View Filing Data

Notional Amount

Fixed LIBOR

Maturity Date

1.2% - 1.5%

Document and Entity Information - shares shares in Millions	3 Months Ended
Document and Entity Information - shares shares in Millions	Mar. 31, 2017	Apr. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2017
Entity Registrant Name	Phillips Edison Grocery Center REIT I, Inc.
Entity Central Index Key	0001476204
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		182.8

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment in real estate:
Land and improvements	$ 802,626	$ 796,192
Building and improvements	1,543,837	1,532,888
Acquired in-place lease assets	214,732	212,916
Acquired above-market lease assets	42,120	42,009
Total investment in real estate assets	2,603,315	2,584,005
Accumulated depreciation and amortization	(362,306)	(334,348)
Total investment in real estate assets, net	2,241,009	2,249,657
Cash and cash equivalents	5,894	8,224
Restricted cash	5,065	41,722
Other assets, net	89,542	80,585
Total assets	2,341,510	2,380,188
Liabilities:
Mortgages and loans payable, net	1,075,247	1,056,156
Acquired below-market lease liabilities, net of accumulated amortization of $21,811 and $20,255, respectively	42,069	43,032
Accounts payable – affiliates	4,805	4,571
Accounts payable and other liabilities	49,060	51,642
Total liabilities	1,171,181	1,155,401
Commitments and contingencies (Note 6)	0	0
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	0	0
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 182,452 and 185,062 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	1,825	1,851
Additional paid-in capital	1,600,515	1,627,098
Accumulated other comprehensive income	12,403	10,587
Accumulated deficit	(467,383)	(438,155)
Total stockholders’ equity	1,147,360	1,201,381
Noncontrolling interests	22,969	23,406
Total equity	1,170,329	1,224,787
Total liabilities and equity	$ 2,341,510	$ 2,380,188

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Acquired below-market lease intangibles, accumulated amortization	$ 21,811	$ 20,255
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued and outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000	1,000,000
Common stock, shares issued and outstanding	182,452	185,062

Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rental income	$ 51,093	$ 46,939
Tenant recovery income	16,936	15,944
Other property income	274	199
Total revenues	68,303	63,082
Expenses:
Property operating	11,432	10,291
Real estate taxes	10,258	9,411
General and administrative	7,830	7,553
Depreciation and amortization	27,624	25,706
Total expenses	57,144	52,961
Other:
Interest expense, net	(8,390)	(7,732)
Other expense, net	(1,635)	(136)
Net income	1,134	2,253
Net income attributable to noncontrolling interests	(28)	(34)
Net income attributable to stockholders	$ 1,106	$ 2,219
Earnings per common share:
Net income per share attributable to stockholders - basic and diluted	$ 0.01	$ 0.01
Weighted-average common shares outstanding:
Basic	183,230	182,246
Diluted	186,022	185,031
Comprehensive income (loss):
Net income	$ 1,134	$ 2,253
Other comprehensive income (loss):
Unrealized gain (loss) on derivatives	1,219	(8,307)
Reclassification of derivative loss to interest expense	597	946
Comprehensive income (loss)	2,950	(5,108)
Comprehensive income attributable to noncontrolling interests	(28)	(34)
Comprehensive income (loss) attributable to stockholders	$ 2,922	$ (5,142)

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling Interest
Balance, value at Dec. 31, 2015	$ 1,291,792	$ 1,813	$ 1,588,541	$ 22	$ (323,761)	$ 1,266,615	$ 25,177
Balance, shares at Dec. 31, 2015		181,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, value	(2,162)	$ (2)	(2,160)			(2,162)
Share repurchases, shares		(212)
Dividend reinvestment plan (DRIP), value	15,256	$ 15	15,241			15,256
Dividend reinvestment plan (DRIP), shares		1,496
Change in loss on interest rate swaps	(7,361)			(7,361)		(7,361)
Common distributions declared, $0.17 per share	(30,377)				(30,377)	(30,377)
Distributions to noncontrolling interests	(468)						(468)
Net income	2,253				2,219	2,219	34
Balance, value at Mar. 31, 2016	1,268,933	$ 1,826	1,601,622	(7,339)	(351,919)	1,244,190	24,743
Balance, shares at Mar. 31, 2016		182,592
Balance, value at Dec. 31, 2016	1,224,787	$ 1,851	1,627,098	10,587	(438,155)	1,201,381	23,406
Balance, shares at Dec. 31, 2016		185,062
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases, value	(40,340)	$ (40)	(40,300)			(40,340)
Share repurchases, shares		(3,955)
Dividend reinvestment plan (DRIP), value	13,716	$ 14	13,702			13,716
Dividend reinvestment plan (DRIP), shares		1,345
Change in loss on interest rate swaps	1,816			1,816		1,816
Common distributions declared, $0.17 per share	(30,334)				(30,334)	(30,334)
Distributions to noncontrolling interests	(465)						(465)
Share-based compensation	15		15			15
Net income	1,134				1,106	1,106	28
Balance, value at Mar. 31, 2017	$ 1,170,329	$ 1,825	$ 1,600,515	$ 12,403	$ (467,383)	$ 1,147,360	$ 22,969
Balance, shares at Mar. 31, 2017		182,452

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Stockholders' Equity [Abstract]
Common distributions declared, per share	$ 0.17	$ 0.17

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,134	$ 2,253
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,284	24,933
Net amortization of above- and below-market leases	(331)	(272)
Amortization of deferred financing expense	1,192	1,063
Net (gain) loss on write-off of unamortized capitalized leasing commissions, market debt adjustment, and deferred financing expense	(477)	52
Straight-line rental income	(493)	(899)
Other	36	175
Changes in operating assets and liabilities:
Other assets	(6,929)	424
Accounts payable – affiliates	234	(1,286)
Accounts payable and other liabilities	(1,194)	(1,484)
Net cash provided by operating activities	20,456	24,959
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(16,069)	0
Capital expenditures	(5,457)	(4,274)
Proceeds from sale of real estate	36,150	0
Change in restricted cash	757	71
Net cash provided by (used in) investing activities	15,381	(4,203)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in credit facility	57,000	(9,000)
Payments on mortgages and loans payable	37,710	25,026
Distributions paid, net of DRIP	(16,656)	(15,064)
Distributions to noncontrolling interests	(461)	(306)
Repurchases of common stock	(40,340)	(1,182)
Net cash used in financing activities	(38,167)	(50,578)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(2,330)	(29,822)
CASH AND CASH EQUIVALENTS:
Beginning of period	8,224	40,680
End of period	5,894	10,858
SUPPLEMENTAL CASH FLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cash paid for interest	8,178	7,478
Accrued capital expenditures	1,970	1,018
Change in distributions payable	(38)	57
Change in distributions payable - noncontrolling interests	4	162
Change in accrued share repurchase obligation	0	980
Distributions reinvested	13,716	15,256
Utilization of funds held for acquisitions	$ (35,900)	$ 0

Organization	3 Months Ended
Organization	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Phillips Edison Grocery Center REIT I, Inc. (“we,” the “Company,” “our,” or “us”) was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P., (the “Operating Partnership”), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. Our advisor is Phillips Edison NTR LLC (“PE-NTR”), which is directly or indirectly owned by Phillips Edison Limited Partnership (the “Phillips Edison sponsor”). Under the terms of the advisory agreement between PE-NTR and us (“PE-NTR Agreement”), PE-NTR is responsible for the management of our day-to-day activities and the implementation of our investment strategy. We invest primarily in well-occupied, grocery-anchored, neighborhood and community shopping centers that have a mix of creditworthy national and regional retailers that sell necessity-based goods and services in strong demographic markets throughout the United States. As of March 31, 2017, we owned fee simple interests in 154 real estate properties acquired from third parties unaffiliated with us or PE-NTR.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Set forth below is a summary of the significant accounting estimates and policies that management believes are important to the preparation of our consolidated interim financial statements. Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by management. As a result, these estimates are subject to a degree of uncertainty. There have been no changes to our significant accounting policies during the three months ended March 31, 2017, except for the items discussed below. For a full summary of our accounting policies, refer to our 2016 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 9, 2017.

Basis of Presentation and Principles of Consolidation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to the audited consolidated financial statements of Phillips Edison Grocery Center REIT I, Inc. for the year ended December 31, 2016, which are included in our 2016 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three months ended March 31, 2017, are not necessarily indicative of the operating results expected for the full year.

The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation.

Reclassifications—The following line items on our consolidated statement of cash flows for the three months ended March 31, 2016, were reclassified to conform to the current year presentation:


•	Change in Fair Value of Derivative and Loss on Disposal of Real Estate Assets were reclassified to Other.

Newly Adopted and Recently Issued Accounting Pronouncements—We adopted Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, on January 1, 2017, and applied it prospectively. For a more detailed discussion of this adoption, see Note 4.

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



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2014-09, Revenue from Contracts with Customers (Topic 606)	This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In 2015, the Financial Accounting Standard Board (“FASB”) provided for a one-year deferral of the effective date for ASU 2014-09, making it effective for annual reporting periods beginning after December 15, 2017.	January 1, 2018	Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, we do not expect the adoption of this standard to have a material impact on our rental income. We continue to evaluate the effect of this standard on our other sources of revenue. These include reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance, and other common area maintenance. However, we currently do not believe the adoption of this standard will significantly affect the timing of the recognition of our reimbursement revenue. We currently plan to adopt this guidance on a modified retrospective basis.
ASU 2016-02, Leases (Topic 842)	This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted.	January 1, 2019	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. We have identified areas within our accounting policies we believe could be impacted by the new standard. We may have a change in presentation on our consolidated statement of income with regards to Tenant Recovery Income, which includes reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance, and other common area maintenance. Additionally, this standard impacts the lessor’s ability to capitalize certain costs related to the leasing of vacant space.
ASU 2016-15, Statement of Cash Flows (Topic 230)	This update addresses the presentation of eight specific cash receipts and cash payments on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. Of the eight specific cash receipts and cash payments listed within this guidance, we believe only two would be applicable to our business as it stands currently: debt prepayment or debt extinguishment costs and proceeds from settlement of insurance claims. We will continue to evaluate the impact that adoption of the standard will have on our presentation of these and any other applicable cash receipts and cash payments.
ASU 2016-18, Statement of Cash Flows (Topic 230)	This update amends existing guidance in order to clarify the classification and presentation of restricted cash on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	Upon adoption, we will include amounts generally described as restricted cash within the beginning-of-period, change, and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows.
ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)	This update amends existing guidance in order to provide consistency in accounting for the derecognition of a business or nonprofit activity. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	We will adopt this standard concurrently with ASU 2014-09, listed above. We expect the adoption will impact our transactions that are subject to the amendments, which, although expected to be infrequent, would include a partial sale of real estate or contribution of a nonfinancial asset to form a joint venture.

Fair Value Measurements

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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

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

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

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

The following is a summary of borrowings as of March 31, 2017 and December 31, 2016 (dollars in thousands):



	March 31, 2017		December 31, 2016
Fair value	$	1,086,123	$	1,056,990
Recorded value⁽¹⁾	1,083,631		1,065,180


⁽¹⁾	Recorded value does not include deferred financing costs, net of $8.4 million and $9.0 million as of March 31, 2017 and December 31, 2016, respectively.

Derivative Instruments—As of March 31, 2017 and December 31, 2016, we had three interest rate swaps that fixed the LIBOR rate on $387 million of our unsecured term loan facility (“Term Loans”), as well as a forward starting interest rate swap agreement that will fix the LIBOR rate on $255 million of our Term Loans effective July 2017. As of March 31, 2017 and December 31, 2016, we were also party to an interest rate swap agreement that fixed the variable interest rate on $11.0 million of one of our secured variable-rate mortgage notes. For a more detailed discussion of our derivatives and hedging activities, see Note 7.

All interest rate swap agreements are measured at fair value on a recurring basis. The fair values of the interest rate swap agreements as of March 31, 2017 and December 31, 2016, were based on the estimated amount we would receive or pay to terminate the contract 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 March 31, 2017 and December 31, 2016, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative position and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

We record derivative assets in Other Assets, Net and derivative liabilities in Accounts Payable and Other Liabilities on our consolidated balance sheets. The fair value measurements of our financial asset and liability as of March 31, 2017 and December 31, 2016, were as follows (in thousands):



	March 31, 2017		December 31, 2016
Derivative asset:
Interest rate swaps designated as hedging instruments - Term Loans	$	13,661	$	11,916
Derivative liability:
Interest rate swap not designated as hedging instrument - mortgage note	194		262

- 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

3 Months Ended

Mar. 31, 2017

Real Estate Investments, Net [Abstract]

Real Estate Acquisitions

REAL ESTATE ACQUISITIONS

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This update amends existing guidance in order to clarify when an integrated set of assets and activities is considered a business. We adopted ASU 2017-01 on January 1, 2017, and applied it prospectively. Under this new guidance, most of our acquisition activity will no longer be considered a business combination and will instead be classified as an asset acquisition. As a result, most acquisition-related costs that would have been recorded on our consolidated statements of income and comprehensive income (loss) have been capitalized and will be amortized over the life of the related assets.

During the three months ended March 31, 2017, we acquired one grocery-anchored shopping center for a cost of $15.0 million, including acquisition costs. This acquisition closed out the reverse Section 1031 like-kind exchange outstanding as of December 31, 2016. We did not acquire any properties during the three months ended March 31, 2016.

For the three months ended March 31, 2017, we allocated the purchase price of our acquisition to the fair value of the assets acquired and liabilities assumed as follows (in thousands):



	2017
Land and improvements	$	6,113
Building and improvements	7,594
Acquired in-place leases	1,817
Acquired above-market leases	110
Acquired below-market leases	(593		)
Net assets acquired	$	15,041

The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the three months ended March 31, 2017, are as follows (in years):



	2017
Acquired in-place leases	15
Acquired above-market leases	4
Acquired below-market leases	24

- Definition

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

+ References + Details

Mortgages and Loans Payable

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Mortgages and Loans Payable

MORTGAGES AND LOANS PAYABLE

The following is a summary of the outstanding principal balances of our debt obligations as of March 31, 2017 and December 31, 2016 (in thousands):



	Interest Rate⁽¹⁾	March 31, 2017			December 31, 2016
Revolving credit facility⁽²⁾⁽³⁾	2.23%	$	233,968		$	176,969
Term loan due 2019⁽³⁾	2.46%	100,000			100,000
Term loan due 2020⁽³⁾	2.65%	175,000			175,000
Term loan due 2021	2.18%-2.80%	125,000			125,000
Term loan due 2023	2.63%	255,000			255,000
Mortgages payable⁽⁴⁾	3.43%-7.91%	191,011			228,721
Assumed market debt adjustments, net⁽⁵⁾		3,652			4,490
Deferred financing costs, net⁽⁶⁾		(8,384		)	(9,024		)
Total		$	1,075,247		$	1,056,156


⁽¹⁾	Includes the effects of derivative financial instruments (see Notes 3 and 7).


⁽²⁾	The gross borrowings under our revolving credit facility were $108 million during the three months ended March 31, 2017. The gross payments on our revolving credit facility were $51 million during the three months ended March 31, 2017. The revolving credit facility had a capacity of $500 million as of March 31, 2017 and December 31, 2016.


⁽³⁾	The revolving credit facility matures in December 2017. The revolving credit facility and term loans have options to extend their maturities to 2018 and 2021, respectively. A maturity date extension for the first or second tranche on the term loans requires the payment of an extension fee of 0.15% of the outstanding principal amount of the corresponding tranche.


⁽⁴⁾	Due to the non-recourse nature of our fixed-rate mortgages, the assets and liabilities of the properties securing such mortgages are neither available to pay the debts of the consolidated property-holding limited liability companies, nor do they constitute obligations of such consolidated limited liability companies as of March 31, 2017 and December 31, 2016.


⁽⁵⁾	Net of accumulated amortization of $4.1 million and $6.1 million as of March 31, 2017 and December 31, 2016, respectively.

⁽⁶⁾

Deferred financing costs shown are related to our Term Loans and mortgages payable and are net of accumulated amortization of $4.1 million and $3.9 million as of March 31, 2017 and December 31, 2016, respectively. Deferred financing costs related to the revolving credit facility, which are included in Other Assets, Net, were $1.6 million and $2.2 million as of March 31, 2017 and December 31, 2016, respectively, and are net of accumulated amortization of $7.3 million and $6.7 million, respectively.

As of March 31, 2017 and December 31, 2016, the weighted-average interest rate for all of our mortgages and loans payable was 3.0%.

The allocation of total debt between fixed and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing costs, as of March 31, 2017 and December 31, 2016, is summarized below (in thousands):



	March 31, 2017		December 31, 2016
As to interest rate:⁽¹⁾
Fixed-rate debt	$	578,011	$	615,721
Variable-rate debt	501,968		444,969
Total	$	1,079,979	$	1,060,690
As to collateralization:
Unsecured debt	$	888,968	$	831,969
Secured debt	191,011		228,721
Total	$	1,079,979	$	1,060,690


⁽¹⁾	Includes the effects of derivative financial instruments (see Notes 3 and 7).

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2017
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

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

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

Cash Flow Hedges of Interest Rate Risk

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

The effective portion of changes in the fair value of derivatives designated, and that qualify, as cash flow hedges is recorded in Accumulated Other Comprehensive Income (“AOCI”), and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2017 and 2016, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings, which resulted in a loss of $0.1 million for the three months ended March 31, 2017. A floor feature on the interest rate of our hedged debt that was not included on the associated interest rate swap caused this ineffectiveness.

Amounts reported in AOCI related to these derivatives will be reclassified to Interest Expense, Net as interest payments are made on the variable-rate debt. During the next twelve months, we estimate that an additional $0.7 million will be reclassified from Other Comprehensive Income (Loss) to Interest Expense, Net.

The following is a summary of our interest rate swaps that were designated as cash flow hedges of interest rate risk as of March 31, 2017 and December 31, 2016, and includes an interest rate swap that we entered into in October 2016 with a notional amount of $255 million that is not effective until July 2017 (notional amount in thousands):

Derivatives Not Designated as Hedging Instruments

Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks, but do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of these derivative instruments, as well as any payments, are recorded directly in Other Expense, Net and resulted in a gain of approximately $14,000 and a loss of $119,000 for the three months ended March 31, 2017 and 2016, respectively.

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 March 31, 2017 and December 31, 2016, the fair value of our derivatives excluded any adjustment for nonperformance risk related to these agreements. As of March 31, 2017 and December 31, 2016, we had not posted any collateral related to these agreements.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 19: 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.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Equity

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Equity

EQUITY

On May 9, 2017, our board of directors reaffirmed its estimated value per share of our common stock of $10.20 based substantially on the estimated market value of our portfolio of real estate properties as of March 31, 2017. We engaged a third party valuation firm to provide a calculation of the range in estimated value per share of our common stock as of March 31, 2017, which reflected certain balance sheet assets and liabilities as of that date.

Dividend Reinvestment Plan—We have adopted a DRIP that allows stockholders to invest distributions in additional shares of our common stock. For the three months ended March 31, 2017 and 2016, shares were issued under the DRIP at a price of $10.20 per share.

Share Repurchase Program—Our share repurchase program (“SRP”) provides an opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations. The cash available for repurchases on any particular date will generally be limited to the proceeds from the DRIP during the preceding four fiscal quarters, less amounts already used for repurchases since the beginning of that period. The board of directors reserves the right, in its sole discretion, at any time and from time to time, to reject any request for repurchase.

During the three months ended March 31, 2017, repurchase requests surpassed the funding limits under the SRP. Approximately $40.3 million of shares of common stock were repurchased under our SRP during the three months ended March 31, 2017. Repurchase requests in connection with a stockholder’s death, “qualifying disability,” or “determination of incompetence” were completed in full. The remaining repurchase requests that were in good order were fulfilled on a pro rata basis. As of March 31, 2017, we had 6.5 million shares of unfulfilled repurchase requests, which will be treated as requests for repurchase during future months until satisfied or withdrawn.

Due to the program’s funding limits, the funds available for repurchases during the remainder of 2017 will be insufficient to meet all requests. Because we are unable to fulfill all repurchase requests in any month, we will honor requests on a pro rata basis to the extent possible. We continue to fulfill repurchases sought upon a stockholder’s death, “qualifying disability,” or “determination of incompetence” in accordance with the terms of the SRP.

Class B and Operating Partnership Units—The Operating Partnership issues limited partnership units that are designated as Class B units for asset management services provided by PE-NTR. The vesting of the Class B units is contingent upon a market condition and service condition. Once vested, Class B units may be converted into Operating Partnership units (“OP units”) in accordance with the terms of the Operating Partnership’s Second Amended and Restated Agreement of Limited Partnership, as amended (the “Partnership Agreement”). OP units may be exchanged at the election of the holder for cash or, at the option of the Operating Partnership, for shares of our common stock, under the terms of exchange rights agreements to be prepared at a future date, provided, however, that the OP units have been outstanding for at least one year. PE-NTR has agreed under the PE-NTR Agreement not to exchange any OP units it may hold until the listing of our common stock or the liquidation of our portfolio occurs. As the form of the redemptions for the OP units is within our control, the OP units outstanding as of March 31, 2017 and December 31, 2016, are classified as Noncontrolling Interests within permanent equity on our consolidated balance sheets. Additionally, the cumulative distributions that have been paid on these OP units are included in Distributions to Noncontrolling Interests on the consolidated statements of equity.

Below is a summary of our number of outstanding OP units and unvested Class B units as of March 31, 2017 and December 31, 2016 (in thousands):

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: 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(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: 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))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: 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(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: 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(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: 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 10: 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))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: 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 14: 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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the 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.

Class B units and OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents and they have the potential to be exchanged for shares of our common stock in accordance with the terms of the Partnership Agreement. The impact of these Class B units and OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the Class B units and OP units based on dividends declared and the units’ participation rights in undistributed earnings. The effects of the two-class method on basic and diluted EPS were immaterial to the consolidated financial statements as of March 31, 2017 and 2016.

Since the OP units are fully vested, they were included in the diluted net income per share computations for the three months ended March 31, 2017 and 2016. The vesting of the Class B units is contingent upon a market condition and service condition. Since the satisfaction of both conditions was not probable as of March 31, 2017 and 2016, the Class B units remained unvested and thus were not included in the diluted net income per share computations. There were 2.8 million and 2.2 million unvested Class B units outstanding as of March 31, 2017 and 2016, respectively, which had no effect on EPS.

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



	2017		2016
Numerator for basic and diluted earnings per share:
Net income attributable to stockholders	$	1,106	$	2,219
Denominator:
Denominator for basic earnings per share - weighted-average shares	183,230		182,246
Effect of dilutive OP units	2,785		2,785
Effect of restricted stock awards	7		—
Denominator for diluted earnings per share - adjusted weighted-average shares	186,022		185,031
Earnings per common share:
Net income attributable to stockholders - basic and diluted	$	0.01	$	0.01

Related Party Transactions

3 Months Ended

Mar. 31, 2017

Related Party Transactions

RELATED PARTY TRANSACTIONS

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

As of March 31, 2017 and December 31, 2016, PE-NTR owned 176,509 shares of our common stock, or approximately 0.1% of our outstanding common stock issued during our initial public offering period, which closed in February 2014. PE-NTR may not sell any of these shares while serving as our advisor.

Advisory Agreement—Pursuant to the PE-NTR Agreement effective as of 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. Expenditures are reimbursed to PE-NTR based on amounts incurred on our behalf.

Acquisition Fee—We pay PE-NTR, under the PE-NTR Agreement, and we pay American Realty Capital II Advisors, LLC (“ARC”), according to the former advisory agreement, an acquisition fee related to services provided in connection with the selection and purchase or origination of real estate and real estate-related investments. The acquisition fee is equal to 1% of the cost of investments we acquire or originate, including any debt attributable to such investments.

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

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

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

The asset management fee is equal to 1% of the cost of our assets, and 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.

We continue to issue Class B units to PE-NTR and ARC in connection with the asset management services provided by PE-NTR under our current advisory agreement. These Class B units will not vest until 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 three months ended March 31, 2017 and 2016, the Operating Partnership issued 0.1 million Class B units to PE-NTR and ARC under the PE-NTR Agreement for asset management services performed by PE-NTR.

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

General and Administrative Expenses—As of March 31, 2017 and December 31, 2016, we owed PE-NTR approximately $94,000 and $43,000, respectively, for general and administrative expenses paid on our behalf.

Summarized below are the fees earned by and the expenses reimbursable to PE-NTR and ARC, except for unpaid general and administrative expenses, which we disclose above, for the three months ended March 31, 2017 and 2016, and any related amounts unpaid as of March 31, 2017 and December 31, 2016 (in thousands):



	Three Months Ended				Unpaid Amount as of
	March 31,				March 31,		December 31,
	2017		2016		2017		2016
Acquisition fees⁽¹⁾	$	148	$	—	$	—	$	—
Due diligence fees⁽¹⁾	30		—		—		29
Asset management fees⁽²⁾	5,089		4,619		1,701		1,687
OP units distribution⁽³⁾	460		464		158		158
Class B units distribution⁽⁴⁾	438		354		155		148
Total	$	6,165	$	5,437	$	2,014	$	2,022


⁽¹⁾	Prior to January 1, 2017, acquisition and due diligence fees were recorded on our consolidated statements of income. These are now capitalized and allocated to the related investment in real estate assets on the consolidated balance sheet based on the acquisition-date fair values of the respective assets and liability acquired.


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


⁽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 in General and Administrative on the consolidated statements of income.

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

Property Management Fee—We pay to the Property Manager a monthly property management fee of 4% of the monthly gross cash receipts from the properties it manages.

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

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

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

Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the three months ended March 31, 2017 and 2016, and any related amounts unpaid as of March 31, 2017 and December 31, 2016 (in thousands):



	Three Months Ended				Unpaid Amount as of
	March 31,				March 31,		December 31,
	2017		2016		2017		2016
Property management fees⁽¹⁾	$	2,586	$	2,427	$	878	$	840
Leasing commissions⁽²⁾	2,323		2,195		815		705
Construction management fees⁽²⁾	304		159		59		165
Other fees and reimbursements⁽³⁾	1,709		1,170		945		796
Total	$	6,922	$	5,951	$	2,697	$	2,506


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


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


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

Operating Leases

3 Months Ended

Mar. 31, 2017

Leases, Operating [Abstract]

Operating Leases

OPERATING LEASES

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

Approximate future rental income to be received under non-cancelable operating leases in effect as of March 31, 2017, assuming no new or renegotiated leases or option extensions on lease agreements, was as follows (in thousands):



Year	Amount
Remaining 2017	$	148,387
2018	183,998
2019	159,931
2020	137,984
2021	114,519
2022 and thereafter	376,418
Total	$	1,121,237

No single tenant comprised 10% or more of our aggregate annualized base rent as of March 31, 2017.

Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Distributions to Stockholders

Distributions equal to a daily amount of $0.00183562 per share of common stock outstanding were paid subsequent to March 31, 2017, to the stockholders of record from March 1, 2017, through April 30, 2017, as follows (in thousands):



Distribution Period	Date Distribution Paid	Gross Amount of Distribution Paid		Distribution Reinvested through the DRIP		Net Cash Distribution
March 1, 2017, through March 31, 2017	4/3/2017	$	10,467	$	4,667	$	5,800
April 1, 2017, through April 30, 2017	5/1/2017	10,070		4,465		5,605

In May 2017 our board of directors authorized distributions to the stockholders of record at the close of business each day in the period commencing June 1, 2017, through August 31, 2017, equal to a daily amount of $0.00183562 per share of common stock.

Acquisitions

Subsequent to March 31, 2017, we acquired the following properties (dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Contractual Purchase Price

Square Footage

Leased % of Rentable Square Feet at Acquisition

Rocky Ridge Town Center

Roseville, CA

Sprouts

4/18/2017

$36,000

93,338

96.3%

Greentree Centre

Racine, WI

Pick 'n Save

5/5/2017

12,050

82,659

90.3%

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation.

Reclassifications

Reclassifications—The following line items on our consolidated statement of cash flows for the three months ended March 31, 2016, were reclassified to conform to the current year presentation:


•	Change in Fair Value of Derivative and Loss on Disposal of Real Estate Assets were reclassified to Other.

Newly Adopted and Recently Issued Accounting Pronouncements

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



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2014-09, Revenue from Contracts with Customers (Topic 606)	This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In 2015, the Financial Accounting Standard Board (“FASB”) provided for a one-year deferral of the effective date for ASU 2014-09, making it effective for annual reporting periods beginning after December 15, 2017.	January 1, 2018	Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, we do not expect the adoption of this standard to have a material impact on our rental income. We continue to evaluate the effect of this standard on our other sources of revenue. These include reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance, and other common area maintenance. However, we currently do not believe the adoption of this standard will significantly affect the timing of the recognition of our reimbursement revenue. We currently plan to adopt this guidance on a modified retrospective basis.
ASU 2016-02, Leases (Topic 842)	This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted.	January 1, 2019	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. We have identified areas within our accounting policies we believe could be impacted by the new standard. We may have a change in presentation on our consolidated statement of income with regards to Tenant Recovery Income, which includes reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance, and other common area maintenance. Additionally, this standard impacts the lessor’s ability to capitalize certain costs related to the leasing of vacant space.
ASU 2016-15, Statement of Cash Flows (Topic 230)	This update addresses the presentation of eight specific cash receipts and cash payments on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. Of the eight specific cash receipts and cash payments listed within this guidance, we believe only two would be applicable to our business as it stands currently: debt prepayment or debt extinguishment costs and proceeds from settlement of insurance claims. We will continue to evaluate the impact that adoption of the standard will have on our presentation of these and any other applicable cash receipts and cash payments.
ASU 2016-18, Statement of Cash Flows (Topic 230)	This update amends existing guidance in order to clarify the classification and presentation of restricted cash on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	Upon adoption, we will include amounts generally described as restricted cash within the beginning-of-period, change, and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows.
ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)	This update amends existing guidance in order to provide consistency in accounting for the derecognition of a business or nonprofit activity. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	We will adopt this standard concurrently with ASU 2014-09, listed above. We expect the adoption will impact our transactions that are subject to the amendments, which, although expected to be infrequent, would include a partial sale of real estate or contribution of a nonfinancial asset to form a joint venture.

Real Estate Acquisitions Asset Acquisition (Policies)

3 Months Ended

Mar. 31, 2017

Asset Acquisition [Abstract]

Newly Adopted and Recently Issued Accounting Pronouncements

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



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2014-09, Revenue from Contracts with Customers (Topic 606)	This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In 2015, the Financial Accounting Standard Board (“FASB”) provided for a one-year deferral of the effective date for ASU 2014-09, making it effective for annual reporting periods beginning after December 15, 2017.	January 1, 2018	Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, we do not expect the adoption of this standard to have a material impact on our rental income. We continue to evaluate the effect of this standard on our other sources of revenue. These include reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance, and other common area maintenance. However, we currently do not believe the adoption of this standard will significantly affect the timing of the recognition of our reimbursement revenue. We currently plan to adopt this guidance on a modified retrospective basis.
ASU 2016-02, Leases (Topic 842)	This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted.	January 1, 2019	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. We have identified areas within our accounting policies we believe could be impacted by the new standard. We may have a change in presentation on our consolidated statement of income with regards to Tenant Recovery Income, which includes reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance, and other common area maintenance. Additionally, this standard impacts the lessor’s ability to capitalize certain costs related to the leasing of vacant space.
ASU 2016-15, Statement of Cash Flows (Topic 230)	This update addresses the presentation of eight specific cash receipts and cash payments on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. Of the eight specific cash receipts and cash payments listed within this guidance, we believe only two would be applicable to our business as it stands currently: debt prepayment or debt extinguishment costs and proceeds from settlement of insurance claims. We will continue to evaluate the impact that adoption of the standard will have on our presentation of these and any other applicable cash receipts and cash payments.
ASU 2016-18, Statement of Cash Flows (Topic 230)	This update amends existing guidance in order to clarify the classification and presentation of restricted cash on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	Upon adoption, we will include amounts generally described as restricted cash within the beginning-of-period, change, and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows.
ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)	This update amends existing guidance in order to provide consistency in accounting for the derecognition of a business or nonprofit activity. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	We will adopt this standard concurrently with ASU 2014-09, listed above. We expect the adoption will impact our transactions that are subject to the amendments, which, although expected to be infrequent, would include a partial sale of real estate or contribution of a nonfinancial asset to form a joint venture.

Earnings Per Share Earnings Per Share (Policies)	3 Months Ended
Earnings Per Share Earnings Per Share (Policies)	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share, Policy	We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the 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. Class B units and OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents and they have the potential to be exchanged for shares of our common stock in accordance with the terms of the Partnership Agreement. The impact of these Class B units and OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the Class B units and OP units based on dividends declared and the units’ participation rights in undistributed earnings.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

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



Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2014-09, Revenue from Contracts with Customers (Topic 606)	This update outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In 2015, the Financial Accounting Standard Board (“FASB”) provided for a one-year deferral of the effective date for ASU 2014-09, making it effective for annual reporting periods beginning after December 15, 2017.	January 1, 2018	Our revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, we do not expect the adoption of this standard to have a material impact on our rental income. We continue to evaluate the effect of this standard on our other sources of revenue. These include reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance, and other common area maintenance. However, we currently do not believe the adoption of this standard will significantly affect the timing of the recognition of our reimbursement revenue. We currently plan to adopt this guidance on a modified retrospective basis.
ASU 2016-02, Leases (Topic 842)	This update amends existing guidance by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted.	January 1, 2019	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. We have identified areas within our accounting policies we believe could be impacted by the new standard. We may have a change in presentation on our consolidated statement of income with regards to Tenant Recovery Income, which includes reimbursement amounts we receive from tenants for operating expenses such as real estate taxes, insurance, and other common area maintenance. Additionally, this standard impacts the lessor’s ability to capitalize certain costs related to the leasing of vacant space.
ASU 2016-15, Statement of Cash Flows (Topic 230)	This update addresses the presentation of eight specific cash receipts and cash payments on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	We are currently evaluating the impact the adoption of this standard will have on our consolidated financial statements. Of the eight specific cash receipts and cash payments listed within this guidance, we believe only two would be applicable to our business as it stands currently: debt prepayment or debt extinguishment costs and proceeds from settlement of insurance claims. We will continue to evaluate the impact that adoption of the standard will have on our presentation of these and any other applicable cash receipts and cash payments.
ASU 2016-18, Statement of Cash Flows (Topic 230)	This update amends existing guidance in order to clarify the classification and presentation of restricted cash on the statement of cash flows. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	Upon adoption, we will include amounts generally described as restricted cash within the beginning-of-period, change, and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows.
ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)	This update amends existing guidance in order to provide consistency in accounting for the derecognition of a business or nonprofit activity. It is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted.	January 1, 2018	We will adopt this standard concurrently with ASU 2014-09, listed above. We expect the adoption will impact our transactions that are subject to the amendments, which, although expected to be infrequent, would include a partial sale of real estate or contribution of a nonfinancial asset to form a joint venture.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following is a summary of borrowings as of March 31, 2017 and December 31, 2016 (dollars in thousands):



	March 31, 2017		December 31, 2016
Fair value	$	1,086,123	$	1,056,990
Recorded value⁽¹⁾	1,083,631		1,065,180


⁽¹⁾	Recorded value does not include deferred financing costs, net of $8.4 million and $9.0 million as of March 31, 2017 and December 31, 2016, respectively.

Schedule of Derivative Instruments, Fair Value

The fair value measurements of our financial asset and liability as of March 31, 2017 and December 31, 2016, were as follows (in thousands):



	March 31, 2017		December 31, 2016
Derivative asset:
Interest rate swaps designated as hedging instruments - Term Loans	$	13,661	$	11,916
Derivative liability:
Interest rate swap not designated as hedging instrument - mortgage note	194		262

Real Estate Acquisitions (Tables)

3 Months Ended

Mar. 31, 2017

Real Estate Investments, Net [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

For the three months ended March 31, 2017, we allocated the purchase price of our acquisition to the fair value of the assets acquired and liabilities assumed as follows (in thousands):



	2017
Land and improvements	$	6,113
Building and improvements	7,594
Acquired in-place leases	1,817
Acquired above-market leases	110
Acquired below-market leases	(593		)
Net assets acquired	$	15,041

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

The weighted-average amortization periods for in-place, above-market, and below-market lease intangibles acquired during the three months ended March 31, 2017, are as follows (in years):



	2017
Acquired in-place leases	15
Acquired above-market leases	4
Acquired below-market leases	24

Mortgages and Loans Payable (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The following is a summary of the outstanding principal balances of our debt obligations as of March 31, 2017 and December 31, 2016 (in thousands):



	Interest Rate⁽¹⁾	March 31, 2017			December 31, 2016
Revolving credit facility⁽²⁾⁽³⁾	2.23%	$	233,968		$	176,969
Term loan due 2019⁽³⁾	2.46%	100,000			100,000
Term loan due 2020⁽³⁾	2.65%	175,000			175,000
Term loan due 2021	2.18%-2.80%	125,000			125,000
Term loan due 2023	2.63%	255,000			255,000
Mortgages payable⁽⁴⁾	3.43%-7.91%	191,011			228,721
Assumed market debt adjustments, net⁽⁵⁾		3,652			4,490
Deferred financing costs, net⁽⁶⁾		(8,384		)	(9,024		)
Total		$	1,075,247		$	1,056,156


⁽¹⁾	Includes the effects of derivative financial instruments (see Notes 3 and 7).


⁽²⁾	The gross borrowings under our revolving credit facility were $108 million during the three months ended March 31, 2017. The gross payments on our revolving credit facility were $51 million during the three months ended March 31, 2017. The revolving credit facility had a capacity of $500 million as of March 31, 2017 and December 31, 2016.


⁽³⁾	The revolving credit facility matures in December 2017. The revolving credit facility and term loans have options to extend their maturities to 2018 and 2021, respectively. A maturity date extension for the first or second tranche on the term loans requires the payment of an extension fee of 0.15% of the outstanding principal amount of the corresponding tranche.


⁽⁴⁾	Due to the non-recourse nature of our fixed-rate mortgages, the assets and liabilities of the properties securing such mortgages are neither available to pay the debts of the consolidated property-holding limited liability companies, nor do they constitute obligations of such consolidated limited liability companies as of March 31, 2017 and December 31, 2016.


⁽⁵⁾	Net of accumulated amortization of $4.1 million and $6.1 million as of March 31, 2017 and December 31, 2016, respectively.

⁽⁶⁾

Schedule of Debt



	March 31, 2017		December 31, 2016
As to interest rate:⁽¹⁾
Fixed-rate debt	$	578,011	$	615,721
Variable-rate debt	501,968		444,969
Total	$	1,079,979	$	1,060,690
As to collateralization:
Unsecured debt	$	888,968	$	831,969
Secured debt	191,011		228,721
Total	$	1,079,979	$	1,060,690


⁽¹⁾	Includes the effects of derivative financial instruments (see Notes 3 and 7).

- 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=64930739&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=64930785&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=64930785&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

Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

Equity (Tables)

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Outstanding OP Units and Unvested Class B Units

Below is a summary of our number of outstanding OP units and unvested Class B units as of March 31, 2017 and December 31, 2016 (in thousands):

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	2017		2016
Numerator for basic and diluted earnings per share:
Net income attributable to stockholders	$	1,106	$	2,219
Denominator:
Denominator for basic earnings per share - weighted-average shares	183,230		182,246
Effect of dilutive OP units	2,785		2,785
Effect of restricted stock awards	7		—
Denominator for diluted earnings per share - adjusted weighted-average shares	186,022		185,031
Earnings per common share:
Net income attributable to stockholders - basic and diluted	$	0.01	$	0.01

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2017

Advisor Transactions



	Three Months Ended				Unpaid Amount as of
	March 31,				March 31,		December 31,
	2017		2016		2017		2016
Acquisition fees⁽¹⁾	$	148	$	—	$	—	$	—
Due diligence fees⁽¹⁾	30		—		—		29
Asset management fees⁽²⁾	5,089		4,619		1,701		1,687
OP units distribution⁽³⁾	460		464		158		158
Class B units distribution⁽⁴⁾	438		354		155		148
Total	$	6,165	$	5,437	$	2,014	$	2,022


⁽¹⁾	Prior to January 1, 2017, acquisition and due diligence fees were recorded on our consolidated statements of income. These are now capitalized and allocated to the related investment in real estate assets on the consolidated balance sheet based on the acquisition-date fair values of the respective assets and liability acquired.


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


⁽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 in General and Administrative on the consolidated statements of income.

Property Manager Transactions



	Three Months Ended				Unpaid Amount as of
	March 31,				March 31,		December 31,
	2017		2016		2017		2016
Property management fees⁽¹⁾	$	2,586	$	2,427	$	878	$	840
Leasing commissions⁽²⁾	2,323		2,195		815		705
Construction management fees⁽²⁾	304		159		59		165
Other fees and reimbursements⁽³⁾	1,709		1,170		945		796
Total	$	6,922	$	5,951	$	2,697	$	2,506


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


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


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

Operating Leases (Tables)

3 Months Ended

Mar. 31, 2017

Leases, Operating [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases



Year	Amount
Remaining 2017	$	148,387
2018	183,998
2019	159,931
2020	137,984
2021	114,519
2022 and thereafter	376,418
Total	$	1,121,237

Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Distributions to Stockholders



Distribution Period	Date Distribution Paid	Gross Amount of Distribution Paid		Distribution Reinvested through the DRIP		Net Cash Distribution
March 1, 2017, through March 31, 2017	4/3/2017	$	10,467	$	4,667	$	5,800
April 1, 2017, through April 30, 2017	5/1/2017	10,070		4,465		5,605

Schedule of Business Acquisitions, by Acquisition

Subsequent to March 31, 2017, we acquired the following properties (dollars in thousands):

Property Name

Location

Anchor Tenant

Acquisition Date

Contractual Purchase Price

Square Footage

Leased % of Rentable Square Feet at Acquisition

Rocky Ridge Town Center

Roseville, CA

Sprouts

4/18/2017

$36,000

93,338

96.3%

Greentree Centre

Racine, WI

Pick 'n Save

5/5/2017

12,050

82,659

90.3%

Organization (Details)	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties owned	154

Fair Value Measurements (Details) Mortgages and Loans Payable - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value Inputs, Liabilities, Quantitative Information
Recorded value	$ 1,083,631	$ 1,065,180
Unamortized debt issuance expense	8,384	9,024
Fair value, Level 3 inputs
Fair Value Inputs, Liabilities, Quantitative Information
Fair value	$ 1,086,123	$ 1,056,990

Fair Value Measurements (Details) - Derivative Instruments $ in Thousands	Mar. 31, 2017 USD ($) derivative	Dec. 31, 2016 USD ($) derivative
Interest rate swap \| Designated as hedging instrument
Fair Value, (Assets) Liabilities Measured on Recurring Basis
Number of interest rate swap agreements \| derivative	3	3
Derivative, notional amount	$ 642,000	$ 642,000
Derivative assets/ liabilities, at fair value, net	13,661	11,916
Interest rate swap \| Designated as hedging instrument \| Term loan facility
Fair Value, (Assets) Liabilities Measured on Recurring Basis
Derivative, notional amount	387,000	387,000
Interest rate swap \| Not designated as hedging instrument
Fair Value, (Assets) Liabilities Measured on Recurring Basis
Derivative, notional amount	11,000	11,000
Derivative assets/ liabilities, at fair value, net	(194)	(262)
Forward swap \| Designated as hedging instrument
Fair Value, (Assets) Liabilities Measured on Recurring Basis
Derivative, notional amount	$ 255,000	$ 255,000

Real Estate Acquisitions (Details) $ in Thousands	3 Months Ended
Real Estate Acquisitions (Details) $ in Thousands	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)
Real Estate Investments, Net [Abstract]
Number of real estate acquisitions	1	0
Total assets and lease liabilities acquired	$ 15,000	$ 0

Real Estate Acquisitions (Details) - Allocation $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Real Estate Investments, Net [Abstract]
Land and improvements	$ 6,113
Building and improvements	7,594
Acquired in-place leases	1,817
Acquired above-market leases	110
Acquired below-market leases	(593)
Net assets acquired	$ 15,041

Real Estate Acquisitions (Details) - Weighted-average amortization	3 Months Ended
	Mar. 31, 2017
Acquired in-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	15 years
Acquired above-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	4 years
Acquired below-market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	24 years

Mortgages and Loans Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding principal balance	$ 1,079,979	$ 1,060,690
Assumed market debt adjustments, net	3,652	4,490
Deferred financing costs, net	(8,384)	(9,024)
Total	1,075,247	1,056,156
Accumulated amortization, assumed below-market debt adjustment	4,100	6,100
Accumulated amortization, deferred finance costs	$ 4,100	$ 3,900
Weighted-average interest rate on debt	3.00%	3.00%
Mortgages
Debt Instrument [Line Items]
Outstanding principal balance	$ 191,011	$ 228,721
Minimum \| Mortgages
Debt Instrument [Line Items]
Interest rate	3.43%
Maximum \| Mortgages
Debt Instrument [Line Items]
Interest rate	7.91%
Revolving credit facility
Debt Instrument [Line Items]
Interest rate	2.23%
Outstanding principal balance	$ 233,968	176,969
Gross borrowings	108,000
Gross payments	51,000
Line of credit facility, maximum borrowing capacity	500,000	500,000
Deferred financing costs, line of credit arrangements, net	1,600	2,200
Accumulated amortization of deferred financing costs, line of credit arrangements	$ 7,300	6,700
Term loan due 2019
Debt Instrument [Line Items]
Interest rate	2.46%
Outstanding principal balance	$ 100,000	100,000
Term loan due 2020
Debt Instrument [Line Items]
Interest rate	2.65%
Outstanding principal balance	$ 175,000	175,000
Term loan due 2021
Debt Instrument [Line Items]
Outstanding principal balance	$ 125,000	125,000
Term loan due 2021 \| Minimum
Debt Instrument [Line Items]
Interest rate	2.18%
Term loan due 2021 \| Maximum
Debt Instrument [Line Items]
Interest rate	2.80%
Term loan due 2023
Debt Instrument [Line Items]
Interest rate	2.63%
Outstanding principal balance	$ 255,000	$ 255,000
Term loan facility
Debt Instrument [Line Items]
Maturity date extension fee, percent	0.15%

Mortgages and Loans Payable (Details) - Debt Obligations - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Fixed-rate debt	$ 578,011	$ 615,721
Variable-rate debt	501,968	444,969
Unsecured debt	888,968	831,969
Secured debt	191,011	228,721
Total	$ 1,079,979	$ 1,060,690

Commitments and Contingencies Narrative (Details)	Mar. 31, 2017 claim
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, pending claims, number	0

Derivatives and Hedging Activities (Details)	3 Months Ended
Derivatives and Hedging Activities (Details)	Mar. 31, 2017 USD ($) derivative	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($) derivative
Interest rate swap \| Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, loss recognized in income, ineffective portion, net	$ (100,000)
Amount estimated to be reclassified from AOCI to interest expense over the next 12 months	$ (700,000)
Derivative, number of instruments held \| derivative	4		4
Derivative, notional amount	$ 642,000,000		$ 642,000,000
Interest rate swap \| Designated as hedging instrument \| Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, fixed interest rate	1.20%		1.20%
Interest rate swap \| Designated as hedging instrument \| Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, fixed interest rate	1.50%		1.50%
Interest rate swap \| Not designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 11,000,000		$ 11,000,000
Derivative, gain (loss) on derivative not designated as hedges	14,000	$ (119,000)
Forward swap \| Designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 255,000,000		$ 255,000,000

Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Apr. 14, 2016
Class of Stock [Line Items]
Share price				$ 10.20
Repurchases of common stock	$ (40,340)	$ (1,182)
SRP, outstanding requests	6,500
OP units	2,785		2,785
Class B units	2,750	2,200	2,610
Dividend Reinvestment Plan
Class of Stock [Line Items]
Share price	$ 10.20

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Earnings Per Share [Abstract]
Class B units unvested	2,750	2,200	2,610
Numerator for basic and diluted earnings per share:
Net income attributable to stockholders	$ 1,106	$ 2,219
Denominator:
Denominator for basic earnings per share - weighted-average shares	183,230	182,246
Effect of dilutive OP units	2,785	2,785
Effect of restricted stock awards	7	0
Denominator for diluted earnings per share - adjusted weighted-average shares	186,022	185,031
Earnings per common share:
Net income per share attributable to stockholders - basic and diluted	$ 0.01	$ 0.01

Related Party Transactions Related Party (Details) - Economic Dependency	Mar. 31, 2017 shares
Related Party Transactions [Abstract]
Shares owned by sub-advisor	176,509
Percentage of shares owned by sub-advisor	0.10%

Related Party Transactions Related Party Transactions (Details) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Accounts payable – affiliates	$ 4,805,000		$ 4,571,000
Advisory Agreement
Related Party Transaction [Line Items]
Expenses from transactions with related party	6,165,000	$ 5,437,000
Accounts payable – affiliates	$ 2,014,000		2,022,000
Advisory Agreement \| Acquisition fee
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
Expenses from transactions with related party	$ 148,000	$ 0
Accounts payable – affiliates	$ 0		0
Advisory Agreement \| Asset management subordination agreement
Related Party Transaction [Line Items]
Class B units issuance due date	60 days
Class B units of operating partnership, issued in connection with asset management services	0.1	0.1
Advisory Agreement \| Asset management fee
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
Expenses from transactions with related party	$ 5,089,000	$ 4,619,000
Accounts payable – affiliates	$ 1,701,000		1,687,000
Advisory Agreement \| Asset management fee, portion paid in cash, monthly payment
Related Party Transaction [Line Items]
Related party transaction, rate	0.06667%
Advisory Agreement \| Disposition fee
Related Party Transaction [Line Items]
Related party transaction, rate	2.00%
Advisory Agreement \| General and administrative reimbursements
Related Party Transaction [Line Items]
Accounts payable – affiliates	$ 94,000		43,000
Advisory Agreement \| Due diligence reimbursement
Related Party Transaction [Line Items]
Expenses from transactions with related party	30,000	0
Accounts payable – affiliates	0		29,000
Advisory Agreement \| Operating partnership units distribution
Related Party Transaction [Line Items]
Expenses from transactions with related party	460,000	464,000
Accounts payable – affiliates	158,000		158,000
Advisory Agreement \| Class B units distribution
Related Party Transaction [Line Items]
Expenses from transactions with related party	438,000	$ 354,000
Accounts payable – affiliates	$ 155,000		$ 148,000
Advisory Agreement \| Cash \| Asset management fee
Related Party Transaction [Line Items]
Related party transaction, rate	80.00%
Advisory Agreement \| Unit distribution \| Asset management fee
Related Party Transaction [Line Items]
Related party transaction, rate	20.00%

Related Party Transactions Property Management Transactions (Details) Property Management Transactions - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Accounts payable – affiliates	$ 4,805		$ 4,571
Property Manager
Related Party Transaction [Line Items]
Expenses from transactions with related party	6,922	$ 5,951
Accounts payable – affiliates	$ 2,697		2,506
Property Manager \| Property management fee
Related Party Transaction [Line Items]
Property management fee, percent fee	4.00%
Expenses from transactions with related party	$ 2,586	2,427
Accounts payable – affiliates	$ 878		840
Property Manager \| Leasing commissions
Related Party Transaction [Line Items]
Allowed percentage increase to leasing fee payable	50.00%
Expenses from transactions with related party	$ 2,323	2,195
Accounts payable – affiliates	815		705
Property Manager \| Construction management fee
Related Party Transaction [Line Items]
Expenses from transactions with related party	304	159
Accounts payable – affiliates	59		165
Property Manager \| Other fees and reimbursements
Related Party Transaction [Line Items]
Expenses from transactions with related party	1,709	$ 1,170
Accounts payable – affiliates	$ 945		$ 796

Operating Leases Future Minimum Rents(Details) $ in Thousands	Mar. 31, 2017 USD ($)
Future rentals to be received under non-cancelable operating leases:
Remaining 2017	$ 148,387
2018	183,998
2019	159,931
2020	137,984
2021	114,519
2022 and thereafter	376,418
Total	$ 1,121,237

Subsequent Events (Details) - Distributions - USD ($) $ / shares in Units, $ in Thousands			2 Months Ended	3 Months Ended
	May 01, 2017	Apr. 03, 2017	Apr. 30, 2017	Aug. 31, 2017	Mar. 31, 2017	Mar. 31, 2016
Subsequent Event [Line Items]
Common stock, dividends, per share, declared					$ 0.17	$ 0.17
Distributions reinvested					$ 13,716	$ 15,256
Net cash distribution					$ 16,656	$ 15,064
Subsequent event
Subsequent Event [Line Items]
Gross amount of distribution paid	$ 10,070	$ 10,467
Distributions reinvested	4,465	4,667
Net cash distribution	$ 5,605	$ 5,800
Dividend paid \| Subsequent event
Subsequent Event [Line Items]
Common stock, dividends, per share, declared			$ 0.00183562
Dividend declared \| Subsequent event
Subsequent Event [Line Items]
Common stock, dividends, per share, declared				$ 0.00183562

Subsequent Events (Details) - Acquisitions $ in Thousands			3 Months Ended
Subsequent Events (Details) - Acquisitions $ in Thousands	May 05, 2017 USD ($) ft²	Apr. 18, 2017 USD ($) ft²	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)
Subsequent Event [Line Items]
Contractual purchase price			$ 15,000	$ 0
Subsequent event \| Rocky Ridge Town Center
Subsequent Event [Line Items]
Contractual purchase price		$ 36,000
Square footage \| ft²		93,338
Leased percentage		96.30%
Subsequent event \| Greentree Centre
Subsequent Event [Line Items]
Contractual purchase price	$ 12,050
Square footage \| ft²	82,659
Leased percentage	90.30%