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Merger with REIT II

3. MERGER WITH REIT II

On November 16, 2018, we completed the Merger pursuant to the Agreement and Plan of Merger, dated July 17, 2018. We acquired 86 properties as part of this transaction. Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands):



	Amount
Fair value of PECO common stock issued⁽¹⁾	$	1,054,745
Fair value of REIT II debt:
Corporate debt	719,181
Mortgages and notes payable	102,727
Derecognition of REIT II management contracts, net⁽²⁾	30,428
Transaction costs	11,587
Total consideration and debt activity	1,918,668
Less: debt assumed	464,462
Total consideration	$	1,454,206


⁽¹⁾	The total number of shares of common stock issued was 95.5 million.


⁽²⁾	Previously a component of Other Assets, Net.

To complete the Merger, we issued 2.04 shares of our common stock in exchange for each issued and outstanding share of REIT II common stock, which was equivalent to $22.54 based on our most recent estimated value per share (“EVPS”) of $11.05. The exchange ratio was based on a thorough review of the relative valuation of each entity, including factoring in our investment management business as well as each company’s transaction costs.

Upon completion of the Merger, our continuing stockholders owned approximately 71% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each Operating Partnership unit (“OP unit”) were exchanged for one share of our common stock) and former REIT II stockholders owned approximately 29% of the issued and outstanding shares of the Company on a fully diluted basis (determined as if each OP unit were exchanged for one share of our common stock).

Assets Acquired and Liabilities Assumed—After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, Business Combinations (“ASC 805”), including the application of a screen test to evaluate if substantially all the fair value of the acquired properties is concentrated in a single asset or group of similar assets, we have concluded that the Merger qualifies as an asset acquisition.

Additionally, prior to the close of the Merger, all of REIT II’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with REIT II, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition.

In applying the relevant guidance to the settlement of our contractual relationships with REIT II, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements.

Prior to the consummation of the Merger, we did, however, have an existing intangible asset related to our acquisition of certain management contracts between PELP and REIT II during the PELP transaction. Because this relationship was internalized as part of the Merger, we derecognized the carrying value of these intangible assets upon completion of the Merger and have included the derecognized contract value of $30.4 million in our calculation of total consideration in the table above.

As of December 31, 2018, we have capitalized approximately $11.6 million in costs related to the Merger. The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands):



	Amount
Assets:
Land and improvements	$	561,100
Building and improvements	1,198,884
Intangible lease assets	197,384
Fair value of unconsolidated joint venture	16,470
Cash and cash equivalents	354
Restricted cash	5,159
Accounts receivable and other assets	33,045
Total assets acquired	2,012,396
Liabilities:
Debt assumed	464,462
Intangible lease liabilities	60,421
Accounts payable and other liabilities	33,307
Total liabilities assumed	558,190
Net assets acquired	$	1,454,206

Intangible Assets and Liabilities—The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the Merger are as follows (dollars in thousands, useful life in years):



	Fair Value			Weighted-Average Useful Life
In-place leases	$	181,916		13
Above-market leases	15,468			7
Below-market leases	(60,421		)	17

4. PELP ACQUISITION

On October 4, 2017, we completed the PELP transaction. The PELP transaction was approved by the independent special committee of our Board, which had retained independent financial and legal advisors. It was also approved by our stockholders, as well as PELP’s partners. Under the terms of this transaction, at the time of purchase, the following consideration was given in exchange for the contribution of PELP’s ownership interests in 76 shopping centers, its third-party investment management business, and its captive insurance company (in thousands):



	Amount
Fair value of OP units issued	$	401,630
Debt assumed:
Corporate debt	432,091
Mortgages and notes payable	72,649
Cash payments	30,420
Fair value of earn-out	38,000
Total consideration	974,790
PELP debt repaid by the Company on the transaction date	(432,091		)
Net consideration	$	542,699

We issued 39.4 million OP units with an estimated fair value per unit of $10.20 at the time of the transaction. Certain of our executive officers who received OP units as part of the PELP transaction entered into an agreement which provides that they will not transfer their OP Units for either two or three years following the closing. The remaining holders of the OP units are subject to the terms of exchange for shares of common stock outlined in the Fourth Amended and Restated Agreement of Limited Partnership, which is further described in Note 13.

The terms of the transaction also include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued if certain milestones are achieved. The milestones are related to a liquidity event for our stockholders and fundraising targets in Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), of which PELP was a co-sponsor. The estimated fair value of this earn-out was recorded as $38 million as of the transaction date and is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets. We will estimate the fair value of this earn-out liability at each reporting date during the contingency period and record any changes to our consolidated statement of operations. As of December 31, 2018, the fair value of the earn-out liability was $39.5 million.

As part of the transaction, we entered into a tax protection agreement with certain recipients of OP Units. Under the agreement, we will provide certain protections with respect to tax matters for a period of ten years commencing at the closing date. These protections include indemnification for certain tax liabilities incurred in connection with certain taxable transfers of contributed properties, failure to comply with certain obligations related to nonrecourse liability allocations and debt guarantee opportunities, and certain fundamental transactions. These fundamental transactions mean with respect to any contributed entity, a merger, combination, consolidation, or similar transaction (including a transfer of all or substantially all of the assets of such entity).

Immediately following the closing of the PELP transaction, our stockholders owned approximately 80.6% and former PELP stockholders owned approximately 19.4% of the combined company.

Assets Acquired and Liabilities Assumed—After consideration of all applicable factors pursuant to the business combination accounting rules under ASC 805, we have concluded that the PELP transaction qualifies as a business combination under GAAP.

Additionally, prior to the close of the PELP transaction, all of PELP’s real properties were managed and leased by us, under the terms of various management agreements. As we had contractual relationships with PELP, we considered the provisions of ASC 805 regarding the settlement of pre-existing relationships. This guidance provides that a transaction that in effect settles pre-existing relationships between the acquirer and acquiree should be evaluated under the guidance set forth in ASC 805 for possible gain/loss recognition.

In applying the relevant guidance to the settlement of our contractual relationships with PELP, we noted that the provisions of the various agreements provided both parties to each of the agreements with substantial termination rights. The agreements permitted either party to terminate without cause or penalty upon prior written notice within a specified number of days’ notice. Therefore, we determined that the termination of the agreements did not result in a settlement gain or loss under the relevant guidance, and thus no gain or loss was recorded in the consolidated financial statements.

The following table summarizes the final purchase price allocation based on a valuation report prepared by a third-party valuation specialist that was subject to management’s review and approval (in thousands):



	Amount
Assets:
Land and improvements	$	269,140
Building and improvements	574,154
Intangible lease assets	93,506
Cash and cash equivalents	5,930
Accounts receivable and other assets	42,426
Management contracts	58,000
Goodwill	29,085
Total assets acquired	1,072,241
Liabilities:
Accounts payable and other liabilities	48,342
Acquired below-market leases	49,109
Total liabilities assumed	97,451
Net assets acquired	$	974,790

The allocation of the purchase price is based on management’s assessment, which requires a significant amount of judgment and represents management’s best estimate of the fair value as of the acquisition date. We had an immaterial decrease in goodwill during the year ended December 31, 2018, as the result of a measurement period adjustment.

Intangible Assets and Liabilities—The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years):



	Fair Value			Weighted-Average Useful Life
Management contracts⁽¹⁾	$	58,000		5
In-place leases	83,305			9
Above-market leases	10,201			7
Below-market leases	(49,109		)	13


⁽¹⁾	In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $39.3 million. We also derecognized the associated accumulated amortization of $8.9 million, resulting in a net derecognition of $30.4 million.

Goodwill—In connection with the PELP transaction, we recorded goodwill of $29.1 million as a result of the consideration exceeding the fair value of the net assets acquired. Goodwill represents the estimated future benefits arising from other assets acquired that could not be individually identified and separately recognized. This goodwill is not deductible for tax purposes. The goodwill recorded represents our management structure and its ability to generate additional opportunities for revenue and raise additional funds.

Results of Operations—The consolidated net assets and results of operations of PELP’s contributions are included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to our consolidated statements of operations (in thousands):



	2018			2017
Revenues	$	85,168		$	21,202
Net (loss) income	(37,895		)	1,297

Acquisition Costs—We incurred approximately $17.0 million of costs related to the PELP transaction, $15.7 million of which was incurred during 2017, and are recorded as Transaction Expenses on the consolidated statements of operations. We also incurred $1.3 million of costs related to the PELP transaction during 2016, which are recorded in General and Administrative on the consolidated statements of operations.

Pro Forma Results (Unaudited)—The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if the PELP transaction had occurred on January 1, 2016. These results contain certain, nonrecurring adjustments, such as the elimination of transaction expenses incurred related to the PELP transaction and the elimination of intercompany activity related to creating an internalized management structure. 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 PELP transaction occurred at the beginning of the period, nor does it purport to represent the results of future operations.



(in thousands)	2017		2016
Pro forma revenues	$	402,898	$	400,089
Pro forma net income (loss) attributable to stockholders	1,982		(3,956		)

PELP Acquisition

12 Months Ended

Dec. 31, 2018

Real Estate Investments, Net [Abstract]

PELP Acquisition

3. MERGER WITH REIT II



	Amount
Fair value of PECO common stock issued⁽¹⁾	$	1,054,745
Fair value of REIT II debt:
Corporate debt	719,181
Mortgages and notes payable	102,727
Derecognition of REIT II management contracts, net⁽²⁾	30,428
Transaction costs	11,587
Total consideration and debt activity	1,918,668
Less: debt assumed	464,462
Total consideration	$	1,454,206


⁽¹⁾	The total number of shares of common stock issued was 95.5 million.


⁽²⁾	Previously a component of Other Assets, Net.



	Amount
Assets:
Land and improvements	$	561,100
Building and improvements	1,198,884
Intangible lease assets	197,384
Fair value of unconsolidated joint venture	16,470
Cash and cash equivalents	354
Restricted cash	5,159
Accounts receivable and other assets	33,045
Total assets acquired	2,012,396
Liabilities:
Debt assumed	464,462
Intangible lease liabilities	60,421
Accounts payable and other liabilities	33,307
Total liabilities assumed	558,190
Net assets acquired	$	1,454,206



	Fair Value			Weighted-Average Useful Life
In-place leases	$	181,916		13
Above-market leases	15,468			7
Below-market leases	(60,421		)	17

4. PELP ACQUISITION



	Amount
Fair value of OP units issued	$	401,630
Debt assumed:
Corporate debt	432,091
Mortgages and notes payable	72,649
Cash payments	30,420
Fair value of earn-out	38,000
Total consideration	974,790
PELP debt repaid by the Company on the transaction date	(432,091		)
Net consideration	$	542,699

Immediately following the closing of the PELP transaction, our stockholders owned approximately 80.6% and former PELP stockholders owned approximately 19.4% of the combined company.



	Amount
Assets:
Land and improvements	$	269,140
Building and improvements	574,154
Intangible lease assets	93,506
Cash and cash equivalents	5,930
Accounts receivable and other assets	42,426
Management contracts	58,000
Goodwill	29,085
Total assets acquired	1,072,241
Liabilities:
Accounts payable and other liabilities	48,342
Acquired below-market leases	49,109
Total liabilities assumed	97,451
Net assets acquired	$	974,790



	Fair Value			Weighted-Average Useful Life
Management contracts⁽¹⁾	$	58,000		5
In-place leases	83,305			9
Above-market leases	10,201			7
Below-market leases	(49,109		)	13


⁽¹⁾	In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $39.3 million. We also derecognized the associated accumulated amortization of $8.9 million, resulting in a net derecognition of $30.4 million.



	2018			2017
Revenues	$	85,168		$	21,202
Net (loss) income	(37,895		)	1,297



(in thousands)	2017		2016
Pro forma revenues	$	402,898	$	400,089
Pro forma net income (loss) attributable to stockholders	1,982		(3,956		)

Real Estate Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2018

Real Estate Acquisitions and Dispositions

5. REAL ESTATE ACQUISITIONS AND DISPOSITIONS

Acquisitions—During the year ended December 31, 2018, we acquired 91 grocery-anchored shopping centers, including 86 shopping centers through the Merger (see Note 3 for more detail) and five grocery-anchored shopping centers outside of the Merger. We also acquired two land parcels adjacent to properties we currently own for approximately $1.0 million during the year ended December 31, 2018. During the year ended December 31, 2017, we acquired 84 shopping centers, including 76 shopping centers through the PELP transaction (see Note 4 for more detail) and eight grocery-anchored shopping centers outside of the PELP transaction. All of the 2018 and 2017 acquisitions, excluding those acquired in the PELP transaction in 2017, were classified as asset acquisitions. As such, most acquisition-related costs were capitalized and have been included in the total purchase prices shown below.

The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Leased % of Rentable Square Feet at Acquisition

Shoppes of Lake Village

Leesburg, FL

Publix

2/26/2018

8,423

71.3

Sierra Vista Plaza

Murrieta, CA

Stater Brothers⁽¹⁾

9/28/2018

22,151

81.0

Wheat Ridge Marketplace

Wheat Ridge, CO

Safeway

10/3/2018

18,684

⁽²⁾

90.1

Atlantic Plaza

North Reading, MA

Stop & Shop

11/9/2018

27,250

95.9

Cinco Ranch at Market Center

Katy, TX

Target⁽¹⁾

12/12/2018

21,359

96.0


⁽¹⁾	Stater Brothers and Target are in a portion of the shopping centers that we do not own.


⁽²⁾	The purchase price includes the fair value of debt assumed as part of the acquisition.

During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Leased % of Rentable Square Feet at Acquisition

Atwater Marketplace

Atwater, CA

Save Mart

2/10/2017

15,047

94.6

Rocky Ridge Station

Roseville, CA

Sprouts

4/18/2017

37,269

⁽¹⁾

96.3

Greentree Station

Racine, WI

Pick ‘n Save

5/5/2017

12,330

90.3

Titusville Station

Titusville, FL

Publix

6/15/2017

13,830

71.7

Sierra Station

Corona, CA

Ralph’s

6/20/2017

29,175

⁽¹⁾

94.0

Hoffman Village Station

Hoffman Estates, IL

Mariano’s

9/5/2017

34,923

93.1

Winter Springs⁽²⁾

Winter Springs, FL

Publix

10/20/2017

24,976

91.9

Flynn Crossing⁽²⁾

Alpharetta, GA

Publix

10/26/2017

23,806

96.4


⁽¹⁾	The purchase price includes the fair value of debt assumed as part of the acquisition.


⁽²⁾	These properties were contributed or sold to the GRP I joint venture in November 2018.

The fair value at acquisition and weighted-average useful life for in-place, above-market, and below-market lease intangibles acquired as part of the transactions above during the years ended December 31, 2018 and 2017, are as follows (dollars in thousands, weighted-average useful life in years):



	2018				2017
	Fair Value			Weighted-Average Useful Life	Fair Value			Weighted-Average Useful Life
In-place leases	$	9,239		8	$	17,740		13
Above-market leases	1,045			9	1,314			6
Below-market leases	(2,736		)	15	(5,736		)	18

Dispositions—The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands):



	2018		2017
Number of properties sold	8		1
Gross proceeds on sale of properties	$	82,145	$	6,486
Gain on sale of properties, net	16,757		1,760

Property Held for Sale—As of December 31, 2018, two properties were classified as held for sale, as they were under contract to sell, with no substantive contingencies, and the prospective buyers had significant funds at risk. Both properties were disposed of subsequent to December 31, 2018. A summary of assets and liabilities for the properties held for sale as of December 31, 2018, is below (in thousands):



	2018
ASSETS
Total investment in real estate assets, net	$	16,889
Other assets, net	475
Total assets	$	17,364
LIABILITIES
Below-market lease liabilities, net	$	208
Accounts payable and other liabilities	388
Total liabilities	$	596

Investment in Unconsolidated Joint Ventures (Notes)

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

6. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

Grocery Retail Partners I—On November 9, 2018, through our direct and indirect subsidiaries, we entered into a joint venture with Northwestern Mutual, pursuant to which we contributed 14 and sold 3 grocery-anchored shopping centers with a fair value of approximately $359 million to the new joint venture, GRP I, in exchange for a 15% ownership interest in GRP I. Northwestern Mutual acquired an 85% ownership interest in GRP I by contributing cash of $167.1 million. As a part of the transaction, GRP I distributed or paid cash of $161.8 million to us as well as assumed an existing portfolio mortgage loan of $175 million with a fair value of $165.0 million to which we are the non-recourse carveout guarantor and environmental indemnitor (see Note 16 for more detail). We recognized a gain of $92.5 million on the transaction which is recorded as Gain on Sale or Contribution of Property, Net on the statement of operations.

Necessity Retail Partners—In connection with the Merger, we assumed a 20% equity interest in NRP. NRP was initially formed in March 2016 between REIT II and an affiliate of TPG Real Estate and is set to expire seven years after the date of the joint venture contribution agreement (the “NRP Joint Venture Agreement”) unless otherwise extended by the members. The NRP Joint Venture Agreement requires a contribution of up to $50 million to the joint venture. Of the maximum $50 million contribution, approximately $17.5 million was previously contributed by REIT II prior to the Merger.

Our investment in NRP differs from our proportionate share of the entities' underlying net assets due to basis differences of $6.2 million arising from the Merger and recording the investment at fair value. These amounts are amortized starting at the date of the Merger and recorded as an offset to earnings from the joint venture in Other (Expense) Income, Net on our consolidated statements of operations. The remaining unamortized balance as of December 31, 2018 was $6.0 million.

The following table summarizes the activity related to our unconsolidated joint ventures as of December 31, 2018 (dollars in thousands):



	December 31, 2018
	GRP I			NRP
Ownership percentage	15		%	20		%
Number of shopping centers	17			13
Investment balance	$	29,453		$	16,198
Distributions after formation or assumption	—			200
Loss from unconsolidated joint ventures, net	35			250

Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2018

Finite-Lived Intangible Assets, Net [Abstract]

Intangibles Assets and Liabilities and Goodwill

7. INTANGIBLE ASSETS AND LIABILITIES

Intangible Assets and Liabilities—Intangible assets and liabilities consisted of the following as of December 31, 2018 and 2017, excluding amounts related to intangible assets and liabilities classified as held for sale (in thousands):



	2018						2017
	Gross Amount			Accumulated Amortization			Gross Amount			Accumulated Amortization
Management contracts	$	18,739		$	(4,685	)	$	58,000		$	(2,900	)
In-place leases	464,721			(142,525		)	313,432			(123,314		)
Above-market leases	67,140			(28,979		)	53,524			(24,631		)
Below-market lease liabilities	(164,839		)	33,280			(118,012		)	27,388

Summarized below is the amortization recorded on the intangible assets and liabilities for the years ended December 31, 2018, 2017, and 2016 (in thousands):



	2018			2017			2016
Management contracts	$	10,618		$	2,900		$	—
In-place leases	37,101			30,966			28,812
Above-market leases	6,112			5,188			5,228
Below-market lease liabilities	(10,061		)	(7,133		)	(6,436		)

Estimated future amortization of the respective intangible assets and liabilities as of December 31, 2018, excluding estimated amounts related to intangible assets and liabilities classified as held for sale, for each of the next five years is as follow (in thousands):



	Management Contracts		In-Place Leases		Above-Market Leases		Below-Market Leases
2019	$	3,748	$	43,286	$	7,515	$	(11,959	)
2020	3,748		38,104		7,039		(11,415		)
2021	3,748		34,129		6,205		(10,652		)
2022	2,810		31,012		5,189		(9,951		)
2023	—		26,752		4,366		(9,133		)

Goodwill—In connection with the PELP transaction, we recorded goodwill of approximately $29.1 million. During the year ended December 31, 2018, we did not record any impairments to goodwill. For more information regarding goodwill from the PELP transaction, see Note 4.

Other Assets, Net

12 Months Ended

Dec. 31, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets, Net

8. OTHER ASSETS, NET

The following is a summary of Other Assets, Net outstanding as of December 31, 2018 and 2017, excluding amounts related to assets classified as held for sale (in thousands):



	2018			2017
Other assets, net:
Deferred leasing commissions and costs	$	32,957		$	29,055
Deferred financing expenses	13,971			13,971
Office equipment, including capital lease assets, and other	14,315			10,308
Total depreciable and amortizable assets	61,243			53,334
Accumulated depreciation and amortization	(24,382		)	(17,121		)
Net depreciable and amortizable assets	36,861			36,213
Accounts receivable, net	56,104			41,211
Deferred rent receivable, net	21,261			18,201
Derivative asset	29,708			16,496
Investment in affiliates	700			902
Other	8,442			5,425
Total other assets, net	$	153,076		$	118,448

Debt Obligations

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt Obligations

9. DEBT OBLIGATIONS

The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of December 31, 2018 and 2017 (in thousands):



	Interest Rate⁽¹⁾	2018			2017
Revolving credit facility	3.86%	$	73,359		$	61,569
Term loans	2.06%-4.59%	1,858,410			1,140,000
Secured loan facilities	3.52%	195,000			370,000
Mortgages and other	3.45%-7.91%	334,669			246,217
Assumed market debt adjustments, net		(4,571		)	5,254
Deferred financing expenses, net		(18,041		)	(16,042		)
Total		$	2,438,826		$	1,806,998


⁽¹⁾	Interest rates are as of December 31, 2018.

Revolving Credit Facility—We have a revolving credit facility of $500 million with availability of $426.2 million, which is net of current issued letters of credit, as of December 31, 2018. The revolving credit facility has an interest rate of LIBOR plus a spread of 1.4%. The maturity date is October 2021, with additional options to extend the maturity to October 2022. The gross borrowings under our revolving credit facility were $475.4 million, $437.0 million, and $590.8 million during the years ended December 31, 2018, 2017, and 2016, respectively. The gross payments were $463.6 million, $552.4 million, and $554.8 million during the years ended December 31, 2018, 2017, and 2016, respectively.

Term Loans—We have eight unsecured term loans with maturities ranging from 2020 to 2025. Our term loans have interest rates of LIBOR plus interest rate spreads based on our leverage ratios. With the exception of $245.5 million, all of these rates have been fixed through the use of interest rate swaps.

Of the eight term loans, we assumed three as part of the Merger with a fair value of $361.7 million. Additionally, at the closing of the Merger, we established two term loans for $300 million and $100 million maturing in November 2023 and May 2024, respectively. We also exercised an accordion feature on an existing term loan maturing in May 2025, adding $157.5 million in new debt, with an additional $60 million available.

As of December 31, 2018 and 2017 the weighted-average interest rate on our term loans was 3.5% and 3.0%, respectively.

Secured Debt—Our secured debt includes a facility secured by 14 properties, mortgage loans secured by individual properties, and capital leases. At the closing of the Merger, we assumed $102.3 million in mortgage loans. We contributed $175 million of our secured debt to GRP I in November 2018. In connection with the debt contributed to GRP I, we wrote-off deferred financing expenses of $2.1 million. The interest rates on our secured debt are fixed. As of December 31, 2018 and 2017 our weighted average interest rate for our secured debt was 4.4% and 4.1%, respectively.

As of December 31, 2018 and 2017, the weighted-average interest rate for our debt obligations was 3.5% and 3.4%, respectively.

The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, as of December 31, 2018 and 2017, is summarized below (in thousands):



	2018		2017
As to interest rate:⁽¹⁾
Fixed-rate debt	$	2,216,669	$	1,608,217
Variable-rate debt	244,769		209,569
Total	$	2,461,438	$	1,817,786
As to collateralization:
Unsecured debt	$	1,931,769	$	1,202,476
Secured debt	529,669		615,310
Total	$	2,461,438	$	1,817,786


⁽¹⁾	Includes the effects of derivative financial instruments (see Notes 10 and 18).

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



	2019		2020		2021		2022		2023		Thereafter		Total
Revolving credit facility	$	—	$	—	$	73,359	$	—	$	—	$	—	$	73,359
Term loans	—		170,910		125,000		375,000		300,000		887,500		1,858,410
Secured debt	9,523		9,999		87,688		61,903		79,570		280,986		529,669
Total	$	9,523	$	180,909	$	286,047	$	436,903	$	379,570	$	1,168,486	$	2,461,438

Derivatives and Hedging Activities

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

10. 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 through the use of derivative financial instruments. Specifically, we enter into interest rate swaps to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings.

Cash Flow Hedges of Interest Rate Risk—Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The changes in the fair value of derivatives designated, and that qualify, as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2018 and 2017, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt.

Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next twelve months, we estimate that an additional $6.2 million will be reclassified from Other Comprehensive Income (Loss) as a decrease 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, 2018 and 2017 (notional amounts in thousands):



	2018		2017
Count	12		6
Notional amount	$	1,687,000	$	992,000
Fixed LIBOR	0.7% - 2.9%		1.2% - 2.2%
Maturity date	2019 - 2025		2019 - 2024

We assumed five hedges with a notional amount of $570 million as a part of the Merger, and also entered into one new hedge in November 2018 with a notional amount of $125 million. The fair value of the five hedges assumed was $14.7 million and is amortized over the remaining lives and recorded in interest expense, net.

The table below details the nature of the gain or loss recognized on interest rate derivatives designated as cash flow hedges in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2018, 2017, and 2016 (in thousands):



	2018			2017		2016
Amount of (loss) gain recognized in OCI on derivatives	$	(895	)	$	2,770	$	6,979
Amount of (gain) loss reclassified from AOCI into interest expense	(3,261		)	1,810		3,586

Credit-risk-related Contingent Features—We have agreements with our derivative counterparties that contain provisions where, if we 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, 2018, the fair value of our derivatives in a net liability position, which included accrued interest but excluded any adjustment for nonperformance risk related to these agreements, was approximately $3.6 million. As of December 31, 2018, we had not posted any collateral related to these agreements and were not in breach of any agreement provisions. If we had breached any of these provisions, we could have been required to settle our obligations under the agreements at their termination value of $3.6 million.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

11. INCOME TAXES

We have elected to be taxed as a REIT under the Internal Revenue Code. To qualify as a REIT, we must meet a number of organization and operational requirements, including a requirement to annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains. We intend to continue to adhere to these requirements and to maintain our REIT status. As a REIT, we are entitled to a deduction for some or all of the distributions we pay to our stockholders. Accordingly, we are generally subject to U.S. federal income taxes on any taxable income that is not currently distributed to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes and may not be able to qualify as a REIT until the fifth subsequent taxable year following the year of disqualification.

Notwithstanding our qualification as a REIT, we may be subject to certain state and local taxes on our income or properties. In addition, our consolidated financial statements include the operations of certain wholly owned subsidiaries that have jointly elected to be treated as a TRS and are subject to U.S. federal, state and local incomes taxes at regular corporate tax rates. As a REIT, we may also be subject to certain U.S. federal excise taxes if we engage in certain types of transactions.

Deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year in which these temporary differences are expected to reverse. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, the magnitude and timing of future projected taxable income and tax planning strategies. We believe, based on available evidence, it is not more likely than not that our net deferred tax assets will be realized in future periods and, therefore, have recorded a valuation allowance equal to the net deferred tax asset balance.

The following is a summary of our deferred tax assets and liabilities as of December 31, 2018 and 2017 (in thousands):



	2018			2017
Deferred tax assets:
Accrued compensation	$	5,338		$	4,264
Accrued expenses	210			12
Net operating loss (“NOL”) carryforward	1,239			667
Other	566			106
Gross deferred tax assets	7,353			5,049
Less: valuation allowance	(3,822		)	(3,277		)
Total deferred tax asset	3,531			1,772
Deferred tax liabilities:
Depreciation and amortization	(3,292		)	(1,638		)
Prepaid expenses	(239		)	(134		)
Total deferred tax liabilities	(3,531		)	(1,772		)
Net deferred tax asset	$	—		$	—

Our deferred tax assets and liabilities result from the activities of the TRS. The TRS have a federal net operating loss carryforward of $5.4 million. Of this amount, $4.8 million was generated in 2017 and will expire in 2037 if the net operating loss is not utilized. The net operating loss of $0.6 million generated in 2018 can be carried forward indefinitely. As of December 31, 2018, the TRS have state net operating loss carryforwards of $2.2 million, which will expire as determined under each state's statute.

Differences between the net income presented on the consolidated statements of operations and taxable income primarily related to the timing of the recognition of gain or loss on the sale of investment properties for financial reporting purposes and tax reporting and the differences in recognition of revenues and expenses for both financial reporting and tax reporting.

The following table reconciles Net Income (Loss) Attributable to Stockholders to REIT taxable income before the dividends paid deduction for the years ended December 31, 2018, 2017 and 2016 (in thousands):



	2018			2017			2016
Net income (loss) attributable to stockholders	$	39,138		$	(38,391	)	$	8,932
Net (income) loss from TRS	(1,171		)	4,248			—
Net income (loss) attributable to REIT operations	37,967			(34,143		)	8,932
Book/tax differences	33,858			72,824			24,771
REIT taxable income subject to 90% dividend requirement	$	71,825		$	38,681		$	33,703

The Company's distributions to its stockholders for the years ended December 31, 2018, 2017 and 2016, respectively, have exceeded 100% of the REIT taxable income.

The tax composition of our distributions declared for the years ended December 31, 2018 and 2017 was as follows:



	2018		2017
Common stock
Ordinary dividends	27.7	%	28.6	%
Non-dividend distributions	45.5	%	70.9	%
Capital gain distributions	26.8	%	0.5	%
Total distributions per share	100.0	%	100.0	%

Income tax benefits from uncertain tax positions are recognized in the financial statements only if we believe it is more likely than not that the uncertain tax position will be sustained based solely on the technical merits of the tax position and consideration of the relevant taxing authority's widely understood administrative practices and precedents. We do not believe that we have any uncertain tax positions at December 31, 2018 and 2017.

The statute of limitations for the federal income tax returns remain open for the 2015 through 2017 tax years. The statute of limitations for state income tax returns remain open in accordance with each state's statute.

Interest and penalties related to income taxes are immaterial to the consolidated financial statements. Our accounting policy is to classify interest and penalties as a component of income tax expense. No interest and penalties were accrued by the Company at December 31, 2018 and 2017.

Commitments And Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. COMMITMENTS AND CONTINGENCIES

Leases—Our leases primarily consist of short- and long-term operating leases for office space and equipment, as well as long-term ground leases at certain of our properties. Total rental expense for long-term operating leases was approximately $1.3 million for the year ended December 31, 2018. Minimum rental commitments under noncancelable operating leases as of December 31, 2018, were as follows (dollars in thousands):



Year	Amount
2019	$	1,450
2020	969
2021	537
2022	510
2023	352
Thereafter	391
Total	$	4,209

Litigation—We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the resolution of such claims and litigation will not have a material adverse effect on our consolidated financial statements.

Environmental Matters—In connection with the ownership and operation of real estate, we may potentially be liable for costs and damages related to environmental matters. In addition, we may own or acquire certain properties that are subject to environmental remediation. Depending on the nature of the environmental matter, the seller of the property, a tenant of the property, and/or another third party may be responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify us against future remediation costs. We also carry environmental liability insurance on our properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which we may be liable. We are not aware of any environmental matters which we believe are reasonably likely to have a material effect on our consolidated financial statements.

Captive Insurance—As part of the PELP transaction, we acquired a captive insurance company, Silver Rock Insurance, Inc. (“Silver Rock”), from PELP. Silver Rock provides general liability insurance, wind, reinsurance, and other coverage to us, PECO III, PELP, and certain related party joint ventures. We capitalize Silver Rock in accordance with applicable regulatory requirements.

Silver Rock established annual premiums based on the past loss experience of the insured properties. An independent third party was engaged to perform an actuarial estimate of projected future claims, related deductibles, and projected future expenses necessary to fund associated risk management programs. Premiums paid to Silver Rock may be adjusted based on this estimate. Premiums paid to Silver Rock may be reimbursed by tenants pursuant to specific lease terms.

As of December 31, 2018, we had three cash collateralized letters of credit outstanding totaling approximately $6.7 million to provide security for our obligations under our insurance and reinsurance contracts.

The following is a summary of the activities in the liability for unpaid losses, which is recorded in Accounts Payable and Other Liabilities on our consolidated balance sheets, for the years ended December 31, 2018 and 2017 (in thousands):



	2018		2017⁽¹⁾
Beginning balances	$	4,883	$	4,339
Incurred related to:
Current year	156		452
Prior years	948		898
Total incurred	1,104		1,350
Paid related to:
Current year	13		81
Prior years	516		725
Total paid	529		806
Liabilities for unpaid losses as of December 31	$	5,458	$	4,883

⁽¹⁾ Balance for 2017 began on October 4, 2017, the date of PELP transaction.

Equity

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Equity

13. 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. Our charter does not provide for cumulative voting in the election of directors.

On May 9, 2018, our Board increased the EVPS of our common stock to $11.05 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of March 31, 2018. We engaged a third-party valuation firm to provide a calculation of the range in EVPS of our common stock as of March 31, 2018, which reflected certain balance sheet assets and liabilities as of that date. Previously, on November 8, 2017, our Board increased the EVPS of our common stock to $11.00 from $10.20 based substantially on the estimated market value of our portfolio of real estate properties and our third-party investment management business as of October 5, 2017, the first full business day after the closing of the PELP transaction.

Shares of our common stock are issued under the DRIP and redeemed under the SRP, as discussed below, at the same price as the EVPS in effect at the time of issuance or redemption.

Dividend Reinvestment Plan—The DRIP allows stockholders to invest distributions in additional shares of our common stock, subject to certain limits. 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 at a price equal to our most recent estimated value per share. In connection with the Merger (see Note 3), the DRIP was temporarily suspended for the month of July 2018; therefore, all DRIP participants received their July 2018 distribution in cash rather than in stock. The DRIP resumed in August 2018, with the distribution paid in September 2018.

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, at a price equal to our most recent estimated value per share. In connection with the Merger, the SRP was also temporarily suspended for the month of July 2018, and resumed in August 2018.

In 2018 and 2017, repurchase requests surpassed the funding limits under the SRP. Approximately 4.9 million shares of our common stock were repurchased under the SRP during the year ended December 31, 2018. 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 in good order were fulfilled on a pro rata basis. As of December 31, 2018, we had 2.4 million shares of unfulfilled repurchase requests. Due to the program’s funding limits, no funds will be available for the first quarter of 2019. The next availability is expected to be at the end of July 2019. Under the terms of the SRP, the availability of DRIP proceeds is not a minimum repurchase requirement and we may use all or no portion of the proceeds available.

The next standard repurchase of the Company is expected to be in July 2019. At that time, should the demand for standard redemptions exceed the funding the Company makes available for repurchases, for which the Company may use all or a portion, the Company is expected to make pro-rata redemptions. Following that standard repurchase, standard repurchase requests that are on file with the Company and in good order that have not been fully executed (due to pro-rata redemptions) will remain on file for future redemptions.

Convertible Noncontrolling Interests—As of December 31, 2018 and 2017, we have approximately 44.5 million units of outstanding OP units. Additionally, certain of our outstanding restricted share and performance share awards will result in the issuance of OP units upon vesting in future periods. These are included in the outstanding unvested award totals disclosed in Note 14.

As part of the PELP transaction, we issued 39.4 million OP units that are classified as noncontrolling interests. Prior to the PELP transaction, the Operating Partnership also issued limited partnership units that were designated as Class B units for asset management services provided by an affiliate of PELP. In connection with the PELP transaction, Class B units were no longer issued for asset management services subsequent to September 2017. Upon closing of the PELP transaction and termination of the advisory agreement, we determined the economic hurdle required for vesting had been met, and all outstanding Class B units vested and were converted to OP units. As such, we recorded a $24.0 million expense on our consolidated statements of operations as Vesting of Class B Units, which included the $27.6 million vesting of Class B units previously issued for asset management services and the reclassification of historical distributions on those units to Noncontrolling Interests.

Under the terms of the Fourth Amended and Restated Agreement of Limited Partnership, OP unit holders may elect to exchange OP units. The Operating Partnership controls the form of the redemption, and may elect to exchange OP units for shares of our common stock, provided that the OP units have been outstanding for at least one year, or for cash. As the form of redemption for OP units is within our control, the OP units outstanding as of December 31, 2018 and 2017, are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. The $28.7 million and $9.1 million of distributions for the years ended December 31, 2018 and 2017, respectively, that have been paid on OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity.

In September 2017, we entered into an agreement with American Realty Capital II Advisors, LLC (“ARC”) to terminate all remaining contractual and economic relationships between us and ARC. In exchange for a payment of $9.6 million, ARC sold their OP units, unvested Class B Units, and their special limited partnership interests back to us, terminating all fee-sharing arrangements between ARC and PELP affiliates. The 0.4 million OP unit repurchase was recorded at a value of $4.2 million on the consolidated statements of equity. The $5.4 million value of the unvested Class B units, special limited partnership interests, and value of fee-sharing arrangements is recorded on the consolidated statement of operations.

Nonconvertible Noncontrolling Interests—In addition to partnership units of the Operating Partnership, Noncontrolling Interests also includes a 25% minority-owned interest held by a third party in a consolidated partnership, which was not significant to our results.

Compensation

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Compensation

14. COMPENSATION

Independent Director Stock Plan—The Board approves restricted stock awards pursuant to our Amended and Restated 2010 Independent Director Stock Plan. The awards are granted to our independent directors and vest based upon the completion of a service period (“service-based awards”). As of December 31, 2018 and 2017, there were approximately 32,000 and 18,000 outstanding unvested awards granted to independent directors, respectively.

Employee Long Term Incentive Plan—Beginning in 2018, service-based restricted stock awards and performance-based awards are granted to employees under our Amended and Restated 2010 Long-Term Incentive Plan.

Service-based awards typically follow a four-year graded vesting schedule and will vest in the form of common stock or OP units. For performance-based awards, the number of shares that vest depends on whether certain financial metrics are met, as calculated over a three-year performance period. For each annual performance-based award, 50% of the shares earned vest at the end of the three-year period and 50% of the shares earned vest following an additional year of service. Vesting of these performance awards is in the form of common stock, or certain awards may vest in the form of OP Units at the election of the recipient.

In connection with the PELP transaction, we assumed employee awards of phantom stock units. Substantially all phantom stock awards granted by PELP contained either a five-year cliff vesting provision or a four-year graded vesting provision. The value of the awards changes in direct relation to the change in estimated value per share of our common stock, but the value is paid in cash rather than in common stock.

We recognize expense for awards with graded vesting under the accelerated recognition method, whereby each vesting is treated as a separate award with expense for each vesting recognized ratably over the requisite service period. Expense amounts are recorded in General and Administrative or Property Operating on our consolidated statements of operations. The awards are valued according to the EVPS for our common stock at the date of grant. Holders of unvested service-based and performance-based awards that are not phantom stock units are entitled to dividend and distribution rights, but are not entitled to voting rights. Holders of phantom stock units are entitled to receive distributions, which are recorded as expense when declared, but are not entitled to voting rights.

The following table summarizes our stock-based award activity during the year ended December 31, 2018 (number of units in thousands):



	Restricted Stock Awards		Performance Stock Awards	Phantom Stock Units		Weighted-Average Grant-Date Fair Value
Nonvested at December 31, 2017	18		—	2,446		$	10.20
Granted	811		199	—		11.00
Vested	(5	)	—	(1,394	)	10.20
Forfeited	(16	)	—	(54	)	10.38
Nonvested at December 31, 2018	808		199	998		$	10.60

The expense for all stock-based awards, including phantom stock units, during the years ended December 31, 2018 and 2017 was $10.4 million and $3.4 million, respectively. The expense during the year ended December 31, 2016, was immaterial. We had $9.0 million of unrecognized compensation costs related to these awards that we expect to recognize over a weighted average period of approximately 1.3 years. The fair value at the vesting date for stock-based awards that vested during the year ended December 31, 2018 was $15.4 million.

Because the phantom stock units are settled in cash rather than shares, we record a liability in Accounts Payable and Other Liabilities in the consolidated balance sheets for these awards. The amount of this liability, including related payroll tax accruals, was $8.7 million as of December 31, 2018.

Subsequent to December 31, 2018, approximately 2.1 million performance-based award units were granted to certain of our executives. The total number of performance-based stock units that will vest depends on whether certain financial metrics are met over the performance periods.

401(k) Plan—We sponsor a 401(k) plan that provides benefits for qualified employees. Our match of the employee contributions is discretionary and has a five-year vesting schedule. The cash contributions to the plan for the years ended December 31, 2018 and 2017 were approximately $1.0 million and $0.2 million, respectively. All employees who have attained the age of 21 are eligible to participate starting the first day of the month following their date of hire. Employees are vested immediately with respect to employee contributions.

Earnings Per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

15. 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 Net Income (Loss) Attributable to Stockholders by the weighted-average number of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

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 an equal number of shares of our common stock in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of Phillips Edison Grocery Center Operating Partnership I, L.P. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock.

The impact of these OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP 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, 2018, 2017, and 2016.

The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the years ended December 31, 2018, 2017, and 2016 (in thousands, except per share amounts):



	2018		2017			2016
Numerator:
Net income (loss) attributable to stockholders - basic	$	39,138	$	(38,391	)	$	8,932
Net income (loss) attributable to convertible OP units⁽¹⁾	8,136		(3,470		)	111
Net income (loss) - diluted	$	47,274	$	(41,861	)	$	9,043
Denominator:
Weighted-average shares - basic	196,602		183,784			183,876
Conversion of OP units⁽¹⁾	44,453		12,713			2,785
Effect of dilutive restricted stock awards⁽²⁾	312		—			4
Adjusted weighted-average shares - diluted	241,367		196,497			186,665
Earnings per common share:
Basic and diluted	$	0.20	$	(0.21	)	$	0.05

⁽¹⁾

OP units include units previously issued for asset management services provided under our former advisory agreement (see Note 16), as well as units issued as part of the PELP transaction (see Note 4), all of which are convertible into common shares. The Operating Partnership income (loss) attributable to these OP units, which is included as a component of Net Income (Loss) Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator because these OP units were included in the denominator for all years presented.


⁽²⁾	Includes the dilutive impact of unvested restricted share awards using the treasury stock method.

As of December 31, 2017, approximately 18,000 restricted stock awards were outstanding. These securities were anti-dilutive and, as a result, were excluded from the weighted-average common shares used to calculate diluted EPS.

Revenue Recognition and Related Party Transactions

12 Months Ended

Dec. 31, 2018

Related Party Revenue Recognition

16. REVENUE RECOGNITION AND RELATED PARTY TRANSACTIONS

Revenue—Summarized below are amounts included in Fee and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds during the years ended December 31, 2018 and 2017, and other revenues that are not in the scope of ASC 606, Revenue from Contracts with Customers, but are included in this table for the purpose of disclosing all related party revenues (in thousands):



	For the year ended December 31, 2018
	REIT II⁽¹⁾		PECO III		Joint Ventures		Other Parties⁽²⁾		Total
Recurring fees⁽³⁾	$	17,937	$	870	$	1,948	$	281	$	21,036
Transactional revenue and reimbursements⁽⁴⁾	6,965		1,278		1,442		132		9,817
Insurance premiums	367		—		—		1,706		2,073


⁽¹⁾	All amounts earned from REIT II were earned prior to the close of the Merger in November 2018, and ceased upon its acquisition by us.


⁽²⁾	Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $1.7 million for the year ended December 31, 2018.


⁽³⁾	Recurring fees include asset management fees and property management fees.


⁽⁴⁾	Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees.



	For the year ended December 31, 2017
	REIT II		PECO III		Joint Ventures		Other Parties⁽¹⁾		Total
Recurring fees	$	4,396	$	74	$	335	$	187	$	4,992
Transactional revenue and reimbursements	1,846		679		297		136		2,958
Insurance premiums	206		—		—		—		206


⁽¹⁾	Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $0.2 million for the year ended December 31, 2017.

Our fees and management income come from the management company acquired as part of the PELP transaction in 2017. As a result, we have no related party revenue amounts for the year ended December 31, 2016.

Related Party Expenses—Prior to October 2017, a PELP affiliate and ARC were entitled to specified fees and expenditure reimbursements for certain services, including managing our day-to-day activities and implementing our investment strategy under advisory agreements, as follows:


•	Asset management and subordinated participation fees paid out monthly in cash and/or Class B units;


•	Acquisition fee based on the cost of investments acquired/originated;


•	Acquisition expenses reimbursed related to selecting, evaluating, and acquiring assets; and


•	Disposition fee paid for substantial assistance in connection with the sale of property.

As we no longer pay the fees listed below and had no outstanding unpaid amounts related to those fees as of December 31, 2018, summarized below are the fees incurred and the expenses reimbursable for the years ended December 31, 2017 and 2016 (in thousands):



	For the Year Ended December 31,
	2017		2016
Acquisition fees⁽¹⁾	$	1,344	$	2,342
Acquisition expenses⁽¹⁾	583		464
Asset management fees⁽²⁾	15,573		19,239
OP units distribution⁽³⁾	1,373		1,866
Class B unit distribution⁽⁴⁾	1,409		1,576
Disposition fees⁽⁵⁾	19		745
Total	$	20,301	$	26,232


⁽¹⁾	The majority of acquisition and due diligence fees are capitalized and allocated to the related investment in real estate assets on the consolidated balance sheets based on the acquisition-date fair values of the respective assets and liabilities acquired.


⁽²⁾	Asset management fees are presented in General and Administrative on the consolidated statements of operations.


⁽³⁾	Distributions 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 in General and Administrative on the consolidated statements of operations.


⁽⁵⁾	Disposition fees are presented as Other (Expense) Income, Net on the consolidated statements of operations.

Prior to the completion of the PELP transaction in October 2017, all of our real properties were managed and leased by a PELP affiliate and Phillips Edison & Company Ltd. (the “Property Manager”), which was wholly-owned by PELP. The Property Manager was entitled to the following specified fees and expenditure reimbursements:


•	Property management fee based on monthly gross cash receipts from the properties managed;


•	Leasing commissions paid for leasing services rendered with respect to a particular property;


•	Construction management costs paid for construction management services rendered with respect to a particular property; and


•	Other expenses and reimbursement incurred by the Property Manager on our behalf.

We no longer pay the fees listed below and had no outstanding unpaid amounts related to those fees as of December 31, 2018. Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the years ended December 31, 2017 and 2016 (in thousands):



	For the Year Ended December 31,
	2017		2016
Property management fees⁽¹⁾	$	8,360	$	9,929
Leasing commissions⁽²⁾	6,670		7,701
Construction management fees⁽²⁾	1,367		1,127
Other fees and reimbursements⁽³⁾	6,234		5,627
Total	$	22,631	$	24,384


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


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


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

Organization and Offering Costs—Under the terms of one of our Management Agreements, we have incurred organization and offering costs related to PECO III during 2018 and 2017. We have incurred organization and offering costs related to PECO III’s private placement and public offering, which were approximately $2.3 million and $2.2 million, respectively, and were recorded in Accounts Receivable - Affiliates on the consolidated balance sheets. The amounts recognized in Accounts Receivable - Affiliates were $4.5 million and $2.0 million as of December 31, 2018 and 2017, respectively.

During the public offering period for PECO III, we will receive a contingent fee of 2.15% of the contract price of each property or other real estate investment it acquires. This reimbursement is intended to allow us to recoup a portion of the dealer manager fees and organization and offering costs advanced by PECO III’s advisor, in which we have a 75% interest. Therefore, this reimbursement shall not exceed the amount of organization and offering costs and dealer manager fees outstanding at the time of closing for the acquired property.

The initial $4.5 million we may incur to fund organization and offering costs related to the PECO III public offering will be retained by PECO III until the termination of its public offering, at which time such amount will be paid.

In addition to organization and offering costs, we have receivables related to Management Agreements from related parties of $0.6 million and $4.1 million as of December 31, 2018 and 2017, respectively. These amounts are recorded on the consolidated balance sheets in Accounts Receivable – Affiliates.

Other Related Party Matters—Under the terms of the advisory agreement, we have incurred organization and offering costs related to PECO III. A portion of those costs were incurred by Griffin Capital Corporation (“Griffin sponsor”), a co-sponsor of PECO III. The Griffin sponsor owns a 25% interest and we own a 75% interest in the PECO III Advisor. As such, of the receivable we have from PECO III, $1.2 million and $1.4 million were reimbursable to the Griffin sponsor as of December 31, 2018 and 2017, respectively, and are recorded in Accounts Payable and Other Liabilities on the consolidated balance sheets.

PECO Air L.L.C. (“PECO Air”), an entity in which Mr. Edison, our Chairman and Chief Executive Officer, owns a 50% interest, owns an airplane that we use for business purposes in the course of our operations. We paid approximately $0.8 million and $0.1 million to PECO Air for use of its airplane for the years ended December 31, 2018 and 2017, respectively.

Upon completion of the PELP transaction, we assumed PELP’s obligation as the limited guarantor for up to $200 million, capped at $50 million in most instances, of NRP’s debt. Our guarantee is limited to being the non-recourse carveout guarantor and the environmental indemnitor.

As a part of the GRP I Joint Venture, GRP I assumed from us a $175 million mortgage loan for which we assumed the obligation of limited guarantor. Our guarantee is limited to being the non-recourse carveout guarantor and the environmental indemnitor. We entered into a separate agreement with Northwestern Mutual in which we agree to apportion any potential liability under this guaranty between us and them based on our ownership percentage.

Operating Leases

12 Months Ended

Dec. 31, 2018

Leases, Operating [Abstract]

Operating Leases

17. 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 noncancelable operating leases in effect as of December 31, 2018, assuming no new or renegotiated leases or option extensions on lease agreements, is as follows (in thousands):



Year	Amount
2019	$	372,632
2020	340,028
2021	292,887
2022	247,915
2023	196,152
2024 and thereafter	555,282
Total	$	2,004,896

No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of December 31, 2018. As of December 31, 2018, our real estate investments in Florida and California represented 12.0% and 10.1% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse economic or weather developments in the real estate markets of Florida or California.

Fair Value Measurements

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

18. FAIR VALUE MEASUREMENTS

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

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

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

Debt Obligations—We estimate the fair value of our debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs. The discount rates used approximate 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, 2018 and 2017 (in thousands):



	2018		2017
Fair value	$	2,467,317	$	1,765,151
Recorded value⁽¹⁾	2,456,867		1,823,040


⁽¹⁾	Recorded value does not include net deferred financing expenses of $18.0 million and $16.0 million as of December 31, 2018 and 2017, respectively.

Recurring and Nonrecurring Fair Value Measurements—Our earn-out liability and interest rate swaps are measured and recognized at fair value on a recurring basis, while certain real estate assets and liabilities are measured and recognized at fair value as needed. Fair value measurements that occurred as of and during the years ended December 31, 2018 and 2017 were as follows (in thousands):



	2018								2017
	Level 1		Level 2			Level 3			Level 1		Level 2			Level 3
Recurring
Derivative assets⁽¹⁾	$	—	$	29,708		$	—		$	—	$	16,496		$	—
Derivative liability⁽¹⁾	—		(3,633		)	—			—		(61		)	—
Earn-out liability⁽²⁾	—		—			(39,500		)	—		—			(38,000		)
Nonrecurring
Impaired real estate assets	—		71,991			—			—		—			—


⁽¹⁾	We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets.


⁽²⁾	The estimated fair value of the earn-out is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets.

The following table presents a reconciliation of the change in the liability measured at fair value on a recurring basis using Level 3 inputs (in thousands):



	Earn-Out Liability
Balance at December 31, 2017	$	38,000
Change in fair value recognized in Other (Expense) Income, Net	1,500
Balance at December 31, 2018	$	39,500

Derivative Instruments—As of December 31, 2018 and 2017, we had interest rate swaps that fixed LIBOR on portions of our unsecured term loan facilities.

All interest rate swap agreements are measured at fair value on a recurring basis. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2018 and 2017, 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.

Earn-out—The terms of the PELP transaction include an earn-out structure with an opportunity for up to an additional 12.5 million OP units to be issued to PELP as additional consideration if certain milestones are achieved. The milestones are related to a liquidity event for our stockholders and fundraising targets in PECO III, of which PELP was a co-sponsor.

We estimate the fair value of this liability using weighted-average probabilities of likely outcomes. These estimates require us to make various assumptions about future share prices, timing of liquidity events, equity raise projections, and other items that are unobservable and are considered Level 3 inputs in the fair value hierarchy. In calculating the fair value of this liability, we have determined that the range of potential outcomes still includes a possibility of no additional OP units issued as well as up to 8.0 million out of the maximum 12.5 million units being issued.

Real Estate Asset Impairment—Our real estate assets are measured and recognized at fair value on a nonrecurring basis dependent upon when we determine an impairment has occurred. In 2018, we impaired assets that were under contract or actively marketed for sale at a disposition price that was less than carrying value, or had other operational impairment indicators. During the year ended December 31, 2018, we recorded impairments of $40.8 million. Two of the impaired real estate assets were disposed of before year end. The valuation technique used for the fair value of all impaired real estate assets was the expected net sales proceeds. We determined that valuation to fall under Level 2 of the fair value hierarchy. We did not have any impaired real estate assets during the year ended December 31, 2017.

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.

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Data [Abstract]

19. QUARTERLY FINANCIAL DATA (UNAUDITED)

The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2018 and 2017. 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.



	2018
(in thousands, except per share amounts)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter⁽¹⁾
Total revenue	$	103,199		$	104,173		$	104,899		$	118,121
Net (loss) income attributable to stockholders	(1,600		)	(11,351		)	(13,228		)	65,317
Net (loss) income per share - basic and diluted	(0.01		)	(0.06		)	(0.07		)	0.34



	2017
(in thousands, except per share amounts)	First Quarter		Second Quarter			Third Quarter⁽²⁾			Fourth Quarter⁽³⁾
Total revenue	$	68,303	$	69,851		$	70,624		$	102,765
Net income (loss) attributable to stockholders	1,106		(1,193		)	(8,232		)	(30,072		)
Net income (loss) per share - basic and diluted	0.01		(0.01		)	(0.04		)	(0.17		)


⁽¹⁾	The increase in net income for the fourth quarter was primarily associated with the gain as a result of the contribution of properties to GRP I. Net income and revenue were also impacted by the Merger.


⁽²⁾	The net loss in the third quarter was primarily due to expenses related to the PELP transaction and the termination of our relationship with ARC.


⁽³⁾	The increases in revenue and net loss in the fourth quarter were primarily associated with the PELP transaction.

Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

20. SUBSEQUENT EVENTS

Distributions—Distributions paid to stockholders and OP unit holders of record subsequent to December 31, 2018, were as follows (in thousands):



Month	Date of Record	Monthly Distribution Rate	Date Distribution Paid	Gross Amount of Distribution Paid		Distribution Reinvested through the DRIP		Net Cash Distribution
December	12/17/2018	$0.05583344	1/2/2019	$	18,055	$	5,951	$	12,104
January	1/15/2019	$0.05583344	2/1/2019	18,077		5,899		12,178
February	2/15/2019	$0.05583344	3/1/2019	18,018		5,868		12,150

In March 2019 our Board authorized distributions for March, April, and May 2019 to the stockholders of record at the close of business on March 15, 2019, April 15, 2019, and May 15, 2019, respectively, equal to a monthly amount of $0.05583344 per share of common stock. OP unit holders will receive distributions at the same rate as common stockholders. We pay distributions to stockholders and OP unit holders based on monthly record dates. We expect to pay these distributions on the first business day after the end of each month.

Dispositions—Subsequent to December 31, 2018, we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands):

Property Name

Location

Anchor Tenant

Square Footage

Disposition Date

Sale Price

(Loss) Gain

Eastland Station

Evansville, IN

Gabe’s

150,772

1/19/2019

9,300

(97

)

Lovejoy Village Station

Jonesboro, GA

Kroger

84,711

2/14/2019

9,125

1,189

Amendment to PELP Transaction Contribution Agreement—On March 12, 2019, the Company entered into an amendment (the “Amendment”) to the terms of the earn-out provisions set forth in the Contribution Agreement, dated as of May 18, 2017, between the Company, the Operating Partnership and the contributors listed therein (the “Contribution Agreement”), originally entered into in connection with the PELP transaction. The earn-out provisions provided, in relevant part, that the contributors would have the right to receive a minimum of 3 million and a maximum of 5 million OP Units as contingent consideration if a “liquidity event” (as defined in the Contribution Agreement) was successfully achieved by the Company by December 31, 2019, with reduced amounts payable if a liquidity event was achieved in 2020 or 2021. Pursuant to the terms of the amendment, the initial earn-out term has been extended by two years through December 31, 2021 and the threshold for the maximum payout of 5 million units has been raised to $11.20 per share from $10.20 per share.

Performance LTIP Units—On March 12, 2019, the Compensation Committee of the Company’s Board of Directors (the “Committee”) approved a new form of award agreement under the Company’s Amended and Restated 2010 Long-Term Incentive Plan for performance-based long term incentive units (“Performance LTIP Units”) and made one-time grants of Performance LTIP Units to each of Jeffrey S. Edison, the Company’s Chief Executive Officer and President, and Devin Murphy, the Company’s Chief Financial Officer and Treasurer. Mr. Edison’s award is for a maximum grant of approximately 1.4 million units based on performance conditions over a 7 year period. Mr. Murphy’s award is for a maximum grant of approximately 0.7 million units based on performance conditions over a 5 year period.

Schedule III - Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III-Real Estate Assets and Accumulated Depreciation



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION⁽¹⁾
December 31, 2018
(in thousands)
				Initial Cost				Cost Capitalized Subsequent to Acquisition⁽³⁾		Gross Amount Carried at End of Period⁽⁴⁾
Property Name	City, State	Encumbrances⁽²⁾		Land and Improvements		Buildings and Improvements				Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation		Date Constructed/ Renovated	Date Acquired
Lakeside Plaza	Salem, VA	$	—	$	3,344	$	5,247	$	371	$	3,473	$	5,489	$	8,962	$	2,299	1988	12/10/2010
Snow View Plaza	Parma, OH	—		4,104		6,432		568		4,305		6,799		$	11,104	3,183		1981	12/15/2010
St. Charles Plaza	Davenport, FL	—		4,090		4,398		303		4,169		4,623		$	8,792	2,317		2007	6/10/2011
Centerpoint	Easley, SC	—		2,404		4,361		1,184		2,789		5,161		$	7,950	1,930		2002	10/14/2011
Southampton Village	Tyrone, GA	—		2,670		5,176		926		2,826		5,945		$	8,771	2,193		2003	10/14/2011
Burwood Village Center	Glen Burnie, MD	—		5,448		10,167		421		5,605		10,431		$	16,036	4,073		1971	11/9/2011
Cureton Town Center	Waxhaw, NC	—		6,569		6,197		2,592		5,916		9,442		$	15,358	3,156		2006	12/29/2011
Tramway Crossing	Sanford, NC	—		2,016		3,071		652		2,314		3,425		$	5,739	1,554		1996	2/23/2012
Westin Centre	Fayetteville, NC	—		2,190		3,499		555		2,438		3,806		$	6,244	1,643		1996/1999	2/23/2012
Village At Glynn Place	Brunswick, GA	—		5,202		6,095		392		5,270		6,419		$	11,689	3,244		1992	4/27/2012
Meadowthorpe Manor Shoppes	Lexington, KY	—		4,093		4,185		523		4,411		4,390		$	8,801	1,921		1989/2008	5/9/2012
New Windsor Marketplace	Windsor, CO	—		3,867		1,330		464		4,053		1,607		$	5,660	981		2003	5/9/2012
Brentwood Commons	Bensenville, IL	—		6,105		8,018		1,475		6,174		9,425		$	15,599	3,107		1981/2001	7/5/2012
Sidney Towne Center	Sidney, OH	—		1,429		3,802		1,289		2,028		4,491		$	6,519	2,101		1981/2007	8/2/2012
Broadway Plaza	Tucson, AZ	6,015		4,979		7,169		1,207		5,607		7,748		$	13,355	3,038		1982/1995	8/13/2012
Baker Hill Center	Glen Ellyn, IL	—		7,068		13,738		3,937		7,725		17,017		$	24,742	4,644		1998	9/6/2012
New Prague Commons	New Prague, MN	—		3,248		6,604		154		3,367		6,639		$	10,006	2,214		2008	10/12/2012
Brook Park Plaza	Brook Park, OH	—		2,545		7,594		741		2,789		8,091		$	10,880	2,747		2001	10/23/2012
Heron Creek Towne Center	North Port, FL	—		4,062		4,082		192		4,126		4,210		$	8,336	1,674		2001	12/17/2012
Quartz Hill Towne Centre	Lancaster, CA	—		6,352		13,529		561		6,616		13,826		$	20,442	3,936		1991/2012	12/27/2012
Village One Plaza	Modesto, CA	—		5,166		18,752		546		5,247		19,218		$	24,465	4,708		2007	12/28/2012
Hilfiker Shopping Center	Salem, OR	—		2,455		4,750		66		2,511		4,761		$	7,272	1,309		1984/2011	12/28/2012
Butler Creek	Acworth, GA	—		3,925		6,107		1,027		4,251		6,807		$	11,058	2,215		1989	1/15/2013
Fairview Oaks	Ellenwood, GA	—		3,563		5,266		897		4,070		5,656		$	9,726	1,763		1996	1/15/2013
Grassland Crossing	Alpharetta, GA	—		3,680		5,791		628		3,801		6,298		$	10,099	2,103		1996	1/15/2013
Hamilton Ridge	Buford, GA	—		4,054		7,168		581		4,177		7,625		$	11,802	2,497		2002	1/15/2013
Mableton Crossing	Mableton, GA	—		4,426		6,413		1,265		4,917		7,187		$	12,104	2,303		1997	1/15/2013
Shops at Westridge	McDonough, GA	—		2,788		3,901		498		2,807		4,380		$	7,187	1,513		2006	1/15/2013
Fairlawn Town Centre	Fairlawn, OH	—		10,398		29,005		2,729		11,528		30,603		$	42,131	9,998		1962/1996	1/30/2013
Macland Pointe	Marietta, GA	—		3,493		5,364		770		3,720		5,906		$	9,626	2,015		1992	2/13/2013
Kleinwood Center	Spring, TX	—		11,478		18,954		858		11,610		19,680		$	31,290	5,808		2003	3/21/2013
Murray Landing	Columbia, SC	—		2,927		6,856		1,421		3,191		8,012		$	11,203	2,120		2003	3/21/2013
Vineyard Shopping Center	Tallahassee, FL	—		2,761		4,175		384		2,889		4,432		$	7,321	1,363		2002	3/21/2013
Lutz Lake Crossing	Lutz, FL	—		2,636		6,600		438		2,870		6,804		$	9,674	1,741		2002	4/4/2013



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION⁽¹⁾
December 31, 2018
(in thousands)
			Initial Cost		Cost Capitalized Subsequent to Acquisition⁽³⁾	Gross Amount Carried at End of Period⁽⁴⁾
Property Name	City, State	Encumbrances⁽²⁾	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total		Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Publix at Seven Hills	Spring Hill, FL	—	2,126	5,642	658	2,409	6,017	$	8,426	1,620	1991/2006	4/4/2013
Hartville Centre	Hartville, OH	—	2,069	3,691	1,382	2,383	4,760	$	7,143	1,462	1988/2008	4/23/2013
Sunset Shopping Center	Corvallis, OR	—	7,933	14,925	663	8,008	15,512	$	23,520	4,116	1998	5/31/2013
Savage Town Square	Savage, MN	—	4,106	9,409	228	4,232	9,511	$	13,743	2,633	2003	6/19/2013
Northcross	Austin, TX	—	30,724	25,627	949	31,010	26,290	$	57,300	6,889	1975/2010	6/24/2013
Glenwood Crossings	Kenosha, WI	—	1,872	9,914	615	2,111	10,290	$	12,401	2,350	1992	6/27/2013
Shiloh Square Shopping Center	Kennesaw, GA	—	4,685	8,729	1,103	4,813	9,703	$	14,516	2,519	1996/2003	6/27/2013
Pavilions at San Mateo	Albuquerque, NM	—	6,470	18,726	755	6,679	19,272	$	25,951	4,731	1997	6/27/2013
Boronda Plaza	Salinas, CA	—	9,027	11,870	560	9,144	12,313	$	21,457	3,008	2003/2006	7/3/2013
Westwoods Shopping Center	Arvada, CO	—	3,706	11,115	555	4,098	11,277	$	15,375	2,824	2003	8/8/2013
Paradise Crossing	Lithia Springs, GA	—	2,204	6,064	624	2,372	6,520	$	8,892	1,667	2000	8/13/2013
Contra Loma Plaza	Antioch, CA	—	3,243	3,926	1,566	3,838	4,897	$	8,735	1,131	1989	8/19/2013
South Oaks Plaza	St. Louis, MO	—	1,938	6,634	428	2,085	6,915	$	9,000	1,654	1969/1987	8/21/2013
Yorktown Centre	Millcreek Township, PA	—	3,736	15,396	1,421	4,020	16,532	$	20,552	4,716	1989/2013	8/30/2013
Dyer Town Center	Dyer, IN	9,564	6,017	10,214	446	6,188	10,488	$	16,676	2,709	2004/2005	9/4/2013
East Burnside Plaza	Portland, OR	—	2,484	5,422	116	2,554	5,468	$	8,022	1,092	1955/1999	9/12/2013
Red Maple Village	Tracy, CA	—	9,250	19,466	343	9,392	19,668	$	29,060	4,026	2009	9/18/2013
Crystal Beach Plaza	Palm Harbor, FL	—	2,334	7,918	424	2,400	8,276	$	10,676	1,946	2010	9/25/2013
CitiCentre Plaza	Carroll, IA	—	770	2,530	278	982	2,597	$	3,579	723	1991/1995	10/2/2013
Duck Creek Plaza	Bettendorf, IA	—	4,612	13,007	1,229	5,144	13,703	$	18,847	3,219	2005/2006	10/8/2013
Cahill Plaza	Inver Grove Heights, MN	—	2,587	5,114	634	2,945	5,389	$	8,334	1,374	1995	10/9/2013
Pioneer Plaza	Springfield, OR	—	4,948	5,679	556	5,117	6,066	$	11,183	1,573	1989/2008	10/18/2013
Fresh Market Shopping Center	Normal, IL	—	4,460	17,772	1,529	5,100	18,660	$	23,760	2,999	1983/1999	10/22/2013
Courthouse Marketplace	Virginia Beach, VA	—	6,130	8,061	884	6,366	8,709	$	15,075	2,111	2005	10/25/2013
Hastings Marketplace	Hastings, MN	—	3,980	10,045	386	4,218	10,193	$	14,411	2,503	2002	11/6/2013
Coquina Plaza	Southwest Ranches, FL	6,547	9,458	11,770	508	9,512	12,224	$	21,736	2,798	1998	11/7/2013
Shoppes of Paradise Lakes	Miami, FL	5,347	5,805	6,011	445	6,027	6,235	$	12,262	1,737	1999	11/7/2013
Collington Plaza	Bowie, MD	—	12,207	15,142	545	12,384	15,510	$	27,894	3,433	1996	11/21/2013
Golden Town Center	Golden, CO	—	7,065	10,113	1,481	7,422	11,237	$	18,659	2,842	1993/2003	11/22/2013
Northstar Marketplace	Ramsey, MN	—	2,810	9,204	478	2,864	9,629	$	12,493	2,388	2004	11/27/2013
Bear Creek Plaza	Petoskey, MI	—	5,677	17,611	1,541	5,737	19,092	$	24,829	4,266	1998/2009	12/18/2013



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION⁽¹⁾
December 31, 2018
(in thousands)
			Initial Cost		Cost Capitalized Subsequent to Acquisition⁽³⁾	Gross Amount Carried at End of Period⁽⁴⁾
Property Name	City, State	Encumbrances⁽²⁾	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total		Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
East Side Square	Springfield, OH	—	394	963	62	407	1,014	$	1,421	287	2007	12/18/2013
Flag City Station	Findlay, OH	—	4,685	9,630	492	4,817	9,991	$	14,808	2,618	1992	12/18/2013
Hoke Crossing	Clayton, OH	—	481	1,060	232	509	1,264	$	1,773	305	2006	12/18/2013
Southern Hills Crossing	Kettering, OH	—	778	1,481	59	801	1,517	$	2,318	439	2002	12/18/2013
Town & Country Shopping Center	Noblesville, IN	—	7,361	16,269	293	7,399	16,524	$	23,923	4,327	1998	12/18/2013
Sulphur Grove	Huber Heights, OH	—	553	2,142	130	605	2,219	$	2,824	498	2004	12/18/2013
Southgate Shopping Center	Des Moines, IA	—	2,434	8,358	688	2,797	8,683	$	11,480	2,188	1972/2013	12/20/2013
Sterling Pointe Center	Lincoln, CA	—	7,039	20,822	1,267	7,332	21,795	$	29,127	4,260	2004	12/20/2013
Arcadia Plaza	Phoenix, AZ	—	5,774	6,904	2,477	5,922	9,233	$	15,155	1,827	1980	12/30/2013
Stop & Shop Plaza	Enfield, CT	12,100	8,892	15,028	1,048	9,262	15,706	$	24,968	3,690	1988/1998	12/30/2013
Fairacres Shopping Center	Oshkosh, WI	—	3,543	5,189	496	3,863	5,365	$	9,228	1,619	1992/2013	1/21/2014
Savoy Plaza	Savoy, IL	—	4,304	10,895	653	4,577	11,274	$	15,851	2,875	1999/2007	1/31/2014
The Shops of Uptown	Park Ridge, IL	—	7,744	16,884	775	7,871	17,532	$	25,403	3,441	2006	2/25/2014
Chapel Hill North Center	Chapel Hill, NC	6,990	4,776	10,189	1,134	5,009	11,091	$	16,100	2,614	1998	2/28/2014
Coppell Market Center	Coppell, TX	12,117	4,870	12,236	89	4,917	12,278	$	17,195	2,572	2008	3/5/2014
Winchester Gateway	Winchester, VA	—	9,342	23,468	1,561	9,561	24,811	$	34,372	5,129	2006	3/5/2014
Stonewall Plaza	Winchester, VA	—	7,929	16,642	706	7,971	17,307	$	25,278	3,707	2007	3/5/2014
Town Fair Center	Louisville, KY	—	8,108	14,411	2,749	8,339	16,929	$	25,268	4,000	1988/1994	3/12/2014
Villages at Eagles Landing	Stockbridge, GA	1,810	2,824	5,515	943	3,281	6,002	$	9,283	1,624	1995	3/13/2014
Champions Gate Village	Davenport, FL	—	1,814	6,060	210	1,880	6,204	$	8,084	1,553	2001	3/14/2014
Towne Centre at Wesley Chapel	Wesley Chapel, FL	—	2,466	5,553	226	2,574	5,671	$	8,245	1,348	2000	3/14/2014
Statler Square	Staunton, VA	7,463	4,108	9,072	773	4,523	9,430	$	13,953	2,326	1989	3/21/2014
Burbank Plaza	Burbank, IL	—	2,972	4,546	3,354	3,492	7,380	$	10,872	1,467	1972/1995	3/25/2014
Hamilton Village	Chattanooga, TN	—	12,682	19,103	425	12,234	19,976	$	32,210	5,066	1989	4/3/2014
Waynesboro Plaza	Waynesboro, VA	—	5,597	8,334	117	5,642	8,406	$	14,048	2,028	2005	4/30/2014
Southwest Marketplace	Las Vegas, NV	—	16,019	11,270	2,729	16,080	13,939	$	30,019	3,077	2008	5/5/2014
Hampton Village	Taylors, SC	—	5,456	7,254	2,742	5,791	9,661	$	15,452	2,308	1959/1998	5/21/2014
Central Station	Louisville, KY	—	6,143	6,932	2,060	6,422	8,713	$	15,135	1,902	2005/2007	5/23/2014
Kirkwood Market Place	Houston, TX	—	5,786	9,697	417	5,914	9,986	$	15,900	2,079	1979/2008	5/23/2014
Fairview Plaza	New Cumberland, PA	—	2,786	8,500	223	2,916	8,594	$	11,510	1,665	1992/1999	5/27/2014
Broadway Promenade	Sarasota, FL	—	3,831	6,795	150	3,863	6,913	$	10,776	1,370	2007	5/28/2014
Townfair Center	Indiana, PA	—	7,007	13,233	927	7,196	13,972	$	21,168	3,182	1995/2010	5/29/2014



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION⁽¹⁾
December 31, 2018
(in thousands)
			Initial Cost		Cost Capitalized Subsequent to Acquisition⁽³⁾	Gross Amount Carried at End of Period⁽⁴⁾
Property Name	City, State	Encumbrances⁽²⁾	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total		Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
St. Johns Commons	Jacksonville, FL	—	1,599	10,384	565	1,742	10,806	$	12,548	2,082	2003	5/30/2014
Heath Brook Commons	Ocala, FL	—	3,470	8,352	437	3,528	8,731	$	12,259	1,798	2002	5/30/2014
Park View Square	Miramar, FL	—	5,700	9,304	470	5,785	9,689	$	15,474	1,987	2003	5/30/2014
The Orchards	Yakima, WA	—	5,425	8,743	389	5,636	8,921	$	14,557	1,910	2002	6/3/2014
Hannaford Plaza	Waltham, MA	—	4,614	7,903	228	4,715	8,030	$	12,745	1,470	1950/1993	6/23/2014
Shaw's Plaza Hanover	Hanover, MA	—	2,826	5,314	10	2,826	5,324	$	8,150	1,099	1994/2000	6/23/2014
Shaw's Plaza Easton	Easton, MA	—	5,520	7,173	466	5,766	7,394	$	13,160	1,721	1984/2004	6/23/2014
Lynnwood Place	Jackson, TN	—	3,341	4,826	1,221	3,542	5,845	$	9,387	1,514	1986/2013	7/28/2014
Thompson Valley Towne Center	Loveland, CO	5,383	5,758	17,387	1,020	6,066	18,099	$	24,165	3,588	1999	8/1/2014
Lumina Commons	Wilmington, NC	7,942	1,896	11,249	634	2,063	11,716	$	13,779	1,998	1974/2007	8/4/2014
Driftwood Village	Ontario, CA	—	6,811	12,993	1,053	7,189	13,668	$	20,857	2,636	1985	8/7/2014
French Golden Gate	Bartow, FL	—	2,505	12,877	1,404	2,688	14,097	$	16,785	2,519	1960/2011	8/28/2014
Orchard Square	Washington Township, MI	6,339	1,361	11,550	389	1,548	11,752	$	13,300	2,260	1999	9/8/2014
Trader Joe's Center	Dublin, OH	—	2,338	7,922	1,191	2,655	8,796	$	11,451	1,751	1986	9/11/2014
Palmetto Pavilion	North Charleston, SC	—	2,509	8,526	861	3,228	8,668	$	11,896	1,622	2003	9/11/2014
Five Town Plaza	Springfield, MA	—	8,912	19,635	6,224	9,988	24,782	$	34,770	5,468	1970/2013	9/24/2014
Fairfield Crossing	Beavercreek, OH	—	3,572	10,026	99	3,605	10,091	$	13,696	1,956	1994	10/24/2014
Beavercreek Towne Center	Beavercreek, OH	—	14,055	30,799	615	14,537	30,932	$	45,469	6,613	1994	10/24/2014
Grayson Village	Loganville, GA	—	3,952	5,620	1,182	4,017	6,737	$	10,754	1,788	2002	10/24/2014
The Fresh Market Commons	Pawleys Island, SC	—	2,442	4,941	81	2,442	5,023	$	7,465	1,021	2011	10/28/2014
Claremont Village	Everett, WA	—	5,635	10,495	877	5,806	11,202	$	17,008	2,157	1994/2012	11/6/2014
Juan Tabo Plaza	Albuquerque, NM	—	2,466	4,568	584	2,592	5,027	$	7,619	1,324	1975/1989	11/12/2014
Cherry Hill Marketplace	Westland, MI	—	4,627	10,137	2,117	5,015	11,866	$	16,881	2,513	1992/2000	12/17/2014
Nor'Wood Shopping Center	Colorado Springs, CO	—	5,358	6,684	459	5,435	7,066	$	12,501	1,655	2003	1/8/2015
Sunburst Plaza	Glendale, AZ	—	3,435	6,041	592	3,578	6,490	$	10,068	1,634	1970	2/11/2015
Rivermont Station	Johns Creek, GA	—	6,876	8,916	795	7,105	9,482	$	16,587	2,698	1996/2003	2/27/2015
Breakfast Point Marketplace	Panama City Beach, FL	—	5,578	12,052	562	5,819	12,373	$	18,192	2,265	2009/2010	3/13/2015
Falcon Valley	Lenexa, KS	—	3,131	6,873	273	3,370	6,908	$	10,278	1,397	2008/2009	3/13/2015
Kohl's Onalaska	Onalaska, WI	—	2,670	5,648	—	2,670	5,648	$	8,318	1,269	1992/1993	3/13/2015
Coronado Center	Santa Fe, NM	—	4,396	16,460	2,351	4,534	18,673	$	23,207	2,681	1964	5/1/2015
Westcreek Plaza	Coconut Creek, FL	5,905	3,459	6,131	116	3,483	6,222	$	9,705	1,023	2006/13	7/10/2015



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION⁽¹⁾
December 31, 2018
(in thousands)
			Initial Cost		Cost Capitalized Subsequent to Acquisition⁽³⁾		Gross Amount Carried at End of Period⁽⁴⁾
Property Name	City, State	Encumbrances⁽²⁾	Land and Improvements	Buildings and Improvements			Land and Improvements	Buildings and Improvements	Total		Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Northwoods Crossing	Taunton, MA	—	10,092	14,437	201		10,235	14,495	$	24,730	2,983	2003/2010	5/24/2016
Murphy Marketplace	Murphy, TX	—	28,652	33,122	426		28,868	33,333	$	62,201	4,005	2008/2015	6/24/2016
Harbour Village	Jacksonville, FL	—	5,612	16,702	640		5,945	17,009	$	22,954	1,826	2006	9/22/2016
Oak Mill Plaza	Niles, IL	1,184	6,843	13,692	775		7,353	13,956	$	21,309	2,196	1977	10/3/2016
Southern Palms	Tempe, AZ	24,076	10,025	24,332	1,382		10,320	25,420	$	35,740	3,171	1982	10/26/2016
Golden Eagle Village	Clermont, FL	7,340	3,735	7,735	276		3,796	7,950	$	11,746	891	2011	10/27/2016
Atwater Marketplace	Atwater, CA	—	6,116	7,597	504		6,293	7,924	$	14,217	934	2008	2/10/2017
Rocky Ridge Town Center	Roseville, CA	21,614	5,449	29,207	411		5,599	29,468	$	35,067	1,923	1996	4/18/2017
Greentree Centre	Racine, WI	—	2,955	8,718	580		3,347	8,906	$	12,253	737	1989/1994	5/5/2017
Sierra Del Oro Towne Centre	Corona, CA	7,362	9,011	17,989	775		9,188	18,587	$	27,775	1,310	1991	6/20/2017
Vaughn's at East North	Greenville, SC	—	1,182	1,812	(311	)	948	1,736	$	2,684	46	1979	10/4/2017
Ashland Junction	Ashland, VA	—	4,987	6,050	424		5,125	6,335	$	11,460	745	1989	10/4/2017
Barclay Place Shopping Center	Lakeland, FL	—	1,948	7,174	477		2,038	7,562	$	9,600	602	1989	10/4/2017
Barnwell Plaza	Barnwell, SC	—	1,190	1,883	1		1,190	1,884	$	3,074	343	1985	10/4/2017
Birdneck Shopping Center	Virginia Beach, VA	—	1,900	3,253	204		1,957	3,400	$	5,357	317	1987	10/4/2017
Cactus Village	Phoenix, AZ	—	4,313	5,934	132		4,313	6,066	$	10,379	431	1986	10/4/2017
Centre Stage Shopping Center	Springfield, TN	—	4,746	9,533	176		4,919	9,535	$	14,454	806	1989	10/4/2017
Civic Center	Cincinnati, OH	—	2,448	1,961	114		2,448	2,076	$	4,524	546	1986	10/4/2017
Countryside Shopping Center	Port Orange, FL	—	2,923	12,315	171		2,973	12,436	$	15,409	850	1983	10/4/2017
Crossroads Plaza	Asheboro, NC	—	1,722	2,545	582		2,084	2,766	$	4,850	313	1984	10/4/2017
Dunlop Village	Colonial Heights, VA	—	2,420	4,892	373		2,493	5,191	$	7,684	398	1987	10/4/2017
Edgecombe Square	Tarboro, NC	—	1,412	2,258	305		1,478	2,497	$	3,975	418	1990	10/4/2017
Emporia West Plaza	Emporia, KS	—	872	3,409	179		872	3,588	$	4,460	324	1980/2000	10/4/2017
Forest Park Square	Cincinnati, OH	—	4,007	5,877	112		4,013	5,984	$	9,997	605	1988	10/4/2017
Geist Centre	Indianapolis, IN	—	3,873	6,779	303		3,943	7,012	$	10,955	509	1989	10/4/2017
Goshen Station	Goshen, OH	—	1,555	4,621	30		1,585	4,621	$	6,206	489	1973/2003	10/4/2017
Governors Square	Montgomery, AL	—	6,460	9,786	283		6,493	10,035	$	16,528	932	1960/2000	10/4/2017
Guadalupe Plaza	Albuquerque, NM	—	2,920	7,695	280		2,933	7,962	$	10,895	485	1985	10/4/2017
The Village Shopping Center	Mooresville, IN	—	2,089	6,970	392		2,055	7,396	$	9,451	185	1965/1997	10/4/2017
Heritage Oaks	Gridley, CA	5,078	2,390	7,404	77		2,390	7,482	$	9,872	723	1979	10/4/2017
Hickory Plaza	Nashville, TN	5,022	2,927	5,099	94		2,955	5,165	$	8,120	412	1974/1986	10/4/2017
Highland Fair	Gresham, OR	7,173	3,263	7,979	145		3,288	8,099	$	11,387	497	1984/1999	10/4/2017



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION⁽¹⁾
December 31, 2018
(in thousands)
			Initial Cost		Cost Capitalized Subsequent to Acquisition⁽³⁾		Gross Amount Carried at End of Period⁽⁴⁾
Property Name	City, State	Encumbrances⁽²⁾	Land and Improvements	Buildings and Improvements			Land and Improvements	Buildings and Improvements	Total		Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
High Point Village	Bellefontaine, OH	—	3,386	7,485	88		3,420	7,540	$	10,960	861	1988	10/4/2017
Jackson Village	Jackson, KY	—	1,606	6,992	225		1,644	7,179	$	8,823	750	1985/1996	10/4/2017
Mayfair Village	Hurst, TX	—	15,343	16,522	278		15,512	16,631	$	32,143	1,229	1981/2004	10/4/2017
LaPlata Plaza	La Plata, MD	—	8,434	22,855	317		8,533	23,072	$	31,605	1,308	2003	10/4/2017
Lafayette Square	Lafayette, IN	7,536	5,387	5,636	129		5,460	5,691	$	11,151	1,195	1963/2001	10/4/2017
Landen Square	Maineville, OH	—	2,081	3,467	309		2,222	3,635	$	5,857	403	1981/2003	10/4/2017
Marion City Square	Marion, NC	—	2,811	6,304	119		2,853	6,381	$	9,234	800	1987	10/4/2017
Melbourne Village Plaza	Melbourne, FL	—	5,418	7,280	490		5,518	7,671	$	13,189	976	1987	10/4/2017
Commerce Square	Brownwood, TX	—	6,027	8,341	188		6,035	8,521	$	14,556	810	1969/2007	10/4/2017
Upper Deerfield Plaza	Bridgeton, NJ	—	5,073	5,882	716		5,278	6,392	$	11,670	1,025	1977/1994	10/4/2017
Monfort Heights	Cincinnati, OH	—	2,357	3,545	9		2,357	3,554	$	5,911	296	1987	10/4/2017
Mountain Park Plaza	Roswell, GA	6,663	6,118	6,652	59		6,118	6,711	$	12,829	460	1988/2003	10/4/2017
Nordan Shopping Center	Danville, VA	—	1,911	6,751	141		1,927	6,875	$	8,802	570	1961/2002	10/4/2017
Northside Plaza	Clinton, NC	—	1,406	5,471	134		1,416	5,594	$	7,010	462	1982	10/4/2017
Page Plaza	Page, AZ	—	2,553	4,411	75		2,628	4,411	$	7,039	498	1982/1990	10/4/2017
Palmetto Plaza	Sumter, SC	—	2,732	7,387	269		2,842	7,546	$	10,388	518	1964/2002	10/4/2017
Park Place Plaza	Port Orange, FL	—	2,347	8,453	211		2,455	8,557	$	11,012	628	1984	10/4/2017
Parkway Station	Warner Robins, GA	—	3,416	5,309	316		3,416	5,626	$	9,042	544	1982	10/4/2017
Parsons Village	Seffner, FL	4,952	3,465	10,864	76		3,470	10,935	$	14,405	767	1983/1994	10/4/2017
Portland Village	Portland, TN	—	1,408	5,235	141		1,450	5,334	$	6,784	421	1984	10/4/2017
Promenade Shopping Center	Jacksonville, FL	—	6,507	6,149	283		6,559	6,380	$	12,939	1,037	1990	10/4/2017
Quail Valley Shopping Center	Missouri City, TX	—	2,452	11,501	622		2,480	12,093	$	14,573	831	1983	10/4/2017
Hillside West	Hillside, UT	—	691	1,739	—		691	1,739	$	2,430	90	2006	10/4/2017
Rolling Hills Shopping Center	Tucson, AZ	8,747	5,398	11,792	69		5,398	11,862	$	17,260	829	1980/1997	10/4/2017
South Oaks Shopping Center	Live Oak, FL	3,355	1,742	5,119	10		1,746	5,126	$	6,872	697	1976/2000	10/4/2017
East Pointe Plaza	Columbia, SC	—	7,492	11,752	402		7,764	11,882	$	19,646	1,338	1990	10/4/2017
Southgate Center	Heath, OH	—	4,246	22,752	88		4,261	22,825	$	27,086	1,541	1960/1997	10/4/2017
Country Club Center	Rio Rancho, NM	—	1,866	2,612	(688	)	1,341	2,449	$	3,790	44	1977	10/4/2017
Summerville Galleria	Summerville, SC	—	4,104	8,668	219		4,310	8,680	$	12,990	649	1989/2003	10/4/2017
The Oaks	Hudson, FL	—	3,535	5,527	(140	)	3,443	5,479	$	8,922	48	1981	10/4/2017
Riverplace Centre	Noblesville, IN	—	3,890	4,044	190		3,934	4,190	$	8,124	503	1992	10/4/2017
Timberlake Station	Lynchburg, VA	—	2,427	1,970	67		2,441	2,022	$	4,463	309	1950/1996	10/4/2017



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION⁽¹⁾
December 31, 2018
(in thousands)
			Initial Cost		Cost Capitalized Subsequent to Acquisition⁽³⁾		Gross Amount Carried at End of Period⁽⁴⁾
Property Name	City, State	Encumbrances⁽²⁾	Land and Improvements	Buildings and Improvements			Land and Improvements	Buildings and Improvements	Total		Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Town & Country Center	Hamilton, OH	2,158	2,268	4,372	22		2,279	4,382	$	6,661	396	1950	10/4/2017
Powell Villa	Portland, OR	—	3,364	7,318	2,719		3,396	10,006	$	13,402	452	1959/1991	10/4/2017
Towne Crossing Shopping Center	Mesquite, TX	—	5,358	15,537	707		5,379	16,223	$	21,602	1,074	1984	10/4/2017
Village at Waterford	Midlothian, VA	4,378	2,702	5,194	138		2,768	5,266	$	8,034	382	1991	10/4/2017
Buckingham Square	Richardson, TX	—	2,087	6,392	480		2,120	6,839	$	8,959	462	1978	10/4/2017
Western Square Shopping Center	Laurens, SC	—	1,013	3,333	103		1,045	3,403	$	4,448	515	1978/1991	10/4/2017
White Oaks Plaza	Spindale, NC	—	2,568	3,350	(542	)	2,124	3,252	$	5,376	56	1988	10/4/2017
Windsor Center	Dallas, NC	—	2,488	5,186	29		2,488	5,214	$	7,702	531	1974/1996	10/4/2017
Winery Square	Fairfield, CA	—	4,288	14,333	169		4,433	14,357	$	18,790	898	1987	10/4/2017
12 West Marketplace	Litchfield, MN	—	835	3,538	105		940	3,538	$	4,478	475	1989	10/4/2017
Orchard Plaza	Altoona, PA	1,388	2,537	5,366	4		2,537	5,370	$	7,907	516	1987	10/4/2017
Willowbrook Commons	Nashville, TN	—	5,384	6,002	169		5,462	6,093	$	11,555	496	2005	10/4/2017
Edgewood Towne Center	Edgewood, PA	—	10,029	22,535	3,075		10,219	25,421	$	35,640	1,829	1990	10/4/2017
Everson Pointe	Snellville, GA	—	4,222	8,421	62		4,233	8,472	$	12,705	670	1999	10/4/2017
Gleneagles Court	Memphis, TN	—	2,935	5,540	(516	)	2,590	5,369	$	7,959	26	1988	10/4/2017
Village Square of Delafield	Delafield, WI	—	6,206	6,864	141		6,325	6,886	$	13,211	560	2007	10/4/2017
Jasper Manor	Jasper, IN	—	2,311	4,968	(593	)	1,912	4,774	$	6,686	170	1990	10/4/2017
Pipestone Plaza	Benton Harbor, MI	—	1,432	5,715	(750	)	941	5,456	$	6,397	34	1978	10/4/2017
Shoppes of Lake Village	Leesburg, FL	—	4,065	3,786	100		4,097	3,854	$	7,951	563	1987/1998	2/26/2018
Sierra Vista Plaza	Murrieta, CA	—	9,824	11,669	11		9,831	11,673	$	21,504	142	1991	9/28/2018
Wheat Ridge Marketplace	Wheat Ridge, CO	11,987	7,926	8,393	18		7,944	8,393	$	16,337	126	1996	10/3/2018
Atlantic Plaza	North Reading, MA	—	12,341	12,699	7		12,341	12,706	$	25,047	138	1959/1973	11/9/2018
Staunton Plaza	Staunton, VA	—	4,818	14,380	—		4,818	14,380	$	19,198	79	2006	11/16/2018
Bethany Village	Alpharetta, GA	—	6,138	8,355	—		6,138	8,355	$	14,493	58	2001	11/16/2018
Northpark Village	Lubbock, TX	—	3,087	6,047	—		3,087	6,047	$	9,134	40	1990	11/16/2018
Kings Crossing	Sun City Center, FL	—	5,654	11,225	21		5,654	11,247	$	16,901	70	2000/2018	11/16/2018
Lake Washington Crossing	Melbourne, FL	—	4,222	13,553	67		4,222	13,620	$	17,842	101	1987/2012	11/16/2018
Kipling Marketplace	Littleton, CO	—	4,020	10,405	48		4,020	10,452	$	14,472	73	1983/2009	11/16/2018
MetroWest Village	Orlando, FL	—	6,841	15,333	—		6,841	15,333	$	22,174	93	1990	11/16/2018
Spring Cypress Village	Houston, TX	—	9,579	14,567	—		9,579	14,567	$	24,146	91	1982/2007	11/16/2018
Commonwealth Square	Folsom, CA	6,370	9,955	12,586	61		9,955	12,647	$	22,602	116	1987	11/16/2018
Point Loomis	Milwaukee, WI	—	4,171	4,901	—		4,171	4,901	$	9,072	69	1965/1991	11/16/2018



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION⁽¹⁾
December 31, 2018
(in thousands)
			Initial Cost		Cost Capitalized Subsequent to Acquisition⁽³⁾	Gross Amount Carried at End of Period⁽⁴⁾
Property Name	City, State	Encumbrances⁽²⁾	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total		Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Shasta Crossroads	Redding, CA	—	9,598	18,643	2	9,598	18,645	$	28,243	119	1989/2016	11/16/2018
Milan Plaza	Milan, MI	—	925	1,974	20	925	1,993	$	2,918	45	1960/1975	11/16/2018
Hilander Village	Roscoe, IL	—	2,581	7,461	—	2,581	7,461	$	10,042	80	1994	11/16/2018
Laguna 99 Plaza	Elk Grove, CA	—	5,422	16,952	10	5,422	16,962	$	22,384	96	1992	11/16/2018
Southfield Center	St. Louis, MO	—	5,612	13,643	12	5,618	13,650	$	19,268	88	1987	11/16/2018
Waterford Park Plaza	Plymouth, MN	—	4,935	19,543	—	4,935	19,543	$	24,478	120	1989	11/16/2018
Colonial Promenade	Winter Haven, FL	—	12,403	22,097	15	12,403	22,112	$	34,515	162	1986/2008	11/16/2018
Willimantic Plaza	Willimantic, CT	—	3,596	8,859	—	3,596	8,859	$	12,455	83	1968/1990	11/16/2018
Quivira Crossings	Overland Park, KS	—	7,512	10,729	13	7,512	10,742	$	18,254	85	1996	11/16/2018
Spivey Junction	Stockbridge, GA	—	4,083	10,414	—	4,083	10,414	$	14,497	68	1998	11/16/2018
Plaza Farmington	Farmington, NM	—	6,322	9,619	10	6,322	9,630	$	15,952	69	2004	11/16/2018
Harvest Plaza	Akron, OH	—	2,693	6,083	—	2,693	6,083	$	8,776	43	1974/2000	11/16/2018
Oakhurst Plaza	Seminole, FL	—	2,782	4,506	—	2,782	4,506	$	7,288	38	1974/2001	11/16/2018
Old Alabama Square	Johns Creek, GA	—	10,782	17,359	205	10,782	17,564	$	28,346	99	2000	11/16/2018
North Point Landing	Modesto, CA	—	8,040	28,422	14	8,040	28,436	$	36,476	152	1964/2008	11/16/2018
Glenwood Crossing	Cincinnati, OH	—	4,581	3,922	—	4,581	3,922	$	8,503	43	1999	11/16/2018
Rosewick Crossing	La Plata, MD	—	8,252	23,507	—	8,252	23,507	$	31,759	134	2008	11/16/2018
Alameda Crossing	Avondale, AZ	13,403	6,692	19,046	—	6,692	19,046	$	25,738	123	2006	11/16/2018
Vineyard Center	Templeton, CA	5,428	1,753	6,406	—	1,753	6,406	$	8,159	36	2007	11/16/2018
Ocean Breeze Plaza	Jensen Beach, FL	—	6,416	9,986	27	6,416	10,012	$	16,428	68	1993/2010	11/16/2018
Central Valley Marketplace	Ceres, CA	—	6,163	17,535	—	6,163	17,535	$	23,698	98	2005	11/16/2018
51st & Olive Square	Glendale, AZ	—	2,236	9,038	4	2,236	9,042	$	11,278	58	1975/2007	11/16/2018
West Acres Shopping Center	Fresno, CA	—	4,866	5,627	—	4,866	5,627	$	10,493	60	1990	11/16/2018
Meadows on the Parkway	Boulder, CO	—	23,954	32,744	15	23,954	32,759	$	56,713	181	1989	11/16/2018
Wyandotte Plaza	Kansas City, KS	—	5,204	17,566	—	5,204	17,566	$	22,770	102	1961/2015	11/16/2018
Broadlands Marketplace	Broomfield, CO	—	7,434	9,459	—	7,434	9,459	$	16,893	66	2002	11/16/2018
Village Center	Racine, WI	—	6,051	26,473	—	6,051	26,473	$	32,524	171	2002/2003	11/16/2018
Shoregate Town Center	Willowick, OH	—	7,152	16,282	94	7,152	16,376	$	23,528	191	1958/2005	11/16/2018
Plano Market Street	Plano, TX	—	14,837	33,178	68	14,837	33,246	$	48,083	175	2009	11/16/2018
Island Walk Shopping Center	Fernandina Beach, FL	—	8,190	19,992	1	8,190	19,992	$	28,182	135	1987/2012	11/16/2018
Normandale Village	Bloomington, MN	12,150	8,390	11,407	16	8,390	11,423	$	19,813	110	1973	11/16/2018
North Pointe Plaza	North Charleston, SC	—	10,232	26,348	1	10,232	26,349	$	36,581	197	1989	11/16/2018



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION⁽¹⁾
December 31, 2018
(in thousands)
			Initial Cost		Cost Capitalized Subsequent to Acquisition⁽³⁾	Gross Amount Carried at End of Period⁽⁴⁾
Property Name	City, State	Encumbrances⁽²⁾	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total		Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Palmer Town Center	Easton, PA	—	7,331	23,525	—	7,331	23,525	$	30,856	139	2005	11/16/2018
Alico Commons	Fort Myers, FL	—	4,670	16,557	3	4,670	16,560	$	21,230	93	2009	11/16/2018
Windover Square	Melbourne, FL	—	4,115	13,309	8	4,115	13,317	$	17,432	76	1984/2010	11/16/2018
Rockledge Square	Rockledge, FL	—	3,477	4,469	—	3,477	4,469	$	7,946	53	1985	11/16/2018
Port St. John Plaza	Port St. John, FL	—	3,305	5,636	24	3,305	5,660	$	8,965	52	1986	11/16/2018
Fairfield Commons	Lakewood, CO	—	8,802	29,946	13	8,802	29,959	$	38,761	158	1985	11/16/2018
Cocoa Commons	Cocoa, FL	—	4,838	8,247	—	4,838	8,247	$	13,085	73	1986	11/16/2018
Hamilton Mill Village	Dacula, GA	—	7,059	9,678	—	7,059	9,678	$	16,737	69	1996	11/16/2018
Amherst Marketplace	Amherst, OH	—	4,297	6,946	—	4,297	6,946	$	11,243	58	1996	11/16/2018
Sheffield Crossing	Sheffield Village, OH	—	8,841	10,232	8	8,841	10,240	$	19,081	82	1989	11/16/2018
The Shoppes at Windmill Place	Batavia, IL	—	8,186	16,005	—	8,186	16,005	$	24,191	108	1991/1997	11/16/2018
Stone Gate Plaza	Crowley, TX	7,478	5,261	7,007	16	5,261	7,023	$	12,284	46	2003	11/16/2018
Everybody's Plaza	Cheshire, CT	—	2,520	10,096	250	2,520	10,346	$	12,866	56	1960/2005	11/16/2018
Lakewood City Center	Lakewood, OH	—	1,593	10,308	8	1,593	10,316	$	11,909	54	1991	11/16/2018
Carriagetown Marketplace	Amesbury, MA	—	7,084	15,492	69	7,115	15,530	$	22,645	103	2000	11/16/2018
Crossroads of Shakopee	Shakopee, MN	—	8,869	20,320	13	8,869	20,332	$	29,201	145	1998	11/16/2018
Broadway Pavilion	Santa Maria, CA	—	8,512	20,427	2	8,512	20,429	$	28,941	125	1987	11/16/2018
Sanibel Beach Place	Fort Myers, FL	—	3,918	7,043	—	3,918	7,043	$	10,961	55	2003	11/16/2018
Shoppes at Glen Lakes	Weeki Wachee, FL	—	3,118	7,473	74	3,118	7,548	$	10,666	48	2008	11/16/2018
Bartow Marketplace	Cartersville, GA	—	11,944	24,610	—	11,944	24,610	$	36,554	216	1995	11/16/2018
Bloomingdale Hills	Riverview, FL	—	4,384	5,179	—	4,384	5,179	$	9,563	49	2002/2012	11/16/2018
University Plaza	Amherst, NY	—	2,778	9,800	13	2,778	9,814	$	12,592	46	1980/1999	11/16/2018
McKinney Market Street	McKinney, TX	3,379	10,941	16,061	553	10,941	16,614	$	27,555	109	2003	11/16/2018
Montville Commons	Montville, CT	9,282	12,417	11,091	—	12,417	11,091	$	23,508	96	2007	11/16/2018
Shaw's Plaza Raynham	Raynham, MA	—	7,769	26,829	15	7,769	26,843	$	34,612	176	1965/1998	11/16/2018
Suntree Square	Southlake, TX	9,374	6,335	15,642	5	6,335	15,647	$	21,982	95	2000	11/16/2018
Green Valley Plaza	Henderson, NV	—	7,284	16,879	—	7,284	16,879	$	24,163	103	1978/1982	11/16/2018
Crosscreek Village	St. Cloud, FL	—	3,821	9,604	—	3,821	9,604	$	13,425	61	2008	11/16/2018
Market Walk	Savannah, GA	—	20,679	31,836	2	20,679	31,838	$	52,517	196	2014/2015	11/16/2018
Livonia Plaza	Livonia, MI	—	4,118	17,037	—	4,118	17,037	$	21,155	109	1988	11/16/2018
Franklin Centre	Franklin, WI	7,579	6,353	5,482	—	6,353	5,482	$	11,835	85	1994/2009	11/16/2018
Plaza 23	Pompton Plains, NJ	—	11,412	40,144	160	11,424	40,292	$	51,716	216	1963/1997	11/16/2018
Shorewood Crossing	Shorewood, IL	—	9,497	20,993	3	9,497	20,996	$	30,493	133	2001	11/16/2018



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION⁽¹⁾
December 31, 2018
(in thousands)
				Initial Cost				Cost Capitalized Subsequent to Acquisition⁽³⁾			Gross Amount Carried at End of Period⁽⁴⁾
Property Name	City, State	Encumbrances⁽²⁾		Land and Improvements		Buildings and Improvements		Cost Capitalized Subsequent to Acquisition⁽³⁾			Land and Improvements			Buildings and Improvements			Total			Accumulated Depreciation			Date Constructed/ Renovated	Date Acquired
Herndon Place	Fresno, CA	—		7,148		10,071		13			7,148			10,084			$	17,232		83			2005	11/16/2018
Windmill Marketplace	Clovis, CA	—		2,775		7,299		—			2,775			7,299			$	10,074		40			2001	11/16/2018
Riverlakes Village	Bakersfield, CA	13,827		8,567		15,242		57			8,567			15,299			$	23,866		89			1997	11/16/2018
Bells Fork	Greenville, NC	—		2,846		6,455		18			2,846			6,473			$	9,319		39			2006	11/16/2018
Evans Towne Centre	Evans, GA	—		4,018		7,013		7			4,018			7,020			$	11,038		53			1995	11/16/2018
Mansfield Market Center	Mansfield, TX	—		4,672		13,154		—			4,672			13,154			$	17,826		73			2015	11/16/2018
Ormond Beach Mall	Ormond Beach, FL	—		4,954		7,006		—			4,954			7,006			$	11,960		56			1967/2010	11/16/2018
Heritage Plaza	Carol Stream, IL	9,510		6,205		16,507		11			6,205			16,518			$	22,723		100			1988	11/16/2018
Mountain Crossing	Dacula, GA	4,312		6,602		6,835		1			6,618			6,820			$	13,438		51			1997	11/16/2018
Seville Commons	Arlington, TX	—		4,689		12,602		9			4,689			12,611			$	17,300		76			1987	11/16/2018
Loganville Town Center	Loganville, GA	—		4,922		6,625		—			4,922			6,625			$	11,547		53			1997	11/16/2018
Cinco Ranch at Market Center	Katy, TX	—		5,553		14,053		6			5,553			14,059			$	19,612		52			2007/2008	12/12/2018
Northlake⁽⁵⁾		8,490		2,327		11,806		228			2,367			11,995			$	14,362		671			1985	10/4/2017
Corporate Adjustments⁽⁶⁾		—		6		2,751		(4,107		)	(669		)	(681		)	$	(1,350	)	(12		)
Totals		$	334,117	$	1,567,538	$	3,149,739	$	131,206		$	1,598,063		$	3,250,420		$	4,848,483		$	393,970


⁽¹⁾	Assets held for sale are not included in our Schedule III report.


⁽²⁾	Encumbrances do not include our capital leases.


⁽³⁾	The reduction to costs capitalized subsequent to acquisition could include parcels/out-parcels sold, and assets held-for-sale.


⁽⁴⁾	The aggregate cost of properties for Federal income tax purposes is approximately $4.8 billion at December 31, 2018.


⁽⁵⁾	Amounts consist of corporate building and land.


⁽⁶⁾	Amounts consist of elimination of intercompany construction management fees charged by the property manager to the owned real estate.

Reconciliation of real estate owned:



	2018			2017
Balance at January 1	$	3,384,971		$	2,329,080
Additions during the year:
Real estate acquisitions	1,850,294			1,021,204
Net additions to/improvements of real estate	12,936			40,192
Deductions during the year:
Real estate dispositions	(353,492		)	(5,505		)
Impairment of real estate	(46,226		)	—
Balance at December 31	$	4,848,483		$	3,384,971

Reconciliation of accumulated depreciation:



	2018			2017
Balance at January 1	$	314,080		$	222,557
Additions during the year:
Depreciation expense	96,788			92,156
Deductions during the year:
Accumulated depreciation of real estate dispositions	(9,355		)	(633		)
Accumulated depreciation of impaired real estate	(7,543		)	—
Balance at December 31	$	393,970		$	314,080

* * * * *

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

Partially-Owned Entities

Noncontrolling Interests

Cash and Cash Equivalents

Restricted Cash

Investment in Property and Lease Intangibles

Goodwill and Other Intangibles

Held for Sale Entities

Deferred Financing Expenses

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.

Investment in Unincorporated Joint Ventures

Lease 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.

Revenue from Contract with Customers



Fee	Performance Obligation Satisfied	Timing of Payment	Description
Asset Management	Over time	Monthly, in cash and/or ownership units	Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each reporting period based upon asset base and the applicable rate.
Property Management	Over time	In cash, monthly	Because each increment of service is distinct, although substantially the same, revenue is recognized at the end of each month based on a percentage of the properties’ cash receipts.
Leasing Commissions	Point in time (upon close of a transaction)	In cash, upon completion	Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location.
Construction Management	Point in time (upon close of a transaction)	In cash, upon completion	Revenue is recognized in an amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location.
Acquisition	Point in time (upon close of a transaction)	In cash, upon close of the transaction	Revenue is recognized based on a percentage of the purchase price of the property acquired.
Disposition	Point in time (upon close of a transaction)	In cash, upon close of the transaction	Revenue is recognized based on a percentage of the disposition price of the property sold.

Share-Based Compensation

Repurchase of Common Stock

Segments

Income Taxes

Newly Adopted and Recently Issued Accounting Pronouncements

The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements:



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting	This update clarifies guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting.	January 1, 2018	The adoption of this standard did not have a material impact on our consolidated financial statements. We will apply the guidance to any future modifications of share-based compensation awards.
ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)	This update amends existing guidance in order to provide consistency in accounting for the derecognition of a nonfinancial asset.	January 1, 2018	We did not record any cumulative adjustment in connection with the adoption of the new pronouncement as we did not have any outstanding transactions to which this new guidance applies. This guidance did, however, subsequently impact our accounting for the contribution or sale of real estate properties to GRP I in November 2018.
ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350)	This update amends existing guidance in order to simplify impairment testing for goodwill. It is effective for annual reporting periods beginning after January 1, 2021, but early adoption is permitted.	January 1, 2018	We elected to early adopt this standard and we applied it for our annual impairment test.
ASU 2016-15, Statement of Cash Flows (Topic 230) ASU 2016-18, Statement of Cash Flows (Topic 230)	These updates address the presentation of eight specific cash receipts and cash payments on the statement of cash flows, as well as clarify the classification and presentation of restricted cash on the statement of cash flows.	January 1, 2018	We adopted these ASUs by applying a retrospective transition method which requires a restatement of our consolidated statements of cash flows for all periods presented. With regards to our distributions received from equity-method joint ventures, we have elected the cumulative earnings approach, which did not result in any change to our consolidated financial statements.
ASU 2014-09, Revenue from Contracts with Customers (Topic 606)	This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09.	January 1, 2018	Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the adoption of this standard did not have a material impact on our rental or tenant recovery revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard to fees and management income; it did not have a material impact on our revenue recognition, but we provided additional disclosures around fees and management revenue. We adopted this guidance on a modified retrospective basis.

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



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2016-02, Leases (Topic 842): ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; and ASU 2018-11, Leases (Topic (842): Targeted Improvements ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors	These updates amend existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The effective date for annual reporting begins after December 15, 2019, and the following year for interim reporting for nonpublic companies, but early adoption is permitted.	January 1, 2019	In addition to requiring new disclosures within the accompanying notes to the consolidated financial statements, we have identified areas within our accounting policies that will be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities and an increase to our Property Operating expenses. Specifically, we will not be able to capitalize certain internal costs to execute new leases at our properties. We capitalized $6.2 million and $1.6 million of internal costs for the years ended December 31, 2018 and 2017, respectively, some of which we will continue to capitalize in accordance with the standard. We did not have any internal leasing costs for the year ended December 31, 2016. This standard also incorporates changes to the process used to determine classification of leases. We expect to adopt the practical expedients available for implementation under the standard. By adopting these practical expedients, we will not be required to reassess (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether the costs previously capitalized as initial direct costs would continue to be amortized. This allows us to continue to classify our existing leases in the manner in which we had previously determined prior to the adoption of the standard. This includes both leases in which we are the lessor as well as leases in which we are the lessee; we are currently party to fewer than 50 leases in which we are the lessee. We also expect to recognize right of use assets and lease liabilities on our consolidated balance sheets related to certain leases where we are the lessee. We currently estimate that these amounts will be less than 1.0% of our total assets on the consolidated balance sheets. In addition to the aforementioned expedients, the standards also allow a practical expedient to account for non-lease components and related lease components as a single lease component instead of accounting for them separately, if certain conditions are met. We expect to utilize this practical expedient. In so doing, we will be required to apply a straight-line treatment to recognizing income from tenant reimbursements of operating costs to the extent that those tenant reimbursements are fixed with set increases. We do not expect this to have a material impact on our consolidated financial statements.
ASU 2016-13, Financial Instruments - Credit Leases (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements	The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018.	January 1, 2020	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting	The amendments in this update expand the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). This update is effective for public business entities for fiscal years beginning after December 15, 2018. Early adoption is permitted.	January 1, 2019	We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements.
ASU 2018-13, Fair Value Measurement (Topic 820)	This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. It is effective for annual and interim reporting beginning after December 15, 2019, but early adoption is accepted.	January 1, 2020	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract	This update aligns the requirements for capitalizing implementation costs incurred in hosting arrangements that are service contracts with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element is not affected by this update. This update also requires the entity to present the expense related to the capitalized implementation costs in the same line item in the statements of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statements of cash flows in the same manner as payments made for fees associated with the hosting element. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, although early adoption is permitted.	January 1, 2020	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.
ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes	This update permits use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this is to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. For entities that have not already adopted Accounting Standards Update 2017-12 (ASU 2017-12), the amendments in this update are required to be adopted concurrently with the amendments in ASU 2017-12. For public business entities that have already adopted the amendments in ASU 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years.	January 1, 2019	We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements.
ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities	This update amends two aspects of the related-party guidance in ASC Topic 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control, and (2) specifies that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted.	January 1, 2020	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Reclassifications

Reclassifications—The following line items on our consolidated balance sheets for the years ended December 31, 2017 and 2016, were reclassified to conform to current year presentation:


•	Earn-out Liability was reclassified from Accounts Payable and Other Liabilities, and included as Earn-out Liability.


•	Deferred Income was reclassified from Accounts Payable and Other Liabilities, and included as Deferred Income.


•	Unrealized (Loss) Gain on Derivatives and Reclassification of Derivative Loss to Interest Expense were reclassified to Change in Unrealized Gain (Loss) on Interest Rate Swaps.


•	Acquisition Expenses was reclassified to General and Administrative.


•	Gain on the Sale of Property, Net was reclassified from Other (Expense) Income, Net and presented as Gain on Sale or Contribution of Property, Net.

The following line items on our consolidated statements of cash flows for the years ended December 31, 2017 and 2016, were reclassified to conform to current year presentation:


•	Net Loss (Gain) on Write-off of Unamortized Capitalized Leasing Commissions, Market Debt Adjustments, and Deferred Financing Expenses were reclassified to Other.

Earnings Per Share (Policies)	12 Months Ended
Earnings Per Share (Policies)	Dec. 31, 2018
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 Net Income (Loss) Attributable to Stockholders by the weighted-average number of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. 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 an equal number of shares of our common stock in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of Phillips Edison Grocery Center Operating Partnership I, L.P. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock. The impact of these OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP units’ participation rights in undistributed earnings.

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles

The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements:



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting	This update clarifies guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting.	January 1, 2018	The adoption of this standard did not have a material impact on our consolidated financial statements. We will apply the guidance to any future modifications of share-based compensation awards.
ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)	This update amends existing guidance in order to provide consistency in accounting for the derecognition of a nonfinancial asset.	January 1, 2018	We did not record any cumulative adjustment in connection with the adoption of the new pronouncement as we did not have any outstanding transactions to which this new guidance applies. This guidance did, however, subsequently impact our accounting for the contribution or sale of real estate properties to GRP I in November 2018.
ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350)	This update amends existing guidance in order to simplify impairment testing for goodwill. It is effective for annual reporting periods beginning after January 1, 2021, but early adoption is permitted.	January 1, 2018	We elected to early adopt this standard and we applied it for our annual impairment test.
ASU 2016-15, Statement of Cash Flows (Topic 230) ASU 2016-18, Statement of Cash Flows (Topic 230)	These updates address the presentation of eight specific cash receipts and cash payments on the statement of cash flows, as well as clarify the classification and presentation of restricted cash on the statement of cash flows.	January 1, 2018	We adopted these ASUs by applying a retrospective transition method which requires a restatement of our consolidated statements of cash flows for all periods presented. With regards to our distributions received from equity-method joint ventures, we have elected the cumulative earnings approach, which did not result in any change to our consolidated financial statements.
ASU 2014-09, Revenue from Contracts with Customers (Topic 606)	This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it also applies to certain other transactions such as the sale of real estate or equipment. Expanded quantitative and qualitative disclosures are also required for contracts subject to ASU 2014-09.	January 1, 2018	Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the adoption of this standard did not have a material impact on our rental or tenant recovery revenue. However, the standard does apply to a majority of our fees and management income. We have evaluated the impact of this standard to fees and management income; it did not have a material impact on our revenue recognition, but we provided additional disclosures around fees and management revenue. We adopted this guidance on a modified retrospective basis.

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



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2016-02, Leases (Topic 842): ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; and ASU 2018-11, Leases (Topic (842): Targeted Improvements ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors	These updates amend existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The effective date for annual reporting begins after December 15, 2019, and the following year for interim reporting for nonpublic companies, but early adoption is permitted.	January 1, 2019	In addition to requiring new disclosures within the accompanying notes to the consolidated financial statements, we have identified areas within our accounting policies that will be impacted by the new standard. This standard impacts the lessor’s ability to capitalize certain costs related to leasing, which will result in a reduction in the amount of execution costs currently being capitalized in connection with leasing activities and an increase to our Property Operating expenses. Specifically, we will not be able to capitalize certain internal costs to execute new leases at our properties. We capitalized $6.2 million and $1.6 million of internal costs for the years ended December 31, 2018 and 2017, respectively, some of which we will continue to capitalize in accordance with the standard. We did not have any internal leasing costs for the year ended December 31, 2016. This standard also incorporates changes to the process used to determine classification of leases. We expect to adopt the practical expedients available for implementation under the standard. By adopting these practical expedients, we will not be required to reassess (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether the costs previously capitalized as initial direct costs would continue to be amortized. This allows us to continue to classify our existing leases in the manner in which we had previously determined prior to the adoption of the standard. This includes both leases in which we are the lessor as well as leases in which we are the lessee; we are currently party to fewer than 50 leases in which we are the lessee. We also expect to recognize right of use assets and lease liabilities on our consolidated balance sheets related to certain leases where we are the lessee. We currently estimate that these amounts will be less than 1.0% of our total assets on the consolidated balance sheets. In addition to the aforementioned expedients, the standards also allow a practical expedient to account for non-lease components and related lease components as a single lease component instead of accounting for them separately, if certain conditions are met. We expect to utilize this practical expedient. In so doing, we will be required to apply a straight-line treatment to recognizing income from tenant reimbursements of operating costs to the extent that those tenant reimbursements are fixed with set increases. We do not expect this to have a material impact on our consolidated financial statements.
ASU 2016-13, Financial Instruments - Credit Leases (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements	The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for public entities in fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted after December 15, 2018.	January 1, 2020	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting	The amendments in this update expand the scope of Topic 718: Compensation - Stock Compensation to include share-base payment transactions for acquiring goods and services from non-employees, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). This update is effective for public business entities for fiscal years beginning after December 15, 2018. Early adoption is permitted.	January 1, 2019	We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements.
ASU 2018-13, Fair Value Measurement (Topic 820)	This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. It is effective for annual and interim reporting beginning after December 15, 2019, but early adoption is accepted.	January 1, 2020	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract	This update aligns the requirements for capitalizing implementation costs incurred in hosting arrangements that are service contracts with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element is not affected by this update. This update also requires the entity to present the expense related to the capitalized implementation costs in the same line item in the statements of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statements of cash flows in the same manner as payments made for fees associated with the hosting element. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, although early adoption is permitted.	January 1, 2020	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.
ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes	This update permits use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. The purpose of this is to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. For entities that have not already adopted Accounting Standards Update 2017-12 (ASU 2017-12), the amendments in this update are required to be adopted concurrently with the amendments in ASU 2017-12. For public business entities that have already adopted the amendments in ASU 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years.	January 1, 2019	We currently believe that the adoption of this standard will not have a material impact on our consolidated financial statements.
ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities	This update amends two aspects of the related-party guidance in ASC Topic 810: (1) adds an elective private-company scope exception to the variable interest entity guidance for entities under common control, and (2) specifies that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. For entities other than private companies, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. All entities are required to apply the amendments in this update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted.	January 1, 2020	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Merger with REIT II Merger with REIT II (Tables)

12 Months Ended

Dec. 31, 2018

Schedule Of Consideration, Merger With REIT II

Under the terms of the Merger, at the time of closing, the following consideration was given in exchange for REIT II common stock (in thousands):



	Amount
Fair value of PECO common stock issued⁽¹⁾	$	1,054,745
Fair value of REIT II debt:
Corporate debt	719,181
Mortgages and notes payable	102,727
Derecognition of REIT II management contracts, net⁽²⁾	30,428
Transaction costs	11,587
Total consideration and debt activity	1,918,668
Less: debt assumed	464,462
Total consideration	$	1,454,206


⁽¹⁾	The total number of shares of common stock issued was 95.5 million.


⁽²⁾	Previously a component of Other Assets, Net.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



	Amount
Assets:
Land and improvements	$	561,100
Building and improvements	1,198,884
Intangible lease assets	197,384
Fair value of unconsolidated joint venture	16,470
Cash and cash equivalents	354
Restricted cash	5,159
Accounts receivable and other assets	33,045
Total assets acquired	2,012,396
Liabilities:
Debt assumed	464,462
Intangible lease liabilities	60,421
Accounts payable and other liabilities	33,307
Total liabilities assumed	558,190
Net assets acquired	$	1,454,206



	Amount
Assets:
Land and improvements	$	269,140
Building and improvements	574,154
Intangible lease assets	93,506
Cash and cash equivalents	5,930
Accounts receivable and other assets	42,426
Management contracts	58,000
Goodwill	29,085
Total assets acquired	1,072,241
Liabilities:
Accounts payable and other liabilities	48,342
Acquired below-market leases	49,109
Total liabilities assumed	97,451
Net assets acquired	$	974,790

The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Leased % of Rentable Square Feet at Acquisition

Shoppes of Lake Village

Leesburg, FL

Publix

2/26/2018

8,423

71.3

Sierra Vista Plaza

Murrieta, CA

Stater Brothers⁽¹⁾

9/28/2018

22,151

81.0

Wheat Ridge Marketplace

Wheat Ridge, CO

Safeway

10/3/2018

18,684

⁽²⁾

90.1

Atlantic Plaza

North Reading, MA

Stop & Shop

11/9/2018

27,250

95.9

Cinco Ranch at Market Center

Katy, TX

Target⁽¹⁾

12/12/2018

21,359

96.0


⁽¹⁾	Stater Brothers and Target are in a portion of the shopping centers that we do not own.


⁽²⁾	The purchase price includes the fair value of debt assumed as part of the acquisition.

During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Leased % of Rentable Square Feet at Acquisition

Atwater Marketplace

Atwater, CA

Save Mart

2/10/2017

15,047

94.6

Rocky Ridge Station

Roseville, CA

Sprouts

4/18/2017

37,269

⁽¹⁾

96.3

Greentree Station

Racine, WI

Pick ‘n Save

5/5/2017

12,330

90.3

Titusville Station

Titusville, FL

Publix

6/15/2017

13,830

71.7

Sierra Station

Corona, CA

Ralph’s

6/20/2017

29,175

⁽¹⁾

94.0

Hoffman Village Station

Hoffman Estates, IL

Mariano’s

9/5/2017

34,923

93.1

Winter Springs⁽²⁾

Winter Springs, FL

Publix

10/20/2017

24,976

91.9

Flynn Crossing⁽²⁾

Alpharetta, GA

Publix

10/26/2017

23,806

96.4


⁽¹⁾	The purchase price includes the fair value of debt assumed as part of the acquisition.


⁽²⁾	These properties were contributed or sold to the GRP I joint venture in November 2018.

Schedule of Finite-Lived Intangible Leases, Merger With REIT II

The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the Merger are as follows (dollars in thousands, useful life in years):



	Fair Value			Weighted-Average Useful Life
In-place leases	$	181,916		13
Above-market leases	15,468			7
Below-market leases	(60,421		)	17

The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years):



	Fair Value			Weighted-Average Useful Life
Management contracts⁽¹⁾	$	58,000		5
In-place leases	83,305			9
Above-market leases	10,201			7
Below-market leases	(49,109		)	13


⁽¹⁾	In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $39.3 million. We also derecognized the associated accumulated amortization of $8.9 million, resulting in a net derecognition of $30.4 million.

PELP Acquisition (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Business Acquisitions, by Acquisition

Under the terms of this transaction, at the time of purchase, the following consideration was given in exchange for the contribution of PELP’s ownership interests in 76 shopping centers, its third-party investment management business, and its captive insurance company (in thousands):



	Amount
Fair value of OP units issued	$	401,630
Debt assumed:
Corporate debt	432,091
Mortgages and notes payable	72,649
Cash payments	30,420
Fair value of earn-out	38,000
Total consideration	974,790
PELP debt repaid by the Company on the transaction date	(432,091		)
Net consideration	$	542,699

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



	Amount
Assets:
Land and improvements	$	561,100
Building and improvements	1,198,884
Intangible lease assets	197,384
Fair value of unconsolidated joint venture	16,470
Cash and cash equivalents	354
Restricted cash	5,159
Accounts receivable and other assets	33,045
Total assets acquired	2,012,396
Liabilities:
Debt assumed	464,462
Intangible lease liabilities	60,421
Accounts payable and other liabilities	33,307
Total liabilities assumed	558,190
Net assets acquired	$	1,454,206



	Amount
Assets:
Land and improvements	$	269,140
Building and improvements	574,154
Intangible lease assets	93,506
Cash and cash equivalents	5,930
Accounts receivable and other assets	42,426
Management contracts	58,000
Goodwill	29,085
Total assets acquired	1,072,241
Liabilities:
Accounts payable and other liabilities	48,342
Acquired below-market leases	49,109
Total liabilities assumed	97,451
Net assets acquired	$	974,790

The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Leased % of Rentable Square Feet at Acquisition

Shoppes of Lake Village

Leesburg, FL

Publix

2/26/2018

8,423

71.3

Sierra Vista Plaza

Murrieta, CA

Stater Brothers⁽¹⁾

9/28/2018

22,151

81.0

Wheat Ridge Marketplace

Wheat Ridge, CO

Safeway

10/3/2018

18,684

⁽²⁾

90.1

Atlantic Plaza

North Reading, MA

Stop & Shop

11/9/2018

27,250

95.9

Cinco Ranch at Market Center

Katy, TX

Target⁽¹⁾

12/12/2018

21,359

96.0


⁽¹⁾	Stater Brothers and Target are in a portion of the shopping centers that we do not own.


⁽²⁾	The purchase price includes the fair value of debt assumed as part of the acquisition.

During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Leased % of Rentable Square Feet at Acquisition

Atwater Marketplace

Atwater, CA

Save Mart

2/10/2017

15,047

94.6

Rocky Ridge Station

Roseville, CA

Sprouts

4/18/2017

37,269

⁽¹⁾

96.3

Greentree Station

Racine, WI

Pick ‘n Save

5/5/2017

12,330

90.3

Titusville Station

Titusville, FL

Publix

6/15/2017

13,830

71.7

Sierra Station

Corona, CA

Ralph’s

6/20/2017

29,175

⁽¹⁾

94.0

Hoffman Village Station

Hoffman Estates, IL

Mariano’s

9/5/2017

34,923

93.1

Winter Springs⁽²⁾

Winter Springs, FL

Publix

10/20/2017

24,976

91.9

Flynn Crossing⁽²⁾

Alpharetta, GA

Publix

10/26/2017

23,806

96.4


⁽¹⁾	The purchase price includes the fair value of debt assumed as part of the acquisition.


⁽²⁾	These properties were contributed or sold to the GRP I joint venture in November 2018.

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the Merger are as follows (dollars in thousands, useful life in years):



	Fair Value			Weighted-Average Useful Life
In-place leases	$	181,916		13
Above-market leases	15,468			7
Below-market leases	(60,421		)	17

The fair value and weighted-average amortization periods for the intangible assets and liabilities acquired in the PELP transaction are as follows (dollars in thousands, useful life in years):



	Fair Value			Weighted-Average Useful Life
Management contracts⁽¹⁾	$	58,000		5
In-place leases	83,305			9
Above-market leases	10,201			7
Below-market leases	(49,109		)	13


⁽¹⁾	In connection with the Merger, we derecognized management contracts associated with REIT II in the amount of $39.3 million. We also derecognized the associated accumulated amortization of $8.9 million, resulting in a net derecognition of $30.4 million.

Business Combination, Results of Operations

The consolidated net assets and results of operations of PELP’s contributions are included in the consolidated financial statements from the transaction date going forward and resulted in the following impact to our consolidated statements of operations (in thousands):



	2018			2017
Revenues	$	85,168		$	21,202
Net (loss) income	(37,895		)	1,297

Business Acquisition, Pro Forma Information

The following unaudited pro forma information summarizes selected financial information from our combined results of operations, as if the PELP transaction had occurred on January 1, 2016. These results contain certain, nonrecurring adjustments, such as the elimination of transaction expenses incurred related to the PELP transaction and the elimination of intercompany activity related to creating an internalized management structure. 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 PELP transaction occurred at the beginning of the period, nor does it purport to represent the results of future operations.



(in thousands)	2017		2016
Pro forma revenues	$	402,898	$	400,089
Pro forma net income (loss) attributable to stockholders	1,982		(3,956		)

Real Estate Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate Investments, Net [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



	Amount
Assets:
Land and improvements	$	561,100
Building and improvements	1,198,884
Intangible lease assets	197,384
Fair value of unconsolidated joint venture	16,470
Cash and cash equivalents	354
Restricted cash	5,159
Accounts receivable and other assets	33,045
Total assets acquired	2,012,396
Liabilities:
Debt assumed	464,462
Intangible lease liabilities	60,421
Accounts payable and other liabilities	33,307
Total liabilities assumed	558,190
Net assets acquired	$	1,454,206



	Amount
Assets:
Land and improvements	$	269,140
Building and improvements	574,154
Intangible lease assets	93,506
Cash and cash equivalents	5,930
Accounts receivable and other assets	42,426
Management contracts	58,000
Goodwill	29,085
Total assets acquired	1,072,241
Liabilities:
Accounts payable and other liabilities	48,342
Acquired below-market leases	49,109
Total liabilities assumed	97,451
Net assets acquired	$	974,790

The following table summarizes our real estate assets acquired during the year ended December 31, 2018 (excluding properties related to the Merger; dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Leased % of Rentable Square Feet at Acquisition

Shoppes of Lake Village

Leesburg, FL

Publix

2/26/2018

8,423

71.3

Sierra Vista Plaza

Murrieta, CA

Stater Brothers⁽¹⁾

9/28/2018

22,151

81.0

Wheat Ridge Marketplace

Wheat Ridge, CO

Safeway

10/3/2018

18,684

⁽²⁾

90.1

Atlantic Plaza

North Reading, MA

Stop & Shop

11/9/2018

27,250

95.9

Cinco Ranch at Market Center

Katy, TX

Target⁽¹⁾

12/12/2018

21,359

96.0


⁽¹⁾	Stater Brothers and Target are in a portion of the shopping centers that we do not own.


⁽²⁾	The purchase price includes the fair value of debt assumed as part of the acquisition.

During the year ended December 31, 2017, we acquired the following real estate assets (excluding properties related to the PELP transaction; dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Purchase Price

Leased % of Rentable Square Feet at Acquisition

Atwater Marketplace

Atwater, CA

Save Mart

2/10/2017

15,047

94.6

Rocky Ridge Station

Roseville, CA

Sprouts

4/18/2017

37,269

⁽¹⁾

96.3

Greentree Station

Racine, WI

Pick ‘n Save

5/5/2017

12,330

90.3

Titusville Station

Titusville, FL

Publix

6/15/2017

13,830

71.7

Sierra Station

Corona, CA

Ralph’s

6/20/2017

29,175

⁽¹⁾

94.0

Hoffman Village Station

Hoffman Estates, IL

Mariano’s

9/5/2017

34,923

93.1

Winter Springs⁽²⁾

Winter Springs, FL

Publix

10/20/2017

24,976

91.9

Flynn Crossing⁽²⁾

Alpharetta, GA

Publix

10/26/2017

23,806

96.4


⁽¹⁾	The purchase price includes the fair value of debt assumed as part of the acquisition.


⁽²⁾	These properties were contributed or sold to the GRP I joint venture in November 2018.

Schedule of Acquired Intangible Leases



	2018				2017
	Fair Value			Weighted-Average Useful Life	Fair Value			Weighted-Average Useful Life
In-place leases	$	9,239		8	$	17,740		13
Above-market leases	1,045			9	1,314			6
Below-market leases	(2,736		)	15	(5,736		)	18

Schedule of Real Estate Dispositions

The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands):



	2018		2017
Number of properties sold	8		1
Gross proceeds on sale of properties	$	82,145	$	6,486
Gain on sale of properties, net	16,757		1,760

Subsequent to December 31, 2018, we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands):

Property Name

Location

Anchor Tenant

Square Footage

Disposition Date

Sale Price

(Loss) Gain

Eastland Station

Evansville, IN

Gabe’s

150,772

1/19/2019

9,300

(97

)

Lovejoy Village Station

Jonesboro, GA

Kroger

84,711

2/14/2019

9,125

1,189

Schedule of Real Estate Held-for-sale

A summary of assets and liabilities for the properties held for sale as of December 31, 2018, is below (in thousands):



	2018
ASSETS
Total investment in real estate assets, net	$	16,889
Other assets, net	475
Total assets	$	17,364
LIABILITIES
Below-market lease liabilities, net	$	208
Accounts payable and other liabilities	388
Total liabilities	$	596

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2018

Equity Method Investments in Unconsolidated Joint Ventures

The following table summarizes the activity related to our unconsolidated joint ventures as of December 31, 2018 (dollars in thousands):



	December 31, 2018
	GRP I			NRP
Ownership percentage	15		%	20		%
Number of shopping centers	17			13
Investment balance	$	29,453		$	16,198
Distributions after formation or assumption	—			200
Loss from unconsolidated joint ventures, net	35			250

Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Finite-Lived Intangible Assets, Net [Abstract]

Schedule of Acquired Intangible Assets and Liabilities

ntangible assets and liabilities consisted of the following as of December 31, 2018 and 2017, excluding amounts related to intangible assets and liabilities classified as held for sale (in thousands):



	2018						2017
	Gross Amount			Accumulated Amortization			Gross Amount			Accumulated Amortization
Management contracts	$	18,739		$	(4,685	)	$	58,000		$	(2,900	)
In-place leases	464,721			(142,525		)	313,432			(123,314		)
Above-market leases	67,140			(28,979		)	53,524			(24,631		)
Below-market lease liabilities	(164,839		)	33,280			(118,012		)	27,388

Finite-lived Intangible Assets Amortization Expense

Summarized below is the amortization recorded on the intangible assets and liabilities for the years ended December 31, 2018, 2017, and 2016 (in thousands):



	2018			2017			2016
Management contracts	$	10,618		$	2,900		$	—
In-place leases	37,101			30,966			28,812
Above-market leases	6,112			5,188			5,228
Below-market lease liabilities	(10,061		)	(7,133		)	(6,436		)

Schedule of Acquired Intangible Assets, Future Amortization Expense



	Management Contracts		In-Place Leases		Above-Market Leases		Below-Market Leases
2019	$	3,748	$	43,286	$	7,515	$	(11,959	)
2020	3,748		38,104		7,039		(11,415		)
2021	3,748		34,129		6,205		(10,652		)
2022	2,810		31,012		5,189		(9,951		)
2023	—		26,752		4,366		(9,133		)

Other Assets, Net (Tables)

12 Months Ended

Dec. 31, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

The following is a summary of Other Assets, Net outstanding as of December 31, 2018 and 2017, excluding amounts related to assets classified as held for sale (in thousands):



	2018			2017
Other assets, net:
Deferred leasing commissions and costs	$	32,957		$	29,055
Deferred financing expenses	13,971			13,971
Office equipment, including capital lease assets, and other	14,315			10,308
Total depreciable and amortizable assets	61,243			53,334
Accumulated depreciation and amortization	(24,382		)	(17,121		)
Net depreciable and amortizable assets	36,861			36,213
Accounts receivable, net	56,104			41,211
Deferred rent receivable, net	21,261			18,201
Derivative asset	29,708			16,496
Investment in affiliates	700			902
Other	8,442			5,425
Total other assets, net	$	153,076		$	118,448

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt Obligations



	Interest Rate⁽¹⁾	2018			2017
Revolving credit facility	3.86%	$	73,359		$	61,569
Term loans	2.06%-4.59%	1,858,410			1,140,000
Secured loan facilities	3.52%	195,000			370,000
Mortgages and other	3.45%-7.91%	334,669			246,217
Assumed market debt adjustments, net		(4,571		)	5,254
Deferred financing expenses, net		(18,041		)	(16,042		)
Total		$	2,438,826		$	1,806,998


⁽¹⁾	Interest rates are as of December 31, 2018.

Schedule of Long-term Debt Instruments, Alternative



	2018		2017
As to interest rate:⁽¹⁾
Fixed-rate debt	$	2,216,669	$	1,608,217
Variable-rate debt	244,769		209,569
Total	$	2,461,438	$	1,817,786
As to collateralization:
Unsecured debt	$	1,931,769	$	1,202,476
Secured debt	529,669		615,310
Total	$	2,461,438	$	1,817,786


⁽¹⁾	Includes the effects of derivative financial instruments (see Notes 10 and 18).

Schedule of Maturities of Long-Term Debt

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



	2019		2020		2021		2022		2023		Thereafter		Total
Revolving credit facility	$	—	$	—	$	73,359	$	—	$	—	$	—	$	73,359
Term loans	—		170,910		125,000		375,000		300,000		887,500		1,858,410
Secured debt	9,523		9,999		87,688		61,903		79,570		280,986		529,669
Total	$	9,523	$	180,909	$	286,047	$	436,903	$	379,570	$	1,168,486	$	2,461,438

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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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017 (notional amounts in thousands):



	2018		2017
Count	12		6
Notional amount	$	1,687,000	$	992,000
Fixed LIBOR	0.7% - 2.9%		1.2% - 2.2%
Maturity date	2019 - 2025		2019 - 2024

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)



	2018			2017		2016
Amount of (loss) gain recognized in OCI on derivatives	$	(895	)	$	2,770	$	6,979
Amount of (gain) loss reclassified from AOCI into interest expense	(3,261		)	1,810		3,586

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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Schedule of Deferred Tax Assets and Liabilities

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

The following is a summary of our deferred tax assets and liabilities as of December 31, 2018 and 2017 (in thousands):



	2018			2017
Deferred tax assets:
Accrued compensation	$	5,338		$	4,264
Accrued expenses	210			12
Net operating loss (“NOL”) carryforward	1,239			667
Other	566			106
Gross deferred tax assets	7,353			5,049
Less: valuation allowance	(3,822		)	(3,277		)
Total deferred tax asset	3,531			1,772
Deferred tax liabilities:
Depreciation and amortization	(3,292		)	(1,638		)
Prepaid expenses	(239		)	(134		)
Total deferred tax liabilities	(3,531		)	(1,772		)
Net deferred tax asset	$	—		$	—

Summary of REIT Taxable Income Subject to Dividend Distribution



	2018			2017			2016
Net income (loss) attributable to stockholders	$	39,138		$	(38,391	)	$	8,932
Net (income) loss from TRS	(1,171		)	4,248			—
Net income (loss) attributable to REIT operations	37,967			(34,143		)	8,932
Book/tax differences	33,858			72,824			24,771
REIT taxable income subject to 90% dividend requirement	$	71,825		$	38,681		$	33,703

Schedule of Effective Income Tax Rate Reconciliation

The tax composition of our distributions declared for the years ended December 31, 2018 and 2017 was as follows:



	2018		2017
Common stock
Ordinary dividends	27.7	%	28.6	%
Non-dividend distributions	45.5	%	70.9	%
Capital gain distributions	26.8	%	0.5	%
Total distributions per share	100.0	%	100.0	%

Commitments And Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Minimum rental commitments under noncancelable operating leases as of December 31, 2018, were as follows (dollars in thousands):



Year	Amount
2019	$	1,450
2020	969
2021	537
2022	510
2023	352
Thereafter	391
Total	$	4,209

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense



	2018		2017⁽¹⁾
Beginning balances	$	4,883	$	4,339
Incurred related to:
Current year	156		452
Prior years	948		898
Total incurred	1,104		1,350
Paid related to:
Current year	13		81
Prior years	516		725
Total paid	529		806
Liabilities for unpaid losses as of December 31	$	5,458	$	4,883

⁽¹⁾ Balance for 2017 began on October 4, 2017, the date of PELP transaction.

Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-Based Award, Restrited Stock Units, Roll Forward

The following table summarizes our stock-based award activity during the year ended December 31, 2018 (number of units in thousands):



	Restricted Stock Awards		Performance Stock Awards	Phantom Stock Units		Weighted-Average Grant-Date Fair Value
Nonvested at December 31, 2017	18		—	2,446		$	10.20
Granted	811		199	—		11.00
Vested	(5	)	—	(1,394	)	10.20
Forfeited	(16	)	—	(54	)	10.38
Nonvested at December 31, 2018	808		199	998		$	10.60

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	2018		2017			2016
Numerator:
Net income (loss) attributable to stockholders - basic	$	39,138	$	(38,391	)	$	8,932
Net income (loss) attributable to convertible OP units⁽¹⁾	8,136		(3,470		)	111
Net income (loss) - diluted	$	47,274	$	(41,861	)	$	9,043
Denominator:
Weighted-average shares - basic	196,602		183,784			183,876
Conversion of OP units⁽¹⁾	44,453		12,713			2,785
Effect of dilutive restricted stock awards⁽²⁾	312		—			4
Adjusted weighted-average shares - diluted	241,367		196,497			186,665
Earnings per common share:
Basic and diluted	$	0.20	$	(0.21	)	$	0.05

⁽¹⁾


⁽²⁾	Includes the dilutive impact of unvested restricted share awards using the treasury stock method.

Revenue Recognition and Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2018

Fee and Management Income

Summarized below are amounts included in Fee and Management Income. The revenue includes the fees and reimbursements earned by us from the Managed Funds during the years ended December 31, 2018 and 2017, and other revenues that are not in the scope of ASC 606, Revenue from Contracts with Customers, but are included in this table for the purpose of disclosing all related party revenues (in thousands):



	For the year ended December 31, 2018
	REIT II⁽¹⁾		PECO III		Joint Ventures		Other Parties⁽²⁾		Total
Recurring fees⁽³⁾	$	17,937	$	870	$	1,948	$	281	$	21,036
Transactional revenue and reimbursements⁽⁴⁾	6,965		1,278		1,442		132		9,817
Insurance premiums	367		—		—		1,706		2,073


⁽¹⁾	All amounts earned from REIT II were earned prior to the close of the Merger in November 2018, and ceased upon its acquisition by us.


⁽²⁾	Recurring fees, transactional revenue and reimbursements, and insurance premium income from other parties includes amounts from third parties not affiliated with us in the amount of $1.7 million for the year ended December 31, 2018.


⁽³⁾	Recurring fees include asset management fees and property management fees.


⁽⁴⁾	Transaction revenue includes items such as leasing commissions, construction management fees, and acquisition fees.



	For the year ended December 31, 2017
	REIT II		PECO III		Joint Ventures		Other Parties⁽¹⁾		Total
Recurring fees	$	4,396	$	74	$	335	$	187	$	4,992
Transactional revenue and reimbursements	1,846		679		297		136		2,958
Insurance premiums	206		—		—		—		206

Advisory Transactions



	For the Year Ended December 31,
	2017		2016
Acquisition fees⁽¹⁾	$	1,344	$	2,342
Acquisition expenses⁽¹⁾	583		464
Asset management fees⁽²⁾	15,573		19,239
OP units distribution⁽³⁾	1,373		1,866
Class B unit distribution⁽⁴⁾	1,409		1,576
Disposition fees⁽⁵⁾	19		745
Total	$	20,301	$	26,232


⁽¹⁾	The majority of acquisition and due diligence fees are capitalized and allocated to the related investment in real estate assets on the consolidated balance sheets based on the acquisition-date fair values of the respective assets and liabilities acquired.


⁽²⁾	Asset management fees are presented in General and Administrative on the consolidated statements of operations.


⁽³⁾	Distributions 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 in General and Administrative on the consolidated statements of operations.


⁽⁵⁾	Disposition fees are presented as Other (Expense) Income, Net on the consolidated statements of operations.

Property Management Transactions



	For the Year Ended December 31,
	2017		2016
Property management fees⁽¹⁾	$	8,360	$	9,929
Leasing commissions⁽²⁾	6,670		7,701
Construction management fees⁽²⁾	1,367		1,127
Other fees and reimbursements⁽³⁾	6,234		5,627
Total	$	22,631	$	24,384


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


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


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

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2018

Leases, Operating [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases



Year	Amount
2019	$	372,632
2020	340,028
2021	292,887
2022	247,915
2023	196,152
2024 and thereafter	555,282
Total	$	2,004,896

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Inputs, Liabilities, Quantitative Information

The following is a summary of borrowings as of December 31, 2018 and 2017 (in thousands):



	2018		2017
Fair value	$	2,467,317	$	1,765,151
Recorded value⁽¹⁾	2,456,867		1,823,040


⁽¹⁾	Recorded value does not include net deferred financing expenses of $18.0 million and $16.0 million as of December 31, 2018 and 2017, respectively.

Fair Value, Liabilities Measured on Recurring Basis

real estate assets and liabilities are measured and recognized at fair value as needed. Fair value measurements that occurred as of and during the years ended December 31, 2018 and 2017 were as follows (in thousands):



	2018								2017
	Level 1		Level 2			Level 3			Level 1		Level 2			Level 3
Recurring
Derivative assets⁽¹⁾	$	—	$	29,708		$	—		$	—	$	16,496		$	—
Derivative liability⁽¹⁾	—		(3,633		)	—			—		(61		)	—
Earn-out liability⁽²⁾	—		—			(39,500		)	—		—			(38,000		)
Nonrecurring
Impaired real estate assets	—		71,991			—			—		—			—


⁽¹⁾	We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets.


⁽²⁾	The estimated fair value of the earn-out is presented in Accounts Payable and Other Liabilities on the consolidated balance sheets.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation of the change in the liability measured at fair value on a recurring basis using Level 3 inputs (in thousands):



	Earn-Out Liability
Balance at December 31, 2017	$	38,000
Change in fair value recognized in Other (Expense) Income, Net	1,500
Balance at December 31, 2018	$	39,500

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Schedule of Quarterly Financial Information

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Data [Abstract]



	2018
(in thousands, except per share amounts)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter⁽¹⁾
Total revenue	$	103,199		$	104,173		$	104,899		$	118,121
Net (loss) income attributable to stockholders	(1,600		)	(11,351		)	(13,228		)	65,317
Net (loss) income per share - basic and diluted	(0.01		)	(0.06		)	(0.07		)	0.34



	2017
(in thousands, except per share amounts)	First Quarter		Second Quarter			Third Quarter⁽²⁾			Fourth Quarter⁽³⁾
Total revenue	$	68,303	$	69,851		$	70,624		$	102,765
Net income (loss) attributable to stockholders	1,106		(1,193		)	(8,232		)	(30,072		)
Net income (loss) per share - basic and diluted	0.01		(0.01		)	(0.04		)	(0.17		)

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Dividends Declared

Distributions paid to stockholders and OP unit holders of record subsequent to December 31, 2018, were as follows (in thousands):



Month	Date of Record	Monthly Distribution Rate	Date Distribution Paid	Gross Amount of Distribution Paid		Distribution Reinvested through the DRIP		Net Cash Distribution
December	12/17/2018	$0.05583344	1/2/2019	$	18,055	$	5,951	$	12,104
January	1/15/2019	$0.05583344	2/1/2019	18,077		5,899		12,178
February	2/15/2019	$0.05583344	3/1/2019	18,018		5,868		12,150

Schedule of Real Estate Dispositions, Subsequent Events

The following table summarizes our real estate disposition activity, excluding properties contributed or sold to GRP I, for the years ended December 31, 2018 and 2017 (dollars in thousands):



	2018		2017
Number of properties sold	8		1
Gross proceeds on sale of properties	$	82,145	$	6,486
Gain on sale of properties, net	16,757		1,760

Subsequent to December 31, 2018, we sold the following real estate assets, which were classified as held for sale as of December 31, 2018 (dollars in thousands):

Property Name

Location

Anchor Tenant

Square Footage

Disposition Date

Sale Price

(Loss) Gain

Eastland Station

Evansville, IN

Gabe’s

150,772

1/19/2019

9,300

(97

)

Lovejoy Village Station

Jonesboro, GA

Kroger

84,711

2/14/2019

9,125

1,189

Organization (Details) $ in Thousands	2 Months Ended	12 Months Ended
Organization (Details) $ in Thousands	Dec. 31, 2018 property	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Nov. 16, 2018	Oct. 04, 2017
Real Estate Properties [Line Items]
Share exchange ratio for asset acquisition	2.04
Number of properties sold		8	1
Distributions and proceeds from unconsolidated joint venture		$ 161,846	$ 0	$ 0
Debt contributed to joint venture		$ 175,000	$ 0	$ 0
Number of real estate properties \| property	303	303
REIT II
Real Estate Properties [Line Items]
Transaction value		$ 1,900,000
Share exchange ratio for asset acquisition		2.04
Number of real estate properties					86
Phillips Edison Limited Partnership
Real Estate Properties [Line Items]
Transaction value		$ 974,790
Number of real estate properties						76
Grocery Retail Partners I
Real Estate Properties [Line Items]
Number of properties sold		17
Fair value of property contributed or sold		$ 359,000
Equity method investment, ownership percentage	15.00%	15.00%
Distributions and proceeds from unconsolidated joint venture		$ 161,800
Debt contributed to joint venture		$ 175,000
Number of real estate properties \| property	17	17
Necessity Retail Partners
Real Estate Properties [Line Items]
Equity method investment, ownership percentage	20.00%	20.00%
Number of real estate properties \| property	13	13
Co-venturer \| Grocery Retail Partners I
Real Estate Properties [Line Items]
Equity method investment, ownership percentage	85.00%	85.00%
Payments to acquire interest in joint venture		$ 167,100

Summary Of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Payments for Deposits on Real Estate Acquisitions	$ 44.3
Accumulated amortization, assumed below-market debt adjustment	3.8	$ 3.7
Accumulated amortization, deferred financing expenses	8.3	5.4
Bad debt reserve	$ 6.0	$ 3.3
Stock repurchase program, number of shares authorized to be repurchased, percentage of weighted-average shares	5.00%
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

Merger with REIT II Merger with REIT II - Consideration Given (Details) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2018 USD ($) property	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Nov. 16, 2018 $ / shares	May 09, 2018 $ / shares	Nov. 08, 2017 $ / shares	Nov. 07, 2017 $ / shares	Oct. 04, 2017 $ / shares
Noncash or Part Noncash Acquisitions [Line Items]
Number of real estate properties \| property	303	303
Fair value of PECO common stock issued			$ 401,630
Fair value of assumed debt		$ 464,462	$ 504,740	$ 0
Share exchange ratio for asset acquisition	2.04
Business acquisition, share price \| $ / shares					$ 22.54
Share Price \| $ / shares					$ 11.05	$ 11.05	$ 11.00	$ 10.20	$ 10.20
REIT II
Noncash or Part Noncash Acquisitions [Line Items]
Number of real estate properties					86
Fair value of PECO common stock issued	$ 1,054,745
Derecognition of REIT II management contracts, net	30,428	$ 30,428
Transaction costs	11,587
Total consideration and debt activity	1,918,668
Total consideration	$ 1,454,206
Share exchange ratio for asset acquisition		2.04
Business acquisition percentage of voting interests retained by acquirer	71.00%
Business combination, post-transaction acquiree ownership percentage					29.00%
Corporate Debt \| REIT II
Noncash or Part Noncash Acquisitions [Line Items]
Fair value of debt	$ 719,181
Mortgages and Note Payable
Noncash or Part Noncash Acquisitions [Line Items]
Fair value of assumed debt	102,300
Mortgages and Note Payable \| REIT II
Noncash or Part Noncash Acquisitions [Line Items]
Fair value of debt	$ 102,727

Merger with REIT II Merger with REIT II - Price Allocation (Details) - REIT II $ in Thousands	Nov. 16, 2018 USD ($)
Noncash or Part Noncash Acquisitions [Line Items]
Land and improvements	$ 561,100
Building and improvements	1,198,884
Intangible lease assets	197,384
Fair value of unconsolidated joint venture	16,470
Cash and cash equivalents	354
Restricted cash	5,159
Accounts receivable and other assets	33,045
Total assets acquired	2,012,396
Debt assumed	464,462
Intangible lease liabilities	60,421
Accounts payable and other liabilities	33,307
Total liabilities assumed	558,190
Net assets acquired	$ 1,454,206

Merger with REIT II Merger with REIT II - Acquired Intangible Leases (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Nov. 16, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities	$ (164,839)	$ (164,839)	$ (118,012)
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	464,721	$ 464,721	$ 313,432
Weighted Average Useful Life		8 years	13 years
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 67,140	$ 67,140	$ 53,524
Weighted Average Useful Life		9 years	6 years
Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life		15 years	18 years
REIT II
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities				$ (60,421)
REIT II \| In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets				181,916
Weighted Average Useful Life	13 years
REIT II \| Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets				$ 15,468
Weighted Average Useful Life	7 years
REIT II \| Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	17 years

PELP Acquisition (Details) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended			24 Months Ended
	Dec. 31, 2017 USD ($) shares	Dec. 31, 2017 shares	Dec. 31, 2018 USD ($) property shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2017 USD ($)	Nov. 16, 2018 $ / shares	May 09, 2018 $ / shares	Nov. 08, 2017 $ / shares	Nov. 07, 2017 $ / shares	Oct. 04, 2017 $ / shares
Business Acquisition [Line Items]
Number of real estate properties \| property			303
Fair value of Operating Partnership units (“OP units”) issued				$ 401,630
Fair value of assumed debt			$ 464,462	504,740	$ 0
OP units, share price \| $ / shares							$ 11.05	$ 11.05	$ 11.00	$ 10.20	$ 10.20
Transaction expenses			3,331	15,713	0
Phillips Edison Limited Partnership
Business Acquisition [Line Items]
Number of real estate properties											76
Fair value of Operating Partnership units (“OP units”) issued			401,630
Corporate debt			432,091
Fair value of assumed debt			72,649
Cash payments			30,420
Fair value of earn-out	$ 38,000		38,000
Total consideration			974,790
Debt repaid on transaction date			(432,091)
Net consideration			$ 542,699
OP units issued, shares \| shares	39.4	39.4
Business combination, post-transaction acquirer ownership percentage											80.60%
Business combination, post-transaction acquiree ownership percentage											19.40%
Transaction expenses				$ 15,700	$ (1,300)	$ 17,000
OP Units \| Phillips Edison Limited Partnership
Business Acquisition [Line Items]
OP units issued, shares \| shares	12.5	12.5	12.5

PELP Acquisition Assets Acquired and Liabilities Assumed (Details) - Phillips Edison Limited Partnership $ in Thousands	Oct. 04, 2017 USD ($)
Business Acquisition [Line Items]
Land and improvements	$ 269,140
Building and improvements	574,154
Intangible lease assets	93,506
Cash and cash equivalents	5,930
Accounts receivable and other assets	42,426
Management contracts	58,000
Goodwill	29,085
Total assets acquired	1,072,241
Accounts payable and other liabilities	48,342
Intangible lease liabilities	49,109
Total liabilities assumed	97,451
Net assets acquired	$ 974,790

PELP Acquisition Finite-Lived Intangible Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands		2 Months Ended	12 Months Ended
	Oct. 04, 2017	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Nov. 16, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities		$ (164,839)	$ (164,839)	$ (118,012)
Management Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value		18,739	18,739	58,000
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value		464,721	$ 464,721	$ 313,432
Weighted Average Useful Life			8 years	13 years
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value		67,140	$ 67,140	$ 53,524
Weighted Average Useful Life			9 years	6 years
Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life			15 years	18 years
Phillips Edison Limited Partnership
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities	$ (49,109)
Phillips Edison Limited Partnership \| Management Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value	$ 58,000
Weighted Average Useful Life	5 years
Phillips Edison Limited Partnership \| In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value	$ 83,305
Weighted Average Useful Life	9 years
Phillips Edison Limited Partnership \| Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value	$ 10,201
Weighted Average Useful Life	7 years
Phillips Edison Limited Partnership \| Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	13 years
REIT II
Acquired Finite-Lived Intangible Assets [Line Items]
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized		$ 11,587
Below-market lease liabilities					$ (60,421)
REIT II \| In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value					181,916
Weighted Average Useful Life		13 years
REIT II \| Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Management contracts, fair value					$ 15,468
Weighted Average Useful Life		7 years
REIT II \| Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life		17 years

PELP Acquisition Business Combination Revenues and Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Combinations [Abstract]
Revenues	$ 85,168	$ 21,202
Net income	$ (37,895)	$ 1,297

PELP Acquisition Business Combination Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Combinations [Abstract]
Pro forma revenues	$ 402,898	$ 400,089
Pro forma net income (loss) attributable to stockholders	$ 1,982	$ (3,956)

Real Estate Acquisitions and Dispositions Acquistion (Details) $ in Thousands														12 Months Ended
	Dec. 12, 2018 USD ($)	Nov. 09, 2018 USD ($)	Oct. 03, 2018 USD ($)	Sep. 28, 2018 USD ($)	Feb. 26, 2018 USD ($)	Oct. 26, 2017 USD ($)	Oct. 20, 2017 USD ($)	Sep. 05, 2017 USD ($)	Jun. 20, 2017 USD ($)	Jun. 15, 2017 USD ($)	May 05, 2017 USD ($)	Apr. 18, 2017 USD ($)	Feb. 10, 2017 USD ($)	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Nov. 16, 2018	Oct. 04, 2017
Real Estate Properties [Line Items]
Number of real estate acquisitions														91	84
Number of Real Estate Properties, acquired through business combination \| property														303
Number of real estate acquisitions, excluding those from business combinations														5	8
Number of Land Parcels Purchased														2
Payments to Acquire Land														$ 1,000
Purchase price of real estate property														$ 363,519	$ 0	$ 0
Shoppes of Lake Village
Real Estate Properties [Line Items]
Purchase price of real estate property					$ 8,423
Real Estate Property, Leased Percentage					71.30%
Sierra Visa Plaza
Real Estate Properties [Line Items]
Purchase price of real estate property				$ 22,151
Real Estate Property, Leased Percentage				81.00%
Wheat Ridge Marketplace
Real Estate Properties [Line Items]
Purchase price of real estate property			$ 18,684
Real Estate Property, Leased Percentage			90.10%
Atlantic Plaza
Real Estate Properties [Line Items]
Purchase price of real estate property		$ 27,250
Real Estate Property, Leased Percentage		95.90%
Cinco Ranch at Market Center
Real Estate Properties [Line Items]
Purchase price of real estate property	$ 21,359
Real Estate Property, Leased Percentage	96.00%
Atwater Marketplace
Real Estate Properties [Line Items]
Purchase price of real estate property													$ 15,047
Real Estate Property, Leased Percentage													94.60%
Rocky Ridge Station
Real Estate Properties [Line Items]
Purchase price of real estate property												$ 37,269
Real Estate Property, Leased Percentage												96.30%
Greentree Station
Real Estate Properties [Line Items]
Purchase price of real estate property											$ 12,330
Real Estate Property, Leased Percentage											90.30%
Titusville Station
Real Estate Properties [Line Items]
Purchase price of real estate property										$ 13,830
Real Estate Property, Leased Percentage										71.70%
Sierra Station
Real Estate Properties [Line Items]
Purchase price of real estate property									$ 29,175
Real Estate Property, Leased Percentage									94.00%
Hoffman Station
Real Estate Properties [Line Items]
Purchase price of real estate property								$ 34,923
Real Estate Property, Leased Percentage								93.10%
Winter Springs
Real Estate Properties [Line Items]
Purchase price of real estate property							$ 24,976
Real Estate Property, Leased Percentage							91.90%
Flynn Crossing
Real Estate Properties [Line Items]
Purchase price of real estate property						$ 23,806
Real Estate Property, Leased Percentage						96.40%
REIT II
Real Estate Properties [Line Items]
Number of Real Estate Properties, acquired through business combination																	86
Phillips Edison Limited Partnership
Real Estate Properties [Line Items]
Number of Real Estate Properties, acquired through business combination																		76

Real Estate Acquisitions and Dispositions Acquistion of intangible leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Below market lease, acquired	$ (2,736)	$ (5,736)
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 9,239	$ 17,740
Weighted Average Useful Life	8 years	13 years
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 1,045	$ 1,314
Weighted Average Useful Life	9 years	6 years
Below-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	15 years	18 years

Real Estate Acquisitions and Dispositions Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Real Estate Investments, Net [Abstract]
Number of properties sold	8	1
Gross proceeds on sale of properties	$ 82,145	$ 6,486
Gain on sale of properties, net	$ 16,757	$ 1,760

Real Estate Acquisitions and Dispositions Property Held-For-Sale (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Real Estate [Abstract]
Total investment in real estate assets, net	$ 16,889
Other assets, net	475
Total assets	17,364
Below-market lease liabilities, net	208
Accounts payable and other liabilities	388
Total liabilities	$ 596

Investment in Unconsolidated Joint Ventures (Details) $ in Thousands	2 Months Ended		12 Months Ended
	Dec. 31, 2018 USD ($) property	Dec. 31, 2018 USD ($) property	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Nov. 16, 2018 USD ($)
Schedule of Equity Method Investments [Line Items]
Distributions and proceeds from unconsolidated joint venture			$ 161,846	$ 0	$ 0
Debt contributed to joint venture			175,000	0	$ 0
Gain on sale of properties, net			$ 16,757	1,760
Number of real estate properties \| property	303	303	303
Investment balance	$ 45,651	$ 45,651	$ 45,651	$ 0
Grocery Retail Partners I
Schedule of Equity Method Investments [Line Items]
Fair value of property contributed or sold			$ 359,000
Equity method investment, ownership percentage	15.00%	15.00%	15.00%
Distributions and proceeds from unconsolidated joint venture			$ 161,800
Debt contributed to joint venture			175,000
Fair value of debt contributed to joint venture			165,000
Gain on sale of properties, net			$ 92,500
Number of real estate properties \| property	17	17	17
Grocery Retail Partners I \| Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	17	17	17
Investment balance	$ 29,453	$ 29,453	$ 29,453
Distributions after formation or assumption	0
Loss from unconsolidated joint ventures	$ 35
Grocery Retail Partners I \| Co-venturer Northwestern Mutual
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	85.00%	85.00%	85.00%
Payments to acquire interest in joint venture			$ 167,100
Necessity Retail Partners
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%	20.00%	20.00%
Equity method investment, amount contributed prior to ownership						$ 17,500
Number of real estate properties \| property	13	13	13
Necessity Retail Partners \| Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	13	13	13
Investment balance	$ 16,198	$ 16,198	$ 16,198
Distributions after formation or assumption		200
Loss from unconsolidated joint ventures		$ 250
Necessity Retail Partners \| REIT II
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity						$ 6,200
Equity Method Investment, Acquisition Costs Unamortized Balance			6,000
Maximum \| Necessity Retail Partners
Schedule of Equity Method Investments [Line Items]
Payments to acquire interest in joint venture			$ 50,000

Intangible Assets and Liabilities Intangible Asset and Liabilities Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market lease liabilities	$ (164,839)	$ (118,012)
Accumulated amortization, intangible liabilities	33,280	27,388
Goodwill	29,066	29,085
Management Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	18,739	58,000
Accumulated amortization, intangible assets	(4,685)	(2,900)
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	464,721	313,432
Accumulated amortization, intangible assets	(142,525)	(123,314)
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	67,140	53,524
Accumulated amortization, intangible assets	$ (28,979)	$ (24,631)

Intangible Assets and Liabilities Intangible Assets and Liabilities Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible liabilities	$ (10,061)	$ (7,133)	$ (6,436)
Management Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	10,618	2,900	0
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	37,101	30,966	28,812
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 6,112	$ 5,188	$ 5,228

Intangible Assets and Liabilities Intangible Assets and Liabilites - Future Amortization (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
2019	$ (11,959)
2020	(11,415)
2021	(10,652)
2022	(9,951)
2023	(9,133)
Management Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
2019	3,748
2020	3,748
2021	3,748
2022	2,810
2023	0
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
2019	43,286
2020	38,104
2021	34,129
2022	31,012
2023	26,752
Above-Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
2019	7,515
2020	7,039
2021	6,205
2022	5,189
2023	$ 4,366

Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing commissions and costs	$ 32,957	$ 29,055
Deferred financing expenses	13,971	13,971
Office equipment, including capital lease assets, and other	14,315	10,308
Total depreciable and amortizable assets	61,243	53,334
Accumulated depreciation and amortization	(24,382)	(17,121)
Net depreciable and amortizable assets	36,861	36,213
Accounts receivable, net	56,104	41,211
Deferred rent receivable, net	21,261	18,201
Derivative asset	29,708	16,496
Investment in affiliates	700	902
Other	8,442	5,425
Total other assets, net	$ 153,076	$ 118,448

Debt Obligations Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	2 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt obligation	$ 2,461,438	$ 2,461,438	$ 2,461,438	$ 1,817,786
Assumed market debt adjustments, net	(4,571)	(4,571)	(4,571)	(5,254)
Deferred financing expense, net	(18,041)	(18,041)	(18,041)	(16,042)
Total	2,438,826	2,438,826	2,438,826	1,806,998
Long-term debt with variable interest	244,769	$ 244,769	244,769	209,569
Debt assumed, noncash or part noncash acquisition			464,462	504,740	$ 0
Debt contributed to joint venture			$ 175,000	$ 0	0
Write off of deferred financing expenses	$ 2,100
Weighted average interest rate on debt obligations	3.50%	3.50%	3.50%	3.40%
Mortgages and Other
Debt Instrument [Line Items]
Debt obligation	$ 334,669	$ 334,669	$ 334,669	$ 246,217
Debt assumed, noncash or part noncash acquisition		$ 102,300
Weighted average interest rate on debt obligations	4.40%	4.40%	4.40%	4.10%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	3.86%	3.86%	3.86%
Debt obligation	$ 73,359	$ 73,359	$ 73,359	$ 61,569
Revolving credit facility, maximum borrowing capacity	500,000	500,000	500,000
Revolving credit facility, remaining borrowing capacity	426,200	426,200	$ 426,200
Basis spread on variable rate			1.40%
Gross borrowings under revolving credit facility			$ 475,400	437,000	590,800
Gross payments under revolving credit facility			463,600	552,400	$ 554,800
Term Loans
Debt Instrument [Line Items]
Debt obligation	1,858,410	1,858,410	1,858,410	$ 1,140,000
Long-term debt with variable interest	245,500	245,500	245,500
Debt assumed, noncash or part noncash acquisition		361,700
Debt instrument, unused borrowing capacity, amount	$ 60,000	$ 60,000	$ 60,000
Weighted average interest rate on debt obligations	3.50%	3.50%	3.50%	3.00%
Term Loan Due 2023
Debt Instrument [Line Items]
Debt obligation	$ 300,000	$ 300,000	$ 300,000
Term Loan Due 2024
Debt Instrument [Line Items]
Debt obligation	100,000	100,000	100,000
Term Loan Due 2025
Debt Instrument [Line Items]
Debt obligation	158,000	158,000	158,000
Securities Loan Facilities
Debt Instrument [Line Items]
Debt obligation	$ 195,000	$ 195,000	$ 195,000	$ 370,000
Maximum \| Mortgages and Other
Debt Instrument [Line Items]
Interest rate	7.91%	7.91%	7.91%
Maximum \| Term Loans
Debt Instrument [Line Items]
Interest rate	4.59%	4.59%	4.59%
Minimum \| Mortgages and Other
Debt Instrument [Line Items]
Interest rate	3.45%	3.45%	3.45%
Minimum \| Term Loans
Debt Instrument [Line Items]
Interest rate	2.06%	2.06%	2.06%
Grocery Retail Partners I
Debt Instrument [Line Items]
Debt contributed to joint venture			$ 175,000

Debt Obligations Debt Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Long-term Debt, by Type Alternative [Abstract]
Fixed-rate debt	$ 2,216,669	$ 1,608,217
Variable-rate debt	244,769	209,569
Total	2,461,438	1,817,786
Unsecured debt	1,931,769	1,202,476
Secured debt	$ 529,669	$ 615,310

Debt Obligations Maturities of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
2019	$ 9,523
2020	180,909
2021	286,047
2022	436,903
2023	379,570
Thereafter	1,168,486
Total	2,461,438	$ 1,817,786
Secured Debt
Debt Instrument [Line Items]
2019	9,523
2020	9,999
2021	87,688
2022	61,903
2023	79,570
Thereafter	280,986
Total	529,669
Revolving Credit Facility
Debt Instrument [Line Items]
2019	0
2020	0
2021	73,359
2022	0
2023	0
Thereafter	0
Total	73,359	61,569
Term Loans
Debt Instrument [Line Items]
2019	0
2020	170,910
2021	125,000
2022	375,000
2023	300,000
Thereafter	887,500
Total	$ 1,858,410	$ 1,140,000

Derivatives and Hedging Activities Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) Debt_Instrument	Dec. 31, 2017 USD ($) Debt_Instrument	Dec. 31, 2016 USD ($)	Nov. 16, 2018 USD ($) Debt_Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Assets Needed for Immediate Settlement, Aggregate Fair Value	$ 3,600
Amount of (loss) gain recognized in OCI on derivatives	(895)	$ 2,770	$ 6,979
Amount of (gain) loss reclassified from AOCI into interest expense	(3,261)	$ 1,810	$ 3,586
Interest rate derivative liabilities, at fair value	3,600
Interest Rate Swap \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) reclassification from AOCI to income, estimated net amount to be transferred	$ 6,200
Count \| Debt_Instrument	12	6		1
Notional amount	$ 1,687,000	$ 992,000		$ 125,000
Minimum \| Interest Rate Swap \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Fixed LIBOR	0.70%	1.20%
Maximum \| Interest Rate Swap \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Fixed LIBOR	2.90%	1.50%
REIT II \| Interest Rate Swap \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Count \| Debt_Instrument				5
Notional amount				$ 570,000
Interest Rate Fair Value Hedge Asset at Fair Value				$ 14,700

Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	$ 1,239	$ 667
Components of Deferred Tax Assets [Abstract]
Accrued compensation	5,338	4,264
Accrued expenses	210	12
Net operating loss (NOL) carryforward	1,239	667
Other	566	106
Gross deferred tax assets	7,353	5,049
Valuation allowance	(3,822)	(3,277)
Total deferred tax asset	3,531	1,772
Components of Deferred Tax Liabilities [Abstract]
Depreciation and amortization	(3,292)	(1,638)
Prepaid expenses	(239)	(134)
Total deferred tax liabilities	(3,531)	(1,772)
Net deferred tax asset	0	$ 0
Federal Income Tax Authority
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	5,400
Components of Deferred Tax Assets [Abstract]
Net operating loss (NOL) carryforward	5,400
Federal Income Tax Authority \| Tax year 2017
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	4,800
Components of Deferred Tax Assets [Abstract]
Net operating loss (NOL) carryforward	4,800
Federal Income Tax Authority \| Tax year 2018
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	600
Components of Deferred Tax Assets [Abstract]
Net operating loss (NOL) carryforward	600
State Tax Authorities
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	2,200
Components of Deferred Tax Assets [Abstract]
Net operating loss (NOL) carryforward	$ 2,200

Income Taxes REIT Taxable Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net income (loss) attributable to stockholders	$ 65,317	$ (13,228)	$ (11,351)	$ (1,600)	$ (30,072)	$ (8,232)	$ (1,193)	$ 1,106	$ 39,138	$ (38,391)	$ 8,932
Net (income) loss from TRS									(1,171)	4,248	0
Net income (loss) attributable to REIT operations									37,967	(34,143)	8,932
Book/tax differences									33,858	72,824	24,771
REIT taxable income subject to 90% dividend requirement									$ 71,825	$ 38,681	$ 33,703

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Income Taxes Composition of Tax Distributions (Details)	12 Months Ended
Income Taxes Composition of Tax Distributions (Details)	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Ordinary income	27.70%	28.60%
Non-dividend distributions	45.50%	70.90%
Capital gain distributions	26.80%	0.50%
Total	100.00%	100.00%

Commitments And Contingencies Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total rental expense for long-term operating leases	$ 1.3
Collateralized letters of credit outstanding related to insurance and reinsurance contracts	$ 6.7

Commitments And Contingencies Minimum Rental Commitments (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 1,450
2020	969
2021	537
2022	510
2023	352
Thereafter	391
Total	$ 4,209

Commitments And Contingencies Liability for Unpaid Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balances		$ 4,883
Current year	$ 452	156
Prior years	898	948
Total incurred	1,350	1,104
Current year	81	13
Prior years	725	516
Total paid	806	529
Liability for unpaid losses as of December 31	$ 4,883	$ 5,458

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 16, 2018	May 09, 2018	Nov. 08, 2017	Nov. 07, 2017	Oct. 04, 2017
Class of Stock Disclosures [Abstract]
Common stock, voting rights			The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the Board. Our charter does not provide for cumulative voting in the election of directors.
Share Price						$ 11.05	$ 11.05	$ 11.00	$ 10.20	$ 10.20
Stock Repurchased During Period, Shares			(4.9)
SRP, outstanding requests			2.4
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 15,400
OP units, shares outstanding	44.5	44.5	44.5	44.5
Vesting of Class B units, expense			$ 0	$ 24,037	$ 0
Issuance of partnership units for asset management services				27,647
Distributions to noncontrolling interests			(28,661)	(9,125)	(1,882)
Payments to noncontrolling interests				$ 9,600
OP units repurchased				0.4
Payments for OP units repurchased				$ 4,179
Payments for repurchase of unvested Class B units, and termination of special limited partnership interest and fee-sharing arrangements				5,400
Noncontrolling Interest
Class of Stock [Line Items]
Issuance of partnership units for asset management services				27,647
Distributions to noncontrolling interests			$ (28,661)		$ (1,882)
Payments for OP units repurchased				$ 4,179
Phillips Edison Limited Partnership
Class of Stock [Line Items]
OP units issued, shares	39.4	39.4
Business combination, post-transaction acquiree ownership percentage										19.40%
Nonconvertible Noncontrolling Interests
Class of Stock [Line Items]
Business combination, post-transaction acquiree ownership percentage			25.00%

Compensation Independent Director Stock Plan (Details) - Restricted Stock Awards - shares	Dec. 31, 2018	Dec. 31, 2017
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	808,000	18,000
Amended and Restated 2010 Independent Director Stock Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	32,000	17,654

Compensation Employee Long Term Incentive Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested at December 31, 2017, Weighted Average Grant Date Fair Value	$ 10.20
Granted, Weighted Average Grant Date Fair Value	11.00
Vested, Weighted Average Grant Date Fair Value	10.20
Forfeitured, Weighted Average Grant Date Fair Value	10.38
Nonvested at December 31, 2018, Weighted Average Grant Date Fair Value	$ 10.60	$ 10.20
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost	$ 10.4	$ 3.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 9.0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 4 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 15.4
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent	8.7
Defined contribution plan, employer 401K contribution amounts	$ 1.0	$ 0.2
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2017	18
Granted	811
Vested	(5)
Forfeited	(16)
Nonvested at December 31, 2018	808	18
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2017	0
Granted	199
Vested	0
Forfeited	0
Nonvested at December 31, 2018	199	0
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2017	2,446
Granted	0
Vested	(1,394)
Forfeited	(54)
Nonvested at December 31, 2018	998	2,446

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to stockholders - basic	$ 65,317	$ (13,228)	$ (11,351)	$ (1,600)	$ (30,072)	$ (8,232)	$ (1,193)	$ 1,106	$ 39,138	$ (38,391)	$ 8,932
Net income (loss) attributable to convertible OP units									8,136	(3,470)	111
Net income (loss) - diluted									$ 47,274	$ (41,861)	$ 9,043
Denominator:
Weighted-average shares - basic									196,602,000	183,784,000	183,876,000
Conversion of OP units									44,453,000	12,713,000	2,785,000
Effect of dilutive restricted stock awards(2)									312,000	0	4,000
Adjusted weighted-average shares - diluted									241,367,000	196,497,000	186,665,000
Earnings Per Common Share
Net income (loss) per share attributable to stockholders - basic and diluted (See Note 15)	$ 0.34	$ (0.07)	$ (0.06)	$ (0.01)	$ (0.17)	$ (0.04)	$ (0.01)	$ 0.01	$ 0.20	$ (0.21)	$ 0.05
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share										18,000

Revenue Recognition and Related Party Transactions Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Recurring fees	$ 32,926	$ 8,156	$ 0
Insurance premiums	2,073	206
REIT II
Related Party Transaction [Line Items]
Insurance premiums	367	206
PECO III
Related Party Transaction [Line Items]
Insurance premiums	0	0
Joint Ventures
Related Party Transaction [Line Items]
Insurance premiums	0	0
Other Parties
Related Party Transaction [Line Items]
Insurance premiums	1,706	0
Recurring fees
Related Party Transaction [Line Items]
Recurring fees	21,036	4,992
Recurring fees \| REIT II
Related Party Transaction [Line Items]
Recurring fees	17,937	4,396
Recurring fees \| PECO III
Related Party Transaction [Line Items]
Recurring fees	870	74
Recurring fees \| Joint Ventures
Related Party Transaction [Line Items]
Recurring fees	1,948	335
Recurring fees \| Other Parties
Related Party Transaction [Line Items]
Recurring fees	281	187
Transactional revenue and reimbursements
Related Party Transaction [Line Items]
Transactional revenue and reimbursements	9,817	2,958
Transactional revenue and reimbursements \| REIT II
Related Party Transaction [Line Items]
Transactional revenue and reimbursements	6,965	1,846
Transactional revenue and reimbursements \| PECO III
Related Party Transaction [Line Items]
Transactional revenue and reimbursements	1,278	679
Transactional revenue and reimbursements \| Joint Ventures
Related Party Transaction [Line Items]
Transactional revenue and reimbursements	1,442	297
Transactional revenue and reimbursements \| Other Parties
Related Party Transaction [Line Items]
Transactional revenue and reimbursements	132	136
Non-Affiliate
Related Party Transaction [Line Items]
Recurring fees	$ 1,700	$ 200

Revenue Recognition and Related Party Transactions Related Party Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0	$ 5,454	$ 0
Management Service
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	600	4,100
Advisory Agreement
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		20,301	26,232
Advisory Agreement \| Acquisition Fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,344	2,342
Advisory Agreement \| Acquisition Expenses
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		583	464
Advisory Agreement \| Asset Management Fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		15,573	19,239
Advisory Agreement \| OP Unit Distribution
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,373	1,866
Advisory Agreement \| Class B Distribution
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,409	1,576
Advisory Agreement \| Disposition Fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		19	745
Property Manager
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		22,631	24,384
Property Manager \| Property Management Fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		8,360	9,929
Property Manager \| Leasing Commissions
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		6,670	7,701
Property Manager \| Construction Management Fees
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		1,367	1,127
Property Manager \| Other Fees and Reimbursements
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		$ 6,234	$ 5,627
PECO III
Related Party Transaction [Line Items]
Contingent Advisor Payment Holdback	$ 4,500
PECO III \| Contingent Advisor Payment
Related Party Transaction [Line Items]
Related party transaction, rate	2.15%
Private Placement \| PECO III
Related Party Transaction [Line Items]
Organization and offering costs charged by Advisor and Sub-advisor	$ 2,300
Public Offering \| PECO III
Related Party Transaction [Line Items]
Organization and offering costs charged by Advisor and Sub-advisor	$ 2,200

Revenue Recognition and Related Party Transactions Other Related Party Matters (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due to Affiliate	$ 1,200	$ 1,400
Related Party Transaction, Expenses from Transactions with Related Party	0	5,454	$ 0
Accounts receivable – affiliates	5,125	6,102
Debt contributed to joint venture	175,000	0	$ 0
PECO III
Related Party Transaction [Line Items]
Accounts receivable – affiliates	4,500	2,000
PECO Air
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	800	$ 100
Necessity Retail Partners
Related Party Transaction [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	200,000
Guarantee Obligations Expected Exposure	$ 50,000
Subsidiaries [Member]
Related Party Transaction [Line Items]
Business combination, post-transaction acquiree ownership percentage	25.00%
Noncontrolling Interest, Ownership Percentage by Parent	75.00%
Grocery Retail Partners I
Related Party Transaction [Line Items]
Debt contributed to joint venture	$ 175,000

Operating Leases Future Minimum Rents (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Future rentals to be received under non-cancelable operating leases:
2019	$ 372,632
2020	340,028
2021	292,887
2022	247,915
2023	196,152
2024 and thereafter	555,282
Total	$ 2,004,896
Florida \| Geographic concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%
California \| Geographic concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	10.10%

Fair Value Measurements Summary of Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Measurement Inputs and Valuation Technique [Line Items]
Recorded value	$ 2,456,867	$ 1,823,040
Deferred financing costs	18,041	16,042
Fair Value Level 3
Fair Value Measurement Inputs and Valuation Technique [Line Items]
Fair value	$ 2,467,317	$ 1,765,151

Fair Value Measurements Fair Value Measurements (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability						$ (3,600)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High			$ 8,000
Impairment of real estate assets			$ 40,782	$ 0	$ 0
Phillips Edison Limited Partnership
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
OP units issued, shares	39.4	39.4
OP Units \| Phillips Edison Limited Partnership
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
OP units issued, shares	12.5	12.5	12.5
Fair Value, Measurements, Recurring \| Fair Value Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out liability	$ 38,000	$ 38,000	$ 38,000	38,000		39,500	$ 38,000
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2017			38,000
Balance at December 31, 2018	38,000	38,000	39,500	38,000
Fair Value, Measurements, Recurring \| Phillips Edison Limited Partnership \| Fair Value Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out liability	38,000	38,000	38,000	38,000		39,500	38,000
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2017			38,000
Change in fair value recognized in Other (Expense) Income, Net			1,500
Balance at December 31, 2018	$ 38,000	$ 38,000	$ 39,500	$ 38,000
Fair Value, Measurements, Recurring \| Interest Rate Swap \| Designated as Hedging Instrument \| Fair Value Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets						29,708	16,496
Derivative liability						(3,633)	$ (61)
Fair Value, Measurements, Nonrecurring \| Fair Value Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets in continuing operations						$ 71,991

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Revenues	$ 118,121	$ 104,899	$ 104,173	$ 103,199	$ 102,765	$ 70,624	$ 69,851	$ 68,303	$ 430,392	$ 311,543	$ 257,730
Net income (loss) attributable to stockholders	$ 65,317	$ (13,228)	$ (11,351)	$ (1,600)	$ (30,072)	$ (8,232)	$ (1,193)	$ 1,106	$ 39,138	$ (38,391)	$ 8,932
Net income (loss) per share - basic and diluted	$ 0.34	$ (0.07)	$ (0.06)	$ (0.01)	$ (0.17)	$ (0.04)	$ (0.01)	$ 0.01	$ 0.20	$ (0.21)	$ 0.05

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.