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Document And Entity Information - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2015
Entity Registrant Name	PHILLIPS EDISON GROCERY CENTER REIT I, INC.
Entity Central Index Key	0001476204
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		182.2
Entity Public Float			$ 0.0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Land and improvements	$ 719,430	$ 675,289
Building and improvements	1,397,050	1,305,345
Acquired intangible lease assets	233,553	220,601
Total investment in real estate assets	2,350,033	2,201,235
Accumulated depreciation and amortization	(232,102)	(126,965)
Total investment in real estate assets, net	2,117,931	2,074,270
Cash and cash equivalents	40,680	15,649
Restricted cash	6,833	6,803
Deferred financing expense, net of accumulated amortization of $7,603 and $5,107, respectively	13,244	13,727
Other assets, net	56,124	40,320
Total assets	2,234,812	2,150,769
Liabilities
Mortgages and loans payable	854,079	650,462
Acquired below market lease intangibles, less accumulated amortization of $14,259 and $7,619, respectively	39,782	42,454
Accounts payable – affiliates	5,278	975
Accounts payable and other liabilities	43,881	48,738
Total liabilities	943,020	742,629
Commitments and contingencies
Redeemable common stock	0	29,878
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at December 31, 2015 and 2014	0	0
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 181,308 and 182,131 shares issued and outstanding at December 31, 2015 and 2014, respectively	1,813	1,820
Additional paid-in capital	1,588,541	1,567,653
Accumulated other comprehensive income	22	0
Accumulated deficit	(323,761)	(213,975)
Total stockholders’ equity	1,266,615	1,355,498
Noncontrolling interests	25,177	22,764
Total equity	1,291,792	1,378,262
Total liabilities and equity	$ 2,234,812	$ 2,150,769

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Deferred financing expense, accumulated amortization	$ 7,603	$ 5,107
Acquired below market lease intangibles, accumulated amortization	$ 14,259	$ 7,619
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares outstanding	181,308,000	182,131,000
Common stock, shares issued	181,308,000	182,131,000

Consolidated Statements Of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental income	$ 182,064	$ 142,216	$ 56,898
Tenant recovery income	58,675	44,993	16,048
Other property income	1,360	1,006	219
Total revenues	242,099	188,215	73,165
Expenses:
Property operating	38,399	32,919	11,896
Real estate taxes	35,285	25,262	9,658
General and administrative	15,829	8,632	4,346
Acquisition expenses	5,404	17,430	18,772
Vesting of Class B units for asset management services	0	27,853	0
Depreciation and amortization	101,479	79,160	30,512
Total expenses	196,396	191,256	75,184
Other income (expense):
Interest expense, net	(32,390)	(20,360)	(10,511)
Other income, net	248	766	180
Net income (loss)	13,561	(22,635)	(12,350)
Net income attributable to noncontrolling interests	(201)	0	(54)
Net income (loss) attributable to stockholders	$ 13,360	$ (22,635)	$ (12,404)
Earnings per common share:
Net income (loss) per share - basic and diluted	$ 0.07	$ (0.13)	$ (0.18)
Weighted-average common shares outstanding:
Basic (in shares)	183,678	179,280	70,227
Diluted (in shares)	186,394	179,280	70,227
Comprehensive income (loss):
Net income (loss)	$ 13,561	$ (22,635)	$ (12,350)
Other comprehensive income (loss):
Change in unrealized gain (loss) on interest rate swaps, net	22	(690)	690
Comprehensive income (loss)	13,583	(23,325)	(11,660)
Comprehensive income attributable to noncontrolling interests	(201)	0	(54)
Comprehensive income (loss) attributable to stockholders	$ 13,382	$ (23,325)	$ (11,714)

Consolidated Statements Of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Total Stockholders’ Equity	Noncontrolling Interest
Beginning balance, value at Dec. 31, 2012	$ 152,271	$ 138	$ 118,238		$ (11,720)	$ 106,656	$ 45,615
Beginning balance, shares at Dec. 31, 2012		13,801
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, value	1,586,589	$ 1,599	1,584,990			1,586,589
Issuance of common stock, shares		159,909
Share repurchases, value	(925)	$ (1)	(924)			(925)
Share repurchases, shares		(86)
Dividend reinvestment plan (DRIP), value	18,706	$ 20	18,686			18,706
Dividend reinvestment plan (DRIP), shares		1,971
Change in unrealized gain (loss) on interest rate swaps	690			$ 690		690
Common distributions declared	(47,068)				(47,068)	(47,068)
Distributions to noncontrolling interests	(5,231)						(5,231)
Acquisition of noncontrolling interest in consolidated joint venture	(57,000)		(16,655)			(16,655)	(40,345)
Offering costs	(166,150)		(166,150)			(166,150)
Net (loss) income	(12,350)				(12,404)	(12,404)	54
Ending balance, value at Dec. 31, 2013	1,469,532	$ 1,756	1,538,185		(71,192)	1,469,439	93
Ending balance, shares at Dec. 31, 2013		175,595
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, value	2,534	$ 2	2,532			2,534
Issuance of common stock, shares		256
Share repurchases, value	(4,916)	$ (4)	(4,912)			(4,916)
Share repurchases, shares		(346)
Change in redeemable common stock	(29,878)		(29,878)			(29,878)
Dividend reinvestment plan (DRIP), value	62,950	$ 66	62,884			62,950
Dividend reinvestment plan (DRIP), shares		6,626
Change in unrealized gain (loss) on interest rate swaps	(690)			(690)		(690)
Common distributions declared	(120,148)				(120,148)	(120,148)
Issuance of partnership units	23,806						23,806
Distributions to noncontrolling interests	(1,135)						(1,135)
Offering costs	(1,158)		(1,158)			(1,158)
Net (loss) income	(22,635)				(22,635)	(22,635)
Ending balance, value at Dec. 31, 2014	1,378,262	$ 1,820	1,567,653	0	(213,975)	1,355,498	22,764
Ending balance, shares at Dec. 31, 2014		182,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, value	(72,800)	$ (73)	(72,727)			(72,800)
Share repurchases, shares		(7,386)
Change in redeemable common stock	29,878		29,878			29,878
Dividend reinvestment plan (DRIP), value	63,803	$ 66	63,737			63,803
Dividend reinvestment plan (DRIP), shares		6,563
Change in unrealized gain (loss) on interest rate swaps	22			22		22
Common distributions declared	(123,146)				(123,146)	(123,146)
Issuance of partnership units	4,047						4,047
Distributions to noncontrolling interests	(1,835)						(1,835)
Net (loss) income	13,561				13,360	13,360	201
Ending balance, value at Dec. 31, 2015	$ 1,291,792	$ 1,813	$ 1,588,541	$ 22	$ (323,761)	$ 1,266,615	$ 25,177
Ending balance, shares at Dec. 31, 2015		181,308

Consolidated Statements Of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Common distributions declared, per share	$ 0.67	$ 0.67	$ 0.67

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 13,561	$ (22,635)	$ (12,350)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	98,367	76,554	29,242
Vesting of Class B units for asset management services	0	27,853	0
Net amortization of above- and below-market leases	(821)	85	536
Amortization of deferred financing expense	5,084	3,861	1,932
(Gain) loss on sale of properties and disposal of real estate assets	(190)	23	0
Loss on write-off of capitalized leasing commissions and deferred financing expense	2,260	112	1,177
Change in fair value of derivatives	(118)	(546)	(128)
Straight-line rental income	(4,571)	(4,303)	(1,995)
Changes in operating assets and liabilities:
Other assets	(13,473)	(16,889)	(12,995)
Accounts payable and other liabilities	1,829	11,409	13,015
Accounts payable – affiliates	4,145	147	106
Net cash provided by operating activities	106,073	75,671	18,540
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(91,142)	(710,799)	(761,000)
Capital expenditures	(21,870)	(15,805)	(6,413)
Proceeds from sale of real estate	2,268	7,256	0
Change in restricted cash and investments	(30)	3,056	(8,806)
Proceeds from sale of derivative	0	520	0
Net cash used in investing activities	(110,774)	(715,772)	(776,219)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in credit facility borrowings	(150,700)	291,700	(36,709)
Proceeds from mortgages and loans payable	400,000	0	0
Payments on mortgages and loans payable	(77,324)	(28,636)	(78,089)
Payments of deferred financing expenses	(6,711)	(7,566)	(10,377)
Distributions paid, net of DRIP	(59,387)	(56,612)	(19,301)
Distributions to noncontrolling interests	(1,677)	(1,135)	(5,231)
Repurchases of common stock	(74,469)	(3,323)	(849)
Proceeds from issuance of common stock	0	2,534	1,586,589
Payment of offering costs	0	(1,462)	(168,758)
Acquisition of noncontrolling interest in consolidated joint venture	0	0	(57,000)
Net cash provided by financing activities	29,732	195,500	1,210,275
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	25,031	(444,601)	452,596
CASH AND CASH EQUIVALENTS:
Beginning of period	15,649	460,250	7,654
End of period	40,680	15,649	460,250
SUPPLEMENTAL CASHFLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cash paid for interest	27,583	17,808	7,915
Fair value of assumed debt	34,341	189,006	157,898
Assumed interest rate swap	0	714	0
Accrued capital expenditures and deferred financing expenses	2,340	3,148	2,209
Change in offering costs payable to sponsor(s)	(75)	(304)	(2,608)
Change in distributions payable	(44)	586	9,061
Change in distributions payable - noncontrolling interests	158	0	0
Change in accrued share repurchase obligation	(1,669)	1,593	76
Distributions reinvested	$ 63,803	$ 62,950	$ 18,706

Organization	12 Months Ended
Organization	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Phillips Edison Grocery Center REIT I, Inc., (“we,” the “Company,” “our,” or “us”) was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P., (the “Operating Partnership”), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. Our advisor is Phillips Edison NTR LLC (“PE-NTR”), which is directly or indirectly owned by Phillips Edison Limited Partnership (the “Phillips Edison sponsor”) and Michael Phillips and Jeffrey Edison, principals of our Phillips Edison sponsor. Under the terms of the advisory agreement between PE-NTR and us (the “PE-NTR Agreement”), PE-NTR is responsible for the management of our day-to-day activities and the implementation of our investment strategy. Prior to December 3, 2014, our advisor was American Realty Capital II Advisors, LLC (“ARC”). Under the terms of the previous advisory agreement between ARC and us (the “ARC Agreement”), ARC delegated most of its duties, including the management of our day-to-day operations and our portfolio of real estate assets, to PE-NTR. We invest primarily in well-occupied, grocery-anchored neighborhood and community shopping centers having a mix of creditworthy national and regional retailers selling necessity-based goods and services in strong demographic markets throughout the United States. As of December 31, 2015, we owned fee simple interests in 147 real estate properties, acquired from third parties unaffiliated with us, PE-NTR or ARC.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Partially-Owned Entities—If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity.

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

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

Restricted Cash—Restricted cash primarily consists of escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements.

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

Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable, or at least annually. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. Such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. We recorded no impairments for the years ended December 31, 2015, 2014, and 2013.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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


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


•	the uniqueness of the improvements;


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


•	who constructs or directs the construction of the improvements.

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

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

We periodically review the collectability of outstanding receivables. Allowances will be taken for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. As of December 31, 2015 and 2014, the bad debt reserve for uncollectible amounts was $1.1 million and $1.2 million, respectively.

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

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

The tax composition of our distributions declared for the years ended December 31, 2015 and 2014 was as follows:



	2015		2014
Ordinary Income	40.45	%	16.62	%
Return of Capital	59.55	%	83.38	%
Total	100.00	%	100.00	%

Repurchase of Common Stock—We offer a share repurchase program which may allow certain stockholders to have their shares repurchased subject to approval and certain limitations and restrictions (see Note 3). We account for those financial instruments that represent our mandatory obligation to repurchase shares as liabilities to be reported at settlement value. When shares are presented for repurchase, we will reclassify such obligations from redeemable common stock to a liability based upon their respective settlement values.

Under our share repurchase program, the maximum amount of common stock that we may redeem, at the shareholder’s election, during any calendar year is limited, among other things, to 5% of the weighted-average number of shares outstanding during the prior calendar year. The maximum amount is reduced each reporting period by the current year share redemptions to date. In addition, the cash available for repurchases on any particular date is generally limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases during the same time period. We record amounts that are redeemable under the share repurchase program as redeemable common stock outside of permanent equity in our consolidated balance sheets because redemptions are at the option of the holders and are not solely within our control. At December 31, 2014, there were 3.0 million shares represented in this amount on the consolidated balance sheet. During the fourth quarter of 2015, repurchase requests surpassed the funding limits under the share repurchase program. As such, at December 31, 2015, there were no shares represented as redeemable common stock on the balance sheet. See Note 3 of our consolidated financial statements for additional discussion of this matter. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value.

Class B Units—We issue to ARC and PE-NTR Class B units of the Operating Partnership as compensation for the asset management services provided by PE-NTR under our current advisory agreement. Previously, we also issued to ARC and PE-NTR Class B units in connection with the asset management services provided by ARC and PE-NTR under our prior advisory agreement. Our prior advisory agreement was terminated on December 3, 2014 and was replaced with our current advisory agreement.

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

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

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

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

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

The Operating Partnership issues limited partnership units that are designated as Class B units and Operating Partnership units (“OP units”). Class B units and OP units held by limited partners other than the Company are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents and they have the potential to be exchanged for shares of our common stock in accordance with the terms of the Operating Partnership’s Second Amended and Restated Agreement of Limited Partnership, as amended (the “Partnership Agreement”). The impact of these Class B units and OP units on basic and diluted earnings per common share (“EPS”) has been calculated using the two-class method whereby earnings are allocated to the Class B units and OP units based on dividends declared and the units’ participation rights in undistributed earnings. The effects of the two-class method on basic and diluted EPS were immaterial to the consolidated financial statements as of December 31, 2015, 2014, and 2013.

Since the OP units are fully vested, they were included in the diluted net income per share computations as of December 31, 2015. Fully vested Class B units of the Operating Partnership outstanding or held by ARC and PE-NTR were also included in the diluted EPS calculation. However, as vesting of the Class B units is contingent upon a market condition and service condition, unvested Class B units were not included in the diluted EPS computations since the satisfaction of the market or service condition was not probable as of December 31, 2015, 2014, and 2013.

There were 2.8 million OP units outstanding as of December 31, 2015, that were considered participating securities. As of December 31, 2014, there were 2.8 million vested Class B units outstanding and considered participating securities. There were 2.1 million and 0.5 million unvested Class B units outstanding as of December 31, 2015 and 2013, respectively, which were not included in the EPS calculation. No unvested class B units were outstanding as of December 31, 2014.

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

Noncontrolling Interests—The OP units outstanding as of December 31, 2015 are classified as noncontrolling interests within permanent equity on our consolidated balance sheets. Please refer to Note 3 for additional information regarding these vested units issued under our prior advisory agreement.

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



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis	This update amends the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It may be adopted either retrospectively or on a modified retrospective basis. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted.	January 1, 2016	We do not expect the adoption of this pronouncement to have a material impact on our consolidated financial statements.
ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs	This update amends existing guidance to require the presentation of certain debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted.	January 1, 2016	We expect that the adoption of this pronouncement will result in the presentation of certain debt issuance costs, which are currently included in deferred financing expense (net) in our consolidated balance sheets, as a direct deduction from the carrying amount of the related debt instrument.
ASU 2016-02, Leases (Topic 842)	This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. It is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted.	January 1, 2019	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Equity

EQUITY

General—We have the authority to issue a total of 1 billion shares of common stock with a par value of $0.01 per share and 10 million shares of preferred stock, $0.01 par value per share. As of December 31, 2015, we had issued 189.1 million shares of common stock, including shares issued through the DRIP, generating gross proceeds of $1.9 billion. As of December 31, 2015, there were 181.3 million shares of our common stock outstanding, which is net of 7.8 million shares repurchased from stockholders pursuant to our share repurchase program, and we had issued no shares of preferred stock. The holders of common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the board of directors. Our charter does not provide for cumulative voting in the election of directors.

On August 24, 2015, our board of directors established an estimated value per share of our common stock of $10.20 (unaudited) based substantially on the estimated market value of our portfolio of real estate properties as of July 31, 2015. We engaged an independent third party to estimate the fair value range of our portfolio. In determining the estimated value per share, our board of directors also considered our cash and cash equivalents and our outstanding mortgages and loans payable as of July 31, 2015.

Dividend Reinvestment Plan—We have adopted a dividend reinvestment plan (the “DRIP”) that allows stockholders to invest distributions in additional shares of our common stock. We continue to offer up to a total of approximately 37.8 million shares of common stock under the DRIP. Stockholders who elect to participate in the DRIP may choose to invest all or a portion of their cash distributions in shares of our common stock. Initially, the purchase price per share under the DRIP was $9.50. In accordance with the DRIP, because we established an estimated value per share on August 24, 2015, participants acquire shares of common stock through the DRIP at a price of $10.20 per share.

Stockholders who elect to participate in the DRIP, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of our common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions in cash. Distributions reinvested through the DRIP for the years ended December 31, 2015, 2014 and 2013, were $63.8 million, $63.0 million and $18.7 million, respectively.

Share Repurchase Program—Our share repurchase program may provide a limited opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations. Initially, shares were repurchased at a price equal to or at a discount from the stockholders’ original purchase prices paid for the shares being repurchased. Effective August 24, 2015, the repurchase price per share for all stockholders is equal to the estimated value per share of $10.20.

Repurchase of shares of common stock will be made monthly upon written notice received by us at least five days prior to the end of the applicable month, assuming no restriction or limitations. The board of directors may, in its sole discretion, amend, suspend, or terminate the share repurchase program at any time upon 30 days’ written notice. Stockholders may withdraw their repurchase request at any time up to five business days prior to the repurchase date.

The following table presents the activity of the share repurchase program, excluding amounts accrued for share repurchases as discussed below, for the years ended December 31, 2015, 2014, and 2013 (in thousands, except per share amounts):



	2015		2014		2013
Shares repurchased	7,386		346		86
Cost of repurchases	$	74,469	$	3,323	$	849
Average repurchase price	$	10.08	$	9.60	$	9.87

We record a liability representing our obligation to repurchase shares of common stock submitted for repurchase as of year end but not yet repurchased. Below is a summary of our obligation to repurchase shares of common stock recorded as a component of accounts payable and other liabilities on our consolidated balance sheets as of December 31, 2015 and 2014 (in thousands):



	2015		2014
Shares submitted for repurchase	—		177
Liability recorded	$	—	$	1,669

During the fourth quarter of 2015, repurchase requests surpassed the funding limits under the share repurchase program. Our board of directors made a one-time authorization of additional funds in order to repurchase shares that were submitted for repurchase during the October repurchase cycle, which amounted to $10.8 million. Due to the program’s funding limits, no funds will be available for repurchases during the first quarter of 2016. The funds available for repurchases during the second and third quarters of 2016, if any, are expected to be limited. If we are unable to fulfill all repurchase requests in any month, we will attempt to honor requests on a pro rata basis. We will continue to fulfill repurchases sought upon a stockholder’s death, determination of incompetence or qualifying disability in accordance with the terms of the share repurchase program.

Class B Units—Under our prior advisory agreement, in connection with asset management services provided by ARC and PE-NTR, we had issued 2.4 million Class B units to both parties for services performed from October 1, 2012 through September 30, 2014. There were 0.4 million additional unissued units for services provided from October 1, 2014 through December 3, 2014, the date of the termination of our prior advisory agreement, for which we recorded a liability as of December 31, 2014, pending formal approval of the issuance of such units by our board of directors. In connection with the termination of the prior advisory agreement, we determined that the economic hurdle had been met as of that date and that the units issued to ARC and PE-NTR for asset management services provided through December 3, 2014 had vested.

As a result of the vesting of the 2.8 million issued and unissued Class B units, we recognized a non-cash expense of $27.9 million for asset management services provided to us by ARC and PE-NTR. We recorded the expense at fair value based upon the market value of the asset management services that had been provided.

The vested Class B units subsequently converted into OP units in 2015 in accordance with the terms of the Partnership Agreement. Such OP units may be exchanged at the election of the holder for cash or, at the option of the Operating Partnership, for shares of our common stock, under the terms of exchange rights agreements to be prepared at a future date, provided, however, that the OP units have been outstanding for at least one year. PE-NTR has agreed under the PE-NTR Agreement not to exchange any OP units it may hold until the listing of our common stock or the liquidation of our portfolio occurs.

As the form of the redemptions for the vested OP units is within our control, the OP units issued as of December 31, 2015 are classified as noncontrolling interests within permanent equity on our consolidated balance sheets. Additionally, the cumulative distributions that have been paid on these OP units are included in noncontrolling interests as distributions to noncontrolling interests.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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

Cash and cash equivalents, restricted cash, accounts receivable, and accounts payable—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. Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable, or at least annually. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. Such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset.

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

The following is a summary of discount rates and borrowings as of December 31, 2015 and 2014 (in thousands):



	2015			2014
Discount rates:
Secured fixed-rate debt	2.75		%	3.40		%
Secured variable-rate debt	2.36		%	2.48		%
Unsecured variable-rate debt	1.66		%	1.93		%
Borrowings:
Fair value	$	880,854		$	665,982
Recorded value	854,079			650,462

Derivative instruments—As of December 31, 2015 and 2014, we were party to an interest rate swap agreement with a notional amount of $11.3 million and $11.6 million, respectively, assumed as part of an acquisition, which is measured at fair value on a recurring basis. The interest rate swap agreement in effect fixes the variable interest rate of our secured variable-rate mortgage note at an annual interest rate of 5.22% through June 10, 2018.

In April 2015, we entered into three interest rate swap agreements with a notional amount of $387.0 million that are measured at fair value on a recurring basis. These interest rate swap agreements effectively fix the LIBOR portion of the interest rate on $387.0 million of outstanding debt under our existing credit facility. These swaps qualify and have been designated as cash flow hedges.

The fair values of the interest rate swap agreements as of December 31, 2015 and 2014 were based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and were determined using interest rate pricing models and interest rate related observable inputs. Although we determined that the significant inputs used to value our derivatives fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2015 and 2014, 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.

Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we did or could actually realize upon disposition of the financial assets and liabilities previously sold or currently held (see Note 10).

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2015 and 2014 (in thousands):



	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Fair Value at				Balance Sheet Location	Fair Value at
	Balance Sheet Location	2015		2014		Balance Sheet Location	2015		2014
Interest Rate Swaps	Other assets, net	$	22	$	—	Accounts payable and other liabilities	$	442	$	560

- Definition

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

+ References + Details

Real Estate Acquisitions

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Real Estate Acquisitions

REAL ESTATE ACQUISITIONS

For the year ended December 31, 2015, we acquired nine grocery-anchored retail centers and two strip centers adjacent to a previously acquired grocery-anchored retail center for a combined purchase price of approximately $126.0 million, including $32.8 million of assumed debt with a fair value of $34.3 million. For the year ended December 31, 2014, we acquired 56 grocery anchored retail centers and one strip center adjacent to a previously acquired grocery-anchored retail center for a combined purchase price of approximately $906.5 million, including $183.5 million of assumed debt with a fair value of $189.0 million. The following tables present certain additional information regarding our acquisitions of properties which were deemed individually immaterial when acquired, but are material in the aggregate.

For the years ended December 31, 2015 and 2014, we allocated the purchase price of acquisitions to the fair value of the assets acquired and liabilities assumed as follows (in thousands):



	2015			2014
Land and improvements	$	40,031		$	276,615
Building and improvements	76,908			557,454
Acquired in-place leases	11,664			81,299
Acquired above-market leases	1,400			18,060
Acquired below-market leases	(3,967		)	(26,978		)
Total assets and lease liabilities acquired	126,036			906,450
Debt assumed	34,341			189,006
Assumed interest rate swap	—			714
Net assets acquired	$	91,695		$	716,730

The weighted-average amortization periods for acquired in-place lease, above-market lease, and below-market lease intangibles acquired during the years ended December 31, 2015 and 2014 are as follows (in years):



	2015	2014
Acquired in-place leases	13	9
Acquired above-market leases	8	10
Acquired below-market leases	19	13

The amounts recognized for revenues, acquisition expenses and net loss, recorded during the year of acquisition, related to the operating activities of our acquisitions are as follows (in thousands):



	For the Year Ended December 31,
	2015		2014
Revenue	$	8,359	$	52,248
Acquisition expenses	2,408		17,407
Net loss	1,533		11,278

The following unaudited information summarizes selected financial information from our combined results of operations, as if all of our acquisitions for 2014 and 2015 had been acquired on January 1, 2014. Acquisition expenses related to each respective acquisition are not expected to have a continuing impact and, therefore, have been excluded from these pro forma results. This pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of the period, nor does it purport to represent the results of future operations.



	For the Year Ended December 31,
(in thousands)	2015		2014
Pro forma revenues	$	244,738	$	239,599
Pro forma net income attributable to stockholders	18,948		109

Acquired Intangible Lease Assets

12 Months Ended

Dec. 31, 2015

Finite-Lived Intangible Assets, Net [Abstract]

Acquired Intangible Assets

ACQUIRED INTANGIBLE LEASE ASSETS

Acquired intangible lease assets consisted of the following as of December 31, 2015 and 2014 (in thousands):



	2015			2014
Acquired in-place leases	$	194,242		$	182,690
Acquired above-market leases	39,311			37,911
Total acquired intangible lease assets	233,553			220,601
Accumulated amortization	(79,669		)	(43,915		)
Net acquired intangible lease assets	$	153,884		$	176,686

Summarized below is the amortization recorded on the intangible assets for the years ended December 31, 2015, 2014, and 2013 (in thousands):



	2015		2014		2013
Acquired in-place leases⁽¹⁾	$	29,970	$	24,697	$	8,054
Acquired above-market leases⁽²⁾	5,819		4,996		2,433
Total	$	35,789	$	29,693	$	10,487


⁽¹⁾	Amortization recorded on acquired in-place leases was included in depreciation and amortization in the consolidated statements of operations.


⁽²⁾	Amortization recorded on acquired above-market leases was an adjustment to rental revenue in the consolidated statements of operations.

Estimated future amortization of the respective acquired intangible lease assets as of December 31, 2015 for each of the five succeeding calendar years is as follows (in thousands):



Year	In-Place Leases		Above-Market Leases
2016	$	28,020	$	5,000
2017	25,069		4,177
2018	19,876		3,394
2019	14,668		2,639
2020	9,957		2,175
Total	$	97,590	$	17,385

Mortgages and Loans Payable

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Mortgages and Loans Payable

MORTGAGES AND LOANS PAYABLE

In September 2015, we entered into a third amendment to our existing credit agreement, which provides for the addition of an unsecured term loan facility and includes three term loan tranches (the “Term Loans”) with interest rates of LIBOR plus 1.25%. In October 2015, we borrowed $400 million under the Term Loans and used those proceeds to pay down a portion of the outstanding principal balance of our revolving credit facility. The maturities of the three term loan tranches correspond to the three interest rate swap agreements executed in April 2015 (see Notes 4 and 10). The first tranche of Term Loans has a principal amount of $100 million and matures in February 2019, with two 12-month options to extend the maturity. The second tranche of Term Loans has a principal amount of $175 million and matures in February 2020, with one 12-month option to extend the maturity. The third tranche of Term Loans has a principal amount of $125 million and matures in February 2021. A maturity date extension for the first or second tranche of Term Loans requires the payment of an extension fee of 0.15% of the outstanding principal amount of the corresponding tranche.

Our existing credit agreement also provides access to an unsecured revolving credit facility. During the fourth quarter of 2015, we reduced the capacity of our unsecured revolving credit facility and as of December 31, 2015, we had access to $500 million with a $141.0 million outstanding principal balance. The interest rate on amounts outstanding under this credit facility is currently LIBOR plus 1.3%. The credit facility matures in December 2017, with two six-month options to extend the maturity to December 2018.

As of December 31, 2015 and 2014, we had approximately $306.4 million and $350.9 million, respectively, of outstanding mortgage notes payable, excluding fair value of debt adjustments. Each mortgage note payable is secured by the respective property on which the debt was placed.

Of the amount outstanding on our mortgage and loans payable at December 31, 2015, $104.8 million is for loans that mature in 2016. We intend to repay or refinance any principal balance outstanding on loans maturing in 2016 as they mature. As of December 31, 2015 and 2014, the weighted-average interest rates for all of our mortgage and loans payable were 3.5% and 3.7%, respectively.

The table below summarizes our loan assumptions in conjunction with property acquisitions for the years ended December 31, 2015 and 2014 (dollars in thousands):



	2015		2014
Number of properties acquired with loan assumptions⁽¹⁾	5		15
Carrying value of assumed debt at acquisition	$	32,837	$	183,506
Fair value of assumed debt at acquisition	34,341		189,006


⁽¹⁾	In addition to the five properties acquired with loan assumptions during the year ended December 31, 2015, we assumed a loan related to the acquisition of a strip center adjacent to a previously acquired grocery-anchored retail center.

The assumed net below-market debt adjustments will be amortized over the remaining life of the loans, and this amortization is classified as a component of interest expense. The amortization recorded on the assumed below-market debt adjustments was $2.7 million and $2.5 million for the years ended December 31, 2015 and 2014, respectively.

The following is a summary of the outstanding principal balances of our debt obligations as of December 31, 2015 and 2014 (in thousands):



	2015		2014
Unsecured Term Loans - fixed-rate⁽¹⁾	$	387,000	$	—
Unsecured Term Loans - variable rate	13,000		—
Unsecured revolving credit facility - variable rate⁽²⁾	141,000		291,700
Fixed rate mortgages payable⁽³⁾⁽⁴⁾	306,435		350,922
Assumed net below-market debt adjustment	6,644		7,840
Total	$	854,079	$	650,462


⁽¹⁾	As of December 31, 2015, the interest rate on $387 million outstanding under our unsecured Term Loan was, effectively, fixed at various interest rates by three interest rate swap agreements with maturities ranging from February 2019 to February 2021 (see Notes 4 and 10).


⁽²⁾	The gross borrowings under our revolving credit facility were $297.8 million, $306.7 million, and $146.4 million during the years ended December 31, 2015, 2014, and 2013, respectively. The gross payments on our revolving credit facility were $448.5 million, $15.0 million, and $183.1 million during the years ended December 31, 2015, 2014, and 2013, respectively.


⁽³⁾	Due to the non-recourse nature of our fixed rate mortgages, the assets and liabilities of the related properties are neither available to pay the debts of the consolidated property-holding limited liability companies nor constitute obligations of such consolidated limited liability companies as of December 31, 2015.


⁽⁴⁾	As of December 31, 2015, the interest rate on $11.3 million outstanding under one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement (see Notes 4 and 10).

Below is a listing of our maturity schedule with the respective principal payment obligations (in thousands):



	2016		2017		2018		2019		2020		Thereafter		Total
Unsecured Term Loans - fixed-rate⁽¹⁾	$	—	$	—	$	—	$	100,000	$	175,000	$	112,000	$	387,000
Unsecured Term Loans - variable rate	—		—		—		—		—		13,000		13,000
Unsecured revolving credit facility - variable rate⁽²⁾	—		141,000		—		—		—		—		141,000
Fixed-rate mortgages payable⁽³⁾	104,754		47,242		46,876		4,041		4,004		99,518		306,435
Total maturing debt ⁽⁴⁾	$	104,754	$	188,242	$	46,876	$	104,041	$	179,004	$	224,518	$	847,435


⁽¹⁾	As of December 31, 2015, the interest rate on $387 million outstanding under our unsecured Term Loan was, effectively, fixed at various interest rates by three interest rate swap agreements with maturities ranging from February 2019 to February 2021 (see Notes 4 and 10).


⁽²⁾	The revolving credit facility matures on December 18, 2017, with two six-month options to extend the maturity to December 18, 2018.


⁽³⁾	As of December 31, 2015 and 2014, the interest rate on one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement. The outstanding principal balance of that variable-rate mortgage note payable was $11.3 million and $11.6 million as of December 31, 2015 and 2014, respectively (see Notes 4 and 10).


⁽⁴⁾	The debt maturity table does not include the assumed below-market debt adjustments.

Acquired Below-Market Lease Intangibles

12 Months Ended

Dec. 31, 2015

Below Market Lease [Abstract]

Acquired Below-Market Lease Intangibles

ACQUIRED BELOW-MARKET LEASE INTANGIBLES

Summarized below is the amortization recorded on the below-market lease intangible liabilities for the years ended December 31, 2015, 2014, and 2013 (in thousands):



	2015		2014		2013
Acquired below-market leases⁽¹⁾	$	6,640	$	4,911	$	1,897


⁽¹⁾	Amortization recorded on acquired below-market leases was an adjustment to rental revenue in the consolidated statements of operations.

Estimated future amortization income of the intangible lease liabilities as of December 31, 2015 for each of the five succeeding calendar years is as follows (in thousands):



Year	Below-Market Leases
2016	$	6,214
2017	5,283
2018	4,240
2019	3,491
2020	2,953
Total	$	22,181

Commitments And Contingencies	12 Months Ended
Commitments And Contingencies	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, we may become subject to litigation or claims. There are no material legal proceedings pending, or known to be contemplated, against us. Environmental Matters In connection with the ownership and operation of real estate, we may be potentially liable for costs and damages related to environmental matters. We record liabilities as they arise related to environmental obligations. We have not been notified by any governmental authority of any material non-compliance, liability or other claim, nor are we aware of any other environmental condition that we believe will have a material impact on our consolidated financial statements.

Derivatives and Hedging Activities

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities

DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

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

Cash Flow Hedges of Interest Rate Risk

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

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2015 and 2014, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings prior to de-designation.

As of December 31, 2015, we had three interest rate swaps with a notional amount of $387.0 million that were designated as cash flow hedges of interest rate risk. Amounts reported in accumulated other comprehensive income related to these derivatives will be reclassified to interest expense as payments are made on the variable-rate debt. During the next 12 months, we estimate that an additional $2.8 million will be reclassified from other comprehensive loss as an increase to interest expense.

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

Derivatives Not Designated as Hedging Instruments

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

Tabular Disclosure of the Effect of Derivative Instruments on Accumulated Other Comprehensive Income (“AOCI”) and the Consolidated Statements of Operations and Comprehensive Income (Loss)

The table below presents the changes in accumulated other comprehensive income and the effect of our derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2015 and 2014 (in thousands):



Balance in AOCI as of January 1, 2014	$	690
Amount of gain reclassified to other income, net on derivative⁽¹⁾	(690		)
Current-period other comprehensive loss	$	(690	)
Balance in AOCI as of December 31, 2014	$	—
Amount of loss recognized in other comprehensive income on derivative	$	(3,128	)
Amount of loss reclassified from accumulated other comprehensive income into interest expense	3,150
Current-period other comprehensive income	$	22
Balance in AOCI as of December 31, 2015	$	22


⁽¹⁾	Due to the termination of the designated interest swap in February 2014, we accelerated the recognition of gain in the consolidated statements of operations and comprehensive loss.

Credit risk-related Contingent Features

We have agreements with our derivative counterparties that contain provisions where if we either default or are capable of being declared in default on any of our indebtedness, we could also be declared to be in default on our derivative obligations.

As of December 31, 2015, the fair value of our derivative excluded any adjustment for nonperformance risk related to this agreement. As of December 31, 2015, we have not posted any collateral related to this agreement.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Related-Party Transactions

12 Months Ended

Dec. 31, 2015

Related-Party Transactions

RELATED-PARTY TRANSACTIONS

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

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

Pursuant to the ARC Agreement in effect through December 2, 2014, ARC was entitled to specified fees for certain services, including managing our day-to-day activities and implementing our investment strategy. ARC had entered into a sub-advisory agreement with PE-NTR, who managed our day-to-day affairs and our portfolio of real estate investments on behalf of ARC, subject to the board’s supervision and certain major decisions requiring the consent of PE-NTR and ARC. The expenses to be reimbursed to ARC and PE-NTR were reimbursed in proportion to the amount of expenses incurred on our behalf by ARC and PE-NTR, respectively.

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

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

Summarized below are the cumulative organization and offering costs charged by and the cumulative costs reimbursed to PE-NTR, ARC and their affiliates for the years ended December 31, 2015, 2014, and 2013, and any related amounts unpaid as of December 31, 2015, 2014, and 2013 (in thousands):



	2015		2014		2013
Total organization and offering costs charged⁽¹⁾	$	27,104	$	27,104	$	26,252
Total organization and offering costs reimbursed	27,104		27,029		25,873
Total unpaid organization and offering costs⁽¹⁾	$	—	$	75	$	379


⁽¹⁾	Certain of these cumulative organization and offering costs were charged to us by ARC. The net payable of $75 was due to ARC as of December 31, 2014.

Acquisition Fee—We pay PE-NTR under the PE-NTR Agreement and we paid ARC under the ARC Agreement, an acquisition fee related to services provided in connection with the selection and purchase or origination of real estate and real estate-related investments. The acquisition fee is equal to 1.0% of the cost of investments we acquire or originate, including any debt attributable to such investments.

Acquisition Expenses—We reimburse PE-NTR for direct expenses incurred related to selecting, evaluating, and acquiring assets on our behalf. During the years ended December 31, 2015 and 2014, we reimbursed PE-NTR for personnel costs related to due diligence services for assets we acquired during the period.

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

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

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

We continue to issue Class B units to PE-NTR and ARC in connection with the asset management services provided by PE-NTR under our current advisory agreement. Such Class B units will not vest until the economic hurdle is met in conjunction with (i) a termination of the PE-NTR Agreement by our independent directors without cause, (ii) a listing event, or (iii) a liquidity event; provided that PE-NTR serves as our advisor at the time of any of the foregoing events. During the year ended December 31, 2015, the Operating Partnership issued 0.4 million Class B units to PE-NTR and ARC under the ARC Agreement for asset management services performed by PE-NTR and ARC during the period from October 1, 2014 to December 3, 2014, and 2.1 million Class B units to PE-NTR and ARC under the PE-NTR Agreement for asset management services performed by PE-NTR during the period from December 3, 2014 through December 31, 2015.

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

Disposition Fee—We pay PE-NTR under the PE-NTR Agreement, and we paid ARC under the ARC Agreement, for substantial assistance by PE-NTR, ARC or any of their affiliates in connection with the sale of properties or other investments, 2.0% of the contract sales price of each property or other investment sold. The conflicts committee of our board of directors determines whether PE-NTR or its affiliates have provided substantial assistance to us in connection with the sale of an asset. Substantial assistance in connection with the sale of a property includes PE-NTR or its affiliates’ preparation of an investment package for the property (including an investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or such other substantial services performed by PE-NTR or its affiliates in connection with a sale. However, if we sold an asset to an affiliate, our organizational documents would prohibit us from paying a disposition fee to PE-NTR or its affiliates.

General and Administrative Expenses—As of December 31, 2015 and 2014, we owed PE-NTR $124,000 and $26,000, respectively, for general and administrative expenses paid on our behalf. As of December 31, 2015, PE-NTR has not allocated any portion of its employees’ salaries to general and administrative expenses.

Summarized below are the fees earned by and the expenses reimbursable to PE-NTR and ARC, except for organization and offering costs and general and administrative expenses, which we disclose above, for the years ended December 31, 2015, 2014, and 2013, and any related amounts unpaid as of December 31, 2015 and 2014 (in thousands):



	For the Year Ended						Unpaid Amount as of
	December 31,						December 31,
	2015		2014		2013		2015		2014
Acquisition fees⁽¹⁾	$	1,247	$	9,011	$	10,095	$	—	$	—
Acquisition expenses⁽¹⁾	208		1,074		—		—		—
Asset management fees⁽²⁾	4,601		27,853		999		1,538		—
OP units distribution⁽³⁾	1,820		—		—		159		—
Class B unit distribution⁽⁴⁾	625		965		154		119		135
Financing fees⁽⁵⁾	3,228		4,001		5,581		—		—
Disposition fees⁽⁶⁾	47		129		—		—		—
Total	$	11,776	$	43,033	$	16,829	$	1,816	$	135


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


⁽²⁾	Asset management fees are presented as property operating expense in 2015 and 2013 on the consolidated statements of operations. In 2014, this amount was separately disclosed as Vesting of Class B units for asset management services on the consolidated statements of operations.


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


⁽⁴⁾	The distributions paid to holders of unvested Class B units are presented as general and administrative expense on the consolidated statements of operations


⁽⁵⁾	Financing fees are presented as deferred financing expense on the consolidated balance sheets and amortized over the term of the related loan.


⁽⁶⁾	Disposition fees are presented as other income, net on the consolidated statements of operations.

Subordinated Participation in Net Sales Proceeds—The Operating Partnership may pay to Phillips Edison Special Limited Partner LLC (the “Special Limited Partner”) a subordinated participation in the net sales proceeds of the sale of real estate assets equal to 15.0% of remaining net sales proceeds after return of capital contributions to stockholders plus payment to stockholders of a 7.0% cumulative, pre-tax, non-compounded return on the capital contributed by stockholders. ARC has a 15.0% interest and PE-NTR has an 85.0% interest in the Special Limited Partner.

Subordinated Incentive Listing Distribution—The Operating Partnership may pay to the Special Limited Partner a subordinated incentive listing distribution upon the listing of our common stock on a national securities exchange. Such incentive listing distribution is equal to 15.0% of the amount by which the market value of all of our issued and outstanding common stock plus distributions exceeds the aggregate capital contributed by stockholders plus an amount equal to a 7.0% cumulative, pre-tax non-compounded annual return to stockholders.

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

Subordinated Distribution Upon Termination of the Advisor Agreement—Upon termination or non-renewal of the PE-NTR Agreement, the Special Limited Partner shall be entitled to a subordinated termination distribution in the form of a non-interest bearing promissory note equal to 15.0% of the amount by which the value of our assets owned at the time of such termination or non-renewal plus distributions exceeds the aggregate capital contributed by stockholders plus an amount equal to a 7.0% cumulative, pre-tax non-compounded annual return to stockholders. In addition, the Special Limited Partner may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or a liquidity event occurs. No such termination has occurred to date.

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

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

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

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

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

Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the years ended December 31, 2015, 2014 and 2013, and any related amounts unpaid as of December 31, 2015 and 2014 (in thousands):



							Unpaid Amount as of
	For the Year Ended December 31,						December 31,
	2015		2014		2013		2015		2014
Property management fees⁽¹⁾	$	9,108	$	7,245	$	3,011	$	755	$	474
Leasing commissions⁽²⁾	7,316		3,561		1,239		729		191
Construction management fees⁽²⁾	1,117		692		293		155		73
Expenses and reimbursements⁽³⁾	5,533		2,328		684		1,699		—
Total	$	23,074	$	13,826	$	5,227	$	3,338	$	738


⁽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 are expensed 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 are capitalized and amortized over the life of the related leases or assets.


⁽³⁾	Expenses and reimbursements are included in property operating and general and administrative on the consolidated statements of operations.

Dealer Manager—Realty Capital Securities LLC, the dealer manager from the primary portion of our initial public offering (the “Dealer Manager”), is a member firm of the Financial Industry Regulatory Authority, Inc. (“FINRA”). The Dealer Manager provided certain sales, promotional and marketing services in connection with the distribution of the shares of common stock offered under the primary portion of our initial public offering. Excluding shares sold pursuant to the “friends and family” program, the Dealer Manager was generally paid a sales commission equal to 7.0% of the gross proceeds from the sale of shares of the common stock sold in the primary offering and a dealer manager fee equal to 3.0% of the gross proceeds from the sale of shares of the common stock sold in the primary offering. The Dealer Manager typically reallowed 100% of the selling commissions and a portion of the dealer manager fee to participating broker-dealers. Our agreement with the Dealer Manager terminated by its terms in connection with the close of our primary offering on February 7, 2014.

Summarized below are the fees earned by the Dealer Manager for the years ended December 31, 2015, 2014 and 2013 (in thousands):



	2015		2014		2013
Selling commissions	$	—	$	157	$	100,148
Selling commissions reallowed	—		157		100,148
Dealer manager fees	—		72		46,981
Dealer manager fees reallowed	—		29		17,116

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

As of December 31, 2015, PE-NTR owned 176,509 shares of our common stock, or approximately 0.10% of our outstanding common stock issued during our initial public offering period, which closed on February 7, 2014. PE-NTR may not sell any of these shares while serving as our advisor.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Operating Leases

12 Months Ended

Dec. 31, 2015

Leases, Operating [Abstract]

Operating Leases

OPERATING LEASES

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

Approximate future rentals to be received under non-cancelable operating leases in effect at December 31, 2015, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands):



Year	Amount
2016	$	175,692
2017	162,069
2018	143,560
2019	120,531
2020	98,468
2021 and thereafter	398,306
Total	$	1,098,626

No single tenant comprised 10% or more of our aggregate annualized effective rent as of December 31, 2015.

- Definition

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

+ References + Details

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)

QUARTERLY FINANCIAL DATA (UNAUDITED)

The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014. 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.



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

	2014
	First			Second			Third		Fourth
(in thousands, except per share amounts)	Quarter			Quarter			Quarter		Quarter
Total revenue	$	35,677		$	43,914		$	50,031	$	58,593
Net (loss) income attributable to stockholders	(423		)	(1,879		)	2,143		(22,476		)
Net (loss) income per share - basic and diluted	(0.00		)	(0.01		)	0.01		(0.12		)

Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Distributions

Distributions equal to a daily amount of $0.00183562 per share of common stock outstanding were paid subsequent to December 31, 2015 to the stockholders from December 1, 2015 through December 31, 2015, and distributions equal to a daily amount of $0.0018306011 per share of common stock outstanding were paid subsequent to December 31, 2015 to the stockholders from January 1, 2016 through February 29, 2016 as follows (in thousands):



Distribution Period	Date Distribution Paid	Gross Amount of Distribution Paid		Distribution Reinvested through the DRIP		Net Cash Distribution
December 1, 2015 through and including December 31, 2015	1/4/2016	$	10,320	$	5,247	$	5,073
January 1, 2016 through and including January 31, 2016	2/2/2016	10,315		5,202		5,113
February 1, 2016 through and including February 29, 2016	3/2/2016	9,678		4,808		4,870

In January 2016, our board of directors authorized distributions to the stockholders of record at the close of business each day in the period commencing January 1, 2016 through and including February 29, 2016. In March 2016, our board of directors authorized distributions to the stockholders of record at the close of business each day in the period commencing March 1, 2016 through and including May 30, 2016. The authorized distributions equal an amount of 0.0018306011 per share of common stock. We expect to pay these distributions on the first business day after the end of each month.

Schedule III - Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

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

Schedule III-Real Estate Assets and Accumulated Depreciation



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
As of December 31, 2015
(in thousands)
				Initial Cost ⁽¹⁾				Cost Capitalized Subsequent to Acquisition		Gross Amount Carried at End of Period⁽²⁾⁽³⁾
Property Name	City, State	Encumbrances		Land and Improvements		Buildings and Improvements		Cost Capitalized Subsequent to Acquisition		Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation		Date Constructed/ Renovated	Date Acquired
Lakeside Plaza	Salem, VA	$	—	$	3,344	$	5,247	$	135	$	3,397	$	5,329	$	8,726	$	1,649	1988	12/10/2010
Snow View Plaza	Parma, OH	—		4,104		6,432		411		4,266		6,681		10,947		2,386		1981/2008	12/15/2010
St. Charles Plaza	Haines City, FL	—		4,090		4,399		95		4,099		4,485		8,584		1,652		2007	6/10/2011
Centerpoint	Easley, SC	—		2,404		4,361		470		2,434		4,801		7,235		1,100		2002	10/14/2011
Southampton Village	Tyrone, GA	—		2,670		5,176		265		2,764		5,347		8,111		1,375		2003	10/14/2011
Burwood Village Center	Glen Burnie, MD	—		5,447		10,167		196		5,532		10,278		15,810		2,619		1971	11/9/2011
Cureton Town Center	Waxhaw, NC	—		5,896		6,197		275		5,925		6,443		12,368		1,913		2006	12/29/2011
Tramway Crossing	Sanford, NC	—		2,016		3,070		226		2,063		3,249		5,312		1,025		1996/2000	2/23/2012
Westin Centre	Fayetteville, NC	—		2,190		3,499		108		2,231		3,566		5,797		1,136		1996/1999	2/23/2012
The Village at Glynn Place	Brunswick, GA	—		5,202		6,095		233		5,247		6,283		11,530		2,047		1996	4/27/2012
Meadowthorpe Shopping Center	Lexington, KY	—		4,093		4,185		268		4,133		4,413		8,546		1,271		1989/2008	5/9/2012
New Windsor Marketplace	Windsor, CO	—		3,867		1,329		229		3,931		1,494		5,425		560		2003	5/9/2012
Vine Street Square	Kissimmee, FL	—		7,049		5,618		314		7,066		5,915		12,981		1,761		1996/2011	6/4/2012
Northtowne Square	Gibsonia, PA	6,210		2,844		7,210		276		3,001		7,329		10,330		2,150		1993	6/19/2012
Brentwood Commons	Bensenville, IL	—		6,106		8,025		702		6,123		8,710		14,833		1,906		1981/2001	7/5/2012
Sidney Towne Center	Sidney, OH	—		1,430		3,802		672		1,798		4,106		5,904		1,058		1981/2007	8/2/2012
Broadway Plaza	Tucson, AZ	6,534		4,979		7,169		575		5,229		7,494		12,723		1,645		1982-1995	8/13/2012
Richmond Plaza	Augusta, GA	—		7,157		11,244		699		7,269		11,831		19,100		2,492		1980/2009	8/30/2012
Publix at Northridge	Sarasota, FL	9,399		5,671		5,632		145		5,709		5,739		11,448		1,117		2003	8/30/2012
Baker Hill Center	Glen Ellyn, IL	—		7,068		13,737		406		7,210		14,001		21,211		2,393		1998	9/6/2012
New Prague Commons	New Prague, MN	—		3,248		6,605		57		3,271		6,639		9,910		1,145		2008	10/12/2012
Brook Park Plaza	Brook Park, OH	2,197		2,545		7,594		472		2,669		7,942		10,611		1,415		2001	10/23/2012
Heron Creek Towne Center	North Port, FL	—		4,062		4,082		73		4,078		4,139		8,217		828		2001	12/17/2012
Quartz Hill Towne Centre	Lancaster, CA	—		6,352		13,529		150		6,397		13,634		20,031		2,165		1991/2012	12/26/2012
Hilfiker Square	Salem, OR	—		2,455		4,750		32		2,481		4,756		7,237		652		1984/2011	12/28/2012
Village One Plaza	Modesto, CA	—		5,166		18,752		150		5,217		18,851		24,068		2,310		2007	12/28/2012
Butler Creek	Acworth, GA	—		3,925		6,129		665		4,215		6,504		10,719		1,110		1989	1/15/2013
Fairview Oaks	Ellenwood, GA	—		3,563		5,266		198		3,675		5,352		9,027		935		1996	1/15/2013
Grassland Crossing	Alpharetta, GA	—		3,680		5,791		603		3,712		6,362		10,074		1,032		1996	1/15/2013
Hamilton Ridge	Buford, GA	—		4,054		7,168		354		4,162		7,414		11,576		1,195		2002	1/15/2013
Mableton Crossing	Mableton, GA	—		4,426		6,413		231		4,503		6,567		11,070		1,144		1997	1/15/2013
The Shops at Westridge	McDonough, GA	—		2,788		3,901		252		2,788		4,153		6,941		701		2006	1/15/2013
Fairlawn Town Centre	Fairlawn, OH	—		10,397		29,005		1,502		10,759		30,145		40,904		4,806		1962/1996	1/30/2013
Macland Pointe	Marietta, GA	—		3,450		5,364		651		3,624		5,841		9,465		1,007		1992	2/13/2013



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
As of December 31, 2015
(in thousands)
			Initial Cost ⁽¹⁾		Cost Capitalized Subsequent to Acquisition	Gross Amount Carried at End of Period⁽²⁾⁽³⁾
Property Name	City, State	Encumbrances	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Murray Landing	Irmo, SC	6,330	2,927	6,856	97	2,966	6,914	9,880	971	2003	3/21/2013
Vineyard Center	Tallahassee, FL	6,600	2,761	4,221	186	2,801	4,367	7,168	642	2002	3/21/2013
Kleinwood Center	Spring, TX	23,640	11,477	18,954	509	11,556	19,384	30,940	2,715	2003	3/21/2013
Lutz Lake Crossing	Lutz, FL	—	2,636	6,601	162	2,636	6,763	9,399	849	2002	4/4/2013
Publix at Seven Hills	Spring Hill, FL	—	2,171	5,642	307	2,306	5,814	8,120	787	1991/2006	4/4/2013
Hartville Centre	Hartville, OH	—	2,069	3,692	818	2,160	4,419	6,579	636	1988/2008	4/23/2013
Sunset Center	Corvallis, OR	—	7,933	14,939	142	7,971	15,043	23,014	1,865	1998/2000	5/31/2013
Savage Town Square	Savage, MN	—	4,106	9,409	122	4,167	9,470	13,637	1,178	2003	6/19/2013
Northcross	Austin, TX	—	30,725	25,627	626	30,819	26,159	56,978	3,112	1975/2006/2010	6/24/2013
Glenwood Crossing	Kenosha, WI	—	1,872	9,914	334	1,917	10,203	12,120	1,045	1992	6/27/2013
Pavilions at San Mateo	Albuquerque, NM	—	6,471	18,725	282	6,585	18,893	25,478	2,133	1997	6/27/2013
Shiloh Square	Kennesaw, GA	—	4,685	8,728	529	4,708	9,234	13,942	1,074	1996/2003	6/27/2013
Boronda Plaza	Salinas, CA	—	9,027	11,870	81	9,067	11,911	20,978	1,337	2003/2006	7/3/2013
Rivergate	Macon, GA	—	6,773	22,841	2,750	6,883	25,481	32,364	2,390	1990/2005	7/18/2013
Westwoods Shopping Center	Arvada, CO	8,800	3,706	11,115	204	3,792	11,233	15,025	1,236	2003	8/8/2013
Paradise Crossing	Lithia Springs, GA	—	2,204	6,064	178	2,270	6,176	8,446	717	2000	8/13/2013
Contra Loma Plaza	Antioch, CA	—	2,846	3,926	961	2,988	4,745	7,733	426	1989	8/19/2013
South Oaks Plaza	St. Louis, MO	—	1,938	6,634	187	2,009	6,750	8,759	715	1969/1987	8/21/2013
Yorktown Centre	Erie, PA	—	3,736	15,395	282	3,920	15,493	19,413	1,963	1989/2013	8/30/2013
Stockbridge Commons	Fort Mill, SC	—	4,818	9,281	256	4,926	9,429	14,355	1,058	2003/2012	9/3/2013
Dyer Crossing	Dyer, IN	10,258	6,017	10,214	122	6,070	10,283	16,353	1,155	2004/2005	9/4/2013
East Burnside Plaza	Portland, OR	6,295	2,484	5,422	58	2,494	5,470	7,964	473	1955/1999	9/12/2013
Red Maple Village	Tracy, CA	—	9,250	19,466	339	9,316	19,739	29,055	1,730	2009	9/18/2013
Crystal Beach Plaza	Palm Harbor, FL	—	2,335	7,918	74	2,335	7,992	10,327	781	2010	9/25/2013
CitiCentre Plaza	Carroll, IA	—	770	2,530	172	910	2,562	3,472	317	1991/1995	10/2/2013
Duck Creek Plaza	Bettendorf, IA	—	4,611	13,007	775	4,893	13,500	18,393	1,334	2005/2006	10/8/2013
Cahill Plaza	Inver Grove Heights, MN	—	2,587	5,113	394	2,748	5,346	8,094	579	1995	10/9/2013
Pioneer Plaza	Springfield, OR	—	4,948	5,680	383	5,047	5,964	11,011	645	1989/2008	10/18/2013
Fresh Market	Normal, IL	—	2,343	8,790	32	2,376	8,789	11,165	810	2002	10/22/2013
Courthouse Marketplace	Virginia Beach, VA	—	6,131	8,061	451	6,276	8,367	14,643	829	2005	10/25/2013
Hastings Marketplace	Hastings, MN	—	3,980	10,044	219	4,068	10,175	14,243	1,040	2002	11/6/2013
Shoppes of Paradise Lakes	Miami, FL	5,743	5,811	6,019	360	5,990	6,200	12,190	704	1999	11/7/2013
Coquina Plaza	Davie, FL	7,032	9,458	11,770	260	9,476	12,012	21,488	1,161	1998	11/7/2013
Butler’s Crossing	Watkinsville, GA	—	1,338	6,682	306	1,368	6,958	8,326	714	1997	11/7/2013
Lakewood Plaza	Spring Hill, FL	—	4,495	10,028	272	4,495	10,300	14,795	1,179	1993/1997	11/7/2013
Collington Plaza	Bowie, MD	23,509	12,207	15,142	161	12,273	15,237	27,510	1,385	1996	11/21/2013



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
As of December 31, 2015
(in thousands)
			Initial Cost ⁽¹⁾		Cost Capitalized Subsequent to Acquisition	Gross Amount Carried at End of Period⁽²⁾⁽³⁾
Property Name	City, State	Encumbrances	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Golden Town Center	Golden, CO	—	7,066	10,166	301	7,252	10,281	17,533	1,102	1993/2003	11/22/2013
Northstar Marketplace	Ramsey, MN	—	2,810	9,204	295	2,838	9,471	12,309	943	2004	11/27/2013
Bear Creek Plaza	Petoskey, MI	—	5,677	17,611	37	5,702	17,623	23,325	1,696	1998/2009	12/19/2013
Flag City Station	Findlay, OH	—	4,685	9,630	108	4,732	9,691	14,423	1,038	1992	12/19/2013
Southern Hills Crossing	Moraine, OH	—	778	1,481	29	791	1,497	2,288	181	2002	12/19/2013
Sulphur Grove	Huber Heights, OH	—	553	2,142	103	575	2,223	2,798	194	2004	12/19/2013
East Side Square	Springfield, OH	—	394	963	38	407	988	1,395	113	2007	12/19/2013
Hoke Crossing	Clayton, OH	—	481	1,059	21	488	1,073	1,561	116	2006	12/19/2013
Town & Country Shopping Center	Noblesville, IN	—	7,360	16,269	67	7,361	16,335	23,696	1,699	1998	12/19/2013
Sterling Pointe Center	Lincoln, CA	—	7,038	20,822	651	7,184	21,327	28,511	1,628	2004	12/20/2013
Southgate Shopping Center	Des Moines, IA	—	2,434	8,357	286	2,526	8,551	11,077	837	1972/2013	12/20/2013
Arcadia Plaza	Phoenix, AZ	—	5,774	6,904	181	5,811	7,048	12,859	678	1980	12/30/2013
Stop & Shop Plaza	Enfield, CT	12,913	8,892	15,028	214	9,067	15,067	24,134	1,444	1988	12/30/2013
Fairacres Shopping Center	Oshkosh, WI	—	3,542	5,190	327	3,708	5,351	9,059	623	1992/2013	1/21/2014
Savoy Plaza	Savoy, IL	13,873	4,304	10,895	200	4,352	11,047	15,399	1,085	1999/2007	1/31/2014
The Shops of Uptown	Park Ridge, IL	—	7,744	16,884	224	7,770	17,082	24,852	1,265	2006	2/25/2014
Chapel Hill North	Chapel Hill, NC	7,573	4,776	10,190	220	4,844	10,342	15,186	945	1998	2/28/2014
Winchester Gateway	Winchester, VA	21,785	9,342	23,468	174	9,360	23,624	32,984	1,883	2006	3/5/2014
Stonewall Plaza	Winchester, VA	13,513	7,929	16,642	452	7,945	17,078	25,023	1,361	2007	3/5/2014
Coppell Market Center	Coppell, TX	12,799	4,869	12,237	41	4,895	12,252	17,147	968	2008	3/5/2014
Harrison Pointe	Cary, NC	—	10,006	11,208	149	10,076	11,287	21,363	1,274	2002	3/11/2014
Town Fair Center	Louisville, KY	—	8,108	14,411	538	8,175	14,882	23,057	1,373	1988/1994	3/12/2014
Villages at Eagles Landing	Stockbridge, GA	2,612	2,824	5,515	278	2,865	5,752	8,617	648	1995	3/13/2014
Towne Centre at Wesley Chapel	Wesley Chapel, FL	—	2,465	5,554	115	2,499	5,635	8,134	503	2000	3/14/2014
Dean Taylor Crossing	Suwanee, GA	—	3,903	8,192	113	3,944	8,264	12,208	812	2000	3/14/2014
Champions Gate Village	Davenport, FL	—	1,813	6,060	91	1,826	6,138	7,964	577	2001	3/14/2014
Goolsby Pointe	Riverview, FL	—	4,131	5,341	177	4,151	5,498	9,649	538	2000	3/14/2014
Statler Square	Staunton, VA	7,960	4,108	9,072	588	4,440	9,328	13,768	838	1989	3/21/2014
Burbank Plaza	Burbank, IL	—	2,971	4,546	774	3,327	4,964	8,291	681	1972/1995	3/25/2014
Hamilton Village	Chattanooga, TN	—	11,691	18,968	831	11,870	19,620	31,490	1,822	1989	4/3/2014
Waynesboro Plaza	Waynesboro, VA	—	5,597	8,334	86	5,632	8,385	14,017	723	2005	4/30/2014
Southwest Marketplace	Las Vegas, NV	—	16,019	11,270	338	16,034	11,593	27,627	1,028	2008	5/5/2014
Hampton Village	Taylors, SC	—	5,456	7,254	650	5,683	7,677	13,360	706	1959/1998	5/21/2014
Central Station	Louisville , KY	—	6,144	6,931	332	6,278	7,129	13,407	613	2005/2007	5/23/2014
Kirkwood Market Place	Houston, TX	—	5,786	9,697	117	5,833	9,767	15,600	680	1979/2008	5/23/2014
Fairview Plaza	New Cumberland, PA	—	2,787	8,500	154	2,855	8,586	11,441	596	1992/1999	5/27/2014



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
As of December 31, 2015
(in thousands)
			Initial Cost ⁽¹⁾		Cost Capitalized Subsequent to Acquisition	Gross Amount Carried at End of Period⁽²⁾⁽³⁾
Property Name	City, State	Encumbrances	Land and Improvements	Buildings and Improvements		Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Broadway Promenade	Sarasota, FL	—	3,832	6,795	67	3,832	6,862	10,694	470	2007	5/28/2014
Townfair Shopping Center	Indiana, PA	14,964	7,007	13,233	309	7,133	13,416	20,549	1,024	1995/2010	5/29/2014
Deerwood Lake Commons	Jacksonville, FL	—	2,198	8,878	145	2,250	8,971	11,221	611	2003	5/30/2014
Heath Brook Commons	Ocala, FL	—	3,470	8,353	131	3,497	8,457	11,954	602	2002	5/30/2014
Park View Square	Miramar, FL	—	5,701	9,303	299	5,738	9,565	15,303	670	2003	5/30/2014
St. Johns Commons	Jacksonville, FL	—	1,599	10,387	109	1,651	10,444	12,095	710	2003	5/30/2014
West Creek Commons	Coconut Creek, FL	6,403	7,404	12,710	390	7,441	13,063	20,504	606	2003	5/30/2014
Lovejoy Village	Jonesboro, GA	—	1,296	7,029	138	1,321	7,142	8,463	485	2001	6/3/2014
The Orchards	Yakima, WA	—	5,425	8,743	73	5,459	8,782	14,241	649	2002	6/3/2014
Hannaford	Waltham, MA	—	4,614	7,903	60	4,665	7,912	12,577	484	1950/1993	6/23/2014
Shaw’s Plaza Easton	Easton, MA	—	5,520	7,173	219	5,638	7,274	12,912	547	1984/2004	6/23/2014
Shaw’s Plaza Hanover	Hanover, MA	—	2,826	5,314	9	2,825	5,324	8,149	366	1994	6/23/2014
Cushing Plaza	Cohasset, MA	—	5,752	14,796	144	5,872	14,820	20,692	879	1997	6/23/2014
Lynnwood Place	Jackson, TN	—	3,341	4,826	1,081	3,479	5,769	9,248	458	1986/2013	7/28/2014
Foothills Shopping Center	Lakewood, CO	—	1,479	2,611	297	1,670	2,717	4,387	217	1984	7/31/2014
Battle Ridge Pavilion	Marietta, GA	—	3,124	9,866	216	3,188	10,018	13,206	656	1999	8/1/2014
Thompson Valley Towne Center	Loveland, CO	6,853	4,415	15,947	427	4,488	16,301	20,789	1,035	1999	8/1/2014
Lumina Commons	Wilmington, NC	8,945	2,006	11,250	258	2,038	11,476	13,514	630	1974/2007	8/4/2014
Driftwood Village	Ontario, CA	17,000	6,811	12,993	347	6,855	13,296	20,151	868	1985	8/7/2014
French Golden Gate	Bartow, FL	3,424	2,599	12,877	662	2,671	13,467	16,138	672	1960/2011	8/28/2014
Orchard Square	Washington Township, MI	6,907	1,361	11,550	143	1,398	11,656	13,054	682	1999	9/8/2014
Trader Joe’s Center	Dublin, OH	—	2,338	7,922	158	2,402	8,016	10,418	500	1986	9/11/2014
Palmetto Pavilion	North Charleston, SC	—	2,509	8,526	340	2,730	8,645	11,375	488	2003	9/11/2014
Five Town Plaza	Springfield, MA	—	8,912	19,635	1,641	9,557	20,631	30,188	1,373	1970/2013	9/24/2014
Beavercreek Towne Center	Beavercreek, OH	—	14,055	30,799	745	14,269	31,330	45,599	1,844	1994	10/24/2014
Fairfield Crossing	Beavercreek, OH	—	3,571	10,026	35	3,586	10,046	13,632	544	1994	10/24/2014
Grayson Village	Loganville, GA	—	3,952	5,620	320	4,000	5,892	9,892	487	2002	10/24/2014
The Fresh Market Commons	Pawleys Island, SC	—	2,442	4,941	35	2,442	4,976	7,418	284	2011	10/28/2014
Claremont Village	Everett, WA	—	5,511	10,544	634	5,708	10,981	16,689	592	1994/2012	11/6/2014
Juan Tabo Plaza	Albuquerque, NM	—	2,466	4,568	375	2,577	4,832	7,409	340	1975/1989	11/12/2014
Cherry Hill Marketplace	Westland, MI	—	4,641	10,137	288	4,853	10,213	15,066	524	1992/2000	12/17/2014
The Shoppes at Ardrey Kell	Charlotte, NC	—	6,724	8,150	295	6,778	8,391	15,169	445	2008	12/17/2014
Nor'Wood Shopping Center	Colorado Springs, CO	—	5,358	6,684	64	5,403	6,703	12,106	397	2003	1/8/2015
Sunburst Plaza	Glendale, AZ	—	3,435	6,041	117	3,435	6,158	9,593	371	1970	2/11/2015
Rivermont Station	Alpharetta, GA	2,364	6,876	8,917	124	6,912	9,005	15,917	401	1996/2003	2/27/2015
Breakfast Point Marketplace	Panama City Beach, FL	8,713	5,579	12,051	156	5,636	12,150	17,786	473	2009/2010	3/13/2015



SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
As of December 31, 2015
(in thousands)
				Initial Cost ⁽¹⁾				Cost Capitalized Subsequent to Acquisition		Gross Amount Carried at End of Period⁽²⁾⁽³⁾
Property Name	City, State	Encumbrances		Land and Improvements		Buildings and Improvements		Cost Capitalized Subsequent to Acquisition		Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation		Date Constructed/ Renovated	Date Acquired
Falcon Valley	Lenexa, KS	5,157		3,131		6,874		38		3,161		6,882		10,043		298		2008/2009	3/13/2015
Lake Wales	Lake Wales, FL	1,605		1,273		2,164		—		1,273		2,164		3,437		95		1998	3/13/2015
Lakeshore Crossing	Gainesville, GA	4,600		3,857		5,937		32		3,857		5,969		9,826		335		1993/1994	3/13/2015
Onalaska	Onalaska, WI	3,925		2,669		5,648		—		2,669		5,648		8,317		276		1992/1993	3/13/2015
Coronado Shopping Center	Santa Fe, NM	—		4,395		16,461		223		4,417		16,662		21,079		449		1964	5/1/2015
Totals		$	306,435	$	707,115	$	1,363,440	$	45,925	$	719,430	$	1,397,050	$	2,116,480	$	152,433

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

⁽²⁾The aggregate cost of real estate owned at December 31, 2015.

⁽³⁾The aggregate cost of properties for Federal income tax purposes is approximately $2.3 billion at December 31, 2015.

Reconciliation of real estate owned:



	2015			2014
Balance at January 1	$	1,980,634		$	1,136,074
Additions during the year:
Real estate acquisitions	116,939			834,069
Net additions to/improvements of real estate	20,705			17,080
Deductions during the year:
Real estate dispositions	(1,798		)	(6,589		)
Balance at December 31	$	2,116,480		$	1,980,634

Reconciliation of accumulated depreciation:



	2015			2014
Balance at January 1	$	83,050		$	29,538
Additions during the year:
Depreciation expense	69,413			53,657
Deductions during the year:
Accumulated depreciation of real estate dispositions	(30		)	(145		)
Balance at December 31	$	152,433		$	83,050

* * * * *

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Partially Owned Entities

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

Investment in Property and Lease Intangibles

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.

Derivative Instruments and Hedging Activities

Gain on Sale of Assets

Revenue Recognition


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


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


•	the uniqueness of the improvements;


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


•	who constructs or directs the construction of the improvements.

Income Taxes

Repurchase of Common Stock

Class B Units

Earnings Per Share

Segment Reporting

Noncontrolling Interests

Impact of Recently Issued Accounting Pronouncements



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis	This update amends the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It may be adopted either retrospectively or on a modified retrospective basis. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted.	January 1, 2016	We do not expect the adoption of this pronouncement to have a material impact on our consolidated financial statements.
ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs	This update amends existing guidance to require the presentation of certain debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted.	January 1, 2016	We expect that the adoption of this pronouncement will result in the presentation of certain debt issuance costs, which are currently included in deferred financing expense (net) in our consolidated balance sheets, as a direct deduction from the carrying amount of the related debt instrument.
ASU 2016-02, Leases (Topic 842)	This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. It is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted.	January 1, 2019	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Schedule of Tax Treatment of Distributions

The tax composition of our distributions declared for the years ended December 31, 2015 and 2014 was as follows:



	2015		2014
Ordinary Income	40.45	%	16.62	%
Return of Capital	59.55	%	83.38	%
Total	100.00	%	100.00	%

New Accounting Pronouncements and Changes in Accounting Principles

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



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis	This update amends the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It may be adopted either retrospectively or on a modified retrospective basis. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted.	January 1, 2016	We do not expect the adoption of this pronouncement to have a material impact on our consolidated financial statements.
ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs	This update amends existing guidance to require the presentation of certain debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted.	January 1, 2016	We expect that the adoption of this pronouncement will result in the presentation of certain debt issuance costs, which are currently included in deferred financing expense (net) in our consolidated balance sheets, as a direct deduction from the carrying amount of the related debt instrument.
ASU 2016-02, Leases (Topic 842)	This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. It is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted.	January 1, 2019	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22580-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794

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

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22583-107794

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

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305

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

+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Share repurchase program



	2015		2014		2013
Shares repurchased	7,386		346		86
Cost of repurchases	$	74,469	$	3,323	$	849
Average repurchase price	$	10.08	$	9.60	$	9.87

Share repurchase program, repurchase obligations

Below is a summary of our obligation to repurchase shares of common stock recorded as a component of accounts payable and other liabilities on our consolidated balance sheets as of December 31, 2015 and 2014 (in thousands):



	2015		2014
Shares submitted for repurchase	—		177
Liability recorded	$	—	$	1,669

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Inputs, Liabilities, Quantitative Information

The following is a summary of discount rates and borrowings as of December 31, 2015 and 2014 (in thousands):



	2015			2014
Discount rates:
Secured fixed-rate debt	2.75		%	3.40		%
Secured variable-rate debt	2.36		%	2.48		%
Unsecured variable-rate debt	1.66		%	1.93		%
Borrowings:
Fair value	$	880,854		$	665,982
Recorded value	854,079			650,462

Derivatives and Fair Value



	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Fair Value at				Balance Sheet Location	Fair Value at
	Balance Sheet Location	2015		2014		Balance Sheet Location	2015		2014
Interest Rate Swaps	Other assets, net	$	22	$	—	Accounts payable and other liabilities	$	442	$	560

Real Estate Acquisitions (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

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

For the years ended December 31, 2015 and 2014, we allocated the purchase price of acquisitions to the fair value of the assets acquired and liabilities assumed as follows (in thousands):



	2015			2014
Land and improvements	$	40,031		$	276,615
Building and improvements	76,908			557,454
Acquired in-place leases	11,664			81,299
Acquired above-market leases	1,400			18,060
Acquired below-market leases	(3,967		)	(26,978		)
Total assets and lease liabilities acquired	126,036			906,450
Debt assumed	34,341			189,006
Assumed interest rate swap	—			714
Net assets acquired	$	91,695		$	716,730

Weighted-average Amortization Periods of Acquired Lease Intangibles



	2015	2014
Acquired in-place leases	13	9
Acquired above-market leases	8	10
Acquired below-market leases	19	13

Real Estate Acquisitions, Operating Activities

The amounts recognized for revenues, acquisition expenses and net loss, recorded during the year of acquisition, related to the operating activities of our acquisitions are as follows (in thousands):



	For the Year Ended December 31,
	2015		2014
Revenue	$	8,359	$	52,248
Acquisition expenses	2,408		17,407
Net loss	1,533		11,278

Business Acquisition, Pro Forma Information



	For the Year Ended December 31,
(in thousands)	2015		2014
Pro forma revenues	$	244,738	$	239,599
Pro forma net income attributable to stockholders	18,948		109

Acquired Intangible Lease Assets (Tables)

12 Months Ended

Dec. 31, 2015

Finite-Lived Intangible Assets, Net [Abstract]

Acquired Intangible Assets

Acquired intangible lease assets consisted of the following as of December 31, 2015 and 2014 (in thousands):



	2015			2014
Acquired in-place leases	$	194,242		$	182,690
Acquired above-market leases	39,311			37,911
Total acquired intangible lease assets	233,553			220,601
Accumulated amortization	(79,669		)	(43,915		)
Net acquired intangible lease assets	$	153,884		$	176,686

Finite-lived Intangible Assets Amortization Expense

Summarized below is the amortization recorded on the intangible assets for the years ended December 31, 2015, 2014, and 2013 (in thousands):



	2015		2014		2013
Acquired in-place leases⁽¹⁾	$	29,970	$	24,697	$	8,054
Acquired above-market leases⁽²⁾	5,819		4,996		2,433
Total	$	35,789	$	29,693	$	10,487


⁽¹⁾	Amortization recorded on acquired in-place leases was included in depreciation and amortization in the consolidated statements of operations.


⁽²⁾	Amortization recorded on acquired above-market leases was an adjustment to rental revenue in the consolidated statements of operations.

Schedule of Acquired Intangible Assets, Future Amortization Expense

Estimated future amortization of the respective acquired intangible lease assets as of December 31, 2015 for each of the five succeeding calendar years is as follows (in thousands):



Year	In-Place Leases		Above-Market Leases
2016	$	28,020	$	5,000
2017	25,069		4,177
2018	19,876		3,394
2019	14,668		2,639
2020	9,957		2,175
Total	$	97,590	$	17,385

Mortgages and Loans Payable (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Assumed Debt

The table below summarizes our loan assumptions in conjunction with property acquisitions for the years ended December 31, 2015 and 2014 (dollars in thousands):



	2015		2014
Number of properties acquired with loan assumptions⁽¹⁾	5		15
Carrying value of assumed debt at acquisition	$	32,837	$	183,506
Fair value of assumed debt at acquisition	34,341		189,006


⁽¹⁾	In addition to the five properties acquired with loan assumptions during the year ended December 31, 2015, we assumed a loan related to the acquisition of a strip center adjacent to a previously acquired grocery-anchored retail center.

Schedule of Debt Obligations

The following is a summary of the outstanding principal balances of our debt obligations as of December 31, 2015 and 2014 (in thousands):



	2015		2014
Unsecured Term Loans - fixed-rate⁽¹⁾	$	387,000	$	—
Unsecured Term Loans - variable rate	13,000		—
Unsecured revolving credit facility - variable rate⁽²⁾	141,000		291,700
Fixed rate mortgages payable⁽³⁾⁽⁴⁾	306,435		350,922
Assumed net below-market debt adjustment	6,644		7,840
Total	$	854,079	$	650,462


⁽¹⁾	As of December 31, 2015, the interest rate on $387 million outstanding under our unsecured Term Loan was, effectively, fixed at various interest rates by three interest rate swap agreements with maturities ranging from February 2019 to February 2021 (see Notes 4 and 10).


⁽²⁾	The gross borrowings under our revolving credit facility were $297.8 million, $306.7 million, and $146.4 million during the years ended December 31, 2015, 2014, and 2013, respectively. The gross payments on our revolving credit facility were $448.5 million, $15.0 million, and $183.1 million during the years ended December 31, 2015, 2014, and 2013, respectively.


⁽³⁾	Due to the non-recourse nature of our fixed rate mortgages, the assets and liabilities of the related properties are neither available to pay the debts of the consolidated property-holding limited liability companies nor constitute obligations of such consolidated limited liability companies as of December 31, 2015.


⁽⁴⁾	As of December 31, 2015, the interest rate on $11.3 million outstanding under one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement (see Notes 4 and 10).

Schedule of Maturities of Long-Term Debt

Below is a listing of our maturity schedule with the respective principal payment obligations (in thousands):



	2016		2017		2018		2019		2020		Thereafter		Total
Unsecured Term Loans - fixed-rate⁽¹⁾	$	—	$	—	$	—	$	100,000	$	175,000	$	112,000	$	387,000
Unsecured Term Loans - variable rate	—		—		—		—		—		13,000		13,000
Unsecured revolving credit facility - variable rate⁽²⁾	—		141,000		—		—		—		—		141,000
Fixed-rate mortgages payable⁽³⁾	104,754		47,242		46,876		4,041		4,004		99,518		306,435
Total maturing debt ⁽⁴⁾	$	104,754	$	188,242	$	46,876	$	104,041	$	179,004	$	224,518	$	847,435


⁽¹⁾	As of December 31, 2015, the interest rate on $387 million outstanding under our unsecured Term Loan was, effectively, fixed at various interest rates by three interest rate swap agreements with maturities ranging from February 2019 to February 2021 (see Notes 4 and 10).


⁽²⁾	The revolving credit facility matures on December 18, 2017, with two six-month options to extend the maturity to December 18, 2018.


⁽³⁾	As of December 31, 2015 and 2014, the interest rate on one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement. The outstanding principal balance of that variable-rate mortgage note payable was $11.3 million and $11.6 million as of December 31, 2015 and 2014, respectively (see Notes 4 and 10).


⁽⁴⁾	The debt maturity table does not include the assumed below-market debt adjustments.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Acquired Below-Market Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2015

Below Market Lease [Abstract]

Below Market Lease, Amortization

Summarized below is the amortization recorded on the below-market lease intangible liabilities for the years ended December 31, 2015, 2014, and 2013 (in thousands):



	2015		2014		2013
Acquired below-market leases⁽¹⁾	$	6,640	$	4,911	$	1,897


⁽¹⁾	Amortization recorded on acquired below-market leases was an adjustment to rental revenue in the consolidated statements of operations.

Below Market Lease, Future Amortization Income

Estimated future amortization income of the intangible lease liabilities as of December 31, 2015 for each of the five succeeding calendar years is as follows (in thousands):



Year	Below-Market Leases
2016	$	6,214
2017	5,283
2018	4,240
2019	3,491
2020	2,953
Total	$	22,181

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Effect of Derivative Instruments



Balance in AOCI as of January 1, 2014	$	690
Amount of gain reclassified to other income, net on derivative⁽¹⁾	(690		)
Current-period other comprehensive loss	$	(690	)
Balance in AOCI as of December 31, 2014	$	—
Amount of loss recognized in other comprehensive income on derivative	$	(3,128	)
Amount of loss reclassified from accumulated other comprehensive income into interest expense	3,150
Current-period other comprehensive income	$	22
Balance in AOCI as of December 31, 2015	$	22


⁽¹⁾	Due to the termination of the designated interest swap in February 2014, we accelerated the recognition of gain in the consolidated statements of operations and comprehensive loss.

Related-Party Transactions (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Organization and Offering Costs



	2015		2014		2013
Total organization and offering costs charged⁽¹⁾	$	27,104	$	27,104	$	26,252
Total organization and offering costs reimbursed	27,104		27,029		25,873
Total unpaid organization and offering costs⁽¹⁾	$	—	$	75	$	379


⁽¹⁾	Certain of these cumulative organization and offering costs were charged to us by ARC. The net payable of $75 was due to ARC as of December 31, 2014.

Advisor Fees



	For the Year Ended						Unpaid Amount as of
	December 31,						December 31,
	2015		2014		2013		2015		2014
Acquisition fees⁽¹⁾	$	1,247	$	9,011	$	10,095	$	—	$	—
Acquisition expenses⁽¹⁾	208		1,074		—		—		—
Asset management fees⁽²⁾	4,601		27,853		999		1,538		—
OP units distribution⁽³⁾	1,820		—		—		159		—
Class B unit distribution⁽⁴⁾	625		965		154		119		135
Financing fees⁽⁵⁾	3,228		4,001		5,581		—		—
Disposition fees⁽⁶⁾	47		129		—		—		—
Total	$	11,776	$	43,033	$	16,829	$	1,816	$	135


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


⁽²⁾	Asset management fees are presented as property operating expense in 2015 and 2013 on the consolidated statements of operations. In 2014, this amount was separately disclosed as Vesting of Class B units for asset management services on the consolidated statements of operations.


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


⁽⁴⁾	The distributions paid to holders of unvested Class B units are presented as general and administrative expense on the consolidated statements of operations


⁽⁵⁾	Financing fees are presented as deferred financing expense on the consolidated balance sheets and amortized over the term of the related loan.


⁽⁶⁾	Disposition fees are presented as other income, net on the consolidated statements of operations.

Property Manager Fees



							Unpaid Amount as of
	For the Year Ended December 31,						December 31,
	2015		2014		2013		2015		2014
Property management fees⁽¹⁾	$	9,108	$	7,245	$	3,011	$	755	$	474
Leasing commissions⁽²⁾	7,316		3,561		1,239		729		191
Construction management fees⁽²⁾	1,117		692		293		155		73
Expenses and reimbursements⁽³⁾	5,533		2,328		684		1,699		—
Total	$	23,074	$	13,826	$	5,227	$	3,338	$	738


⁽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 are expensed 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 are capitalized and amortized over the life of the related leases or assets.


⁽³⁾	Expenses and reimbursements are included in property operating and general and administrative on the consolidated statements of operations.

Dealer Manager Fees

Summarized below are the fees earned by the Dealer Manager for the years ended December 31, 2015, 2014 and 2013 (in thousands):



	2015		2014		2013
Selling commissions	$	—	$	157	$	100,148
Selling commissions reallowed	—		157		100,148
Dealer manager fees	—		72		46,981
Dealer manager fees reallowed	—		29		17,116

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2015

Leases, Operating [Abstract]

Future Minimum Rents



Year	Amount
2016	$	175,692
2017	162,069
2018	143,560
2019	120,531
2020	98,468
2021 and thereafter	398,306
Total	$	1,098,626

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Information



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

	2014
	First			Second			Third		Fourth
(in thousands, except per share amounts)	Quarter			Quarter			Quarter		Quarter
Total revenue	$	35,677		$	43,914		$	50,031	$	58,593
Net (loss) income attributable to stockholders	(423		)	(1,879		)	2,143		(22,476		)
Net (loss) income per share - basic and diluted	(0.00		)	(0.01		)	0.01		(0.12		)

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Distributions



Distribution Period	Date Distribution Paid	Gross Amount of Distribution Paid		Distribution Reinvested through the DRIP		Net Cash Distribution
December 1, 2015 through and including December 31, 2015	1/4/2016	$	10,320	$	5,247	$	5,073
January 1, 2016 through and including January 31, 2016	2/2/2016	10,315		5,202		5,113
February 1, 2016 through and including February 29, 2016	3/2/2016	9,678		4,808		4,870

Organization (Details)	Dec. 31, 2015 property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties owned	147

Summary Of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 03, 2014
Accounting Policies [Abstract]
Partially owned entity general ownership interest for consolidation	50.00%
Impairment of real estate	$ 0	$ 0	$ 0
Bad debt reserve	$ 1,100,000	$ 1,200,000
Stock repurchase program, number of shares authorized to be repurchased, percentage of weighted-average shares	5.00%
Redeemable common stock, shares issued	0	3,000,000
Operating partnership return for class B to vest	6.00%			6.00%
OP units vested and outstanding	2,800,000			2,800,000
Class B units of the operating partnership, vested and outstanding		2,800,000
Class B units of operating partnership, unvested and outstanding	2,100,000	0	500,000
Land Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Minimum \| Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Maximum \| Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years

Summary Of Significant Accounting Policies Tax Treatment of Distributions (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Ordinary Income	40.45%	16.62%
Return of Capital	59.55%	83.38%
Total	100.00%	100.00%

Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended			24 Months Ended
Equity (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2015 USD ($) vote $ / shares shares	Dec. 31, 2015 USD ($) vote $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($)	Sep. 30, 2014 shares	Aug. 24, 2015 $ / shares	Dec. 03, 2014 shares
Class of Stock [Line Items]
Common stock, shares authorized	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, par value (in usd per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Common stock, shares issued	181,308,000	181,308,000	182,131,000
Common stock, including additional paid in capital \| $	$ 1,900,000	$ 1,900,000
Common stock, shares outstanding	181,308,000	181,308,000	182,131,000
Common stock repurchased since inception	7,800,000	7,800,000
Preferred stock, shares issued	0	0	0
Common stock, number of votes per share \| vote	1	1
Common stock, estimated price per share \| $ / shares						$ 10.20
Distributions reinvested \| $		$ 63,803	$ 62,950	$ 18,706
Class B units vested			2,800,000
Vesting of class B units for asset management services \| $		$ 0	$ 27,853	0
Dividend Reinvestment Plan
Class of Stock [Line Items]
Common stock, shares issued	189,100,000	189,100,000
Common stock, estimated price per share \| $ / shares	$ 10.20	$ 10.20
Remaining shares under dividend reinvestment plan	37,800,000	37,800,000
Initial purchase price per share under DRIP \| $ / shares	$ 9.50	$ 9.50
Distributions reinvested \| $		$ 63,800	$ 63,000	$ 18,700
Share Repurchase Program
Class of Stock [Line Items]
Common stock, estimated price per share \| $ / shares						$ 10.20
Common stock, share repurchase notice days		5 days
Common stock, share repurchase plan termination notice days		30 days
Common stock, share repurchase withdrawal notice days		5 days
Stock redeemed during period in excess of funding limit, value \| $	$ 10,800
Class B Units
Class of Stock [Line Items]
Class B units of operating partnership, issued in connection with asset management services					2,400,000
Class B units, unissued and accrued							400,000
Class B units vested			2,800,000
Vesting of class B units for asset management services \| $			$ 27,900

Equity Share Repurchase Program (Details) - Share Repurchase Program - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Shares repurchased	7,386	346	86
Cost of repurchases	$ 74,469	$ 3,323	$ 849
Average repurchase price	$ 10.08	$ 9.60	$ 9.87

Equity Share Repurchase Program, Repurchase Obligations (Details) - Share Repurchase Program - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Shares submitted for repurchase	0	177
Liability recorded	$ 0	$ 1,669

Fair Value Measurements Fair Value Inputs, Liabilities, Quantitative Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Borrowings:
Recorded value	$ 854,079	$ 650,462
Fair Value, Inputs, Level 3
Borrowings:
Fair value	$ 880,854	$ 665,982
Fair Value, Inputs, Level 3 \| Secured fixed-rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	2.75%	3.40%
Fair Value, Inputs, Level 3 \| Secured variable-rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	2.36%	2.48%
Fair Value, Inputs, Level 3 \| Unsecured variable-rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	1.66%	1.93%

Fair Value Measurements (Details) $ in Millions	12 Months Ended
Fair Value Measurements (Details) $ in Millions	Dec. 31, 2015 USD ($) instrument	Apr. 30, 2015 USD ($) instrument	Dec. 31, 2014 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of interest rate derivatives held \| instrument	3
Not Designated as Hedging Instrument \| Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 11.3		$ 11.6
Debt instrument interest rate	5.22%
Derivative liability designated as hedging instruments \| Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount		$ 387.0
Number of interest rate derivatives held \| instrument		3
Hedged debt	$ 387.0	$ 387.0

Fair Value Measurements Fair Value, Liabilities Measured on Recurring Basis (Details) - Interest Rate Swaps - Level 2 - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other assets, net \| Derivative liability designated as hedging instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivatives	$ 22	$ 0
Accounts payable and other liabilities \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability Derivatives	$ 442	$ 560

Real Estate Acquisitions (Details) $ in Thousands	12 Months Ended
Real Estate Acquisitions (Details) $ in Thousands	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property
Business Acquisition [Line Items]
Carrying value of assumed debt at acquisition	$ 32,837	$ 183,506
Fair value of assumed debt at acquisition	$ 34,341	$ 189,006
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired \| property	9	56
Number of non-grocery anchored properties acquired during period \| property	2	1
Business acquisition, cost of acquired entities, purchase price	$ 126,036	$ 906,450
Carrying value of assumed debt at acquisition		183,500
Fair value of assumed debt at acquisition	$ 34,341	$ 189,006

Real Estate Acquisitions (Details) - Allocation - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Debt assumed	$ 34,341	$ 189,006
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Land and improvements	40,031	276,615
Building and improvements	76,908	557,454
Acquired below-market leases	(3,967)	(26,978)
Total assets and lease liabilities acquired	126,036	906,450
Debt assumed	34,341	189,006
Assumed interest rate swap	0	714
Net assets acquired	91,695	716,730
Acquired in-place leases \| Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Acquired leases	11,664	81,299
Acquired above-market leases \| Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Acquired leases	$ 1,400	$ 18,060

Real Estate Acquisitions (Details) - Weighted-average amortization - Series of Individually Immaterial Business Acquisitions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Acquired in-place leases
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	13 years	9 years
Acquired above-market leases
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	8 years	10 years
Acquired below-market leases
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	19 years	13 years

Real Estate Acquisitions (Details) - Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Acquisition expenses	$ 5,404	$ 17,430	$ 18,772
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Revenue	8,359	52,248
Acquisition expenses	2,408	17,407
Net loss	$ 1,533	$ 11,278

Real Estate Acquisitions (Details) - Pro Forma - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Combinations [Abstract]
Pro forma revenues	$ 244,738	$ 239,599
Pro forma net income attributable to stockholders	$ 18,948	$ 109

Acquired Intangible Lease Assets (Details) - Period Ending - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible lease assets	$ 233,553	$ 220,601
Accumulated amortization	(79,669)	(43,915)
Net acquired intangible lease assets	153,884	176,686
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible lease assets	194,242	182,690
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible lease assets	$ 39,311	$ 37,911

Acquired Intangible Lease Assets (Details) - Amortization Expense - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, amortization expense	$ 35,789	$ 29,693	$ 10,487
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, amortization expense	29,970	24,697	8,054
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, amortization expense	$ 5,819	$ 4,996	$ 2,433

Acquired Intangible Lease Assets (Details) - Five Succeeding Calendar Years $ in Thousands	Dec. 31, 2015 USD ($)
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
2016	$ 28,020
2017	25,069
2018	19,876
2019	14,668
2020	9,957
Net acquired intangible lease assets	97,590
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
2016	5,000
2017	4,177
2018	3,394
2019	2,639
2020	2,175
Net acquired intangible lease assets	$ 17,385

Mortgages and Loans Payable Narrative (Details)	12 Months Ended
Mortgages and Loans Payable Narrative (Details)	Dec. 31, 2015 USD ($) loan_tranche option instrument	Dec. 31, 2014 USD ($)	Oct. 31, 2015 USD ($)
Debt Instrument [Line Items]
Debt obligation	$ 847,435,000
Number of interest rate derivatives held \| instrument	3
Weighted-average interest rate on debt	3.50%	3.70%
Amortization on assumed below-market debt adjustment	$ 2,700,000	$ 2,500,000
Unsecured Term Loans - fixed-rate
Debt Instrument [Line Items]
Debt obligation	387,000,000	0
Fixed-rate debt
Debt Instrument [Line Items]
Debt obligation	306,435,000	$ 350,922,000
Outstanding mortgage notes payable maturing in current year	$ 104,800,000
Unsecured Term Loan Facility
Debt Instrument [Line Items]
Number of interest rate derivatives held \| instrument	3
Maturity date extension fee, percent	0.15%
Unsecured Term Loan Facility \| Tranche One
Debt Instrument [Line Items]
Debt instrument, number of extension options \| option	2
Debt obligation	$ 100,000,000
Debt instrument, period of extensions to maturity	12 months
Unsecured Term Loan Facility \| Tranche Two
Debt Instrument [Line Items]
Debt instrument, number of extension options \| option	1
Debt obligation	$ 175,000,000
Debt instrument, period of extensions to maturity	12 months
Unsecured Term Loan Facility \| Tranche Three
Debt Instrument [Line Items]
Debt obligation	$ 125,000,000
Unsecured Term Loan Facility \| Unsecured Term Loans - fixed-rate
Debt Instrument [Line Items]
Number of term loan tranches \| loan_tranche	3
Basis spread on variable rate	1.25%
Debt obligation			$ 400,000,000
Unsecured revolving credit facility-variable rate \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, number of extension options \| option	2
Debt instrument, period of extensions to maturity	6 months
Credit facility, borrowing capacity	$ 500,000,000
Credit facility, outstanding principal balance	$ 141,000,000
Unsecured revolving credit facility-variable rate \| Unsecured Debt \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%

Mortgages and Loans Payable Schedule of Assumed Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($) property
Debt Disclosure [Abstract]
Number of properties acquired with loan assumptions \| property	5	15
Carrying value of assumed debt at acquisition	$ 32,837	$ 183,506
Fair value of assumed debt at acquisition	$ 34,341	$ 189,006

Mortgages and Loans Payable Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2015
Debt Instrument [Line Items]
Debt obligation	$ 847,435
Assumed net below-market debt adjustment	6,644	$ 7,840
Mortgages and loans payable	854,079	650,462
Unsecured Term Loans - fixed-rate
Debt Instrument [Line Items]
Debt obligation	387,000	0
Unsecured Term Loans - variable rate
Debt Instrument [Line Items]
Debt obligation	13,000	0
Unsecured revolving credit facility-variable rate
Debt Instrument [Line Items]
Debt obligation	141,000	291,700
Proceeds from lines of credit	297,800	306,700	$ 146,400
Repayments of lines of credit	448,500	15,000	$ 183,100
Fixed rate mortgages payable
Debt Instrument [Line Items]
Debt obligation	306,435	$ 350,922
Hedged debt	$ 11,300
Derivative, fixed interest rate	5.22%
Interest rate swap \| Derivative liability designated as hedging instruments
Debt Instrument [Line Items]
Hedged debt	$ 387,000			$ 387,000

Mortgages and Loans Payable Schedule of Maturities of Long Term Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) option instrument	Apr. 30, 2015 USD ($) instrument	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
2016	$ 104,754
2017	188,242
2018	46,876
2019	104,041
2020	179,004
Thereafter	224,518
Total	$ 847,435
Number of interest rate derivatives held \| instrument	3
Unsecured Term Loans - fixed-rate
Debt Instrument [Line Items]
2016	$ 0
2017	0
2018	0
2019	100,000
2020	175,000
Thereafter	112,000
Total	387,000
Unsecured Term Loans - variable rate
Debt Instrument [Line Items]
2016	0
2017	0
2018	0
2019	0
2020	0
Thereafter	13,000
Total	13,000		$ 0
Unsecured revolving credit facility-variable rate
Debt Instrument [Line Items]
2016	0
2017	141,000
2018	0
2019	0
2020	0
Thereafter	0
Total	141,000		291,700
Fixed rate mortgages payable
Debt Instrument [Line Items]
2016	104,754
2017	47,242
2018	46,876
2019	4,041
2020	4,004
Thereafter	99,518
Total	306,435		350,922
Hedged debt	$ 11,300
Derivative, fixed interest rate	5.22%
Derivative, notional amount	$ 11,300		$ 11,600
Interest rate swap \| Derivative liability designated as hedging instruments
Debt Instrument [Line Items]
Hedged debt	$ 387,000	$ 387,000
Number of interest rate derivatives held \| instrument		3
Derivative, notional amount		$ 387,000
Unsecured revolving credit facility-variable rate \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, number of extension options \| option	2
Debt instrument, period of extensions to maturity	6 months

Acquired Below-Market Lease Intangibles Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Below Market Lease [Abstract]
Acquired below-market leases	$ 6,640	$ 4,911	$ 1,897

Acquired Below-Market Lease Intangibles (Details) - Five Succeeding Calendar Years $ in Thousands	Dec. 31, 2015 USD ($)
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2016	$ 6,214
2017	5,283
2018	4,240
2019	3,491
2020	2,953
Total	$ 22,181

Commitments And Contingencies Narrative (Details)	Dec. 31, 2015 claim
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, pending claims, number	0

Derivatives and Hedging Activities (Details) - Interest Rate Swaps $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) agreement	Dec. 31, 2014 USD ($)	Apr. 30, 2015 USD ($)
Derivative liability designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount			$ 387,000
Derivative liability designated as hedging instruments \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, number of Instruments held \| agreement	3
Derivative, notional amount	$ 387,000
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred	2,800
Amount of gain (loss) recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)		$ 690
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	11,300	11,600
Derivative, gain (loss) on derivative, net	$ (176)	(350)
Not Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Loss recorded in earnings for changes in fair value on discontinuation of cash flow hedge		$ 326

Derivatives and Hedging Activities Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,291,792	$ 1,378,262	$ 1,469,532	$ 152,271
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	0	690
Current-period other comprehensive income (loss)	22	(690)	690
Accumulated other comprehensive income (loss), ending balance	22	0	$ 690
Interest Rate Swaps \| Derivative liability designated as hedging instruments \| Cash Flow Hedging
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount of loss reclassified from accumulated other comprehensive income	3,150	$ (690)
Amount of loss recognized in other comprehensive income on derivative	$ (3,128)

Related-Party Transactions (Details) - Advisor - USD ($) shares in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 03, 2014
Related Party Transaction [Line Items]
Offering costs maximum reimbursement percentage			1.50%
Class B units of operating partnership, issued in connection with asset management services	2.8		2.8		2.8
Operating partnership return for class B to vest	6.00%		6.00%		6.00%
General and administrative expenses of the company paid by advisor	$ 124,000		$ 124,000	$ 26,000
Subordinated participation in net sales proceeds percentage	15.00%		15.00%
Investor return before subordinated participation in net sales proceeds	7.00%		7.00%
ARC's interest in special limited partner	15.00%		15.00%
PE-NTR's interest in special limited partner	85.00%		85.00%
Subordinated incentive listing fee percentage	15.00%		15.00%
Investor return before subordinated listing incentive fee	7.00%		7.00%
Distribution made to limited partner, cash distributions paid			$ 0
Subordinated distribution upon termination of advisor agreement percentage	15.00%		15.00%
Investor return before subordinated distribution upon termination of advisor agreement	7.00%		7.00%
Asset Management Subordination Agreement
Related Party Transaction [Line Items]
Class B units issuance due date			60 days
Advisory Agreement
Related Party Transaction [Line Items]
Asset management participation calculation percentage	0.05%	0.25%
Advisory Agreement \| Acquisition fee
Related Party Transaction [Line Items]
Related party transaction, rate			1.00%
Advisory Agreement \| Financing fee
Related Party Transaction [Line Items]
Related party transaction, rate			0.75%
Advisory Agreement \| Disposition fee
Related Party Transaction [Line Items]
Related party transaction, rate			2.00%
Advisory Agreement \| Asset management fee
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
Percentage of asset management fee paid in cash	80.00%
Percentage of asset management fee paid in class B units	20.00%
Cash asset management fee percentage	0.06667%
Class B Units \| PE-NTR and ARC \| PE-NTR Agreement
Related Party Transaction [Line Items]
Partnership units issued (in shares)			2.1
Class B Units \| PE-NTR and ARC \| ARC Agreement
Related Party Transaction [Line Items]
Partnership units issued (in shares)			0.4

Related-Party Transactions Organization and Offering Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Abstract]
Total organization and offering costs charged	$ 27,104	$ 27,104	$ 26,252
Total organization and offering costs reimbursed	27,104	27,029	25,873
Related Party Transaction [Line Items]
Total unpaid organization and offering costs	$ 0	75	$ 379
ARC
Related Party Transaction [Line Items]
Total unpaid organization and offering costs		$ 75

Related-Party Transactions Advisor Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Abstract]
Acquisition fees	$ 1,247	$ 9,011	$ 10,095
Acquisition fees, unpaid amount	0	0
Acquisition expenses	208	1,074	0
Acquisition expenses, unpaid amount	0	0
Asset management fees	4,601	27,853	999
Asset management fees, unpaid amount	1,538	0
OP units distribution	1,820	0	0
OP units distribution, unpaid amount	159	0
Class B unit distributions	625	965	154
Class B distributions, unpaid amount	119	135
Financing fees	3,228	4,001	5,581
Financing fees, unpaid amount	0	0
Disposition fees	47	129	0
Disposition fees, unpaid amount	0	0
Total	11,776	43,033	$ 16,829
Total, unpaid amount	$ 1,816	$ 135

Related-Party Transactions (Details) - Property Manager Fees		12 Months Ended	19 Months Ended
	May 31, 2014	Dec. 31, 2015	Dec. 31, 2015
Related Party Transactions [Abstract]
Property management fee, percent fee	4.50%		4.00%
Maximum \| Property Manager
Related Party Transaction [Line Items]
Leases, potential leasing fees increase		50.00%

Related-Party Transactions Property Manager Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Abstract]
Property management fees	$ 9,108	$ 7,245	$ 3,011
Property management fees, unpaid amount	755	474
Leasing commissions	7,316	3,561	1,239
Leasing commissions payable, unpaid amount	729	191
Construction management fees	1,117	692	293
Construction management fees, unpaid amount	155	73
Expenses and reimbursements	5,533	2,328	684
Expenses and reimbursements, unpaid amount	1,699	0
Total property manager fees and reimbursements	23,074	13,826	$ 5,227
Total property manager fees and reimbursements, unpaid amount	$ 3,338	$ 738

Related-Party Transactions (Details) - Other	12 Months Ended
Related-Party Transactions (Details) - Other	Dec. 31, 2015 $ / shares shares
Related Party Transactions [Abstract]
Dealer manager selling commission percentage	7.00%
Dealer manager fee percentage	3.00%
Percentage of dealer manager selling commissions typically reallowed	100.00%
Minimum percentage of shares owned by PE-NTR	0.10%
PE-NTR share purchase price \| $ / shares	$ 9.00
Shares owned by PE-NTR \| shares	176,509
Percentage of shares owned by PE-NTR	0.10%

Related-Party Transactions Dealer Manager Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Abstract]
Selling commissions	$ 0	$ 157	$ 100,148
Selling commissions reallowed	0	157	100,148
Dealer manager fees	0	72	46,981
Dealer manager fees reallowed	$ 0	$ 29	$ 17,116

Operating Leases Future Minimum Rents(Details) $ in Thousands	Dec. 31, 2015 USD ($)
Future rentals to be received under non-cancelable operating leases:
2016	$ 175,692
2017	162,069
2018	143,560
2019	120,531
2020	98,468
2021 and thereafter	398,306
Total	$ 1,098,626

Operating Leases Narrative (Details)	12 Months Ended
Operating Leases Narrative (Details)	Dec. 31, 2015 tenant
Tenant Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%
Rental Income
Concentration Risk [Line Items]
Number of major customers	0

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Data [Abstract]
Total revenue	$ 62,136	$ 61,822	$ 59,194	$ 58,947	$ 58,593	$ 50,031	$ 43,914	$ 35,677
Net income (loss) attributable to stockholders	$ (2,164)	$ 5,183	$ 5,370	$ 4,971	$ (22,476)	$ 2,143	$ (1,879)	$ (423)	$ 13,360	$ (22,635)	$ (12,404)
Net income (loss) per share - basic and diluted (in USD per share)	$ (0.01)	$ 0.03	$ 0.03	$ 0.03	$ (0.12)	$ 0.01	$ (0.01)	$ 0.00	$ 0.07	$ (0.13)	$ (0.18)

- Definition

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

+ References + Details

Subsequent Events (Details) - $ / shares			1 Months Ended	12 Months Ended
Subsequent Events (Details) - $ / shares	Mar. 03, 2016	Jan. 04, 2016	Mar. 02, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Common distributions declared, per share				$ 0.67	$ 0.67	$ 0.67
Subsequent Event
Subsequent Event [Line Items]
Common distributions declared, per share	$ 0.0018306011	$ 0.00183562	$ 0.0018306011

Subsequent Events Distributions (Details) - USD ($) $ in Thousands				12 Months Ended
	Mar. 02, 2016	Feb. 02, 2016	Jan. 04, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Gross Amount of Distribution Paid				$ 123,146	$ 120,148	$ 47,068
Distributions reinvested				63,803	62,950	18,706
Net Cash Distribution				$ 59,387	$ 56,612	$ 19,301
Dividend Paid \| Subsequent Event
Subsequent Event [Line Items]
Gross Amount of Distribution Paid	$ 9,678	$ 10,315	$ 10,320
Distributions reinvested	4,808	5,202	5,247
Net Cash Distribution	$ 4,870	$ 5,113	$ 5,073

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 306,435
Initial Cost, Land and Improvements	707,115
Initial Cost, Buildings and Improvements	1,363,440
Costs Capitalized Subsequent to Acquisition, Carrying Costs	45,925
Carrying Amount, Land and Improvements	719,430
Carrying Amount, Buildings and Improvements	1,397,050
Carrying Amount, Total	2,116,480	$ 1,980,634	$ 1,136,074
Accumulated Depreciation	152,433	$ 83,050	$ 29,538
Federal income tax basis	2,300,000
Lakeside Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land and Improvements	3,344
Initial Cost, Buildings and Improvements	5,247
Costs Capitalized Subsequent to Acquisition, Carrying Costs	135
Carrying Amount, Land and Improvements	3,397
Carrying Amount, Buildings and Improvements	5,329
Carrying Amount, Total	8,726
Accumulated Depreciation	$ 1,649
Date Acquired	Dec. 10, 2010
Snow View Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,104
Initial Cost, Buildings and Improvements	6,432
Costs Capitalized Subsequent to Acquisition, Carrying Costs	411
Carrying Amount, Land and Improvements	4,266
Carrying Amount, Buildings and Improvements	6,681
Carrying Amount, Total	10,947
Accumulated Depreciation	$ 2,386
Date Acquired	Dec. 15, 2010
St. Charles Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,090
Initial Cost, Buildings and Improvements	4,399
Costs Capitalized Subsequent to Acquisition, Carrying Costs	95
Carrying Amount, Land and Improvements	4,099
Carrying Amount, Buildings and Improvements	4,485
Carrying Amount, Total	8,584
Accumulated Depreciation	$ 1,652
Date Acquired	Jun. 10, 2011
Centerpoint
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,404
Initial Cost, Buildings and Improvements	4,361
Costs Capitalized Subsequent to Acquisition, Carrying Costs	470
Carrying Amount, Land and Improvements	2,434
Carrying Amount, Buildings and Improvements	4,801
Carrying Amount, Total	7,235
Accumulated Depreciation	$ 1,100
Date Acquired	Oct. 14, 2011
Southampton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,670
Initial Cost, Buildings and Improvements	5,176
Costs Capitalized Subsequent to Acquisition, Carrying Costs	265
Carrying Amount, Land and Improvements	2,764
Carrying Amount, Buildings and Improvements	5,347
Carrying Amount, Total	8,111
Accumulated Depreciation	$ 1,375
Date Acquired	Oct. 14, 2011
Burwood Village Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,447
Initial Cost, Buildings and Improvements	10,167
Costs Capitalized Subsequent to Acquisition, Carrying Costs	196
Carrying Amount, Land and Improvements	5,532
Carrying Amount, Buildings and Improvements	10,278
Carrying Amount, Total	15,810
Accumulated Depreciation	$ 2,619
Date Acquired	Nov. 09, 2011
Cureton Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,896
Initial Cost, Buildings and Improvements	6,197
Costs Capitalized Subsequent to Acquisition, Carrying Costs	275
Carrying Amount, Land and Improvements	5,925
Carrying Amount, Buildings and Improvements	6,443
Carrying Amount, Total	12,368
Accumulated Depreciation	$ 1,913
Date Acquired	Dec. 29, 2011
Tramway Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,016
Initial Cost, Buildings and Improvements	3,070
Costs Capitalized Subsequent to Acquisition, Carrying Costs	226
Carrying Amount, Land and Improvements	2,063
Carrying Amount, Buildings and Improvements	3,249
Carrying Amount, Total	5,312
Accumulated Depreciation	$ 1,025
Date Acquired	Feb. 23, 2012
Westin Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,190
Initial Cost, Buildings and Improvements	3,499
Costs Capitalized Subsequent to Acquisition, Carrying Costs	108
Carrying Amount, Land and Improvements	2,231
Carrying Amount, Buildings and Improvements	3,566
Carrying Amount, Total	5,797
Accumulated Depreciation	$ 1,136
Date Acquired	Feb. 23, 2012
The Village at Glynn Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,202
Initial Cost, Buildings and Improvements	6,095
Costs Capitalized Subsequent to Acquisition, Carrying Costs	233
Carrying Amount, Land and Improvements	5,247
Carrying Amount, Buildings and Improvements	6,283
Carrying Amount, Total	11,530
Accumulated Depreciation	$ 2,047
Date Acquired	Apr. 27, 2012
Meadowthorpe Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,093
Initial Cost, Buildings and Improvements	4,185
Costs Capitalized Subsequent to Acquisition, Carrying Costs	268
Carrying Amount, Land and Improvements	4,133
Carrying Amount, Buildings and Improvements	4,413
Carrying Amount, Total	8,546
Accumulated Depreciation	$ 1,271
Date Acquired	May 09, 2012
New Windsor Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,867
Initial Cost, Buildings and Improvements	1,329
Costs Capitalized Subsequent to Acquisition, Carrying Costs	229
Carrying Amount, Land and Improvements	3,931
Carrying Amount, Buildings and Improvements	1,494
Carrying Amount, Total	5,425
Accumulated Depreciation	$ 560
Date Acquired	May 09, 2012
Vine Street Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,049
Initial Cost, Buildings and Improvements	5,618
Costs Capitalized Subsequent to Acquisition, Carrying Costs	314
Carrying Amount, Land and Improvements	7,066
Carrying Amount, Buildings and Improvements	5,915
Carrying Amount, Total	12,981
Accumulated Depreciation	$ 1,761
Date Acquired	Jun. 04, 2012
Northtowne Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,210
Initial Cost, Land and Improvements	2,844
Initial Cost, Buildings and Improvements	7,210
Costs Capitalized Subsequent to Acquisition, Carrying Costs	276
Carrying Amount, Land and Improvements	3,001
Carrying Amount, Buildings and Improvements	7,329
Carrying Amount, Total	10,330
Accumulated Depreciation	$ 2,150
Date Acquired	Jun. 19, 2012
Brentwood Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	6,106
Initial Cost, Buildings and Improvements	8,025
Costs Capitalized Subsequent to Acquisition, Carrying Costs	702
Carrying Amount, Land and Improvements	6,123
Carrying Amount, Buildings and Improvements	8,710
Carrying Amount, Total	14,833
Accumulated Depreciation	$ 1,906
Date Acquired	Jul. 05, 2012
Sidney Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	1,430
Initial Cost, Buildings and Improvements	3,802
Costs Capitalized Subsequent to Acquisition, Carrying Costs	672
Carrying Amount, Land and Improvements	1,798
Carrying Amount, Buildings and Improvements	4,106
Carrying Amount, Total	5,904
Accumulated Depreciation	$ 1,058
Date Acquired	Aug. 02, 2012
Broadway Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,534
Initial Cost, Land and Improvements	4,979
Initial Cost, Buildings and Improvements	7,169
Costs Capitalized Subsequent to Acquisition, Carrying Costs	575
Carrying Amount, Land and Improvements	5,229
Carrying Amount, Buildings and Improvements	7,494
Carrying Amount, Total	12,723
Accumulated Depreciation	$ 1,645
Date Acquired	Aug. 13, 2012
Richmond Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,157
Initial Cost, Buildings and Improvements	11,244
Costs Capitalized Subsequent to Acquisition, Carrying Costs	699
Carrying Amount, Land and Improvements	7,269
Carrying Amount, Buildings and Improvements	11,831
Carrying Amount, Total	19,100
Accumulated Depreciation	$ 2,492
Date Acquired	Aug. 30, 2012
Publix at Northridge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,399
Initial Cost, Land and Improvements	5,671
Initial Cost, Buildings and Improvements	5,632
Costs Capitalized Subsequent to Acquisition, Carrying Costs	145
Carrying Amount, Land and Improvements	5,709
Carrying Amount, Buildings and Improvements	5,739
Carrying Amount, Total	11,448
Accumulated Depreciation	$ 1,117
Date Acquired	Aug. 30, 2012
Baker Hill Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,068
Initial Cost, Buildings and Improvements	13,737
Costs Capitalized Subsequent to Acquisition, Carrying Costs	406
Carrying Amount, Land and Improvements	7,210
Carrying Amount, Buildings and Improvements	14,001
Carrying Amount, Total	21,211
Accumulated Depreciation	$ 2,393
Date Acquired	Sep. 06, 2012
New Prague Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,248
Initial Cost, Buildings and Improvements	6,605
Costs Capitalized Subsequent to Acquisition, Carrying Costs	57
Carrying Amount, Land and Improvements	3,271
Carrying Amount, Buildings and Improvements	6,639
Carrying Amount, Total	9,910
Accumulated Depreciation	$ 1,145
Date Acquired	Oct. 12, 2012
Brook Park Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,197
Initial Cost, Land and Improvements	2,545
Initial Cost, Buildings and Improvements	7,594
Costs Capitalized Subsequent to Acquisition, Carrying Costs	472
Carrying Amount, Land and Improvements	2,669
Carrying Amount, Buildings and Improvements	7,942
Carrying Amount, Total	10,611
Accumulated Depreciation	$ 1,415
Date Acquired	Oct. 23, 2012
Heron Creek Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,062
Initial Cost, Buildings and Improvements	4,082
Costs Capitalized Subsequent to Acquisition, Carrying Costs	73
Carrying Amount, Land and Improvements	4,078
Carrying Amount, Buildings and Improvements	4,139
Carrying Amount, Total	8,217
Accumulated Depreciation	$ 828
Date Acquired	Dec. 17, 2012
Quartz Hill Towne Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	6,352
Initial Cost, Buildings and Improvements	13,529
Costs Capitalized Subsequent to Acquisition, Carrying Costs	150
Carrying Amount, Land and Improvements	6,397
Carrying Amount, Buildings and Improvements	13,634
Carrying Amount, Total	20,031
Accumulated Depreciation	$ 2,165
Date Acquired	Dec. 26, 2012
Hilfiker Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,455
Initial Cost, Buildings and Improvements	4,750
Costs Capitalized Subsequent to Acquisition, Carrying Costs	32
Carrying Amount, Land and Improvements	2,481
Carrying Amount, Buildings and Improvements	4,756
Carrying Amount, Total	7,237
Accumulated Depreciation	$ 652
Date Acquired	Dec. 28, 2012
Village One Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,166
Initial Cost, Buildings and Improvements	18,752
Costs Capitalized Subsequent to Acquisition, Carrying Costs	150
Carrying Amount, Land and Improvements	5,217
Carrying Amount, Buildings and Improvements	18,851
Carrying Amount, Total	24,068
Accumulated Depreciation	$ 2,310
Date Acquired	Dec. 28, 2012
Butler Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,925
Initial Cost, Buildings and Improvements	6,129
Costs Capitalized Subsequent to Acquisition, Carrying Costs	665
Carrying Amount, Land and Improvements	4,215
Carrying Amount, Buildings and Improvements	6,504
Carrying Amount, Total	10,719
Accumulated Depreciation	$ 1,110
Date Acquired	Jan. 15, 2013
Fairview Oaks
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,563
Initial Cost, Buildings and Improvements	5,266
Costs Capitalized Subsequent to Acquisition, Carrying Costs	198
Carrying Amount, Land and Improvements	3,675
Carrying Amount, Buildings and Improvements	5,352
Carrying Amount, Total	9,027
Accumulated Depreciation	$ 935
Date Acquired	Jan. 15, 2013
Grassland Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,680
Initial Cost, Buildings and Improvements	5,791
Costs Capitalized Subsequent to Acquisition, Carrying Costs	603
Carrying Amount, Land and Improvements	3,712
Carrying Amount, Buildings and Improvements	6,362
Carrying Amount, Total	10,074
Accumulated Depreciation	$ 1,032
Date Acquired	Jan. 15, 2013
Hamilton Ridge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,054
Initial Cost, Buildings and Improvements	7,168
Costs Capitalized Subsequent to Acquisition, Carrying Costs	354
Carrying Amount, Land and Improvements	4,162
Carrying Amount, Buildings and Improvements	7,414
Carrying Amount, Total	11,576
Accumulated Depreciation	$ 1,195
Date Acquired	Jan. 15, 2013
Mableton Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,426
Initial Cost, Buildings and Improvements	6,413
Costs Capitalized Subsequent to Acquisition, Carrying Costs	231
Carrying Amount, Land and Improvements	4,503
Carrying Amount, Buildings and Improvements	6,567
Carrying Amount, Total	11,070
Accumulated Depreciation	$ 1,144
Date Acquired	Jan. 15, 2013
The Shops at Westridge
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,788
Initial Cost, Buildings and Improvements	3,901
Costs Capitalized Subsequent to Acquisition, Carrying Costs	252
Carrying Amount, Land and Improvements	2,788
Carrying Amount, Buildings and Improvements	4,153
Carrying Amount, Total	6,941
Accumulated Depreciation	$ 701
Date Acquired	Jan. 15, 2013
Fairlawn Town Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	10,397
Initial Cost, Buildings and Improvements	29,005
Costs Capitalized Subsequent to Acquisition, Carrying Costs	1,502
Carrying Amount, Land and Improvements	10,759
Carrying Amount, Buildings and Improvements	30,145
Carrying Amount, Total	40,904
Accumulated Depreciation	$ 4,806
Date Acquired	Jan. 30, 2013
Macland Pointe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,450
Initial Cost, Buildings and Improvements	5,364
Costs Capitalized Subsequent to Acquisition, Carrying Costs	651
Carrying Amount, Land and Improvements	3,624
Carrying Amount, Buildings and Improvements	5,841
Carrying Amount, Total	9,465
Accumulated Depreciation	$ 1,007
Date Acquired	Feb. 13, 2013
Murray Landing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,330
Initial Cost, Land and Improvements	2,927
Initial Cost, Buildings and Improvements	6,856
Costs Capitalized Subsequent to Acquisition, Carrying Costs	97
Carrying Amount, Land and Improvements	2,966
Carrying Amount, Buildings and Improvements	6,914
Carrying Amount, Total	9,880
Accumulated Depreciation	$ 971
Date Acquired	Mar. 21, 2013
Vineyard Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,600
Initial Cost, Land and Improvements	2,761
Initial Cost, Buildings and Improvements	4,221
Costs Capitalized Subsequent to Acquisition, Carrying Costs	186
Carrying Amount, Land and Improvements	2,801
Carrying Amount, Buildings and Improvements	4,367
Carrying Amount, Total	7,168
Accumulated Depreciation	$ 642
Date Acquired	Mar. 21, 2013
Kleinwood Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 23,640
Initial Cost, Land and Improvements	11,477
Initial Cost, Buildings and Improvements	18,954
Costs Capitalized Subsequent to Acquisition, Carrying Costs	509
Carrying Amount, Land and Improvements	11,556
Carrying Amount, Buildings and Improvements	19,384
Carrying Amount, Total	30,940
Accumulated Depreciation	$ 2,715
Date Acquired	Mar. 21, 2013
Lutz Lake Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,636
Initial Cost, Buildings and Improvements	6,601
Costs Capitalized Subsequent to Acquisition, Carrying Costs	162
Carrying Amount, Land and Improvements	2,636
Carrying Amount, Buildings and Improvements	6,763
Carrying Amount, Total	9,399
Accumulated Depreciation	$ 849
Date Acquired	Apr. 04, 2013
Publix at Seven Hills
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,171
Initial Cost, Buildings and Improvements	5,642
Costs Capitalized Subsequent to Acquisition, Carrying Costs	307
Carrying Amount, Land and Improvements	2,306
Carrying Amount, Buildings and Improvements	5,814
Carrying Amount, Total	8,120
Accumulated Depreciation	$ 787
Date Acquired	Apr. 04, 2013
Hartville Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,069
Initial Cost, Buildings and Improvements	3,692
Costs Capitalized Subsequent to Acquisition, Carrying Costs	818
Carrying Amount, Land and Improvements	2,160
Carrying Amount, Buildings and Improvements	4,419
Carrying Amount, Total	6,579
Accumulated Depreciation	$ 636
Date Acquired	Apr. 23, 2013
Sunset Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,933
Initial Cost, Buildings and Improvements	14,939
Costs Capitalized Subsequent to Acquisition, Carrying Costs	142
Carrying Amount, Land and Improvements	7,971
Carrying Amount, Buildings and Improvements	15,043
Carrying Amount, Total	23,014
Accumulated Depreciation	$ 1,865
Date Acquired	May 31, 2013
Savage Town Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,106
Initial Cost, Buildings and Improvements	9,409
Costs Capitalized Subsequent to Acquisition, Carrying Costs	122
Carrying Amount, Land and Improvements	4,167
Carrying Amount, Buildings and Improvements	9,470
Carrying Amount, Total	13,637
Accumulated Depreciation	$ 1,178
Date Acquired	Jun. 19, 2013
Northcross
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	30,725
Initial Cost, Buildings and Improvements	25,627
Costs Capitalized Subsequent to Acquisition, Carrying Costs	626
Carrying Amount, Land and Improvements	30,819
Carrying Amount, Buildings and Improvements	26,159
Carrying Amount, Total	56,978
Accumulated Depreciation	$ 3,112
Date Acquired	Jun. 24, 2013
Glenwood Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	1,872
Initial Cost, Buildings and Improvements	9,914
Costs Capitalized Subsequent to Acquisition, Carrying Costs	334
Carrying Amount, Land and Improvements	1,917
Carrying Amount, Buildings and Improvements	10,203
Carrying Amount, Total	12,120
Accumulated Depreciation	$ 1,045
Date Acquired	Jun. 27, 2013
Pavilions at San Mateo
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	6,471
Initial Cost, Buildings and Improvements	18,725
Costs Capitalized Subsequent to Acquisition, Carrying Costs	282
Carrying Amount, Land and Improvements	6,585
Carrying Amount, Buildings and Improvements	18,893
Carrying Amount, Total	25,478
Accumulated Depreciation	$ 2,133
Date Acquired	Jun. 27, 2013
Shiloh Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,685
Initial Cost, Buildings and Improvements	8,728
Costs Capitalized Subsequent to Acquisition, Carrying Costs	529
Carrying Amount, Land and Improvements	4,708
Carrying Amount, Buildings and Improvements	9,234
Carrying Amount, Total	13,942
Accumulated Depreciation	$ 1,074
Date Acquired	Jun. 27, 2013
Boronda Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	9,027
Initial Cost, Buildings and Improvements	11,870
Costs Capitalized Subsequent to Acquisition, Carrying Costs	81
Carrying Amount, Land and Improvements	9,067
Carrying Amount, Buildings and Improvements	11,911
Carrying Amount, Total	20,978
Accumulated Depreciation	$ 1,337
Date Acquired	Jul. 03, 2013
Rivergate
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	6,773
Initial Cost, Buildings and Improvements	22,841
Costs Capitalized Subsequent to Acquisition, Carrying Costs	2,750
Carrying Amount, Land and Improvements	6,883
Carrying Amount, Buildings and Improvements	25,481
Carrying Amount, Total	32,364
Accumulated Depreciation	$ 2,390
Date Acquired	Jul. 18, 2013
Westwoods Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,800
Initial Cost, Land and Improvements	3,706
Initial Cost, Buildings and Improvements	11,115
Costs Capitalized Subsequent to Acquisition, Carrying Costs	204
Carrying Amount, Land and Improvements	3,792
Carrying Amount, Buildings and Improvements	11,233
Carrying Amount, Total	15,025
Accumulated Depreciation	$ 1,236
Date Acquired	Aug. 08, 2013
Paradise Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,204
Initial Cost, Buildings and Improvements	6,064
Costs Capitalized Subsequent to Acquisition, Carrying Costs	178
Carrying Amount, Land and Improvements	2,270
Carrying Amount, Buildings and Improvements	6,176
Carrying Amount, Total	8,446
Accumulated Depreciation	$ 717
Date Acquired	Aug. 13, 2013
Contra Loma Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,846
Initial Cost, Buildings and Improvements	3,926
Costs Capitalized Subsequent to Acquisition, Carrying Costs	961
Carrying Amount, Land and Improvements	2,988
Carrying Amount, Buildings and Improvements	4,745
Carrying Amount, Total	7,733
Accumulated Depreciation	$ 426
Date Acquired	Aug. 19, 2013
South Oaks Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	1,938
Initial Cost, Buildings and Improvements	6,634
Costs Capitalized Subsequent to Acquisition, Carrying Costs	187
Carrying Amount, Land and Improvements	2,009
Carrying Amount, Buildings and Improvements	6,750
Carrying Amount, Total	8,759
Accumulated Depreciation	$ 715
Date Acquired	Aug. 21, 2013
Yorktown Centre
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,736
Initial Cost, Buildings and Improvements	15,395
Costs Capitalized Subsequent to Acquisition, Carrying Costs	282
Carrying Amount, Land and Improvements	3,920
Carrying Amount, Buildings and Improvements	15,493
Carrying Amount, Total	19,413
Accumulated Depreciation	$ 1,963
Date Acquired	Aug. 30, 2013
Stockbridge Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,818
Initial Cost, Buildings and Improvements	9,281
Costs Capitalized Subsequent to Acquisition, Carrying Costs	256
Carrying Amount, Land and Improvements	4,926
Carrying Amount, Buildings and Improvements	9,429
Carrying Amount, Total	14,355
Accumulated Depreciation	$ 1,058
Date Acquired	Sep. 03, 2013
Dyer Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,258
Initial Cost, Land and Improvements	6,017
Initial Cost, Buildings and Improvements	10,214
Costs Capitalized Subsequent to Acquisition, Carrying Costs	122
Carrying Amount, Land and Improvements	6,070
Carrying Amount, Buildings and Improvements	10,283
Carrying Amount, Total	16,353
Accumulated Depreciation	$ 1,155
Date Acquired	Sep. 04, 2013
East Burnside Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,295
Initial Cost, Land and Improvements	2,484
Initial Cost, Buildings and Improvements	5,422
Costs Capitalized Subsequent to Acquisition, Carrying Costs	58
Carrying Amount, Land and Improvements	2,494
Carrying Amount, Buildings and Improvements	5,470
Carrying Amount, Total	7,964
Accumulated Depreciation	$ 473
Date Acquired	Sep. 12, 2013
Red Maple Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	9,250
Initial Cost, Buildings and Improvements	19,466
Costs Capitalized Subsequent to Acquisition, Carrying Costs	339
Carrying Amount, Land and Improvements	9,316
Carrying Amount, Buildings and Improvements	19,739
Carrying Amount, Total	29,055
Accumulated Depreciation	$ 1,730
Date Acquired	Sep. 18, 2013
Crystal Beach Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,335
Initial Cost, Buildings and Improvements	7,918
Costs Capitalized Subsequent to Acquisition, Carrying Costs	74
Carrying Amount, Land and Improvements	2,335
Carrying Amount, Buildings and Improvements	7,992
Carrying Amount, Total	10,327
Accumulated Depreciation	$ 781
Date Acquired	Sep. 25, 2013
CitiCentre Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	770
Initial Cost, Buildings and Improvements	2,530
Costs Capitalized Subsequent to Acquisition, Carrying Costs	172
Carrying Amount, Land and Improvements	910
Carrying Amount, Buildings and Improvements	2,562
Carrying Amount, Total	3,472
Accumulated Depreciation	$ 317
Date Acquired	Oct. 02, 2013
Duck Creek Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,611
Initial Cost, Buildings and Improvements	13,007
Costs Capitalized Subsequent to Acquisition, Carrying Costs	775
Carrying Amount, Land and Improvements	4,893
Carrying Amount, Buildings and Improvements	13,500
Carrying Amount, Total	18,393
Accumulated Depreciation	$ 1,334
Date Acquired	Oct. 08, 2013
Cahill Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,587
Initial Cost, Buildings and Improvements	5,113
Costs Capitalized Subsequent to Acquisition, Carrying Costs	394
Carrying Amount, Land and Improvements	2,748
Carrying Amount, Buildings and Improvements	5,346
Carrying Amount, Total	8,094
Accumulated Depreciation	$ 579
Date Acquired	Oct. 09, 2013
Pioneer Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,948
Initial Cost, Buildings and Improvements	5,680
Costs Capitalized Subsequent to Acquisition, Carrying Costs	383
Carrying Amount, Land and Improvements	5,047
Carrying Amount, Buildings and Improvements	5,964
Carrying Amount, Total	11,011
Accumulated Depreciation	$ 645
Date Acquired	Oct. 18, 2013
Fresh Market
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,343
Initial Cost, Buildings and Improvements	8,790
Costs Capitalized Subsequent to Acquisition, Carrying Costs	32
Carrying Amount, Land and Improvements	2,376
Carrying Amount, Buildings and Improvements	8,789
Carrying Amount, Total	11,165
Accumulated Depreciation	$ 810
Date Acquired	Oct. 22, 2013
Courthouse Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	6,131
Initial Cost, Buildings and Improvements	8,061
Costs Capitalized Subsequent to Acquisition, Carrying Costs	451
Carrying Amount, Land and Improvements	6,276
Carrying Amount, Buildings and Improvements	8,367
Carrying Amount, Total	14,643
Accumulated Depreciation	$ 829
Date Acquired	Oct. 25, 2013
Hastings Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,980
Initial Cost, Buildings and Improvements	10,044
Costs Capitalized Subsequent to Acquisition, Carrying Costs	219
Carrying Amount, Land and Improvements	4,068
Carrying Amount, Buildings and Improvements	10,175
Carrying Amount, Total	14,243
Accumulated Depreciation	$ 1,040
Date Acquired	Nov. 06, 2013
Shoppes of Paradise Lakes
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,743
Initial Cost, Land and Improvements	5,811
Initial Cost, Buildings and Improvements	6,019
Costs Capitalized Subsequent to Acquisition, Carrying Costs	360
Carrying Amount, Land and Improvements	5,990
Carrying Amount, Buildings and Improvements	6,200
Carrying Amount, Total	12,190
Accumulated Depreciation	$ 704
Date Acquired	Nov. 07, 2013
Coquina Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,032
Initial Cost, Land and Improvements	9,458
Initial Cost, Buildings and Improvements	11,770
Costs Capitalized Subsequent to Acquisition, Carrying Costs	260
Carrying Amount, Land and Improvements	9,476
Carrying Amount, Buildings and Improvements	12,012
Carrying Amount, Total	21,488
Accumulated Depreciation	$ 1,161
Date Acquired	Nov. 07, 2013
Butler’s Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	1,338
Initial Cost, Buildings and Improvements	6,682
Costs Capitalized Subsequent to Acquisition, Carrying Costs	306
Carrying Amount, Land and Improvements	1,368
Carrying Amount, Buildings and Improvements	6,958
Carrying Amount, Total	8,326
Accumulated Depreciation	$ 714
Date Acquired	Nov. 07, 2013
Lakewood Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,495
Initial Cost, Buildings and Improvements	10,028
Costs Capitalized Subsequent to Acquisition, Carrying Costs	272
Carrying Amount, Land and Improvements	4,495
Carrying Amount, Buildings and Improvements	10,300
Carrying Amount, Total	14,795
Accumulated Depreciation	$ 1,179
Date Acquired	Nov. 07, 2013
Collington Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 23,509
Initial Cost, Land and Improvements	12,207
Initial Cost, Buildings and Improvements	15,142
Costs Capitalized Subsequent to Acquisition, Carrying Costs	161
Carrying Amount, Land and Improvements	12,273
Carrying Amount, Buildings and Improvements	15,237
Carrying Amount, Total	27,510
Accumulated Depreciation	$ 1,385
Date Acquired	Nov. 21, 2013
Golden Town Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,066
Initial Cost, Buildings and Improvements	10,166
Costs Capitalized Subsequent to Acquisition, Carrying Costs	301
Carrying Amount, Land and Improvements	7,252
Carrying Amount, Buildings and Improvements	10,281
Carrying Amount, Total	17,533
Accumulated Depreciation	$ 1,102
Date Acquired	Nov. 22, 2013
Northstar Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,810
Initial Cost, Buildings and Improvements	9,204
Costs Capitalized Subsequent to Acquisition, Carrying Costs	295
Carrying Amount, Land and Improvements	2,838
Carrying Amount, Buildings and Improvements	9,471
Carrying Amount, Total	12,309
Accumulated Depreciation	$ 943
Date Acquired	Nov. 27, 2013
Bear Creek Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,677
Initial Cost, Buildings and Improvements	17,611
Costs Capitalized Subsequent to Acquisition, Carrying Costs	37
Carrying Amount, Land and Improvements	5,702
Carrying Amount, Buildings and Improvements	17,623
Carrying Amount, Total	23,325
Accumulated Depreciation	$ 1,696
Date Acquired	Dec. 19, 2013
Flag City Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,685
Initial Cost, Buildings and Improvements	9,630
Costs Capitalized Subsequent to Acquisition, Carrying Costs	108
Carrying Amount, Land and Improvements	4,732
Carrying Amount, Buildings and Improvements	9,691
Carrying Amount, Total	14,423
Accumulated Depreciation	$ 1,038
Date Acquired	Dec. 19, 2013
Southern Hills Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	778
Initial Cost, Buildings and Improvements	1,481
Costs Capitalized Subsequent to Acquisition, Carrying Costs	29
Carrying Amount, Land and Improvements	791
Carrying Amount, Buildings and Improvements	1,497
Carrying Amount, Total	2,288
Accumulated Depreciation	$ 181
Date Acquired	Dec. 19, 2013
Sulphur Grove
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	553
Initial Cost, Buildings and Improvements	2,142
Costs Capitalized Subsequent to Acquisition, Carrying Costs	103
Carrying Amount, Land and Improvements	575
Carrying Amount, Buildings and Improvements	2,223
Carrying Amount, Total	2,798
Accumulated Depreciation	$ 194
Date Acquired	Dec. 19, 2013
East Side Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	394
Initial Cost, Buildings and Improvements	963
Costs Capitalized Subsequent to Acquisition, Carrying Costs	38
Carrying Amount, Land and Improvements	407
Carrying Amount, Buildings and Improvements	988
Carrying Amount, Total	1,395
Accumulated Depreciation	$ 113
Date Acquired	Dec. 19, 2013
Hoke Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	481
Initial Cost, Buildings and Improvements	1,059
Costs Capitalized Subsequent to Acquisition, Carrying Costs	21
Carrying Amount, Land and Improvements	488
Carrying Amount, Buildings and Improvements	1,073
Carrying Amount, Total	1,561
Accumulated Depreciation	$ 116
Date Acquired	Dec. 19, 2013
Town & Country Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,360
Initial Cost, Buildings and Improvements	16,269
Costs Capitalized Subsequent to Acquisition, Carrying Costs	67
Carrying Amount, Land and Improvements	7,361
Carrying Amount, Buildings and Improvements	16,335
Carrying Amount, Total	23,696
Accumulated Depreciation	$ 1,699
Date Acquired	Dec. 19, 2013
Sterling Pointe Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,038
Initial Cost, Buildings and Improvements	20,822
Costs Capitalized Subsequent to Acquisition, Carrying Costs	651
Carrying Amount, Land and Improvements	7,184
Carrying Amount, Buildings and Improvements	21,327
Carrying Amount, Total	28,511
Accumulated Depreciation	$ 1,628
Date Acquired	Dec. 20, 2013
Southgate Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,434
Initial Cost, Buildings and Improvements	8,357
Costs Capitalized Subsequent to Acquisition, Carrying Costs	286
Carrying Amount, Land and Improvements	2,526
Carrying Amount, Buildings and Improvements	8,551
Carrying Amount, Total	11,077
Accumulated Depreciation	$ 837
Date Acquired	Dec. 20, 2013
Arcadia Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,774
Initial Cost, Buildings and Improvements	6,904
Costs Capitalized Subsequent to Acquisition, Carrying Costs	181
Carrying Amount, Land and Improvements	5,811
Carrying Amount, Buildings and Improvements	7,048
Carrying Amount, Total	12,859
Accumulated Depreciation	$ 678
Date Acquired	Dec. 30, 2013
Stop & Shop Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,913
Initial Cost, Land and Improvements	8,892
Initial Cost, Buildings and Improvements	15,028
Costs Capitalized Subsequent to Acquisition, Carrying Costs	214
Carrying Amount, Land and Improvements	9,067
Carrying Amount, Buildings and Improvements	15,067
Carrying Amount, Total	24,134
Accumulated Depreciation	$ 1,444
Date Acquired	Dec. 30, 2013
Fairacres Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,542
Initial Cost, Buildings and Improvements	5,190
Costs Capitalized Subsequent to Acquisition, Carrying Costs	327
Carrying Amount, Land and Improvements	3,708
Carrying Amount, Buildings and Improvements	5,351
Carrying Amount, Total	9,059
Accumulated Depreciation	$ 623
Date Acquired	Jan. 21, 2014
Savoy Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,873
Initial Cost, Land and Improvements	4,304
Initial Cost, Buildings and Improvements	10,895
Costs Capitalized Subsequent to Acquisition, Carrying Costs	200
Carrying Amount, Land and Improvements	4,352
Carrying Amount, Buildings and Improvements	11,047
Carrying Amount, Total	15,399
Accumulated Depreciation	$ 1,085
Date Acquired	Jan. 31, 2014
The Shops of Uptown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	7,744
Initial Cost, Buildings and Improvements	16,884
Costs Capitalized Subsequent to Acquisition, Carrying Costs	224
Carrying Amount, Land and Improvements	7,770
Carrying Amount, Buildings and Improvements	17,082
Carrying Amount, Total	24,852
Accumulated Depreciation	$ 1,265
Date Acquired	Feb. 25, 2014
Chapel Hill North
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,573
Initial Cost, Land and Improvements	4,776
Initial Cost, Buildings and Improvements	10,190
Costs Capitalized Subsequent to Acquisition, Carrying Costs	220
Carrying Amount, Land and Improvements	4,844
Carrying Amount, Buildings and Improvements	10,342
Carrying Amount, Total	15,186
Accumulated Depreciation	$ 945
Date Acquired	Feb. 28, 2014
Winchester Gateway
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,785
Initial Cost, Land and Improvements	9,342
Initial Cost, Buildings and Improvements	23,468
Costs Capitalized Subsequent to Acquisition, Carrying Costs	174
Carrying Amount, Land and Improvements	9,360
Carrying Amount, Buildings and Improvements	23,624
Carrying Amount, Total	32,984
Accumulated Depreciation	$ 1,883
Date Acquired	Mar. 05, 2014
Stonewall Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,513
Initial Cost, Land and Improvements	7,929
Initial Cost, Buildings and Improvements	16,642
Costs Capitalized Subsequent to Acquisition, Carrying Costs	452
Carrying Amount, Land and Improvements	7,945
Carrying Amount, Buildings and Improvements	17,078
Carrying Amount, Total	25,023
Accumulated Depreciation	$ 1,361
Date Acquired	Mar. 05, 2014
Coppell Market Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,799
Initial Cost, Land and Improvements	4,869
Initial Cost, Buildings and Improvements	12,237
Costs Capitalized Subsequent to Acquisition, Carrying Costs	41
Carrying Amount, Land and Improvements	4,895
Carrying Amount, Buildings and Improvements	12,252
Carrying Amount, Total	17,147
Accumulated Depreciation	$ 968
Date Acquired	Mar. 05, 2014
Harrison Pointe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	10,006
Initial Cost, Buildings and Improvements	11,208
Costs Capitalized Subsequent to Acquisition, Carrying Costs	149
Carrying Amount, Land and Improvements	10,076
Carrying Amount, Buildings and Improvements	11,287
Carrying Amount, Total	21,363
Accumulated Depreciation	$ 1,274
Date Acquired	Mar. 11, 2014
Town Fair Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	8,108
Initial Cost, Buildings and Improvements	14,411
Costs Capitalized Subsequent to Acquisition, Carrying Costs	538
Carrying Amount, Land and Improvements	8,175
Carrying Amount, Buildings and Improvements	14,882
Carrying Amount, Total	23,057
Accumulated Depreciation	$ 1,373
Date Acquired	Mar. 12, 2014
Villages at Eagles Landing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,612
Initial Cost, Land and Improvements	2,824
Initial Cost, Buildings and Improvements	5,515
Costs Capitalized Subsequent to Acquisition, Carrying Costs	278
Carrying Amount, Land and Improvements	2,865
Carrying Amount, Buildings and Improvements	5,752
Carrying Amount, Total	8,617
Accumulated Depreciation	$ 648
Date Acquired	Mar. 13, 2014
Towne Centre at Wesley Chapel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,465
Initial Cost, Buildings and Improvements	5,554
Costs Capitalized Subsequent to Acquisition, Carrying Costs	115
Carrying Amount, Land and Improvements	2,499
Carrying Amount, Buildings and Improvements	5,635
Carrying Amount, Total	8,134
Accumulated Depreciation	$ 503
Date Acquired	Mar. 14, 2014
Dean Taylor Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,903
Initial Cost, Buildings and Improvements	8,192
Costs Capitalized Subsequent to Acquisition, Carrying Costs	113
Carrying Amount, Land and Improvements	3,944
Carrying Amount, Buildings and Improvements	8,264
Carrying Amount, Total	12,208
Accumulated Depreciation	$ 812
Date Acquired	Mar. 14, 2014
Champions Gate Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	1,813
Initial Cost, Buildings and Improvements	6,060
Costs Capitalized Subsequent to Acquisition, Carrying Costs	91
Carrying Amount, Land and Improvements	1,826
Carrying Amount, Buildings and Improvements	6,138
Carrying Amount, Total	7,964
Accumulated Depreciation	$ 577
Date Acquired	Mar. 14, 2014
Goolsby Pointe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,131
Initial Cost, Buildings and Improvements	5,341
Costs Capitalized Subsequent to Acquisition, Carrying Costs	177
Carrying Amount, Land and Improvements	4,151
Carrying Amount, Buildings and Improvements	5,498
Carrying Amount, Total	9,649
Accumulated Depreciation	$ 538
Date Acquired	Mar. 14, 2014
Statler Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,960
Initial Cost, Land and Improvements	4,108
Initial Cost, Buildings and Improvements	9,072
Costs Capitalized Subsequent to Acquisition, Carrying Costs	588
Carrying Amount, Land and Improvements	4,440
Carrying Amount, Buildings and Improvements	9,328
Carrying Amount, Total	13,768
Accumulated Depreciation	$ 838
Date Acquired	Mar. 21, 2014
Burbank Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,971
Initial Cost, Buildings and Improvements	4,546
Costs Capitalized Subsequent to Acquisition, Carrying Costs	774
Carrying Amount, Land and Improvements	3,327
Carrying Amount, Buildings and Improvements	4,964
Carrying Amount, Total	8,291
Accumulated Depreciation	$ 681
Date Acquired	Mar. 25, 2014
Hamilton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	11,691
Initial Cost, Buildings and Improvements	18,968
Costs Capitalized Subsequent to Acquisition, Carrying Costs	831
Carrying Amount, Land and Improvements	11,870
Carrying Amount, Buildings and Improvements	19,620
Carrying Amount, Total	31,490
Accumulated Depreciation	$ 1,822
Date Acquired	Apr. 03, 2014
Waynesboro Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,597
Initial Cost, Buildings and Improvements	8,334
Costs Capitalized Subsequent to Acquisition, Carrying Costs	86
Carrying Amount, Land and Improvements	5,632
Carrying Amount, Buildings and Improvements	8,385
Carrying Amount, Total	14,017
Accumulated Depreciation	$ 723
Date Acquired	Apr. 30, 2014
Southwest Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	16,019
Initial Cost, Buildings and Improvements	11,270
Costs Capitalized Subsequent to Acquisition, Carrying Costs	338
Carrying Amount, Land and Improvements	16,034
Carrying Amount, Buildings and Improvements	11,593
Carrying Amount, Total	27,627
Accumulated Depreciation	$ 1,028
Date Acquired	May 05, 2014
Hampton Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,456
Initial Cost, Buildings and Improvements	7,254
Costs Capitalized Subsequent to Acquisition, Carrying Costs	650
Carrying Amount, Land and Improvements	5,683
Carrying Amount, Buildings and Improvements	7,677
Carrying Amount, Total	13,360
Accumulated Depreciation	$ 706
Date Acquired	May 21, 2014
Central Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	6,144
Initial Cost, Buildings and Improvements	6,931
Costs Capitalized Subsequent to Acquisition, Carrying Costs	332
Carrying Amount, Land and Improvements	6,278
Carrying Amount, Buildings and Improvements	7,129
Carrying Amount, Total	13,407
Accumulated Depreciation	$ 613
Date Acquired	May 23, 2014
Kirkwood Market Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,786
Initial Cost, Buildings and Improvements	9,697
Costs Capitalized Subsequent to Acquisition, Carrying Costs	117
Carrying Amount, Land and Improvements	5,833
Carrying Amount, Buildings and Improvements	9,767
Carrying Amount, Total	15,600
Accumulated Depreciation	$ 680
Date Acquired	May 23, 2014
Fairview Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,787
Initial Cost, Buildings and Improvements	8,500
Costs Capitalized Subsequent to Acquisition, Carrying Costs	154
Carrying Amount, Land and Improvements	2,855
Carrying Amount, Buildings and Improvements	8,586
Carrying Amount, Total	11,441
Accumulated Depreciation	$ 596
Date Acquired	May 27, 2014
Broadway Promenade
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,832
Initial Cost, Buildings and Improvements	6,795
Costs Capitalized Subsequent to Acquisition, Carrying Costs	67
Carrying Amount, Land and Improvements	3,832
Carrying Amount, Buildings and Improvements	6,862
Carrying Amount, Total	10,694
Accumulated Depreciation	$ 470
Date Acquired	May 28, 2014
Townfair Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 14,964
Initial Cost, Land and Improvements	7,007
Initial Cost, Buildings and Improvements	13,233
Costs Capitalized Subsequent to Acquisition, Carrying Costs	309
Carrying Amount, Land and Improvements	7,133
Carrying Amount, Buildings and Improvements	13,416
Carrying Amount, Total	20,549
Accumulated Depreciation	$ 1,024
Date Acquired	May 29, 2014
Deerwood Lake Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,198
Initial Cost, Buildings and Improvements	8,878
Costs Capitalized Subsequent to Acquisition, Carrying Costs	145
Carrying Amount, Land and Improvements	2,250
Carrying Amount, Buildings and Improvements	8,971
Carrying Amount, Total	11,221
Accumulated Depreciation	$ 611
Date Acquired	May 30, 2014
Heath Brook Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,470
Initial Cost, Buildings and Improvements	8,353
Costs Capitalized Subsequent to Acquisition, Carrying Costs	131
Carrying Amount, Land and Improvements	3,497
Carrying Amount, Buildings and Improvements	8,457
Carrying Amount, Total	11,954
Accumulated Depreciation	$ 602
Date Acquired	May 30, 2014
Park View Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,701
Initial Cost, Buildings and Improvements	9,303
Costs Capitalized Subsequent to Acquisition, Carrying Costs	299
Carrying Amount, Land and Improvements	5,738
Carrying Amount, Buildings and Improvements	9,565
Carrying Amount, Total	15,303
Accumulated Depreciation	$ 670
Date Acquired	May 30, 2014
St. Johns Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	1,599
Initial Cost, Buildings and Improvements	10,387
Costs Capitalized Subsequent to Acquisition, Carrying Costs	109
Carrying Amount, Land and Improvements	1,651
Carrying Amount, Buildings and Improvements	10,444
Carrying Amount, Total	12,095
Accumulated Depreciation	$ 710
Date Acquired	May 30, 2014
West Creek Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,403
Initial Cost, Land and Improvements	7,404
Initial Cost, Buildings and Improvements	12,710
Costs Capitalized Subsequent to Acquisition, Carrying Costs	390
Carrying Amount, Land and Improvements	7,441
Carrying Amount, Buildings and Improvements	13,063
Carrying Amount, Total	20,504
Accumulated Depreciation	$ 606
Date Acquired	May 30, 2014
Lovejoy Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	1,296
Initial Cost, Buildings and Improvements	7,029
Costs Capitalized Subsequent to Acquisition, Carrying Costs	138
Carrying Amount, Land and Improvements	1,321
Carrying Amount, Buildings and Improvements	7,142
Carrying Amount, Total	8,463
Accumulated Depreciation	$ 485
Date Acquired	Jun. 03, 2014
The Orchards
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,425
Initial Cost, Buildings and Improvements	8,743
Costs Capitalized Subsequent to Acquisition, Carrying Costs	73
Carrying Amount, Land and Improvements	5,459
Carrying Amount, Buildings and Improvements	8,782
Carrying Amount, Total	14,241
Accumulated Depreciation	$ 649
Date Acquired	Jun. 03, 2014
Hannaford
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,614
Initial Cost, Buildings and Improvements	7,903
Costs Capitalized Subsequent to Acquisition, Carrying Costs	60
Carrying Amount, Land and Improvements	4,665
Carrying Amount, Buildings and Improvements	7,912
Carrying Amount, Total	12,577
Accumulated Depreciation	$ 484
Date Acquired	Jun. 23, 2014
Shaw’s Plaza Easton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,520
Initial Cost, Buildings and Improvements	7,173
Costs Capitalized Subsequent to Acquisition, Carrying Costs	219
Carrying Amount, Land and Improvements	5,638
Carrying Amount, Buildings and Improvements	7,274
Carrying Amount, Total	12,912
Accumulated Depreciation	$ 547
Date Acquired	Jun. 23, 2014
Shaw’s Plaza Hanover
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,826
Initial Cost, Buildings and Improvements	5,314
Costs Capitalized Subsequent to Acquisition, Carrying Costs	9
Carrying Amount, Land and Improvements	2,825
Carrying Amount, Buildings and Improvements	5,324
Carrying Amount, Total	8,149
Accumulated Depreciation	$ 366
Date Acquired	Jun. 23, 2014
Cushing Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,752
Initial Cost, Buildings and Improvements	14,796
Costs Capitalized Subsequent to Acquisition, Carrying Costs	144
Carrying Amount, Land and Improvements	5,872
Carrying Amount, Buildings and Improvements	14,820
Carrying Amount, Total	20,692
Accumulated Depreciation	$ 879
Date Acquired	Jun. 23, 2014
Lynnwood Place
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,341
Initial Cost, Buildings and Improvements	4,826
Costs Capitalized Subsequent to Acquisition, Carrying Costs	1,081
Carrying Amount, Land and Improvements	3,479
Carrying Amount, Buildings and Improvements	5,769
Carrying Amount, Total	9,248
Accumulated Depreciation	$ 458
Date Acquired	Jul. 28, 2014
Foothills Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	1,479
Initial Cost, Buildings and Improvements	2,611
Costs Capitalized Subsequent to Acquisition, Carrying Costs	297
Carrying Amount, Land and Improvements	1,670
Carrying Amount, Buildings and Improvements	2,717
Carrying Amount, Total	4,387
Accumulated Depreciation	$ 217
Date Acquired	Jul. 31, 2014
Battle Ridge Pavilion
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,124
Initial Cost, Buildings and Improvements	9,866
Costs Capitalized Subsequent to Acquisition, Carrying Costs	216
Carrying Amount, Land and Improvements	3,188
Carrying Amount, Buildings and Improvements	10,018
Carrying Amount, Total	13,206
Accumulated Depreciation	$ 656
Date Acquired	Aug. 01, 2014
Thompson Valley Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,853
Initial Cost, Land and Improvements	4,415
Initial Cost, Buildings and Improvements	15,947
Costs Capitalized Subsequent to Acquisition, Carrying Costs	427
Carrying Amount, Land and Improvements	4,488
Carrying Amount, Buildings and Improvements	16,301
Carrying Amount, Total	20,789
Accumulated Depreciation	$ 1,035
Date Acquired	Aug. 01, 2014
Lumina Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,945
Initial Cost, Land and Improvements	2,006
Initial Cost, Buildings and Improvements	11,250
Costs Capitalized Subsequent to Acquisition, Carrying Costs	258
Carrying Amount, Land and Improvements	2,038
Carrying Amount, Buildings and Improvements	11,476
Carrying Amount, Total	13,514
Accumulated Depreciation	$ 630
Date Acquired	Aug. 04, 2014
Driftwood Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17,000
Initial Cost, Land and Improvements	6,811
Initial Cost, Buildings and Improvements	12,993
Costs Capitalized Subsequent to Acquisition, Carrying Costs	347
Carrying Amount, Land and Improvements	6,855
Carrying Amount, Buildings and Improvements	13,296
Carrying Amount, Total	20,151
Accumulated Depreciation	$ 868
Date Acquired	Aug. 07, 2014
French Golden Gate
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,424
Initial Cost, Land and Improvements	2,599
Initial Cost, Buildings and Improvements	12,877
Costs Capitalized Subsequent to Acquisition, Carrying Costs	662
Carrying Amount, Land and Improvements	2,671
Carrying Amount, Buildings and Improvements	13,467
Carrying Amount, Total	16,138
Accumulated Depreciation	$ 672
Date Acquired	Aug. 28, 2014
Orchard Square
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,907
Initial Cost, Land and Improvements	1,361
Initial Cost, Buildings and Improvements	11,550
Costs Capitalized Subsequent to Acquisition, Carrying Costs	143
Carrying Amount, Land and Improvements	1,398
Carrying Amount, Buildings and Improvements	11,656
Carrying Amount, Total	13,054
Accumulated Depreciation	$ 682
Date Acquired	Sep. 08, 2014
Trader Joe’s Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,338
Initial Cost, Buildings and Improvements	7,922
Costs Capitalized Subsequent to Acquisition, Carrying Costs	158
Carrying Amount, Land and Improvements	2,402
Carrying Amount, Buildings and Improvements	8,016
Carrying Amount, Total	10,418
Accumulated Depreciation	$ 500
Date Acquired	Sep. 11, 2014
Palmetto Pavilion
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,509
Initial Cost, Buildings and Improvements	8,526
Costs Capitalized Subsequent to Acquisition, Carrying Costs	340
Carrying Amount, Land and Improvements	2,730
Carrying Amount, Buildings and Improvements	8,645
Carrying Amount, Total	11,375
Accumulated Depreciation	$ 488
Date Acquired	Sep. 11, 2014
Five Town Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	8,912
Initial Cost, Buildings and Improvements	19,635
Costs Capitalized Subsequent to Acquisition, Carrying Costs	1,641
Carrying Amount, Land and Improvements	9,557
Carrying Amount, Buildings and Improvements	20,631
Carrying Amount, Total	30,188
Accumulated Depreciation	$ 1,373
Date Acquired	Sep. 24, 2014
Beavercreek Towne Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	14,055
Initial Cost, Buildings and Improvements	30,799
Costs Capitalized Subsequent to Acquisition, Carrying Costs	745
Carrying Amount, Land and Improvements	14,269
Carrying Amount, Buildings and Improvements	31,330
Carrying Amount, Total	45,599
Accumulated Depreciation	$ 1,844
Date Acquired	Oct. 24, 2014
Fairfield Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,571
Initial Cost, Buildings and Improvements	10,026
Costs Capitalized Subsequent to Acquisition, Carrying Costs	35
Carrying Amount, Land and Improvements	3,586
Carrying Amount, Buildings and Improvements	10,046
Carrying Amount, Total	13,632
Accumulated Depreciation	$ 544
Date Acquired	Oct. 24, 2014
Grayson Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,952
Initial Cost, Buildings and Improvements	5,620
Costs Capitalized Subsequent to Acquisition, Carrying Costs	320
Carrying Amount, Land and Improvements	4,000
Carrying Amount, Buildings and Improvements	5,892
Carrying Amount, Total	9,892
Accumulated Depreciation	$ 487
Date Acquired	Oct. 24, 2014
The Fresh Market Commons
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,442
Initial Cost, Buildings and Improvements	4,941
Costs Capitalized Subsequent to Acquisition, Carrying Costs	35
Carrying Amount, Land and Improvements	2,442
Carrying Amount, Buildings and Improvements	4,976
Carrying Amount, Total	7,418
Accumulated Depreciation	$ 284
Date Acquired	Oct. 28, 2014
Claremont Village
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,511
Initial Cost, Buildings and Improvements	10,544
Costs Capitalized Subsequent to Acquisition, Carrying Costs	634
Carrying Amount, Land and Improvements	5,708
Carrying Amount, Buildings and Improvements	10,981
Carrying Amount, Total	16,689
Accumulated Depreciation	$ 592
Date Acquired	Nov. 06, 2014
Juan Tabo Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	2,466
Initial Cost, Buildings and Improvements	4,568
Costs Capitalized Subsequent to Acquisition, Carrying Costs	375
Carrying Amount, Land and Improvements	2,577
Carrying Amount, Buildings and Improvements	4,832
Carrying Amount, Total	7,409
Accumulated Depreciation	$ 340
Date Acquired	Nov. 12, 2014
Cherry Hill Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,641
Initial Cost, Buildings and Improvements	10,137
Costs Capitalized Subsequent to Acquisition, Carrying Costs	288
Carrying Amount, Land and Improvements	4,853
Carrying Amount, Buildings and Improvements	10,213
Carrying Amount, Total	15,066
Accumulated Depreciation	$ 524
Date Acquired	Dec. 17, 2014
The Shoppes at Ardrey Kell
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	6,724
Initial Cost, Buildings and Improvements	8,150
Costs Capitalized Subsequent to Acquisition, Carrying Costs	295
Carrying Amount, Land and Improvements	6,778
Carrying Amount, Buildings and Improvements	8,391
Carrying Amount, Total	15,169
Accumulated Depreciation	$ 445
Date Acquired	Dec. 17, 2014
Nor'Wood Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	5,358
Initial Cost, Buildings and Improvements	6,684
Costs Capitalized Subsequent to Acquisition, Carrying Costs	64
Carrying Amount, Land and Improvements	5,403
Carrying Amount, Buildings and Improvements	6,703
Carrying Amount, Total	12,106
Accumulated Depreciation	$ 397
Date Acquired	Jan. 08, 2015
Sunburst Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	3,435
Initial Cost, Buildings and Improvements	6,041
Costs Capitalized Subsequent to Acquisition, Carrying Costs	117
Carrying Amount, Land and Improvements	3,435
Carrying Amount, Buildings and Improvements	6,158
Carrying Amount, Total	9,593
Accumulated Depreciation	$ 371
Date Acquired	Feb. 11, 2015
Rivermont Station
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,364
Initial Cost, Land and Improvements	6,876
Initial Cost, Buildings and Improvements	8,917
Costs Capitalized Subsequent to Acquisition, Carrying Costs	124
Carrying Amount, Land and Improvements	6,912
Carrying Amount, Buildings and Improvements	9,005
Carrying Amount, Total	15,917
Accumulated Depreciation	$ 401
Date Acquired	Feb. 27, 2015
Breakfast Point Marketplace
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,713
Initial Cost, Land and Improvements	5,579
Initial Cost, Buildings and Improvements	12,051
Costs Capitalized Subsequent to Acquisition, Carrying Costs	156
Carrying Amount, Land and Improvements	5,636
Carrying Amount, Buildings and Improvements	12,150
Carrying Amount, Total	17,786
Accumulated Depreciation	$ 473
Date Acquired	Mar. 13, 2015
Falcon Valley
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,157
Initial Cost, Land and Improvements	3,131
Initial Cost, Buildings and Improvements	6,874
Costs Capitalized Subsequent to Acquisition, Carrying Costs	38
Carrying Amount, Land and Improvements	3,161
Carrying Amount, Buildings and Improvements	6,882
Carrying Amount, Total	10,043
Accumulated Depreciation	$ 298
Date Acquired	Mar. 13, 2015
Lake Wales
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,605
Initial Cost, Land and Improvements	1,273
Initial Cost, Buildings and Improvements	2,164
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Carrying Amount, Land and Improvements	1,273
Carrying Amount, Buildings and Improvements	2,164
Carrying Amount, Total	3,437
Accumulated Depreciation	$ 95
Date Acquired	Mar. 13, 2015
Lakeshore Crossing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,600
Initial Cost, Land and Improvements	3,857
Initial Cost, Buildings and Improvements	5,937
Costs Capitalized Subsequent to Acquisition, Carrying Costs	32
Carrying Amount, Land and Improvements	3,857
Carrying Amount, Buildings and Improvements	5,969
Carrying Amount, Total	9,826
Accumulated Depreciation	$ 335
Date Acquired	Mar. 13, 2015
Onalaska
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,925
Initial Cost, Land and Improvements	2,669
Initial Cost, Buildings and Improvements	5,648
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Carrying Amount, Land and Improvements	2,669
Carrying Amount, Buildings and Improvements	5,648
Carrying Amount, Total	8,317
Accumulated Depreciation	$ 276
Date Acquired	Mar. 13, 2015
Coronado Shopping Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land and Improvements	4,395
Initial Cost, Buildings and Improvements	16,461
Costs Capitalized Subsequent to Acquisition, Carrying Costs	223
Carrying Amount, Land and Improvements	4,417
Carrying Amount, Buildings and Improvements	16,662
Carrying Amount, Total	21,079
Accumulated Depreciation	$ 449
Date Acquired	May 01, 2015

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Real Estate Owned - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at January 1	$ 1,980,634	$ 1,136,074
Real estate acquisitions	116,939	834,069
Net additions to/improvements of real estate	20,705	17,080
Real estate dispositions	(1,798)	(6,589)
Balance at December 31	$ 2,116,480	$ 1,980,634

Schedule III - Real Estate Assets and Accumulated Depreciation (Details) - Schedule III - Reconciliation of Accumulated Depreciation - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at January 1	$ 83,050	$ 29,538
Depreciation expense	69,413	53,657
Accumulated depreciation of real estate dispositions	(30)	(145)
Balance at December 31	$ 152,433	$ 83,050