RREEF Property Trust (ZRPTIX) 10-Q 11 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 11, 2015
Document Information [Line Items]
Entity Registrant Name	RREEF Property Trust, Inc.
Entity Central Index Key	1,542,447
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,648,329
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,502,071

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Land	$ 26,568,494	$ 26,568,494
Buildings and improvements, less accumulated depreciation of $2,258,705 and $1,289,650, respectively	49,935,617	50,904,672
Acquired intangible lease assets, less accumulated amortization of $3,017,617 and $1,937,709, respectively	12,876,054	13,955,962
Total investment in real estate assets, net	89,380,165	91,429,128
Investment in marketable securities	7,796,841	6,400,611
Total investment in real estate assets and marketable securities, net	97,177,006	97,829,739
Cash and cash equivalents	2,812,582	2,119,387
Receivables	1,071,368	550,660
Prepaids and other assets	329,950	170,454
Total assets	101,390,906	100,670,240
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit, net of unamortized deferred financing costs of $642,526 and $162,938, respectively	36,057,474	48,237,062
Accounts payable and accrued expenses	515,598	316,939
Due to affiliates	11,119,468	9,203,208
Acquired below market lease intangibles, less accumulated amortization of $428,817 and $188,045, respectively	8,099,721	8,340,493
Distributions payable	169,853	87,045
Other liabilities	842,586	877,848
Total liabilities	56,804,700	67,062,595
Stockholders' Equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized, none issued	0	0
Additional paid in capital	52,758,738	39,016,222
Accumulated deficit	(8,079,925)	(6,035,150)
Accumulated other comprehensive (loss) income	(142,113)	589,482
Total stockholders' equity	44,586,206	33,607,645
Total liabilities and stockholders' equity	101,390,906	100,670,240
Common Class A [Member]
Stockholders' Equity:
Common stock	24,452	18,087
Common Class B [Member]
Stockholders' Equity:
Common stock	$ 25,054	$ 19,004

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Buildings and improvements, accumulated depreciation	$ 2,258,705	$ 1,289,650
Acquired intangible lease assets, accumulated amortization	3,017,617	1,937,709
Deferred financing costs, less accumulated amortization	642,526	162,938
Off-market lease, unfavorable, accumulated depreciation	$ 428,817	$ 188,045
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000
Common Class A [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	2,445,230	1,808,602
Common stock, shares outstanding (in shares)	2,445,230	1,808,602
Common Class B [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	2,505,369	1,900,362
Common stock, shares outstanding (in shares)	2,505,369	1,900,362

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Rental and other property income	$ 1,817,698	$ 841,326	$ 3,632,915	$ 1,385,543
Tenant reimbursement income	235,329	111,068	470,344	161,317
Investment income on marketable securities	59,747	26,715	106,791	52,236
Total revenues	2,112,774	979,109	4,210,050	1,599,096
Expenses
General and administrative expenses	445,080	504,134	1,108,910	1,092,169
Property operating expenses	434,134	141,582	854,837	221,664
Management Fee Expense	108,361	120,604	253,829	120,604
Acquisition related expenses	0	126,057	0	164,599
Depreciation	484,528	207,699	969,055	333,317
Amortization	512,942	270,867	1,025,883	491,437
Total operating expenses	1,985,045	1,370,943	4,212,514	2,423,790
Operating income (loss)	127,729	(391,834)	(2,464)	(824,694)
Interest expense	(258,315)	(220,538)	(720,761)	(348,626)
Net realized gain (loss) upon sale of marketable securities	(83,104)	36,165	96,200	9,598
Net loss	$ (213,690)	$ (576,207)	$ (627,025)	$ (1,163,722)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	4,771,626	2,577,389	4,455,011	2,449,450
Net loss per common share:
Basic and diluted (in usd per share)	$ (0.04)	$ (0.22)	$ (0.14)	$ (0.48)

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (213,690)	$ (576,207)	$ (627,025)	$ (1,163,722)
Other comprehensive loss:
Reclassification of previous unrealized loss (gain) on marketable securities into net realized (gain) loss	83,104	(36,165)	(96,200)	(9,598)
Unrealized gain (loss) on marketable securities	(898,025)	212,959	(635,395)	489,562
Total other comprehensive (loss) income	(814,921)	176,794	(731,595)	479,964
Comprehensive loss	$ (1,028,611)	$ (399,413)	$ (1,358,620)	$ (683,758)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2015 - USD ($)	Total	Common Class B [Member]	Preferred Stock	Common StockCommon Class A [Member]	Common StockCommon Class B [Member]	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance (shares) at Dec. 31, 2014			0	1,808,602	1,900,362
Balance at Dec. 31, 2014	$ 33,607,645		$ 0	$ 18,087	$ 19,004	$ 39,016,222	$ (6,035,150)	$ 589,482
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares			0	611,818	580,518
Issuance of common stock, value	15,439,304		$ 0	$ 6,117	$ 5,806	15,427,381
Issuance of common stock through the distribution reinvestment plan (in shares)				24,810	27,348
Distributions reinvested	668,440			$ 248	$ 273	667,919
Stock Redeemed or Called During Period, Shares		(2,859)		0	(2,859)
Stock Redeemed or Called During Period, Value	(36,916)			$ 0	$ (29)	(36,887)
Distributions to investors	(1,417,750)						(1,417,750)
Dealer-manager fees	(123,165)					(123,165)
Other offering costs	(2,192,732)					(2,192,732)
Comprehensive loss	(1,358,620)						(627,025)	(731,595)
Balance (shares) at Jun. 30, 2015			0	2,445,230	2,505,369
Balance at Jun. 30, 2015	$ 44,586,206		$ 0	$ 24,452	$ 25,054	$ 52,758,738	$ (8,079,925)	$ (142,113)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (627,025)	$ (1,163,722)
Depreciation	969,055	333,317
Net realized gain upon sale of marketable securities	(96,200)	(9,598)
Amortization of intangible lease assets and liabilities	839,136	467,111
Amortization of deferred financing costs	239,726	158,036
Straight line rent	(233,914)	(99,907)
Changes in assets and liabilities:
Receivables	31,434	(20,385)
Prepaids and other assets	(159,496)	(81,344)
Accounts payable and accrued expenses	(5,499)	43,976
Other liabilities	(243,002)	27,667
Due to affiliates	571,618	1,338,508
Net cash provided by operating activities	1,285,833	993,659
Cash flows from investing activities:
Investment in real estate and related assets	0	(19,705,415)
Investment in marketable securities	(7,459,827)	(1,674,690)
Proceeds from sale of marketable securities	5,304,541	1,609,607
Net cash used in investing activities	(2,155,286)	(19,770,498)
Cash flows from financing activities:
Proceeds from line of credit	43,426,851	17,600,000
Repayments of line of credit	(55,126,851)	(2,600,000)
Proceeds from issuance of common stock	15,439,304	7,079,943
Payment of offering costs	(753,924)	(559,844)
Distributions to investors	(1,334,942)	(733,451)
Repurchase of shares	(36,916)	(119,940)
Common stock issued through the distribution reinvestment plan	668,440	459,831
Deferred financing costs paid	(719,314)	(48,626)
Net cash provided by financing activities	1,562,648	21,077,913
Net increase in cash and cash equivalents	693,195	2,301,074
Cash and cash equivalents, beginning of period	2,119,387	2,916,144
Cash and cash equivalents, end of period	2,812,582	5,217,218
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Accrued offering costs payable to affiliates	1,802,425	895,340
Distributions declared and unpaid	169,853	54,033
Accrued deferred financing costs	0	14,818
Unrealized gain (loss) on marketable securities	(731,595)	479,964
Purchases of marketable securities not yet paid	270,023	15,010
Proceeds from sale of marketable securities not yet received	345,689	20,116
Interest paid	477,281	113,144
Purchase price	0	19,750,000
Prepaids and other assets assumed	0	47,975
Other liabilities assumed	$ 0	$ 92,560

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION RREEF Property Trust, Inc. (the “Company”) was formed on February 7, 2012 as a Maryland corporation and has elected to qualify as a real estate investment trust (“REIT”) for federal income tax purposes. On February 14, 2012, RREEF America L.L.C., a Delaware limited liability company (“RREEF America”), the Company's sponsor and advisor, purchased 16,667 shares of the Company’s Class B common stock for a total cash consideration of $200,000 to provide the Company’s initial capitalization. Substantially all of the Company's business is conducted through RREEF Property Operating Partnership, LP, the Company's operating partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership and contributed $199,000 to the Operating Partnership in exchange for its general partner interest. RREEF Property OP Holder, LLC (the “OP Holder”), a wholly-owned subsidiary of the Company and the initial limited partner of the Operating Partnership, contributed $1,000 to the Operating Partnership. As the Company completes the settlement for purchase orders for shares of its common stock in its continuous public offering, it will continue to transfer substantially all of the net proceeds of the Offering (defined below) to the Operating Partnership. The Company was organized to invest primarily in a diversified portfolio consisting primarily of high quality, income-producing commercial real estate located in the United States, including, without limitation, office, industrial, retail and multifamily properties (“Real Estate Properties”). Although the Company intends to invest primarily in Real Estate Properties, it also intends to acquire common and preferred stock of REITs and other real estate companies (“Real Estate Equity Securities”) and debt investments backed principally by real estate (“Real Estate Loans” and, together with Real Estate Equity Securities, “Real Estate-Related Assets”). The Company is offering to the public, pursuant to a registration statement, $2,250,000,000 of shares of its common stock in its primary offering and $250,000,000 of shares of its common stock pursuant to its distribution reinvestment plan (the “Offering”). The Company is offering to the public two classes of shares of its common stock, Class A shares and Class B shares. The Company is offering to sell any combination of Class A and Class B shares with a dollar value up to the maximum offering amount. The Company may reallocate the shares offered between the primary offering and the distribution reinvestment plan. On January 3, 2013, the Offering was initially declared effective by the Securities and Exchange Commission. On May 30, 2013, RREEF America purchased $10,000,000 of the Company's Class B shares in the Offering, and the Company’s board of directors authorized the release of the escrowed funds to the Company, thereby allowing the Company to commence operations. Shares of the Company’s common stock are being sold at the Company’s net asset value (“NAV”) per share, plus, for Class A shares only, applicable selling commissions. Each class of shares may have a different NAV per share because of certain class specific fees and expenses, such as the distribution fee. NAV per share is calculated by dividing the NAV at the end of each business day for each class by the number of shares outstanding for that class on such day. The Company will not sell any shares to Pennsylvania investors unless it has received purchase orders for at least $75,000,000 (including purchase orders received from residents of other jurisdictions) in any combination of Class A shares and Class B shares from persons not affiliated with the Company or RREEF America. The NAV per share for the Class A and Class B shares is posted to the Company's website at www.rreefpropertytrust.com after the stock market close each business day. Additionally, the NAV per share is published daily via NASDAQ's Mutual Fund Quotation System under the symbols ZRPTAX and ZRPTBX for the Class A shares and Class B shares, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with Rule 10-01 of Regulation S-X for interim financial statements. Accordingly, these consolidated financial statements do not include all the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of the Company's management, the accompanying consolidated financial statements include all adjustments and eliminations, consisting only of normal recurring items necessary for their fair presentation in conformity with GAAP. Interim results are not necessarily indicative of operating results for a full year. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. There have been no significant changes to Company's critical accounting policies during the six months ended June 30, 2015 . Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Organization and Offering Expenses Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred from and after the commencement of operations. Offering costs are those costs incurred by the Company, RREEF America and its affiliates on behalf of the Company which relate directly to the Company’s activities of raising capital in the Offering, preparing for the Offering, the qualification and registration of the Offering and the marketing and distribution of the Company’s shares. This includes, but is not limited to, accounting and legal fees, including the legal fees of SC Distributors, LLC, the dealer manager for the Offering (the “Dealer Manager”), costs for registration statement amendments and prospectus supplements, printing, mailing and distribution costs, filing fees, amounts to reimburse RREEF America as the Company’s advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse the Dealer Manager for amounts that it may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offering. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company will not exceed 15% of the gross proceeds from the primary offering. Concentration of Credit Risk As of June 30, 2015 and 2014, the Company had cash on deposit at multiple financial institutions which were in excess of federally insured levels. The Company limits significant cash holdings to accounts held by financial institutions with a high credit standing. Therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. As of June 30, 2015 and 2014, the Company owned five properties housing thirteen tenants, and 3 properties housing 8 tenants, respectively. Percentages of gross rental revenues by location and tenant representing more than 10% of the Company's total gross rental revenues are shown below. Property Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Terra Nova Plaza, Chula Vista, CA 27.8 % 27.2 % Anaheim Hills Office Plaza, Anaheim, CA 23.8 % 24.0 % Commerce Corner, Logan Township, NJ 20.5 % 20.7 % Heritage Parkway, Woodridge, IL 15.2 % 15.2 % Wallingford Plaza, Seattle, WA 12.7 % 12.9 % 100.0 % 100.0 % Tenant Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Gateway One Lending and Finance, L.L.C. - Anaheim Hills Office Plaza 16.4 % 16.5 % Allstate Insurance Company - Heritage Parkway 15.2 % 15.2 % The Sports Authority - Terra Nova Plaza 14.0 % 13.7 % Bed, Bath & Beyond - Terra Nova Plaza 13.7 % 13.5 % Performance Food Group, Inc. - Commerce Corner 12.2 % 12.4 % Total 71.5 % 71.3 % Property Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Commerce Corner, Logan Township, NJ 39.0 % 24.0 % Heritage Parkway, Woodridge, IL 32.8 % 40.4 % Wallingford Plaza, Seattle, WA 28.2 % 35.6 % 100.0 % 100.0 % Tenant Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Allstate Insurance Company - Heritage Parkway 32.8 % 40.4 % Performance Food Group, Inc. - Commerce Corner 23.6 % 14.5 % Walgreens - Wallingford Plaza 15.1 % 19.1 % Total 71.5 % 74.0 % The following table shows the concentration of annualized base rental revenues as of June 30, 2015 and June 30, 2014, respectively. Tenant June 30, 2015 June 30, 2014 Gateway One Lending and Finance, L.L.C. - Anaheim Hills Office Plaza 19.1 % — % Allstate Insurance Company - Heritage Parkway 18.5 % 36.2 % Performance Food Group, Inc. - Commerce Corner 12.4 % 24.6 % The Sports Authority - Terra Nova Plaza 11.7 % — % Total 61.7 % 60.8 % Recent Accounting Pronouncements On May 28, 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue From Contracts With Customers. ASU 2014-09 requires entities to recognize revenue in their financial statements in a manner that depicts the transfer of the promised goods or services to its customers in an amount that reflects the consideration to which the entity is entitled at the time of transfer of those goods or services. As a result, the amount and timing of revenue recognition may be affected. However, certain types of contracts are excluded from the provisions of ASU 2014-09, including leases. Presently, the Company's rental and other property income and tenant reimbursement income as reflected on the Company's consolidated statements of operations are the result of lease contracts and as such, are not within the scope of ASU 2014-09. However, other types of real estate related contracts, such as for dispositions or development of real estate, may be impacted by ASU 2014-09. In addition, ASU 2014-09 requires additional disclosures regarding revenue recognition. ASU 2014-09 was originally scheduled to become effective for the Company beginning January 1, 2017. However, on April 1, 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year. As such, ASU 2014-09 would become effective on January 1, 2018 for the Company for both its interim and annual reporting periods. The Company has not yet evaluated the impact of ASU 2014-09 on its consolidated financial statements. On August 27, 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 provides guidance on determining when and how to disclose going concern uncertainties in an entity's financial statements. The new standard requires management to perform interim and annual assessments of the likelihood the entity will be unable to meet its obligations as they come due for a period of one year beyond the date the financial statements are issued. An entity must provide certain disclosures if there is substantial doubt about the entity’s ability to meet those obligations. The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company has not yet evaluated the impact of ASU 2014-15 on its consolidated financial statements. On April 7, 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by ASU 2015-03. For public business entities, ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of ASU 2015-03 is permitted. Effective January 1, 2015, the Company has elected to adopt ASU 2015-03 on a retrospective basis wherein the balance sheets for all periods presented are adjusted to reflect the period-specific effects of applying the new guidance. See Note 6 ("Line of Credit"). On April 15, 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. ASU 2015-05 clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software under ASC 350-40. It requires the Company to determine whether a cloud computing arrangement contains a software license. If the arrangement contains a software license, the accounting for the fees related to the software license element would be in a manner consistent with how the acquisition of other software licenses are accounted for under ASC 350-40. If the arrangement does not contain a software license, the accounting would be for the arrangement as a service contract. ASU 2015-05 is effective for the Company for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted for all entities. The Company has not yet evaluated the impact of ASU 2015-05 on its consolidated financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, FASB ASC 820, Fair Value Measurement and Disclosures, establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity's own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company's investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges. FASB ASC 825-10-65-1 requires the Company to disclose fair value information for all financial instruments for which it is practicable to estimate fair value, whether or not recognized in the consolidated balance sheets. Fair value of lines of credit and loans payable is determined using Level 2 inputs and a discounted cash flow approach with an interest rate and other assumptions that approximate current market conditions. The carrying amount of the Company's line of credit at June 30, 2015 and December 31, 2014 approximated its fair value of $36,700,000 and $48,400,000 , respectively. See Note 6 ("Line of Credit"). The Company's financial instruments, other than the line of credit, are generally short-term in nature and contain minimal credit risk. These instruments consist of cash and cash equivalents, accounts and other receivables and accounts payable. The carrying amounts of these assets and liabilities in the consolidated balance sheets approximate their fair value.

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS The Company did not acquire any real estate properties during the three and six months ended June 30, 2015 . The company acquired one real estate property during the three and six months ended June 30, 2014, respectively. The Company's rental and other property income for the three and six months ended June 30, 2015 and 2014 is comprised of the following: Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Rental revenue $ 1,610,479 $ 762,932 $ 3,212,254 $ 1,261,312 Straight-line revenue 113,845 67,367 233,914 99,907 Above- and below-market lease amortization 93,374 11,027 186,747 24,324 Rental and other property income $ 1,817,698 $ 841,326 $ 3,632,915 $ 1,385,543 For the three and six months ended June 30, 2014, the Company recorded revenues and net income of $370,836 and $38,470 , respectively, related to the property acquired during the six months ended June 30, 2014. The Company's estimated revenues and net loss, on a pro forma basis (as if the acquisitions of Commerce Corner and Anaheim Hills were completed on January 1, 2013), for the three and six months ended June 30, 2014 are as follows: Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Revenues $ 1,454,554 $ 3,017,048 Net loss (448,179 ) (932,506 ) The pro forma information for the three and six months ended June 30, 2014 does not include acquisition costs of $126,057 and $164,599 , respectively as such costs are non-recurring. The pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of period presented, nor does it purport to represent the results of future operations.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The following is a summary of the Company's marketable securities held as of June 30, 2015 and December 31, 2014 , which consisted entirely of publicly-traded shares of common stock in REITs as of each date. All marketable securities held as of June 30, 2015 and December 31, 2014 were available-for-sale securities and none were considered impaired on an other-than-temporary basis. June 30, 2015 December 31, 2014 Marketable securities—cost $ 7,938,954 $ 5,811,129 Unrealized gains 135,189 592,470 Unrealized losses (277,302 ) (2,988 ) Net unrealized (loss) gain (142,113 ) 589,482 Marketable securities—fair value $ 7,796,841 $ 6,400,611 Upon the sale of a particular security, the realized net gain or loss is computed assuming the shares with the highest cost are sold first. During the three months ended June 30, 2015 and June 30, 2014 , marketable securities sold generated proceeds of $3,005,669 and $877,615 , respectively, resulting in gross realized gains of $90,420 and $46,270 , respectively, and gross realized losses of $173,524 and $10,105 , respectively. During the six months ended June 30, 2015 and June 30, 2014 , marketable securities sold generated proceeds of $ 5,622,769 and $ 1,607,842 resulting in gross realized gains of $ 296,393 and $ 60,662 , respectively, and gross realized losses of $ 200,193 and $ 51,064 , respectively.

LINE OF CREDIT

LINE OF CREDIT	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
LINE OF CREDIT	LINE OF CREDIT On March 6, 2015, the Company refinanced its Regions Line of Credit (defined below) with a new secured line of credit from Wells Fargo Bank, National Association (the "Wells Fargo Line of Credit"). In connection therewith, the Company borrowed $43,426,851 from the Wells Fargo Line of Credit which was used to fully repay and retire the Regions Line of Credit. Regions Line of Credit On May 1, 2013, the Operating Partnership, as borrower, and the Company, as guarantor, entered into a secured revolving line of credit arrangement (the “Regions Line of Credit”) pursuant to a credit agreement with Regions Bank and its affiliates, as administrative agent, sole lead arranger and sole book runner, and other lending institutions that may become parties to the credit agreement. The Regions Line of Credit had a capacity of $50,000,000 and could be used to fund acquisitions, redeem shares pursuant to the Company’s redemption plan and for any other corporate purpose. The initial term was set to expire on May 1, 2015. Borrowings under the Regions Line of Credit carried a specified interest rate which, at the option of the Company, could be comprised of (1) a base rate, currently equal to the prime rate, or (2) a rate based on the one-, two- or three-month London Interbank Offered Rate (“LIBOR”) plus a spread ranging from 220 to 250 basis points, depending on the Company's consolidated debt-to-value ratio. As of March 6, 2015, the repayment date, the outstanding balance and interest rate were $42,400,000 and 2.66% , respectively. Wells Fargo Line of Credit On March 6, 2015, the Company borrowed $43,426,851 which was used to fully repay and retire the Regions Line of Credit. The Wells Fargo Line of Credit has a three -year term with an initial maximum capacity of $75,000,000 and two one-year extension options exercisable by the Company upon satisfaction of certain conditions and payment of applicable extension fees. The interest rate under the Wells Fargo Line of Credit is based on the 1-month LIBOR with a spread of 170 to 190 basis points depending on the debt yield as defined in the agreement. In addition, the Wells Fargo Line of Credit is expandable by the Company up to a maximum capacity of $150,000,000 upon satisfaction of specified conditions. Each requested expansion must be for at least $25,000,000 and may result in the Wells Fargo Line of Credit being syndicated. As of June 30, 2015 , the outstanding balance and interest rate were $36,700,000 and 1.884% , respectively. The Wells Fargo Line of Credit has as co-borrowers the wholly owned subsidiaries of the Operating Partnership, with the Company serving as the guarantor. At any point in time, the borrowing capacity under the Wells Fargo Line of Credit is based on the lesser of (1) an amount equal to 65% of the aggregate value of the properties in the collateral pool as determined by lender appraisals, (2) an amount that results in a minimum debt yield of 11% based on the in-place net operating income of the collateral pool as defined, or (3) the maximum capacity of the Wells Fargo Line of Credit. Proceeds from the Wells Fargo Line of Credit can be used to fund acquisitions, redeem shares pursuant to the Company's redemption plan and for any other corporate purpose. As of June 30, 2015 , the Company's maximum borrowing capacity was $50,052,376 . The Wells Fargo Line of Credit agreement contains customary representations, warranties, borrowing conditions and affirmative, negative and financial covenants, including that there must be at least five properties in the collateral pool at all times and that the collateral pool must also meet specified concentration provisions, unless waived by the lender. In addition, the Company, as guarantor, must meet tangible net worth hurdles. The Company was in compliance with all covenants as of June 30, 2015 . Impact of the Adoption of ASU 2015-03 On April 7, 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. See Note 2 ("Summary of Significant Accounting Policies"). Effective March 31, 2015, the Company has elected to adopt ASU 2015-03 on a retrospective basis wherein the balance sheets for all periods presented are adjusted to reflect the period-specific effects of applying the new guidance. The adoption of ASU 2015-03 is considered a change in accounting principle wherein the Company's net deferred financing costs, which previously had been presented as an asset in its consolidated balance sheet, is now presented as a direct deduction from the carrying amount of that debt liability and presented in the line item "Line of credit, net of unamortized deferred financing costs." The adoption had no impact on the Company's consolidated statement of operations or debt covenant compliance. The following is a reconciliation of the carrying amount of the of the Wells Fargo Line of Credit as of June 30, 2015 and the Regions Line of Credit as of December 31, 2014 : June 30, 2015 December 31, 2014 Line of credit $ 36,700,000 $ 48,400,000 Deduct: Deferred financing costs, less accumulated amortization (642,526 ) (162,938 ) Line of credit, net of unamortized deferred financing costs $ 36,057,474 $ 48,237,062

RELATED PARTY ARRANGEMENTS

RELATED PARTY ARRANGEMENTS	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY ARRANGEMENTS	RELATED PARTY ARRANGEMENTS Advisory Agreement RREEF America is entitled to compensation and reimbursements in connection with the management of the Company's investments in accordance with an advisory agreement between RREEF America and the Company (the "Advisory Agreement"). The Advisory Agreement is for a one -year term and is renewable annually upon the review and approval of the Company's board of directors, including the approval of a majority of the Company's independent directors. The Advisory Agreement has a current expiration date of January 3, 2016. There is no limit to the number of terms for which the Advisory Agreement can be renewed. Fees Under the Advisory Agreement, RREEF America can earn an advisory fee split between two components as described below. 1. The fixed component accrues daily in an amount equal to 1/365th of 1.0% of the NAV for each class of shares for such day; provided, however, that the fixed component was not earned and, therefore, did not begin to accrue until the date on which the Company's combined NAV for both classes of shares had reached $50,000,000 . The fixed component of the advisory fee is payable monthly in arrears. 2. The performance component is calculated for each class of shares on the basis of the total return to stockholders and is measured by the total distributions per share declared to such class plus the change in the NAV per share for such class. For any calendar year in which the total return per share allocable to a class exceeds 6% per annum, RREEF America will receive 25% of the excess total return allocable to that class; provided, however, that in no event will the performance component exceed 10% of the aggregate total return allocable to such class for such year. The performance component earned by RREEF America for each class is subject to certain other adjustments which do not apply unless the NAV per share is below $12.00 per share. The performance component is payable annually in arrears. The fees earned by RREEF America for the three and six months ended June 30, 2015 and 2014 are shown below. As the NAV reached $50,000,000 on January 22, 2015, RREEF America commenced earning the fixed component of the advisory fee as of this date. Prior to this date, no fixed component of the advisory fee was earned by RREEF America. The actual performance component earned by RREEF America during the year ended December 31, 2015, if any, is dependent on several factors, including but not limited to the performance of the Company's investments, interest rates, and the expense support provided by RREEF America, as hereinafter described. Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Fixed component $ 151,985 $ — $ 253,829 $ — Performance component (43,624 ) 120,604 — 120,604 $ 108,361 $ 120,604 $ 253,829 $ 120,604 Expense Reimbursements Under the Advisory Agreement, RREEF America is entitled to reimbursement of certain costs incurred by RREEF America or its affiliates that are not incurred under the Expense Support Agreement, as discussed below. Costs eligible for reimbursement, if they are not incurred under the Expense Support Agreement, include most third-party operating expenses, salaries and related costs of RREEF America's employees who perform services for the Company (but not those employees for which RREEF America earns a separate fee or those employees who are executive officers of the Company) and travel related costs for the advisor's employees who incur such costs on behalf of the Company. Reimbursement payments to RREEF America are subject to the limitations described below under "Reimbursement Limitations." For the three months ended June 30, 2015 and 2014, RREEF America incurred no reimbursable operating expenses, that were subject to the terms and conditions of the advisory agreement. For the six months ended June 30, 2015 and 2014, RREEF America incurred $22,242 and zero reimbursable operating expenses, respectively, that were subject to the terms and conditions of the advisory agreement. As of June 30, 2015 and December 31, 2014 , the Company had payable to RREEF America zero and $36,155 , respectively, of operating expenses reimbursable under the Advisory Agreement. Organization and Offering Costs Under the Advisory Agreement, RREEF America agreed to pay all of the Company’s organization and offering costs through January 3, 2013. In addition, RREEF America agreed to pay certain of the Company’s organization and offering costs from January 3, 2013 through January 3, 2014 that were incurred in connection with certain offering related activities. In total, RREEF America incurred $4,618,318 of these costs (the “Deferred O&O”) on behalf of the Company from the Company’s inception through January 3, 2014. Pursuant to the Advisory Agreement, the Company began reimbursing RREEF America monthly for the Deferred O&O on a straight-line basis over 60 months beginning in January 2014. For the three months ended June 30, 2015 and 2014, the Company reimbursed RREEF America $230,157 in each period. For the six months ended June 30, 2015 and 2014, the Company reimbursed RREEF America $457,785 and $452,726 , respectively. Expense Support Agreement Pursuant to the terms of the expense support agreement as most recently amended on December 16, 2014 (the "Expense Support Agreement"), RREEF America has agreed to pay for certain expenses related to the Company's operations that RREEF America has incurred, and may continue to incur, that are not part of the Deferred O&O described above and therefore are in addition to the Deferred O&O amount (“Expense Payments”). The Expense Payments may include organization and offering costs and operating expenses as described above under the Advisory Agreement. RREEF America may incur these expenses until the earlier of (i) the date the Company has raised $200,000,000 in aggregate gross proceeds from the Offering or (ii) the date upon which the aggregate Expense Payments by RREEF America exceed $9,200,000 . Through June 30, 2015 , the Company had raised $60,742,000 in the Offering and had incurred a total of $7,890,897 in Expense Payments in addition to the $4,618,318 of Deferred O&O noted above. Details of the Expense Payments incurred by RREEF America are described below. Organization and offering costs Operating expenses Total Balance, December 31, 2014 $ 2,184,676 $ 4,412,055 $ 6,596,731 Additions 737,584 556,582 1,294,166 Reimbursements made to RREEF America — — — Balance, June 30, 2015 $ 2,922,260 $ 4,968,637 $ 7,890,897 Pursuant to the Expense Support Agreement, RREEF America has agreed to defer reimbursement of Expense Payments until the first calendar quarter of the first calendar year that follows the earlier of (1) the quarter in which the Company surpasses $200,000,000 in aggregate gross proceeds from the Offering or (2) the date upon which the aggregate Expense Payments by RREEF America exceed $9,200,000 . Upon the commencement of reimbursement, the Company will reimburse RREEF America $250,000 per quarter, subject to adjustment as described in the Expense Support Agreement. Through June 30, 2015 , the Company has made no reimbursements to RREEF America under the Expense Support Agreement. Reimbursement Limitations Organization and Offering Costs The Company will not reimburse RREEF America for any organization and offering costs which would cause the Company's total organization and offering costs to exceed 15% of the gross proceeds from the primary offering (which excludes shares issued via the distribution reinvestment plan). Further, the Company will not reimburse RREEF America for any underwriting compensation (a subset of organization and offering costs) which would cause the Company's total underwriting compensation to exceed 10% of the gross proceeds from the primary offering. A summary of the Company's total organization and offering costs is shown below. Deferred O&O - RREEF America Expense Payments - O&O Portion Other organization and offering costs Total organization and offering costs Organization and offering costs in excess of the 15% limit 15% limited organization and offering costs Balance, December 31, 2014 $ 4,618,318 $ 2,184,676 $ 1,122,318 $ 7,925,312 $ (1,129,897 ) $ 6,795,415 Additions — 737,584 513,462 1,251,046 1,064,851 2,315,897 Balance, June 30, 2015 $ 4,618,318 $ 2,922,260 $ 1,635,780 $ 9,176,358 $ (65,046 ) $ 9,111,312 At any point in time, the amount of the organization and offering costs in excess of the 15% limitation is not reflected in the Company's consolidated financial statements as a liability. However, as the Company raises additional proceeds from the Offering, it may become obligated to RREEF America for all or a portion of this additional amount. For purposes of reimbursement to RREEF America, the amount of organization and offering costs in excess of the 15% limitation is deducted from the Deferred O&O. The amounts of Deferred O&O payable to RREEF America are therefore as follows. June 30, 2015 December 31, 2014 Total Deferred O&O $ 4,618,318 $ 4,618,318 Amount in excess of 15% limitation (65,046 ) (1,129,897 ) Reimbursements made to RREEF America (1,375,884 ) (918,099 ) Deferred O&O reimbursable to RREEF America $ 3,177,388 $ 2,570,322 Operating Expenses Pursuant to the Company’s charter, the Company may reimburse RREEF America, at the end of each fiscal quarter, for total operating expenses incurred by RREEF America, whether under the Expense Support Agreement or otherwise. However, commencing with the quarter ended June 30, 2014, the Company may not reimburse RREEF America at the end of any fiscal quarter for total operating expenses (as defined in the Company’s charter) that, in the four consecutive fiscal quarters then ended, exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company's assets for that period (the “ 2% / 25% Guidelines”). Notwithstanding the foregoing, the Company may reimburse RREEF America for expenses in excess of the 2% / 25% Guidelines if a majority of the Company’s independent directors determines that such excess expenses (an “Excess Amount”) are justified based on unusual and non-recurring factors. For the four fiscal quarters ended June 30, 2015 , total operating expenses of the Company were $2,366,790 which exceeded the 2% / 25% Guidelines by $642,459 . On August 6, 2015, the Company’s independent directors determined that the Excess Amount of total operating expenses for the four quarters ended June 30, 2015 was justified because (1) the amounts reflect legitimate operating expenses necessary for the operation of the Company’s business, (2) the Company is currently in its acquisition and development stage, (3) the expenses incurred as a result of being a public company (including for audit and legal services, director and officer liability insurance and fees for directors) are significant and disproportionate to the Company’s average invested assets and net income, and (4) the Company’s average invested assets was low due to the Company’s ownership of only 4 or 5 properties during the four fiscal quarters ended June 30, 2015 . The Excess Amount approved by the Company’s independent directors will be eligible for reimbursement in the future pursuant to the terms and conditions of the Expense Support Agreement. Due to Affiliates In accordance with all the above, as of June 30, 2015 and December 31, 2014 , the Company owed RREEF America for the following amounts: June 30, 2015 December 31, 2014 Deferred O&O $ 3,177,388 $ 2,570,322 Expense Payments 7,890,897 6,596,731 Reimbursable under the advisory agreement — 36,155 Advisory fees 51,183 — Due to affiliates $ 11,119,468 $ 9,203,208

CAPITALIZATION

CAPITALIZATION	6 Months Ended
	Jun. 30, 2015
Capitalization [Abstract]
CAPITALIZATION	CAPITALIZATION Under the Company's charter, the Company has the authority to issue 1,000,000,000 shares of common stock, 500,000,000 of which are classified as Class A shares and 500,000,000 of which are classified as Class B shares. In addition, the Company has the authority to issue 50,000,000 shares of preferred stock. All shares of such stock have a par value of $0.01 per share. Class A shares issued in the primary offering are subject to selling commissions of up to 3% of the purchase price, dealer manager fees and distribution fees. Class B shares are subject to dealer manager fees, but are not subject to any selling commissions or distribution fees. The Company's board of directors is authorized to amend its charter from time to time, without the approval of the stockholders, to increase or decrease the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan that allows stockholders to have the cash distributions attributable to the class of shares that the stockholder owns automatically invested in additional shares of the same class. Shares are offered pursuant to the Company's distribution reinvestment plan at the NAV per share applicable to that class, calculated as of the distribution date and after giving effect to all distributions. Stockholders who elect to participate in the distribution reinvestment plan, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of the Company's common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions used to purchase those shares of the Company's common stock in cash. Redemption Plan In an effort to provide the Company's stockholders with liquidity in respect of their investment in shares of the Company's common stock, the Company has adopted a redemption plan whereby on a daily basis stockholders may request the redemption of all or any portion of their shares. The redemption price per share is equal to the Company's NAV per share of the class of shares being redeemed on the date of redemption. The total amount of redemptions in any calendar quarter will be limited to Class A and Class B shares whose aggregate value (based on the redemption price per share on the date of the redemption) is equal to 5% of the Company's combined NAV for both classes of shares as of the last day of the previous calendar quarter. In addition, if redemptions do not reach the 5% limit in a calendar quarter, the unused portion generally will be carried over to the next quarter and not any subsequent quarter, except that the maximum amount of redemptions during any quarter may never exceed 10% of the combined NAV for both classes of shares as of the last day of the previous calendar quarter. During the six months ended June 30, 2015 , one redemption request was received and processed. During the first quarter, the Company processed one redemption request for 2,859 Class B shares at a price of $12.91 per share. During the second quarter, the Company did not process any redemption requests. The Company funded this redemption with cash flows from operations. During the six months ended June 30, 2014, two redemption requests were received and processed. During the first quarter, the Company processed one redemption request for 7,962 Class A shares at a price of $12.21 per share, before allowing for the 2% short-term trading discount. During the second quarter, the Company processed one redemption request for approximately 2,047 Class A shares at a price of $12.30 per share, before allowing for the 2% short-term trading discount. The Company funded these redemptions with cash flows from operations. The Company's board of directors has the discretion to suspend or modify the redemption plan at any time, including in circumstances where it (1) determines that such action is in the best interest of the Company's stockholders, (2) determines that it is necessary due to regulatory changes or changes in law or (3) becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are redeemed. In addition, the Company's board of directors may suspend the Offering, including the redemption plan, if it determines that the calculation of NAV is materially incorrect or there is a condition that restricts the valuation of a material portion of the Company's assets. If the board of directors materially amends (including any reduction of the quarterly limit) or suspends the redemption plan during any quarter, other than any temporary suspension to address certain external events unrelated to the Company's business, any unused portion of that quarter’s 5% limit will not be carried forward to the next quarter or any subsequent quarter.

DISTRIBUTIONS

DISTRIBUTIONS	6 Months Ended
	Jun. 30, 2015
Distributions [Abstract]
DISTRIBUTIONS	DISTRIBUTIONS In order to qualify as a REIT, the Company is required, among other things, to make distributions each taxable year of at least 90% of its taxable income determined without regard to the dividends-paid deduction and excluding net capital gains, and to meet certain tests regarding the nature of the Company's income and assets. The Company expects that its board of directors will continue to declare distributions with a daily record date, payable monthly in arrears. Any distributions the Company makes will be at the discretion of its board of directors, considering factors such as its earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. The Company commenced operations on May 30, 2013 and elected taxation as a REIT for the year ended December 31, 2013. Shown below are details of the Company's distributions for the three and six months ended June 30, 2015 and 2014 . Three Months Ended Six Months Ended June 30, 2015 March 31, 2015 June 30, 2015 Declared daily distribution rate, before adjustment for class-specific expenses $ 0.00175668 $ 0.00176456 Distributions paid or payable in cash $ 294,197 $ 455,114 $ 749,311 Distributions reinvested 358,056 310,384 668,440 Distributions declared $ 652,253 $ 765,498 $ 1,417,751 Class A shares issued upon reinvestment 11,126 13,684 24,810 Class B shares issued upon reinvestment 16,669 10,679 27,348 Three Months Ended Six Months Ended June 30, 2014 March 31, 2014 June 30, 2014 Declared daily distribution rate, before adjustment for class-specific expenses $ 0.00167167 $ 0.00169307 Distributions paid or payable in cash $ 130,908 $ 154,435 $ 285,343 Distributions reinvested 217,739 242,092 459,831 Distributions declared $ 348,647 $ 396,527 $ 745,174 Class A shares issued upon reinvestment 5,162 6,244 11,406 Class B shares issued upon reinvestment 12,505 13,296 25,801

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company believes that it has operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes beginning with the taxable year ended December 31, 2013, when it first elected REIT status. In each calendar year that the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax to the extent it meets certain criteria and distributes its REIT taxable income to its stockholders. Distributions declared and paid by the Company may consist of ordinary income, qualifying dividends, return of capital, capital gains or a combination thereof. The characterization of the distributions into these various components will impact how the distributions are taxable to the stockholder who received them. Distributions that constitute a return of capital generally are non-taxable and will reduce the stockholder's basis in the shares. The characterization of the distributions is generally determined during the month of January following the close of the tax year.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION For the three and six months ended June 30, 2015 and 2014 , the Company had two segments with reportable information: Real Estate Properties and Real Estate Equity Securities. The Company organizes and analyzes the operations and results of each of these segments independently, due to inherently different considerations for each segment. Such considerations include, but are not limited to, the nature and characteristics of the investment and investment strategies and objectives. The following tables set forth the carrying value, revenue and the components of operating income of the Company's segments reconciled to total assets as of June 30, 2015 and December 31, 2014 and net loss for the the three and six months ended June 30, 2015 and 2014 . Real Estate Properties Real Estate Equity Securities Total Carrying value as of June 30, 2015 $ 89,380,165 $ 7,796,841 $ 97,177,006 Reconciliation to total assets as of June 30, 2015 Carrying value per reportable segments $ 97,177,006 Corporate level assets 4,213,900 Total assets $ 101,390,906 Carrying value as of December 31, 2014 $ 91,429,128 $ 6,400,611 $ 97,829,739 Reconciliation to total assets as of December 31, 2014 Carrying value per reportable segments $ 97,829,739 Corporate level assets 2,840,501 Total assets $ 100,670,240 Three Months Ended June 30, 2015 Real Estate Properties Real Estate Equity Securities Total Revenues Rental and other property income $ 1,817,698 $ — $ 1,817,698 Tenant reimbursement income 235,329 — 235,329 Investment income on marketable securities — 59,747 59,747 Total revenues 2,053,027 59,747 2,112,774 Operating expenses Property operating expenses 434,134 — 434,134 Total segment operating expenses 434,134 — 434,134 Operating income - segments $ 1,618,893 $ 59,747 $ 1,678,640 Three Months Ended June 30, 2014 Revenues Rental and other property income $ 841,326 $ — $ 841,326 Tenant reimbursement income 111,068 — 111,068 Investment income on marketable securities — 26,715 26,715 Total revenues 952,394 26,715 979,109 Operating expenses Property operating expenses 141,582 — 141,582 Total segment operating expenses 141,582 — 141,582 Operating income - segments $ 810,812 $ 26,715 $ 837,527 Reconciliation to net loss Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Operating income - segments $ 1,678,640 $ 837,527 General and administrative expenses (445,080 ) (504,134 ) Advisory expenses (108,361 ) (120,604 ) Acquisition related expenses — (126,057 ) Depreciation (484,528 ) (207,699 ) Amortization (512,942 ) (270,867 ) Operating income (loss) 127,729 (391,834 ) Interest expense (258,315 ) (220,538 ) Net realized gain (loss) upon sale of marketable securities (83,104 ) 36,165 Net loss $ (213,690 ) $ (576,207 ) Real Estate Properties Real Estate Equity Securities Total Six Months Ended June 30, 2015 Revenues Rental and other property income $ 3,632,915 $ — $ 3,632,915 Tenant reimbursement income 470,344 — 470,344 Investment income on marketable securities — 106,791 106,791 Total revenues 4,103,259 106,791 4,210,050 Operating expenses Property operating expenses 854,837 — 854,837 Total segment operating expenses 854,837 — 854,837 Operating income - segments $ 3,248,422 $ 106,791 $ 3,355,213 Six Months Ended June 30, 2014 Revenues Rental and other property income $ 1,385,543 $ — $ 1,385,543 Tenant reimbursement income 161,317 — 161,317 Investment income on marketable securities — 52,236 52,236 Total revenues 1,546,860 52,236 1,599,096 Operating expenses Property operating expenses 221,664 — 221,664 Total segment operating expenses 221,664 — 221,664 Operating income - segments $ 1,325,196 $ 52,236 $ 1,377,432 Reconciliation to net loss Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Operating income - segments $ 3,355,213 $ 1,377,432 General and administrative expenses (1,108,910 ) (1,092,169 ) Advisory expenses (253,829 ) (120,604 ) Acquisition related expenses — (164,599 ) Depreciation (969,055 ) (333,317 ) Amortization (1,025,883 ) (491,437 ) Operating loss (2,464 ) (824,694 ) Interest expense (720,761 ) (348,626 ) Net realized gain upon sale of marketable securities 96,200 9,598 Net loss $ (627,025 ) $ (1,163,722 )

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	6 Months Ended
	Jun. 30, 2015
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY The Company depends on RREEF America, the Dealer Manager and Realty Capital Securities, LLC (the "Wholesaler") for certain services that are essential to the Company, including the sale of the Company's shares of common stock, asset acquisition and disposition decisions and other general and administrative responsibilities. In the event that RREEF America, the Dealer Manager or the Wholesaler is unable to provide such services, the Company would be required to find alternative service providers.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the normal course of business, from time to time, the Company may be involved in legal actions relating to the ownership and operations of real estate investments. In the Company's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity. The Company, as an owner of real estate, is subject to various environmental laws of federal and local governments. All of the Company's properties were subject to assessments, involving visual inspections of the properties and their neighborhoods. The Company carries environmental liability insurance on its properties that provides coverage for remediation liability and pollution liability for third-party bodily injury and property damage claims. The Company does not believe such environmental assessments will have a material adverse impact on the Company's consolidated financial position or results of operations in the future. As discussed in Note 7 ("Related Party Arrangements"), the Company may become liable to RREEF America for additional amounts that RREEF America has paid on behalf of the Company, with such additional liability dependent upon the amount of shares sold by the Company.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 1, 2015, the Company announced that its board of directors declared a cash distribution equal to $0.00173533 per Class A and Class B share (before adjustment for applicable class-specific expenses) for all such shares of record on each day from July 1, 2015 through September 30, 2015. During July and August 2015, the Company completed payments and borrowings under the Wells Fargo Line of Credit for a net reduction of $3,700,000 to a balance of $33,000,000 . During July and August 2015, the Company received and processed one redemption request for approximately 7,593 Class A shares totaling $96,355 and received and processed four redemption requests for approximately 215,060 Class B shares totaling $2,750,294 , respectively, before allowing for the 2% short-term trading discount. The Company funded these redemptions with cash flows from operations and borrowings.

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with Rule 10-01 of Regulation S-X for interim financial statements. Accordingly, these consolidated financial statements do not include all the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of the Company's management, the accompanying consolidated financial statements include all adjustments and eliminations, consisting only of normal recurring items necessary for their fair presentation in conformity with GAAP. Interim results are not necessarily indicative of operating results for a full year. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. There have been no significant changes to Company's critical accounting policies during the six months ended June 30, 2015 .
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Organization and Offering Expenses	Organization and Offering Expenses Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred from and after the commencement of operations. Offering costs are those costs incurred by the Company, RREEF America and its affiliates on behalf of the Company which relate directly to the Company’s activities of raising capital in the Offering, preparing for the Offering, the qualification and registration of the Offering and the marketing and distribution of the Company’s shares. This includes, but is not limited to, accounting and legal fees, including the legal fees of SC Distributors, LLC, the dealer manager for the Offering (the “Dealer Manager”), costs for registration statement amendments and prospectus supplements, printing, mailing and distribution costs, filing fees, amounts to reimburse RREEF America as the Company’s advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse the Dealer Manager for amounts that it may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offering. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company will not exceed 15% of the gross proceeds from the primary offering.
Concentration of Credit Risk	Concentration of Credit Risk As of June 30, 2015 and 2014, the Company had cash on deposit at multiple financial institutions which were in excess of federally insured levels. The Company limits significant cash holdings to accounts held by financial institutions with a high credit standing. Therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. As of June 30, 2015 and 2014, the Company owned five properties housing thirteen tenants, and 3 properties housing 8 tenants, respectively. Percentages of gross rental revenues by location and tenant representing more than 10% of the Company's total gross rental revenues are shown below. Property Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Terra Nova Plaza, Chula Vista, CA 27.8 % 27.2 % Anaheim Hills Office Plaza, Anaheim, CA 23.8 % 24.0 % Commerce Corner, Logan Township, NJ 20.5 % 20.7 % Heritage Parkway, Woodridge, IL 15.2 % 15.2 % Wallingford Plaza, Seattle, WA 12.7 % 12.9 % 100.0 % 100.0 % Tenant Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Gateway One Lending and Finance, L.L.C. - Anaheim Hills Office Plaza 16.4 % 16.5 % Allstate Insurance Company - Heritage Parkway 15.2 % 15.2 % The Sports Authority - Terra Nova Plaza 14.0 % 13.7 % Bed, Bath & Beyond - Terra Nova Plaza 13.7 % 13.5 % Performance Food Group, Inc. - Commerce Corner 12.2 % 12.4 % Total 71.5 % 71.3 % Property Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Commerce Corner, Logan Township, NJ 39.0 % 24.0 % Heritage Parkway, Woodridge, IL 32.8 % 40.4 % Wallingford Plaza, Seattle, WA 28.2 % 35.6 % 100.0 % 100.0 % Tenant Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Allstate Insurance Company - Heritage Parkway 32.8 % 40.4 % Performance Food Group, Inc. - Commerce Corner 23.6 % 14.5 % Walgreens - Wallingford Plaza 15.1 % 19.1 % Total 71.5 % 74.0 % The following table shows the concentration of annualized base rental revenues as of June 30, 2015 and June 30, 2014, respectively. Tenant June 30, 2015 June 30, 2014 Gateway One Lending and Finance, L.L.C. - Anaheim Hills Office Plaza 19.1 % — % Allstate Insurance Company - Heritage Parkway 18.5 % 36.2 % Performance Food Group, Inc. - Commerce Corner 12.4 % 24.6 % The Sports Authority - Terra Nova Plaza 11.7 % — % Total 61.7 % 60.8 %

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Schedule of Rental and Other Property Income	The Company's rental and other property income for the three and six months ended June 30, 2015 and 2014 is comprised of the following: Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Rental revenue $ 1,610,479 $ 762,932 $ 3,212,254 $ 1,261,312 Straight-line revenue 113,845 67,367 233,914 99,907 Above- and below-market lease amortization 93,374 11,027 186,747 24,324 Rental and other property income $ 1,817,698 $ 841,326 $ 3,632,915 $ 1,385,543

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	The following is a summary of the Company's marketable securities held as of June 30, 2015 and December 31, 2014 , which consisted entirely of publicly-traded shares of common stock in REITs as of each date. All marketable securities held as of June 30, 2015 and December 31, 2014 were available-for-sale securities and none were considered impaired on an other-than-temporary basis. June 30, 2015 December 31, 2014 Marketable securities—cost $ 7,938,954 $ 5,811,129 Unrealized gains 135,189 592,470 Unrealized losses (277,302 ) (2,988 ) Net unrealized (loss) gain (142,113 ) 589,482 Marketable securities—fair value $ 7,796,841 $ 6,400,611

LINE OF CREDIT LINE OF CREDIT (

LINE OF CREDIT LINE OF CREDIT (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities [Table Text Block]	The following is a reconciliation of the carrying amount of the of the Wells Fargo Line of Credit as of June 30, 2015 and the Regions Line of Credit as of December 31, 2014 : June 30, 2015 December 31, 2014 Line of credit $ 36,700,000 $ 48,400,000 Deduct: Deferred financing costs, less accumulated amortization (642,526 ) (162,938 ) Line of credit, net of unamortized deferred financing costs $ 36,057,474 $ 48,237,062

RELATED PARTY ARRANGEMENTS (Tab

RELATED PARTY ARRANGEMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	In accordance with all the above, as of June 30, 2015 and December 31, 2014 , the Company owed RREEF America for the following amounts: June 30, 2015 December 31, 2014 Deferred O&O $ 3,177,388 $ 2,570,322 Expense Payments 7,890,897 6,596,731 Reimbursable under the advisory agreement — 36,155 Advisory fees 51,183 — Due to affiliates $ 11,119,468 $ 9,203,208 The fees earned by RREEF America for the three and six months ended June 30, 2015 and 2014 are shown below. As the NAV reached $50,000,000 on January 22, 2015, RREEF America commenced earning the fixed component of the advisory fee as of this date. Prior to this date, no fixed component of the advisory fee was earned by RREEF America. The actual performance component earned by RREEF America during the year ended December 31, 2015, if any, is dependent on several factors, including but not limited to the performance of the Company's investments, interest rates, and the expense support provided by RREEF America, as hereinafter described. Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Fixed component $ 151,985 $ — $ 253,829 $ — Performance component (43,624 ) 120,604 — 120,604 $ 108,361 $ 120,604 $ 253,829 $ 120,604 Details of the Expense Payments incurred by RREEF America are described below. Organization and offering costs Operating expenses Total Balance, December 31, 2014 $ 2,184,676 $ 4,412,055 $ 6,596,731 Additions 737,584 556,582 1,294,166 Reimbursements made to RREEF America — — — Balance, June 30, 2015 $ 2,922,260 $ 4,968,637 $ 7,890,897 A summary of the Company's total organization and offering costs is shown below. Deferred O&O - RREEF America Expense Payments - O&O Portion Other organization and offering costs Total organization and offering costs Organization and offering costs in excess of the 15% limit 15% limited organization and offering costs Balance, December 31, 2014 $ 4,618,318 $ 2,184,676 $ 1,122,318 $ 7,925,312 $ (1,129,897 ) $ 6,795,415 Additions — 737,584 513,462 1,251,046 1,064,851 2,315,897 Balance, June 30, 2015 $ 4,618,318 $ 2,922,260 $ 1,635,780 $ 9,176,358 $ (65,046 ) $ 9,111,312 The amounts of Deferred O&O payable to RREEF America are therefore as follows. June 30, 2015 December 31, 2014 Total Deferred O&O $ 4,618,318 $ 4,618,318 Amount in excess of 15% limitation (65,046 ) (1,129,897 ) Reimbursements made to RREEF America (1,375,884 ) (918,099 ) Deferred O&O reimbursable to RREEF America $ 3,177,388 $ 2,570,322

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables set forth the carrying value, revenue and the components of operating income of the Company's segments reconciled to total assets as of June 30, 2015 and December 31, 2014 and net loss for the the three and six months ended June 30, 2015 and 2014 . Real Estate Properties Real Estate Equity Securities Total Carrying value as of June 30, 2015 $ 89,380,165 $ 7,796,841 $ 97,177,006 Reconciliation to total assets as of June 30, 2015 Carrying value per reportable segments $ 97,177,006 Corporate level assets 4,213,900 Total assets $ 101,390,906 Carrying value as of December 31, 2014 $ 91,429,128 $ 6,400,611 $ 97,829,739 Reconciliation to total assets as of December 31, 2014 Carrying value per reportable segments $ 97,829,739 Corporate level assets 2,840,501 Total assets $ 100,670,240 Three Months Ended June 30, 2015 Real Estate Properties Real Estate Equity Securities Total Revenues Rental and other property income $ 1,817,698 $ — $ 1,817,698 Tenant reimbursement income 235,329 — 235,329 Investment income on marketable securities — 59,747 59,747 Total revenues 2,053,027 59,747 2,112,774 Operating expenses Property operating expenses 434,134 — 434,134 Total segment operating expenses 434,134 — 434,134 Operating income - segments $ 1,618,893 $ 59,747 $ 1,678,640 Three Months Ended June 30, 2014 Revenues Rental and other property income $ 841,326 $ — $ 841,326 Tenant reimbursement income 111,068 — 111,068 Investment income on marketable securities — 26,715 26,715 Total revenues 952,394 26,715 979,109 Operating expenses Property operating expenses 141,582 — 141,582 Total segment operating expenses 141,582 — 141,582 Operating income - segments $ 810,812 $ 26,715 $ 837,527 Reconciliation to net loss Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Operating income - segments $ 1,678,640 $ 837,527 General and administrative expenses (445,080 ) (504,134 ) Advisory expenses (108,361 ) (120,604 ) Acquisition related expenses — (126,057 ) Depreciation (484,528 ) (207,699 ) Amortization (512,942 ) (270,867 ) Operating income (loss) 127,729 (391,834 ) Interest expense (258,315 ) (220,538 ) Net realized gain (loss) upon sale of marketable securities (83,104 ) 36,165 Net loss $ (213,690 ) $ (576,207 ) Real Estate Properties Real Estate Equity Securities Total Six Months Ended June 30, 2015 Revenues Rental and other property income $ 3,632,915 $ — $ 3,632,915 Tenant reimbursement income 470,344 — 470,344 Investment income on marketable securities — 106,791 106,791 Total revenues 4,103,259 106,791 4,210,050 Operating expenses Property operating expenses 854,837 — 854,837 Total segment operating expenses 854,837 — 854,837 Operating income - segments $ 3,248,422 $ 106,791 $ 3,355,213 Six Months Ended June 30, 2014 Revenues Rental and other property income $ 1,385,543 $ — $ 1,385,543 Tenant reimbursement income 161,317 — 161,317 Investment income on marketable securities — 52,236 52,236 Total revenues 1,546,860 52,236 1,599,096 Operating expenses Property operating expenses 221,664 — 221,664 Total segment operating expenses 221,664 — 221,664 Operating income - segments $ 1,325,196 $ 52,236 $ 1,377,432 Reconciliation to net loss Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Operating income - segments $ 3,355,213 $ 1,377,432 General and administrative expenses (1,108,910 ) (1,092,169 ) Advisory expenses (253,829 ) (120,604 ) Acquisition related expenses — (164,599 ) Depreciation (969,055 ) (333,317 ) Amortization (1,025,883 ) (491,437 ) Operating loss (2,464 ) (824,694 ) Interest expense (720,761 ) (348,626 ) Net realized gain upon sale of marketable securities 96,200 9,598 Net loss $ (627,025 ) $ (1,163,722 )

ORGANIZATION (Details)

ORGANIZATION (Details)	May. 31, 2013USD ($)	Feb. 14, 2012USD ($)shares	Jun. 30, 2015USD ($)class_of_stock	Jun. 30, 2014USD ($)	Feb. 07, 2012USD ($)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Issuance of common stock, value	$ 10,000,000		$ 15,439,304	$ 7,079,943
Value of shares offered pursuant to registration statement					$ 2,250,000,000
Dividend reinvestment plan					250,000,000
Class of common stocks | class_of_stock			2
Inclusion of Pennsylvania investors, value of common stock purchase orders received, minimum, excluding Pennsylvania investors					75,000,000
RREEF Property Trust [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General Partners' contributed capital					199,000
RREEF Property OP Holder [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited Partners' contributed capital					$ 1,000
Common Class B [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Issuance of common stock, shares | shares		16,667
Issuance of common stock, value		$ 200,000

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Range [Domain]	3 Months Ended		6 Months Ended		23 Months Ended
	Jun. 30, 2015USD ($)tenantProperty	Jun. 30, 2014USD ($)tenantProperty	Jun. 30, 2015USD ($)tenantProperty	Jun. 30, 2014USD ($)tenantProperty	Jan. 03, 2014USD ($)	Feb. 07, 2012
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reimbursement period			60 months
Maximum offering costs as percentage of gross proceeds from initial public offering						15.00%
Percentage of taxable income required for REIT distribution	90.00%		90.00%
Number of real estate properties owned | Property	5	3	5	3
Number of Tenants | tenant	13	8	13	8
Concentration of revenue, geographic area and property type			10.00%
Straight-line revenue	$ 113,845	$ 67,367	$ 233,914	$ 99,907
RREEF America [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Offering costs incurred					$ 4,618,318
Gross Rental Revenues [Member] | Property
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Gross Rental Revenues [Member] | Property | Anaheim Hills Office Plaza [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	23.80%		24.00%
Gross Rental Revenues [Member] | Property | Terra Nova Plaza [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	27.80%		27.20%
Gross Rental Revenues [Member] | Property | Wallingford Plaza [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	12.70%	28.20%	12.90%	35.60%
Gross Rental Revenues [Member] | Property | Nine Zero Two Two Heritage Parkway [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	15.20%	32.80%	15.20%	40.40%
Gross Rental Revenues [Member] | Property | Commerce Corner member [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	20.50%	39.00%	20.70%	24.00%
Gross Rental Revenues [Member] | Tenant
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	71.50%	71.50%	71.30%	74.00%
Gross Rental Revenues [Member] | Tenant | Bed, Bath & Beyond [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	13.70%		13.50%
Gross Rental Revenues [Member] | Tenant | Allstate Insurance Company [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	15.20%	32.80%	15.20%	40.40%
Gross Rental Revenues [Member] | Tenant | performance food [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	12.20%	23.60%	12.40%	14.50%
Gross Rental Revenues [Member] | Tenant | Gateway One Lending and Finance, L.L.C [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	16.40%		16.50%
Gross Rental Revenues [Member] | Tenant | The Sports Authority Inc. [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	14.00%		13.70%
Gross Rental Revenues [Member] | Tenant | Walgreen Co. [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage		15.10%		19.10%
Annualized Base Rental Revenues [Member] | Tenant
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			61.70%	60.80%
Annualized Base Rental Revenues [Member] | Tenant | Allstate Insurance Company [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			18.50%	36.20%
Annualized Base Rental Revenues [Member] | Tenant | performance food [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			12.40%	24.60%
Annualized Base Rental Revenues [Member] | Tenant | Gateway One Lending and Finance, L.L.C [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			19.10%	0.00%
Annualized Base Rental Revenues [Member] | Tenant | The Sports Authority Inc. [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			11.70%	0.00%

FAIR VALUE MEASUREMENTS Fair Va

FAIR VALUE MEASUREMENTS Fair Value Measurements (Details)	Jun. 30, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit	$ 36,700,000

REAL ESTATE INVESTMENTS REAL ES

REAL ESTATE INVESTMENTS REAL ESTATE INVESTMENTS - Rental income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Real Estate [Abstract]
Rental revenue	$ 1,610,479	$ 762,932	$ 3,212,254	$ 1,261,312
Straight-line revenue	113,845	67,367	233,914	99,907
Above- and below-market lease amortization	93,374	11,027	186,747	24,324
Rental and other property income	$ 1,817,698	$ 841,326	$ 3,632,915	$ 1,385,543

REAL ESTATE INVESTMENTS - Pro F

REAL ESTATE INVESTMENTS - Pro Forma (Details) - Jun. 30, 2014 - USD ($)	Total	Total
Real Estate [Abstract]
Revenues	$ 1,454,554	$ 3,017,048
Net loss	$ (448,179)	$ (932,506)

REAL ESTATE INVESTMENTS - Narra

REAL ESTATE INVESTMENTS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Real Estate [Abstract]
Revenues related to property acquired				$ 370,836
Net income related to property acquired				38,470
Acquisition related expenses	$ 0	$ 126,057	$ 0	$ 164,599

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Marketable securities—cost	$ 7,938,954		$ 7,938,954		$ 5,811,129
Unrealized gains	135,189		135,189		592,470
Unrealized losses	(277,302)		(277,302)		(2,988)
Net unrealized (loss) gain	(142,113)		(142,113)		589,482
Marketable securities—fair value	7,796,841		7,796,841		$ 6,400,611
Proceeds from sale of marketable securities	3,005,669	$ 877,615	5,622,769	$ 1,607,842
Gross realized gains from sale of marketable securities	90,420	46,270	296,393	60,662
Gross realized losses from sale of marketable securities	$ 173,524	$ 10,105	$ 200,193	$ 51,064

LINE OF CREDIT (Details)

LINE OF CREDIT (Details)	Mar. 06, 2015USD ($)	May. 12, 2014	Aug. 31, 2015USD ($)	Jun. 30, 2015USD ($)Property	Dec. 31, 2014USD ($)	Jun. 30, 2014Property	May. 08, 2014USD ($)	May. 29, 2013USD ($)	May. 01, 2013USD ($)
Line of Credit Facility [Line Items]
Line of credit				$ 36,700,000
Percentage of Property Value	65.00%
Percentage of Minimum Debt Yield	11.00%
Related Party Transactions, Quarterly Payment Commitment, Triggering Event, Proceeds Raised				60,742,000			$ 200,000,000	$ 200,000,000
Deduct: Deferred financing costs, less accumulated amortization				(642,526)	$ (162,938)
Line of credit, net of unamortized deferred financing costs				$ 36,057,474	48,237,062
Number of real estate properties owned | Property				5		3
Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Line of Credit [Member] | Minimum [Member] | One-, Two- or Three-Month LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.70%
Line of Credit [Member] | Maximum [Member] | One-, Two- or Three-Month LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.90%
Subsequent Event [Member]
Line of Credit Facility [Line Items]
Line of credit			$ 33,000,000
Wells Fargo Bank [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Expansion Feature, Increase Limit				$ 25,000,000
Wells Fargo Bank [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Number of real estate properties owned | Property				5
Regions Bank [Member]
Line of Credit Facility [Line Items]
Line of credit	$ 42,400,000				48,400,000
Line of credit, current borrowing capacity									$ 50,000,000
Line of credit, interest rate at period end	2.66%
Deduct: Deferred financing costs, less accumulated amortization					(162,938)
Line of credit, net of unamortized deferred financing costs					$ 48,237,062
Line of Credit [Member] | Wells Fargo Bank [Member]
Line of Credit Facility [Line Items]
Line of credit	$ 43,426,851			$ 36,700,000
Line of Credit Term	3 years
Line of credit, current borrowing capacity	$ 75,000,000			$ 50,052,376
Line of credit, interest rate at period end				1.884%
Line of Credit Facility, Maximum Borrowing Capacity				$ 150,000,000
Deduct: Deferred financing costs, less accumulated amortization				(642,526)
Line of credit, net of unamortized deferred financing costs				$ 36,057,474

RELATED PARTY ARRANGEMENTS - Na

RELATED PARTY ARRANGEMENTS - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended		23 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jan. 03, 2014	Dec. 31, 2014	May. 08, 2014	May. 29, 2013
Related Party Transaction [Line Items]
Term of Agreements		1 year
Reimbursement period		60 months
Due to affiliate	$ 60,742,000	$ 60,742,000				$ 200,000,000	$ 200,000,000
Expense Payments						$ 9,200,000
Due to related party, expenses, quarterly repayment commitment							$ 250,000
Four fiscal quarter total operating expense		2,366,790
Total operating expense exceed 2%/25% guideline		$ 642,459
RREEF America [Member]
Related Party Transaction [Line Items]
Daily advisory fee accrued as percentage of fixed component of investment	0.00274%	0.00274%
Percentage of RREEF America advisory fee to NAV	1.00%	1.00%
Combined Net Asset Value, Common Stock, At Which Advisory Fee will Begin Accrual	$ 50,000,000	$ 50,000,000
Performance fee to advisor, percentage return per share threshold	$ 0.06	$ 0.06
Performance fee to advisor as percent of excess total return	25.00%	25.00%
Performance fee to advisor, limit as percent of excess total return	10.00%	10.00%
Performance fee to advisor, net asset value per share, threshold to which no fee earned on increase	$ 12	$ 12
Reimbursements to related parties during the period		$ (22,242)	$ 0
Offering costs incurred				$ 4,618,318
Expense Payments	$ 7,890,897	$ 7,890,897			$ 6,596,731
Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses		2.00%
Underwriting compensation for initial public offering as percent of gross offering proceeds	10.00%	10.00%
Reimbursable Offering Costs Determination, Gross Offering Costs, Percentage	15.00%	15.00%
Expenses to advisor not reimbursable, percentage of net income excluding certain reductions threshold exceeded by operating expenses		25.00%
Deferred O&O	$ 3,177,388	$ 3,177,388			2,570,322
Expense Payments		1,294,166
Organization and offering costs
Related Party Transaction [Line Items]
Reimbursements to related parties during the period	(230,157)	(457,785)	$ (452,726)
Organization and offering costs | RREEF America [Member]
Related Party Transaction [Line Items]
Expense Payments	2,922,260	2,922,260			2,184,676
Deferred O&O	$ 4,618,318	4,618,318			$ 4,618,318
Expense Payments		$ 737,584

RELATED PARTY ARRANGEMENTS Fees

RELATED PARTY ARRANGEMENTS Fees (Details) - RREEF America [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Fixed component	$ 151,985	$ 0	$ 253,829	$ 0
Performance component	(43,624)	120,604	0	120,604
Fees	$ 108,361	$ 120,604	$ 253,829	$ 120,604

RELATED PARTY ARRANGEMENTS Expe

RELATED PARTY ARRANGEMENTS Expense Support Agreement (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	May. 29, 2013
Related Party Transaction [Line Items]
Due to related party, expenses, quarterly repayment commitment				$ 250,000
Organization and offering costs
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursements (To) From Related Parties During the Period	$ 230,157	$ 457,785	$ 452,726
RREEF America [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursements (To) From Related Parties During the Period		22,242	$ 0
Expense Payments [Roll Forward]
Expense Payments, beginning balance		6,596,731
Expense Payments, Additions		1,294,166
Expense Payments, ending balance	7,890,897	7,890,897
RREEF America [Member] | Organization and offering costs
Expense Payments [Roll Forward]
Expense Payments, beginning balance		2,184,676
Expense Payments, Additions		737,584
Expense Payments, ending balance	2,922,260	2,922,260
RREEF America [Member] | Operating expenses
Expense Payments [Roll Forward]
Expense Payments, beginning balance		4,412,055
Expense Payments, Additions		556,582
Expense Payments, ending balance	$ 4,968,637	$ 4,968,637

RELATED PARTY ARRANGEMENTS Orga

RELATED PARTY ARRANGEMENTS Organization and Offering Costs (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	May. 08, 2014
Related Party Transaction [Line Items]
Four fiscal quarter total operating expense		$ 2,366,790
Expense Payments					$ 9,200,000
Total organization and offering costs	$ 9,176,358	9,176,358		$ 7,925,312
Total organization and offering costs, Additions		1,251,046
Organization and offering costs
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursements (To) From Related Parties During the Period	230,157	457,785	$ 452,726
Amount in excess of 15% limitation	(65,046)	(65,046)		(1,129,897)
Reimbursements made to RREEF America	(1,375,884)	(1,375,884)		(918,099)
RREEF America [Member]
Related Party Transaction [Line Items]
Combined Net Asset Value, Common Stock, At Which Advisory Fee will Begin Accrual	$ 50,000,000	50,000,000
Related Party Transaction, Reimbursements (To) From Related Parties During the Period		$ 22,242	$ 0
Reimbursable Offering Costs Determination, Gross Offering Costs, Percentage	15.00%	15.00%
Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses		2.00%
Deferred O&O	$ 3,177,388	$ 3,177,388		2,570,322
Expense Payments	$ 7,890,897	7,890,897		6,596,731
Expense Payments, Additions		$ 1,294,166
Underwriting compensation for initial public offering as percent of gross offering proceeds	10.00%	10.00%
RREEF America [Member] | Organization and offering costs
Related Party Transaction [Line Items]
Deferred O&O	$ 4,618,318	$ 4,618,318		4,618,318
Expense Payments	2,922,260	2,922,260		2,184,676
Expense Payments, Additions		737,584
Other organization and offering costs	1,635,780	1,635,780		1,122,318
Costs not subject to reimbursement by RREEF America, Additions		513,462
Amount in excess of 15% limitation	(65,046)	(65,046)		(1,129,897)
Amount in excess of the 15% limit, Additions		1,064,851
Total organization and offering costs	9,111,312	9,111,312		6,795,415
Total organization and offering costs, Additions		2,315,897
Deferred O&O reimbursable to RREEF America	$ 3,177,388	$ 3,177,388		$ 2,570,322

RELATED PARTY ARRANGEMENTS Due

RELATED PARTY ARRANGEMENTS Due to Affiliates (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	May. 08, 2014
Related Party Transaction [Line Items]
Expense Payments			$ 9,200,000
Management Fee Payable	$ 51,183
RREEF America [Member]
Related Party Transaction [Line Items]
Deferred O&O	3,177,388	$ 2,570,322
Expense Payments	7,890,897	6,596,731
Reimbursable under the advisory agreement	0	36,155
Management Fee Payable		0
Due to affiliates	$ 11,119,468	$ 9,203,208

CAPITALIZATION (Details)

CAPITALIZATION (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Schedule of Capitalization [Line Items]
Common stock redemption price per share	$ 12.30	$ 12.21
Common stock, shares authorized (in shares)			1,000,000,000
Preferred stock, shares authorized (in shares)			50,000,000	50,000,000
Common stock, par value (in usd per share)			$ 0.01
Maximum selling commissions as percentage of purchase price			3.00%
Preferred stock, par value (in usd per share)			$ 0.01	$ 0.01
Aggregate redemptions value limit, as a percentage of combined net asset value			5.00%
Aggregate redemptions value including carryover limit, as a percentage of combined net asset value			10.00%
Common stock redemption limit per shareholder, as a percentage of shares held			$ 0.05
Short-term trading discount as percentage of gross proceeds			2.00%
Common Class A [Member]
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)			500,000,000	500,000,000
Common stock, par value (in usd per share)			$ 0.01	$ 0.01
Stock Redeemed or Called During Period, Shares	2,047	7,962
Common Class B [Member]
Schedule of Capitalization [Line Items]
Common stock redemption price per share			$ 12.91
Common stock, shares authorized (in shares)			500,000,000	500,000,000
Common stock, par value (in usd per share)			$ 0.01	$ 0.01
Stock Redeemed or Called During Period, Shares			2,859

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Percentage of taxable income required for REIT distribution	90.00%				90.00%
Declared daily distribution rate, before adjustment for class-specific expenses (usd per share)	$ 0.00176456	$ 0.00175668	$ 0.00169307	$ 0.00167167
Distributions paid or payable in cash	$ 455,114	$ 294,197	$ 154,435	$ 130,908	$ 749,311	$ 285,343
Distributions reinvested	310,384	358,056	242,092	217,739	668,440	459,831
Distributions declared	$ 765,498	$ 652,253	$ 396,527	$ 348,647	1,417,751	$ 745,174
Common Stock | Common Class A [Member]
Class of Stock [Line Items]
Distributions reinvested					$ 248
Stock issued during period, dividend reinvestment plan (in shares)	13,684	11,126	6,244	5,162	24,810	11,406
Common Stock | Common Class B [Member]
Class of Stock [Line Items]
Distributions reinvested					$ 273
Stock issued during period, dividend reinvestment plan (in shares)	10,679	16,669	13,296	12,505	27,348	25,801

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Real estate properties	$ 89,380,165		$ 89,380,165		$ 91,429,128
Investment in marketable securities	7,796,841		7,796,841		6,400,611
Investments	97,177,006		97,177,006		97,829,739
Reconciliation to total assets as of June 30, 2015
Total assets	101,390,906		101,390,906		100,670,240
Revenues
Rental and other property income	1,817,698	$ 841,326	3,632,915	$ 1,385,543
Tenant reimbursement income	235,329	111,068	470,344	161,317
Investment income on marketable securities	59,747	26,715	106,791	52,236
Total revenues	2,112,774	979,109	4,210,050	1,599,096
Operating expenses
Property operating expenses	434,134	141,582	854,837	221,664
Total segment operating expenses	434,134	141,582	854,837	221,664
Operating Income - Segments	1,678,640	837,527	3,355,213	1,377,432
Reconciliation to net loss
General and administrative expense	(445,080)	(504,134)	(1,108,910)	(1,092,169)
Management Fee Expense	(108,361)	(120,604)	(253,829)	(120,604)
Acquisition related expenses	0	(126,057)	0	(164,599)
Depreciation	(484,528)	(207,699)	(969,055)	(333,317)
Amortization	(512,942)	(270,867)	(1,025,883)	(491,437)
Operating income (loss)	127,729	(391,834)	(2,464)	(824,694)
Interest expense	(258,315)	(220,538)	(720,761)	(348,626)
Net realized loss upon sale of marketable securities	(83,104)	36,165	96,200	9,598
Net loss	(213,690)	(576,207)	$ (627,025)	(1,163,722)
Additional Disclosure [Abstract]
Number of reportable segments | segment			2
Real Estate Properties [Member]
Segment Reporting Information [Line Items]
Real estate properties	89,380,165		$ 89,380,165		91,429,128
Revenues
Rental and other property income	1,817,698	841,326	3,632,915	1,385,543
Tenant reimbursement income	235,329	111,068	470,344	161,317
Investment income on marketable securities	0	0	0	0
Total revenues	2,053,027	952,394	4,103,259	1,546,860
Operating expenses
Property operating expenses	434,134	141,582	854,837	221,664
Total segment operating expenses	434,134	141,582	854,837	221,664
Operating Income - Segments	1,618,893	810,812	3,248,422	1,325,196
Real Estate Equity Securities [Member]
Segment Reporting Information [Line Items]
Investment in marketable securities	7,796,841		7,796,841		6,400,611
Revenues
Rental and other property income	0	0	0	0
Tenant reimbursement income	0	0	0	0
Investment income on marketable securities	59,747	26,715	106,791	52,236
Total revenues	59,747	26,715	106,791	52,236
Operating expenses
Property operating expenses	0	0	0	0
Total segment operating expenses	0	0	0	0
Operating Income - Segments	59,747	$ 26,715	106,791	$ 52,236
Corporate [Member]
Reconciliation to total assets as of June 30, 2015
Total assets	$ 4,213,900		$ 4,213,900		$ 2,840,501

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Jul. 01, 2015	Aug. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015
Subsequent Event [Line Items]
Distributions declared per common shares			$ 0.00176456	$ 0.00175668	$ 0.00169307	$ 0.00167167
Line of credit			$ 36,700,000				$ 36,700,000
Stock Redeemed or Called During Period, Value							$ 36,916
Short-term trading discount as percentage of gross proceeds			2.00%				2.00%
Common Class A [Member]
Subsequent Event [Line Items]
Stock Redeemed or Called During Period, Shares					2,047	7,962
Common Class B [Member]
Subsequent Event [Line Items]
Stock Redeemed or Called During Period, Shares							2,859
Subsequent Event [Member]
Subsequent Event [Line Items]
Repayments of line of credit		$ 3,700,000
Line of credit		$ 33,000,000
Short-term trading discount as percentage of gross proceeds		2.00%
Subsequent Event [Member] | Common Class A [Member]
Subsequent Event [Line Items]
Distributions declared per common shares	$ 0.00173533
Stock Redeemed or Called During Period, Shares		7,593
Stock Redeemed or Called During Period, Value		$ 96,355
Subsequent Event [Member] | Common Class B [Member]
Subsequent Event [Line Items]
Distributions declared per common shares	$ 0.00173533
Stock Redeemed or Called During Period, Shares		215,060
Stock Redeemed or Called During Period, Value		$ 2,750,294
Common Stock | Common Class A [Member]
Subsequent Event [Line Items]
Stock Redeemed or Called During Period, Shares							0
Stock Redeemed or Called During Period, Value							$ 0
Common Stock | Common Class B [Member]
Subsequent Event [Line Items]
Stock Redeemed or Called During Period, Shares							2,859
Stock Redeemed or Called During Period, Value							$ 29