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Notional Amount

Fixed LIBOR

Maturity Date

1.2% - 1.5%

Document And Entity Information - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document type	10-K
Amendment flag	false
Document period end date	Dec. 31, 2016
Document fiscal period focus	FY
Document fiscal year focus	2016
Entity registrant name	PHILLIPS EDISON GROCERY CENTER REIT I, INC.
Entity central index key	0001476204
Entity well-known seasoned issuer	No
Entity voluntary filers	No
Entity current reporting status	Yes
Current fiscal year end date	--12-31
Entity filer category	Non-accelerated Filer
Entity common stock, shares outstanding		182.1
Entity public float			$ 0.0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate:
Land and improvements	$ 796,192	$ 719,430
Building and improvements	1,532,888	1,397,050
Acquired in-place lease assets	212,916	194,242
Acquired above-market lease assets	42,009	39,311
Total investment in real estate assets	2,584,005	2,350,033
Accumulated depreciation and amortization	(334,348)	(232,102)
Total investment in real estate assets, net	2,249,657	2,117,931
Cash and cash equivalents	8,224	40,680
Restricted cash	41,722	6,833
Other assets, net	80,585	60,804
Total assets	2,380,188	2,226,248
Liabilities
Mortgages and loans payable, net	1,056,156	845,515
Acquired below-market lease intangibles, net	43,032	39,782
Accounts payable – affiliates	4,571	5,278
Accounts payable and other liabilities	51,642	43,881
Total liabilities	1,155,401	934,456
Commitments and contingencies (Note 8)	0	0
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at December 31, 2016 and 2015	0	0
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 185,062 and 181,308 shares issued and outstanding at December 31, 2016 and 2015, respectively	1,851	1,813
Additional paid-in capital	1,627,098	1,588,541
Accumulated other comprehensive income	10,587	22
Accumulated deficit	(438,155)	(323,761)
Total stockholders’ equity	1,201,381	1,266,615
Noncontrolling interests	23,406	25,177
Total equity	1,224,787	1,291,792
Total liabilities and equity	$ 2,380,188	$ 2,226,248

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares outstanding	185,062,000	181,308,000

Consolidated Statements Of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental income	$ 193,561	$ 182,064	$ 142,216
Tenant recovery income	63,131	58,675	44,993
Other property income	1,038	1,360	1,006
Total revenues	257,730	242,099	188,215
Expenses:
Property operating	41,890	38,399	32,919
Real estate taxes	36,627	35,285	25,262
General and administrative	31,804	15,829	8,632
Acquisition expenses	5,803	5,404	17,430
Vesting of Class B units for asset management services	0	0	27,853
Depreciation and amortization	106,095	101,479	79,160
Total expenses	222,219	196,396	191,256
Other:
Interest expense, net	(32,458)	(32,390)	(20,360)
Other income, net	5,990	248	766
Net income (loss)	9,043	13,561	(22,635)
Net income attributable to noncontrolling interests	(111)	(201)	0
Net income (loss) attributable to stockholders	$ 8,932	$ 13,360	$ (22,635)
Earnings per common share:
Net income (loss) per share - basic and diluted	$ 0.05	$ 0.07	$ (0.13)
Weighted-average common shares outstanding:
Basic	183,876	183,678	179,280
Diluted	186,665	186,394	179,280
Comprehensive income (loss):
Net income (loss)	$ 9,043	$ 13,561	$ (22,635)
Other comprehensive income (loss):
Unrealized gain (loss) on derivatives	6,979	(3,128)	0
Reclassification of derivative loss (gain) to interest expense	3,586	3,150	(690)
Comprehensive income (loss)	19,608	13,583	(23,325)
Comprehensive income attributable to noncontrolling interests	(111)	(201)	0
Comprehensive income (loss) attributable to stockholders	$ 19,497	$ 13,382	$ (23,325)

Consolidated Statements Of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Stockholders’ Equity	Noncontrolling Interest
Beginning balance, value at Dec. 31, 2013	$ 1,469,532	$ 1,756	$ 1,538,185	$ 690	$ (71,192)	$ 1,469,439	$ 93
Beginning balance, shares at Dec. 31, 2013		175,595
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, value	2,534	$ 2	2,532			2,534
Issuance of common stock, shares		256
Share repurchases, value	(4,916)	$ (4)	(4,912)			(4,916)
Share repurchases, shares		(346)
Change in redeemable common stock	(29,878)		(29,878)			(29,878)
Dividend reinvestment plan (DRIP), value	62,950	$ 66	62,884			62,950
Dividend reinvestment plan (DRIP), shares		6,626
Change in unrealized gain (loss) on interest rate swaps	(690)			(690)		(690)
Common distributions declared, $0.67 per share	(120,148)				(120,148)	(120,148)
Issuance of partnership units	23,806						23,806
Distributions to noncontrolling interests	(1,135)						(1,135)
Offering costs	(1,158)		(1,158)			(1,158)
Net (loss) income	(22,635)				(22,635)	(22,635)	0
Ending balance, value at Dec. 31, 2014	1,378,262	$ 1,820	1,567,653	0	(213,975)	1,355,498	22,764
Ending balance, shares at Dec. 31, 2014		182,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, value	(72,800)	$ (73)	(72,727)			(72,800)
Share repurchases, shares		(7,386)
Change in redeemable common stock	29,878		29,878			29,878
Dividend reinvestment plan (DRIP), value	63,803	$ 66	63,737			63,803
Dividend reinvestment plan (DRIP), shares		6,563
Change in unrealized gain (loss) on interest rate swaps	22			22		22
Common distributions declared, $0.67 per share	(123,146)				(123,146)	(123,146)
Issuance of partnership units	4,047						4,047
Distributions to noncontrolling interests	(1,835)						(1,835)
Net (loss) income	13,561				13,360	13,360	201
Ending balance, value at Dec. 31, 2015	1,291,792	$ 1,813	1,588,541	22	(323,761)	1,266,615	25,177
Ending balance, shares at Dec. 31, 2015		181,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, value	(20,301)	$ (20)	(20,281)			(20,301)
Share repurchases, shares		(2,019)
Dividend reinvestment plan (DRIP), value	58,872	$ 58	58,814			58,872
Dividend reinvestment plan (DRIP), shares		5,773
Change in unrealized gain (loss) on interest rate swaps	10,565			10,565		10,565
Common distributions declared, $0.67 per share	(123,326)				(123,326)	(123,326)
Distributions to noncontrolling interests	(1,882)						(1,882)
Share-based compensation	24		24			24
Net (loss) income	9,043				8,932	8,932	111
Ending balance, value at Dec. 31, 2016	$ 1,224,787	$ 1,851	$ 1,627,098	$ 10,587	$ (438,155)	$ 1,201,381	$ 23,406
Ending balance, shares at Dec. 31, 2016		185,062

Consolidated Statements Of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Common distributions declared, per share	$ 0.67	$ 0.67	$ 0.67

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 9,043	$ 13,561	$ (22,635)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	103,282	98,367	76,554
Vesting of Class B units for asset management services	0	0	27,853
Net amortization of above- and below-market leases	(1,208)	(821)	85
Amortization of deferred financing expense	4,936	5,084	3,861
(Gain) loss on sale of properties and disposal of real estate assets	(4,356)	(190)	23
Loss on write-off of capitalized leasing commissions and deferred financing expense	317	2,260	112
Straight-line rental income	(3,512)	(4,571)	(4,303)
Other	(1,485)	(118)	(546)
Changes in operating assets and liabilities:
Other assets	(9,916)	(13,473)	(16,889)
Accounts payable - affiliates	(865)	4,145	147
Accounts payable and other liabilities	6,840	1,829	11,409
Net cash provided by operating activities	103,076	106,073	75,671
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(201,111)	(91,142)	(710,799)
Capital expenditures	(26,117)	(21,870)	(15,805)
Proceeds from sale of real estate	0	2,268	7,256
Change in restricted cash and investments	1,011	(30)	3,056
Proceeds from sale of derivative	0	0	520
Net cash used in investing activities	(226,217)	(110,774)	(715,772)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in credit facility	35,969	(150,700)	291,700
Proceeds from mortgages and loans payable	255,000	400,000	0
Payments on mortgages and loans payable	(110,875)	(77,324)	(28,636)
Payments of deferred financing expenses	(3,115)	(6,711)	(7,566)
Distributions paid, net of DRIP	(64,269)	(59,387)	(56,612)
Distributions to noncontrolling interests	(1,724)	(1,677)	(1,135)
Repurchases of common stock	(20,301)	(74,469)	(3,323)
Proceeds from issuance of common stock	0	0	2,534
Payment of offering costs	0	0	(1,462)
Net cash provided by financing activities	90,685	29,732	195,500
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(32,456)	25,031	(444,601)
CASH AND CASH EQUIVALENTS:
Beginning of period	40,680	15,649	460,250
End of period	8,224	40,680	15,649
SUPPLEMENTAL CASH FLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cash paid for interest	29,709	27,583	17,808
Fair value of assumed debt	33,326	34,341	189,006
Assumed interest rate swap	0	0	714
Accrued capital expenditures	3,256	2,340	3,148
Change in offering costs payable to sponsor(s)	0	(75)	(304)
Change in distributions payable	185	(44)	586
Change in distributions payable - noncontrolling interests	158	158	0
Change in accrued share repurchase obligation	0	(1,669)	1,593
Distributions reinvested	58,872	63,803	62,950
Restricted cash proceeds from sale of real estate assets	$ 35,900	$ 0	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Phillips Edison Grocery Center REIT I, Inc., (“we,” the “Company,” “our,” or “us”) was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P., (the “Operating Partnership”), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. Our advisor is Phillips Edison NTR LLC (“PE-NTR”), which is directly or indirectly owned by Phillips Edison Limited Partnership (the “Phillips Edison sponsor”). Under the terms of the advisory agreement between PE-NTR and us (“PE-NTR Agreement”), PE-NTR is responsible for the management of our day-to-day activities and the implementation of our investment strategy. We invest primarily in well-occupied, grocery-anchored, neighborhood and community shopping centers that have a mix of creditworthy national and regional retailers that sell necessity-based goods and services in strong demographic markets throughout the United States. As of December 31, 2016, we owned fee simple interests in 153 real estate properties acquired from third parties unaffiliated with us or PE-NTR.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Summary of significant accounting policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation—The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation.

Partially-Owned Entities—Accounting Standards Update (“ASU”) 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, amended the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities.

If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity. We adopted ASU 2015-02 on January 1, 2016, and retrospectively applied the guidance for all periods presented. We have determined that the Operating Partnership is considered a VIE. We are the primary beneficiary of the VIE and our partnership interest is considered a majority voting interest. As such, we have consolidated the Operating Partnership and its wholly-owned subsidiaries.

Additionally, a Section 1031 like-kind exchange (“1031 exchange”) entails selling one property and reinvesting the proceeds in one or more properties that are similar in nature, character, or class within 180 days. A reverse 1031 exchange occurs when one or more properties is purchased prior to selling one property to be matched in the like-kind exchange, during which time legal title to the purchased property is held by an intermediary. Because we retain essentially all of the legal and economic benefits and obligations related to the acquisition, we consider the purchased property to be a VIE and therefore we will consolidate the entity as the primary beneficiary. As of December 31, 2016, we had one active reverse 1031 exchange.

Noncontrolling Interests—The Operating Partnership (“OP”) units outstanding as of December 31, 2016, are classified as noncontrolling interests within permanent equity on our consolidated balance sheets. Please refer to Note 10 for additional information regarding these vested units issued under our prior advisory agreement.

Use of Estimates—The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; recoverable amounts of receivables; initial valuations of tangible and intangible assets and liabilities and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions, the valuation and nature of derivatives and their effectiveness as hedges; and other fair value measurement assessments required for the preparation of the consolidated financial statements. Actual results could differ from those estimates.

Cash and Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts and money market funds. The cash and cash equivalent balances at one or more of our financial institutions exceeds the Federal Depository Insurance Corporation (“FDIC”) insurance coverage.

Restricted Cash—Restricted cash primarily consists of cash restricted for the purposes of facilitating a 1031 exchange, escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements. As of December 31, 2016 and 2015, the balance in restricted cash was $41.7 million and $6.8 million, respectively.

Investment in Property and Lease Intangibles—Real estate assets are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 5-7 years for furniture, fixtures and equipment, 15 years for land improvements and 30 years for buildings and building improvements. Tenant improvements are amortized over the shorter of the respective lease term or the expected useful life of the asset. Major replacements that extend the useful lives of the assets are capitalized, and maintenance and repair costs are expensed as incurred.

Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable, or at least annually. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. Such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. We recorded no impairments for the years ended December 31, 2016, 2015, and 2014.

The results of operations of acquired properties are included in our results of operations from their respective dates of acquisition. We assess the acquisition-date fair values of all tangible assets, identifiable intangibles, and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis and replacement cost) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. Acquisition-related costs are expensed as incurred.

The fair values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases is the cost we would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, we evaluate the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance, and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the weighted-average remaining lease terms.

Acquired above- and below-market lease values are recorded based on the present value (using interest rates that reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of the market lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental income over the remaining terms of the respective leases. We also consider fixed-rate renewal options in our calculation of the fair value of below-market leases and the periods over which such leases are amortized. If a tenant has a unilateral option to renew a below-market lease and we determine that the tenant has a financial incentive to exercise such option, we include such an option in the calculation of the fair value of such lease and the period over which the lease is amortized.

We estimate the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods.

We estimate the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the note’s outstanding principal balance is amortized over the life of the mortgage note payable as an adjustment to interest expense.

Deferred Financing Expenses—ASU 2015-03, Interest - Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs, amended existing guidance to require the presentation of certain debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, provided guidance regarding the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. We adopted ASU 2015-03 and ASU 2015-15 on January 1, 2016, and retrospectively applied the guidance for all periods presented.

Deferred financing expenses are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. Certain unamortized debt issuance costs on our consolidated balance sheets as of December 31, 2015, were reclassified from Deferred Financing Expense, Net to Mortgages and Loans Payable, Net, with a portion remaining in Other Assets, Net. The adoption did not have an impact on our results of operations.

Fair Value Measurement—Accounting Standard Codification (“ASC”) 820, Fair Value Measurement defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:

Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).

Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability.

Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we did or could actually realize upon disposition of the financial assets and liabilities previously sold or currently held.

Derivative Instruments and Hedging Activities—We use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage such risk. We do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match, such as notional amounts, settlement dates, reset dates, the calculation period and the LIBOR rate. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected.

Changes in fair value as well as net payments or receipts under interest rate swap agreements that do not qualify for hedge accounting treatment are recorded as other income or other expense in the consolidated statements of operations and comprehensive income (loss).

In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of operations and comprehensive income (loss) as a component of net loss or as a component of comprehensive income and as a component of stockholders’ equity on the consolidated balance sheets. Although management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity.

Gain on Sale of Assets—We recognize sales of assets only upon the closing of the transaction with the purchaser. We recognize gains on assets sold upon closing if the collectibility of the sales price is reasonably assured, we are not obligated to perform any significant activities after the sale to earn the profit, we have received adequate initial investment from the purchaser, and other profit recognition criteria have been satisfied. We may defer recognition of gains in whole or in part until: (i) the profit is determinable, meaning that the collectibility of the sales price is reasonably assured or the amount that will not be collectible can be estimated; and (ii) the earnings process is virtually complete, meaning that we are not obliged to perform any significant activities after the sale to earn the profit. We sold a property in December 2016 and recognized a gain of $4.7 million, which is recorded in Other Income, Net on the consolidated statements of operations.

Revenue Recognition—We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete.

If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether we or the lessee is the owner of the tenant improvements for accounting purposes. These factors include:


•	whether the lease stipulates how and on what a tenant improvement allowance may be spent;


•	whether the tenant or landlord retains legal title to the improvements;


•	the uniqueness of the improvements;


•	the expected economic life of the tenant improvements relative to the length of the lease; and


•	who constructs or directs the construction of the improvements.

We recognize rental income on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of other assets, net. Due to the impact of the straight-line adjustments, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. As of December 31, 2016 and 2015, the deferred rent receivable was $14.8 million and $11.5 million, respectively. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved.

Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements.

We periodically review the collectability of outstanding receivables. Allowances will be taken for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. As of December 31, 2016 and 2015, the bad debt reserve for uncollectible amounts was $1.7 million and $1.1 million, respectively.

We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets.

Income Taxes—We have elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Our qualification and taxation as a REIT depends on our ability, on a continuing basis, to meet certain organizational and operational qualification requirements imposed upon REITs by the Code. If we fail to qualify as a REIT for any reason in a taxable year, we will be subject to tax on our taxable income at regular corporate rates. We would not be able to deduct distributions paid to stockholders in any year in which we fail to qualify as a REIT. We will also be disqualified for the four taxable years following the year during which qualification was lost unless we are entitled to relief under specific statutory provisions. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income, property or net worth, respectively, and to federal income and excise taxes on our undistributed income. Additionally, GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that our tax positions will be sustained in any tax examinations.

The tax composition of our distributions declared for the years ended December 31, 2016 and 2015, was as follows:



	2016		2015
Ordinary income	28.22	%	40.45	%
Return of capital	71.78	%	59.55	%
Total	100.00	%	100.00	%

Repurchase of Common Stock—We offer a share repurchase program (“SRP”) which may allow stockholders who participate to have their shares repurchased subject to approval and certain limitations and restrictions (see Note 10). Under our SRP, the maximum amount of common stock that we may redeem, at the shareholder’s election, during any calendar year is limited, among other things, to 5% of the weighted-average number of shares outstanding during the prior calendar year. The maximum amount is reduced each reporting period by the current year share redemptions to date. In addition, the cash available for repurchases on any particular date is generally limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the start of the same time period.

Shares repurchased pursuant to our SRP are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders’ equity. Our accounting policy related to share repurchases is to reduce common stock based on the par value of the shares and to reduce capital surplus for the excess of the repurchase price over the par value. Since the inception of the SRP in August 2010, we have had an accumulated deficit balance; therefore, the excess over the par value has been applied to additional paid-in capital. Once we have retained earnings, the excess will be charged entirely to retained earnings.

Class B Units—We issue Class B units of the Operating Partnership as compensation for the asset management services provided by PE-NTR under our current advisory agreement. Under the limited partnership agreement of the Operating Partnership, the Class B units vest, and are no longer subject to forfeiture, at such time as the following events occur: (x) the value of the Operating Partnership’s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6% cumulative, pre-tax, non-compounded annual return thereon (the “economic hurdle” or the “market condition”); (y) any one of the following occurs: (1) the termination of our advisory agreement by an affirmative vote of a majority of our independent directors without cause; (2) a listing event; or (3) another liquidity event; and (z) the advisor under such advisory agreement is still providing advisory services to us (the “service condition”). Such Class B units are forfeited immediately if: (a) the advisory agreement is terminated for cause; or (b) the advisory agreement is terminated by an affirmative vote of a majority of our independent directors without cause before the economic hurdle has been met.

The Class B units have both a market condition and a service condition up to and through a Liquidity Event (“Liquidity Event”). A Liquidity Event is defined as being the first to occur of the following: (i) a termination without cause (as discussed above), (ii) a listing, or (iii) another liquidity event. Therefore, the vesting of Class B units occurs only upon completion of both the market condition and service condition. Because PE-NTR can be terminated as the advisor without cause before a Liquidity Event occurs, and at such time the market condition and service condition may not be satisfied, the Class B units may be forfeited. Additionally, if the market condition and service condition had been satisfied and a Liquidity Event had not occurred, the Class B unit holders could not control the Liquidity Event because each of the aforementioned events that represent a Liquidity Event must be approved by our independent directors. As a result, we have concluded that the service condition is not probable because of each party’s ability to terminate the current advisory agreement at any time without cause.

Because the satisfaction of the market and service condition is not probable, no expense for services rendered will be recognized unless the market condition or service condition becomes probable. Based on our conclusion of the market condition and service condition not being probable, the Class B Units issued under our current advisory agreement will be treated as unissued for accounting purposes until the market condition and service condition have been achieved. However, as the Class B unit holders are not required to return the distributions if the Class B units are forfeited before they vest, the distributions paid to the Class B unit holders will be treated as expense for services rendered. This expense will be calculated as the product of the number of unvested units issued to date and the stated distribution rate at the time such distribution is authorized.

In connection with the termination of our prior advisory agreement on December 3, 2014, we evaluated whether the market condition and service condition had been met as of that date and therefore whether the Class B units issued for asset management services provided from October 1, 2012, through December 3, 2014, had vested. As part of this evaluation, PE-NTR presented information to our independent directors that illustrated PE-NTR’s belief that the market condition had been met as of December 3, 2014. Our independent directors, along with an independent advisor engaged by the independent directors, reviewed these materials and confirmed PE-NTR’s belief that the market condition had been met as of December 3, 2014. As a result, all Class B units issued for asset management services provided pursuant to our prior advisory agreement are deemed to have vested as of December 3, 2014. The vested Class B units subsequently converted into Operating Partnership units in 2015 in accordance with the terms of the Partnership Agreement (defined below). Despite these events, our current advisory agreement with PE-NTR prohibits PE-NTR from exercising any rights it may have to exchange any Class B units for cash or shares of our common stock until the occurrence of a liquidity event for stockholders. Any and all Class B units issued for asset management services provided subsequent to December 3, 2014, will remain unvested and subject to forfeiture until the occurrence of the events described above.

Segment Reporting—We assess and measure operating results of our properties based on net property operations. We internally evaluate the operating performance of our portfolio of properties and do not differentiate properties by geography, size, or type. Each of our investment properties is considered a separate operating segment, as each property earns revenue and incurs expenses, individual operating results are reviewed, and discrete financial information is available. However, the properties are aggregated into one reportable segment as they have similar economic characteristics, we provide similar services to the tenants at each of our properties, and we evaluate the collective performance of our properties. Accordingly, we did not report any segment disclosures.

Share-based Compensation—We account for our share-based compensation plan based on guidance which requires that compensation expense be recognized on the fair value of the stock awards less estimated forfeitures. Our restricted stock grants vest based upon the completion of a service period (“service-based grants”). Service-based grants are valued according to the determined value per share for our common stock at the date of grant. Awards of service-based grants of stock are expensed as compensation on a straight-line basis over the vesting period. These awards follow a graded vesting schedule over approximately four years.

During the year ended December 31, 2016, approximately 9,800 shares of restricted stock were granted with a weighted-average grant date fair value of $10.20 per share. For the year ended December 31, 2016, we recognized approximately $24,000 of stock-based compensation expense as a component of General and Administrative Expense. No shares vested or were forfeited during 2016. As of December 31, 2016, we had $75,425 of total unrecognized compensation cost related to unvested stock compensation. Such unrecognized compensation cost is expected to be recognized over a weighted average period of approximately two years.

Impact of Recently Issued Accounting Pronouncements—The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:



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

Reclassifications—The following line items on our consolidated balance sheets as of December 31, 2015, were reclassified to conform to the current year presentation:


•	Acquired Intangible Lease Assets was separated into Acquired In-Place Lease Assets and Acquired Above-Market Lease Assets.

The following line item on our consolidated statements of cash flows for the year ended December 31, 2015, was reclassified to conform to the current year presentation:


•	Change in Fair Value of Derivatives was reclassified to Other.

Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The following describes the methods we use to estimate the fair value of our financial and non-financial assets and liabilities:

Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, and Accounts Payable and Other Liabilities—We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization.

Real Estate Investments—The purchase prices of the investment properties, including related lease intangible assets and liabilities, were allocated at estimated fair value based on Level 3 inputs, such as discount rates, capitalization rates, comparable sales, replacement costs, income and expense growth rates, and current market rents and allowances as determined by management.

Mortgages and Loans Payable—We estimate the fair value of our debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs. The discount rate used approximates current lending rates for loans or groups of loans with similar maturities and credit quality, assuming the debt is outstanding through maturity and considering the debt’s collateral (if applicable). We have utilized market information, as available, or present value techniques to estimate the amounts required to be disclosed.

The following is a summary of borrowings as of December 31, 2016 and 2015 (dollars in thousands):



	2016		2015
Fair value	$	1,056,990	$	880,854
Recorded value⁽¹⁾	1,065,180		854,079


⁽¹⁾	Recorded value does not include deferred financing costs of $9.0 million and $8.6 million as of December 31, 2016 and 2015, respectively.

Derivative Instruments—As of December 31, 2016 and 2015, we had three interest rate swaps that fixed the LIBOR rate on $387 million of our unsecured term loan facility (“Term Loans”). Additionally, in October 2016 we entered into a forward starting interest rate swap agreement that will fix the LIBOR rate on $255 million of our Term Loans effective July 2017. As of December 31, 2016 and 2015, we were also party to an interest rate swap agreement that fixed the variable interest rate on $11.0 million and $11.3 million, respectively, of one of our secured variable-rate mortgage notes. For a more detailed discussion of our derivatives and hedging activities, see Note 9.

All interest rate swap agreements are measured at fair value on a recurring basis. The fair values of the interest rate swap agreements as of December 31, 2016 and 2015, were based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and were determined using interest rate pricing models and interest rate related observable inputs. Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2016 and 2015, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets. The fair value measurements of our financial liability and asset as of December 31, 2016 and 2015, are as follows (in thousands):



	2016		2015
Derivative asset:
Interest rate swaps designated as hedging instruments - Term Loans	$	11,916	$	22
Derivative liability:
Interest rate swap not designated as hedging instrument - mortgage note	262		442

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Real Estate Acquisitions

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Real Estate Acquisitions

REAL ESTATE ACQUISITIONS

During the year ended December 31, 2016, we acquired seven grocery-anchored shopping centers and additional real estate adjacent to previously acquired centers for an aggregate purchase price of approximately $233.9 million, including $33.2 million of assumed debt with a fair value of $33.3 million. For the year ended December 31, 2015, we acquired nine grocery-anchored shopping centers and additional real estate adjacent to previously acquired centers for an aggregate purchase price of approximately $126.0 million, including $32.8 million of assumed debt with a fair value of $34.3 million. The following tables present certain additional information regarding our acquisitions of properties which were deemed individually immaterial when acquired, but are material in the aggregate.

For the years ended December 31, 2016 and 2015, we allocated the purchase price of acquisitions to the fair value of the assets acquired and liabilities assumed as follows (in thousands):



	2016			2015
Land and improvements	$	78,908		$	40,031
Building and improvements	140,145			76,908
Acquired in-place leases	21,506			11,664
Acquired above-market leases	3,559			1,400
Acquired below-market leases	(10,198		)	(3,967		)
Total assets and lease liabilities acquired	233,920			126,036
Less: Fair value of assumed debt at acquisition	33,326			34,341
Net assets acquired	$	200,594		$	91,695

The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the years ended December 31, 2016 and 2015, are as follows (in years):



	2016	2015
Acquired in-place leases	11	13
Acquired above-market leases	6	8
Acquired below-market leases	19	19

The amounts recognized for revenues, acquisition expenses, and net loss from each respective acquisition date to December 31, 2016 and 2015, related to the operating activities of our acquisitions are as follows (in thousands):



	2016		2015
Revenue	$	7,450	$	8,359
Acquisition expenses	4,275		2,408
Net loss	2,664		1,533

The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if all of our acquisitions for 2015 and 2016 had been acquired on January 1, 2015. Acquisition expenses related to each respective acquisition are not expected to have a continuing impact and, therefore, have been excluded from these pro forma results. This pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of the period, nor does it purport to represent the results of future operations.



	For the Year Ended December 31,
(in thousands)	2016		2015
Pro forma revenues	$	273,112	$	267,633
Pro forma net income attributable to stockholders	11,290		18,192

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References + Details

Acquired Intangible Lease Assets

12 Months Ended

Dec. 31, 2016

Finite-Lived Intangible Assets, Net [Abstract]

Acquired Intangible Assets

ACQUIRED INTANGIBLE LEASE ASSETS

Acquired intangible lease assets consisted of the following as of December 31, 2016 and 2015 (in thousands):



	2016			2015
Acquired in-place leases	$	212,916		$	194,242
Acquired above-market leases	42,009			39,311
Total acquired intangible lease assets	254,925			233,553
Accumulated amortization	(111,790		)	(79,669		)
Net acquired intangible lease assets	$	143,135		$	153,884

Summarized below is the amortization recorded on the intangible assets for the years ended December 31, 2016, 2015, and 2014 (in thousands):



	2016		2015		2014
Acquired in-place leases	$	28,812	$	29,970	$	24,697
Acquired above-market leases	5,228		5,819		4,996
Total	$	34,040	$	35,789	$	29,693

Estimated future amortization of the respective acquired intangible lease assets as of December 31, 2016, for each of the next five years is as follows (in thousands):



	In-Place Leases		Above-Market Leases
2017	$	27,465	$	4,622
2018	22,272		3,842
2019	16,970		3,201
2020	11,647		2,737
2021	9,060		2,148

Mortgages and Loans Payable

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Mortgages and Loans Payable

MORTGAGES AND LOANS PAYABLE

The following is a summary of the outstanding principal balances of our debt obligations as of December 31, 2016 and 2015 (in thousands):



	Interest Rate⁽¹⁾		2016			2015
Revolving credit facility⁽²⁾⁽³⁾	2.02	%	$	176,969		$	141,000
Term loan due 2019⁽²⁾	2.46	%	100,000			100,000
Term loan due 2020⁽²⁾	2.65	%	175,000			175,000
Term loan due 2021	1.97%-2.80%		125,000			125,000
Term loan due 2023	2.42	%	255,000			—
Mortgages payable⁽⁴⁾	3.22%-7.91%		228,721			306,435
Assumed market debt adjustments, net⁽⁵⁾			4,490			6,644
Deferred financing costs⁽⁶⁾			(9,024		)	(8,564		)
Total			$	1,056,156		$	845,515


⁽¹⁾	Includes the effects of derivative financial instruments (see Notes 3 and 9).


⁽²⁾	The revolving credit facility and term loans have options to extend their maturities to 2018 and 2021, respectively. A maturity date extension for the first or second tranche on the term loans requires the payment of an extension fee of 0.15% of the outstanding principal amount of the corresponding tranche.


⁽³⁾	The gross borrowings under our revolving credit facility were $590.8 million, $297.8 million, and $306.7 million during the years ended December 31, 2016, 2015, and 2014, respectively. The gross payments on our revolving credit facility were $554.8 million, $448.5 million, and $15.0 million during the years ended December 31, 2016, 2015, and 2014, respectively.


⁽⁴⁾	Due to the non-recourse nature of our fixed rate mortgages, the assets and liabilities of the related properties are neither available to pay the debts of the consolidated property-holding limited liability companies nor constitute obligations of such consolidated limited liability companies as of December 31, 2016.


⁽⁵⁾	Net of accumulated amortization of $6.1 million and $6.5 million as of December 31, 2016 and 2015, respectively.


⁽⁶⁾	Net of accumulated amortization of $3.9 million and $2.8 million as of December 31, 2016 and 2015, respectively. Deferred financing costs related to the revolving credit facility were $2.2 million and $4.7 million, as of December 31, 2016 and 2015, respectively, which is net of accumulated amortization of $6.7 million and $4.8 million, respectively.

Our credit agreement provides access to an unsecured revolving credit facility and an unsecured term loan facility. The

revolving credit facility has a capacity of $500 million and matures in December 2017. In September 2016 we entered into a new credit agreement, which provides for a new unsecured term loan facility that matures in September 2023. The term loan had an original capacity of $255 million, which was fully advanced during 2016. As of December 31, 2016 and 2015, the weighted-average interest rate for all of our mortgages and loans payable was 3.0% and 3.5%, respectively.

The allocation of total debt between fixed and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing costs, as of December 31, 2016 and 2015, is summarized below (in thousands):



	2016		2015
As to interest rate:⁽¹⁾
Fixed-rate debt	$	615,721	$	693,435
Variable-rate debt	444,969		154,000
Total	$	1,060,690	$	847,435
As to collateralization:
Unsecured debt	$	831,969	$	541,000
Secured debt	228,721		306,435
Total	$	1,060,690	$	847,435


⁽¹⁾	Includes the effects of derivative financial instruments (see Notes 3 and 9).

Below is a listing of our maturity schedule with the respective principal payment obligations, excluding market debt adjustments and deferred financing costs (in thousands):



	2017		2018		2019		2020		2021		Thereafter		Total
Revolving credit facility⁽¹⁾	$	176,969	$	—	$	—	$	—	$	—	$	—	$	176,969
Term loans	—		—		100,000		175,000		125,000		255,000		655,000
Mortgages payable	41,195		45,235		4,753		4,744		65,506		67,288		228,721
Total maturing debt	$	218,164	$	45,235	$	104,753	$	179,744	$	190,506	$	322,288	$	1,060,690


⁽¹⁾	The revolving credit facility matures in December 2017 with additional options to extend the maturity to December 2018.

Acquired Below-Market Lease Intangibles

12 Months Ended

Dec. 31, 2016

Below Market Lease [Abstract]

Acquired Below-Market Lease Intangibles

ACQUIRED BELOW-MARKET LEASE INTANGIBLES

Acquired intangible lease liabilities consisted of the following as of December 31, 2016 and 2015 (in thousands):



	2016			2015
Below-market lease liabilities	$	63,287		$	54,041
Accumulated amortization	(20,255		)	(14,259		)
Net acquired below-market lease liabilities	$	43,032		$	39,782

Summarized below is the amortization recorded on the below-market lease intangible liabilities for the years ended December 31, 2016, 2015, and 2014 (in thousands):



	2016		2015		2014
Acquired below-market leases	$	6,436	$	6,640	$	4,911

Estimated future amortization income of the intangible lease liabilities as of December 31, 2016, for each of the five succeeding calendar years is as follows (in thousands):



	Below-Market Leases
2017	$	5,862
2018	4,819
2019	3,976
2020	3,424
2021	3,032

Commitments And Contingencies	12 Months Ended
Commitments And Contingencies	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, we may become subject to litigation or claims. There are no material legal proceedings pending, or known to be contemplated, against us. Environmental Matters In connection with the ownership and operation of real estate, we may be potentially liable for costs and damages related to environmental matters. We record liabilities as they arise related to environmental obligations. We have not been notified by any governmental authority of any material non-compliance, liability, or other claim, nor are we aware of any other environmental condition that we believe will have a material impact on our consolidated financial statements.

Derivatives and Hedging Activities

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities

DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposure to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings.

Cash Flow Hedges of Interest Rate Risk

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives, designated and that qualify as cash flow hedges, is recorded in Accumulated Other Comprehensive Income (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2016 and 2015, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings, which resulted in a gain of $1.3 million for the year ended December 31, 2016. A floor feature on the interest rate of our hedged debt that was not included on the associated interest rate swap caused this ineffectiveness.

Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next 12 months, we estimate that an additional $1.9 million will be reclassified from Other Comprehensive Income (Loss) to Interest Expense, Net.

The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of December 31, 2016 and 2015 (notional amounts in thousands).


⁽¹⁾	An interest rate swap that we entered into in October 2016 with a notional amount of $255 million, is not effective until July 2017.

During the year ended December 31, 2014, we terminated a designated interest rate swap and accelerated the reclassification of amounts in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur. The accelerated amounts resulted in a gain of $690,000 recorded in other income, net, in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2014. As a result of the hedged forecasted transaction becoming probable not to occur, the swap was de-designated as a cash flow hedge in February 2014, and changes in fair value of a loss of $326,000 were recorded directly in other income, net during the year ended December 31, 2014.

Derivatives Not Designated as Hedging Instruments

Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks, but do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of these derivative instruments, as well as any payments, are recorded directly in Other Income, Net and resulted in a loss of $78,000, $176,000, and $350,000 for the years ended December 31, 2016, 2015, and 2014, respectively, including the loss recorded in relation to the aforementioned de-designated swap.

Credit-risk-related Contingent Features

We have agreements with our derivative counterparties that contain provisions where, if we either default or are capable of being declared in default on any of our indebtedness, we could also be declared to be in default on our derivative obligations. As of December 31, 2016 and 2015, the fair value of our derivatives excluded any adjustment for nonperformance risk related to these agreements. As of December 31, 2016 and 2015, we had not posted any collateral related to these agreements.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Equity

EQUITY

General— The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the board of directors. Our charter does not provide for cumulative voting in the election of directors.

On April 14, 2016, our board of directors reaffirmed the estimated value per share of our common stock of $10.20 based substantially on the estimated market value of our portfolio of real estate properties as of March 31, 2016. We engaged a third party valuation firm to provide a calculation of the range in estimated value per share of our common stock as of March 31, 2016, which reflected certain balance sheet assets and liabilities as of that date.

Tender Offer—On April 25, 2016, in order to deter an unsolicited tender offer by a third party and to deter other potential future bidders that may try to exploit the illiquidity of shares of our common stock and acquire them from stockholders at prices substantially below their value, we launched a self-tender offer to purchase up to 9.3 million shares of our common stock. The tender offer expired on June 7, 2016, and in connection therewith, we repurchased 69,271 shares of common stock at a price of $6.00 per share, for an aggregate purchase price of approximately $416,000.

Dividend Reinvestment Plan—We have adopted a DRIP that allows stockholders to invest distributions in additional shares of our common stock. We continue to offer up to a total of approximately 37.8 million shares of common stock under the DRIP. Stockholders who elect to participate in the DRIP may choose to invest all or a portion of their cash distributions in shares of our common stock. Initially, the purchase price was $9.50. However, beginning August 24, 2015, the purchase price was changed to $10.20 because we established an estimated value per share.

Stockholders who elect to participate in the DRIP, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of our common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions in cash.

Share Repurchase Program—Our SRP provides an opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations. Initially, shares were repurchased at a price equal to or at a discount from the stockholders’ original purchase price paid for the shares being repurchased. Effective August 24, 2015, the repurchase price per share for all stockholders is equal to the estimated value per share of $10.20. Our share repurchase program was temporarily suspended during the tender offer as required by Securities and Exchange Commission rules. The share repurchase program was reinstated on June 22, 2016.

On April 14, 2016, our board of directors amended and restated the share repurchase program. The amendment provides that the board of directors reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase, and clarifies that the cash available for repurchases on any particular date will generally be limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the beginning of that period. The amendment was effective as of May 15, 2016. As a result of this amendment, we no longer record amounts that are redeemable under the share repurchase program as redeemable common stock on our consolidated balance sheets. Since the program’s funding limits were surpassed as of the effective date of the amendment, there was no impact to redeemable stock on the consolidated balance sheets at the date of the amendment.

During the year ended 2016, repurchase requests surpassed the funding limits under the SRP. In October 2016, approximately $11.2 million was available for repurchases under our SRP. Investors who had submitted share repurchase requests by October 24, 2016, and that were in good order had their shares repurchased on a pro rata basis. In January 2017, approximately $39.2 million was available and used for repurchases under our SRP. Repurchase requests in connection with a stockholder’s death, “qualifying disability,” or “determination of incompetence” were completed in full. The remaining repurchase requests that were received by January 24, 2017, and that were in good order were fulfilled on a pro rata basis. The 5.6 million shares of unfulfilled repurchase requests were treated as requests for repurchase during future months until satisfied or withdrawn.

Class B and Operating Partnership Units—The Operating Partnership issues limited partnership units that are designated as Class B units for asset management services provided by PE-NTR. In connection with the termination of our prior advisory agreement, we determined that the units issued for asset management services provided through December 3, 2014, had vested, resulting in a $27.9 million non-cash expense. The vested Class B units subsequently converted into OP units in 2015 in accordance with the terms of the Partnership Agreement.

The vesting of Class B units is contingent upon a market condition and service condition. Once vested, Class B units may be converted into OP units in accordance with the terms of the Partnership Agreement. OP units may be exchanged at the election of the holder for cash or, at the option of the Operating Partnership, for shares of our common stock, under the terms of exchange rights agreements to be prepared at a future date, provided, however, that the OP units have been outstanding for at least one year. PE-NTR has agreed under the PE-NTR Agreement not to exchange any OP units it may hold until the listing of our common stock or the liquidation of our portfolio occurs. As the form of the redemptions for the OP units is within our control, the OP units outstanding as of December 31, 2016, are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. Additionally, the cumulative distributions that have been paid on these OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity.

Below is a summary of our outstanding OP units and unvested Class B units as of December 31, 2016 and 2015 (in thousands):

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

Class B units and OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents and have the potential to be exchanged for shares of our common stock in accordance with the terms of the Operating Partnership’s Second Amended and Restated Agreement of Limited Partnership, as amended (the “Partnership Agreement”). The impact of these Class B units and OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the Class B units and OP units based on dividends declared and the units’ participation rights in undistributed earnings. The effects of the two-class method on basic and diluted EPS were immaterial to the consolidated financial statements as of December 31, 2016, 2015, and 2014.

Any fully vested Class B units or OP units were included in the diluted net income per share computations for the years ended December 31, 2016, 2015, and 2014. The vesting of the Class B units is contingent upon satisfaction of market and service conditions. Since the satisfaction of both conditions was not probable as of December 31, 2016 and 2015, the Class B units remained unvested and thus were not included in the diluted net income per share computations. There were 2.6 million and 2.1 million unvested Class B units outstanding as of December 31, 2016 and 2015, respectively, which had no effect on EPS. No unvested Class B units were outstanding as of December 31, 2014.

The following table provides a reconciliation of the numerator and denominator of the earnings per unit calculations for the years ended December 31, 2016, 2015, and 2014 (in thousands, except per share amounts):



	2016		2015		2014
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to stockholders	$	8,932	$	13,360	$	(22,635	)
Denominator:
Denominator for basic earnings per share - weighted-average shares	183,876		183,678		179,280
Effect of dilutive OP units/Class B units	2,785		2,716		—
Effect of restricted stock awards	4		—		—
Denominator for diluted earnings per share - adjusted weighted-average shares	186,665		186,394		179,280
Earnings per common share:
Net income (loss) attributable to stockholders - basic and diluted	$	0.05	$	0.07	$	(0.13	)

Related-Party Transactions

12 Months Ended

Dec. 31, 2016

Related-Party Transactions

RELATED-PARTY TRANSACTIONS

Economic Dependency—We are dependent on PE-NTR, Phillips Edison & Company Ltd. (the “Property Manager”), and their respective affiliates for certain services that are essential to us, including asset acquisition and disposition decisions, asset management, operating and leasing of our properties, and other general and administrative responsibilities. In the event that PE-NTR, the Property Manager, and/or their respective affiliates are unable to provide such services, we would be required to find alternative service providers, which could result in higher costs and expenses.

Advisory Agreement—Pursuant to the PE-NTR Agreement effective on December 3, 2014, PE-NTR is entitled to specified fees for certain services, including managing our day-to-day activities and implementing our investment strategy. PE-NTR manages our day-to-day affairs and our portfolio of real estate investments subject to the board’s supervision. Expenses are reimbursed to PE-NTR based on amounts incurred on our behalf.

Pursuant to the former advisory agreement, ARC was entitled to specified fees for certain services, including managing our day-to-day activities and implementing our investment strategy. ARC had entered into a sub-advisory agreement with PE-NTR, who managed our day-to-day affairs and our portfolio of real estate investments on behalf of ARC, subject to the board’s supervision and certain major decisions requiring the consent of PE-NTR and ARC. The expenses to be reimbursed to ARC and PE-NTR were reimbursed in proportion to the amount of expenses incurred on our behalf by ARC and PE-NTR, respectively.

In October 2015, we entered into amended agreements to revise certain fees that are paid to PE-NTR in consideration for the advisory services that PE-NTR provides to us. Beginning October 1, 2015, we no longer pay a 0.75% financing fee to PE-NTR. The asset management fee remains at 1% of the cost of our assets but is paid 80% in cash and 20% in Class B units of the Operating Partnership. The cash portion is paid on a monthly basis in arrears, in the amount of 0.06667% multiplied by the cost of our assets as of the last day of the preceding monthly period.

Organization and Offering Costs—Under the terms of the ARC Agreement, we were to reimburse, on a monthly basis, PE-NTR, ARC, or their respective affiliates for cumulative organization and offering costs and future organization and offering costs they might incur on our behalf, but only to the extent that the reimbursement would not exceed 1.5% of gross offering proceeds over the life of our primary initial public offering and our DRIP offering.

As of December 31, 2014, we had been charged organization and offering costs of $27.1 million, of which $0.1 million had not yet been paid. The $0.1 million was paid in full in 2015 and no other organization and offering costs have been incurred.

Acquisition Fee—We pay PE-NTR, under the PE-NTR Agreement, and we paid ARC, under the ARC Agreement, an acquisition fee related to services provided in connection with the selection and purchase or origination of real estate and real estate-related investments. The acquisition fee is equal to 1% of the cost of investments we acquire or originate, including any debt attributable to such investments.

Acquisition Expenses—We reimburse PE-NTR for direct expenses incurred related to selecting, evaluating, and acquiring assets on our behalf, including certain personnel costs.

Asset Management Subordinated Participation—Within 60 days after the end of each calendar quarter (subject to the approval of our board of directors), we will pay an asset management subordinated participation fee partially by issuing a number of restricted operating partnership units designated as Class B Units to PE-NTR and ARC, equal to: (i) the product of (x) the cost of our assets multiplied by (y) 0.05% (0.25% prior to October 1, 2015); divided by (ii) the most recent primary offering price for a share of our common stock as of the last day of such calendar quarter less any selling commissions and dealer manager fees that would have been payable in connection with that offering.

PE-NTR and ARC are entitled to receive distributions on the Class B units (and OP units converted from previously issued and vested Class B units) at the same rate as distributions are paid to common stockholders. Such distributions are in addition to the incentive compensation that PE-NTR, ARC, and their affiliates may receive from us.

On December 3, 2014, we terminated the ARC Agreement. As a result, 2.8 million Class B units issued in connection with asset management services provided as of that date vested upon our determination that the requisite economic hurdle had been met on the same date. Such economic hurdle required that the value of the Operating Partnership’s assets plus all distributions made equaled or exceeded the total amount of capital contributed by investors plus a 6% cumulative, pre-tax, non-compounded annual return thereon.

We continue to issue Class B units to PE-NTR and ARC in connection with the asset management services provided by PE-NTR under our current advisory agreement. These Class B units will not vest until a performance requirement has been met in conjunction with (i) a termination of the PE-NTR Agreement by our independent directors without cause, (ii) a listing event, or (iii) a liquidity event; provided that PE-NTR serves as our advisor at the time of any of the foregoing events. During the years ended December 31, 2016 and 2015, the Operating Partnership issued 2.6 million and 2.1 million Class B units, respectively, to PE-NTR and ARC under the PE-NTR Agreement for asset management services performed.

Financing Fee—We paid PE-NTR under the PE-NTR Agreement, and we paid ARC under the ARC Agreement, a financing fee equal to 0.75% of all amounts made available under any loan or line of credit. Effective October 1, 2015, this fee was terminated as part of the first amendment to the PE-NTR Agreement.

Disposition Fee—We pay PE-NTR under the PE-NTR Agreement, and we paid ARC under the ARC Agreement, for substantial assistance by PE-NTR, ARC, or any of its affiliates in connection with the sale of properties or other investments 2% of the contract sales price of each property or other investment sold. The conflicts committee of our board of directors determines whether PE-NTR or its affiliates have provided substantial assistance to us in connection with the sale of an asset. Substantial assistance in connection with the sale of a property includes PE-NTR or its affiliates’ preparation of an investment package for the property (including an investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or such other substantial services performed by PE-NTR or its affiliates in connection with a sale. However, if we sold an asset to an affiliate, our organizational documents would prohibit us from paying a disposition fee to PE-NTR or its affiliates.

General and Administrative Expenses—As of December 31, 2016 and 2015, we owed PE-NTR approximately $43,000 and $124,000, respectively, for general and administrative expenses paid on our behalf.

Summarized below are the fees earned by and the expenses reimbursable to PE-NTR and ARC, except for organization and offering costs and unpaid general and administrative expenses, which we disclose above, for the years ended December 31, 2016, 2015, and 2014, and any related amounts unpaid as of December 31, 2016 and 2015 (in thousands):



	For the Year Ended						Unpaid Amount as of
	December 31,						December 31,
	2016		2015		2014		2016		2015
Acquisition fees⁽¹⁾	$	2,342	$	1,247	$	9,011	$	—	$	—
Acquisition expenses⁽¹⁾	464		208		1,074		29		—
Asset management fees⁽²⁾	19,239		4,601		27,853		1,687		1,538
OP units distribution⁽³⁾	1,866		1,820		—		158		159
Class B unit distribution⁽⁴⁾	1,576		625		965		148		119
Financing fees⁽⁵⁾	—		3,228		4,001		—		—
Disposition fees⁽⁶⁾	745		47		129		—		—
Total	$	26,232	$	11,776	$	43,033	$	2,022	$	1,816


⁽¹⁾	The acquisition fees and expenses are presented as Acquisition Expenses on the consolidated statements of operations.


⁽²⁾	Asset management fees are presented as General and Administrative in 2016 and 2015 on the consolidated statements of operations. In 2014, this amount was separately disclosed as Vesting of Class B Units for Asset Management Services on the consolidated statements of operations.


⁽³⁾	The distributions paid to holders of OP units are presented as Distributions to Noncontrolling Interests on the consolidated statements of equity.


⁽⁴⁾	The distributions paid to holders of unvested Class B units are presented as General and Administrative on the consolidated statements of operations.


⁽⁵⁾	Financing fees are presented as Other Assets, Net or Mortgages and Loans Payable, Net, on the consolidated balance sheets and amortized over the term of the related loan. As of October 1, 2015, we are no longer required to pay financing fees.


⁽⁶⁾	Disposition fees are presented as Other Income, Net on the consolidated statements of operations.

Subordinated Participation in Net Sales Proceeds—The Operating Partnership may pay to Phillips Edison Special Limited Partner LLC (“Special Limited Partner”) a subordinated participation in the net sales proceeds of the sale of real estate assets equal to 15% of remaining net sales proceeds after return of capital contributions to stockholders plus payment to stockholders of a 7% cumulative, pre-tax-, non-compounded annual return on the capital contributed by stockholders. ARC has a 15% interest and PE-NTR has an 85% interest in the Special Limited Partner.

Subordinated Incentive Listing Distribution—The Operating Partnership may pay to the Special Limited Partner a subordinated incentive listing distribution upon the listing of our common stock on a national securities exchange. Such incentive listing distribution is equal to 15% of the amount by which the market value of all of our issued and outstanding common stock plus distributions exceeds the aggregate capital contributed by stockholders plus an amount equal to a 7% cumulative, pre-tax non-compounded annual return to stockholders.

Neither the Special Limited Partner nor any of its affiliates can earn both the subordinated participation in the net sales proceeds and the subordinated incentive listing distribution. No subordinated incentive listing distribution has been earned to date.

Subordinated Distribution Upon Termination of the Advisor Agreement—Upon termination or non-renewal of the PE-NTR Agreement, the Special Limited Partner shall be entitled to a subordinated termination distribution in the form of a non-interest bearing promissory note equal to 15% of the amount by which the value of our assets owned at the time of such termination or non-renewal plus distributions exceeds the aggregate capital contributed by stockholders plus an amount equal to a 7% cumulative, pre-tax non-compounded annual return to stockholders. In addition, the Special Limited Partner may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or a liquidity event occurs. No such termination has occurred to date.

Property Manager—All of our real properties are managed and leased by the Property Manager. The Property Manager is wholly owned by our Phillips Edison sponsor. The Property Manager also manages real properties acquired by Phillips Edison affiliates and other third parties.

Property Management Fee— Commencing June 1, 2014, the amount we pay to the Property Manager in monthly property management fees decreased from 4.5% to 4.0% of the monthly gross cash receipts from the properties managed by the Property Manager.

Leasing Commissions—In addition to the property management fee, if the Property Manager provides leasing services with respect to a property, we pay the Property Manager leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services based on national market rates. The Property Manager shall be paid a leasing fee in connection with a tenant’s exercise of an option to extend an existing lease, and the leasing fees payable to the Property Manager may be increased by up to 50% in the event that the Property Manager engages a co-broker to lease a particular vacancy.

Construction Management Fee—If we engage the Property Manager to provide construction management services with respect to a particular property, we pay a construction management fee in an amount that is usual and customary for comparable services rendered to similar projects in the geographic market of the property.

Expenses and Reimbursements—The Property Manager hires, directs, and establishes policies for employees who have direct responsibility for the operations of each real property it manages, which may include, but is not limited to, on-site managers and building and maintenance personnel. Certain employees of the Property Manager may be employed on a part-time basis and may also be employed by PE-NTR or certain of its affiliates. The Property Manager also directs the purchase of equipment and supplies and supervises all maintenance activity. We reimburse the costs and expenses incurred by the Property Manager on our behalf, including employee compensation, legal, travel, and other out-of-pocket expenses that are directly related to the management of specific properties and corporate matters, as well as fees and expenses of third-party accountants.

Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the years ended December 31, 2016, 2015, and 2014, and any related amounts unpaid as of December 31, 2016 and 2015 (in thousands):



	For the Year Ended						Unpaid Amount as of
	December 31,						December 31,
	2016		2015		2014		2016		2015
Property management fees⁽¹⁾	$	9,929	$	9,108	$	7,245	$	840	$	755
Leasing commissions⁽²⁾	7,701		7,316		3,561		705		729
Construction management fees⁽²⁾	1,127		1,117		692		165		155
Other fees and reimbursements⁽³⁾	5,627		5,533		2,328		796		1,699
Total	$	24,384	$	23,074	$	13,826	$	2,506	$	3,338


⁽¹⁾	The property management fees are presented as Property Operating on the consolidated statements of operations.


⁽²⁾	Leasing commissions paid for leases with terms less than one year are expensed immediately and presented as Depreciation and Amortization on the consolidated statements of operations. Leasing commissions paid for leases with terms greater than one year, and construction management fees, are capitalized and amortized over the life of the related leases or assets.


⁽³⁾	Other fees and reimbursements are presented as Property Operating and General and Administrative on the consolidated statements of operations based on the nature of the expense.

Dealer Manager—The dealer manager for our initial public offering was Realty Capital Securities, LLC (“Dealer Manager”). The Dealer Manager provided certain sales, promotional and marketing services in connection with the distribution of the shares of common stock offered under the primary portion of our initial public offering. Excluding shares sold pursuant to the “friends and family” program, the Dealer Manager was generally paid a sales commission equal to 7% of the gross proceeds from the sale of shares of the common stock sold in the primary offering and a dealer manager fee equal to 3% of the gross proceeds from the sale of shares of the common stock sold in the primary offering. The Dealer Manager typically re-allowed 100% of the selling commissions and a portion of the dealer manager fee to participating broker-dealers. Our agreement with the Dealer Manager terminated by its terms in connection with the close of our primary offering in February 2014.

Summarized below are the fees earned by the Dealer Manager for the year ended December 31, 2014 (in thousands):



	2014
Selling commissions	$	157
Selling commissions reallowed	157
Dealer manager fees	72
Dealer manager fees reallowed	29

Share Purchases by PE-NTR—PE-NTR agreed to purchase on a monthly basis sufficient shares sold in our public offering such that the total shares owned by PE-NTR was equal to at least 0.10% of our outstanding shares (excluding shares issued after the commencement of, and outside of, the initial public offering) at the end of each immediately preceding month. PE-NTR purchased shares at a purchase price of $9.00 per share, reflecting no dealer manager fee or selling commissions paid on such shares.

As of December 31, 2016, PE-NTR owned 176,509 shares of our common stock, or approximately 0.10% of our outstanding common stock issued during our initial public offering period, which closed in February 2014. PE-NTR may not sell any of these shares while serving as our advisor.

Operating Leases

12 Months Ended

Dec. 31, 2016

Leases, Operating [Abstract]

Operating Leases

OPERATING LEASES

The terms and expirations of our operating leases with our tenants vary. The lease agreements frequently contain options to extend the terms of leases and other terms and conditions as negotiated. We retain substantially all of the risks and benefits of ownership of the real estate assets leased to tenants.

Approximate future rental income to be received under non-cancelable operating leases in effect as of December 31, 2016, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands):



Year	Amount
2017	$	193,262
2018	176,646
2019	152,373
2020	129,596
2021	105,882
2022 and thereafter	351,262
Total	$	1,109,021

No single tenant comprised 10% or more of our aggregate annualized base rent as of December 31, 2016.

- Definition

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

+ References + Details

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)

QUARTERLY FINANCIAL DATA (UNAUDITED)

The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2016 and 2015. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information.



	2016
(in thousands, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	63,082	$	63,053	$	65,270	$	66,325
Net income attributable to stockholders	2,219		560		2,464		3,689
Net income per share - basic and diluted	0.01		—		0.01		0.02



	2015
(in thousands, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	58,947	$	59,194	$	61,822	$	62,136
Net income (loss) attributable to stockholders	4,971		5,370		5,183		(2,164		)
Net income (loss) per share - basic and diluted	0.03		0.03		0.03		(0.01		)

Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Distributions

Distributions equal to a daily amount of $0.00183060 per share of common stock outstanding were paid subsequent to December 31, 2016, to the stockholders of record from December 1, 2016, through December 31, 2016, and distributions equal to a daily amount of $0.00183562 per share of common stock outstanding were paid subsequent to December 31, 2016, to the stockholders of record from January 1, 2017, through February 28, 2017, as follows (in thousands):



Distribution Period	Date Distribution Paid	Gross Amount of Distribution Paid		Distribution Reinvested through the DRIP		Net Cash Distribution
December 1, 2016, through December 31, 2016	1/3/2017	$	10,506	$	4,765	$	5,741
January 1, 2017, through January 31, 2017	2/1/2017	10,520		4,760		5,760
February 1, 2017, through February 28, 2017	3/1/2017	9,284		4,191		5,093

In January 2017 our board of directors authorized distributions to the stockholders of record at the close of business each day in the period commencing January 1, 2017, through and including February 28, 2017. In February 2017 our board of directors authorized distributions to the stockholders of record at the close of business each day in the period commencing March 1, 2017, through and including May 31, 2017. The authorized distributions equal a daily amount of $0.00183562 per share of common stock. We expect to pay these distributions on the first business day after the end of each month.

Acquisitions

Subsequent to December 31, 2016, we acquired the following property (dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Square Footage

Leased % of Rentable Square Feet at Acquisition

Atwater Marketplace

Atwater, California

Save Mart

2/10/2017

$14,800

96,224

94.6%

The supplemental purchase accounting disclosures required by GAAP relating to the recent acquisition of the aforementioned property have not been presented as the initial accounting for this acquisition was incomplete at the time this Annual Report on Form 10-K was filed with the SEC.

Schedule III - Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III-Real Estate Assets and Accumulated Depreciation



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
As of December 31, 2016
(in thousands)
				Initial Cost⁽¹⁾				Cost Capitalized Subsequent to Acquisition		Gross Amount Carried at End of Period⁽²⁾⁽³⁾
Property Name	City, State	Encumbrances		Land and Improvements		Buildings and Improvements		Cost Capitalized Subsequent to Acquisition		Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation		Date Constructed/ Renovated	Date Acquired
Lakeside Plaza	Salem, VA	$	—	$	3,344	$	5,247	$	171	$	3,397	$	5,365	$	8,762	$	1,866	1988	12/10/2010
Snow View Plaza	Parma, OH	—		4,104		6,432		411		4,266		6,681		10,947		2,654		1981/2008	12/15/2010
St. Charles Plaza	Haines City, FL	—		4,090		4,399		114		4,099		4,504		8,603		1,871		2007	6/10/2011
Centerpoint	Easley, SC	—		2,404		4,361		499		2,457		4,807		7,264		1,386		2002	10/14/2011
Southampton Village	Tyrone, GA	—		2,670		5,176		592		2,764		5,674		8,438		1,659		2003	10/14/2011
Burwood Village Center	Glen Burnie, MD	—		5,447		10,167		222		5,532		10,304		15,836		3,184		1971	11/9/2011
Cureton Town Center	Waxhaw, NC	—		5,896		6,197		299		5,933		6,459		12,392		2,387		2006	12/29/2011
Tramway Crossing	Sanford, NC	—		2,016		3,070		407		2,095		3,398		5,493		1,193		1996/2000	2/23/2012
Westin Centre	Fayetteville, NC	—		2,190		3,499		103		2,231		3,561		5,792		1,292		1996/1999	2/23/2012
The Village at Glynn Place	Brunswick, GA	—		5,202		6,095		247		5,247		6,297		11,544		2,616		1996	4/27/2012
Meadowthorpe Shopping Center	Lexington, KY	—		4,093		4,185		362		4,133		4,507		8,640		1,473		1989/2008	5/9/2012
New Windsor Marketplace	Windsor, CO	—		3,867		1,329		235		3,943		1,488		5,431		711		2003	5/9/2012
Vine Street Square	Kissimmee, FL	—		7,049		5,618		370		7,066		5,971		13,037		2,064		1996/2011	6/4/2012
Northtowne Square	Gibsonia, PA	—		2,844		7,210		344		3,072		7,326		10,398		2,718		1993	6/19/2012
Brentwood Commons	Bensenville, IL	—		6,106		8,025		725		6,138		8,718		14,856		2,299		1981/2001	7/5/2012
Sidney Towne Center	Sidney, OH	—		1,430		3,802		922		1,823		4,331		6,154		1,396		1981/2007	8/2/2012
Broadway Plaza	Tucson, AZ	6,371		4,979		7,169		793		5,339		7,602		12,941		2,170		1982-1995	8/13/2012
Richmond Plaza	Augusta, GA	—		7,157		11,244		1,155		7,318		12,238		19,556		3,294		1980/2009	8/30/2012
Publix at Northridge	Sarasota, FL	—		5,671		5,632		256		5,709		5,850		11,559		1,476		2003	8/30/2012
Baker Hill Center	Glen Ellyn, IL	—		7,068		13,737		730		7,222		14,313		21,535		3,183		1998	9/6/2012
New Prague Commons	New Prague, MN	—		3,248		6,605		68		3,282		6,639		9,921		1,500		2008	10/12/2012
Brook Park Plaza	Brook Park, OH	1,596		2,545		7,594		521		2,718		7,942		10,660		1,901		2001	10/23/2012
Heron Creek Towne Center	North Port, FL	—		4,062		4,082		83		4,078		4,149		8,227		1,109		2001	12/17/2012
Quartz Hill Towne Centre	Lancaster, CA	—		6,352		13,529		221		6,408		13,694		20,102		2,841		1991/2012	12/26/2012
Hilfiker Square	Salem, OR	—		2,455		4,750		49		2,498		4,756		7,254		870		1984/2011	12/28/2012
Village One Plaza	Modesto, CA	—		5,166		18,752		259		5,217		18,960		24,177		3,100		2007	12/28/2012
Butler Creek	Acworth, GA	—		3,925		6,129		743		4,224		6,573		10,797		1,516		1989	1/15/2013
Fairview Oaks	Ellenwood, GA	—		3,563		5,266		247		3,714		5,362		9,076		1,234		1996	1/15/2013
Grassland Crossing	Alpharetta, GA	—		3,680		5,791		677		3,780		6,368		10,148		1,411		1996	1/15/2013
Hamilton Ridge	Buford, GA	—		4,054		7,168		393		4,162		7,453		11,615		1,614		2002	1/15/2013
Mableton Crossing	Mableton, GA	—		4,426		6,413		509		4,561		6,787		11,348		1,560		1997	1/15/2013
The Shops at Westridge	McDonough, GA	—		2,788		3,901		418		2,794		4,313		7,107		967		2006	1/15/2013
Fairlawn Town Centre	Fairlawn, OH	—		10,397		29,005		1,609		10,843		30,168		41,011		6,502		1962/1996	1/30/2013
Macland Pointe	Marietta, GA	—		3,450		5,364		776		3,690		5,900		9,590		1,385		1992	2/13/2013
Murray Landing	Irmo, SC	6,330		2,927		6,856		1,060		2,966		7,877		10,843		1,337		2003	3/21/2013
Vineyard Center	Tallahassee, FL	6,600		2,761		4,221		236		2,811		4,407		7,218		883		2002	3/21/2013



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
As of December 31, 2016
(in thousands)
			Initial Cost⁽¹⁾		Cost Capitalized Subsequent to Acquisition	Gross Amount Carried at End of Period⁽²⁾⁽³⁾
Property Name	City, State	Encumbrances	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Kleinwood Center	Spring, TX	23,640	11,477	18,954	652	11,563	19,520	31,083	3,733	2003	3/21/2013
Lutz Lake Crossing	Lutz, FL	—	2,636	6,601	178	2,645	6,770	9,415	1,163	2002	4/4/2013
Publix at Seven Hills	Spring Hill, FL	—	2,171	5,642	428	2,319	5,922	8,241	1,094	1991/2006	4/4/2013
Hartville Centre	Hartville, OH	—	2,069	3,692	905	2,173	4,493	6,666	887	1988/2008	4/23/2013
Sunset Center	Corvallis, OR	—	7,933	14,939	340	7,985	15,227	23,212	2,602	1998/2000	5/31/2013
Savage Town Square	Savage, MN	—	4,106	9,409	167	4,188	9,494	13,682	1,660	2003	6/19/2013
Northcross	Austin, TX	—	30,725	25,627	770	30,833	26,289	57,122	4,398	1975/2006/2010	6/24/2013
Glenwood Crossing	Kenosha, WI	—	1,872	9,914	372	1,939	10,219	12,158	1,474	1992	6/27/2013
Pavilions at San Mateo	Albuquerque, NM	—	6,471	18,725	555	6,636	19,115	25,751	3,000	1997	6/27/2013
Shiloh Square	Kennesaw, GA	—	4,685	8,728	792	4,785	9,420	14,205	1,539	1996/2003	6/27/2013
Boronda Plaza	Salinas, CA	—	9,027	11,870	183	9,075	12,005	21,080	1,874	2003/2006	7/3/2013
Westwoods Shopping Center	Arvada, CO	—	3,706	11,115	234	3,814	11,241	15,055	1,759	2003	8/8/2013
Paradise Crossing	Lithia Springs, GA	—	2,204	6,064	296	2,302	6,262	8,564	1,028	2000	8/13/2013
Contra Loma Plaza	Antioch, CA	—	2,846	3,926	1,073	3,043	4,802	7,845	648	1989	8/19/2013
South Oaks Plaza	St. Louis, MO	—	1,938	6,634	217	2,020	6,769	8,789	1,025	1969/1987	8/21/2013
Yorktown Centre	Erie, PA	—	3,736	15,395	971	3,988	16,114	20,102	2,869	1989/2013	8/30/2013
Stockbridge Commons	Fort Mill, SC	—	4,818	9,281	383	4,825	9,657	14,482	1,530	2003/2012	9/3/2013
Dyer Crossing	Dyer, IN	10,041	6,017	10,214	250	6,081	10,400	16,481	1,665	2004/2005	9/4/2013
East Burnside Plaza	Portland, OR	—	2,484	5,422	67	2,538	5,435	7,973	678	1955/1999	9/12/2013
Red Maple Village	Tracy, CA	—	9,250	19,466	225	9,358	19,583	28,941	2,477	2009	9/18/2013
Crystal Beach Plaza	Palm Harbor, FL	—	2,335	7,918	352	2,335	8,270	10,605	1,164	2010	9/25/2013
CitiCentre Plaza	Carroll, IA	—	770	2,530	234	939	2,595	3,534	463	1991/1995	10/2/2013
Duck Creek Plaza	Bettendorf, IA	—	4,611	13,007	942	5,056	13,504	18,560	1,974	2005/2006	10/8/2013
Cahill Plaza	Inver Grove Heights, MN	—	2,587	5,113	481	2,829	5,352	8,181	854	1995	10/9/2013
Pioneer Plaza	Springfield, OR	—	4,948	5,680	374	5,071	5,931	11,002	953	1989/2008	10/18/2013
Fresh Market	Normal, IL	—	4,459	17,773	254	4,647	17,839	22,486	1,292	2002	10/22/2013
Courthouse Marketplace	Virginia Beach, VA	—	6,131	8,061	635	6,301	8,526	14,827	1,239	2005	10/25/2013
Hastings Marketplace	Hastings, MN	—	3,980	10,044	259	4,093	10,190	14,283	1,525	2002	11/6/2013
Shoppes of Paradise Lakes	Miami, FL	5,616	5,811	6,019	407	5,982	6,255	12,237	1,055	1999	11/7/2013
Coquina Plaza	Davie, FL	6,877	9,458	11,770	277	9,476	12,029	21,505	1,709	1998	11/7/2013
Butler’s Crossing	Watkinsville, GA	—	1,338	6,682	607	1,376	7,251	8,627	1,053	1997	11/7/2013
Lakewood Plaza	Spring Hill, FL	—	4,495	10,028	500	4,514	10,509	15,023	1,752	1993/1997	11/7/2013
Collington Plaza	Bowie, MD	—	12,207	15,142	451	12,282	15,518	27,800	2,062	1996	11/21/2013
Golden Town Center	Golden, CO	—	7,066	10,166	801	7,265	10,768	18,033	1,651	1993/2003	11/22/2013
Northstar Marketplace	Ramsey, MN	—	2,810	9,204	459	2,914	9,559	12,473	1,422	2004	11/27/2013
Bear Creek Plaza	Petoskey, MI	—	5,677	17,611	66	5,726	17,628	23,354	2,546	1998/2009	12/19/2013



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
As of December 31, 2016
(in thousands)
			Initial Cost⁽¹⁾		Cost Capitalized Subsequent to Acquisition	Gross Amount Carried at End of Period⁽²⁾⁽³⁾
Property Name	City, State	Encumbrances	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Flag City Station	Findlay, OH	—	4,685	9,630	406	4,749	9,972	14,721	1,566	1992	12/19/2013
Southern Hills Crossing	Moraine, OH	—	778	1,481	37	791	1,505	2,296	274	2002	12/19/2013
Sulphur Grove	Huber Heights, OH	—	553	2,142	130	605	2,220	2,825	296	2004	12/19/2013
East Side Square	Springfield, OH	—	394	963	64	407	1,014	1,421	173	2007	12/19/2013
Hoke Crossing	Clayton, OH	—	481	1,059	42	509	1,073	1,582	175	2006	12/19/2013
Town & Country Shopping Center	Noblesville, IN	—	7,360	16,269	239	7,361	16,507	23,868	2,580	1998	12/19/2013
Sterling Pointe Center	Lincoln, CA	—	7,038	20,822	831	7,227	21,464	28,691	2,495	2004	12/20/2013
Southgate Shopping Center	Des Moines, IA	—	2,434	8,357	500	2,665	8,626	11,291	1,279	1972/2013	12/20/2013
Arcadia Plaza	Phoenix, AZ	—	5,774	6,904	266	5,830	7,114	12,944	1,032	1980	12/30/2013
Stop & Shop Plaza	Enfield, CT	12,656	8,892	15,028	525	9,121	15,324	24,445	2,174	1988	12/30/2013
Fairacres Shopping Center	Oshkosh, WI	—	3,542	5,190	342	3,744	5,330	9,074	962	1992/2013	1/21/2014
Savoy Plaza	Savoy, IL	13,585	4,304	10,895	441	4,368	11,272	15,640	1,668	1999/2007	1/31/2014
The Shops of Uptown	Park Ridge, IL	—	7,744	16,884	344	7,801	17,171	24,972	1,978	2006	2/25/2014
Chapel Hill North	Chapel Hill, NC	7,390	4,776	10,190	435	4,851	10,550	15,401	1,487	1998	2/28/2014
Winchester Gateway	Winchester, VA	—	9,342	23,468	1,417	9,395	24,832	34,227	2,931	2006	3/5/2014
Stonewall Plaza	Winchester, VA	—	7,929	16,642	492	7,945	17,118	25,063	2,135	2007	3/5/2014
Coppell Market Center	Coppell, TX	12,586	4,869	12,237	79	4,907	12,278	17,185	1,504	2008	3/5/2014
Harrison Pointe	Cary, NC	—	10,006	11,208	349	10,155	11,408	21,563	1,990	2002	3/11/2014
Town Fair Center	Louisville, KY	—	8,108	14,411	2,333	8,262	16,590	24,852	2,198	1988/1994	3/12/2014
Villages at Eagles Landing	Stockbridge, GA	2,363	2,824	5,515	518	2,927	5,930	8,857	1,004	1995	3/13/2014
Towne Centre at Wesley Chapel	Wesley Chapel, FL	—	2,465	5,554	121	2,505	5,635	8,140	782	2000	3/14/2014
Dean Taylor Crossing	Suwanee, GA	—	3,903	8,192	160	3,986	8,269	12,255	1,258	2000	3/14/2014
Champions Gate Village	Davenport, FL	—	1,813	6,060	125	1,844	6,154	7,998	900	2001	3/14/2014
Goolsby Pointe	Riverview, FL	—	4,131	5,341	258	4,151	5,579	9,730	858	2000	3/14/2014
Statler Square	Staunton, VA	7,802	4,108	9,072	657	4,494	9,343	13,837	1,330	1989	3/21/2014
Burbank Plaza	Burbank, IL	—	2,971	4,546	2,220	3,477	6,260	9,737	900	1972/1995	3/25/2014
Hamilton Village	Chattanooga, TN	—	11,691	18,968	1,008	11,966	19,701	31,667	2,890	1989	4/3/2014
Waynesboro Plaza	Waynesboro, VA	—	5,597	8,334	92	5,632	8,391	14,023	1,157	2005	4/30/2014
Southwest Marketplace	Las Vegas, NV	—	16,019	11,270	484	16,072	11,701	27,773	1,677	2008	5/5/2014
Hampton Village	Taylors, SC	—	5,456	7,254	2,055	5,690	9,075	14,765	1,204	1959/1998	5/21/2014
Central Station	Louisville, KY	—	6,144	6,931	566	6,360	7,281	13,641	1,022	2005/2007	5/23/2014
Kirkwood Market Place	Houston, TX	—	5,786	9,697	322	5,840	9,965	15,805	1,140	1979/2008	5/23/2014
Fairview Plaza	New Cumberland, PA	—	2,787	8,500	173	2,879	8,581	11,460	974	1992/1999	5/27/2014
Broadway Promenade	Sarasota, FL	—	3,832	6,795	79	3,832	6,874	10,706	765	2007	5/28/2014
Townfair Shopping Center	Indiana, PA	14,563	7,007	13,233	784	7,138	13,886	21,024	1,717	1995/2010	5/29/2014
Deerwood Lake Commons	Jacksonville, FL	—	2,198	8,878	179	2,255	9,000	11,255	1,007	2003	5/30/2014



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
As of December 31, 2016
(in thousands)
			Initial Cost⁽¹⁾		Cost Capitalized Subsequent to Acquisition	Gross Amount Carried at End of Period⁽²⁾⁽³⁾
Property Name	City, State	Encumbrances	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Heath Brook Commons	Ocala, FL	—	3,470	8,353	250	3,508	8,565	12,073	997	2002	5/30/2014
Park View Square	Miramar, FL	—	5,701	9,303	376	5,738	9,642	15,380	1,108	2003	5/30/2014
St. Johns Commons	Jacksonville, FL	—	1,599	10,387	186	1,705	10,467	12,172	1,162	2003	5/30/2014
West Creek Commons	Coconut Creek, FL	6,233	7,404	12,710	486	7,468	13,132	20,600	1,210	2003	5/30/2014
Lovejoy Village	Jonesboro, GA	—	1,296	7,029	190	1,321	7,194	8,515	784	2001	6/3/2014
The Orchards	Yakima, WA	—	5,425	8,743	86	5,453	8,801	14,254	1,061	2002	6/3/2014
Hannaford Plaza	Waltham, MA	—	4,614	7,903	180	4,688	8,009	12,697	809	1950/1993	6/23/2014
Shaw’s Plaza Easton	Easton, MA	—	5,520	7,173	273	5,657	7,309	12,966	931	1984/2004	6/23/2014
Shaw’s Plaza Hanover	Hanover, MA	—	2,826	5,314	9	2,825	5,324	8,149	611	1994	6/23/2014
Cushing Plaza	Cohasset, MA	—	5,752	14,796	205	5,919	14,834	20,753	1,471	1997	6/23/2014
Lynnwood Place	Jackson, TN	—	3,341	4,826	1,127	3,509	5,785	9,294	806	1986/2013	7/28/2014
Foothills Shopping Center	Lakewood, CO	—	1,479	2,611	90	1,689	2,491	4,180	383	1984	7/31/2014
Battle Ridge Pavilion	Marietta, GA	—	3,124	9,866	237	3,202	10,025	13,227	1,114	1999	8/1/2014
Thompson Valley Towne Center	Loveland, CO	6,401	5,759	17,387	1,068	5,911	18,303	24,214	1,858	1999	8/1/2014
Lumina Commons	Wilmington, NC	8,630	2,006	11,250	384	2,038	11,602	13,640	1,083	1974/2007	8/4/2014
Driftwood Village	Ontario, CA	—	6,811	12,993	685	7,028	13,461	20,489	1,495	1985	8/7/2014
French Golden Gate	Bartow, FL	3,281	2,599	12,877	1,015	2,671	13,820	16,491	1,261	1960/2011	8/28/2014
Orchard Square	Washington Township, MI	6,729	1,361	11,550	155	1,410	11,656	13,066	1,204	1999	9/8/2014
Trader Joe’s Center	Dublin, OH	—	2,338	7,922	514	2,512	8,262	10,774	893	1986	9/11/2014
Palmetto Pavilion	North Charleston, SC	—	2,509	8,526	379	2,835	8,579	11,414	857	2003	9/11/2014
Five Town Plaza	Springfield, MA	—	8,912	19,635	2,571	9,616	21,502	31,118	2,556	1970/2013	9/24/2014
Beavercreek Towne Center	Beavercreek, OH	—	14,055	30,799	354	14,293	30,915	45,208	3,430	1994	10/24/2014
Fairfield Crossing	Beavercreek, OH	—	3,571	10,026	69	3,605	10,061	13,666	1,014	1994	10/24/2014
Grayson Village	Loganville, GA	—	3,952	5,620	347	4,006	5,913	9,919	917	2002	10/24/2014
The Fresh Market Commons	Pawleys Island, SC	—	2,442	4,941	47	2,442	4,988	7,430	528	2011	10/28/2014
Claremont Village	Everett, WA	—	5,511	10,544	648	5,731	10,972	16,703	1,110	1994/2012	11/6/2014
Juan Tabo Plaza	Albuquerque, NM	—	2,466	4,568	557	2,591	5,000	7,591	656	1975/1989	11/12/2014
Cherry Hill Marketplace	Westland, MI	—	4,641	10,137	1,040	4,858	10,960	15,818	1,061	1992/2000	12/17/2014
The Shoppes at Ardrey Kell	Charlotte, NC	—	6,724	8,150	561	6,794	8,641	15,435	949	2008	12/17/2014
Nor'Wood Shopping Center	Colorado Springs, CO	—	5,358	6,684	77	5,410	6,709	12,119	796	2003	1/8/2015
Sunburst Plaza	Glendale, AZ	—	3,435	6,041	343	3,476	6,343	9,819	781	1970	2/11/2015
Rivermont Station	Alpharetta, GA	2,284	6,876	8,917	640	7,093	9,340	16,433	1,158	1996/2003	2/27/2015
Breakfast Point Marketplace	Panama City Beach, FL	8,713	5,579	12,051	412	5,760	12,282	18,042	1,062	2009/2010	3/13/2015
Falcon Valley	Lenexa, KS	5,157	3,131	6,874	77	3,175	6,907	10,082	659	2008/2009	3/13/2015
Lake Wales	Lake Wales, FL	1,605	1,273	2,164	—	1,273	2,164	3,437	209	1998	3/13/2015
Lakeshore Crossing	Gainesville, GA	4,600	3,857	5,937	32	3,857	5,969	9,826	737	1993/1994	3/13/2015



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
As of December 31, 2016
(in thousands)
				Initial Cost⁽¹⁾				Cost Capitalized Subsequent to Acquisition		Gross Amount Carried at End of Period⁽²⁾⁽³⁾
Property Name	City, State	Encumbrances		Land and Improvements		Buildings and Improvements		Cost Capitalized Subsequent to Acquisition		Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation		Date Constructed/ Renovated	Date Acquired
Onalaska	Onalaska, WI	3,925		2,669		5,648		—		2,669		5,648		8,317		607		1992/1993	3/13/2015
Coronado Center	Santa Fe, NM	—		4,395		16,461		494		4,424		16,926		21,350		1,139		1964	5/1/2015
Northwoods Crossing	Taunton, MA	—		10,092		14,437		189		10,223		14,495		24,718		670		2003/2010	5/24/2016
Murphy Marketplace	Murphy, TX	—		28,652		33,122		312		28,759		33,327		62,086		795		2008/2015	6/24/2016
Harbour Village	Jacksonville, FL	—		5,630		16,727		146		5,719		16,784		22,503		197		2006	9/22/2016
Oak Mill Plaza	Niles, IL	1,298		6,843		13,692		219		6,913		13,841		20,754		178		1977	10/3/2016
Southern Palms	Tempe, AZ	24,349		10,026		24,346		—		10,026		24,346		34,372		182		1982	10/26/2016
Golden Eagle Village	Clermont, FL	7,500		3,068		7,735		—		3,068		7,735		10,803		66		2011	10/27/2016
Georgesville Square	Columbus, OH	—		11,137		19,663		—		11,137		19,663		30,800		81		1996	12/15/2016
Totals		$	228,721	$	779,250	$	1,480,744	$	69,086	$	796,192	$	1,532,888	$	2,329,080	$	222,557

⁽¹⁾The initial cost to us represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired.

⁽²⁾The aggregate cost of real estate owned at December 31, 2016.

⁽³⁾The aggregate cost of properties for Federal income tax purposes is approximately $2.5 billion at December 31, 2016.

Reconciliation of real estate owned:



	2016			2015
Balance at January 1	$	2,116,480		$	1,980,634
Additions during the year:
Real estate acquisitions	219,053			116,939
Net additions to/improvements of real estate	26,369			20,705
Deductions during the year:
Real estate dispositions	(32,822		)	(1,798		)
Balance at December 31	$	2,329,080		$	2,116,480

Reconciliation of accumulated depreciation:



	2016			2015
Balance at January 1	$	152,433		$	83,050
Additions during the year:
Depreciation expense	73,703			69,413
Deductions during the year:
Accumulated depreciation of real estate dispositions	(3,579		)	(30		)
Balance at December 31	$	222,557		$	152,433

* * * * *

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of presentation and principles of consolidation

Partially-owned entities

Noncontrolling interests

Use of estimates

Cash and cash equivalents

Restricted cash

Investment in property and lease intangibles

Deferred financing expenses

Deferred financing expenses are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method.

Fair value measurement

Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability.

Derivative instruments and hedging activities

Gain on sale of assets

Revenue recognition


•	whether the lease stipulates how and on what a tenant improvement allowance may be spent;


•	whether the tenant or landlord retains legal title to the improvements;


•	the uniqueness of the improvements;


•	the expected economic life of the tenant improvements relative to the length of the lease; and


•	who constructs or directs the construction of the improvements.

Income taxes

Repurchase of common stock

Class B units

Segment reporting

Share-based compensation

Impact of recently issued accounting pronouncements



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

Earnings Per Share (Policies)	12 Months Ended
Earnings Per Share (Policies)	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share, Policy	We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. Class B units and OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents and have the potential to be exchanged for shares of our common stock in accordance with the terms of the Operating Partnership’s Second Amended and Restated Agreement of Limited Partnership, as amended (the “Partnership Agreement”). The impact of these Class B units and OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the Class B units and OP units based on dividends declared and the units’ participation rights in undistributed earnings.

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Schedule of tax treatment of distributions

The tax composition of our distributions declared for the years ended December 31, 2016 and 2015, was as follows:



	2016		2015
Ordinary income	28.22	%	40.45	%
Return of capital	71.78	%	59.55	%
Total	100.00	%	100.00	%

New accounting pronouncements and changes in accounting principles

The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:



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

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Inputs, Liabilities, Quantitative Information

The following is a summary of borrowings as of December 31, 2016 and 2015 (dollars in thousands):



	2016		2015
Fair value	$	1,056,990	$	880,854
Recorded value⁽¹⁾	1,065,180		854,079


⁽¹⁾	Recorded value does not include deferred financing costs of $9.0 million and $8.6 million as of December 31, 2016 and 2015, respectively.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The fair value measurements of our financial liability and asset as of December 31, 2016 and 2015, are as follows (in thousands):



	2016		2015
Derivative asset:
Interest rate swaps designated as hedging instruments - Term Loans	$	11,916	$	22
Derivative liability:
Interest rate swap not designated as hedging instrument - mortgage note	262		442

Real Estate Acquisitions (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Allocation of Acquisition Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed

For the years ended December 31, 2016 and 2015, we allocated the purchase price of acquisitions to the fair value of the assets acquired and liabilities assumed as follows (in thousands):



	2016			2015
Land and improvements	$	78,908		$	40,031
Building and improvements	140,145			76,908
Acquired in-place leases	21,506			11,664
Acquired above-market leases	3,559			1,400
Acquired below-market leases	(10,198		)	(3,967		)
Total assets and lease liabilities acquired	233,920			126,036
Less: Fair value of assumed debt at acquisition	33,326			34,341
Net assets acquired	$	200,594		$	91,695

Weighted-average Amortization Periods of Acquired Lease Intangibles

The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the years ended December 31, 2016 and 2015, are as follows (in years):



	2016	2015
Acquired in-place leases	11	13
Acquired above-market leases	6	8
Acquired below-market leases	19	19

Real Estate Acquisitions, Operating Activities



	2016		2015
Revenue	$	7,450	$	8,359
Acquisition expenses	4,275		2,408
Net loss	2,664		1,533

Business Acquisition, Pro Forma Information



	For the Year Ended December 31,
(in thousands)	2016		2015
Pro forma revenues	$	273,112	$	267,633
Pro forma net income attributable to stockholders	11,290		18,192

Acquired Intangible Lease Assets (Tables)

12 Months Ended

Dec. 31, 2016

Finite-Lived Intangible Assets, Net [Abstract]

Acquired Intangible Assets

Acquired intangible lease assets consisted of the following as of December 31, 2016 and 2015 (in thousands):



	2016			2015
Acquired in-place leases	$	212,916		$	194,242
Acquired above-market leases	42,009			39,311
Total acquired intangible lease assets	254,925			233,553
Accumulated amortization	(111,790		)	(79,669		)
Net acquired intangible lease assets	$	143,135		$	153,884

Finite-lived Intangible Assets Amortization Expense

Summarized below is the amortization recorded on the intangible assets for the years ended December 31, 2016, 2015, and 2014 (in thousands):



	2016		2015		2014
Acquired in-place leases	$	28,812	$	29,970	$	24,697
Acquired above-market leases	5,228		5,819		4,996
Total	$	34,040	$	35,789	$	29,693

Schedule of Acquired Intangible Assets, Future Amortization Expense

Estimated future amortization of the respective acquired intangible lease assets as of December 31, 2016, for each of the next five years is as follows (in thousands):



	In-Place Leases		Above-Market Leases
2017	$	27,465	$	4,622
2018	22,272		3,842
2019	16,970		3,201
2020	11,647		2,737
2021	9,060		2,148

Mortgages and Loans Payable (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The following is a summary of the outstanding principal balances of our debt obligations as of December 31, 2016 and 2015 (in thousands):



	Interest Rate⁽¹⁾		2016			2015
Revolving credit facility⁽²⁾⁽³⁾	2.02	%	$	176,969		$	141,000
Term loan due 2019⁽²⁾	2.46	%	100,000			100,000
Term loan due 2020⁽²⁾	2.65	%	175,000			175,000
Term loan due 2021	1.97%-2.80%		125,000			125,000
Term loan due 2023	2.42	%	255,000			—
Mortgages payable⁽⁴⁾	3.22%-7.91%		228,721			306,435
Assumed market debt adjustments, net⁽⁵⁾			4,490			6,644
Deferred financing costs⁽⁶⁾			(9,024		)	(8,564		)
Total			$	1,056,156		$	845,515


⁽¹⁾	Includes the effects of derivative financial instruments (see Notes 3 and 9).


⁽²⁾	The revolving credit facility and term loans have options to extend their maturities to 2018 and 2021, respectively. A maturity date extension for the first or second tranche on the term loans requires the payment of an extension fee of 0.15% of the outstanding principal amount of the corresponding tranche.


⁽³⁾	The gross borrowings under our revolving credit facility were $590.8 million, $297.8 million, and $306.7 million during the years ended December 31, 2016, 2015, and 2014, respectively. The gross payments on our revolving credit facility were $554.8 million, $448.5 million, and $15.0 million during the years ended December 31, 2016, 2015, and 2014, respectively.


⁽⁴⁾	Due to the non-recourse nature of our fixed rate mortgages, the assets and liabilities of the related properties are neither available to pay the debts of the consolidated property-holding limited liability companies nor constitute obligations of such consolidated limited liability companies as of December 31, 2016.


⁽⁵⁾	Net of accumulated amortization of $6.1 million and $6.5 million as of December 31, 2016 and 2015, respectively.


⁽⁶⁾	Net of accumulated amortization of $3.9 million and $2.8 million as of December 31, 2016 and 2015, respectively. Deferred financing costs related to the revolving credit facility were $2.2 million and $4.7 million, as of December 31, 2016 and 2015, respectively, which is net of accumulated amortization of $6.7 million and $4.8 million, respectively.

Schedule of Long-term Debt Instruments, Alternative



	2016		2015
As to interest rate:⁽¹⁾
Fixed-rate debt	$	615,721	$	693,435
Variable-rate debt	444,969		154,000
Total	$	1,060,690	$	847,435
As to collateralization:
Unsecured debt	$	831,969	$	541,000
Secured debt	228,721		306,435
Total	$	1,060,690	$	847,435


⁽¹⁾	Includes the effects of derivative financial instruments (see Notes 3 and 9).

Schedule of Maturities of Long-Term Debt

Below is a listing of our maturity schedule with the respective principal payment obligations, excluding market debt adjustments and deferred financing costs (in thousands):



	2017		2018		2019		2020		2021		Thereafter		Total
Revolving credit facility⁽¹⁾	$	176,969	$	—	$	—	$	—	$	—	$	—	$	176,969
Term loans	—		—		100,000		175,000		125,000		255,000		655,000
Mortgages payable	41,195		45,235		4,753		4,744		65,506		67,288		228,721
Total maturing debt	$	218,164	$	45,235	$	104,753	$	179,744	$	190,506	$	322,288	$	1,060,690


⁽¹⁾	The revolving credit facility matures in December 2017 with additional options to extend the maturity to December 2018.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Acquired Below-Market Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2016

Below Market Lease [Abstract]

Schedule of Below Market Lease

Acquired intangible lease liabilities consisted of the following as of December 31, 2016 and 2015 (in thousands):



	2016			2015
Below-market lease liabilities	$	63,287		$	54,041
Accumulated amortization	(20,255		)	(14,259		)
Net acquired below-market lease liabilities	$	43,032		$	39,782

Below Market Lease, Amortization

Summarized below is the amortization recorded on the below-market lease intangible liabilities for the years ended December 31, 2016, 2015, and 2014 (in thousands):



	2016		2015		2014
Acquired below-market leases	$	6,436	$	6,640	$	4,911

Below Market Lease, Future Amortization Income

Estimated future amortization income of the intangible lease liabilities as of December 31, 2016, for each of the five succeeding calendar years is as follows (in thousands):



	Below-Market Leases
2017	$	5,862
2018	4,819
2019	3,976
2020	3,424
2021	3,032

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of December 31, 2016 and 2015 (notional amounts in thousands).


⁽¹⁾	An interest rate swap that we entered into in October 2016 with a notional amount of $255 million, is not effective until July 2017.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Equity Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Summary of Outstanding OP Units and Unvested Class B Units

Below is a summary of our outstanding OP units and unvested Class B units as of December 31, 2016 and 2015 (in thousands):

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	2016		2015		2014
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to stockholders	$	8,932	$	13,360	$	(22,635	)
Denominator:
Denominator for basic earnings per share - weighted-average shares	183,876		183,678		179,280
Effect of dilutive OP units/Class B units	2,785		2,716		—
Effect of restricted stock awards	4		—		—
Denominator for diluted earnings per share - adjusted weighted-average shares	186,665		186,394		179,280
Earnings per common share:
Net income (loss) attributable to stockholders - basic and diluted	$	0.05	$	0.07	$	(0.13	)

Related-Party Transactions (Tables)

12 Months Ended

Dec. 31, 2016

Advisor Fees



	For the Year Ended						Unpaid Amount as of
	December 31,						December 31,
	2016		2015		2014		2016		2015
Acquisition fees⁽¹⁾	$	2,342	$	1,247	$	9,011	$	—	$	—
Acquisition expenses⁽¹⁾	464		208		1,074		29		—
Asset management fees⁽²⁾	19,239		4,601		27,853		1,687		1,538
OP units distribution⁽³⁾	1,866		1,820		—		158		159
Class B unit distribution⁽⁴⁾	1,576		625		965		148		119
Financing fees⁽⁵⁾	—		3,228		4,001		—		—
Disposition fees⁽⁶⁾	745		47		129		—		—
Total	$	26,232	$	11,776	$	43,033	$	2,022	$	1,816


⁽¹⁾	The acquisition fees and expenses are presented as Acquisition Expenses on the consolidated statements of operations.


⁽²⁾	Asset management fees are presented as General and Administrative in 2016 and 2015 on the consolidated statements of operations. In 2014, this amount was separately disclosed as Vesting of Class B Units for Asset Management Services on the consolidated statements of operations.


⁽³⁾	The distributions paid to holders of OP units are presented as Distributions to Noncontrolling Interests on the consolidated statements of equity.


⁽⁴⁾	The distributions paid to holders of unvested Class B units are presented as General and Administrative on the consolidated statements of operations.


⁽⁵⁾	Financing fees are presented as Other Assets, Net or Mortgages and Loans Payable, Net, on the consolidated balance sheets and amortized over the term of the related loan. As of October 1, 2015, we are no longer required to pay financing fees.


⁽⁶⁾	Disposition fees are presented as Other Income, Net on the consolidated statements of operations.

Property Manager Fees



	For the Year Ended						Unpaid Amount as of
	December 31,						December 31,
	2016		2015		2014		2016		2015
Property management fees⁽¹⁾	$	9,929	$	9,108	$	7,245	$	840	$	755
Leasing commissions⁽²⁾	7,701		7,316		3,561		705		729
Construction management fees⁽²⁾	1,127		1,117		692		165		155
Other fees and reimbursements⁽³⁾	5,627		5,533		2,328		796		1,699
Total	$	24,384	$	23,074	$	13,826	$	2,506	$	3,338


⁽¹⁾	The property management fees are presented as Property Operating on the consolidated statements of operations.


⁽²⁾	Leasing commissions paid for leases with terms less than one year are expensed immediately and presented as Depreciation and Amortization on the consolidated statements of operations. Leasing commissions paid for leases with terms greater than one year, and construction management fees, are capitalized and amortized over the life of the related leases or assets.


⁽³⁾	Other fees and reimbursements are presented as Property Operating and General and Administrative on the consolidated statements of operations based on the nature of the expense.

Dealer Manager Fees

Summarized below are the fees earned by the Dealer Manager for the year ended December 31, 2014 (in thousands):



	2014
Selling commissions	$	157
Selling commissions reallowed	157
Dealer manager fees	72
Dealer manager fees reallowed	29

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2016

Leases, Operating [Abstract]

Future Minimum Rents



Year	Amount
2017	$	193,262
2018	176,646
2019	152,373
2020	129,596
2021	105,882
2022 and thereafter	351,262
Total	$	1,109,021

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Information



	2016
(in thousands, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	63,082	$	63,053	$	65,270	$	66,325
Net income attributable to stockholders	2,219		560		2,464		3,689
Net income per share - basic and diluted	0.01		—		0.01		0.02



	2015
(in thousands, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	58,947	$	59,194	$	61,822	$	62,136
Net income (loss) attributable to stockholders	4,971		5,370		5,183		(2,164		)
Net income (loss) per share - basic and diluted	0.03		0.03		0.03		(0.01		)

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Dividends Declared



Distribution Period	Date Distribution Paid	Gross Amount of Distribution Paid		Distribution Reinvested through the DRIP		Net Cash Distribution
December 1, 2016, through December 31, 2016	1/3/2017	$	10,506	$	4,765	$	5,741
January 1, 2017, through January 31, 2017	2/1/2017	10,520		4,760		5,760
February 1, 2017, through February 28, 2017	3/1/2017	9,284		4,191		5,093

Schedule of Business Acquisitions, by Acquisition

Subsequent to December 31, 2016, we acquired the following property (dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Square Footage

Leased % of Rentable Square Feet at Acquisition

Atwater Marketplace

Atwater, California

Save Mart

2/10/2017

$14,800

96,224

94.6%

Organization (Details)	Dec. 31, 2016 property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties owned	153

Summary Of Significant Accounting Policies (Details)	12 Months Ended
Summary Of Significant Accounting Policies (Details)	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Property, Plant and Equipment [Line Items]
VIE, qualitative or quantitative information, ownership percentage	50.00%
Reverse section 1031 exchanges outstanding	1
Restricted cash	$ 41,722,000	$ 6,833,000
Impairment of real estate	0	0	$ 0
Gain on sale of properties	4,700,000
Deferred rent receivables, net	14,800,000	11,500,000
Bad debt reserve	$ 1,700,000	$ 1,100,000
Stock repurchase program, number of shares authorized to be repurchased, percentage of weighted-average shares	5.00%
Operating partnership return for Class B to vest	6.00%
Share-based compensation, forfeitures \| shares	0
Share-based compensation, award vesting period	4 years
Stock issued during period, shares, restricted stock award, gross \| shares	9,800
Share-based compensation grant date value \| $ / shares	$ 10.20
Share-based compensation	$ 24,000
Share-based compensation vested in period \| shares	0
Share-based compensation, nonvested awards, compensation not yet recognized	$ 75,425
Share-based compensation, nonvested awards, compensation not yet recognized, period for recognition	2 years
Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Building and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Minimum \| Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Maximum \| Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years

Summary Of Significant Accounting Policies Tax Treatment of Distributions (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Ordinary income	28.22%	40.45%
Return of capital	71.78%	59.55%
Total	100.00%	100.00%

Fair Value Measurements Fair Value Inputs, Liabilities, Quantitative Information (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recorded value	$ 1,065,180	$ 854,079
Deferred financing costs	(9,024)	(8,564)
Fair value, inputs, level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 1,056,990	$ 880,854

Fair Value Measurements (Details) $ in Thousands	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Derivative liability designated as hedging instruments \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of interest rate derivatives held	3	3
Derivative, notional amount	$ 642,000	$ 387,000
Derivative liability designated as hedging instruments \| Forward interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	255,000
Derivative not designated as hedging instrument \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	11,000	11,300
Fair value, inputs, level 2 \| Derivative liability designated as hedging instruments \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	11,916	22
Fair value, inputs, level 2 \| Derivative not designated as hedging instrument \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	(262)	$ (442)
Term loan facility \| Derivative liability designated as hedging instruments \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 387,000

Real Estate Acquisitions (Details) - Series of individually immaterial business acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property
Business Acquisition [Line Items]
Number of businesses acquired \| property	7	9
Total assets and lease liabilities acquired	$ 233,920	$ 126,036
Carrying value of assumed debt at acquisition	33,200	32,800
Fair value of assumed debt at acquisition	$ 33,326	$ 34,341

Real Estate Acquisitions (Details) - Allocation - Series of individually immaterial business acquisitions - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Land and improvements	$ 78,908	$ 40,031
Building and improvements	140,145	76,908
Total assets and lease liabilities acquired	233,920	126,036
Less: Fair value of assumed debt at acquisition	33,326	34,341
Net assets acquired	200,594	91,695
Acquired in-place leases
Business Acquisition [Line Items]
Acquired leases	21,506	11,664
Acquired above-market leases
Business Acquisition [Line Items]
Acquired leases	3,559	1,400
Acquired below-market leases
Business Acquisition [Line Items]
Acquired below-market leases	$ (10,198)	$ (3,967)

Real Estate Acquisitions (Details) - Weighted-average amortization - Series of individually immaterial business acquisitions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Acquired in-place leases
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	11 years	13 years
Acquired above-market leases
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	6 years	8 years
Acquired below-market leases
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	19 years	19 years

Real Estate Acquisitions (Details) - Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Acquisition expenses	$ 5,803	$ 5,404	$ 17,430
Series of individually immaterial business acquisitions
Business Acquisition [Line Items]
Revenue	7,450	8,359
Acquisition expenses	4,275	2,408
Net loss	$ 2,664	$ 1,533

Real Estate Acquisitions (Details) - Pro Forma - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Combinations [Abstract]
Pro forma revenues	$ 273,112	$ 267,633
Pro forma net income attributable to stockholders	$ 11,290	$ 18,192

Acquired Intangible Lease Assets (Details) - Period Ending - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired in-place lease assets	$ 254,925	$ 233,553
Accumulated amortization	(111,790)	(79,669)
Net acquired intangible lease assets	143,135	153,884
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired in-place lease assets	212,916	194,242
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired in-place lease assets	$ 42,009	$ 39,311

Acquired Intangible Lease Assets (Details) - Amortization Expense - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, amortization expense	$ 34,040	$ 35,789	$ 29,693
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, amortization expense	28,812	29,970	24,697
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, amortization expense	$ 5,228	$ 5,819	$ 4,996

Acquired Intangible Lease Assets (Details) - Five Succeeding Calendar Years $ in Thousands	Dec. 31, 2016 USD ($)
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
2017	$ 27,465
2018	22,272
2019	16,970
2020	11,647
2021	9,060
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
2017	4,622
2018	3,842
2019	3,201
2020	2,737
2021	$ 2,148

Mortgages and Loans Payable Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt obligation	$ 1,060,690	$ 847,435
Assumed market debt adjustments, net	4,490	6,644
Deferred financing costs	(9,024)	(8,564)
Total	1,056,156	845,515
Accumulated amortization, assumed market debt adjustments	6,100	6,500
Accumulated amortization, deferred financing costs	$ 3,900	$ 2,800
Long-term debt, weighted average interest rate	3.00%	3.50%
Mortgages payable
Debt Instrument [Line Items]
Debt obligation	$ 228,721	$ 306,435
Revolving credit facility
Debt Instrument [Line Items]
Interest rate	2.02%
Debt obligation	$ 176,969	141,000
Gross borrowings under revolving credit facility	590,800	297,800	$ 306,700
Gross payments under revolving credit facility	554,800	448,500	$ 15,000
Revolving credit facility, deferred financing costs	2,200	4,700
Accumulated amortization, deferred financing costs, revolving credit facility	6,700	4,800
Maximum borrowing capacity	$ 500,000
Term loan due 2019
Debt Instrument [Line Items]
Interest rate	2.46%
Debt obligation	$ 100,000	100,000
Extension fee	0.15%
Term loan due 2020
Debt Instrument [Line Items]
Interest rate	2.65%
Debt obligation	$ 175,000	175,000
Term loan due 2021
Debt Instrument [Line Items]
Debt obligation	$ 125,000	125,000
Term loan due 2023
Debt Instrument [Line Items]
Interest rate	2.42%
Debt obligation	$ 255,000	$ 0
Maximum borrowing capacity	$ 255,000
Minimum \| Mortgages payable
Debt Instrument [Line Items]
Interest rate	3.22%
Minimum \| Term loan due 2021
Debt Instrument [Line Items]
Interest rate	1.97%
Maximum \| Mortgages payable
Debt Instrument [Line Items]
Interest rate	7.91%
Maximum \| Term loan due 2021
Debt Instrument [Line Items]
Interest rate	2.80%

Mortgages and Loans Payable Schedule of Debt Obligation (Alternative) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Long-term Debt, by Type Alternative [Abstract]
Fixed-rate debt	$ 615,721	$ 693,435
Variable-rate debt	444,969	154,000
Total	1,060,690	847,435
Unsecured debt	831,969	541,000
Secured debt	$ 228,721	$ 306,435

Mortgages and Loans Payable Schedule of Maturities of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
2017	$ 218,164
2018	45,235
2019	104,753
2020	179,744
2021	190,506
Thereafter	322,288
Total	1,060,690	$ 847,435
Mortgages payable
Debt Instrument [Line Items]
2017	41,195
2018	45,235
2019	4,753
2020	4,744
2021	65,506
Thereafter	67,288
Total	228,721	306,435
Revolving credit facility
Debt Instrument [Line Items]
2017	176,969
2018	0
2019	0
2020	0
2021	0
Thereafter	0
Total	176,969	$ 141,000
Term loan facility
Debt Instrument [Line Items]
2017	0
2018	0
2019	100,000
2020	175,000
2021	125,000
Thereafter	255,000
Total	$ 655,000

Acquired Below-Market Lease Intangibles Below Market Lease Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Below Market Lease, Net [Abstract]
Below-market lease liabilities	$ 63,287	$ 54,041
Below-market lease liabilities, accumulated amortization	(20,255)	(14,259)
Below-market lease liabilities, net	$ 43,032	$ 39,782

Acquired Below-Market Lease Intangibles Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Below Market Lease [Abstract]
Acquired below-market leases	$ 6,436	$ 6,640	$ 4,911

Acquired Below-Market Lease Intangibles (Details) - Five Succeeding Calendar Years $ in Thousands	Dec. 31, 2016 USD ($)
Below Market Lease [Abstract]
2017	$ 5,862
2018	4,819
2019	3,976
2020	3,424
2021	$ 3,032

Commitments And Contingencies Narrative (Details)	Dec. 31, 2016 claim
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, pending claims, number	0

Derivatives and Hedging Activities Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss on discontinuation of cash flow hedge		$ 326,000
Interest rate swaps \| Derivative liability designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain recognized in income, ineffective portion, net	$ 1,300,000	$ 690,000
Derivative instruments, gain (loss) reclassification from AOCI to income, estimated net amount to be transferred	$ 1,900,000
Derivative, number of instruments held	4
Derivative, notional amount	$ 642,000,000		$ 387,000,000
Forward interest rate swap \| Derivative liability designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 255,000,000
Minimum \| Interest rate swaps \| Derivative liability designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, fixed interest rate	1.20%		1.20%
Maximum \| Interest rate swaps \| Derivative liability designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, fixed interest rate	1.50%		1.50%

Derivatives and Hedging Activities Derivatives Not Designated as Hedging Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest rate swaps \| Derivative not designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, loss on derivative, net	$ (78,000)	$ (176,000)	$ (350,000)

Equity (Details) - USD ($)	1 Months Ended	12 Months Ended
Equity (Details) - USD ($)	Jun. 07, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 31, 2017	Oct. 31, 2016	Apr. 25, 2016	Apr. 14, 2016	Aug. 24, 2015
Class of Stock [Line Items]
Common stock, voting rights		The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the board of directors. Our charter does not provide for cumulative voting in the election of directors.
Share price		$ 10.20						$ 10.20	$ 10.20
Tender offer, stock redeemed or called during period, value		$ 20,301,000	$ 72,800,000	$ 4,916,000
Remaining shares authorized under DRIP		37,800,000
Initial purchase price per share under DRIP		$ 9.50
SRP, amount available						$ 11,200,000
Vesting of Class B units for asset management services		$ 0	$ 0	$ 27,853,000
Subsequent event
Class of Stock [Line Items]
SRP, amount available					$ 39,200,000
SRP, outstanding requests					5,600,000
Tender offer
Class of Stock [Line Items]
Tender offer, number of shares authorized to be repurchased							9,300,000
Tender offer, stock redeemed or called during period, shares	69,271
Tender offer, stock redeemed or called during period, price per share	$ 6.00
Tender offer, stock redeemed or called during period, value	$ 416,000

Equity Class B And Operating Partnership Units (Details) - shares shares in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
OP units	2,785	2,785
Class B units unvested	2,610	2,083	0

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Class B units unvested	2,610				2,083				2,610	2,083	0
Numerator for basic and diluted earnings per share: [Abstract]
Net income (loss) attributable to stockholders	$ 3,689	$ 2,464	$ 560	$ 2,219	$ (2,164)	$ 5,183	$ 5,370	$ 4,971	$ 8,932	$ 13,360	$ (22,635)
Denominator: [Abstract]
Denominator for basic earnings per share - weighted-average shares									183,876	183,678	179,280
Effect of dilutive OP units/Class B units									2,785	2,716	0
Effect of restricted stock awards									4	0	0
Denominator for diluted earnings per share - adjusted weighted-average shares									186,665	186,394	179,280
Earnings Per Share, Basic and Diluted [Abstract]
Net income (loss) attributable to stockholders - basic and diluted	$ 0.02	$ 0.01	$ 0.00	$ 0.01	$ (0.01)	$ 0.03	$ 0.03	$ 0.03	$ 0.05	$ 0.07	$ (0.13)

Related-Party Transactions Related Party Transaction (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 03, 2014
Related Party Transaction [Line Items]
Operating partnership return for Class B to vest		6.00%
Accounts payable, related parties		$ 4,571,000	$ 5,278,000
Minimum percentage of shares owned by sub-advisor		0.10%
Sub-advisor share purchase price		$ 9.00
Shares owned by sub-advisor		176,509
Percentage of shares owned by sub-advisor		0.10%
Property Manager
Related Party Transaction [Line Items]
Accounts payable, related parties		$ 2,506,000	3,338,000
Advisory Agreement
Related Party Transaction [Line Items]
Organization and offering costs charged by advisor and sub-advisor				$ 27,100,000
Organization and offering costs payable to advisor and sub-advisor				$ 100,000
Accounts payable, related parties		$ 2,022,000	1,816,000
Subordinated participation in net sales proceeds percentage		15.00%
Investor return before subordinated participation in net sales proceeds		7.00%
Sub-Advisor's interest in special limited partner		15.00%
Advisor's interest in special limited partner		85.00%
Subordinated incentive listing fee percentage		15.00%
Investor return before subordinated listing incentive fee		7.00%
Distribution made to limited partner, cash distributions paid		$ 0
Subordinated distribution upon termination of advisor agreement percentage		15.00%
Investor return before subordinated distribution upon termination of advisor agreement		7.00%
Advisory Agreement \| Financing fees
Related Party Transaction [Line Items]
Related party transaction, rate		0.75%
Accounts payable, related parties		$ 0	0
Advisory Agreement \| Asset management fees
Related Party Transaction [Line Items]
Related party transaction, rate		1.00%
Accounts payable, related parties		$ 1,687,000	1,538,000
Advisory Agreement \| Asset management fee, portion paid in cash, monthly payment
Related Party Transaction [Line Items]
Related party transaction, rate		0.06667%
Advisory Agreement \| Acquisition fee
Related Party Transaction [Line Items]
Related party transaction, rate		1.00%
Accounts payable, related parties		$ 0	$ 0
Advisory Agreement \| Asset management subordinated participation
Related Party Transaction [Line Items]
Class B units issuance due date		60 days
Asset management participation calculation percentage	0.25%	0.05%
Class B units of operating partnership, issued in connection with asset management services					2,800,000
Operating partnership return for Class B to vest					6.00%
Class B units of operating partnership, issued in connection with asset management services		2,600,000	2,100,000
Advisory Agreement \| Disposition fees
Related Party Transaction [Line Items]
Related party transaction, rate		2.00%
Accounts payable, related parties		$ 0	$ 0
Advisory Agreement \| General and administrative reimbursements
Related Party Transaction [Line Items]
Accounts payable, related parties		$ 43,000	$ 124,000
Maximum \| Advisory Agreement \| Organization and offering cost reimbursement
Related Party Transaction [Line Items]
Related party transaction, rate		1.50%
Cash \| Advisory Agreement \| Asset management fees
Related Party Transaction [Line Items]
Related party transaction, rate		80.00%
Unit distribution \| Advisory Agreement \| Asset management fees
Related Party Transaction [Line Items]
Related party transaction, rate		20.00%

Related-Party Transactions Advisor Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accounts payable, related parties	$ 4,571	$ 5,278
Advisory Agreement
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	26,232	11,776	$ 43,033
Accounts payable, related parties	2,022	1,816
Advisory Agreement \| Acquisition fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	2,342	1,247	9,011
Accounts payable, related parties	0	0
Advisory Agreement \| Acquisition expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	464	208	1,074
Accounts payable, related parties	29	0
Advisory Agreement \| Asset management fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	19,239	4,601	27,853
Accounts payable, related parties	1,687	1,538
Advisory Agreement \| OP unit distribution
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,866	1,820	0
Accounts payable, related parties	158	159
Advisory Agreement \| Class B unit distribution
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,576	625	965
Accounts payable, related parties	148	119
Advisory Agreement \| Financing fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	3,228	4,001
Accounts payable, related parties	0	0
Advisory Agreement \| Disposition fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	745	47	$ 129
Accounts payable, related parties	$ 0	$ 0

Related-Party Transactions Property Manager Fees (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	May 31, 2014	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accounts payable, related parties			$ 4,571	$ 5,278
Property Manager
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party			24,384	23,074	$ 13,826
Accounts payable, related parties			$ 2,506	$ 3,338
Property management fees \| Property Manager
Related Party Transaction [Line Items]
Property management fee, percent fee	4.50%	4.00%	4.00%	4.00%
Related party transaction, expenses from transactions with related party			$ 9,929	$ 9,108	7,245
Accounts payable, related parties			$ 840	755
Leasing commissions \| Property Manager
Related Party Transaction [Line Items]
Leases, potential leasing fees increase			50.00%
Related party transaction, expenses from transactions with related party			$ 7,701	7,316	3,561
Accounts payable, related parties			705	729
Construction management fees \| Property Manager
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party			1,127	1,117	692
Accounts payable, related parties			165	155
Expenses and reimbursements \| Property Manager
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party			5,627	5,533	$ 2,328
Accounts payable, related parties			$ 796	$ 1,699

Related-Party Transactions Dealer Manager Fees (Details) - Dealer Manager - Dealer Manager fee - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Related Party Transaction [Line Items]
Dealer Manager selling commission percentage	7.00%
Dealer Manager fee percentage	3.00%
Percentage of Dealer Manager selling commissions typically reallowed	100.00%
Selling commissions		$ 157
Selling commissions reallowed		157
Dealer Manager fees		72
Dealer Manager fees reallowed		$ 29

Operating Leases Future Minimum Rents(Details) $ in Thousands	Dec. 31, 2016 USD ($)
Future rentals to be received under non-cancelable operating leases:
2017	$ 193,262
2018	176,646
2019	152,373
2020	129,596
2021	105,882
2022 and thereafter	351,262
Total	$ 1,109,021

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Data [Abstract]
Total revenue	$ 66,325	$ 65,270	$ 63,053	$ 63,082	$ 62,136	$ 61,822	$ 59,194	$ 58,947
Net income (loss) attributable to stockholders	$ 3,689	$ 2,464	$ 560	$ 2,219	$ (2,164)	$ 5,183	$ 5,370	$ 4,971	$ 8,932	$ 13,360	$ (22,635)
Net income (loss) per share - basic and diluted	$ 0.02	$ 0.01	$ 0.00	$ 0.01	$ (0.01)	$ 0.03	$ 0.03	$ 0.03	$ 0.05	$ 0.07	$ (0.13)

Subsequent Events (Details) $ / shares in Units, ft² in Thousands, $ in Thousands					1 Months Ended	2 Months Ended	3 Months Ended	12 Months Ended
	Mar. 01, 2017 USD ($)	Feb. 10, 2017 USD ($) ft²	Feb. 01, 2017 USD ($)	Jan. 03, 2017 USD ($)	Dec. 31, 2016 $ / shares	Feb. 28, 2017 $ / shares	May 31, 2017 $ / shares	Dec. 31, 2016 USD ($) $ / shares	Dec. 31, 2015 USD ($) $ / shares	Dec. 31, 2014 USD ($) $ / shares
Subsequent Event [Line Items]
Common distributions declared, per share \| $ / shares								$ 0.67	$ 0.67	$ 0.67
Distributions reinvested								$ 58,872	$ 63,803	$ 62,950
Net cash distribution								$ 64,269	$ 59,387	$ 56,612
Dividend paid
Subsequent Event [Line Items]
Common distributions declared, per share \| $ / shares					$ 0.00183060
Subsequent event \| Atwater Marketplace
Subsequent Event [Line Items]
Purchase price		$ 14,800
Square footage \| ft²		96,224
Leased percentage of rentable square feet at acquisition		94.60%
Subsequent event \| Dividend paid
Subsequent Event [Line Items]
Common distributions declared, per share \| $ / shares						$ 0.00183562	$ 0.00183562
Gross amount of distribution paid	$ 9,284		$ 10,520	$ 10,506
Distributions reinvested	4,191		4,760	4,765
Net cash distribution	$ 5,093		$ 5,760	$ 5,741

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 228,721
Initial cost, land and improvements	779,250
Initial cost, buildings and improvements	1,480,744
Costs capitalized subsequent to acquisition, carrying costs	69,086
Carrying amount, land and improvements	796,192
Carrying amount, buildings and improvements	1,532,888
Carrying amount, total	2,329,080	$ 2,116,480	$ 1,980,634
Accumulated depreciation	222,557	$ 152,433	$ 83,050
Federal income tax basis	2,500,000
Lakeside Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land and improvements	3,344
Initial cost, buildings and improvements	5,247
Costs capitalized subsequent to acquisition, carrying costs	171
Carrying amount, land and improvements	3,397
Carrying amount, buildings and improvements	5,365
Carrying amount, total	8,762
Accumulated depreciation	$ 1,866
Date acquired	Dec. 10, 2010
Snow View Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,104
Initial cost, buildings and improvements	6,432
Costs capitalized subsequent to acquisition, carrying costs	411
Carrying amount, land and improvements	4,266
Carrying amount, buildings and improvements	6,681
Carrying amount, total	10,947
Accumulated depreciation	$ 2,654
Date acquired	Dec. 15, 2010
St. Charles Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,090
Initial cost, buildings and improvements	4,399
Costs capitalized subsequent to acquisition, carrying costs	114
Carrying amount, land and improvements	4,099
Carrying amount, buildings and improvements	4,504
Carrying amount, total	8,603
Accumulated depreciation	$ 1,871
Date acquired	Jun. 10, 2011
Centerpoint
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,404
Initial cost, buildings and improvements	4,361
Costs capitalized subsequent to acquisition, carrying costs	499
Carrying amount, land and improvements	2,457
Carrying amount, buildings and improvements	4,807
Carrying amount, total	7,264
Accumulated depreciation	$ 1,386
Date acquired	Oct. 14, 2011
Southampton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,670
Initial cost, buildings and improvements	5,176
Costs capitalized subsequent to acquisition, carrying costs	592
Carrying amount, land and improvements	2,764
Carrying amount, buildings and improvements	5,674
Carrying amount, total	8,438
Accumulated depreciation	$ 1,659
Date acquired	Oct. 14, 2011
Burwood Village Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,447
Initial cost, buildings and improvements	10,167
Costs capitalized subsequent to acquisition, carrying costs	222
Carrying amount, land and improvements	5,532
Carrying amount, buildings and improvements	10,304
Carrying amount, total	15,836
Accumulated depreciation	$ 3,184
Date acquired	Nov. 09, 2011
Cureton Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,896
Initial cost, buildings and improvements	6,197
Costs capitalized subsequent to acquisition, carrying costs	299
Carrying amount, land and improvements	5,933
Carrying amount, buildings and improvements	6,459
Carrying amount, total	12,392
Accumulated depreciation	$ 2,387
Date acquired	Dec. 29, 2011
Tramway Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,016
Initial cost, buildings and improvements	3,070
Costs capitalized subsequent to acquisition, carrying costs	407
Carrying amount, land and improvements	2,095
Carrying amount, buildings and improvements	3,398
Carrying amount, total	5,493
Accumulated depreciation	$ 1,193
Date acquired	Feb. 23, 2012
Westin Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,190
Initial cost, buildings and improvements	3,499
Costs capitalized subsequent to acquisition, carrying costs	103
Carrying amount, land and improvements	2,231
Carrying amount, buildings and improvements	3,561
Carrying amount, total	5,792
Accumulated depreciation	$ 1,292
Date acquired	Feb. 23, 2012
The Village at Glynn Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,202
Initial cost, buildings and improvements	6,095
Costs capitalized subsequent to acquisition, carrying costs	247
Carrying amount, land and improvements	5,247
Carrying amount, buildings and improvements	6,297
Carrying amount, total	11,544
Accumulated depreciation	$ 2,616
Date acquired	Apr. 27, 2012
Meadowthorpe Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,093
Initial cost, buildings and improvements	4,185
Costs capitalized subsequent to acquisition, carrying costs	362
Carrying amount, land and improvements	4,133
Carrying amount, buildings and improvements	4,507
Carrying amount, total	8,640
Accumulated depreciation	$ 1,473
Date acquired	May 09, 2012
New Windsor Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,867
Initial cost, buildings and improvements	1,329
Costs capitalized subsequent to acquisition, carrying costs	235
Carrying amount, land and improvements	3,943
Carrying amount, buildings and improvements	1,488
Carrying amount, total	5,431
Accumulated depreciation	$ 711
Date acquired	May 09, 2012
Vine Street Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,049
Initial cost, buildings and improvements	5,618
Costs capitalized subsequent to acquisition, carrying costs	370
Carrying amount, land and improvements	7,066
Carrying amount, buildings and improvements	5,971
Carrying amount, total	13,037
Accumulated depreciation	$ 2,064
Date acquired	Jun. 04, 2012
Northtowne Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,844
Initial cost, buildings and improvements	7,210
Costs capitalized subsequent to acquisition, carrying costs	344
Carrying amount, land and improvements	3,072
Carrying amount, buildings and improvements	7,326
Carrying amount, total	10,398
Accumulated depreciation	$ 2,718
Date acquired	Jun. 19, 2012
Brentwood Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,106
Initial cost, buildings and improvements	8,025
Costs capitalized subsequent to acquisition, carrying costs	725
Carrying amount, land and improvements	6,138
Carrying amount, buildings and improvements	8,718
Carrying amount, total	14,856
Accumulated depreciation	$ 2,299
Date acquired	Jul. 05, 2012
Sidney Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,430
Initial cost, buildings and improvements	3,802
Costs capitalized subsequent to acquisition, carrying costs	922
Carrying amount, land and improvements	1,823
Carrying amount, buildings and improvements	4,331
Carrying amount, total	6,154
Accumulated depreciation	$ 1,396
Date acquired	Aug. 02, 2012
Broadway Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,371
Initial cost, land and improvements	4,979
Initial cost, buildings and improvements	7,169
Costs capitalized subsequent to acquisition, carrying costs	793
Carrying amount, land and improvements	5,339
Carrying amount, buildings and improvements	7,602
Carrying amount, total	12,941
Accumulated depreciation	$ 2,170
Date acquired	Aug. 13, 2012
Richmond Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,157
Initial cost, buildings and improvements	11,244
Costs capitalized subsequent to acquisition, carrying costs	1,155
Carrying amount, land and improvements	7,318
Carrying amount, buildings and improvements	12,238
Carrying amount, total	19,556
Accumulated depreciation	$ 3,294
Date acquired	Aug. 30, 2012
Publix at Northridge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,671
Initial cost, buildings and improvements	5,632
Costs capitalized subsequent to acquisition, carrying costs	256
Carrying amount, land and improvements	5,709
Carrying amount, buildings and improvements	5,850
Carrying amount, total	11,559
Accumulated depreciation	$ 1,476
Date acquired	Aug. 30, 2012
Baker Hill Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,068
Initial cost, buildings and improvements	13,737
Costs capitalized subsequent to acquisition, carrying costs	730
Carrying amount, land and improvements	7,222
Carrying amount, buildings and improvements	14,313
Carrying amount, total	21,535
Accumulated depreciation	$ 3,183
Date acquired	Sep. 06, 2012
New Prague Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,248
Initial cost, buildings and improvements	6,605
Costs capitalized subsequent to acquisition, carrying costs	68
Carrying amount, land and improvements	3,282
Carrying amount, buildings and improvements	6,639
Carrying amount, total	9,921
Accumulated depreciation	$ 1,500
Date acquired	Oct. 12, 2012
Brook Park Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,596
Initial cost, land and improvements	2,545
Initial cost, buildings and improvements	7,594
Costs capitalized subsequent to acquisition, carrying costs	521
Carrying amount, land and improvements	2,718
Carrying amount, buildings and improvements	7,942
Carrying amount, total	10,660
Accumulated depreciation	$ 1,901
Date acquired	Oct. 23, 2012
Heron Creek Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,062
Initial cost, buildings and improvements	4,082
Costs capitalized subsequent to acquisition, carrying costs	83
Carrying amount, land and improvements	4,078
Carrying amount, buildings and improvements	4,149
Carrying amount, total	8,227
Accumulated depreciation	$ 1,109
Date acquired	Dec. 17, 2012
Quartz Hill Towne Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,352
Initial cost, buildings and improvements	13,529
Costs capitalized subsequent to acquisition, carrying costs	221
Carrying amount, land and improvements	6,408
Carrying amount, buildings and improvements	13,694
Carrying amount, total	20,102
Accumulated depreciation	$ 2,841
Date acquired	Dec. 26, 2012
Hilfiker Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,455
Initial cost, buildings and improvements	4,750
Costs capitalized subsequent to acquisition, carrying costs	49
Carrying amount, land and improvements	2,498
Carrying amount, buildings and improvements	4,756
Carrying amount, total	7,254
Accumulated depreciation	$ 870
Date acquired	Dec. 28, 2012
Village One Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,166
Initial cost, buildings and improvements	18,752
Costs capitalized subsequent to acquisition, carrying costs	259
Carrying amount, land and improvements	5,217
Carrying amount, buildings and improvements	18,960
Carrying amount, total	24,177
Accumulated depreciation	$ 3,100
Date acquired	Dec. 28, 2012
Butler Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,925
Initial cost, buildings and improvements	6,129
Costs capitalized subsequent to acquisition, carrying costs	743
Carrying amount, land and improvements	4,224
Carrying amount, buildings and improvements	6,573
Carrying amount, total	10,797
Accumulated depreciation	$ 1,516
Date acquired	Jan. 15, 2013
Fairview Oaks
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,563
Initial cost, buildings and improvements	5,266
Costs capitalized subsequent to acquisition, carrying costs	247
Carrying amount, land and improvements	3,714
Carrying amount, buildings and improvements	5,362
Carrying amount, total	9,076
Accumulated depreciation	$ 1,234
Date acquired	Jan. 15, 2013
Grassland Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,680
Initial cost, buildings and improvements	5,791
Costs capitalized subsequent to acquisition, carrying costs	677
Carrying amount, land and improvements	3,780
Carrying amount, buildings and improvements	6,368
Carrying amount, total	10,148
Accumulated depreciation	$ 1,411
Date acquired	Jan. 15, 2013
Hamilton Ridge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,054
Initial cost, buildings and improvements	7,168
Costs capitalized subsequent to acquisition, carrying costs	393
Carrying amount, land and improvements	4,162
Carrying amount, buildings and improvements	7,453
Carrying amount, total	11,615
Accumulated depreciation	$ 1,614
Date acquired	Jan. 15, 2013
Mableton Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,426
Initial cost, buildings and improvements	6,413
Costs capitalized subsequent to acquisition, carrying costs	509
Carrying amount, land and improvements	4,561
Carrying amount, buildings and improvements	6,787
Carrying amount, total	11,348
Accumulated depreciation	$ 1,560
Date acquired	Jan. 15, 2013
The Shops at Westridge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,788
Initial cost, buildings and improvements	3,901
Costs capitalized subsequent to acquisition, carrying costs	418
Carrying amount, land and improvements	2,794
Carrying amount, buildings and improvements	4,313
Carrying amount, total	7,107
Accumulated depreciation	$ 967
Date acquired	Jan. 15, 2013
Fairlawn Town Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,397
Initial cost, buildings and improvements	29,005
Costs capitalized subsequent to acquisition, carrying costs	1,609
Carrying amount, land and improvements	10,843
Carrying amount, buildings and improvements	30,168
Carrying amount, total	41,011
Accumulated depreciation	$ 6,502
Date acquired	Jan. 30, 2013
Macland Pointe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,450
Initial cost, buildings and improvements	5,364
Costs capitalized subsequent to acquisition, carrying costs	776
Carrying amount, land and improvements	3,690
Carrying amount, buildings and improvements	5,900
Carrying amount, total	9,590
Accumulated depreciation	$ 1,385
Date acquired	Feb. 13, 2013
Murray Landing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,330
Initial cost, land and improvements	2,927
Initial cost, buildings and improvements	6,856
Costs capitalized subsequent to acquisition, carrying costs	1,060
Carrying amount, land and improvements	2,966
Carrying amount, buildings and improvements	7,877
Carrying amount, total	10,843
Accumulated depreciation	$ 1,337
Date acquired	Mar. 21, 2013
Vineyard Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,600
Initial cost, land and improvements	2,761
Initial cost, buildings and improvements	4,221
Costs capitalized subsequent to acquisition, carrying costs	236
Carrying amount, land and improvements	2,811
Carrying amount, buildings and improvements	4,407
Carrying amount, total	7,218
Accumulated depreciation	$ 883
Date acquired	Mar. 21, 2013
Kleinwood Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 23,640
Initial cost, land and improvements	11,477
Initial cost, buildings and improvements	18,954
Costs capitalized subsequent to acquisition, carrying costs	652
Carrying amount, land and improvements	11,563
Carrying amount, buildings and improvements	19,520
Carrying amount, total	31,083
Accumulated depreciation	$ 3,733
Date acquired	Mar. 21, 2013
Lutz Lake Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,636
Initial cost, buildings and improvements	6,601
Costs capitalized subsequent to acquisition, carrying costs	178
Carrying amount, land and improvements	2,645
Carrying amount, buildings and improvements	6,770
Carrying amount, total	9,415
Accumulated depreciation	$ 1,163
Date acquired	Apr. 04, 2013
Publix at Seven Hills
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,171
Initial cost, buildings and improvements	5,642
Costs capitalized subsequent to acquisition, carrying costs	428
Carrying amount, land and improvements	2,319
Carrying amount, buildings and improvements	5,922
Carrying amount, total	8,241
Accumulated depreciation	$ 1,094
Date acquired	Apr. 04, 2013
Hartville Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,069
Initial cost, buildings and improvements	3,692
Costs capitalized subsequent to acquisition, carrying costs	905
Carrying amount, land and improvements	2,173
Carrying amount, buildings and improvements	4,493
Carrying amount, total	6,666
Accumulated depreciation	$ 887
Date acquired	Apr. 23, 2013
Sunset Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,933
Initial cost, buildings and improvements	14,939
Costs capitalized subsequent to acquisition, carrying costs	340
Carrying amount, land and improvements	7,985
Carrying amount, buildings and improvements	15,227
Carrying amount, total	23,212
Accumulated depreciation	$ 2,602
Date acquired	May 31, 2013
Savage Town Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,106
Initial cost, buildings and improvements	9,409
Costs capitalized subsequent to acquisition, carrying costs	167
Carrying amount, land and improvements	4,188
Carrying amount, buildings and improvements	9,494
Carrying amount, total	13,682
Accumulated depreciation	$ 1,660
Date acquired	Jun. 19, 2013
Northcross
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	30,725
Initial cost, buildings and improvements	25,627
Costs capitalized subsequent to acquisition, carrying costs	770
Carrying amount, land and improvements	30,833
Carrying amount, buildings and improvements	26,289
Carrying amount, total	57,122
Accumulated depreciation	$ 4,398
Date acquired	Jun. 24, 2013
Glenwood Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,872
Initial cost, buildings and improvements	9,914
Costs capitalized subsequent to acquisition, carrying costs	372
Carrying amount, land and improvements	1,939
Carrying amount, buildings and improvements	10,219
Carrying amount, total	12,158
Accumulated depreciation	$ 1,474
Date acquired	Jun. 27, 2013
Pavilions at San Mateo
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,471
Initial cost, buildings and improvements	18,725
Costs capitalized subsequent to acquisition, carrying costs	555
Carrying amount, land and improvements	6,636
Carrying amount, buildings and improvements	19,115
Carrying amount, total	25,751
Accumulated depreciation	$ 3,000
Date acquired	Jun. 27, 2013
Shiloh Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,685
Initial cost, buildings and improvements	8,728
Costs capitalized subsequent to acquisition, carrying costs	792
Carrying amount, land and improvements	4,785
Carrying amount, buildings and improvements	9,420
Carrying amount, total	14,205
Accumulated depreciation	$ 1,539
Date acquired	Jun. 27, 2013
Boronda Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,027
Initial cost, buildings and improvements	11,870
Costs capitalized subsequent to acquisition, carrying costs	183
Carrying amount, land and improvements	9,075
Carrying amount, buildings and improvements	12,005
Carrying amount, total	21,080
Accumulated depreciation	$ 1,874
Date acquired	Jul. 03, 2013
Westwoods Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,706
Initial cost, buildings and improvements	11,115
Costs capitalized subsequent to acquisition, carrying costs	234
Carrying amount, land and improvements	3,814
Carrying amount, buildings and improvements	11,241
Carrying amount, total	15,055
Accumulated depreciation	$ 1,759
Date acquired	Aug. 08, 2013
Paradise Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,204
Initial cost, buildings and improvements	6,064
Costs capitalized subsequent to acquisition, carrying costs	296
Carrying amount, land and improvements	2,302
Carrying amount, buildings and improvements	6,262
Carrying amount, total	8,564
Accumulated depreciation	$ 1,028
Date acquired	Aug. 13, 2013
Contra Loma Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,846
Initial cost, buildings and improvements	3,926
Costs capitalized subsequent to acquisition, carrying costs	1,073
Carrying amount, land and improvements	3,043
Carrying amount, buildings and improvements	4,802
Carrying amount, total	7,845
Accumulated depreciation	$ 648
Date acquired	Aug. 19, 2013
South Oaks Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,938
Initial cost, buildings and improvements	6,634
Costs capitalized subsequent to acquisition, carrying costs	217
Carrying amount, land and improvements	2,020
Carrying amount, buildings and improvements	6,769
Carrying amount, total	8,789
Accumulated depreciation	$ 1,025
Date acquired	Aug. 21, 2013
Yorktown Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,736
Initial cost, buildings and improvements	15,395
Costs capitalized subsequent to acquisition, carrying costs	971
Carrying amount, land and improvements	3,988
Carrying amount, buildings and improvements	16,114
Carrying amount, total	20,102
Accumulated depreciation	$ 2,869
Date acquired	Aug. 30, 2013
Stockbridge Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,818
Initial cost, buildings and improvements	9,281
Costs capitalized subsequent to acquisition, carrying costs	383
Carrying amount, land and improvements	4,825
Carrying amount, buildings and improvements	9,657
Carrying amount, total	14,482
Accumulated depreciation	$ 1,530
Date acquired	Sep. 03, 2013
Dyer Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,041
Initial cost, land and improvements	6,017
Initial cost, buildings and improvements	10,214
Costs capitalized subsequent to acquisition, carrying costs	250
Carrying amount, land and improvements	6,081
Carrying amount, buildings and improvements	10,400
Carrying amount, total	16,481
Accumulated depreciation	$ 1,665
Date acquired	Sep. 04, 2013
East Burnside Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,484
Initial cost, buildings and improvements	5,422
Costs capitalized subsequent to acquisition, carrying costs	67
Carrying amount, land and improvements	2,538
Carrying amount, buildings and improvements	5,435
Carrying amount, total	7,973
Accumulated depreciation	$ 678
Date acquired	Sep. 12, 2013
Red Maple Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,250
Initial cost, buildings and improvements	19,466
Costs capitalized subsequent to acquisition, carrying costs	225
Carrying amount, land and improvements	9,358
Carrying amount, buildings and improvements	19,583
Carrying amount, total	28,941
Accumulated depreciation	$ 2,477
Date acquired	Sep. 18, 2013
Crystal Beach Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,335
Initial cost, buildings and improvements	7,918
Costs capitalized subsequent to acquisition, carrying costs	352
Carrying amount, land and improvements	2,335
Carrying amount, buildings and improvements	8,270
Carrying amount, total	10,605
Accumulated depreciation	$ 1,164
Date acquired	Sep. 25, 2013
CitiCentre Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	770
Initial cost, buildings and improvements	2,530
Costs capitalized subsequent to acquisition, carrying costs	234
Carrying amount, land and improvements	939
Carrying amount, buildings and improvements	2,595
Carrying amount, total	3,534
Accumulated depreciation	$ 463
Date acquired	Oct. 02, 2013
Duck Creek Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,611
Initial cost, buildings and improvements	13,007
Costs capitalized subsequent to acquisition, carrying costs	942
Carrying amount, land and improvements	5,056
Carrying amount, buildings and improvements	13,504
Carrying amount, total	18,560
Accumulated depreciation	$ 1,974
Date acquired	Oct. 08, 2013
Cahill Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,587
Initial cost, buildings and improvements	5,113
Costs capitalized subsequent to acquisition, carrying costs	481
Carrying amount, land and improvements	2,829
Carrying amount, buildings and improvements	5,352
Carrying amount, total	8,181
Accumulated depreciation	$ 854
Date acquired	Oct. 09, 2013
Pioneer Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,948
Initial cost, buildings and improvements	5,680
Costs capitalized subsequent to acquisition, carrying costs	374
Carrying amount, land and improvements	5,071
Carrying amount, buildings and improvements	5,931
Carrying amount, total	11,002
Accumulated depreciation	$ 953
Date acquired	Oct. 18, 2013
Fresh Market
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,459
Initial cost, buildings and improvements	17,773
Costs capitalized subsequent to acquisition, carrying costs	254
Carrying amount, land and improvements	4,647
Carrying amount, buildings and improvements	17,839
Carrying amount, total	22,486
Accumulated depreciation	$ 1,292
Date acquired	Oct. 22, 2013
Courthouse Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,131
Initial cost, buildings and improvements	8,061
Costs capitalized subsequent to acquisition, carrying costs	635
Carrying amount, land and improvements	6,301
Carrying amount, buildings and improvements	8,526
Carrying amount, total	14,827
Accumulated depreciation	$ 1,239
Date acquired	Oct. 25, 2013
Hastings Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,980
Initial cost, buildings and improvements	10,044
Costs capitalized subsequent to acquisition, carrying costs	259
Carrying amount, land and improvements	4,093
Carrying amount, buildings and improvements	10,190
Carrying amount, total	14,283
Accumulated depreciation	$ 1,525
Date acquired	Nov. 06, 2013
Shoppes of Paradise Lakes
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,616
Initial cost, land and improvements	5,811
Initial cost, buildings and improvements	6,019
Costs capitalized subsequent to acquisition, carrying costs	407
Carrying amount, land and improvements	5,982
Carrying amount, buildings and improvements	6,255
Carrying amount, total	12,237
Accumulated depreciation	$ 1,055
Date acquired	Nov. 07, 2013
Coquina Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,877
Initial cost, land and improvements	9,458
Initial cost, buildings and improvements	11,770
Costs capitalized subsequent to acquisition, carrying costs	277
Carrying amount, land and improvements	9,476
Carrying amount, buildings and improvements	12,029
Carrying amount, total	21,505
Accumulated depreciation	$ 1,709
Date acquired	Nov. 07, 2013
Butler’s Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,338
Initial cost, buildings and improvements	6,682
Costs capitalized subsequent to acquisition, carrying costs	607
Carrying amount, land and improvements	1,376
Carrying amount, buildings and improvements	7,251
Carrying amount, total	8,627
Accumulated depreciation	$ 1,053
Date acquired	Nov. 07, 2013
Lakewood Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,495
Initial cost, buildings and improvements	10,028
Costs capitalized subsequent to acquisition, carrying costs	500
Carrying amount, land and improvements	4,514
Carrying amount, buildings and improvements	10,509
Carrying amount, total	15,023
Accumulated depreciation	$ 1,752
Date acquired	Nov. 07, 2013
Collington Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	12,207
Initial cost, buildings and improvements	15,142
Costs capitalized subsequent to acquisition, carrying costs	451
Carrying amount, land and improvements	12,282
Carrying amount, buildings and improvements	15,518
Carrying amount, total	27,800
Accumulated depreciation	$ 2,062
Date acquired	Nov. 21, 2013
Golden Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,066
Initial cost, buildings and improvements	10,166
Costs capitalized subsequent to acquisition, carrying costs	801
Carrying amount, land and improvements	7,265
Carrying amount, buildings and improvements	10,768
Carrying amount, total	18,033
Accumulated depreciation	$ 1,651
Date acquired	Nov. 22, 2013
Northstar Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,810
Initial cost, buildings and improvements	9,204
Costs capitalized subsequent to acquisition, carrying costs	459
Carrying amount, land and improvements	2,914
Carrying amount, buildings and improvements	9,559
Carrying amount, total	12,473
Accumulated depreciation	$ 1,422
Date acquired	Nov. 27, 2013
Bear Creek Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,677
Initial cost, buildings and improvements	17,611
Costs capitalized subsequent to acquisition, carrying costs	66
Carrying amount, land and improvements	5,726
Carrying amount, buildings and improvements	17,628
Carrying amount, total	23,354
Accumulated depreciation	$ 2,546
Date acquired	Dec. 19, 2013
Flag City Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,685
Initial cost, buildings and improvements	9,630
Costs capitalized subsequent to acquisition, carrying costs	406
Carrying amount, land and improvements	4,749
Carrying amount, buildings and improvements	9,972
Carrying amount, total	14,721
Accumulated depreciation	$ 1,566
Date acquired	Dec. 19, 2013
Southern Hills Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	778
Initial cost, buildings and improvements	1,481
Costs capitalized subsequent to acquisition, carrying costs	37
Carrying amount, land and improvements	791
Carrying amount, buildings and improvements	1,505
Carrying amount, total	2,296
Accumulated depreciation	$ 274
Date acquired	Dec. 19, 2013
Sulphur Grove
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	553
Initial cost, buildings and improvements	2,142
Costs capitalized subsequent to acquisition, carrying costs	130
Carrying amount, land and improvements	605
Carrying amount, buildings and improvements	2,220
Carrying amount, total	2,825
Accumulated depreciation	$ 296
Date acquired	Dec. 19, 2013
East Side Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	394
Initial cost, buildings and improvements	963
Costs capitalized subsequent to acquisition, carrying costs	64
Carrying amount, land and improvements	407
Carrying amount, buildings and improvements	1,014
Carrying amount, total	1,421
Accumulated depreciation	$ 173
Date acquired	Dec. 19, 2013
Hoke Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	481
Initial cost, buildings and improvements	1,059
Costs capitalized subsequent to acquisition, carrying costs	42
Carrying amount, land and improvements	509
Carrying amount, buildings and improvements	1,073
Carrying amount, total	1,582
Accumulated depreciation	$ 175
Date acquired	Dec. 19, 2013
Town & Country Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,360
Initial cost, buildings and improvements	16,269
Costs capitalized subsequent to acquisition, carrying costs	239
Carrying amount, land and improvements	7,361
Carrying amount, buildings and improvements	16,507
Carrying amount, total	23,868
Accumulated depreciation	$ 2,580
Date acquired	Dec. 19, 2013
Sterling Pointe Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,038
Initial cost, buildings and improvements	20,822
Costs capitalized subsequent to acquisition, carrying costs	831
Carrying amount, land and improvements	7,227
Carrying amount, buildings and improvements	21,464
Carrying amount, total	28,691
Accumulated depreciation	$ 2,495
Date acquired	Dec. 20, 2013
Southgate Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,434
Initial cost, buildings and improvements	8,357
Costs capitalized subsequent to acquisition, carrying costs	500
Carrying amount, land and improvements	2,665
Carrying amount, buildings and improvements	8,626
Carrying amount, total	11,291
Accumulated depreciation	$ 1,279
Date acquired	Dec. 20, 2013
Arcadia Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,774
Initial cost, buildings and improvements	6,904
Costs capitalized subsequent to acquisition, carrying costs	266
Carrying amount, land and improvements	5,830
Carrying amount, buildings and improvements	7,114
Carrying amount, total	12,944
Accumulated depreciation	$ 1,032
Date acquired	Dec. 30, 2013
Stop & Shop Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,656
Initial cost, land and improvements	8,892
Initial cost, buildings and improvements	15,028
Costs capitalized subsequent to acquisition, carrying costs	525
Carrying amount, land and improvements	9,121
Carrying amount, buildings and improvements	15,324
Carrying amount, total	24,445
Accumulated depreciation	$ 2,174
Date acquired	Dec. 30, 2013
Fairacres Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,542
Initial cost, buildings and improvements	5,190
Costs capitalized subsequent to acquisition, carrying costs	342
Carrying amount, land and improvements	3,744
Carrying amount, buildings and improvements	5,330
Carrying amount, total	9,074
Accumulated depreciation	$ 962
Date acquired	Jan. 21, 2014
Savoy Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,585
Initial cost, land and improvements	4,304
Initial cost, buildings and improvements	10,895
Costs capitalized subsequent to acquisition, carrying costs	441
Carrying amount, land and improvements	4,368
Carrying amount, buildings and improvements	11,272
Carrying amount, total	15,640
Accumulated depreciation	$ 1,668
Date acquired	Jan. 31, 2014
The Shops of Uptown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,744
Initial cost, buildings and improvements	16,884
Costs capitalized subsequent to acquisition, carrying costs	344
Carrying amount, land and improvements	7,801
Carrying amount, buildings and improvements	17,171
Carrying amount, total	24,972
Accumulated depreciation	$ 1,978
Date acquired	Feb. 25, 2014
Chapel Hill North
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,390
Initial cost, land and improvements	4,776
Initial cost, buildings and improvements	10,190
Costs capitalized subsequent to acquisition, carrying costs	435
Carrying amount, land and improvements	4,851
Carrying amount, buildings and improvements	10,550
Carrying amount, total	15,401
Accumulated depreciation	$ 1,487
Date acquired	Feb. 28, 2014
Winchester Gateway
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	9,342
Initial cost, buildings and improvements	23,468
Costs capitalized subsequent to acquisition, carrying costs	1,417
Carrying amount, land and improvements	9,395
Carrying amount, buildings and improvements	24,832
Carrying amount, total	34,227
Accumulated depreciation	$ 2,931
Date acquired	Mar. 05, 2014
Stonewall Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	7,929
Initial cost, buildings and improvements	16,642
Costs capitalized subsequent to acquisition, carrying costs	492
Carrying amount, land and improvements	7,945
Carrying amount, buildings and improvements	17,118
Carrying amount, total	25,063
Accumulated depreciation	$ 2,135
Date acquired	Mar. 05, 2014
Coppell Market Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,586
Initial cost, land and improvements	4,869
Initial cost, buildings and improvements	12,237
Costs capitalized subsequent to acquisition, carrying costs	79
Carrying amount, land and improvements	4,907
Carrying amount, buildings and improvements	12,278
Carrying amount, total	17,185
Accumulated depreciation	$ 1,504
Date acquired	Mar. 05, 2014
Harrison Pointe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,006
Initial cost, buildings and improvements	11,208
Costs capitalized subsequent to acquisition, carrying costs	349
Carrying amount, land and improvements	10,155
Carrying amount, buildings and improvements	11,408
Carrying amount, total	21,563
Accumulated depreciation	$ 1,990
Date acquired	Mar. 11, 2014
Town Fair Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,108
Initial cost, buildings and improvements	14,411
Costs capitalized subsequent to acquisition, carrying costs	2,333
Carrying amount, land and improvements	8,262
Carrying amount, buildings and improvements	16,590
Carrying amount, total	24,852
Accumulated depreciation	$ 2,198
Date acquired	Mar. 12, 2014
Villages at Eagles Landing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,363
Initial cost, land and improvements	2,824
Initial cost, buildings and improvements	5,515
Costs capitalized subsequent to acquisition, carrying costs	518
Carrying amount, land and improvements	2,927
Carrying amount, buildings and improvements	5,930
Carrying amount, total	8,857
Accumulated depreciation	$ 1,004
Date acquired	Mar. 13, 2014
Towne Centre at Wesley Chapel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,465
Initial cost, buildings and improvements	5,554
Costs capitalized subsequent to acquisition, carrying costs	121
Carrying amount, land and improvements	2,505
Carrying amount, buildings and improvements	5,635
Carrying amount, total	8,140
Accumulated depreciation	$ 782
Date acquired	Mar. 14, 2014
Dean Taylor Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,903
Initial cost, buildings and improvements	8,192
Costs capitalized subsequent to acquisition, carrying costs	160
Carrying amount, land and improvements	3,986
Carrying amount, buildings and improvements	8,269
Carrying amount, total	12,255
Accumulated depreciation	$ 1,258
Date acquired	Mar. 14, 2014
Champions Gate Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,813
Initial cost, buildings and improvements	6,060
Costs capitalized subsequent to acquisition, carrying costs	125
Carrying amount, land and improvements	1,844
Carrying amount, buildings and improvements	6,154
Carrying amount, total	7,998
Accumulated depreciation	$ 900
Date acquired	Mar. 14, 2014
Goolsby Pointe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,131
Initial cost, buildings and improvements	5,341
Costs capitalized subsequent to acquisition, carrying costs	258
Carrying amount, land and improvements	4,151
Carrying amount, buildings and improvements	5,579
Carrying amount, total	9,730
Accumulated depreciation	$ 858
Date acquired	Mar. 14, 2014
Statler Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,802
Initial cost, land and improvements	4,108
Initial cost, buildings and improvements	9,072
Costs capitalized subsequent to acquisition, carrying costs	657
Carrying amount, land and improvements	4,494
Carrying amount, buildings and improvements	9,343
Carrying amount, total	13,837
Accumulated depreciation	$ 1,330
Date acquired	Mar. 21, 2014
Burbank Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,971
Initial cost, buildings and improvements	4,546
Costs capitalized subsequent to acquisition, carrying costs	2,220
Carrying amount, land and improvements	3,477
Carrying amount, buildings and improvements	6,260
Carrying amount, total	9,737
Accumulated depreciation	$ 900
Date acquired	Mar. 25, 2014
Hamilton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	11,691
Initial cost, buildings and improvements	18,968
Costs capitalized subsequent to acquisition, carrying costs	1,008
Carrying amount, land and improvements	11,966
Carrying amount, buildings and improvements	19,701
Carrying amount, total	31,667
Accumulated depreciation	$ 2,890
Date acquired	Apr. 03, 2014
Waynesboro Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,597
Initial cost, buildings and improvements	8,334
Costs capitalized subsequent to acquisition, carrying costs	92
Carrying amount, land and improvements	5,632
Carrying amount, buildings and improvements	8,391
Carrying amount, total	14,023
Accumulated depreciation	$ 1,157
Date acquired	Apr. 30, 2014
Southwest Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	16,019
Initial cost, buildings and improvements	11,270
Costs capitalized subsequent to acquisition, carrying costs	484
Carrying amount, land and improvements	16,072
Carrying amount, buildings and improvements	11,701
Carrying amount, total	27,773
Accumulated depreciation	$ 1,677
Date acquired	May 05, 2014
Hampton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,456
Initial cost, buildings and improvements	7,254
Costs capitalized subsequent to acquisition, carrying costs	2,055
Carrying amount, land and improvements	5,690
Carrying amount, buildings and improvements	9,075
Carrying amount, total	14,765
Accumulated depreciation	$ 1,204
Date acquired	May 21, 2014
Central Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,144
Initial cost, buildings and improvements	6,931
Costs capitalized subsequent to acquisition, carrying costs	566
Carrying amount, land and improvements	6,360
Carrying amount, buildings and improvements	7,281
Carrying amount, total	13,641
Accumulated depreciation	$ 1,022
Date acquired	May 23, 2014
Kirkwood Market Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,786
Initial cost, buildings and improvements	9,697
Costs capitalized subsequent to acquisition, carrying costs	322
Carrying amount, land and improvements	5,840
Carrying amount, buildings and improvements	9,965
Carrying amount, total	15,805
Accumulated depreciation	$ 1,140
Date acquired	May 23, 2014
Fairview Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,787
Initial cost, buildings and improvements	8,500
Costs capitalized subsequent to acquisition, carrying costs	173
Carrying amount, land and improvements	2,879
Carrying amount, buildings and improvements	8,581
Carrying amount, total	11,460
Accumulated depreciation	$ 974
Date acquired	May 27, 2014
Broadway Promenade
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,832
Initial cost, buildings and improvements	6,795
Costs capitalized subsequent to acquisition, carrying costs	79
Carrying amount, land and improvements	3,832
Carrying amount, buildings and improvements	6,874
Carrying amount, total	10,706
Accumulated depreciation	$ 765
Date acquired	May 28, 2014
Townfair Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 14,563
Initial cost, land and improvements	7,007
Initial cost, buildings and improvements	13,233
Costs capitalized subsequent to acquisition, carrying costs	784
Carrying amount, land and improvements	7,138
Carrying amount, buildings and improvements	13,886
Carrying amount, total	21,024
Accumulated depreciation	$ 1,717
Date acquired	May 29, 2014
Deerwood Lake Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,198
Initial cost, buildings and improvements	8,878
Costs capitalized subsequent to acquisition, carrying costs	179
Carrying amount, land and improvements	2,255
Carrying amount, buildings and improvements	9,000
Carrying amount, total	11,255
Accumulated depreciation	$ 1,007
Date acquired	May 30, 2014
Heath Brook Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,470
Initial cost, buildings and improvements	8,353
Costs capitalized subsequent to acquisition, carrying costs	250
Carrying amount, land and improvements	3,508
Carrying amount, buildings and improvements	8,565
Carrying amount, total	12,073
Accumulated depreciation	$ 997
Date acquired	May 30, 2014
Park View Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,701
Initial cost, buildings and improvements	9,303
Costs capitalized subsequent to acquisition, carrying costs	376
Carrying amount, land and improvements	5,738
Carrying amount, buildings and improvements	9,642
Carrying amount, total	15,380
Accumulated depreciation	$ 1,108
Date acquired	May 30, 2014
St. Johns Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,599
Initial cost, buildings and improvements	10,387
Costs capitalized subsequent to acquisition, carrying costs	186
Carrying amount, land and improvements	1,705
Carrying amount, buildings and improvements	10,467
Carrying amount, total	12,172
Accumulated depreciation	$ 1,162
Date acquired	May 30, 2014
West Creek Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,233
Initial cost, land and improvements	7,404
Initial cost, buildings and improvements	12,710
Costs capitalized subsequent to acquisition, carrying costs	486
Carrying amount, land and improvements	7,468
Carrying amount, buildings and improvements	13,132
Carrying amount, total	20,600
Accumulated depreciation	$ 1,210
Date acquired	May 30, 2014
Lovejoy Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,296
Initial cost, buildings and improvements	7,029
Costs capitalized subsequent to acquisition, carrying costs	190
Carrying amount, land and improvements	1,321
Carrying amount, buildings and improvements	7,194
Carrying amount, total	8,515
Accumulated depreciation	$ 784
Date acquired	Jun. 03, 2014
The Orchards
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,425
Initial cost, buildings and improvements	8,743
Costs capitalized subsequent to acquisition, carrying costs	86
Carrying amount, land and improvements	5,453
Carrying amount, buildings and improvements	8,801
Carrying amount, total	14,254
Accumulated depreciation	$ 1,061
Date acquired	Jun. 03, 2014
Hannaford Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,614
Initial cost, buildings and improvements	7,903
Costs capitalized subsequent to acquisition, carrying costs	180
Carrying amount, land and improvements	4,688
Carrying amount, buildings and improvements	8,009
Carrying amount, total	12,697
Accumulated depreciation	$ 809
Date acquired	Jun. 23, 2014
Shaw’s Plaza Easton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,520
Initial cost, buildings and improvements	7,173
Costs capitalized subsequent to acquisition, carrying costs	273
Carrying amount, land and improvements	5,657
Carrying amount, buildings and improvements	7,309
Carrying amount, total	12,966
Accumulated depreciation	$ 931
Date acquired	Jun. 23, 2014
Shaw’s Plaza Hanover
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,826
Initial cost, buildings and improvements	5,314
Costs capitalized subsequent to acquisition, carrying costs	9
Carrying amount, land and improvements	2,825
Carrying amount, buildings and improvements	5,324
Carrying amount, total	8,149
Accumulated depreciation	$ 611
Date acquired	Jun. 23, 2014
Cushing Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,752
Initial cost, buildings and improvements	14,796
Costs capitalized subsequent to acquisition, carrying costs	205
Carrying amount, land and improvements	5,919
Carrying amount, buildings and improvements	14,834
Carrying amount, total	20,753
Accumulated depreciation	$ 1,471
Date acquired	Jun. 23, 2014
Lynnwood Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,341
Initial cost, buildings and improvements	4,826
Costs capitalized subsequent to acquisition, carrying costs	1,127
Carrying amount, land and improvements	3,509
Carrying amount, buildings and improvements	5,785
Carrying amount, total	9,294
Accumulated depreciation	$ 806
Date acquired	Jul. 28, 2014
Foothills Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	1,479
Initial cost, buildings and improvements	2,611
Costs capitalized subsequent to acquisition, carrying costs	90
Carrying amount, land and improvements	1,689
Carrying amount, buildings and improvements	2,491
Carrying amount, total	4,180
Accumulated depreciation	$ 383
Date acquired	Jul. 31, 2014
Battle Ridge Pavilion
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,124
Initial cost, buildings and improvements	9,866
Costs capitalized subsequent to acquisition, carrying costs	237
Carrying amount, land and improvements	3,202
Carrying amount, buildings and improvements	10,025
Carrying amount, total	13,227
Accumulated depreciation	$ 1,114
Date acquired	Aug. 01, 2014
Thompson Valley Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,401
Initial cost, land and improvements	5,759
Initial cost, buildings and improvements	17,387
Costs capitalized subsequent to acquisition, carrying costs	1,068
Carrying amount, land and improvements	5,911
Carrying amount, buildings and improvements	18,303
Carrying amount, total	24,214
Accumulated depreciation	$ 1,858
Date acquired	Aug. 01, 2014
Lumina Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,630
Initial cost, land and improvements	2,006
Initial cost, buildings and improvements	11,250
Costs capitalized subsequent to acquisition, carrying costs	384
Carrying amount, land and improvements	2,038
Carrying amount, buildings and improvements	11,602
Carrying amount, total	13,640
Accumulated depreciation	$ 1,083
Date acquired	Aug. 04, 2014
Driftwood Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,811
Initial cost, buildings and improvements	12,993
Costs capitalized subsequent to acquisition, carrying costs	685
Carrying amount, land and improvements	7,028
Carrying amount, buildings and improvements	13,461
Carrying amount, total	20,489
Accumulated depreciation	$ 1,495
Date acquired	Aug. 07, 2014
French Golden Gate
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,281
Initial cost, land and improvements	2,599
Initial cost, buildings and improvements	12,877
Costs capitalized subsequent to acquisition, carrying costs	1,015
Carrying amount, land and improvements	2,671
Carrying amount, buildings and improvements	13,820
Carrying amount, total	16,491
Accumulated depreciation	$ 1,261
Date acquired	Aug. 28, 2014
Orchard Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,729
Initial cost, land and improvements	1,361
Initial cost, buildings and improvements	11,550
Costs capitalized subsequent to acquisition, carrying costs	155
Carrying amount, land and improvements	1,410
Carrying amount, buildings and improvements	11,656
Carrying amount, total	13,066
Accumulated depreciation	$ 1,204
Date acquired	Sep. 08, 2014
Trader Joe’s Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,338
Initial cost, buildings and improvements	7,922
Costs capitalized subsequent to acquisition, carrying costs	514
Carrying amount, land and improvements	2,512
Carrying amount, buildings and improvements	8,262
Carrying amount, total	10,774
Accumulated depreciation	$ 893
Date acquired	Sep. 11, 2014
Palmetto Pavilion
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,509
Initial cost, buildings and improvements	8,526
Costs capitalized subsequent to acquisition, carrying costs	379
Carrying amount, land and improvements	2,835
Carrying amount, buildings and improvements	8,579
Carrying amount, total	11,414
Accumulated depreciation	$ 857
Date acquired	Sep. 11, 2014
Five Town Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	8,912
Initial cost, buildings and improvements	19,635
Costs capitalized subsequent to acquisition, carrying costs	2,571
Carrying amount, land and improvements	9,616
Carrying amount, buildings and improvements	21,502
Carrying amount, total	31,118
Accumulated depreciation	$ 2,556
Date acquired	Sep. 24, 2014
Beavercreek Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	14,055
Initial cost, buildings and improvements	30,799
Costs capitalized subsequent to acquisition, carrying costs	354
Carrying amount, land and improvements	14,293
Carrying amount, buildings and improvements	30,915
Carrying amount, total	45,208
Accumulated depreciation	$ 3,430
Date acquired	Oct. 24, 2014
Fairfield Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,571
Initial cost, buildings and improvements	10,026
Costs capitalized subsequent to acquisition, carrying costs	69
Carrying amount, land and improvements	3,605
Carrying amount, buildings and improvements	10,061
Carrying amount, total	13,666
Accumulated depreciation	$ 1,014
Date acquired	Oct. 24, 2014
Grayson Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,952
Initial cost, buildings and improvements	5,620
Costs capitalized subsequent to acquisition, carrying costs	347
Carrying amount, land and improvements	4,006
Carrying amount, buildings and improvements	5,913
Carrying amount, total	9,919
Accumulated depreciation	$ 917
Date acquired	Oct. 24, 2014
The Fresh Market Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,442
Initial cost, buildings and improvements	4,941
Costs capitalized subsequent to acquisition, carrying costs	47
Carrying amount, land and improvements	2,442
Carrying amount, buildings and improvements	4,988
Carrying amount, total	7,430
Accumulated depreciation	$ 528
Date acquired	Oct. 28, 2014
Claremont Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,511
Initial cost, buildings and improvements	10,544
Costs capitalized subsequent to acquisition, carrying costs	648
Carrying amount, land and improvements	5,731
Carrying amount, buildings and improvements	10,972
Carrying amount, total	16,703
Accumulated depreciation	$ 1,110
Date acquired	Nov. 06, 2014
Juan Tabo Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	2,466
Initial cost, buildings and improvements	4,568
Costs capitalized subsequent to acquisition, carrying costs	557
Carrying amount, land and improvements	2,591
Carrying amount, buildings and improvements	5,000
Carrying amount, total	7,591
Accumulated depreciation	$ 656
Date acquired	Nov. 12, 2014
Cherry Hill Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,641
Initial cost, buildings and improvements	10,137
Costs capitalized subsequent to acquisition, carrying costs	1,040
Carrying amount, land and improvements	4,858
Carrying amount, buildings and improvements	10,960
Carrying amount, total	15,818
Accumulated depreciation	$ 1,061
Date acquired	Dec. 17, 2014
The Shoppes at Ardrey Kell
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	6,724
Initial cost, buildings and improvements	8,150
Costs capitalized subsequent to acquisition, carrying costs	561
Carrying amount, land and improvements	6,794
Carrying amount, buildings and improvements	8,641
Carrying amount, total	15,435
Accumulated depreciation	$ 949
Date acquired	Dec. 17, 2014
Nor'Wood Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,358
Initial cost, buildings and improvements	6,684
Costs capitalized subsequent to acquisition, carrying costs	77
Carrying amount, land and improvements	5,410
Carrying amount, buildings and improvements	6,709
Carrying amount, total	12,119
Accumulated depreciation	$ 796
Date acquired	Jan. 08, 2015
Sunburst Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	3,435
Initial cost, buildings and improvements	6,041
Costs capitalized subsequent to acquisition, carrying costs	343
Carrying amount, land and improvements	3,476
Carrying amount, buildings and improvements	6,343
Carrying amount, total	9,819
Accumulated depreciation	$ 781
Date acquired	Feb. 11, 2015
Rivermont Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,284
Initial cost, land and improvements	6,876
Initial cost, buildings and improvements	8,917
Costs capitalized subsequent to acquisition, carrying costs	640
Carrying amount, land and improvements	7,093
Carrying amount, buildings and improvements	9,340
Carrying amount, total	16,433
Accumulated depreciation	$ 1,158
Date acquired	Feb. 27, 2015
Breakfast Point Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,713
Initial cost, land and improvements	5,579
Initial cost, buildings and improvements	12,051
Costs capitalized subsequent to acquisition, carrying costs	412
Carrying amount, land and improvements	5,760
Carrying amount, buildings and improvements	12,282
Carrying amount, total	18,042
Accumulated depreciation	$ 1,062
Date acquired	Mar. 13, 2015
Falcon Valley
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,157
Initial cost, land and improvements	3,131
Initial cost, buildings and improvements	6,874
Costs capitalized subsequent to acquisition, carrying costs	77
Carrying amount, land and improvements	3,175
Carrying amount, buildings and improvements	6,907
Carrying amount, total	10,082
Accumulated depreciation	$ 659
Date acquired	Mar. 13, 2015
Lake Wales
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,605
Initial cost, land and improvements	1,273
Initial cost, buildings and improvements	2,164
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	1,273
Carrying amount, buildings and improvements	2,164
Carrying amount, total	3,437
Accumulated depreciation	$ 209
Date acquired	Mar. 13, 2015
Lakeshore Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,600
Initial cost, land and improvements	3,857
Initial cost, buildings and improvements	5,937
Costs capitalized subsequent to acquisition, carrying costs	32
Carrying amount, land and improvements	3,857
Carrying amount, buildings and improvements	5,969
Carrying amount, total	9,826
Accumulated depreciation	$ 737
Date acquired	Mar. 13, 2015
Onalaska
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,925
Initial cost, land and improvements	2,669
Initial cost, buildings and improvements	5,648
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	2,669
Carrying amount, buildings and improvements	5,648
Carrying amount, total	8,317
Accumulated depreciation	$ 607
Date acquired	Mar. 13, 2015
Coronado Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	4,395
Initial cost, buildings and improvements	16,461
Costs capitalized subsequent to acquisition, carrying costs	494
Carrying amount, land and improvements	4,424
Carrying amount, buildings and improvements	16,926
Carrying amount, total	21,350
Accumulated depreciation	$ 1,139
Date acquired	May 01, 2015
Northwoods Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	10,092
Initial cost, buildings and improvements	14,437
Costs capitalized subsequent to acquisition, carrying costs	189
Carrying amount, land and improvements	10,223
Carrying amount, buildings and improvements	14,495
Carrying amount, total	24,718
Accumulated depreciation	$ 670
Date acquired	May 24, 2016
Murphy Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	28,652
Initial cost, buildings and improvements	33,122
Costs capitalized subsequent to acquisition, carrying costs	312
Carrying amount, land and improvements	28,759
Carrying amount, buildings and improvements	33,327
Carrying amount, total	62,086
Accumulated depreciation	$ 795
Date acquired	Jun. 24, 2016
Harbour Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	5,630
Initial cost, buildings and improvements	16,727
Costs capitalized subsequent to acquisition, carrying costs	146
Carrying amount, land and improvements	5,719
Carrying amount, buildings and improvements	16,784
Carrying amount, total	22,503
Accumulated depreciation	$ 197
Date acquired	Sep. 22, 2016
Oak Mill Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,298
Initial cost, land and improvements	6,843
Initial cost, buildings and improvements	13,692
Costs capitalized subsequent to acquisition, carrying costs	219
Carrying amount, land and improvements	6,913
Carrying amount, buildings and improvements	13,841
Carrying amount, total	20,754
Accumulated depreciation	$ 178
Date acquired	Oct. 03, 2016
Southern Palms
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 24,349
Initial cost, land and improvements	10,026
Initial cost, buildings and improvements	24,346
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	10,026
Carrying amount, buildings and improvements	24,346
Carrying amount, total	34,372
Accumulated depreciation	$ 182
Date acquired	Oct. 26, 2016
Golden Eagle Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,500
Initial cost, land and improvements	3,068
Initial cost, buildings and improvements	7,735
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	3,068
Carrying amount, buildings and improvements	7,735
Carrying amount, total	10,803
Accumulated depreciation	$ 66
Date acquired	Oct. 27, 2016
Georgesville Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost, land and improvements	11,137
Initial cost, buildings and improvements	19,663
Costs capitalized subsequent to acquisition, carrying costs	0
Carrying amount, land and improvements	11,137
Carrying amount, buildings and improvements	19,663
Carrying amount, total	30,800
Accumulated depreciation	$ 81
Date acquired	Dec. 15, 2016

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Real Estate Owned - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at January 1	$ 2,116,480
Real estate acquisitions	219,053	$ 116,939
Net additions to/improvements of real estate	26,369	20,705
Real estate dispositions	(32,822)	(1,798)
Balance at December 31	$ 2,329,080	$ 2,116,480

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Accumulated Depreciation - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at January 1	$ 152,433
Depreciation expense	73,703	$ 69,413
Accumulated depreciation of real estate dispositions	(3,579)	(30)
Balance at December 31	$ 222,557	$ 152,433