Gain on early termination of interest rate swap agreements During the year ended December 31, 2018, the Company recorded a net gain of $1,151 of which $1,192 was received in cash, related to the early termination of certain interest rate swap agreements that had corresponding early mortgage pay-offs. Loss on extinguishment of debt During the year ended December 31, 2018, the Company realized a loss on extinguishment of debt in the consolidated statements of operations and comprehensive loss of $411 due to the write-off of the unamortized balance of debt issuance costs associated with ten loans that were repaid prior to maturity. Mortgages Payable The mortgage loans require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of December 31, 2018, the Company was current on all of the payments and in compliance with all financial covenants. All of the Company’s mortgage loans are secured by first mortgages on the respective real estate assets. As of December 31, 2018, the weighted average years to maturity for the Company’s mortgages payable was 4.6 years. Interest Rate Swap Agreements The Company entered into interest rate swaps to fix certain of its floating LIBOR based debt under variable rate loans to a fixed rate to manage its risk exposure to interest rate fluctuations. The Company will generally match the maturity of the underlying variable rate debt with the maturity date on the interest swap. See Note 15 - "Fair Value Measurements" for further information. The following table summarizes the Company’s interest rate swap contracts outstanding as of December 31, 2018. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value December 2018 Assets February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 76 April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 1,057 September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 258 October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 304 December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 304 January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 831 June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 1,869 July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 2,336 June 5, 2017 May 31, 2017 May 15, 2022 1.90 % 14,700 251 $ 252,244 $ 7,286 Liabilities August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 60,000 (768 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (320 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (325 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 40,000 (513 ) $ 150,000 $ (1,926 ) (a) Receive floating rate index based upon one month LIBOR. At December 31, 2018, the one month LIBOR equaled 2.50%. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the unrealized gain or loss on the derivative is reported as a component of comprehensive income (loss). The ineffective portion of the change in fair value, if any, is recognized directly in earnings. The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2018, 2017 and 2016. Year Ended December 31, Derivatives in Cash Flow Hedging Relationships: 2018 2017 2016 Effective portion of derivatives $ 291 $ 1,043 $ 1,861 Reclassification adjustment for amounts included in net gain or loss (effective portion) $ (551 ) $ 2,405 $ 4,038 Ineffective portion of derivatives $ (176 ) $ 7 $ 233 The amount that is expected to be reclassified from accumulated other comprehensive income into income in the next twelve months is $1,989. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | NOTE 8 – EQUITY-BASED COMPENSATION Under the Company’s Employee and Director Restricted Share Plan (“RSP”), restricted shares and restricted share units generally vest over a one to three year vesting period from the date of the grant, subject to the specific terms of the grant. On June 12, 2018, we issued 1,677 restricted shares and 650 restricted share units to our independent directors pursuant to the automatic grant provisions of the RSP, which become vested in equal installments of 33-1/3% on each of the first three anniversaries of June 12, 2018, subject to certain exceptions. In accordance with the RSP, restricted shares and restricted share units were issued to non-employee directors as compensation. Each restricted share and restricted share unit entitle the holder to receive one common share when it vests. Restricted shares and restricted share units are included in common stock outstanding on the date of the vesting. The grant-date value of the restricted shares and restricted share units is amortized over the vesting period representing the requisite service period. Compensation expense associated with the restricted shares and restricted share units issued to the non-employee directors was $48 and $33, in the aggregate, for the year ended December 31, 2018 and 2017, respectively. As of December 31, 2018 and 2017, the Company had $48 and $44, respectively, of unrecognized compensation expense related to the unvested restricted shares and restricted share units, in the aggregate. The weighted average remaining period that compensation expense related to unvested restricted shares and restricted share units will be recognized is 1.5 years. A summary table of the status of the restricted shares and restricted share units is presented below: Restricted Shares Restricted Share Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at December 31, 2016 1,330 460 $ 40 $ 40 Granted 1,657 600 51 51 Vested (444 ) (156 ) (13 ) (13 ) Converted — — — — Forfeited — — — — Outstanding at December 31, 2017 2,543 904 78 78 Granted 1,677 650 52 52 Vested (996 ) (353 ) (30 ) (30 ) Converted — — — — Forfeited — — — — Outstanding at December 31, 2018 3,224 1,201 $ 100 $ 100 |
Income Tax and Distributions
Income Tax and Distributions | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax And Distributions [Abstract] | |
Income Tax and Distributions | NOTE 9 – INCOME TAX AND DISTRIBUTIONS In 2018, the Company paid pays quarterly distributions in an amount equal to $0.335 per share, which represents an annualized rate of 6% based on the previously estimated per share NAV as of December 31, 2017, payable in arrears the following quarter. The Company paid distributions based on daily record dates, payable in arrears the following month, equal to a daily amount of $0.00410959 per share, based upon a 365-day period for 2017. The Company paid distributions based on daily record dates, payable in arrears the following month, equal to a daily amount of $0.00409836 per share, based upon a 366-day period for 2016. The table below presents the distributions paid and declared for the years ended December 31, 2018, 2017 and 2016. December 31, 2018 2017 2016 Distributions paid $ 40,313 $ 53,315 $ 52,358 Distributions declared $ 47,700 $ 53,364 $ 52,449 For federal income tax purposes, distributions may consist of ordinary dividend income, qualified dividend income, non-taxable return of capital, capital gains or a combination thereof. Distributions to the extent of the Company’s current and accumulated earnings and profits for federal income tax purposes are taxable to the recipient as either ordinary dividend income or, if so declared by the Company, qualified dividend income or capital gain dividends. Distributions in excess of these earnings and profits (calculated for income tax purposes) constitute a non-taxable return of capital rather than ordinary dividend income or a capital gain dividend and reduce the recipient’s tax basis in the shares to the extent thereof. Distributions in excess of earnings and profits that reduce a recipient’s tax basis in the shares have the effect of deferring taxation of the amount of the distribution until the sale of the stockholder’s shares. If the recipient's tax basis is reduced to zero, distributions in excess of the aforementioned earnings and profits (calculated for income tax purposes) constitute taxable gain. In order to maintain the Company’s status as a REIT, the Company must annually distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to its stockholders. For the years ended December 31, 2018, 2017 and 2016, the Company’s taxable income was $9,073 (unaudited), $10,045 (unaudited) and $9,890 (unaudited), respectively The following table sets forth the taxability of distributions on common shares, on a per share basis, paid in 2018, 2017 and 2016 2018 2017 2016 Ordinary income $ 0.26 $ 0.29 $ 0.29 Capital gain $ 0.04 $ — $ — Nontaxable return of capital $ 1.04 $ 1.21 $ 1.18 As a result of the $15,405 impairment for the Mainstreet JV recorded on the Company’s consolidated statements of operations and comprehensive loss during the year ended December 31, 2018, the Company will likely recognize either a capital or net operating loss or a combination thereof, for income tax purposes, from this venture in the future. The Company’s investment in Mainstreet JV is held through a taxable REIT subsidiary. Based on an effective tax rate of 28.51%, which is calculated by combining a 21% Federal tax rate and an IL tax rate of 7.51% (9.5% state rate net of the Federal benefit), the deferred tax benefit related to the impairment is approximately $4,400. Since the taxable REIT subsidiary does not currently conduct any activities outside the investment in Mainstreet JV, management does not believe it is more likely than not that the taxable REIT subsidiary will be able to utilize these losses in future tax periods. As a result, management recorded a full valuation allowance of $4,400 to account for this uncertainty. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | NOTE 10 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“EPS”) are computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net income (loss) by the common shares plus common share equivalents. The Company excludes antidilutive restricted shares and units from the calculation of weighted-average shares for diluted EPS. As a result of a net loss for the year ended December 31, 2018 and 2017, 2,625 shares and 1,507 shares, respectively, were excluded from the computation of diluted EPS, because they would have been antidilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – COMMITMENTS AND CONTINGENCIES The acquisition of certain of the Company’s properties included an earnout component to the purchase price that was recorded as a deferred investment property acquisition obligation (“Earnout liability”). At December 31, 2018, there is no earnout liability outstanding. The table below presents the change in the Company’s Earnout liability for the years ended December 31, 2018 and 2017. December 31, 2018 2017 Earnout liability-beginning of period $ 1,050 $ 6,856 Increases: Additional earnout liability 816 — Amortization expense 24 35 Decreases: Earnout payments (1,865 ) (6,415 ) Other: Adjustments to acquisition related costs (25 ) 574 Earnout liability – end of period $ — $ 1,050 The Company may be subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these 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 adverse effect on the consolidated financial statements of the Company. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 12 – SEGMENT REPORTING The Company has one reportable segment, retail real estate, as defined by U.S. GAAP for the years ended December 31, 2018, 2017 and 2016. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | NOTE 13 – TRANSACTIONS WITH RELATED PARTIES The following table summarizes the Company’s related party transactions for the years ended December 31, . Year ended December 31, Unpaid amounts as of 2018 2017 2016 December 31, 2018 December 31, 2017 General and administrative reimbursements (a) $ 1,526 $ 1,608 $ 1,975 $ 216 $ 203 Acquisition related costs $ 8 $ 274 $ 409 $ — $ — Acquisition fees 28 1,266 1,327 — 51 Total acquisition costs and fees (b) $ 36 $ 1,540 $ 1,736 $ — $ 51 Real estate management fees $ 4,907 $ 4,800 $ 4,473 $ — $ — Property operating expenses $ 1,135 $ 1,114 $ 1,026 $ — $ — Construction management fees 220 113 121 6 35 Leasing fees 251 214 168 37 51 Total real estate management related costs (c) $ 6,513 $ 6,241 $ 5,788 $ 43 $ 86 Business management fees (d) $ 9,345 $ 9,196 $ 8,580 $ 2,345 $ 2,325 (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (b) Prior to February 11, 2019, the Company was required to pay the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The business management agreement was amended and restated to, among other things, remove the obligation to pay acquisition fees and disposition fees payable to the Business Manager by the Company with respect to transactions occurring on or after February 11, 2019. The Business Manager and its related parties continue to be reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, regardless of whether the Company acquires the real estate assets. Of the $36 related party acquisition costs and fees incurred during the year ended December 31, 2018, $12 are capitalized as the acquisition of net investment properties in the consolidated balance sheets. Of the $1,540 related party acquisition costs incurred during the year ended December 31, 2017, $1,260 are capitalized as the acquisition of net investment properties in the consolidated balance sheets, $134 are capitalized as investment in unconsolidated entities in the consolidated balance sheets, and $146 of such costs are included in acquisition related costs in the consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the consolidated balance sheets. Of the $1,736 related party acquisition costs incurred during the year ended December 31, 2016, $74 are capitalized as the acquisition of net investment properties in the consolidated balance sheets, and $1,662 of such costs are included in acquisition related costs in the consolidated statements of operations and comprehensive loss. (c) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”) (and its predecessor), the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive loss. (d) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets”. The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Operating Leases | NOTE 14 – OPERATING LEASES Minimum lease payments to be received under operating leases including ground leases, as of December 31, 2018 Minimum Payments 2019 $ 92,014 2020 $ 85,453 2021 $ 79,935 2022 $ 70,313 2023 $ 58,788 Thereafter $ 194,708 Total $ 581,211 The remaining lease terms range from less than one year to 19 years. Most of the revenue from the Company’s properties consists of rents received under long-term operating leases. Most leases require the tenant to pay fixed base rent paid monthly in advance, and to reimburse the Company for the tenant’s pro rata share of certain operating expenses including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees, and certain building repairs paid by the Company and recoverable under the terms of the lease. Under these leases, the Company pays all expenses and is reimbursed by the tenant for the tenant’s pro rata share of recoverable expenses paid. Certain other tenants are subject to net leases which provide that the tenant is responsible for fixed base rent as well as all costs and expenses associated with occupancy. Under net leases where all expenses are paid directly by the tenant rather than the landlord, such expenses are not included in the consolidated statements of operations and comprehensive loss. Under leases where all expenses are paid by the Company, subject to reimbursement by the tenant, the expenses are included within property operating expenses and reimbursements are included in tenant recovery income on the consolidated statements of operations and comprehensive loss. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 15 – FAIR VALUE MEASUREMENTS Fair Value Hierarchy The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company has estimated the fair value of its financial and non-financial instruments using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Recurring Fair Value Measurements For assets and liabilities measured at fair value on a recurring basis, the table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of December 31, 2018 and 2017, respectively. Fair Value Level 1 Level 2 Level 3 Total December 31, 2018 Interest rate swap agreements - Other assets $ — $ 7,286 $ — $ 7,286 Interest rate swap agreements - Other liabilities $ — $ 1,926 $ — $ 1,926 December 31, 2017 Interest rate swap agreements - Other assets $ — $ 6,136 $ — $ 6,136 Interest rate swap agreements - Other liabilities $ — $ 340 $ — $ 340 The fair value of derivative instruments was estimated based on data observed in the forward yield curve which is widely observed in the marketplace. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the counterparty's nonperformance risk in the fair value measurements which utilize Level 3 inputs, such as estimates of current credit spreads. The Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative interest rate swap agreements and therefore has classified these in Level 2 of the hierarchy. Non-recurring Fair Value Measurements The table below presents activity for the Company’s assets measured at fair value on a non-recurring basis. Fair Value Level 1 Level 2 Level 3 Total Total Impairment Loss December 31, 2017 Asset impairment $ — $ — $ 5,557 $ 5,557 $ 8,530 Total $ — $ — $ 5,557 $ 5,557 $ 8,530 As of December 31, 2017, the Company identified indicators of impairment at one of its investment properties. Such indicators included a low occupancy rate, difficulty in leasing space, declining market rents and the related cost of re-leasing. The fair value of this investment property was estimated using the 10-year discounted cash flow model, w hich includes estimated inflows and outflows over a specific holding period and estimated net disposition proceeds at the end of the 10-year period During the year ended December 31, 2016, no |
Quarterly Supplemental Financia
Quarterly Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes To Financial Statements [Abstract] | |
Quarterly Supplemental Financial Information | NOTE 16 – QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) The following represents the results of operations, for each quarterly period, during 2018 and 2017. 2018 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 31,893 $ 32,290 $ 31,870 $ 32,648 Net loss $ (13,071 ) $ (5,791 ) $ (2,174 ) $ (2,240 ) Net loss per common share, basic and diluted (1) $ (0.37 ) $ (0.16 ) $ (0.06 ) $ (0.06 ) Weighted average number of common shares outstanding, basic and diluted (1) 35,587,000 35,589,157 35,588,790 35,594,052 2017 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 32,529 $ 32,110 $ 32,911 $ 31,607 Net loss $ (10,811 ) $ (2,856 ) $ (3,631 ) $ (1,804 ) Net loss per common share, basic and diluted (1) $ (0.30 ) $ (0.08 ) $ (0.10 ) $ (0.05 ) Weighted average number of common shares outstanding, basic and diluted (1) 35,615,539 35,657,535 35,580,556 35,428,360 (1) Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17 – SUBSEQUENT EVENTS Announcement of the Company’s Strategic Plan On February 11, 2019, the Company’s board of directors approved a strategic plan (the “Strategic Plan”) with the goals of providing future liquidity to investors and creating long-term stockholder value. Key elements of the Strategic Plan include, among other things: • Asset Management Strategy. The Strategic Plan centers around owning a portfolio of 100% grocery-anchored properties with lower exposure to big box retailers. As part of this strategy, the Company’s management team and board will consider the opportunistic sale of certain assets with the goal of redeploying capital into the acquisition of strategically located grocery-anchored centers, as well as the redevelopment of select centers within the current portfolio. • Liquidity Plan. The Company plans to move toward a liquidity event in the next 24 to 36 months, or sooner, market conditions permitting, most likely through a listing on a public securities exchange. • Amend the Company’s Share Repurchase Program in connection with the Strategic Plan, the Board adopted the A&R SRP, which will become effective on March 21, 2019. For additional information regarding the A&R SRP, reference is made to Note 3 – “Equity” • Amend the Company’s Business Management Agreement. The Business Manager has agreed to eliminate all future acquisition and disposition fees. Announcement of the Company’s Estimated Per Share NAV On March 11, 2019, the Company announced that the Company’s board of directors unanimously approved: (i) an Estimated Per Share NAV as of December 31, 2018; (ii) the same per share purchase price for shares issued under the DRP beginning with the first quarter distribution payment to stockholders to be paid in April 2019 , and (iii) that, in accordance with the A&R SRP, which will be effective March 21, 2019, and until the Company announces a new Estimated Per Share NAV, any shares accepted for ordinary repurchases will be repurchased at 80% of the Estimated Per Share NAV and any shares accepted for “exceptional repurchases” will be repurchased at the Estimated Per Share NAV. Determination of Funding Limit for the A&R SRP On March 19, 2019, pursuant to the A&R SRP, the Company’s board of directors determined to reduce the funding limit for share repurchases in April 2019 to an amount equal to 50% of the net proceeds from the DRP during the first quarter of 2019. The Company continues to limit the number of shares repurchased during any calendar year to 5% of the number of shares outstanding on December 31st of the previous calendar year, as adjusted for the Reverse Stock Split. Declaration of Distributions On March 19, 2019, the Company’s board of directors declared the first quarter distribution in an amount equal to $0.30 per share payable to stockholders of record as of the close of business on March 31, 2019. The amount of distribution declared represents an annualized rate of 6% based on the Estimated Per Share NAV as of December 31, 2018. The first quarter distribution is expected to be paid on or before April 5, 2019. |
Schedule - Schedule III Real Es
Schedule - Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | Schedule III Real Estate and Accumulated Depreciation December 31, 2018 Dollar amounts in thousands) Initial Gross amount carried at end of period (B) Property Name Encum- brance Land Buildings and Improve- ments Cost Capita- lized Subse- quent to Acquisi- tions (C) Land(D) Buildings and Improve- ments (D) Total (D) Accumu- lated Deprecia- tion (E) Date Con- structed Date Acquired Depre- ciable Lives 2727 Iowa St $ — $ 2,154 $ 16,079 $ 215 $ 2,154 $ 16,294 $ 18,448 $ (2,096 ) 2014-2015 2015 15-30 Lawrence, KS Blossom Valley Plaza — 9,515 11,142 576 9,515 11,718 21,233 (1,431 ) 1988 2015 15-30 Turlock, CA Branson Hills Plaza — 3,787 6,039 174 3,787 6,213 10,000 (931 ) 2005 2014 15-30 Branson, MO Coastal North Town Center 43,680 13,725 49,673 (1,369 ) 13,725 48,304 62,029 (4,748 ) 2014 2016 15-30 Myrtle Beach, SC Coastal North Town Center - Phase II — 365 3,034 — 365 3,034 3,399 (163 ) 2016 2017 15-30 Myrtle Beach, SC Dixie Valley 6,798 2,807 9,053 949 2,807 10,002 12,809 (1,577 ) 1988 2014 15-30 Louisville, KY Dogwood Festival — 4,500 41,865 2,687 4,500 44,552 49,052 (7,308 ) 2002 2014 5-30 Flowood, MO Dollar General 558 159 857 — 159 857 1,016 (192 ) 2012 2012 15-30 Brooks, GA Dollar General 481 69 761 — 69 761 830 (170 ) 2012 2012 15-30 Daleville, AL Dollar General 520 148 780 — 148 780 928 (179 ) 2012 2012 15-30 East Brewton, AL Dollar General (Hamilton) 621 100 986 — 100 986 1,086 (220 ) 2012 2012 15-30 LaGrange, GA Dollar General (Wares Cross) 681 248 943 — 248 943 1,191 (211 ) 2012 2012 15-30 LaGrange, GA Dollar General 695 273 939 — 273 939 1,212 (216 ) 2012 2012 15-30 Madisonville, TN Dollar General 631 249 841 — 249 841 1,090 (188 ) 2012 2012 15-30 Maryville, TN Dollar General 601 208 836 — 208 836 1,044 (187 ) 2012 2012 15-30 Mobile, AL Dollar General 586 200 818 — 200 818 1,018 (178 ) 2012 2012 15-30 Newport, TN Dollar General 847 324 1,178 — 324 1,178 1,502 (270 ) 2012 2012 15-30 Robertsdale, AL Dollar General 531 119 805 — 119 805 924 (180 ) 2012 2012 15-30 Valley, AL Dollar General 692 272 939 — 272 939 1,211 (216 ) 2012 2012 15-30 Wetumpka, AL Eastside Junction 6,126 2,411 8,393 8 2,411 8,401 10,812 (1,221 ) 2008 2015 15-30 Athens, AL Fairgrounds Crossing 13,453 6,069 22,637 187 6,069 22,824 28,893 (3,081 ) 2008 2015 15-30 Hot Springs, AR Fox Point Plaza — 3,518 12,681 753 3,518 13,434 16,952 (2,220 ) 2008 2014 15-30 Neenah, WI Frisco Marketplace — 6,618 3,315 — 6,618 3,315 9,933 (571 ) 2002 2015 15-30 Frisco, TX Green Tree Shopping Center 13,100 7,218 17,846 456 7,218 18,302 25,520 (2,449 ) 1997 2015 5-30 Katy, TX Harris Plaza — 6,500 19,403 1,780 6,500 21,183 27,683 (3,969 ) 2001-2008 2014 15-30 Layton, UT Harvest Square 6,600 2,186 9,330 136 2,186 9,466 11,652 (1,495 ) 2008 2014 15-30 Harvest, AL Heritage Square 4,460 2,028 5,538 322 2,028 5,860 7,888 (889 ) 2010 2014 15-30 Conyers, AL Kroger - Copps Grocery Store (D) — 1,440 11,799 — 1,440 11,799 13,239 (1,738 ) 2012 2014 15-30 Stevens Point, WI Kroger - Pick n Save Center — 3,150 14,283 1,345 3,150 15,628 18,778 (2,308 ) 2011 2014 15-30 West Bend, WI Lakeside Crossing — 1,460 16,999 432 1,460 17,431 18,891 (2,890 ) 2013 2014 15-30 Lynchburg, VA Landing at Ocean Isle Beach — 3,053 7,081 105 3,053 7,186 10,239 (1,210 ) 2009 2014 15-30 Ocean Isle, NC Mansfield Pointe — 5,350 20,002 133 5,350 20,135 25,485 (3,555 ) 2008 2014 15-30 Mansfield, TX Marketplace at El Paseo 38,000 16,390 46,971 (627 ) 16,390 46,344 62,734 (5,343 ) 2014 2015 15-30 Fresno, CA Marketplace at Tech Center 47,550 10,684 68,580 (113 ) 10,684 68,467 79,151 (7,263 ) 2015 2015 15-30 Newport News, VA MidTowne Shopping Center — 8,810 29,699 565 8,810 30,264 39,074 (5,271 ) 2005/2008 2014 5-30 Little Rock, AR Milford Marketplace 18,727 — 35,867 824 — 36,691 36,691 (4,199 ) 2007 2015 15-30 Milford, CT Newington Fair — 7,833 8,329 331 7,833 8,660 16,493 (2,365 ) 1994/2009 2012 15-30 Newington, CT North Hills Square — 4,800 5,493 236 4,800 5,729 10,529 (1,006 ) 1997 2014 15-30 Coral Springs, FL Oquirrh Mountain Marketplace — 4,254 14,467 177 4,254 14,644 18,898 (1,608 ) 2014-2015 2015 15-30 Jordan, UT Oquirrh Mountain Marketplace Phase II — 1,403 3,727 (54 ) 1,403 3,673 5,076 (354 ) 2014-2015 2016 15-30 Jordan, UT Park Avenue Shopping Center — 5,500 16,365 2,947 5,500 19,312 24,812 (3,271 ) 2012 2014 15-30 Little Rock, AR Pentucket Shopping Center 14,700 5,993 11,251 30 5,993 11,281 17,274 (765 ) 1986 2017 15-30 Plaistow, NH Plaza at Prairie Ridge — 618 2,305 — 618 2,305 2,923 (316 ) 2008 2015 15-30 Pleasant Prairie, WI Prattville Town Center 15,930 5,336 27,672 91 5,336 27,763 33,099 (3,850 ) 2007 2015 15-30 Prattville, AL Regal Court 26,000 5,873 41,181 1,361 5,873 42,542 48,415 (5,777 ) 2008 2015 5-30 Shreveport, LA Settlers Ridge 76,533 25,961 98,157 238 25,961 98,395 124,356 (12,031 ) 2011 2015 15-30 Pittsburgh, PA Shoppes at Lake Park — 2,285 8,527 — 2,285 8,527 10,812 (1,214 ) 2008 2015 15-30 West Valley City. UT Shoppes at Market Pointe 13,700 12,499 8,388 783 12,499 9,171 21,670 (1,693 ) 2006-2007 2015 15-30 Papillion, NE Shoppes at Prairie Ridge — 7,521 22,468 351 7,521 22,819 30,340 (3,343 ) 2009 2014 15-30 Pleasant Prairie, WI The Shoppes at Branson Hills — 4,418 37,229 961 4,418 38,190 42,608 (5,476 ) 2005 2014 15-30 Branson, MO Shops at Hawk Ridge — 1,329 10,341 251 1,329 10,592 11,921 (1,505 ) 2009 2015 5-30 St. Louis, MO Treasure Valley — 3,133 12,000 — 3,133 12,000 15,133 (1,638 ) 2014 2015 15-30 Nampa, ID Village at Burlington Creek 17,723 10,789 19,385 793 10,789 20,178 30,967 (2,555 ) 2007 & 2015 2015 5-30 Kansas City, MO Walgreens Plaza 4,650 2,624 9,683 410 2,624 10,093 12,717 (1,403 ) 2011 2015 15-30 Jacksonville, NC Wedgewood Commons — 2,220 26,577 157 2,220 26,734 28,954 (4,692 ) 2009-2013 2013 5-30 Olive Branch, MS Whispering Ridge — 1,627 10,418 (4,144 ) 1,627 6,274 7,901 (156 ) 2007 2015 5-30 Omaha, NE White City 49,400 18,961 70,423 1,788 18,961 72,211 91,172 (9,589 ) 2013 2015 15-30 Shrewsbury, MA Wilson Marketplace — 11,155 27,498 1,020 11,155 28,518 39,673 (1,977 ) 2007 2017 15-30 Wilson, NC Yorkville Marketplace — 4,990 13,928 538 4,990 14,466 19,456 (2,217 ) 2002 & 2007 2015 15-30 Yorkville, IL Total: $ 424,574 $ 277,229 $ 1,003,804 $ 17,803 $ 277,229 $ 1,021,607 $ 1,298,836 $ (139,134 ) Notes: (A) The initial cost to the Company represents the original purchase price of the property including impairment charges recorded subsequent to acquisition to reduce basis. (B) The aggregate cost of real estate owned at December 31, 2018 for federal income tax purposes was $1,448,586. (C) As applicable, some amounts include write-offs (D) Reconciliation of real estate owned: 2018 2017 2016 Balance at January 1, $ 1,288,917 $ 1,233,231 $ 1,161,437 Acquisitions — 59,306 68,977 Improvements, net of master lease 9,919 5,594 2,817 Impairment of investment property — (9,214 ) — Balance at December 31, $ 1,298,836 $ 1,288,917 $ 1,233,231 (E) Balance at January 1, $ 101,094 $ 62,631 $ 27,545 Depreciation expense 38,040 39,497 35,086 Impairment of investment property — (1,034 ) — Balance at December 31, $ 139,134 $ 101,094 $ 62,631 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
General | General The consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. Information with respect to square footage and occupancy is unaudited. |
Consolidation | Consolidation The consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries. Wholly owned subsidiaries generally consist of limited liability companies (“LLCs”). All intercompany balances and transactions have been eliminated in consolidation. Each property is owned by a separate legal entity which maintains its own books and financial records and each entity’s assets are not available to satisfy the liabilities of other affiliated entities. The fiscal year-end of the Company is December 31. |
Partially-Owned Entities | Partially-Owned Entities The Company will consolidate the operations of a joint venture if the Company determines that it is either the primary beneficiary of a variable interest entity (VIE) or has substantial influence and control of the entity. In instances where the Company determines that it is not the primary beneficiary of a VIE or the Company does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Company will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Company’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Company’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. |
Acquisitions | Acquisitions Upon acquisition of real estate investment properties, the Company allocates the total purchase price of each property that is accounted for as an asset acquisition based on the relative fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. The acquisition date is the date on which the Company obtains control of the real estate investment property and transaction costs are capitalized. Assets and liabilities acquired typically include land, building and site improvements and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases. The portion of the purchase price allocated to above market lease values are included in acquired lease intangible assets, net and is amortized on a straight-line basis over the term of the related lease as a reduction to rental income. The portion allocated to below market lease values are included in acquired intangible liabilities, net and is amortized as an increase to rental income over the term of the lease including any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in-place lease value is included in acquired lease intangible assets, net and is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. The Company determines the fair value of the tangible assets consisting of land and buildings by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings. The Company determines the fair value of assumed debt by calculating the net present value of the mortgage payments using interest rates for debt with similar terms and maturities. Differences between the fair value and the stated value is recorded as a discount or premium and amortized over the remaining term using the effective interest method. Certain of the Company’s properties included earnout components to the purchase price, meaning the Company did not pay a portion of the purchase price of the property at closing, although the Company owns the entire property. The Company is not obligated to settle the contingent portion of the purchase price unless space which was vacant at the time of acquisition is later leased by the seller within the time limits and parameters set forth in the related acquisition agreements. The Company’s policy is to record earnout components when estimable and probable. At December 31, 2018, there is no earnout liability outstanding. In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance that clarified the definition of a business and assists in the evaluation of whether a transaction should be accounted for as an acquisition of an asset or a business combination. The Company early adopted the new guidance and modified its accounting policy effective October 1, 2016. Prior to October 1, 2016, the Company expensed all acquisition expenses as incurred whether or not the acquisition was completed, and assets acquired and liabilities assumed were measured at their fair values rather than at their relative fair values as described above. Additionally, earnouts were recorded as additional purchase price of the related property and as a liability included in deferred investment property acquisition obligations on the consolidated balance sheets. The amount recorded was based on the Company’s best estimate of the potential future earnout payments at the date of an acquisition. The Company recorded the effect of changes in the underlying liability assumptions in acquisition related costs on the consolidated statements of operations and comprehensive loss. |
Impairment of Investment Properties and Equity Method Investments | Impairment of Investment Properties and Equity Method Investments The Company assesses the carrying values of its respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of the assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review its assets for recoverability, the Company considers current market conditions, as well as its intent with respect to holding or disposing of the asset. If the Company’s analysis indicates that the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, the Company recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party appraisals, where considered necessary (Level 3 inputs). The Company estimates the future undiscounted cash flows based on management’s intent as follows: (i) for real estate properties that the Company intends to hold long-term, including land held for development, properties currently under development and operating buildings, recoverability is assessed based on the estimated future net rental income from operating the property and termination value; and (ii) for real estate properties that the Company intends to sell, including land parcels, properties currently under development and operating buildings, recoverability is assessed based on estimated net proceeds, including net rental income during the holding period, from disposition that are estimated based on future net rental income of the property and utilizing expected market capitalization rates. The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows, including comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions which impact the discounted cash flow approach to determining value are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analysis could impact these assumptions and result in future impairment charges of real estate properties. On a quarterly basis, management assesses whether there are any indicators that the carrying value of the Company’s investment in unconsolidated entities and notes receivable may be other than temporarily impaired as a loss in value that is other than a temporary decline is required to be recognized. Indicators include significant delays in construction, significant costs over budget and financial concerns. To the extent indicators suggest that a loss in value may have occurred, the Company will evaluate both quantitative and qualitative factors to determine if the loss in value is other than temporary. If a potential loss in value is determined to be other than temporary, the Company will recognize an impairment loss based on the estimated fair value of the investment. During the year ended December 31, 2018, the Company recorded an impairment charge of $9,865 related to its investment in Mainstreet Texas Development Fund, LLC, a joint venture formed to develop three transitional care/rapid recovery centers (“Mainstreet JV”). The Company has determined that, as of December 31, 2018, collection of its note receivable from Mainstreet JV is improbable and therefore, recorded an impairment charge of $5,540 to reduce the note receivable balance to zero. Both impairment charges related to Mainstreet JV are included in provision for impairment of investment in and note receivable from unconsolidated entities on the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2017, the Company recorded an impairment charge of $8,530 which is included in provision for asset impairment on the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2016 t no |
REIT Status | REIT Status The Company elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, for federal income tax purposes commencing with the tax year ended December 31, 2013. Commencing with such taxable year, the Company was organized and began operating in such a manner as to qualify for taxation as a REIT under the Internal Revenue Code and believes it has so qualified. As a result, the Company generally will not be subject to federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments and excluding any net capital gain) to its stockholders. The Company will monitor the business and transactions that may potentially impact its REIT status. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and federal income and excise taxes. The earnings of any taxable REIT subsidiaries will generally be subject to U.S. Federal corporate income tax. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short-term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The account balance may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. |
Valuation of Accounts and Rents Receivable | Valuation of Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant, which taken as a whole determines the valuation. Allowances are taken for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line income receivables. |
Capitalization and Depreciation | Capitalization and Depreciation Real estate properties are recorded at cost less accumulated depreciation. Improvement and betterment costs are capitalized, and ordinary repairs and maintenance are expensed as incurred. Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. Depreciation expense is computed using the straight-line method. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 5-15 years Tenant improvements Shorter of the life of the asset or the term of the related lease Leasing fees Term of the related lease Depreciation expense was $38,040, $39,497 and $35,086 for the years ended December 31, 2018, 2017 and 2016, respectively. Amortization of leasing fees were $360, $168, and $68 for the years ended December 31, 2018, 2017 and 2016, respectively. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term, or anticipated repayment date, of the related agreements as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages and credit facility payable. |
Fair Value Measurements | Fair Value Measurements The Company has estimated fair value using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company’s cash equivalents, accounts receivable and payables and accrued expenses all approximate fair value due to the short term nature of these financial instruments. The Company’s financial instruments measured on a recurring basis include derivative interest rate instruments. |
Derivatives | Derivatives The Company uses derivative instruments, such as interest rate swaps, primarily to manage exposure to interest rate risks inherent in variable rate debt. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging. |
Revenue Recognition | Revenue Recognition The Company commences revenue recognition on its leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of, or controls the physical use of, the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If the Company is the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. If the Company concludes it is not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded by the Company under the lease are treated as lease incentives which reduce revenue recognized over the term of the lease. In these circumstances, the Company begins revenue recognition when the lessee takes possession of the unimproved space for the lessee to construct their own improvements. The Company considers a number of different factors to evaluate whether it or the lessee is the owner of the tenant improvements for accounting purposes. Rental income is recognized on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts and rent receivable in the consolidated balance sheets. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and will decrease in the later years of a lease. Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period the applicable expenses are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement. The Company records lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, the tenant is no longer occupying the property and amounts due are considered collectible. Upon early lease termination, the Company provides for gains or losses related to unrecovered intangibles and other assets. As a lessor, the Company defers the recognition of contingent rental income, such as percentage rent, until the specified target that triggered the contingent rental income is achieved. |
Equity-Based Compensation | Equity-Based Compensation The Company has restricted shares and units outstanding at December 31, 2018 and 2017. The Company recognizes expense related to the fair value of equity-based compensation awards as general and administrative expense in the consolidated statements of operations and comprehensive loss. The Company primarily recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period. See Note 8 - "Equity-Based Compensation" for further information. |
Recently Adopted Accounting and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In November 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, requires that amounts described as restricted cash and restricted cash equivalents be included in beginning and ending-of-period reconciliation of cash shown on the statement of cash flows. Amounts included in restricted cash represent those required to be set aside by lenders for real estate taxes, insurance, capital expenditures and tenant improvements on our existing properties. These amounts also include post close escrows for tenant improvements, leasing commissions, master lease, general repairs and maintenance, and are classified as restricted cash on the Company’s consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown in the Company’s consolidated statements of cash flows: December 31, 2018 2018 2017 Cash and cash equivalents $ 15,239 $ 11,904 Restricted cash 1,001 4,940 Total cash, cash equivalents, and restricted cash $ 16,240 $ 16,844 On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company selected the modified retrospective transition method which would include a cumulative effect of applying the standard on January 1, 2018. As the Company reviewed its revenue streams and concluded its previous recognition of revenue was in compliance with the new standard, no cumulative effect adjustment was required. Common area maintenance reimbursements that may be impacted will not be addressed until the Company's adoption of ASU No. 2016-02, Leases (Topic 842) considering its revisions to accounting for common area maintenance. Concurrently with the adoption of ASC 606, the Company adopted ASC 610-20, Other Income: Gains and Losses from the De-recognition of Non-financial Assets ("ASC 610-20") using the modified retrospective approach. ASC 610-20 applies to the sale, transfer and derecognition of nonfinancial assets and in substance nonfinancial assets to non-customers, including partial sales, and eliminates the guidance specific to real estate in ASC 360-20. Beginning January 1, 2018, gains on sales of properties, including partial sales, of non-financial assets (and in-substance non-financial assets) to non-customer are recognized in accordance with ASC 610-20, while the sale of non-financial assets with customers are governed by ASC 606. The only difference in the treatment of sales to customers and non-customers is the presentation in the Consolidated Statements of Operations (revenue and expense is reported when the sale is to a customer and net gain or loss is reported when the sale is to a non-customer). Based on the nature of the Company’s business, any property sales are expected to be transactions with non-customers. With respect to full disposals, the recognition will generally be consistent with the Company’s current measurement and pattern of recognition. Any sales of non-financial assets would represent only one performance obligation and would be recognized when an enforceable contract is in place, collectability is ensured, and control is transferred to the buyer. With respect to partial sales of real estate to joint ventures, the new guidance requires the Company to recognize a full gain or loss where an equity investment is retained, to the extent control is not retained. Any noncontrolling interest retained by the Company would, accordingly, be measured at fair value. We have not disposed of any property or land, and therefore, the adoption of ASC 610-20 has not had an impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The issues addressed in the new guidance include the cash flow classification of: debt prepayment and debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, distributions received from equity method investments, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. The standard was effective for fiscal years beginning after December 15, 2017, for public companies. The Company adopted the new accounting standard on January 1, 2018 by making a policy election to classify distributions received from an equity method investee as operating cash inflows up to its cumulative equity in earnings and any excess as investing inflows. Recently Issued Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). On July 30, 2018 the FASB issued ASU No. 2018-11, Targeted Improvements, Leases (Topic 842) ASU No. 2018-11 also provides companies with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company expects to adopt the ASU No. 2016-02 on its effective date without restating comparative periods and For lessees, ASU No. 2016-02 establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The Company is the lessee under a ground lease, for which it expects to recognize an ROU asset of approximately $15 to $17 million and a related lease liability of approximately $22 to $25 million on January 1, 2019 on its consolidated balance sheet upon adoption. Such amounts are subject to change and will be finalized on the Company’s consolidated financial statements for the three months ended March 31, 2019. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Assets | Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. Depreciation expense is computed using the straight-line method. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 5-15 years Tenant improvements Shorter of the life of the asset or the term of the related lease Leasing fees Term of the related lease |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown in the Company’s consolidated statements of cash flows: December 31, 2018 2018 2017 Cash and cash equivalents $ 15,239 $ 11,904 Restricted cash 1,001 4,940 Total cash, cash equivalents, and restricted cash $ 16,240 $ 16,844 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Schedule of Major Assets Acquired and Liabilities Assumed | The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2017. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: For the Year Ended December 31, 2017 Land $ 17,513 Building and improvements 41,793 Acquired lease intangible assets, net 15,385 Acquired intangible liabilities, net (4,589 ) Assumed liabilities, net (149 ) Total $ 69,953 | |
2017 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Schedule of Acquisitions | 2017 Acquisitions During the year ended December 31, 2017 Date Acquired Property Name Location Property Type Square Footage Purchase Price (a) 1st Quarter 1/27/2017 Wilson Marketplace (b) Wilson, NC Multi-Tenant Retail 311,030 $ 40,783 2nd Quarter 4/3/2017 Pentucket Shopping Center (b) Plaistow, NH Multi-Tenant Retail 198,469 24,100 3rd Quarter 7/14/2017 Coastal North Town Center - Phase II Myrtle Beach, SC Retail 6,588 3,716 516,087 $ 68,599 (a) Contractual purchase price excluding closing credits. (b) Subsequent to the acquisition date, first mortgages were placed on the properties. |
Acquired Intangible Assets an_2
Acquired Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Liabilities | The following table summarizes the Company’s identified intangible assets and liabilities as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Intangible assets: Acquired in-place lease value $ 165,182 $ 165,182 Acquired above market lease value 45,824 45,824 Accumulated amortization (95,649 ) (72,348 ) Acquired lease intangibles, net $ 115,357 $ 138,658 Intangible liabilities: Acquired below market lease value $ 71,551 $ 71,551 Above market ground lease 5,169 5,169 Accumulated amortization (19,258 ) (14,450 ) Acquired below market lease intangibles, net $ 57,462 $ 62,270 |
Schedule of Amortization of Acquired In Place Lease Value, Above Market Ground Lease, Above and Below Market Lease Values | Amortization pertaining to acquired in-place lease value, above market ground lease, above market lease value and below market lease value is summarized below: Amortization recorded as amortization expense: 2018 2017 2016 Acquired in-place lease value $ 19,410 $ 22,104 $ 24,174 Amortization recorded as a reduction to property operating expense: Above market ground lease $ 94 $ 94 $ 94 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ (3,891 ) $ (4,379 ) $ (4,341 ) Acquired below market leases 4,714 5,700 5,059 Net rental income increase $ 823 $ 1,321 $ 718 |
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities | Estimated amortization of the respective intangible lease assets and liabilities as of December 31, 2018 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases Above Market Leases Below Market Leases Above Market Ground Lease 2019 $ 16,882 $ 3,405 $ (4,297 ) $ (94 ) 2020 $ 13,884 $ 3,067 $ (4,078 ) $ (94 ) 2021 $ 11,427 $ 2,997 $ (3,896 ) $ (94 ) 2022 $ 8,781 $ 2,691 $ (3,637 ) $ (94 ) 2023 $ 7,514 $ 2,489 $ (3,348 ) $ (94 ) Thereafter $ 26,400 $ 15,820 $ (33,341 ) $ (4,395 ) Total $ 84,888 $ 30,469 $ (52,597 ) $ (4,865 ) |
Debt and Derivative Instrumen_2
Debt and Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages and Credit Facilities Payable | As of December 31, 2018 and 2017, the Company had the following mortgages and credit facility payable: December 31, 2018 December 31, 2017 Type of Debt Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Fixed rate mortgages payable $ 171,646 4.25 % $ 171,851 4.25 % Variable rate mortgages payable with swap agreements 252,244 3.33 % 383,517 3.49 % Variable rate mortgages payable 684 3.95 % 54,153 3.26 % Mortgages payable $ 424,574 3.71 % $ 609,521 3.69 % Credit facility payable $ 284,523 4.22 % $ 83,800 3.21 % Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps $ 709,097 3.91 % $ 693,321 3.63 % Add: Unamortized mortgage premiums 1,683 2,316 Less: Unamortized debt issuance costs (4,896 ) (4,172 ) Total debt $ 705,884 $ 691,465 |
Schedule of Principal Payments and Maturities of Company's Debt | As of December 31, 2018, scheduled principal payments and maturities on the Company’s debt were as follows: December 31, 2018 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgage Loans Maturity of Credit Facility Total 2019 $ 232 $ 7,447 $ — $ 7,679 2020 897 — — 897 2021 1,531 82,740 — 84,271 2022 615 101,537 134,523 236,675 2023 — 91,230 150,000 241,230 Thereafter 962 137,383 — 138,345 Total $ 4,237 $ 420,337 $ 284,523 $ 709,097 |
Summary of Interest Rate Swap Contracts Outstanding | The following table summarizes the Company’s interest rate swap contracts outstanding as of December 31, 2018. Date Entered Effective Date Maturity Date Pay Fixed Rate (a) Notional Amount Fair Value December 2018 Assets February 11, 2015 March 2, 2015 March 1, 2022 2.02 % 6,114 76 April 7, 2015 April 7, 2015 April 7, 2022 1.74 % 49,400 1,057 September 17, 2015 September 17, 2015 September 17, 2022 1.90 % 13,700 258 October 2, 2015 November 1, 2015 November 1, 2022 1.79 % 13,100 304 December 23, 2015 December 23, 2015 January 2, 2026 2.30 % 26,000 304 January 25, 2016 February 1, 2016 February 1, 2021 1.40 % 38,000 831 June 7, 2016 July 1, 2016 July 1, 2023 1.42 % 43,680 1,869 July 21, 2016 August 1, 2016 August 1, 2023 1.30 % 47,550 2,336 June 5, 2017 May 31, 2017 May 15, 2022 1.90 % 14,700 251 $ 252,244 $ 7,286 Liabilities August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 60,000 (768 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (320 ) August 23, 2018 September 4, 2018 August 1, 2023 2.74 % 25,000 (325 ) August 23, 2018 September 4, 2018 August 1, 2023 2.73 % 40,000 (513 ) $ 150,000 $ (1,926 ) (a) Receive floating rate index based upon one month LIBOR. At December 31, 2018, the one month LIBOR equaled 2.50%. |
Schedule of Derivative Financial Instruments on Consolidated Statements of Operations and Other Comprehensive Loss | The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2018, 2017 and 2016. Year Ended December 31, Derivatives in Cash Flow Hedging Relationships: 2018 2017 2016 Effective portion of derivatives $ 291 $ 1,043 $ 1,861 Reclassification adjustment for amounts included in net gain or loss (effective portion) $ (551 ) $ 2,405 $ 4,038 Ineffective portion of derivatives $ (176 ) $ 7 $ 233 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Shares and Restricted Share Units | A summary table of the status of the restricted shares and restricted share units is presented below: Restricted Shares Restricted Share Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at December 31, 2016 1,330 460 $ 40 $ 40 Granted 1,657 600 51 51 Vested (444 ) (156 ) (13 ) (13 ) Converted — — — — Forfeited — — — — Outstanding at December 31, 2017 2,543 904 78 78 Granted 1,677 650 52 52 Vested (996 ) (353 ) (30 ) (30 ) Converted — — — — Forfeited — — — — Outstanding at December 31, 2018 3,224 1,201 $ 100 $ 100 |
Income Tax and Distributions (T
Income Tax and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax And Distributions [Abstract] | |
Schedule of Distributions Paid and Declared | The table below presents the distributions paid and declared for the years ended December 31, 2018, 2017 and 2016. December 31, 2018 2017 2016 Distributions paid $ 40,313 $ 53,315 $ 52,358 Distributions declared $ 47,700 $ 53,364 $ 52,449 |
Declared Monthly Distribution to its Common Stockholders | The following table sets forth the taxability of distributions on common shares, on a per share basis, paid in 2018, 2017 and 2016 2018 2017 2016 Ordinary income $ 0.26 $ 0.29 $ 0.29 Capital gain $ 0.04 $ — $ — Nontaxable return of capital $ 1.04 $ 1.21 $ 1.18 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Change in Earnout Liability for Acquisition of Certain Properties | The table below presents the change in the Company’s Earnout liability for the years ended December 31, 2018 and 2017. December 31, 2018 2017 Earnout liability-beginning of period $ 1,050 $ 6,856 Increases: Additional earnout liability 816 — Amortization expense 24 35 Decreases: Earnout payments (1,865 ) (6,415 ) Other: Adjustments to acquisition related costs (25 ) 574 Earnout liability – end of period $ — $ 1,050 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the Company’s related party transactions for the years ended December 31, . Year ended December 31, Unpaid amounts as of 2018 2017 2016 December 31, 2018 December 31, 2017 General and administrative reimbursements (a) $ 1,526 $ 1,608 $ 1,975 $ 216 $ 203 Acquisition related costs $ 8 $ 274 $ 409 $ — $ — Acquisition fees 28 1,266 1,327 — 51 Total acquisition costs and fees (b) $ 36 $ 1,540 $ 1,736 $ — $ 51 Real estate management fees $ 4,907 $ 4,800 $ 4,473 $ — $ — Property operating expenses $ 1,135 $ 1,114 $ 1,026 $ — $ — Construction management fees 220 113 121 6 35 Leasing fees 251 214 168 37 51 Total real estate management related costs (c) $ 6,513 $ 6,241 $ 5,788 $ 43 $ 86 Business management fees (d) $ 9,345 $ 9,196 $ 8,580 $ 2,345 $ 2,325 (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the consolidated balance sheets. (b) Prior to February 11, 2019, the Company was required to pay the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The business management agreement was amended and restated to, among other things, remove the obligation to pay acquisition fees and disposition fees payable to the Business Manager by the Company with respect to transactions occurring on or after February 11, 2019. The Business Manager and its related parties continue to be reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, regardless of whether the Company acquires the real estate assets. Of the $36 related party acquisition costs and fees incurred during the year ended December 31, 2018, $12 are capitalized as the acquisition of net investment properties in the consolidated balance sheets. Of the $1,540 related party acquisition costs incurred during the year ended December 31, 2017, $1,260 are capitalized as the acquisition of net investment properties in the consolidated balance sheets, $134 are capitalized as investment in unconsolidated entities in the consolidated balance sheets, and $146 of such costs are included in acquisition related costs in the consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the consolidated balance sheets. Of the $1,736 related party acquisition costs incurred during the year ended December 31, 2016, $74 are capitalized as the acquisition of net investment properties in the consolidated balance sheets, and $1,662 of such costs are included in acquisition related costs in the consolidated statements of operations and comprehensive loss. (c) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”) (and its predecessor), the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive loss. (d) The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets”. The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments to be Received Under Operating Leases | Minimum lease payments to be received under operating leases including ground leases, as of December 31, 2018 Minimum Payments 2019 $ 92,014 2020 $ 85,453 2021 $ 79,935 2022 $ 70,313 2023 $ 58,788 Thereafter $ 194,708 Total $ 581,211 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Cash Flow Hedges and Classification on Consolidated Balance Sheets | For assets and liabilities measured at fair value on a recurring basis, the table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of December 31, 2018 and 2017, respectively. Fair Value Level 1 Level 2 Level 3 Total December 31, 2018 Interest rate swap agreements - Other assets $ — $ 7,286 $ — $ 7,286 Interest rate swap agreements - Other liabilities $ — $ 1,926 $ — $ 1,926 December 31, 2017 Interest rate swap agreements - Other assets $ — $ 6,136 $ — $ 6,136 Interest rate swap agreements - Other liabilities $ — $ 340 $ — $ 340 |
Schedule of Assets Measured at Fair Value on a Non-Recurring Basis | The table below presents activity for the Company’s assets measured at fair value on a non-recurring basis. Fair Value Level 1 Level 2 Level 3 Total Total Impairment Loss December 31, 2017 Asset impairment $ — $ — $ 5,557 $ 5,557 $ 8,530 Total $ — $ — $ 5,557 $ 5,557 $ 8,530 |
Quarterly Supplemental Financ_2
Quarterly Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes To Financial Statements [Abstract] | |
Quarterly supplemental financial information - unaudited | The following represents the results of operations, for each quarterly period, during 2018 and 2017. 2018 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 31,893 $ 32,290 $ 31,870 $ 32,648 Net loss $ (13,071 ) $ (5,791 ) $ (2,174 ) $ (2,240 ) Net loss per common share, basic and diluted (1) $ (0.37 ) $ (0.16 ) $ (0.06 ) $ (0.06 ) Weighted average number of common shares outstanding, basic and diluted (1) 35,587,000 35,589,157 35,588,790 35,594,052 2017 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 32,529 $ 32,110 $ 32,911 $ 31,607 Net loss $ (10,811 ) $ (2,856 ) $ (3,631 ) $ (1,804 ) Net loss per common share, basic and diluted (1) $ (0.30 ) $ (0.08 ) $ (0.10 ) $ (0.05 ) Weighted average number of common shares outstanding, basic and diluted (1) 35,615,539 35,657,535 35,580,556 35,428,360 (1) Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding. |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | Jan. 16, 2018 | Dec. 31, 2018ft²PropertyState |
Organization [Line Items] | ||
Number of retail properties owned | Property | 59 | |
Square footage of real estate properties owned | ft² | 6,870,124 | |
Number of states in which company owns real estate properties | State | 24 | |
Weighted average physical occupancy rate of property portfolio | 94.10% | |
Weighted average economic occupancy rate of property portfolio | 94.70% | |
Description of reverse stock split | On January 16, 2018, the Company effected a 1-for-2.5 reverse stock split of its issued and outstanding common stock whereby every 2.5 shares of issued and outstanding common stock were converted into one share of its common stock (the “Reverse Stock Split”). In accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), all share information presented has been retroactively adjusted to reflect the Reverse Stock Split. | |
Reverse stock, split ratio | 0.4 | |
Grocery-Anchored Properties [Member] | ||
Organization [Line Items] | ||
Percentage of grocery-anchored property acquired | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Earnout liability outstanding | $ 0 | $ 1,050,000 | $ 6,856,000 | |
Provision for asset impairment | 5,540,000 | 8,530,000 | 0 | |
Depreciation expense | 38,040,000 | 39,497,000 | 35,086,000 | |
Amortization of leasing fees | 360,000 | 168,000 | 68,000 | |
Accounting Standards Update 2016-18 [Member] | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Decrease in net cash used in investing activities | $ 1,056,000 | $ 1,957,000 | ||
ASU 2017-12 [Member] | Subsequent Event [Member] | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Retained earnings | $ 135,000 | |||
Other Comprehensive Income (Loss), Net of Tax | (135,000) | |||
ASU 2016-02 [Member] | Subsequent Event [Member] | Minimum [Member] | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Finance Lease, Right-of-Use Asset | 15,000,000 | |||
Finance Lease, Liability | 22,000,000 | |||
ASU 2016-02 [Member] | Subsequent Event [Member] | Maximum [Member] | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Finance Lease, Right-of-Use Asset | 17,000,000 | |||
Finance Lease, Liability | $ 25,000,000 | |||
Mainstreet Texas Development Fund, LLC ("Mainstreet JV") [Member] | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Provision for impairment of unconsolidated entities | $ 9,865,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Estimated Useful Lives of Assets ) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Building and other improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 30 years |
Site improvements [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Site improvements [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 15 years |
Furniture, fixtures and equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Furniture, fixtures and equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 15 years |
Tenant Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives, description | Shorter of the life of the asset or the term of the related lease |
Leasing fees [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives, description | Term of the related lease |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 15,239 | $ 11,904 | ||
Restricted cash | 1,001 | 4,940 | ||
Total cash, cash equivalents, and restricted cash | $ 16,240 | $ 16,844 | $ 16,857 | $ 91,796 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | Mar. 19, 2019 | Feb. 11, 2019 | Oct. 16, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 11, 2019 | Oct. 19, 2015 |
Equity [Line Items] | ||||||||
Common stock, shares issued | 33,534,022 | 35,343,256 | 35,498,444 | |||||
Proceeds from offering | $ 834,399 | |||||||
Distribution reinvested | $ 19,339,000 | $ 27,069,000 | $ 27,831,000 | |||||
Stock repurchase program, amount | 22,545,000 | 21,066,000 | 9,724,000 | |||||
Other liabilities | $ 16,268,000 | 11,744,000 | ||||||
Subsequent Event [Member] | ||||||||
Equity [Line Items] | ||||||||
Percentage of share price on repurchase of shares | 80.00% | |||||||
Amended and Restated Share Repurchase Program [Member] | ||||||||
Equity [Line Items] | ||||||||
Stock repurchase program shares issued in percentage | 5.00% | |||||||
Description of share repurchase program | The A&R SRP provides that a requesting party must own shares of at least $500 after giving effect to any repurchase by the Company. If a requesting party would fail to maintain this minimum balance after giving effect to any repurchase, the Company may, in its discretion, repurchase the remaining balance of shares which is less than $500, subject to the 5% share limit described above. The SRP will immediately terminate if the Company’s shares become listed for trading on a national securities exchange. | |||||||
Amended and Restated Share Repurchase Program [Member] | Subsequent Event [Member] | ||||||||
Equity [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 25,000 | |||||||
Percentage of share price on repurchase of shares | 80.00% | |||||||
Employer discretionary minimum percentage of net proceeds from share repurchase program | 50.00% | |||||||
Stock repurchase program shares issued in percentage | 5.00% | |||||||
Minimum required amount of shares owned by requesting party | $ 500,000 | |||||||
Repurchase of Shares Owned for One Year [Member] | ||||||||
Equity [Line Items] | ||||||||
Percentage of share price on repurchase of shares | 92.50% | |||||||
Repurchase of Shares Owned for Four Years [Member] | ||||||||
Equity [Line Items] | ||||||||
Percentage of share price on repurchase of shares | 100.00% | |||||||
Repurchase of Shares Owned upon Death and Qualifying Disability [Member] | ||||||||
Equity [Line Items] | ||||||||
Percentage of share price on repurchase of shares | 100.00% | |||||||
Stock Repurchase Program [Member] | ||||||||
Equity [Line Items] | ||||||||
Other liabilities | $ 5,463,000 | 2,530,000 | ||||||
Minimum [Member] | ||||||||
Equity [Line Items] | ||||||||
Stock repurchase program, to be held | 1 year | |||||||
Maximum [Member] | Amended and Restated Share Repurchase Program [Member] | Subsequent Event [Member] | ||||||||
Equity [Line Items] | ||||||||
Stock repurchase program shares issued in percentage | 5.00% | |||||||
DRP [Member] | ||||||||
Equity [Line Items] | ||||||||
Common stock, shares issued | 25,000,000 | |||||||
Distribution reinvested | $ 19,339,000 | $ 27,069,000 | $ 27,831,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |||||||||||
Number of properties acquired during period | Property | 0 | 3 | |||||||||
Acquisition cost and fees | $ 2,213 | ||||||||||
Capitalized acquisition costs and fees in net investment properties | 1,459 | ||||||||||
Acquisition related costs in adjustment to deferred investment property | 574 | ||||||||||
Acquisition and dead deal costs excluding deferred investment property incurred during the period | 180 | ||||||||||
Total income | $ 31,893 | $ 32,290 | $ 31,870 | $ 32,648 | $ 32,529 | $ 32,110 | $ 32,911 | $ 31,607 | |||
Net income (loss) | $ (13,071) | $ (5,791) | $ (2,174) | $ (2,240) | $ (10,811) | $ (2,856) | $ (3,631) | $ (1,804) | $ (23,276) | (19,102) | $ (7,961) |
2017 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total income | 5,202 | ||||||||||
Net income (loss) | $ 325 |
Acquisitions (Purchased Propert
Acquisitions (Purchased Properties from Unaffiliated Third Parties) (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2018ft² | Jul. 14, 2017USD ($)ft² | Apr. 03, 2017USD ($)ft² | Jan. 27, 2017USD ($)ft² | ||
Business Acquisition [Line Items] | ||||||
Property acquisition, Square Footage | ft² | 6,870,124 | |||||
Property acquisition, Purchase Price | $ | $ 69,953 | |||||
Wilson Marketplace [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property acquisition, Date Acquired | Jan. 27, 2017 | |||||
Property Name | [1] | Wilson Marketplace | ||||
Property acquisition, Location | Wilson, NC | |||||
Property acquisition, Property Type | Multi-Tenant Retail | |||||
Property acquisition, Square Footage | ft² | 311,030 | |||||
Property acquisition, Purchase Price | $ | [2] | $ 40,783 | ||||
Pentucket Shopping Center [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property acquisition, Date Acquired | Apr. 3, 2017 | |||||
Property Name | [1] | Pentucket Shopping Center | ||||
Property acquisition, Location | Plaistow, NH | |||||
Property acquisition, Property Type | Multi-Tenant Retail | |||||
Property acquisition, Square Footage | ft² | 198,469 | |||||
Property acquisition, Purchase Price | $ | [2] | $ 24,100 | ||||
Wilson Marketplace, Pentucket Shopping Center and Coastal North Town Center Phase II [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property acquisition, Square Footage | ft² | 516,087 | |||||
Property acquisition, Purchase Price | $ | [2] | $ 68,599 | ||||
Coastal North Town Center Phase II [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property acquisition, Date Acquired | Jul. 14, 2017 | |||||
Property Name | Coastal North Town Center - Phase II | |||||
Property acquisition, Location | Myrtle Beach, SC | |||||
Property acquisition, Property Type | Retail | |||||
Property acquisition, Square Footage | ft² | 6,588 | |||||
Property acquisition, Purchase Price | $ | [2] | $ 3,716 | ||||
[1] | Subsequent to the acquisition date, first mortgages were placed on the properties. | |||||
[2] | Contractual purchase price excluding closing credits. |
Acquisitions (Schedule of Major
Acquisitions (Schedule of Major Assets Acquired and Liabilities Assumed) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Business Combinations [Abstract] | |
Land | $ 17,513 |
Building and improvements | 41,793 |
Acquired lease intangible assets, net | 15,385 |
Acquired intangible liabilities, net | (4,589) |
Assumed liabilities, net | (149) |
Total | $ 69,953 |
Investment in and Notes Recei_2
Investment in and Notes Receivable from Unconsolidated Entities (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment In And Notes Receivable From Unconsolidated Entities [Line Items] | |||
Provision for impairment of investment in and note receivable from unconsolidated entities | $ 15,405,000 | ||
Mainstreet Texas Development Fund, LLC ("Mainstreet JV") [Member] | |||
Investment In And Notes Receivable From Unconsolidated Entities [Line Items] | |||
Equity method investments | $ 7,125,000 | ||
Impairment to investment | 9,865,000 | ||
Provision for impairment of investment in and note receivable from unconsolidated entities | 5,540,000 | ||
Mainstreet Texas Development Fund, LLC ("Mainstreet JV") [Member] | Mezzanine Loans [Member] | |||
Investment In And Notes Receivable From Unconsolidated Entities [Line Items] | |||
Aggregate amount committed to provide in joint venture loan agreement | $ 5,400,000 | ||
Term of joint venture loan agreement | 48 months | ||
Interest rate on joint venture loan amount | 14.50% | ||
Periodic interest receivable, pay rate | 10.50% | ||
Frequency of periodic payments of interest on joint venture loan | monthly | ||
Loan funded to related parties | $ 5,400,000 | $ 0 |
Acquired Intangible Assets an_3
Acquired Intangible Assets and Liabilities (Schedule of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible assets: | ||
Accumulated amortization | $ (95,649) | $ (72,348) |
Acquired lease intangibles, net | 115,357 | 138,658 |
Intangible liabilities: | ||
Acquired below market lease value | 71,551 | 71,551 |
Above market ground lease | 5,169 | 5,169 |
Accumulated amortization | (19,258) | (14,450) |
Acquired below market lease intangibles, net | 57,462 | 62,270 |
Acquired in-place lease value [Member] | ||
Intangible assets: | ||
Acquired intangible assets | 165,182 | 165,182 |
Acquired lease intangibles, net | 84,888 | |
Acquired above market lease value [Member] | ||
Intangible assets: | ||
Acquired intangible assets | 45,824 | $ 45,824 |
Acquired lease intangibles, net | $ 30,469 |
Acquired Intangible Assets an_4
Acquired Intangible Assets and Liabilities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Acquired in-place lease value [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 10 years |
Acquired above market lease value [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 14 years |
Acquired below market lease value [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 19 years |
Acquired Above market ground lease [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible liabilities, weighted average amortization period | 55 years |
Acquired Intangible Assets an_5
Acquired Intangible Assets and Liabilities (Schedule of Amortization of Acquired In Place Lease Value, Above Market Ground Lease, Above and Below Market Lease Values) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a (reduction) increase to rental income | $ 823 | $ 1,321 | $ 718 |
Acquired in-place lease value [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as amortization expense | 19,410 | 22,104 | 24,174 |
Above market ground lease [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a reduction to property operating expense | 94 | 94 | 94 |
Acquired above market lease value [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a (reduction) increase to rental income | (3,891) | (4,379) | (4,341) |
Acquired below market lease value [Member] | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization recorded as a (reduction) increase to rental income | $ 4,714 | $ 5,700 | $ 5,059 |
Acquired Intangible Assets an_6
Acquired Intangible Assets and Liabilities (Schedule of Estimated Amortization of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Future amortization for acquired in-place and above market lease assets: | ||
Acquired lease intangibles, net | $ 115,357 | $ 138,658 |
Future amortization for below market lease liabilities: | ||
2019 | (4,297) | |
2020 | (4,078) | |
2021 | (3,896) | |
2022 | (3,637) | |
2023 | (3,348) | |
Thereafter | (33,341) | |
Total | (52,597) | |
Future amortization for above market ground lease liabilities: | ||
2018 (remainder of year) | (94) | |
2020 | (94) | |
2021 | (94) | |
2022 | (94) | |
2023 | (94) | |
Thereafter | (4,395) | |
Total | (4,865) | |
Acquired in-place lease value [Member] | ||
Future amortization for acquired in-place and above market lease assets: | ||
2019 | 16,882 | |
2020 | 13,884 | |
2021 | 11,427 | |
2022 | 8,781 | |
2023 | 7,514 | |
Thereafter | 26,400 | |
Acquired lease intangibles, net | 84,888 | |
Acquired above market lease value [Member] | ||
Future amortization for acquired in-place and above market lease assets: | ||
2019 | 3,405 | |
2020 | 3,067 | |
2021 | 2,997 | |
2022 | 2,691 | |
2023 | 2,489 | |
Thereafter | 15,820 | |
Acquired lease intangibles, net | $ 30,469 |
Debt and Derivative Instrumen_3
Debt and Derivative Instruments (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)PropertyDebtInstrumentDerivativeInstrumentLoan | Aug. 01, 2018USD ($) | Jul. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||
Indebtedness includes effects of interest rate swap, weighted average interest rate | 3.91% | |||
Carrying value of debt | $ 709,097,000 | $ 693,321,000 | ||
Estimated fair value of debt | 709,737,000 | 684,621,000 | ||
Credit facility, maximum borrowing capacity | $ 350,000,000 | $ 110,000,000 | ||
Outstanding line of credit | $ 284,523,000 | $ 83,800,000 | ||
Number of properties pledged as collateral | Property | 28 | |||
Gain on early termination of interest rate swap agreements | $ 1,151,000 | |||
Cash received in early termination of interest rate swap agreements | 1,192,000 | |||
Loss on extinguishment of debt | $ 411,000 | |||
Number of loans repaid prior to maturity | Loan | 10 | |||
Amount expected to be reclassified from accumulated other comprehensive income into income in the next twelve months | $ 1,989,000 | |||
Mortgages Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Years to Maturity | 4 years 7 months 6 days | |||
Mortgages payable, covenant compliance | the Company was current on all of the payments and in compliance with all financial covenants. | |||
Interest Rate Swap Agreements [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of derivative instruments paid off | DerivativeInstrument | 10 | |||
Notional amount | $ 131,300,000 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying value of debt | 284,523,000 | |||
Credit facility, maximum borrowing capacity | 200,000,000 | |||
Line of credit accordion feature to increase available borrowings | 700,000,000 | |||
Outstanding line of credit | $ 134,523,000 | |||
Credit facility, interest rate | 4.15% | |||
Credit facility, maturity date | Aug. 1, 2022 | |||
Line of credit facility, expiration date, extension period | 1 year | |||
Credit facility available for borrowing | $ 65,477,000 | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 150,000,000 | |||
Outstanding line of credit | $ 150,000,000 | |||
Credit facility, interest rate | 4.29% | |||
Credit facility, maturity date | Aug. 1, 2023 | |||
Mortgage Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments paid off | DebtInstrument | 12 | |||
Principal balance of debt instruments paid off | $ 184,700,000 |
Debt and Derivative Instrumen_4
Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 424,574 | $ 609,521 |
Credit facility payable | 284,523 | 83,800 |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps | 709,097 | 693,321 |
Add: Unamortized mortgage premiums | 1,683 | 2,316 |
Less: Unamortized debt issuance costs | (4,896) | (4,172) |
Total debt | $ 705,884 | $ 691,465 |
Mortgages Payable, Weighted Average Interest Rate | 3.71% | 3.69% |
Credit Facilities Payable, Weighted Average Interest Rate | 4.22% | 3.21% |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps, Weighted Average Interest Rate | 3.91% | 3.63% |
Fixed rate mortgages payable [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 171,646 | $ 171,851 |
Mortgages Payable, Weighted Average Interest Rate | 4.25% | 4.25% |
Variable rate mortgages payable with swap agreements [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 252,244 | $ 383,517 |
Mortgages Payable, Weighted Average Interest Rate | 3.33% | 3.49% |
Variable rate mortgages payable [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Mortgages payable | $ 684 | $ 54,153 |
Mortgages Payable, Weighted Average Interest Rate | 3.95% | 3.26% |
Debt and Derivative Instrumen_5
Debt and Derivative Instruments (Schedule of Principal Payments and Maturities of Company's Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
2019 | $ 7,679 | |
2020 | 897 | |
2021 | 84,271 | |
2022 | 236,675 | |
2023 | 241,230 | |
Thereafter | 138,345 | |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps | 709,097 | $ 693,321 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2022 | 134,523 | |
2023 | 150,000 | |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps | 284,523 | |
Scheduled Principal Payments [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 232 | |
2020 | 897 | |
2021 | 1,531 | |
2022 | 615 | |
Thereafter | 962 | |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps | 4,237 | |
Maturities of Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 7,447 | |
2021 | 82,740 | |
2022 | 101,537 | |
2023 | 91,230 | |
Thereafter | 137,383 | |
Total debt before unamortized mortgage premiums and debt issuance costs including impact of interest rate swaps | $ 420,337 |
Debt and Derivative Instrumen_6
Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Derivative [Line Items] | ||
Derivative instrument, notional amount | $ 252,244 | |
Derivative instrument, notional amount | 150,000 | |
Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative assets measured on recurring basis | 7,286 | |
Fair value of derivative liabilities measured on recurring basis | $ (1,926) | |
Interest Rate Swap One [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Feb. 11, 2015 | |
Derivative instrument, effective date | Mar. 2, 2015 | |
Derivative instrument, maturity date | Mar. 1, 2022 | |
Derivative instrument, pay fixed interest rate | 2.02% | [1] |
Derivative instrument, notional amount | $ 6,114 | |
Interest Rate Swap One [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative assets measured on recurring basis | $ 76 | |
Interest Rate Swap Two [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Apr. 7, 2015 | |
Derivative instrument, effective date | Apr. 7, 2015 | |
Derivative instrument, maturity date | Apr. 7, 2022 | |
Derivative instrument, pay fixed interest rate | 1.74% | [1] |
Derivative instrument, notional amount | $ 49,400 | |
Interest Rate Swap Two [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative assets measured on recurring basis | $ 1,057 | |
Interest Rate Swap Three [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Sep. 17, 2015 | |
Derivative instrument, effective date | Sep. 17, 2015 | |
Derivative instrument, maturity date | Sep. 17, 2022 | |
Derivative instrument, pay fixed interest rate | 1.90% | [1] |
Derivative instrument, notional amount | $ 13,700 | |
Interest Rate Swap Three [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative assets measured on recurring basis | $ 258 | |
Interest Rate Swap Four [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Oct. 2, 2015 | |
Derivative instrument, effective date | Nov. 1, 2015 | |
Derivative instrument, maturity date | Nov. 1, 2022 | |
Derivative instrument, pay fixed interest rate | 1.79% | [1] |
Derivative instrument, notional amount | $ 13,100 | |
Interest Rate Swap Four [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative assets measured on recurring basis | $ 304 | |
Interest Rate Swap Five [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Dec. 23, 2015 | |
Derivative instrument, effective date | Dec. 23, 2015 | |
Derivative instrument, maturity date | Jan. 2, 2026 | |
Derivative instrument, pay fixed interest rate | 2.30% | [1] |
Derivative instrument, notional amount | $ 26,000 | |
Interest Rate Swap Five [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative assets measured on recurring basis | $ 304 | |
Interest Rate Swap Six [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Jan. 25, 2016 | |
Derivative instrument, effective date | Feb. 1, 2016 | |
Derivative instrument, maturity date | Feb. 1, 2021 | |
Derivative instrument, pay fixed interest rate | 1.40% | [1] |
Derivative instrument, notional amount | $ 38,000 | |
Interest Rate Swap Six [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative assets measured on recurring basis | $ 831 | |
Interest Rate Swap Seven [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Jun. 7, 2016 | |
Derivative instrument, effective date | Jul. 1, 2016 | |
Derivative instrument, maturity date | Jul. 1, 2023 | |
Derivative instrument, pay fixed interest rate | 1.42% | [1] |
Derivative instrument, notional amount | $ 43,680 | |
Interest Rate Swap Seven [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative assets measured on recurring basis | $ 1,869 | |
Interest Rate Swap Eight [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Jul. 21, 2016 | |
Derivative instrument, effective date | Aug. 1, 2016 | |
Derivative instrument, maturity date | Aug. 1, 2023 | |
Derivative instrument, pay fixed interest rate | 1.30% | [1] |
Derivative instrument, notional amount | $ 47,550 | |
Interest Rate Swap Eight [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative assets measured on recurring basis | $ 2,336 | |
Interest Rate Swap Nine [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Jun. 5, 2017 | |
Derivative instrument, effective date | May 31, 2017 | |
Derivative instrument, maturity date | May 15, 2022 | |
Derivative instrument, pay fixed interest rate | 1.90% | [1] |
Derivative instrument, notional amount | $ 14,700 | |
Interest Rate Swap Nine [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative assets measured on recurring basis | $ 251 | |
Interest Rate Swap Ten [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Aug. 23, 2018 | |
Derivative instrument, effective date | Sep. 4, 2018 | |
Derivative instrument, maturity date | Aug. 1, 2023 | |
Derivative instrument, pay fixed interest rate | 2.73% | [1] |
Derivative instrument, notional amount | $ 60,000 | |
Interest Rate Swap Ten [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities measured on recurring basis | $ (768) | |
Interest Rate Swap Eleven [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Aug. 23, 2018 | |
Derivative instrument, effective date | Sep. 4, 2018 | |
Derivative instrument, maturity date | Aug. 1, 2023 | |
Derivative instrument, pay fixed interest rate | 2.74% | [1] |
Derivative instrument, notional amount | $ 25,000 | |
Interest Rate Swap Eleven [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities measured on recurring basis | $ (320) | |
Interest Rate Swap Twelve [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Aug. 23, 2018 | |
Derivative instrument, effective date | Sep. 4, 2018 | |
Derivative instrument, maturity date | Aug. 1, 2023 | |
Derivative instrument, pay fixed interest rate | 2.74% | [1] |
Derivative instrument, notional amount | $ 25,000 | |
Interest Rate Swap Twelve [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities measured on recurring basis | $ (325) | |
Interest Rate Swap Thirteen [Member] | ||
Derivative [Line Items] | ||
Derivative instrument, date entered | Aug. 23, 2018 | |
Derivative instrument, effective date | Sep. 4, 2018 | |
Derivative instrument, maturity date | Aug. 1, 2023 | |
Derivative instrument, pay fixed interest rate | 2.73% | [1] |
Derivative instrument, notional amount | $ 40,000 | |
Interest Rate Swap Thirteen [Member] | Recurring [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities measured on recurring basis | $ (513) | |
[1] | Receive floating rate index based upon one month LIBOR. At December 31, 2018, the one month LIBOR equaled 2.50%. |
Debt and Derivative Instrumen_7
Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative [Line Items] | |
Derivative instrument, receive floating rate index | one month LIBOR |
LIBOR [Member] | |
Derivative [Line Items] | |
One month floating rate | 2.50% |
Debt and Derivative Instrumen_8
Debt and Derivative Instruments (Derivatives on Consolidated Statements of Operations and Other Comprehensive Loss) (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion of derivatives | $ 291 | $ 1,043 | $ 1,861 |
Reclassification adjustment for amounts included in net gain or loss (effective portion) | (551) | 2,405 | 4,038 |
Ineffective portion of derivatives | $ (176) | $ 7 | $ 233 |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | Jun. 12, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation vesting percentage | 33.33% | ||
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense of unvested share-based awards | $ 48 | $ 44 | |
Weighted average remaining period unrecognized compensation expense related to non-vested | 1 year 6 months | ||
Common stock shares issued upon vesting | 1 | ||
Share-based compensation shares issued | 1,677 | ||
Restricted Stock [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation vesting period | 1 year | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation vesting period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense of unvested share-based awards | $ 48 | 44 | |
Weighted average remaining period unrecognized compensation expense related to non-vested | 1 year 6 months | ||
Common stock shares issued upon vesting | 1 | ||
Share-based compensation shares issued | 650 | ||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation vesting period | 1 year | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation vesting period | 3 years | ||
Non-Employee Directors [Member] | Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 48 | 33 | |
Non-Employee Directors [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 48 | $ 33 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of the Restricted Shares and Restricted Share Units) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Weighted Average Grant Date Fair Value | $ 78 | $ 40 |
Granted, Weighted Average Grant Date Fair Value | 52 | 51 |
Vested, Weighted Average Grant Date Fair Value | (30) | (13) |
Outstanding, Weighted Average Grant Date Fair Value | 100 | 78 |
Outstanding, Aggregate Intrinsic Value | 78 | 40 |
Granted, Aggregate Intrinsic Value | 52 | 51 |
Vested, Aggregate Intrinsic Value | (30) | (13) |
Outstanding, Aggregate Intrinsic Value | $ 100 | $ 78 |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Shares | 2,543 | 1,330 |
Granted, Shares | 1,677 | 1,657 |
Vested, Shares | (996) | (444) |
Outstanding, Shares | 3,224 | 2,543 |
Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Shares | 904 | 460 |
Granted, Shares | 650 | 600 |
Vested, Shares | (353) | (156) |
Outstanding, Shares | 1,201 | 904 |
Income Tax and Distributions (N
Income Tax and Distributions (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax And Distributions [Line Items] | |||
Amount per share of distributions | $ 0.335 | $ 0.00410959 | $ 0.00409836 |
Annualized rate on Estimated Per Share NAV | 6.00% | ||
Taxable income (loss) | $ 9,073,000 | $ 10,045,000 | $ 9,890,000 |
Provision for asset impairment | 5,540,000 | $ 8,530,000 | $ 0 |
Mainstreet Texas Development Fund, LLC ("Mainstreet JV") [Member] | |||
Income Tax And Distributions [Line Items] | |||
Provision for asset impairment | $ 15,405,000 | ||
Effective income tax rate | 28.51% | ||
Federal tax rate | 21.00% | ||
Deferred tax benefit related to impairment | $ 4,400,000 | ||
Full valuation allowance | $ 4,400,000 | ||
Mainstreet Texas Development Fund, LLC ("Mainstreet JV") [Member] | ILLINOIS [Member] | |||
Income Tax And Distributions [Line Items] | |||
State rate | 9.50% | ||
IL tax rate | 7.51% | ||
Minimum [Member] | |||
Income Tax And Distributions [Line Items] | |||
Percentage of adjusted REIT taxable income require to distribute among shareholders | 90.00% |
Income Tax and Distributions (S
Income Tax and Distributions (Schedule of Distributions Paid and Declared) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax And Distributions [Abstract] | |||
Distributions paid | $ 40,313 | $ 53,315 | $ 52,358 |
Distributions declared | $ 47,700 | $ 53,364 | $ 52,449 |
Income Tax and Distributions -
Income Tax and Distributions - (Schedule of Taxability of Distributions on Common Shares) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax And Distributions [Abstract] | |||
Ordinary income | $ 0.26 | $ 0.29 | $ 0.29 |
Capital gain | 0.04 | ||
Nontaxable return of capital | $ 1.04 | $ 1.21 | $ 1.18 |
Earnings (Loss) per Share (Deta
Earnings (Loss) per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Additional shares excluded from the computation of diluted earnings per share | 2,625 | 1,507 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments And Contingencies Disclosure [Abstract] | |||
Earnout liability outstanding | $ 0 | $ 1,050,000 | $ 6,856,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Change in Earnout Liability for Acquisition of Certain Properties) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Earnout liability-beginning of period | $ 1,050,000 | $ 6,856,000 |
Increases: | ||
Additional earnout liability | 816,000 | |
Amortization expense | 24,000 | 35,000 |
Decreases: | ||
Earnout payments | (1,865,000) | (6,415,000) |
Other: | ||
Adjustments to acquisition related costs | (25,000) | 574,000 |
Earnout liability – end of period | $ 0 | $ 1,050,000 |
Segment Reporting (Details)
Segment Reporting (Details) - Segment | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | |||
Number of reportable segments | 1 | 1 | 1 |
Transactions with Related Par_3
Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | [1] | $ 6,513 | $ 6,241 | $ 5,788 |
Due to related parties | 2,604 | 2,665 | ||
General and Administrative Reimbursements [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses incurred with related party | [2] | 1,526 | 1,608 | 1,975 |
Due to related parties | [2] | 216 | 203 | |
Acquisition Related Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | 8 | 274 | 409 | |
Acquisition Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | 28 | 1,266 | 1,327 | |
Acquisition related costs | 51 | |||
Acquisition Related Costs and Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [3] | 36 | 1,540 | 1,736 |
Acquisition related costs | [3] | 51 | ||
Real Estate Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 4,907 | 4,800 | 4,473 | |
Property Operating Expenses [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 1,135 | 1,114 | 1,026 | |
Construction Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 220 | 113 | 121 | |
Due to related parties | 6 | 35 | ||
Leasing fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Real estate management related costs with related party | 251 | 214 | 168 | |
Due to related parties | 37 | 51 | ||
Real Estate Management Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to related parties | [1] | 43 | 86 | |
Business Management Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses incurred with related party | [4] | 9,345 | 9,196 | $ 8,580 |
Due to related parties | [4] | $ 2,345 | $ 2,325 | |
[1] | For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”) (and its predecessor), the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive loss. | |||
[2] | The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager and its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the consolidated balance sheets. | |||
[3] | Prior to February 11, 2019, the Company was required to pay the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The business management agreement was amended and restated to, among other things, remove the obligation to pay acquisition fees and disposition fees payable to the Business Manager by the Company with respect to transactions occurring on or after February 11, 2019. The Business Manager and its related parties continue to be reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, regardless of whether the Company acquires the real estate assets. Of the $36 related party acquisition costs and fees incurred during the year ended December 31, 2018, $12 are capitalized as the acquisition of net investment properties in the consolidated balance sheets. Of the $1,540 related party acquisition costs incurred during the year ended December 31, 2017, $1,260 are capitalized as the acquisition of net investment properties in the consolidated balance sheets, $134 are capitalized as investment in unconsolidated entities in the consolidated balance sheets, and $146 of such costs are included in acquisition related costs in the consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the consolidated balance sheets. Of the $1,736 related party acquisition costs incurred during the year ended December 31, 2016, $74 are capitalized as the acquisition of net investment properties in the consolidated balance sheets, and $1,662 of such costs are included in acquisition related costs in the consolidated statements of operations and comprehensive loss. | |||
[4] | The Company pays the Business Manager an annual business management fee equal to 0.65% of its “average invested assets”. The fee is payable quarterly in an amount equal to 0.1625% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. |
Transactions with Related Par_4
Transactions with Related Parties (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | ||||
Asset acquisition fee to contract purchase price, percentage | 1.50% | |||
Acquisition related costs | $ 29 | $ 754 | $ (1,556) | |
Annual business management fee to its average invested assets, percentage | 0.65% | |||
Quarterly payable business management fee to its average invested assets, percentage | 0.1625% | |||
Acquisition Related Costs and Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total acquisition cost and fees | [1] | $ 36 | 1,540 | 1,736 |
Acquisition costs and fees capitalized | $ 12 | 1,260 | 74 | |
Acquisition costs capitalized as investment in unconsolidated entities | 134 | |||
Acquisition related costs | $ 146 | $ 1,662 | ||
Monthly Real Estate Management Fee Of Single Tenant Property [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property management fee, percentage | 1.90% | |||
Monthly Real Estate Management Fee Of Any Other Property [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property management fee, percentage | 3.90% | |||
[1] | Prior to February 11, 2019, the Company was required to pay the Business Manager or its affiliates a fee equal to 1.5% of the “contract purchase price,” as defined, of each asset acquired. The business management agreement was amended and restated to, among other things, remove the obligation to pay acquisition fees and disposition fees payable to the Business Manager by the Company with respect to transactions occurring on or after February 11, 2019. The Business Manager and its related parties continue to be reimbursed for acquisition and transaction related costs of the Business Manager and its related parties relating to the Company’s acquisition activities, regardless of whether the Company acquires the real estate assets. Of the $36 related party acquisition costs and fees incurred during the year ended December 31, 2018, $12 are capitalized as the acquisition of net investment properties in the consolidated balance sheets. Of the $1,540 related party acquisition costs incurred during the year ended December 31, 2017, $1,260 are capitalized as the acquisition of net investment properties in the consolidated balance sheets, $134 are capitalized as investment in unconsolidated entities in the consolidated balance sheets, and $146 of such costs are included in acquisition related costs in the consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties in the consolidated balance sheets. Of the $1,736 related party acquisition costs incurred during the year ended December 31, 2016, $74 are capitalized as the acquisition of net investment properties in the consolidated balance sheets, and $1,662 of such costs are included in acquisition related costs in the consolidated statements of operations and comprehensive loss. |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 92,014 |
2020 | 85,453 |
2021 | 79,935 |
2022 | 70,313 |
2023 | 58,788 |
Thereafter | 194,708 |
Total | $ 581,211 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Remaining lease terms range description | from less than one year to 19 years. |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Cash Flow Hedges and Classification on Consolidated Balance Sheets) (Details) - Recurring [Member] - Interest Rate Swap Agreements [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Interest rate swap agreements - Other assets | $ 7,286 | $ 6,136 |
Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Interest rate swap agreements - Other liabilities | 1,926 | 340 |
Level 2 [Member] | Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Interest rate swap agreements - Other assets | 7,286 | 6,136 |
Level 2 [Member] | Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Interest rate swap agreements - Other liabilities | $ 1,926 | $ 340 |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule of Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total Impairment Loss | $ 5,540,000 | $ 8,530,000 | $ 0 |
Non-recurring [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Asset impairment | 5,557,000 | ||
Total Impairment Loss | 8,530,000 | ||
Non-recurring [Member] | Level 3 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Asset impairment | 5,557,000 | ||
Non-recurring [Member] | Asset Impairment [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Asset impairment | 5,557,000 | ||
Non-recurring [Member] | Asset Impairment [Member] | Level 3 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Asset impairment | $ 5,557,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value of investment property based on discounted cash flow model term | 10 years | ||
Impairment charges | $ 5,540,000 | $ 8,530,000 | $ 0 |
Measurement Input, Cap Rate [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Capitalization and discount rate | 7.50 | ||
Measurement Input, Discount Rate [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Capitalization and discount rate | 8.50 |
Quarterly Supplemental Financ_3
Quarterly Supplemental Financial Information - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Total income | $ 31,893 | $ 32,290 | $ 31,870 | $ 32,648 | $ 32,529 | $ 32,110 | $ 32,911 | $ 31,607 | |||||||||||
Net loss | $ (13,071) | $ (5,791) | $ (2,174) | $ (2,240) | $ (10,811) | $ (2,856) | $ (3,631) | $ (1,804) | $ (23,276) | $ (19,102) | $ (7,961) | ||||||||
Net loss per common share, basic and diluted | $ (0.37) | [1] | $ (0.16) | [1] | $ (0.06) | [1] | $ (0.06) | [1] | $ (0.30) | [1] | $ (0.08) | [1] | $ (0.10) | [1] | $ (0.05) | [1] | $ (0.65) | $ (0.54) | $ (0.23) |
Weighted average number of common shares outstanding, basic and diluted | 35,587,000 | [1] | 35,589,157 | [1] | 35,588,790 | [1] | 35,594,052 | [1] | 35,615,539 | [1] | 35,657,535 | [1] | 35,580,556 | [1] | 35,428,360 | [1] | 35,589,729 | 35,571,249 | 34,963,827 |
[1] | Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding. |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - $ / shares | Mar. 19, 2019 | Feb. 11, 2019 | Dec. 31, 2018 | Mar. 11, 2019 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||||
Amount per share of distributions | $ 0.335 | $ 0.00410959 | $ 0.00409836 | |||
Annualized rate on Estimated Per Share NAV | 6.00% | |||||
Amended and Restated Share Repurchase Program [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock repurchase program shares issued in percentage | 5.00% | |||||
Grocery-Anchored Properties [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of grocery-anchored property acquired | 100.00% | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of share price on repurchase of shares | 80.00% | |||||
Amount per share of distributions | $ 0.30 | |||||
Annualized rate on Estimated Per Share NAV | 6.00% | |||||
Subsequent Event [Member] | Amended and Restated Share Repurchase Program [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of share price on repurchase of shares | 80.00% | |||||
Employer discretionary minimum percentage of net proceeds from share repurchase program | 50.00% | |||||
Stock repurchase program shares issued in percentage | 5.00% | |||||
Subsequent Event [Member] | Minimum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Term of liquidity plan | 24 months | |||||
Subsequent Event [Member] | Maximum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Term of liquidity plan | 36 months | |||||
Subsequent Event [Member] | Maximum [Member] | Amended and Restated Share Repurchase Program [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock repurchase program shares issued in percentage | 5.00% | |||||
Subsequent Event [Member] | Grocery-Anchored Properties [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of grocery-anchored property acquired | 100.00% |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 424,574 | ||||||
Initial cost, Land | [1] | 277,229 | |||||
Initial cost, Buildings and Improvements | [1] | 1,003,804 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 17,803 | |||||
Gross amount carried at end of period, Land | [3],[4] | 277,229 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 1,021,607 | |||||
Gross amount carried at end of period, Total | 1,298,836 | [3],[4] | $ 1,288,917 | $ 1,233,231 | $ 1,161,437 | ||
Accumulated Depreciation | (139,134) | [5] | $ (101,094) | $ (62,631) | $ (27,545) | ||
2727 Iowa Street [Member] | Lawrence, KS [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | 2,154 | |||||
Initial cost, Buildings and Improvements | [1] | 16,079 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 215 | |||||
Gross amount carried at end of period, Land | [3],[4] | 2,154 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 16,294 | |||||
Gross amount carried at end of period, Total | [3],[4] | 18,448 | |||||
Accumulated Depreciation | [5] | $ (2,096) | |||||
Date Acquired | 2015 | ||||||
2727 Iowa Street [Member] | Lawrence, KS [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2014 | ||||||
Depreciable Lives | 15 years | ||||||
2727 Iowa Street [Member] | Lawrence, KS [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2015 | ||||||
Depreciable Lives | 30 years | ||||||
Blossom Valley Plaza [Member] | Turlock, CA [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 9,515 | |||||
Initial cost, Buildings and Improvements | [1] | 11,142 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 576 | |||||
Gross amount carried at end of period, Land | [3],[4] | 9,515 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 11,718 | |||||
Gross amount carried at end of period, Total | [3],[4] | 21,233 | |||||
Accumulated Depreciation | [5] | $ (1,431) | |||||
Date Constructed | 1988 | ||||||
Date Acquired | 2015 | ||||||
Blossom Valley Plaza [Member] | Turlock, CA [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Blossom Valley Plaza [Member] | Turlock, CA [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Branson Hills Plaza [Member] | Branson, MO [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 3,787 | |||||
Initial cost, Buildings and Improvements | [1] | 6,039 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 174 | |||||
Gross amount carried at end of period, Land | [3],[4] | 3,787 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 6,213 | |||||
Gross amount carried at end of period, Total | [3],[4] | 10,000 | |||||
Accumulated Depreciation | [5] | $ (931) | |||||
Date Constructed | 2005 | ||||||
Date Acquired | 2014 | ||||||
Branson Hills Plaza [Member] | Branson, MO [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Branson Hills Plaza [Member] | Branson, MO [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Coastal North Town Center [Member] | Myrtle Beach, SC [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 43,680 | ||||||
Initial cost, Land | [1] | 13,725 | |||||
Initial cost, Buildings and Improvements | [1] | 49,673 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | (1,369) | |||||
Gross amount carried at end of period, Land | [3],[4] | 13,725 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 48,304 | |||||
Gross amount carried at end of period, Total | [3],[4] | 62,029 | |||||
Accumulated Depreciation | [5] | $ (4,748) | |||||
Date Constructed | 2014 | ||||||
Date Acquired | 2016 | ||||||
Coastal North Town Center [Member] | Myrtle Beach, SC [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Coastal North Town Center [Member] | Myrtle Beach, SC [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Coastal North Town Center Phase II [Member] | Myrtle Beach, SC [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 365 | |||||
Initial cost, Buildings and Improvements | [1] | 3,034 | |||||
Gross amount carried at end of period, Land | [3],[4] | 365 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 3,034 | |||||
Gross amount carried at end of period, Total | [3],[4] | 3,399 | |||||
Accumulated Depreciation | [5] | $ (163) | |||||
Date Constructed | 2016 | ||||||
Date Acquired | 2017 | ||||||
Coastal North Town Center Phase II [Member] | Myrtle Beach, SC [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Coastal North Town Center Phase II [Member] | Myrtle Beach, SC [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dixie Valley [Member] | Louisville, KY [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 6,798 | ||||||
Initial cost, Land | [1] | 2,807 | |||||
Initial cost, Buildings and Improvements | [1] | 9,053 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 949 | |||||
Gross amount carried at end of period, Land | [3],[4] | 2,807 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 10,002 | |||||
Gross amount carried at end of period, Total | [3],[4] | 12,809 | |||||
Accumulated Depreciation | [5] | $ (1,577) | |||||
Date Constructed | 1988 | ||||||
Date Acquired | 2014 | ||||||
Dixie Valley [Member] | Louisville, KY [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dixie Valley [Member] | Louisville, KY [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dogwood Festival [Member] | Flowood, MO [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 4,500 | |||||
Initial cost, Buildings and Improvements | [1] | 41,865 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 2,687 | |||||
Gross amount carried at end of period, Land | [3],[4] | 4,500 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 44,552 | |||||
Gross amount carried at end of period, Total | [3],[4] | 49,052 | |||||
Accumulated Depreciation | [5] | $ (7,308) | |||||
Date Constructed | 2002 | ||||||
Date Acquired | 2014 | ||||||
Dogwood Festival [Member] | Flowood, MO [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 5 years | ||||||
Dogwood Festival [Member] | Flowood, MO [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General [Member] | Brooks, GA [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 558 | ||||||
Initial cost, Land | [1] | 159 | |||||
Initial cost, Buildings and Improvements | [1] | 857 | |||||
Gross amount carried at end of period, Land | [3],[4] | 159 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 857 | |||||
Gross amount carried at end of period, Total | [3],[4] | 1,016 | |||||
Accumulated Depreciation | [5] | $ (192) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General [Member] | Brooks, GA [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General [Member] | Brooks, GA [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General [Member] | Daleville, AL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 481 | ||||||
Initial cost, Land | [1] | 69 | |||||
Initial cost, Buildings and Improvements | [1] | 761 | |||||
Gross amount carried at end of period, Land | [3],[4] | 69 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 761 | |||||
Gross amount carried at end of period, Total | [3],[4] | 830 | |||||
Accumulated Depreciation | [5] | $ (170) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General [Member] | Daleville, AL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General [Member] | Daleville, AL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General [Member] | East Brewton, AL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 520 | ||||||
Initial cost, Land | [1] | 148 | |||||
Initial cost, Buildings and Improvements | [1] | 780 | |||||
Gross amount carried at end of period, Land | [3],[4] | 148 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 780 | |||||
Gross amount carried at end of period, Total | [3],[4] | 928 | |||||
Accumulated Depreciation | [5] | $ (179) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General [Member] | East Brewton, AL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General [Member] | East Brewton, AL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General [Member] | Madisonville, TN [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 695 | ||||||
Initial cost, Land | [1] | 273 | |||||
Initial cost, Buildings and Improvements | [1] | 939 | |||||
Gross amount carried at end of period, Land | [3],[4] | 273 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 939 | |||||
Gross amount carried at end of period, Total | [3],[4] | 1,212 | |||||
Accumulated Depreciation | [5] | $ (216) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General [Member] | Madisonville, TN [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General [Member] | Madisonville, TN [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General [Member] | Maryville, TN [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 631 | ||||||
Initial cost, Land | [1] | 249 | |||||
Initial cost, Buildings and Improvements | [1] | 841 | |||||
Gross amount carried at end of period, Land | [3],[4] | 249 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 841 | |||||
Gross amount carried at end of period, Total | [3],[4] | 1,090 | |||||
Accumulated Depreciation | [5] | $ (188) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General [Member] | Maryville, TN [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General [Member] | Maryville, TN [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General [Member] | Mobile, AL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 601 | ||||||
Initial cost, Land | [1] | 208 | |||||
Initial cost, Buildings and Improvements | [1] | 836 | |||||
Gross amount carried at end of period, Land | [3],[4] | 208 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 836 | |||||
Gross amount carried at end of period, Total | [3],[4] | 1,044 | |||||
Accumulated Depreciation | [5] | $ (187) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General [Member] | Mobile, AL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General [Member] | Mobile, AL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General [Member] | Newport, TN [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 586 | ||||||
Initial cost, Land | [1] | 200 | |||||
Initial cost, Buildings and Improvements | [1] | 818 | |||||
Gross amount carried at end of period, Land | [3],[4] | 200 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 818 | |||||
Gross amount carried at end of period, Total | [3],[4] | 1,018 | |||||
Accumulated Depreciation | [5] | $ (178) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General [Member] | Newport, TN [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General [Member] | Newport, TN [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General [Member] | Robertsdale, AL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 847 | ||||||
Initial cost, Land | [1] | 324 | |||||
Initial cost, Buildings and Improvements | [1] | 1,178 | |||||
Gross amount carried at end of period, Land | [3],[4] | 324 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 1,178 | |||||
Gross amount carried at end of period, Total | [3],[4] | 1,502 | |||||
Accumulated Depreciation | [5] | $ (270) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General [Member] | Robertsdale, AL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General [Member] | Robertsdale, AL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General [Member] | Valley, AL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 531 | ||||||
Initial cost, Land | [1] | 119 | |||||
Initial cost, Buildings and Improvements | [1] | 805 | |||||
Gross amount carried at end of period, Land | [3],[4] | 119 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 805 | |||||
Gross amount carried at end of period, Total | [3],[4] | 924 | |||||
Accumulated Depreciation | [5] | $ (180) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General [Member] | Valley, AL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General [Member] | Valley, AL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General [Member] | Wetumpka, AL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 692 | ||||||
Initial cost, Land | [1] | 272 | |||||
Initial cost, Buildings and Improvements | [1] | 939 | |||||
Gross amount carried at end of period, Land | [3],[4] | 272 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 939 | |||||
Gross amount carried at end of period, Total | [3],[4] | 1,211 | |||||
Accumulated Depreciation | [5] | $ (216) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General [Member] | Wetumpka, AL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General [Member] | Wetumpka, AL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General (Hamilton) [Member] | LaGrange, GA [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 621 | ||||||
Initial cost, Land | [1] | 100 | |||||
Initial cost, Buildings and Improvements | [1] | 986 | |||||
Gross amount carried at end of period, Land | [3],[4] | 100 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 986 | |||||
Gross amount carried at end of period, Total | [3],[4] | 1,086 | |||||
Accumulated Depreciation | [5] | $ (220) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General (Hamilton) [Member] | LaGrange, GA [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General (Hamilton) [Member] | LaGrange, GA [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Dollar General (Wares Cross) [Member] | LaGrange, GA [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 681 | ||||||
Initial cost, Land | [1] | 248 | |||||
Initial cost, Buildings and Improvements | [1] | 943 | |||||
Gross amount carried at end of period, Land | [3],[4] | 248 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 943 | |||||
Gross amount carried at end of period, Total | [3],[4] | 1,191 | |||||
Accumulated Depreciation | [5] | $ (211) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2012 | ||||||
Dollar General (Wares Cross) [Member] | LaGrange, GA [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Dollar General (Wares Cross) [Member] | LaGrange, GA [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Eastside Junction [Member] | Athens, AL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 6,126 | ||||||
Initial cost, Land | [1] | 2,411 | |||||
Initial cost, Buildings and Improvements | [1] | 8,393 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 8 | |||||
Gross amount carried at end of period, Land | [3],[4] | 2,411 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 8,401 | |||||
Gross amount carried at end of period, Total | [3],[4] | 10,812 | |||||
Accumulated Depreciation | [5] | $ (1,221) | |||||
Date Constructed | 2008 | ||||||
Date Acquired | 2015 | ||||||
Eastside Junction [Member] | Athens, AL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Eastside Junction [Member] | Athens, AL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Fairgrounds Crossing [Member] | Hot Springs, AR [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 13,453 | ||||||
Initial cost, Land | [1] | 6,069 | |||||
Initial cost, Buildings and Improvements | [1] | 22,637 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 187 | |||||
Gross amount carried at end of period, Land | [3],[4] | 6,069 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 22,824 | |||||
Gross amount carried at end of period, Total | [3],[4] | 28,893 | |||||
Accumulated Depreciation | [5] | $ (3,081) | |||||
Date Constructed | 2008 | ||||||
Date Acquired | 2015 | ||||||
Fairgrounds Crossing [Member] | Hot Springs, AR [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Fairgrounds Crossing [Member] | Hot Springs, AR [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Fox Point Plaza [Member] | Neenah, WI [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 3,518 | |||||
Initial cost, Buildings and Improvements | [1] | 12,681 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 753 | |||||
Gross amount carried at end of period, Land | [3],[4] | 3,518 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 13,434 | |||||
Gross amount carried at end of period, Total | [3],[4] | 16,952 | |||||
Accumulated Depreciation | [5] | $ (2,220) | |||||
Date Constructed | 2008 | ||||||
Date Acquired | 2014 | ||||||
Fox Point Plaza [Member] | Neenah, WI [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Fox Point Plaza [Member] | Neenah, WI [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Frisco Marketplace [Member] | Frisco, TX [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 6,618 | |||||
Initial cost, Buildings and Improvements | [1] | 3,315 | |||||
Gross amount carried at end of period, Land | [3],[4] | 6,618 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 3,315 | |||||
Gross amount carried at end of period, Total | [3],[4] | 9,933 | |||||
Accumulated Depreciation | [5] | $ (571) | |||||
Date Constructed | 2002 | ||||||
Date Acquired | 2015 | ||||||
Frisco Marketplace [Member] | Frisco, TX [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Frisco Marketplace [Member] | Frisco, TX [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Green Tree Shopping Center [Member] | Katy, TX [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 13,100 | ||||||
Initial cost, Land | [1] | 7,218 | |||||
Initial cost, Buildings and Improvements | [1] | 17,846 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 456 | |||||
Gross amount carried at end of period, Land | [3],[4] | 7,218 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 18,302 | |||||
Gross amount carried at end of period, Total | [3],[4] | 25,520 | |||||
Accumulated Depreciation | [5] | $ (2,449) | |||||
Date Constructed | 1997 | ||||||
Date Acquired | 2015 | ||||||
Green Tree Shopping Center [Member] | Katy, TX [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 5 years | ||||||
Green Tree Shopping Center [Member] | Katy, TX [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Harris Plaza [Member] | Layton, UT [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 6,500 | |||||
Initial cost, Buildings and Improvements | [1] | 19,403 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 1,780 | |||||
Gross amount carried at end of period, Land | [3],[4] | 6,500 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 21,183 | |||||
Gross amount carried at end of period, Total | [3],[4] | 27,683 | |||||
Accumulated Depreciation | [5] | $ (3,969) | |||||
Date Acquired | 2014 | ||||||
Harris Plaza [Member] | Layton, UT [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2001 | ||||||
Depreciable Lives | 15 years | ||||||
Harris Plaza [Member] | Layton, UT [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2008 | ||||||
Depreciable Lives | 30 years | ||||||
Harvest Square [Member] | Harvest, AL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 6,600 | ||||||
Initial cost, Land | [1] | 2,186 | |||||
Initial cost, Buildings and Improvements | [1] | 9,330 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 136 | |||||
Gross amount carried at end of period, Land | [3],[4] | 2,186 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 9,466 | |||||
Gross amount carried at end of period, Total | [3],[4] | 11,652 | |||||
Accumulated Depreciation | [5] | $ (1,495) | |||||
Date Constructed | 2008 | ||||||
Date Acquired | 2014 | ||||||
Harvest Square [Member] | Harvest, AL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Harvest Square [Member] | Harvest, AL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Heritage Square [Member] | Conyers, AL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 4,460 | ||||||
Initial cost, Land | [1] | 2,028 | |||||
Initial cost, Buildings and Improvements | [1] | 5,538 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 322 | |||||
Gross amount carried at end of period, Land | [3],[4] | 2,028 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 5,860 | |||||
Gross amount carried at end of period, Total | [3],[4] | 7,888 | |||||
Accumulated Depreciation | [5] | $ (889) | |||||
Date Constructed | 2010 | ||||||
Date Acquired | 2014 | ||||||
Heritage Square [Member] | Conyers, AL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Heritage Square [Member] | Conyers, AL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1],[3] | $ 1,440 | |||||
Initial cost, Buildings and Improvements | [1],[3] | 11,799 | |||||
Gross amount carried at end of period, Land | [3],[4] | 1,440 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 11,799 | |||||
Gross amount carried at end of period, Total | [3],[4] | 13,239 | |||||
Accumulated Depreciation | [3],[5] | $ (1,738) | |||||
Date Constructed | [3] | 2012 | |||||
Date Acquired | [3] | 2014 | |||||
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | [3] | 15 years | |||||
Kroger - Copps Grocery Store [Member] | Stevens Point, WI [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | [3] | 30 years | |||||
Kroger - Pick n Save Center [Member] | West Bend, WI [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 3,150 | |||||
Initial cost, Buildings and Improvements | [1] | 14,283 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 1,345 | |||||
Gross amount carried at end of period, Land | [3],[4] | 3,150 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 15,628 | |||||
Gross amount carried at end of period, Total | [3],[4] | 18,778 | |||||
Accumulated Depreciation | [5] | $ (2,308) | |||||
Date Constructed | 2011 | ||||||
Date Acquired | 2014 | ||||||
Kroger - Pick n Save Center [Member] | West Bend, WI [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Kroger - Pick n Save Center [Member] | West Bend, WI [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Lakeside Crossing [Member] | Lynchburg, VA [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 1,460 | |||||
Initial cost, Buildings and Improvements | [1] | 16,999 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 432 | |||||
Gross amount carried at end of period, Land | [3],[4] | 1,460 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 17,431 | |||||
Gross amount carried at end of period, Total | [3],[4] | 18,891 | |||||
Accumulated Depreciation | [5] | $ (2,890) | |||||
Date Constructed | 2013 | ||||||
Date Acquired | 2014 | ||||||
Lakeside Crossing [Member] | Lynchburg, VA [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Lakeside Crossing [Member] | Lynchburg, VA [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 3,053 | |||||
Initial cost, Buildings and Improvements | [1] | 7,081 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 105 | |||||
Gross amount carried at end of period, Land | [3],[4] | 3,053 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 7,186 | |||||
Gross amount carried at end of period, Total | [3],[4] | 10,239 | |||||
Accumulated Depreciation | [5] | $ (1,210) | |||||
Date Constructed | 2009 | ||||||
Date Acquired | 2014 | ||||||
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Landing at Ocean Isle Beach [Member] | Ocean Isle, NC [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Mansfield Pointe [Member] | Mansfield, TX [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 5,350 | |||||
Initial cost, Buildings and Improvements | [1] | 20,002 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 133 | |||||
Gross amount carried at end of period, Land | [3],[4] | 5,350 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 20,135 | |||||
Gross amount carried at end of period, Total | [3],[4] | 25,485 | |||||
Accumulated Depreciation | [5] | $ (3,555) | |||||
Date Constructed | 2008 | ||||||
Date Acquired | 2014 | ||||||
Mansfield Pointe [Member] | Mansfield, TX [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Mansfield Pointe [Member] | Mansfield, TX [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Marketplace at El Paseo [Member] | Fresno, CA [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 38,000 | ||||||
Initial cost, Land | [1] | 16,390 | |||||
Initial cost, Buildings and Improvements | [1] | 46,971 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | (627) | |||||
Gross amount carried at end of period, Land | [3],[4] | 16,390 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 46,344 | |||||
Gross amount carried at end of period, Total | [3],[4] | 62,734 | |||||
Accumulated Depreciation | [5] | $ (5,343) | |||||
Date Constructed | 2014 | ||||||
Date Acquired | 2015 | ||||||
Marketplace at El Paseo [Member] | Fresno, CA [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Marketplace at El Paseo [Member] | Fresno, CA [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Marketplace at Tech Center [Member] | Newport News, VA [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 47,550 | ||||||
Initial cost, Land | [1] | 10,684 | |||||
Initial cost, Buildings and Improvements | [1] | 68,580 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | (113) | |||||
Gross amount carried at end of period, Land | [3],[4] | 10,684 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 68,467 | |||||
Gross amount carried at end of period, Total | [3],[4] | 79,151 | |||||
Accumulated Depreciation | [5] | $ (7,263) | |||||
Date Constructed | 2015 | ||||||
Date Acquired | 2015 | ||||||
Marketplace at Tech Center [Member] | Newport News, VA [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Marketplace at Tech Center [Member] | Newport News, VA [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
MidTowne Shopping Center [Member] | Little Rock, AR [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 8,810 | |||||
Initial cost, Buildings and Improvements | [1] | 29,699 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 565 | |||||
Gross amount carried at end of period, Land | [3],[4] | 8,810 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 30,264 | |||||
Gross amount carried at end of period, Total | [3],[4] | 39,074 | |||||
Accumulated Depreciation | [5] | $ (5,271) | |||||
Date Acquired | 2014 | ||||||
MidTowne Shopping Center [Member] | Little Rock, AR [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2005 | ||||||
Depreciable Lives | 5 years | ||||||
MidTowne Shopping Center [Member] | Little Rock, AR [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2008 | ||||||
Depreciable Lives | 30 years | ||||||
Milford Marketplace [Member] | Milford, CT [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 18,727 | ||||||
Initial cost, Buildings and Improvements | [1] | 35,867 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 824 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 36,691 | |||||
Gross amount carried at end of period, Total | [3],[4] | 36,691 | |||||
Accumulated Depreciation | [5] | $ (4,199) | |||||
Date Constructed | 2007 | ||||||
Date Acquired | 2015 | ||||||
Milford Marketplace [Member] | Milford, CT [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Milford Marketplace [Member] | Milford, CT [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Newington Fair [Member] | Newington, CT [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 7,833 | |||||
Initial cost, Buildings and Improvements | [1] | 8,329 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 331 | |||||
Gross amount carried at end of period, Land | [3],[4] | 7,833 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 8,660 | |||||
Gross amount carried at end of period, Total | [3],[4] | 16,493 | |||||
Accumulated Depreciation | [5] | $ (2,365) | |||||
Date Acquired | 2012 | ||||||
Newington Fair [Member] | Newington, CT [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 1994 | ||||||
Depreciable Lives | 15 years | ||||||
Newington Fair [Member] | Newington, CT [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2009 | ||||||
Depreciable Lives | 30 years | ||||||
North Hills Square [Member] | Coral Springs, FL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 4,800 | |||||
Initial cost, Buildings and Improvements | [1] | 5,493 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 236 | |||||
Gross amount carried at end of period, Land | [3],[4] | 4,800 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 5,729 | |||||
Gross amount carried at end of period, Total | [3],[4] | 10,529 | |||||
Accumulated Depreciation | [5] | $ (1,006) | |||||
Date Constructed | 1997 | ||||||
Date Acquired | 2014 | ||||||
North Hills Square [Member] | Coral Springs, FL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
North Hills Square [Member] | Coral Springs, FL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 4,254 | |||||
Initial cost, Buildings and Improvements | [1] | 14,467 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 177 | |||||
Gross amount carried at end of period, Land | [3],[4] | 4,254 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 14,644 | |||||
Gross amount carried at end of period, Total | [3],[4] | 18,898 | |||||
Accumulated Depreciation | [5] | $ (1,608) | |||||
Date Acquired | 2015 | ||||||
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2014 | ||||||
Depreciable Lives | 15 years | ||||||
Oquirrh Mountain Marketplace [Member] | Jordan, UT [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2015 | ||||||
Depreciable Lives | 30 years | ||||||
Oquirrh Mountain Marketplace Phase II [Member] | Jordan, UT [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 1,403 | |||||
Initial cost, Buildings and Improvements | [1] | 3,727 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | (54) | |||||
Gross amount carried at end of period, Land | [3],[4] | 1,403 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 3,673 | |||||
Gross amount carried at end of period, Total | [3],[4] | 5,076 | |||||
Accumulated Depreciation | [5] | $ (354) | |||||
Date Acquired | 2016 | ||||||
Oquirrh Mountain Marketplace Phase II [Member] | Jordan, UT [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2014 | ||||||
Depreciable Lives | 15 years | ||||||
Oquirrh Mountain Marketplace Phase II [Member] | Jordan, UT [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2015 | ||||||
Depreciable Lives | 30 years | ||||||
Park Avenue Shopping Center [Member] | Little Rock, AR [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 5,500 | |||||
Initial cost, Buildings and Improvements | [1] | 16,365 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 2,947 | |||||
Gross amount carried at end of period, Land | [3],[4] | 5,500 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 19,312 | |||||
Gross amount carried at end of period, Total | [3],[4] | 24,812 | |||||
Accumulated Depreciation | [5] | $ (3,271) | |||||
Date Constructed | 2012 | ||||||
Date Acquired | 2014 | ||||||
Park Avenue Shopping Center [Member] | Little Rock, AR [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Park Avenue Shopping Center [Member] | Little Rock, AR [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Pentucket Shopping Center [Member] | Plaistow, NH [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 14,700 | ||||||
Initial cost, Land | [1] | 5,993 | |||||
Initial cost, Buildings and Improvements | [1] | 11,251 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 30 | |||||
Gross amount carried at end of period, Land | [3],[4] | 5,993 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 11,281 | |||||
Gross amount carried at end of period, Total | [3],[4] | 17,274 | |||||
Accumulated Depreciation | [5] | $ (765) | |||||
Date Constructed | 1986 | ||||||
Date Acquired | 2017 | ||||||
Pentucket Shopping Center [Member] | Plaistow, NH [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Pentucket Shopping Center [Member] | Plaistow, NH [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Plaza at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 618 | |||||
Initial cost, Buildings and Improvements | [1] | 2,305 | |||||
Gross amount carried at end of period, Land | [3],[4] | 618 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 2,305 | |||||
Gross amount carried at end of period, Total | [3],[4] | 2,923 | |||||
Accumulated Depreciation | [5] | $ (316) | |||||
Date Constructed | 2008 | ||||||
Date Acquired | 2015 | ||||||
Plaza at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Plaza at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Prattville Town Center [Member] | Prattville, AL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 15,930 | ||||||
Initial cost, Land | [1] | 5,336 | |||||
Initial cost, Buildings and Improvements | [1] | 27,672 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 91 | |||||
Gross amount carried at end of period, Land | [3],[4] | 5,336 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 27,763 | |||||
Gross amount carried at end of period, Total | [3],[4] | 33,099 | |||||
Accumulated Depreciation | [5] | $ (3,850) | |||||
Date Constructed | 2007 | ||||||
Date Acquired | 2015 | ||||||
Prattville Town Center [Member] | Prattville, AL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Prattville Town Center [Member] | Prattville, AL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Regal Court [Member] | Shreveport, LA [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 26,000 | ||||||
Initial cost, Land | [1] | 5,873 | |||||
Initial cost, Buildings and Improvements | [1] | 41,181 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 1,361 | |||||
Gross amount carried at end of period, Land | [3],[4] | 5,873 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 42,542 | |||||
Gross amount carried at end of period, Total | [3],[4] | 48,415 | |||||
Accumulated Depreciation | [5] | $ (5,777) | |||||
Date Constructed | 2008 | ||||||
Date Acquired | 2015 | ||||||
Regal Court [Member] | Shreveport, LA [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 5 years | ||||||
Regal Court [Member] | Shreveport, LA [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Settlers Ridge [Member] | Pittsburgh, PA [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 76,533 | ||||||
Initial cost, Land | [1] | 25,961 | |||||
Initial cost, Buildings and Improvements | [1] | 98,157 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 238 | |||||
Gross amount carried at end of period, Land | [3],[4] | 25,961 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 98,395 | |||||
Gross amount carried at end of period, Total | [3],[4] | 124,356 | |||||
Accumulated Depreciation | [5] | $ (12,031) | |||||
Date Constructed | 2011 | ||||||
Date Acquired | 2015 | ||||||
Settlers Ridge [Member] | Pittsburgh, PA [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Settlers Ridge [Member] | Pittsburgh, PA [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Shoppes at Lake Park [Member] | West Valley City. UT [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 2,285 | |||||
Initial cost, Buildings and Improvements | [1] | 8,527 | |||||
Gross amount carried at end of period, Land | [3],[4] | 2,285 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 8,527 | |||||
Gross amount carried at end of period, Total | [3],[4] | 10,812 | |||||
Accumulated Depreciation | [5] | $ (1,214) | |||||
Date Constructed | 2008 | ||||||
Date Acquired | 2015 | ||||||
Shoppes at Lake Park [Member] | West Valley City. UT [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Shoppes at Lake Park [Member] | West Valley City. UT [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Shoppes at Market Pointe [Member] | Papillion, NE [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 13,700 | ||||||
Initial cost, Land | [1] | 12,499 | |||||
Initial cost, Buildings and Improvements | [1] | 8,388 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 783 | |||||
Gross amount carried at end of period, Land | [3],[4] | 12,499 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 9,171 | |||||
Gross amount carried at end of period, Total | [3],[4] | 21,670 | |||||
Accumulated Depreciation | [5] | $ (1,693) | |||||
Date Acquired | 2015 | ||||||
Shoppes at Market Pointe [Member] | Papillion, NE [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2006 | ||||||
Depreciable Lives | 15 years | ||||||
Shoppes at Market Pointe [Member] | Papillion, NE [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2007 | ||||||
Depreciable Lives | 30 years | ||||||
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 7,521 | |||||
Initial cost, Buildings and Improvements | [1] | 22,468 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 351 | |||||
Gross amount carried at end of period, Land | [3],[4] | 7,521 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 22,819 | |||||
Gross amount carried at end of period, Total | [3],[4] | 30,340 | |||||
Accumulated Depreciation | [5] | $ (3,343) | |||||
Date Constructed | 2009 | ||||||
Date Acquired | 2014 | ||||||
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Shoppes at Prairie Ridge [Member] | Pleasant Prairie, WI [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
The Shoppes at Branson Hills [Member] | Branson, MO [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 4,418 | |||||
Initial cost, Buildings and Improvements | [1] | 37,229 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 961 | |||||
Gross amount carried at end of period, Land | [3],[4] | 4,418 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 38,190 | |||||
Gross amount carried at end of period, Total | [3],[4] | 42,608 | |||||
Accumulated Depreciation | [5] | $ (5,476) | |||||
Date Constructed | 2005 | ||||||
Date Acquired | 2014 | ||||||
The Shoppes at Branson Hills [Member] | Branson, MO [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
The Shoppes at Branson Hills [Member] | Branson, MO [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Shops at Hawk Ridge [Member] | St. Louis, MO [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 1,329 | |||||
Initial cost, Buildings and Improvements | [1] | 10,341 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 251 | |||||
Gross amount carried at end of period, Land | [3],[4] | 1,329 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 10,592 | |||||
Gross amount carried at end of period, Total | [3],[4] | 11,921 | |||||
Accumulated Depreciation | [5] | $ (1,505) | |||||
Date Constructed | 2009 | ||||||
Date Acquired | 2015 | ||||||
Shops at Hawk Ridge [Member] | St. Louis, MO [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 5 years | ||||||
Shops at Hawk Ridge [Member] | St. Louis, MO [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Treasure Valley [Member] | Nampa, ID [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 3,133 | |||||
Initial cost, Buildings and Improvements | [1] | 12,000 | |||||
Gross amount carried at end of period, Land | [3],[4] | 3,133 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 12,000 | |||||
Gross amount carried at end of period, Total | [3],[4] | 15,133 | |||||
Accumulated Depreciation | [5] | $ (1,638) | |||||
Date Constructed | 2014 | ||||||
Date Acquired | 2015 | ||||||
Treasure Valley [Member] | Nampa, ID [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Treasure Valley [Member] | Nampa, ID [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Village at Burlington Creek [Member] | Kansas City, MO [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 17,723 | ||||||
Initial cost, Land | [1] | 10,789 | |||||
Initial cost, Buildings and Improvements | [1] | 19,385 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 793 | |||||
Gross amount carried at end of period, Land | [3],[4] | 10,789 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 20,178 | |||||
Gross amount carried at end of period, Total | [3],[4] | 30,967 | |||||
Accumulated Depreciation | [5] | $ (2,555) | |||||
Date Acquired | 2015 | ||||||
Village at Burlington Creek [Member] | Kansas City, MO [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2007 | ||||||
Depreciable Lives | 5 years | ||||||
Village at Burlington Creek [Member] | Kansas City, MO [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2015 | ||||||
Depreciable Lives | 30 years | ||||||
Walgreens Plaza [Member] | Jacksonville, NC [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 4,650 | ||||||
Initial cost, Land | [1] | 2,624 | |||||
Initial cost, Buildings and Improvements | [1] | 9,683 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 410 | |||||
Gross amount carried at end of period, Land | [3],[4] | 2,624 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 10,093 | |||||
Gross amount carried at end of period, Total | [3],[4] | 12,717 | |||||
Accumulated Depreciation | [5] | $ (1,403) | |||||
Date Constructed | 2011 | ||||||
Date Acquired | 2015 | ||||||
Walgreens Plaza [Member] | Jacksonville, NC [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Walgreens Plaza [Member] | Jacksonville, NC [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Wedgewood Commons [Member] | Olive Branch, MS [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 2,220 | |||||
Initial cost, Buildings and Improvements | [1] | 26,577 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 157 | |||||
Gross amount carried at end of period, Land | [3],[4] | 2,220 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 26,734 | |||||
Gross amount carried at end of period, Total | [3],[4] | 28,954 | |||||
Accumulated Depreciation | [5] | $ (4,692) | |||||
Date Acquired | 2013 | ||||||
Wedgewood Commons [Member] | Olive Branch, MS [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2009 | ||||||
Depreciable Lives | 5 years | ||||||
Wedgewood Commons [Member] | Olive Branch, MS [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2013 | ||||||
Depreciable Lives | 30 years | ||||||
Whispering Ridge [Member] | Omaha, NE [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 1,627 | |||||
Initial cost, Buildings and Improvements | [1] | 10,418 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | (4,144) | |||||
Gross amount carried at end of period, Land | [3],[4] | 1,627 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 6,274 | |||||
Gross amount carried at end of period, Total | [3],[4] | 7,901 | |||||
Accumulated Depreciation | [5] | $ (156) | |||||
Date Constructed | 2007 | ||||||
Date Acquired | 2015 | ||||||
Whispering Ridge [Member] | Omaha, NE [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 5 years | ||||||
Whispering Ridge [Member] | Omaha, NE [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
White City [Member] | Shrewsbury, MA [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Encumbrance | $ 49,400 | ||||||
Initial cost, Land | [1] | 18,961 | |||||
Initial cost, Buildings and Improvements | [1] | 70,423 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 1,788 | |||||
Gross amount carried at end of period, Land | [3],[4] | 18,961 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 72,211 | |||||
Gross amount carried at end of period, Total | [3],[4] | 91,172 | |||||
Accumulated Depreciation | [5] | $ (9,589) | |||||
Date Constructed | 2013 | ||||||
Date Acquired | 2015 | ||||||
White City [Member] | Shrewsbury, MA [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
White City [Member] | Shrewsbury, MA [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Wilson Marketplace [Member] | Wilson, NC [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 11,155 | |||||
Initial cost, Buildings and Improvements | [1] | 27,498 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 1,020 | |||||
Gross amount carried at end of period, Land | [3],[4] | 11,155 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 28,518 | |||||
Gross amount carried at end of period, Total | [3],[4] | 39,673 | |||||
Accumulated Depreciation | [5] | $ (1,977) | |||||
Date Constructed | 2007 | ||||||
Date Acquired | 2017 | ||||||
Wilson Marketplace [Member] | Wilson, NC [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 15 years | ||||||
Wilson Marketplace [Member] | Wilson, NC [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Depreciable Lives | 30 years | ||||||
Yorkville Marketplace [Member] | Yorkville, IL [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Initial cost, Land | [1] | $ 4,990 | |||||
Initial cost, Buildings and Improvements | [1] | 13,928 | |||||
Cost Capitalized Subsequent to Acquisitions | [2] | 538 | |||||
Gross amount carried at end of period, Land | [3],[4] | 4,990 | |||||
Gross amount carried at end of period, Building and Improvements | [3],[4] | 14,466 | |||||
Gross amount carried at end of period, Total | [3],[4] | 19,456 | |||||
Accumulated Depreciation | [5] | $ (2,217) | |||||
Date Acquired | 2015 | ||||||
Yorkville Marketplace [Member] | Yorkville, IL [Member] | Minimum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2002 | ||||||
Depreciable Lives | 15 years | ||||||
Yorkville Marketplace [Member] | Yorkville, IL [Member] | Maximum [Member] | |||||||
Real Estate And Accumulated Depreciation [Line Items] | |||||||
Date Constructed | 2007 | ||||||
Depreciable Lives | 30 years | ||||||
[1] | The initial cost to the Company represents the original purchase price of the property including impairment charges recorded subsequent to acquisition to reduce basis. | ||||||
[2] | As applicable, some amounts include write-offs | ||||||
[3] | Reconciliation of real estate owned: | ||||||
[4] | The aggregate cost of real estate owned at December 31, 2018 for federal income tax purposes was $1,448,586. | ||||||
[5] | Reconciliation of accumulated depreciation: |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation (Narrative) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Aggregate cost of real estate owned for federal income tax purpose | $ 1,448,586 |
Schedule III Real Estate and _3
Schedule III Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||||
Balance at January 1, | $ 1,288,917 | $ 1,233,231 | $ 1,161,437 | |
Acquisitions | 59,306 | 68,977 | ||
Improvements, net of master lease | 9,919 | 5,594 | 2,817 | |
Impairment of investment property | (9,214) | |||
Balance at December 31, | $ 1,298,836 | [1],[2] | $ 1,288,917 | $ 1,233,231 |
[1] | Reconciliation of real estate owned: | |||
[2] | The aggregate cost of real estate owned at December 31, 2018 for federal income tax purposes was $1,448,586. |
Schedule III Real Estate and _4
Schedule III Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||||
Balance at January 1, | $ 101,094 | $ 62,631 | ||
Depreciation expense | 38,040 | 39,497 | $ 35,086 | |
Impairment of investment property | (1,034) | |||
Balance at December 31, | $ 139,134 | [1] | $ 101,094 | $ 62,631 |
[1] | Reconciliation of accumulated depreciation: |