RREEF Property Trust (ZRPTIX) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 10, 2016
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, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
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		3,646,009
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,403,164
Common Class T [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,043

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Land	$ 31,754,687	$ 31,754,687
Buildings and improvements, less accumulated depreciation of $5,265,303 and $3,497,151, respectively	78,293,084	80,061,236
Property, Plant and Equipment, Net	287,507	339,735
Acquired intangible lease assets, less accumulated amortization of $7,764,554 and $4,782,000, respectively	20,167,134	23,149,688
Total investment in real estate assets, net	130,502,412	135,305,346
Investment in marketable securities	9,549,281	8,569,004
Total investment in real estate assets and marketable securities, net	140,051,693	143,874,350
Cash and cash equivalents	2,476,213	1,936,870
Receivables, net of allowance for doubtful accounts of $470,480 and zero, respectively	1,352,002	1,112,429
Deferred Costs, Leasing, Net, Current	156,475	0
Prepaids and other assets	1,444,791	1,142,624
Total assets	145,481,174	148,066,273
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit, net	46,648,267	71,784,456
Mortgage loan payable, net	14,345,817	0
Accounts payable and accrued expenses	586,822	295,488
Due to affiliates	4,918,380	12,041,732
Note to affiliate, net of unamortized discount of $1,722,262 at June 30, 2016	7,227,738	0
Acquired below market lease intangibles, less accumulated amortization of $910,362 and $669,589, respectively	7,618,176	7,858,949
Distributions payable	211,791	192,435
Other liabilities	2,775,102	3,816,498
Total liabilities	84,332,093	95,989,558
Stockholders' Equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued	0	0
Additional paid in capital	75,832,581	62,760,361
Accumulated deficit	(15,984,536)	(11,439,005)
Accumulated other comprehensive income	1,230,546	695,440
Total stockholders' equity	61,149,081	52,076,715
Total liabilities and stockholders' equity	145,481,174	148,066,273
Common Class A [Member]
Stockholders' Equity:
Common stock	36,412	30,776
Common Class I [Member]
Stockholders' Equity:
Common stock	34,038	29,143
Common Class T [Member]
Stockholders' Equity:
Common stock	40	0
Total stockholders' equity	40
Common Class D [Member]
Stockholders' Equity:
Common stock	0	0
Common Class N [Member]
Stockholders' Equity:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Buildings and improvements, accumulated depreciation	$ 5,265,303	$ 3,497,151
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	78,394	26,166
Acquired intangible lease assets, accumulated amortization	7,764,554	4,782,000
Allowance for Doubtful Accounts Receivable	470,480	0
Participating Mortgage Loans, Unamortized Debt Discount, Amount		0
Off-market lease, unfavorable, accumulated depreciation	$ 910,362	$ 669,589
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
Note payable, Related Party, Unamortized Debt Discount, Amount	$ 1,722,262
Common Class A [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000
Common stock, shares issued (in shares)	3,641,146	3,077,546
Common stock, shares outstanding (in shares)	3,641,146	3,077,546
Common Class I [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000
Common stock, shares issued (in shares)	3,403,793	2,914,314
Common stock, shares outstanding (in shares)	3,403,793	2,914,314
Common Class T [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	0
Common stock, shares issued (in shares)	4,043	0
Common stock, shares outstanding (in shares)	4,043	0
Common Class D [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	0
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Common Class N [Member]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	0
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Wells Fargo Bank [Member]
Debt Issuance Costs, Line of Credit Arrangements, Net	$ 551,733	$ 715,544

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Rental and other property income	$ 3,260,003	$ 1,817,698	$ 6,498,902	$ 3,632,915
Tenant reimbursement income	284,746	235,329	640,142	470,344
Investment income on marketable securities	73,813	59,747	264,329	106,791
Total revenues	3,618,562	2,112,774	7,403,373	4,210,050
Expenses
General and administrative expenses	521,181	445,080	1,109,657	1,108,910
Property operating expenses	1,189,689	434,134	2,563,360	854,837
Related Party Transaction, Fees	218,791	108,361	424,728	253,829
Depreciation	911,360	484,528	1,820,380	969,055
Amortization	1,456,936	512,942	2,913,873	1,025,883
Total operating expenses	4,297,957	1,985,045	8,831,998	4,212,514
Operating income (loss)	(679,395)	127,729	(1,428,625)	(2,464)
Interest expense	(550,654)	(258,315)	(1,116,361)	(720,761)
Net realized gain (loss) upon sale of marketable securities	223,991	(83,104)	129,046	96,200
Net loss	$ (1,006,058)	$ (213,690)	$ (2,415,940)	$ (627,025)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	6,757,026	4,771,626	6,566,630	4,455,011
Net loss per common share:
Basic and diluted (in usd per share)	$ (0.15)	$ (0.04)	$ (0.37)	$ (0.14)

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,006,058)	$ (213,690)	$ (2,415,940)	$ (627,025)
Other comprehensive income:
Reclassification of previous unrealized loss (gain) on marketable securities into net realized (gain) loss	(223,991)	83,104	(129,046)	(96,200)
Unrealized gain (loss) on marketable securities	384,852	(898,025)	664,152	(635,395)
Total other comprehensive income (loss)	160,861	(814,921)	535,106	(731,595)
Comprehensive loss	$ (845,197)	$ (1,028,611)	$ (1,880,834)	$ (1,358,620)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2016 - USD ($)	Total	Common Class A [Member]	Common Class I [Member]	Common Class T [Member]	Preferred Stock	Common StockCommon Class A [Member]	Common StockCommon Class I [Member]	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance (shares) at Dec. 31, 2015					0	3,077,546	2,914,314
Balance at Dec. 31, 2015	$ 52,076,715				$ 0	$ 30,776	$ 29,143	$ 62,760,361	$ (11,439,005)	$ 695,440
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares				4,043	0	1,110,637	507,007
Issuance of common stock, value	21,353,770			$ 40	$ 0	$ 11,106	$ 5,070	21,337,554
Issuance of common stock through the distribution reinvestment plan (in shares)		40,586	25,760	0		40,586	25,760
Distributions reinvested	864,285					$ 406	$ 258	863,621
Stock Redeemed or Called During Period, Shares		(587,623)	(43,288)	0		(587,623)	(43,288)
Stock Redeemed or Called During Period, Value	(8,131,222)	$ (7,568,584)	$ (566,640)	$ 0		$ (5,876)	$ (433)	(8,124,913)
Distributions to investors	(2,129,591)								(2,129,591)
Dealer-manager fees	(201,668)							(201,668)
Other offering costs	(2,664,254)							(2,664,254)
Adjustments to Additional Paid in Capital, Discount on Note to Affiliate	1,861,880							1,861,880
Comprehensive loss	(1,880,834)								(2,415,940)	535,106
Balance (shares) at Jun. 30, 2016				4,043	0	3,641,146	3,403,793
Balance at Jun. 30, 2016	$ 61,149,081			$ 40	$ 0	$ 36,412	$ 34,038	$ 75,832,581	$ (15,984,536)	$ 1,230,546

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (2,415,940)	$ (627,025)
Depreciation	1,820,380	969,055
Net realized gain upon sale of marketable securities	(129,046)	(96,200)
Amortization of intangible lease assets and liabilities	2,741,781	839,136
Amortization of deferred financing costs	169,127	239,726
Allowance for doubtful accounts	470,480	0
Straight line rent	(289,236)	(233,914)
Amortization of discount on note to affiliate	139,618	0
Changes in assets and liabilities:
Receivables	(208,874)	31,434
Deferred leasing costs	(156,475)	0
Prepaids and other assets	59,667	(159,496)
Accounts payable and accrued expenses	(94,965)	(5,499)
Other liabilities	153,061	(243,002)
Due to affiliates	85,337	571,618
Net cash provided by operating activities	2,344,915	1,285,833
Cash flows from investing activities:
Investment in marketable securities	(6,154,708)	(7,459,827)
Proceeds from sale of marketable securities	5,839,799	5,304,541
Net cash used in investing activities	(314,909)	(2,155,286)
Cash flows from financing activities:
Proceeds from line of credit	2,700,000	43,426,851
Repayments of line of credit	(28,000,000)	(55,126,851)
Proceeds from notes payable	14,500,000	0
Proceeds from issuance of common stock	21,156,682	15,439,304
Payment of offering costs	(2,060,673)	(753,924)
Repayment of note to affiliate	(250,000)	0
Distributions to investors	(2,110,235)	(1,334,942)
Repurchase of shares	(8,131,222)	(36,916)
Common stock issued through the distribution reinvestment plan	864,285	668,440
Deferred financing costs paid	(159,500)	(719,314)
Net cash (used in) provided by financing activities	(1,490,663)	1,562,648
Net increase in cash and cash equivalents	539,343	693,195
Cash and cash equivalents, beginning of period	1,936,870	2,119,387
Cash and cash equivalents, end of period	2,476,213	2,812,582
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Accrued offering costs payable to affiliates	0	1,802,425
Distributions declared and unpaid	211,791	169,853
Unrealized gain (loss) on marketable securities	535,106	(731,595)
Purchases of marketable securities not yet paid	27,710	270,023
Proceeds from sale of marketable securities not yet received	32,466	345,689
Proceeds from issuance of common stock not yet received	197,088	0
Discount on note to affiliate	1,861,880	0
Accrued dealer manager and distribution fees	828,684	0
Interest paid	$ 766,748	$ 477,281

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2016
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 proceeds 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”). On January 3, 2013, the Securities and Exchange Commission ("SEC") declared effective the Company's registration statement on form S-11 (File No. 333-180356), filed under the Securities Act of 1933, as amended (the "Registration Statement"). Pursuant to the Registration Statement, the Company offered for sale up to $2,250,000,000 of shares of its common stock in its primary offering and up to $250,000,000 of shares of its common stock pursuant to its distribution reinvestment plan (the “Public Offering”). On May 30, 2013, RREEF America purchased $10,000,000 of the Company's Class B shares, $0.01 par value per share ("Class B Shares"), in the Public 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. Initially, the Company offered to the public two classes of shares of its common stock, Class A shares, $0.01 par value per share ("Class A Shares") and Class B Shares, in any combination of Class A Shares and Class B Shares with a dollar value up to the maximum offering amount. On January 15, 2016, the Company filed articles supplementary to its articles of incorporation to add a newly-designated Class D common stock, $0.01 par value per share ("Class D shares"). On January 20, 2016, the Company commenced a private offering of up to a maximum of $350,000,000 in Class D shares (the "Private Offering," and together with the Public Offering and the Follow-On Public Offering (defined below), the "Offerings"). On January 27, 2016, the Company filed articles supplementary and articles of amendment to its articles of incorporation to (a) change the name of its Class B shares to Class I shares, (b) add a newly-designated Class T common stock, $0.01 par value per share ("Class T shares") and (c) add a newly-designated Class N common stock, $0.01 par value per share ("Class N shares"). On February 2, 2016, the Company filed an amendment to the Registration Statement to add the Class T shares to the Public Offering, and that amendment to the Registration Statement was declared effective by the SEC on February 9, 2016. Class T shares contain a conversion feature whereby upon the occurrence of a specified event (generally related to a Class T stockholder's account having incurred a maximum of 10% of underwriting compensation), Class T shares owned in a shareholder's Class T account for a given offering will automatically convert to Class N shares. Shares of the Company’s common stock are sold at the Company’s net asset value (“NAV”) per share, plus, for Class A, T and D 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. On December 23, 2015, the Company filed a registration statement on Form S-11 (File No. 333-208751) registering $2,300,000,000 in shares of its common stock to be sold on a "best efforts" basis in any combination of Class A, Class I, Class T or Class N common stock for the Company's follow-on offering (the "Follow-On Public Offering"). On July 1, 2016, the Company and its Operating Partnership entered into a new dealer manager agreement (the “New Dealer Manager Agreement”) with Deutsche AM Distributors, Inc. (the “New Dealer Manager”), a registered broker-dealer and an affiliate of RREEF America. On July 12, 2016, the Company's Follow-On Public Offering was declared effective by the SEC. Also see Note 7. The Company's NAV per share for its Class A, Class I and Class T shares is posted to the Company's website at www.rreefpropertytrust.com after the stock market close each business day. Additionally, the Company's NAV per share for its Class A, Class I and Class T shares is published daily via NASDAQ's Mutual Fund Quotation System under the symbols ZRPTAX, ZRPTIX and ZRPTTX for its Class A shares, Class I shares and Class T shares, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
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, 2015. The Company adjusted its accounting for trailing fees, as described below, which resulted in an immaterial correction to the consolidated financial statements. Otherwise, there have been no significant changes to the Company's critical accounting policies during the six months ended June 30, 2016 . 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 Offerings, preparing for the Offerings, the qualification and registration of the Offerings 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 Public Offering through June 30, 2016, (“SC Distributors”), 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 SC Distributors or the New 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 Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company in relation to each of the Public Offering and the Follow-On Public Offering will not exceed 15% of the gross proceeds from the Public Offering or the Follow-On Public Offering, respectively. In addition, the Company will not reimburse RREEF America,SC Distributors or the New Dealer Manager 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 portion of the Public Offering or the Follow-On Public Offering, respectively. Included in offering costs are (1) distribution fees paid on a trailing basis at the rate of (a) 0.50% per annum on the NAV of the Company's outstanding Class A shares, and (b) 1.00% per annum for approximately four years on the net asset value of the Company's outstanding Class T shares, and (2) dealer manager fees paid on a trailing basis at the rate of 0.55% per annum on the NAV of the Company's outstanding Class A and Class I shares (collectively, the "Trailing Fees"). The Trailing Fees are computed daily based on the respective NAV of each share class as of the beginning of each day and paid monthly. However, at each reporting date, the Company accrues an estimate for the amount of Trailing Fees that ultimately may be paid on the outstanding shares. Such estimate reflects the Company's assumptions for certain variables, including future redemptions, share price appreciation and the total gross proceeds to be raised during the Public Offering and the Follow-On Public Offering. In addition, the estimated accrual for future Trailing Fees as of a given reporting date may be reduced by the aforementioned limits on total organization and offering costs and total underwriting compensation. Changes in this estimate will be recorded prospectively as an adjustment to additional paid in capital. Correction of Immaterial Understatement of Liabilities During the three months ended June 30, 2016, the Company identified an immaterial understatement of its liability for Trailing Fees. Previously, the Company accrued for Trailing Fees on a daily basis as offering costs, which are recorded as a reduction of capital in excess of par value. The Company has determined that an estimate for the full amount of the future liability of Trailing Fees should be accrued upon the sale of the Company's shares that incur Trailing Fees. The Company's consolidated financial statements as of and for the year ended December 31, 2015 have been corrected to record a liability for future Trailing Fees. This change has no impact on the Company's net loss or cash flows. The correction of this immaterial misstatement will also be reflected in comparable prior period amounts in the Company's future filings. The following table summarizes the effects of this change: As of December 31, 2015 Previously Reported Adjustment Corrected Other liabilities $ 2,193,557 1,622,941 $ 3,816,498 Total liabilities $ 94,366,617 1,622,941 $ 95,989,558 Additional paid in capital $ 64,383,302 (1,622,941 ) $ 62,760,361 Total stockholders' equity $ 53,699,656 (1,622,941 ) $ 52,076,715 Concentration of Credit Risk As of June 30, 2016 and 2015 , 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, 2016 , the Company owned six commercial properties with fourteen tenants and one student housing property with 316 beds. As of June 30, 2015 , the Company owned five commercial properties with thirteen tenants. Percentages of gross rental revenues by location and tenant representing more than 10% of the Company's total gross rental revenues (rental and other property income and tenant reimbursement income) for the three and six months ended June 30, 2016 and 2015 are shown below. Percent of actual gross rental revenues Property Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Loudoun Gateway, Sterling VA 20.4 % 22.0 % Flats at Carrs Hill, Athens GA 19.8 % 20.0 % Terra Nova Plaza, Chula Vista, CA 1 15.5 % 13.5 % Anaheim Hills Office Plaza, Anaheim CA 15.2 % 15.0 % Commerce Corner, Logan Township, NJ 12.0 % 12.4 % Total 82.9 % 82.9 % Percent of actual gross rental revenues Tenant Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Orbital ATK Inc. - Loudoun Gateway 20.5 % 22.0 % Gateway One Lending and Finance, L.L.C. - Anaheim Hills Office Plaza 10.0 % 10.1 % Total 30.5 % 32.1 % Percent of actual gross rental revenues Property Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Terra Nova Plaza, Chula Vista, CA 1 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 % Total 100.0 % 100.0 % Percent of actual gross rental revenues 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, Inc - Terra Nova Plaza 1 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 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of June 30, 2016 and 2015 were as follows: Percent of in-place annualized base rental revenues as of Tenant June 30, 2016 June 30, 2015 Orbital ATK Inc. - Loudoun Gateway 22.0 % — % Gateway One Lending and Finance, L.L.C. - Anaheim Hills Office Plaza 11.1 % 19.1 % Allstate Insurance Company - Heritage Parkway 10.3 % 18.5 % Performance Food Group, Inc. - Commerce Corner 6.8 % 12.4 % The Sports Authority, Inc. - Terra Nova Plaza 1 6.3 % 11.7 % Total 56.5 % 61.7 % 1 On March 2, 2016, The Sports Authority, Inc., a tenant at Terra Nova Plaza, declared bankruptcy. The Sports Authority, Inc. publicly announced plans to close all of its 463 stores, and will pursue a full sale of its assets. On June 29, 2016, The Sports Authority Inc.'s lease at Terra Nova Plaza was awarded at auction to another retailer and the Company is currently in discussions with such winning bidder regarding the lease at Terra Nova Plaza. All outstanding receivables as of June 30, 2016 related to The Sports Authority, Inc., including $269,089 of accounts receivable for March base rent plus certain tenant reimbursements, and $200,969 of deferred rent receivable, have been reserved, with such reserve included in property operating expenses on the consolidated statements of operations. Base rent for April through July 2016 was received by the Company from The Sports Authority, Inc. Recent Accounting Pronouncements In April 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 became effective for the Company on January 1, 2016. The Company determined that its cloud computing arrangements do not contain software licenses, and thus there was no impact on the Company's consolidated financial statements upon adoption of ASU 2015-05. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement Period Adjustments. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined. ASU 2015-16 requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current period earnings by line item that would have been recorded in the previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 became effective for the Company on January 1, 2016. There was no impact on the Company's consolidated financial statements upon the adoption of ASU 2015-16. In January 2016, the FASB issued ASU 2016-01, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 amends the guidance on the classification and measurement of financial instruments. Although ASU 2016-01 retains many current requirements, it significantly revises an entity’s accounting related to investments in equity securities, excluding those accounted for under the equity method of accounting or those that result in consolidation of the investee. The guidance also amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective on January 1, 2018 for the Company for both its interim and annual reporting periods with early adoption permitted. The Company has not yet evaluated the impact of ASU 2016-01 on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. As of June 30, 2016 , the Company is not a lessee under any lease contracts. ASU 2016-02 is effective on January 1, 2019, with early adoption permitted. The Company has not yet evaluated the impact of ASU 2016-02 on its consolidated financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2016
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 mortgage 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 approximated its fair value of $47,200,000 and $72,500,000 at June 30, 2016 and December 31, 2015 , respectively. The carrying amount of the Company's mortgage loan payable approximated its fair value of $14,500,000 at June 30, 2016 . The fair value of the Company's note to affiliate is determined using Level 2 and Level 3 inputs and a discounted cash flow approach with an interest rate and other assumptions that estimate current market conditions. The Company has estimated the fair value of its note to affiliate at approximately $2,600,000 as of June 30, 2016 . The Company's financial instruments, other than those referred to above, 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, 2016
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS The Company acquired no real estate properties during the six months ended June 30, 2016 and 2015. The Company's rental and other property income for the three and six months ended June 30, 2016 and 2015 is comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Rental revenue $ 3,021,129 $ 1,610,479 $ 6,037,575 $ 3,212,254 Straight line revenue 152,828 113,845 289,236 233,914 Above- and below-market lease amortization 86,046 93,374 172,091 186,747 Rental and other property income $ 3,260,003 $ 1,817,698 $ 6,498,902 $ 3,632,915

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 , which consisted entirely of publicly-traded shares of common stock in REITs as of each date. All marketable securities held as of June 30, 2016 and December 31, 2015 were available-for-sale securities and none were considered impaired on an other-than-temporary basis. June 30, 2016 December 31, 2015 Marketable securities—cost $ 8,318,735 $ 7,873,564 Unrealized gains 1,348,889 827,989 Unrealized losses (118,343 ) (132,549 ) Net unrealized gain 1,230,546 695,440 Marketable securities—fair value $ 9,549,281 $ 8,569,004 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, 2016 and 2015 , marketable securities sold generated proceeds of $2,731,836 and $3,005,669 , respectively, resulting in gross realized gains of $279,772 and $90,420 , respectively, and gross realized losses of $55,781 and $173,524 , respectively. During the six months ended June 30, 2016 and June 30, 2015, marketable securities sold generated proceeds of $5,854,654 and $5,622,769 resulting in gross realized gains of $402,420 and $296,393 , respectively, and gross realized losses of $273,374 and $200,193 , respectively.

LINE OF CREDIT

LINE OF CREDIT	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
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. 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. On March 6, 2015, the Company refinanced its Regions Line of Credit with a new secured line of credit from Wells Fargo Bank, National Association (the "Wells Fargo Line of Credit") (described below). 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. As a result, the Company fully expensed unamortized deferred financing costs under the Regions Line of Credit in the amount of $82,762 . As of March 6, 2015, the Regions Line of Credit had an outstanding balance and weighted average interest rate of $42,400,000 and 2.66% , respectively. Wells Fargo Line of Credit On March 6, 2015, the Company borrowed $43,426,851 under the Wells Fargo Line of Credit 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, 2016 and December 31, 2015 , the outstanding balance was $47,200,000 and $72,500,000 , respectively, and the weighted average interest rate was 2.16% , and 2.05% , respectively. The Wells Fargo Line of Credit has as co-borrowers certain of 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, 2016 and December 31, 2015 , the Company's maximum borrowing capacity was $64,864,181 and $75,000,000 , respectively, with the June 30, 2016 borrowing capacity being less than the December 31, 2015 borrowing capacity due to the refinancing of The Flats at Carrs Hill discussed below. 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, 2016 and December 31, 2015 . Nationwide Life Insurance Loan On March 1, 2016, RPT Flats at Carrs Hill, LLC, a wholly-owned subsidiary of the Operating Partnership, entered into a credit agreement with Nationwide Life Insurance Company (the "Nationwide Loan"). Proceeds of $14,500,000 obtained from the Nationwide Loan were used to repay outstanding balances under the Wells Fargo Line of Credit, thereby releasing The Flats at Carrs Hill from the Wells Fargo Line of Credit. The Nationwide Loan is a secured, fully non-recourse loan with a term of ten years with no extension options. The Nationwide Loan carries a fixed interest rate of 3.63% and requires monthly interest-only payments of $43,862 during the entire term. The following is a reconciliation of the carrying amount of the of the line of credit and mortgage loan payable as of June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Line of credit $ 47,200,000 $ 72,500,000 Deduct: Deferred financing costs, less accumulated amortization (551,733 ) (715,544 ) Line of credit, net $ 46,648,267 $ 71,784,456 Mortgage loan payable $ 14,500,000 $ — Deduct: Deferred financing costs, less accumulated amortization (154,183 ) — Mortgage loan payable, net $ 14,345,817 $ —

RELATED PARTY ARRANGEMENTS

RELATED PARTY ARRANGEMENTS	6 Months Ended
	Jun. 30, 2016
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 has 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, 2017. 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 1/365 th 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. The performance component is calculated for each calendar year, or, if a class of shares was outstanding for less than a full calendar year, then the performance component for such class is calculated for the period that such class had shares outstanding. For any period of calculation in which the total return per share allocable to a class exceeds 6% per annum (which is prorated for periods of less than a full calendar year), 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, 2016 and 2015 are shown below. As the Company's combined NAV reached $50,000,000 on January 22, 2015, RREEF America commenced earning the fixed component of the advisory fee as of that 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, 2016, if any, is dependent on several factors, including but not limited to the performance of the Company's investments and interest rates. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Fixed component $ 218,791 $ 151,985 $ 424,728 $ 253,829 Performance component — (43,624 ) — — $ 218,791 $ 108,361 $ 424,728 $ 253,829 The performance component for the three months ended June 30, 2015 represents a reversal of the performance component that was accrued as of March 31, 2015 as the performance of the Company's shares for the six months ended June 30, 2015 no longer met the minimum 6% hurdle. Expense Reimbursements Under the Advisory Agreement, RREEF America is entitled to reimbursement of certain costs incurred by RREEF America or its affiliates that were not incurred under the Expense Support Agreement, as described below. Costs eligible for reimbursement, if they were 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, 2016 and 2015 , RREEF America incurred $82,210 and zero reimbursable operating expenses, respectively, that were subject to the terms and conditions of the Advisory Agreement. For the six months ended June 30, 2016 and 2015, RREEF America incurred $159,927 and $22,242 reimbursable operating expenses, respectively, that were subject to the terms and conditions of the Advisory Agreement. As of June 30, 2016 and December 31, 2015 , the Company had payable to RREEF America $75,358 and zero , 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 pro rata basis over 60 months beginning in January 2014. However, if the Advisory Agreement is terminated by RREEF America, then the unpaid balance of the Deferred O&O is payable to RREEF America within 30 days. For the three months ended June 30, 2016 and 2015 , the Company reimbursed RREEF America $230,157 and $230,157 , respectively. For the six months ended June 30, 2016 and 2015, the company reimbursed RREEF America $460,315 and $457,785 , respectively. The amount of Deferred O&O payable to RREEF America is as follows. June 30, 2016 December 31, 2015 Total Deferred O&O $ 4,618,318 $ 4,618,318 Reimbursements made to RREEF America (2,301,572 ) (1,841,257 ) Deferred O&O reimbursable to RREEF America $ 2,316,746 $ 2,777,061 Expense Support Agreement Pursuant to the terms of the expense support agreement as most recently amended on January 20, 2016 (the "Expense Support Agreement"), RREEF America agreed to defer reimbursement of certain expenses related to the Company's operations that RREEF America has incurred that are not part of the Deferred O&O described above and, therefore, are in addition to the Deferred O&O amount (the “Expense Payments”). The Expense Payments include organization and offering costs and operating expenses as described above under the Advisory Agreement. RREEF America incurred these expenses until the earlier of (i) the date the Company raised $200,000,000 in aggregate gross proceeds from the Offerings or (ii) the date upon which the aggregate Expense Payments by RREEF America exceed $9,200,000 . Through December 31, 2015 , the Company had incurred a total of $9,200,000 in Expense Payments in addition to the $4,618,318 of Deferred O&O noted above. As of December 31, 2015 , the balance of $9,200,000 in Expense Payments consisted of $3,970,819 in organization and offering costs and $5,229,181 in operating expenses. As the maximum amount of Expense Payments has been reached, the Company is no longer eligible to receive Expense Payments from RREEF America. In addition, under the Expense Support Agreement, RREEF America 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 . Pursuant to this provisions, reimbursement of the Expense Payments was triggered in January 2016, for which the Company would reimburse RREEF America $250,000 per quarter (the "Quarterly Reimbursement"). The Quarterly Reimbursements were scheduled to continue until RREEF America is fully repaid for all Expense Payments. In accordance with the quarterly reimbursement schedule, the Company's obligation to reimburse RREEF America represented a non-interest bearing note due to RREEF America ("Note to Affiliate") which is subject to the imputation of interest. In accordance therewith, as of January 1, 2016, the Company recorded a discount on the Note to Affiliate equal to the difference between the $9,200,000 face amount and the present value of the contractual reimbursements using an estimated market interest rate of 5.0% . The Company estimated the market interest rate based on how an independent market participant would evaluate the note in addition to considering other financing options available to the Company. The amount of the Quarterly Reimbursement is subject to adjustment in amount or timing as described in the Expense Support Agreement. However, the provisions altering the amount or timing of the Quarterly Reimbursement are contingent on future events not within the Company's control and which cannot be reasonably estimated. Accordingly, these contingencies were not considered in determining the present value of the Note to Affiliate as of January 1, 2016. As of January 1, 2016, the Company recorded a discount on the Note to Affiliate in the amount of $1,861,880 which was to be amortized to interest expense over the contractual reimbursement period using the effective interest method. For the three months ended March 31, 2016, the Company made one payment of $250,000 to RREEF America and amortized $91,726 of the discount into interest expense. On April 25, 2016, the Company and RREEF America entered into a letter agreement that amended certain provisions of the Advisory Agreement and the Expense Support Agreement (the "Letter Agreement"). The Letter Agreement provides, in part, that the Company's obligations to reimburse RREEF America for Expense Payments under the Expense Support Agreement are suspended until the first calendar month following the month in which the Company has reached $500 million in offering proceeds from the Offerings (the "ESA Commencement Date"). The Company currently owes $8,950,000 to RREEF America under the Expense Support Agreement. Beginning the month following the ESA Commencement Date, the Company will make monthly reimbursement payments to RREEF America in the amount of $416,667 for the first 12 months and $ 329,166 for the second 12 months, subject to monthly reimbursement payment limitations described in the Letter Agreement. The execution of the Letter Agreement represents a modification of the Note to Affiliate, and as such, the unamortized discount on the Note to Affiliate as of April 25, 2016 will instead be amortized over the estimated repayment period pursuant to the Letter Agreement. In accordance therewith, the Company is amortizing the remaining discount using an interest rate of 1.93% . For the three and six month periods ended June 30, 2016 , the Company amortized $47,892 and $139,618 respectively of the discount on the Note to Affiliate into interest expense. In addition, pursuant to the Letter Agreement, if RREEF America is serving as the Company's advisor at the time that the Company or the Operating Partnership undertakes a liquidation, the Company's remaining obligations to reimburse RREEF America for the unpaid Deferred O&O under the Advisory Agreement and the unpaid monthly reimbursements under the Expense Support Agreement shall be waived. Dealer Manager Agreement Effective July 1, 2016, the Company and the Operating Partnership terminated the amended and restated dealer manager agreement, dated as of January 26, 2016, with SC Distributors. On July 1, 2016, the Company and its Operating Partnership entered into a new dealer manager agreement (the “New Dealer Manager Agreement”) with Deutsche AM Distributors, Inc. (the “New Dealer Manager”), a registered broker-dealer. The New Dealer Manager Agreement governs the distribution by the New Dealer Manager of the Company’s Class A shares, Class I shares, Class N shares and Class T shares of common stock in the Company’s Follow-On Public Offering and any subsequent registered public offering. The New Dealer Manager is an affiliate of RREEF America. In connection with the ongoing Trailing Fees to be paid in the future, the Company and the New Dealer Manager entered into an agreement whereby the Company will pay to the New Dealer Manager the Trailing Fees that are attributable to the Company's shares issued in the Public Offering that remain outstanding. As of June 30, 2016 , the Company has accrued $2,451,625 in Trailing Fees payable to the New Dealer Manager which is included in due to affiliates on the consolidated balance sheet. Reimbursement Limitations Organization and Offering Costs The Company will not reimburse RREEF America under the Advisory Agreement or the Expense Support Agreement and will not reimburse the New Dealer Manager under the New Dealer Manager Agreement 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 Public Offering or the Follow-On Public Offering, respectively. Further, the Company will not reimburse RREEF America, SC Distributors or the New Dealer Manager 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 portion of the Public Offering of the Follow-On Public Offering, respectively. Through June 30, 2016 , the Company has raised $102,831,484 in the Public Offering. A summary of the Company's total organization and offering costs for the Public Offering is shown below. Deferred O&O - RREEF America Expense Payments - O&O Portion (1) Other organization and offering costs (2) Total organization and offering costs Organization and offering costs in excess of the 15% limit 15% limited organization and offering costs Balance, December 31, 2015 $ 4,618,318 $ 3,970,819 $ 4,221,760 $ 12,810,897 $ — $ 12,810,897 Additions — — 2,809,276 2,809,276 — 2,809,276 Balance, June 30, 2016 $ 4,618,318 $ 3,970,819 $ 7,031,036 $ 15,620,173 $ — $ 15,620,173 (1) Includes $195,450 of prepaid costs related to the Private Offering as of June 30, 2016. (2) Includes $1,622,941 and $2,451,625 of accrued trailing fees as of December 31, 2015 and June 30, 2016 respectively. 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, 2016 , total operating expenses of the Company were $2,770,386 which exceeded the 2% / 25% Guidelines by $170,209 . On August 11, 2016, the Company’s independent directors determined that the Excess Amount of total operating expenses for the four quarters ended June 30, 2016 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 five to seven properties during the four fiscal quarters ended June 30, 2016 . The Excess Amount approved by the Company’s independent directors that was incurred by RREEF America will be reimbursed to RREEF America. Due to Affiliates and Note to Affiliate In accordance with all the above, as of June 30, 2016 and December 31, 2015 , the Company owed its affiliates for the following amounts: June 30, 2016 December 31, 2015 Deferred O&O $ 2,316,746 $ 2,777,061 Expense Payments — 9,200,000 Reimbursable under the advisory agreement 75,358 — Advisory fees 74,651 64,671 Accrued trailing fees 2,451,625 — Due to affiliates $ 4,918,380 $ 12,041,732 Note to Affiliate $ 8,950,000 Unamortized discount (1,722,262 ) Note to Affiliate, net of unamortized discount $ 7,227,738

CAPITALIZATION

CAPITALIZATION	6 Months Ended
	Jun. 30, 2016
Capitalization [Abstract]
CAPITALIZATION	CAPITALIZATION Under the Company's charter, as most recently amended on January 27, 2016, the Company has the authority to issue 1,000,000,000 shares of common stock and 50,000,000 shares of preferred stock. All shares of such stock have a par value of $0.01 per share. The Company's authorized shares of common stock are allocated between classes as follows: Common Stock No. of Authorized Shares Class A shares 200,000,000 Class I shares 200,000,000 Class T shares 250,000,000 Class D shares 50,000,000 Class N shares 300,000,000 1,000,000,000 Class A shares are subject to selling commissions of up to 3% of the purchase price, and annual dealer manager fees of 0.55% and distribution fees of 0.50% of NAV, both paid on a trailing basis. Class I shares are subject to annual dealer manager fees of 0.55% of NAV paid in a trailing basis, but are not subject to any selling commissions or distribution fees. Class T shares are subject to selling commissions of up to 3% of the purchase price, an up-front dealer manager fee of 2.75% of the purchase price, and annual distribution fees of 1.0% of NAV paid on a trailing basis for approximately four years. Class D shares sold in the Private Offering are subject to selling commissions of up to 1.0% of the purchase price, but do not incur any dealer manager or distribution fees. Class N shares are not sold in the primary Public Offering or the primary Follow-On Public Offering, but will be issued upon conversion of an investor's Class T shares once (i) the investor's Class T share account for a given offering has incurred a maximum of 10% of commissions, dealer manager fees and distribution fees; (ii) the total underwriting compensation from whatever source with respect to the Public Offering or Follow-On Public Offering exceeds 10% of the gross proceeds from the primary portion of the Public Offering or the Follow-On Public Offering, respectively; (iii) a listing of the Class N shares; or (iv) the Company's merger or consolidation with or into another entity or the sale or after disposition of all or substantially all of the Company's assets. 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, subject to a short-term trading discount, if applicable. The total amount of redemptions in any calendar quarter will be limited to 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 all 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 all classes of shares as of the last day of the previous calendar quarter. As a result of the redemption activity during the first quarter of 2016, the quarterly volume limitation on redemptions was reached on March 18, 2016. Normal redemptions resumed effective April 1, 2016 in accordance with our redemption program as described in our prospectus. During the three and six months ended June 30, 2016 and 2015, redemption requests were received as shown below. The Company funded these redemptions with cash flow from operations, proceeds from our Public Offering and borrowings on the Wells Fargo Line of Credit. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Three Months Ended June 30, 2016 Shares Weighted Average Share Price Amount Class A 130,377 $ 12.91 $ 1,683,167 Class I 22,658 13.12 297,273 Class T — — — Six Months Ended June 30, 2016 Shares Weighted Average Share Price Amount Class A 587,623 $ 12.88 $ 7,568,584 Class I 43,288 13.09 566,640 Class T — — — Three Months Ended June 30, 2015 Shares Weighted Average Share Price Amount Class A — $ — $ — Class I — — — Six Months Ended June 30, 2015 Shares Weighted Average Share Price Amount Class A — $ — $ — Class I 2,859 12.91 36,916 The Company's board of directors has the discretion to suspend or modify the redemption plan at any time, including in circumstances in which 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 Offerings and 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, 2016
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. Distributions for each month are payable on or before the first business day of the following month. However, any distributions reinvested by the stockholders in accordance with the Company's dividend reinvestment plan are reinvested at the per share NAV of the same class determined at the close of business on the last business day of the month in which the distributions were accrued. Shown below are details of the Company's distributions for the three months ended March 31, 2016 and 2015 as well as three months and six months ended June 30, 2016 and 2015. Three Months Ended Six Months Ended June 30, 2016 March 31, 2016 June 30, 2016 Declared daily distribution rate, before adjustment for class-specific expenses $ 0.00179534 $ 0.00177203 Distributions paid or payable in cash $ 633,913 $ 631,393 $ 1,265,306 Distributions reinvested 407,009 457,276 864,285 Distributions declared $ 1,040,922 $ 1,088,669 $ 2,129,591 Class A shares issued upon reinvestment 18,860 21,726 40,586 Class I shares issued upon reinvestment 12,476 13,284 25,760 Class T shares issued upon reinvestment — — — ` Three Months Ended Six Month 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 I shares issued upon reinvestment 16,669 10,679 27,348 Class T shares issued upon reinvestment — — —

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
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, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION For the three months ended June 30, 2016 and 2015 , 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, 2016 and December 31, 2015 and net loss for the three and six months ended June 30, 2016 and 2015 . Real Estate Properties Real Estate Equity Securities Total Carrying value as of June 30, 2016 $ 130,502,412 $ 9,549,281 $ 140,051,693 Reconciliation to total assets of June 30, 2016 Carrying value per reportable segments $ 140,051,693 Corporate level assets 5,429,481 Total assets $ 145,481,174 Carrying value as of December 31, 2015 $ 135,305,346 $ 8,569,004 $ 143,874,350 Reconciliation to total assets of December 31, 2015 Carrying value per reportable segments $ 143,874,350 Corporate level assets 4,191,923 Total assets $ 148,066,273 Three Months Ended June 30, 2016 Real Estate Properties Real Estate Equity Securities Total Revenues Rental and other property income $ 3,260,003 $ — $ 3,260,003 Tenant reimbursement income 284,746 — 284,746 Investment income on marketable securities — 73,813 73,813 Total revenues 3,544,749 73,813 3,618,562 Operating expenses Property operating expenses 1,189,689 — 1,189,689 Total segment operating expenses 1,189,689 — 1,189,689 Operating income - segments $ 2,355,060 $ 73,813 $ 2,428,873 Three Months Ending June 30, 2015 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 Reconciliation to net loss 2016 2015 Operating income - segments $ 2,428,873 $ 1,678,640 General and administrative expenses (521,181 ) (445,080 ) Advisory expenses (218,791 ) (108,361 ) Depreciation (911,360 ) (484,528 ) Amortization (1,456,936 ) (512,942 ) Operating loss (679,395 ) 127,729 Interest expense (550,654 ) (258,315 ) Net realized gain (loss) upon sale of marketable securities 223,991 (83,104 ) Net loss $ (1,006,058 ) $ (213,690 ) Six Months Ended June 30, 2016 Real Estate Properties Real Estate Equity Securities Total Revenues Rental and other property income $ 6,498,902 $ — $ 6,498,902 Tenant reimbursement income 640,142 — 640,142 Investment income on marketable securities — 264,329 264,329 Total revenues 7,139,044 264,329 7,403,373 Operating expenses Property operating expenses 2,563,360 — 2,563,360 Total segment operating expenses 2,563,360 — 2,563,360 Operating income - Segments $ 4,575,684 $ 264,329 $ 4,840,013 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 Reconciliation to net loss Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Operating income - segments $ 4,840,013 $ 3,355,213 General and administrative expenses (1,109,657 ) (1,108,910 ) Advisory expenses (424,728 ) (253,829 ) Depreciation (1,820,380 ) (969,055 ) Amortization (2,913,873 ) (1,025,883 ) Operating loss (1,428,625 ) (2,464 ) Interest expense (1,116,361 ) (720,761 ) Net realized gain upon sale of marketable securities 129,046 96,200 Net loss $ (2,415,940 ) $ (627,025 )

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	6 Months Ended
	Jun. 30, 2016
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY The Company depends on RREEF America and the New Dealer Manager (see Notes 7 and 14) 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 or the New Dealer Manager 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, 2016
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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 1, 2016, the Company announced that its board of directors declared a cash distribution equal to $0.00181182 per Class A, Class I and Class T share (before adjustment for applicable class-specific expenses) for all such shares of record on each day from July 1, 2016 through September 30, 2016. Effective July 1, 2016, the Company and the Operating Partnership terminated the amended and restated dealer manager agreement, dated as of January 26, 2016, with SC Distributors. On July 1, 2016, the Company and its Operating Partnership entered into the New Dealer Manager Agreement with the New Dealer Manager. See Notes 1 and 7.

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
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, 2015. The Company adjusted its accounting for trailing fees, as described below, which resulted in an immaterial correction to the consolidated financial statements. Otherwise, there have been no significant changes to the Company's critical accounting policies during the six months ended June 30, 2016 .
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 Offerings, preparing for the Offerings, the qualification and registration of the Offerings 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 Public Offering through June 30, 2016, (“SC Distributors”), 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 SC Distributors or the New 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 Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company in relation to each of the Public Offering and the Follow-On Public Offering will not exceed 15% of the gross proceeds from the Public Offering or the Follow-On Public Offering, respectively. In addition, the Company will not reimburse RREEF America,SC Distributors or the New Dealer Manager 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 portion of the Public Offering or the Follow-On Public Offering, respectively. Included in offering costs are (1) distribution fees paid on a trailing basis at the rate of (a) 0.50% per annum on the NAV of the Company's outstanding Class A shares, and (b) 1.00% per annum for approximately four years on the net asset value of the Company's outstanding Class T shares, and (2) dealer manager fees paid on a trailing basis at the rate of 0.55% per annum on the NAV of the Company's outstanding Class A and Class I shares (collectively, the "Trailing Fees"). The Trailing Fees are computed daily based on the respective NAV of each share class as of the beginning of each day and paid monthly. However, at each reporting date, the Company accrues an estimate for the amount of Trailing Fees that ultimately may be paid on the outstanding shares. Such estimate reflects the Company's assumptions for certain variables, including future redemptions, share price appreciation and the total gross proceeds to be raised during the Public Offering and the Follow-On Public Offering. In addition, the estimated accrual for future Trailing Fees as of a given reporting date may be reduced by the aforementioned limits on total organization and offering costs and total underwriting compensation. Changes in this estimate will be recorded prospectively as an adjustment to additional paid in capital.
Concentration of Credit Risk	Concentration of Credit Risk As of June 30, 2016 and 2015 , 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, 2016 , the Company owned six commercial properties with fourteen tenants and one student housing property with 316 beds. As of June 30, 2015 , the Company owned five commercial properties with thirteen tenants. Percentages of gross rental revenues by location and tenant representing more than 10% of the Company's total gross rental revenues (rental and other property income and tenant reimbursement income) for the three and six months ended June 30, 2016 and 2015 are shown below. Percent of actual gross rental revenues Property Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Loudoun Gateway, Sterling VA 20.4 % 22.0 % Flats at Carrs Hill, Athens GA 19.8 % 20.0 % Terra Nova Plaza, Chula Vista, CA 1 15.5 % 13.5 % Anaheim Hills Office Plaza, Anaheim CA 15.2 % 15.0 % Commerce Corner, Logan Township, NJ 12.0 % 12.4 % Total 82.9 % 82.9 % Percent of actual gross rental revenues Tenant Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Orbital ATK Inc. - Loudoun Gateway 20.5 % 22.0 % Gateway One Lending and Finance, L.L.C. - Anaheim Hills Office Plaza 10.0 % 10.1 % Total 30.5 % 32.1 % Percent of actual gross rental revenues Property Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Terra Nova Plaza, Chula Vista, CA 1 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 % Total 100.0 % 100.0 % Percent of actual gross rental revenues 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, Inc - Terra Nova Plaza 1 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 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of June 30, 2016 and 2015 were as follows: Percent of in-place annualized base rental revenues as of Tenant June 30, 2016 June 30, 2015 Orbital ATK Inc. - Loudoun Gateway 22.0 % — % Gateway One Lending and Finance, L.L.C. - Anaheim Hills Office Plaza 11.1 % 19.1 % Allstate Insurance Company - Heritage Parkway 10.3 % 18.5 % Performance Food Group, Inc. - Commerce Corner 6.8 % 12.4 % The Sports Authority, Inc. - Terra Nova Plaza 1 6.3 % 11.7 % Total 56.5 % 61.7 %

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Correction of Immaterial Understatement of Liabilities [Table Text Block]	The following table summarizes the effects of this change: As of December 31, 2015 Previously Reported Adjustment Corrected Other liabilities $ 2,193,557 1,622,941 $ 3,816,498 Total liabilities $ 94,366,617 1,622,941 $ 95,989,558 Additional paid in capital $ 64,383,302 (1,622,941 ) $ 62,760,361 Total stockholders' equity $ 53,699,656 (1,622,941 ) $ 52,076,715

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and 2015 is comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Rental revenue $ 3,021,129 $ 1,610,479 $ 6,037,575 $ 3,212,254 Straight line revenue 152,828 113,845 289,236 233,914 Above- and below-market lease amortization 86,046 93,374 172,091 186,747 Rental and other property income $ 3,260,003 $ 1,817,698 $ 6,498,902 $ 3,632,915

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 , which consisted entirely of publicly-traded shares of common stock in REITs as of each date. All marketable securities held as of June 30, 2016 and December 31, 2015 were available-for-sale securities and none were considered impaired on an other-than-temporary basis. June 30, 2016 December 31, 2015 Marketable securities—cost $ 8,318,735 $ 7,873,564 Unrealized gains 1,348,889 827,989 Unrealized losses (118,343 ) (132,549 ) Net unrealized gain 1,230,546 695,440 Marketable securities—fair value $ 9,549,281 $ 8,569,004

LINE OF CREDIT LINE OF CREDIT (

LINE OF CREDIT LINE OF CREDIT (Tables)	6 Months Ended
	Jun. 30, 2016
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 line of credit and mortgage loan payable as of June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Line of credit $ 47,200,000 $ 72,500,000 Deduct: Deferred financing costs, less accumulated amortization (551,733 ) (715,544 ) Line of credit, net $ 46,648,267 $ 71,784,456 Mortgage loan payable $ 14,500,000 $ — Deduct: Deferred financing costs, less accumulated amortization (154,183 ) — Mortgage loan payable, net $ 14,345,817 $ —

RELATED PARTY ARRANGEMENTS (Tab

RELATED PARTY ARRANGEMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The amount of Deferred O&O payable to RREEF America is as follows. June 30, 2016 December 31, 2015 Total Deferred O&O $ 4,618,318 $ 4,618,318 Reimbursements made to RREEF America (2,301,572 ) (1,841,257 ) Deferred O&O reimbursable to RREEF America $ 2,316,746 $ 2,777,061 The fees earned by RREEF America for the three and six months ended June 30, 2016 and 2015 are shown below. As the Company's combined NAV reached $50,000,000 on January 22, 2015, RREEF America commenced earning the fixed component of the advisory fee as of that 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, 2016, if any, is dependent on several factors, including but not limited to the performance of the Company's investments and interest rates. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Fixed component $ 218,791 $ 151,985 $ 424,728 $ 253,829 Performance component — (43,624 ) — — $ 218,791 $ 108,361 $ 424,728 $ 253,829 A summary of the Company's total organization and offering costs for the Public Offering is shown below. Deferred O&O - RREEF America Expense Payments - O&O Portion (1) Other organization and offering costs (2) Total organization and offering costs Organization and offering costs in excess of the 15% limit 15% limited organization and offering costs Balance, December 31, 2015 $ 4,618,318 $ 3,970,819 $ 4,221,760 $ 12,810,897 $ — $ 12,810,897 Additions — — 2,809,276 2,809,276 — 2,809,276 Balance, June 30, 2016 $ 4,618,318 $ 3,970,819 $ 7,031,036 $ 15,620,173 $ — $ 15,620,173 (1) Includes $195,450 of prepaid costs related to the Private Offering as of June 30, 2016. (2) Includes $1,622,941 and $2,451,625 of accrued trailing fees as of December 31, 2015 and June 30, 2016 respectively. In accordance with all the above, as of June 30, 2016 and December 31, 2015 , the Company owed its affiliates for the following amounts: June 30, 2016 December 31, 2015 Deferred O&O $ 2,316,746 $ 2,777,061 Expense Payments — 9,200,000 Reimbursable under the advisory agreement 75,358 — Advisory fees 74,651 64,671 Accrued trailing fees 2,451,625 — Due to affiliates $ 4,918,380 $ 12,041,732 Note to Affiliate $ 8,950,000 Unamortized discount (1,722,262 ) Note to Affiliate, net of unamortized discount $ 7,227,738

CAPITALIZATION (Tables)

CAPITALIZATION (Tables)	6 Months Ended
	Jun. 30, 2016
Capitalization [Abstract]
Schedule of repurchase agreement	The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Three Months Ended June 30, 2016 Shares Weighted Average Share Price Amount Class A 130,377 $ 12.91 $ 1,683,167 Class I 22,658 13.12 297,273 Class T — — — Six Months Ended June 30, 2016 Shares Weighted Average Share Price Amount Class A 587,623 $ 12.88 $ 7,568,584 Class I 43,288 13.09 566,640 Class T — — — Three Months Ended June 30, 2015 Shares Weighted Average Share Price Amount Class A — $ — $ — Class I — — — Six Months Ended June 30, 2015 Shares Weighted Average Share Price Amount Class A — $ — $ — Class I 2,859 12.91 36,916 The Company's authorized shares of common stock are allocated between classes as follows: Common Stock No. of Authorized Shares Class A shares 200,000,000 Class I shares 200,000,000 Class T shares 250,000,000 Class D shares 50,000,000 Class N shares 300,000,000 1,000,000,000

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Distributions [Abstract]
Schedule of distributions	Shown below are details of the Company's distributions for the three months ended March 31, 2016 and 2015 as well as three months and six months ended June 30, 2016 and 2015. Three Months Ended Six Months Ended June 30, 2016 March 31, 2016 June 30, 2016 Declared daily distribution rate, before adjustment for class-specific expenses $ 0.00179534 $ 0.00177203 Distributions paid or payable in cash $ 633,913 $ 631,393 $ 1,265,306 Distributions reinvested 407,009 457,276 864,285 Distributions declared $ 1,040,922 $ 1,088,669 $ 2,129,591 Class A shares issued upon reinvestment 18,860 21,726 40,586 Class I shares issued upon reinvestment 12,476 13,284 25,760 Class T shares issued upon reinvestment — — — ` Three Months Ended Six Month 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 I shares issued upon reinvestment 16,669 10,679 27,348 Class T shares issued upon reinvestment — — —

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 and net loss for the three and six months ended June 30, 2016 and 2015 . Real Estate Properties Real Estate Equity Securities Total Carrying value as of June 30, 2016 $ 130,502,412 $ 9,549,281 $ 140,051,693 Reconciliation to total assets of June 30, 2016 Carrying value per reportable segments $ 140,051,693 Corporate level assets 5,429,481 Total assets $ 145,481,174 Carrying value as of December 31, 2015 $ 135,305,346 $ 8,569,004 $ 143,874,350 Reconciliation to total assets of December 31, 2015 Carrying value per reportable segments $ 143,874,350 Corporate level assets 4,191,923 Total assets $ 148,066,273 Three Months Ended June 30, 2016 Real Estate Properties Real Estate Equity Securities Total Revenues Rental and other property income $ 3,260,003 $ — $ 3,260,003 Tenant reimbursement income 284,746 — 284,746 Investment income on marketable securities — 73,813 73,813 Total revenues 3,544,749 73,813 3,618,562 Operating expenses Property operating expenses 1,189,689 — 1,189,689 Total segment operating expenses 1,189,689 — 1,189,689 Operating income - segments $ 2,355,060 $ 73,813 $ 2,428,873 Three Months Ending June 30, 2015 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 Reconciliation to net loss 2016 2015 Operating income - segments $ 2,428,873 $ 1,678,640 General and administrative expenses (521,181 ) (445,080 ) Advisory expenses (218,791 ) (108,361 ) Depreciation (911,360 ) (484,528 ) Amortization (1,456,936 ) (512,942 ) Operating loss (679,395 ) 127,729 Interest expense (550,654 ) (258,315 ) Net realized gain (loss) upon sale of marketable securities 223,991 (83,104 ) Net loss $ (1,006,058 ) $ (213,690 ) Six Months Ended June 30, 2016 Real Estate Properties Real Estate Equity Securities Total Revenues Rental and other property income $ 6,498,902 $ — $ 6,498,902 Tenant reimbursement income 640,142 — 640,142 Investment income on marketable securities — 264,329 264,329 Total revenues 7,139,044 264,329 7,403,373 Operating expenses Property operating expenses 2,563,360 — 2,563,360 Total segment operating expenses 2,563,360 — 2,563,360 Operating income - Segments $ 4,575,684 $ 264,329 $ 4,840,013 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 Reconciliation to net loss Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 Operating income - segments $ 4,840,013 $ 3,355,213 General and administrative expenses (1,109,657 ) (1,108,910 ) Advisory expenses (424,728 ) (253,829 ) Depreciation (1,820,380 ) (969,055 ) Amortization (2,913,873 ) (1,025,883 ) Operating loss (1,428,625 ) (2,464 ) Interest expense (1,116,361 ) (720,761 ) Net realized gain upon sale of marketable securities 129,046 96,200 Net loss $ (2,415,940 ) $ (627,025 )

ORGANIZATION (Details)

ORGANIZATION (Details)	May 30, 2013USD ($)class_of_stock$ / shares	Feb. 14, 2012USD ($)shares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)	Jan. 27, 2016$ / sharesshares	Jan. 20, 2016USD ($)	Jan. 15, 2016$ / shares	Dec. 31, 2015$ / sharesshares	Dec. 23, 2015USD ($)	Feb. 07, 2012USD ($)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized | shares					1,000,000,000
Issuance of common stock, value | $	$ 10,000,000		$ 21,156,682	$ 15,439,304
Common stock, par value (in usd per share) | $ / shares					$ 0.01
Value of shares offered pursuant to registration statement | $										$ 2,250,000,000
Dividend reinvestment plan | $										250,000,000
Common Stock, Shares Authorized, Value, follow-on offering | $									$ 2,300,000,000
RREEF America [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds			10.00%
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 A [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized | shares			200,000,000		200,000,000
Common stock, par value (in usd per share) | $ / shares	$ 0.01		$ 0.01					$ 0.01
Number of Classes of Shares | class_of_stock	2
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
Common stock, par value (in usd per share) | $ / shares	$ 0.01
Common Class I [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized | shares			200,000,000		200,000,000
Common stock, par value (in usd per share) | $ / shares			$ 0.01					$ 0.01
Common Class D [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized | shares			50,000,000		50,000,000			0
Common stock, par value (in usd per share) | $ / shares			$ 0.01				$ 0.01	$ 0.01
Value of shares offered pursuant to registration statement | $						$ 350,000,000
Common Class T [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized | shares			250,000,000		250,000,000			0
Issuance of common stock, shares | shares			4,043
Common stock, par value (in usd per share) | $ / shares			$ 0.01		$ 0.01			$ 0.01
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds			10.00%		10.00%
Common Class N [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common Stock, Shares Authorized | shares			300,000,000		300,000,000			0
Common stock, par value (in usd per share) | $ / shares			$ 0.01		$ 0.01			$ 0.01

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	1 Months Ended		3 Months Ended		6 Months Ended		23 Months Ended
	Jun. 30, 2016USD ($)tenantProperty	Jun. 30, 2015tenantProperty	Jun. 30, 2016USD ($)tenantProperty	Jun. 30, 2015USD ($)tenantProperty	Jun. 30, 2016USD ($)tenantProperty	Jun. 30, 2015USD ($)tenantProperty	Jan. 03, 2014USD ($)	Mar. 02, 2016store	Jan. 27, 2016	Dec. 31, 2015USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other liabilities	$ 2,775,102		$ 2,775,102		$ 2,775,102					$ 3,816,498
Reimbursement period					60 months
Percentage of taxable income required for REIT distribution	90.00%		90.00%		90.00%
Concentration of revenue, geographic area and property type					10.00%
Straight line rent			$ 152,828	$ 113,845	$ 289,236	$ 233,914
Document Period End Date					Jun. 30, 2016
Allowance for Doubtful Accounts Receivable	$ 470,480		470,480		$ 470,480					0
Liabilities	84,332,093		84,332,093		84,332,093					95,989,558
Additional paid in capital	75,832,581		75,832,581		75,832,581					62,760,361
Total stockholders' equity	$ 61,149,081		$ 61,149,081		$ 61,149,081					52,076,715
RREEF America [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Offering costs incurred							$ 4,618,318
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%		15.00%		15.00%
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	10.00%		10.00%		10.00%
Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties owned | Property	5		5		5
Minimum [Member] | RREEF America [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties owned | Property	5		5		5
Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties owned | Property	7		7		7
Maximum [Member] | RREEF America [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties owned | Property	7		7		7
The Sports Authority Inc. [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for Doubtful Accounts Receivable	$ 269,089		$ 269,089		$ 269,089
Deferred Rent Receivables, Net	$ 200,969		$ 200,969		$ 200,969
Number of Stores | store								463
Sales Revenue, Gross [Member] | Property | Loudoun Gateway [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			20.40%		22.00%
Sales Revenue, Gross [Member] | Property | Commerce Corner member [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			12.00%	20.50%	12.40%	20.70%
Sales Revenue, Gross [Member] | Property | Terra Nova Plaza [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			15.50%	27.80%	13.50%	27.20%
Sales Revenue, Gross [Member] | Property | Anaheim Hills Office Plaza [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			15.20%	23.80%	15.00%	24.00%
Sales Revenue, Gross [Member] | Property | Flats at Carrs Hill [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			19.80%		20.00%
Gross Rental Revenues [Member] | Property
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			82.90%	100.00%	82.90%	100.00%
Gross Rental Revenues [Member] | Property | Wallingford Plaza [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage				12.70%		12.90%
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%		15.20%
Gross Rental Revenues [Member] | Tenant
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			30.50%	71.50%	32.10%	71.30%
Gross Rental Revenues [Member] | Tenant | orbital [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			20.50%		22.00%
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%		15.20%
Gross Rental Revenues [Member] | Tenant | performance food [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage				12.20%		12.40%
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			10.00%	16.40%	10.10%	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%
Annualized Base Rental Revenues [Member] | Tenant
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	56.50%	61.70%
Annualized Base Rental Revenues [Member] | Tenant | orbital [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	22.00%	0.00%
Annualized Base Rental Revenues [Member] | Tenant | Allstate Insurance Company [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	10.30%	18.50%
Annualized Base Rental Revenues [Member] | Tenant | performance food [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	6.80%	12.40%
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	11.10%	19.10%
Annualized Base Rental Revenues [Member] | Tenant | The Sports Authority Inc. [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	6.30%	11.70%
Commercial Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties owned | Property	6	5	6	5	6	5
Number of Tenants | tenant	14	13	14	13	14	13
Multifamily [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of real estate properties owned | Property	1		1		1
Number of beds | tenant	316		316		316
Common Class I [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of Dealer Manager Fee	0.55%		0.55%		0.55%
Common Class A [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of Distribution Fee	0.50%		0.50%		0.50%
Percentage of Dealer Manager Fee	0.55%		0.55%		0.55%
Common Class T [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	10.00%		10.00%		10.00%				10.00%
Total stockholders' equity	$ 40		$ 40		$ 40
Percentage of Distribution Fee	1.00%		1.00%		1.00%
Duration of Distribution Fee					4 years
Percentage of Dealer Manager Fee	2.75%		2.75%		2.75%
Scenario, Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other liabilities										2,193,557
Liabilities										94,366,617
Additional paid in capital										64,383,302
Total stockholders' equity										53,699,656
Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other liabilities										1,622,941
Liabilities										1,622,941
Additional paid in capital										(1,622,941)
Total stockholders' equity										$ (1,622,941)

FAIR VALUE MEASUREMENTS Fair Va

FAIR VALUE MEASUREMENTS Fair Value Measurements (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Mar. 06, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Document Period End Date	Jun. 30, 2016
Wells Fargo Bank [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit	$ 47,200,000	$ 72,500,000	$ 43,426,851
RREEF America [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note to affiliate, net of unamortized discount of $1,722,262 at June 30, 2016	$ 2,600,000

REAL ESTATE INVESTMENTS REAL ES

REAL ESTATE INVESTMENTS REAL ESTATE INVESTMENTS - Rental income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Real Estate [Abstract]
Rental revenue	$ 3,021,129	$ 1,610,479	$ 6,037,575	$ 3,212,254
Straight line rent	152,828	113,845	289,236	233,914
Above- and below-market lease amortization	86,046	93,374	172,091	186,747
Rental and other property income	$ 3,260,003	$ 1,817,698	$ 6,498,902	$ 3,632,915

REAL ESTATE INVESTMENTS - Pro F

REAL ESTATE INVESTMENTS - Pro Forma (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 3,618,562	$ 2,112,774	$ 7,403,373	$ 4,210,050
Net loss	$ (1,006,058)	$ (213,690)	$ (2,415,940)	$ (627,025)

REAL ESTATE INVESTMENTS - Narra

REAL ESTATE INVESTMENTS - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Proceeds from line of credit	$ 2,700,000	$ 43,426,851

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Marketable securities—cost	$ 8,318,735		$ 8,318,735		$ 7,873,564
Unrealized gains	1,348,889		1,348,889		827,989
Unrealized losses	(118,343)		(118,343)		(132,549)
Accumulated other comprehensive income	1,230,546		1,230,546		695,440
Investment in marketable securities	9,549,281		9,549,281		$ 8,569,004
Proceeds from sale of marketable securities	2,731,836	$ 3,005,669	5,854,654	$ 5,622,769
Gross realized gains from sale of marketable securities	279,772	90,420	402,420	296,393
Gross realized losses from sale of marketable securities	$ 55,781	$ 173,524	$ 273,374	$ 200,193

LINE OF CREDIT (Details)

LINE OF CREDIT (Details)	Mar. 06, 2015USD ($)extension	Mar. 05, 2015USD ($)	May 01, 2013USD ($)	Mar. 31, 2016	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)	Mar. 01, 2016USD ($)	Jan. 20, 2016USD ($)	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Amortization of deferred financing costs							$ 169,127	$ 239,726
Line of credit, current borrowing capacity					$ 64,864,181		$ 64,864,181
Line of credit, interest rate at period end					2.16%		2.16%
Percentage of Property Value	65.00%
Percentage of Minimum Debt Yield	11.00%
Proceeds from Common Stock Issuance, Inception to Date					$ 102,831,484		$ 102,831,484			$ 200,000,000
Line of credit, net of unamortized deferred financing costs					46,648,267		46,648,267				$ 71,784,456
Interest Expense					$ 550,654	$ 258,315	$ 1,116,361	$ 720,761
Minimum [Member]
Line of Credit Facility [Line Items]
Number of real estate properties owned | Property					5		5
Maximum [Member]
Line of Credit Facility [Line Items]
Number of real estate properties owned | Property					7		7
Mortgages [Member]
Line of Credit Facility [Line Items]
Long-term Debt					$ 14,345,817		$ 14,345,817		$ 14,500,000		0
Long-term Debt, Gross					14,500,000		14,500,000				0
Deferred financing costs, less accumulated amortization					154,183		154,183				0
Wells Fargo Bank [Member]
Line of Credit Facility [Line Items]
Line of credit	$ 43,426,851				47,200,000		47,200,000				72,500,000
Line of Credit Term	3 years
Line of credit, current borrowing capacity	$ 75,000,000										$ 75,000,000
Debt Instrument, Extension Period | extension	2
Line of credit, interest rate at period end											2.05%
Line of Credit Facility, Maximum Borrowing Capacity					150,000,000		150,000,000
Line of Credit Facility, Expansion Feature, Increase Limit					25,000,000		25,000,000
Deduct: Deferred financing costs, less accumulated amortization					551,733		551,733				$ 715,544
Line of credit, net of unamortized deferred financing costs					$ 46,648,267		$ 46,648,267				$ 71,784,456
Wells Fargo Bank [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Number of real estate properties owned | Property					5		5
Wells Fargo Bank [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.70%
Wells Fargo Bank [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.90%
Regions Bank [Member]
Line of Credit Facility [Line Items]
Line of credit	$ 42,400,000
Amortization of deferred financing costs		$ 82,762
Line of credit, current borrowing capacity			$ 50,000,000
Line of credit, interest rate at period end	2.66%
Regions Bank [Member] | Minimum [Member] | One-, Two- or Three-Month LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.20%
Regions Bank [Member] | Maximum [Member] | One-, Two- or Three-Month LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.50%
Nationwide Bank [Member] | Mortgages [Member]
Line of Credit Facility [Line Items]
Line of Credit Term				10 years
Debt Instrument, Interest Rate, Stated Percentage									3.63%
Interest Expense					$ 43,862
RREEF America [Member]
Line of Credit Facility [Line Items]
Maximum offering costs as percentage of gross proceeds from initial public offering					15.00%		15.00%
RREEF America [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Number of real estate properties owned | Property					5		5
RREEF America [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Number of real estate properties owned | Property					7		7

RELATED PARTY ARRANGEMENTS - Na

RELATED PARTY ARRANGEMENTS - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended	23 Months Ended
	Jun. 30, 2016USD ($)Property$ / shares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Property$ / shares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Property$ / shares	Jan. 03, 2014USD ($)	Mar. 31, 2016USD ($)	Jan. 20, 2016USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Term of Agreements			1 year
Number of components, Advisory Fees	2		2		2
Reimbursement period			60 months
Due to affiliate	$ 102,831,484		$ 102,831,484		$ 102,831,484			$ 200,000,000
Expense Payments								9,200,000
Due to related party, expenses, quarterly repayment commitment							$ 250,000	$ 250,000
Four fiscal quarter total operating expense					2,770,386
Total operating expense exceed 2%/25% guideline					170,209
Deferred O&O	4,618,318		4,618,318		4,618,318				$ 4,618,318
Increase (Decrease) in Prepaid Expense			(59,667)	$ 159,496
Accrued Trailing Fee	$ 2,451,625		$ 2,451,625		$ 2,451,625				1,622,941
RREEF America [Member]
Related Party Transaction [Line Items]
Daily advisory fee accrued as percentage of fixed component of investment	0.00274%		0.00274%		0.00274%
Percentage of RREEF America advisory fee to NAV	1.00%		1.00%		1.00%
Combined Net Asset Value, Common Stock, At Which Advisory Fee will Begin Accrual	$ 50,000,000		$ 50,000,000		$ 50,000,000
Performance fee to advisor, percentage return per share threshold	6.00%		6.00%		6.00%
Performance fee to advisor as percent of excess total return	25.00%		25.00%		25.00%
Performance fee to advisor, limit as percent of excess total return	10.00%		10.00%		10.00%
Performance fee to advisor, net asset value per share, threshold to which no fee earned on increase | $ / shares	$ 12		$ 12		$ 12
Reimbursements to related parties during the period	$ (82,210)	$ 0	$ (159,927)	(22,242)
Reimbursable under the advisory agreement	75,358		75,358		$ 75,358				0
Offering costs incurred						$ 4,618,318
Expense Payments	$ 0		$ 0		$ 0				9,200,000
Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses			2.00%		2.00%
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	10.00%		10.00%		10.00%
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%		15.00%		15.00%
Expenses to advisor not reimbursable, percentage of net income excluding certain reductions threshold exceeded by operating expenses			25.00%		25.00%
Organization and offering costs
Related Party Transaction [Line Items]
Reimbursements to related parties during the period	$ (230,157)	$ (230,157)	$ (460,315)	$ (457,785)
Organization and offering costs | RREEF America [Member]
Related Party Transaction [Line Items]
Expense Payments	3,970,819		3,970,819		$ 3,970,819				3,970,819
Deferred O&O	$ 4,618,318		4,618,318		$ 4,618,318				$ 4,618,318
Expense Payments			0
Increase (Decrease) in Prepaid Expense			$ 195,450
Minimum [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | Property	5		5		5
Minimum [Member] | RREEF America [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | Property	5		5		5
Maximum [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | Property	7		7		7
Maximum [Member] | RREEF America [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | Property	7		7		7

RELATED PARTY ARRANGEMENTS Fees

RELATED PARTY ARRANGEMENTS Fees (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Fees	$ 218,791	$ 108,361	$ 424,728	$ 253,829
RREEF America [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Hurdle Rate			6.00%
Related Party Transaction, Fees, Fixed Component	218,791	151,985	$ 424,728	253,829
Performance component	0	(43,624)	0	0
Fees	$ 218,791	$ 108,361	$ 424,728	$ 253,829

RELATED PARTY ARRANGEMENTS Expe

RELATED PARTY ARRANGEMENTS Expense Support Agreement (Details) - USD ($)	Apr. 25, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jan. 20, 2016	Jan. 01, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Related Party Transaction Maximum Expense Support, Discount Rate		$ 0.050			$ 0.050
Note payable, Related Party, Discount, Amount								$ 1,861,880
Document Period End Date					Jun. 30, 2016
Deferred O&O		4,618,318			$ 4,618,318				$ 4,618,318
Due to related party, expenses, quarterly repayment commitment			$ 250,000				$ 250,000
Expense Payments [Roll Forward]
Related Party Transaction, Amount in Excess of Limitation		0			0				0
Amortization of discount on note to affiliate		47,892	91,726		139,618	$ 0
Related Party Transaction, Minimum Offering Proceeds Needed Before Expense Repayment	$ 500,000,000
Due to affiliates		4,918,380			4,918,380				12,041,732
Organization and offering costs
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursements (To) From Related Parties During the Period		230,157		$ 230,157	460,315	457,785
Expense Payments [Roll Forward]
Related Party Transaction, Reimbursements (To) From Related Parties		(2,301,572)			(2,301,572)				(1,841,257)
RREEF America [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursements (To) From Related Parties During the Period		82,210		$ 0	159,927	$ 22,242
Expense Payments [Roll Forward]
Expense Payments, beginning balance			9,200,000		9,200,000
Expense Payments, ending balance		0			0
Reimbursable under the advisory agreement		75,358			75,358				0
Due to affiliates	8,950,000
Related Party Transaction, Month Reimbursement Payment, Next Twelve Months	416,667
Related Party Transaction, Month Reimbursement Payment, Year Two	$ 329,166
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 [Roll Forward]
Expense Payments, beginning balance			3,970,819		3,970,819
Expense Payments, Additions					0
Expense Payments, ending balance		3,970,819			3,970,819
Deferred Reimbursement Cost to Advisor		$ 2,316,746			2,316,746				$ 2,777,061
RREEF America [Member] | Operating expenses
Expense Payments [Roll Forward]
Expense Payments, beginning balance			$ 5,229,181		$ 5,229,181

RELATED PARTY ARRANGEMENTS Orga

RELATED PARTY ARRANGEMENTS Organization and Offering Costs (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Property	Jan. 20, 2016USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Document Period End Date			Jun. 30, 2016
Four fiscal quarter total operating expense					$ 2,770,386
Deferred O&O	$ 4,618,318		$ 4,618,318		4,618,318		$ 4,618,318
Expense Payments						$ 9,200,000
Other organization and offering costs (2)	7,031,036		7,031,036		7,031,036		4,221,760
Costs not subject to reimbursement by RREEF America, Additions			2,809,276
Amount in excess of 15% limitation	0		0		0		0
Amount in excess of the 15% limit, Additions			0
Total organization and offering costs	15,620,173		15,620,173		15,620,173		12,810,897
Total organization and offering costs, Additions			2,809,276
Proceeds from Common Stock Issuance, Inception to Date	102,831,484		102,831,484		102,831,484	$ 200,000,000
Organization and offering costs
Related Party Transaction [Line Items]
Related Party Transaction, Reimbursements (To) From Related Parties During the Period	230,157	$ 230,157	460,315	$ 457,785
Reimbursements made to RREEF America	(2,301,572)		(2,301,572)		(2,301,572)		(1,841,257)
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		$ 50,000,000
Related Party Transaction, Reimbursements (To) From Related Parties During the Period	$ 82,210	$ 0	$ 159,927	$ 22,242
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%		15.00%		15.00%
Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses			2.00%		2.00%
Expense Payments	$ 0		$ 0		$ 0		9,200,000
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	10.00%		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		4,618,318
Expense Payments	3,970,819		3,970,819		3,970,819		3,970,819
Expense Payments, Additions			0
Deferred O&O reimbursable to RREEF America	$ 2,316,746		$ 2,316,746		$ 2,316,746		$ 2,777,061
Minimum [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | Property	5		5		5
Minimum [Member] | RREEF America [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | Property	5		5		5
Maximum [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | Property	7		7		7
Maximum [Member] | RREEF America [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | Property	7		7		7

RELATED PARTY ARRANGEMENTS Due

RELATED PARTY ARRANGEMENTS Due to Affiliates (Details) - USD ($)	Apr. 25, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jan. 20, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Fair Value Inputs, Discount Rate	1.93%
Document Period End Date				Jun. 30, 2016
Amortization of discount on note to affiliate		$ 47,892	$ 91,726	$ 139,618	$ 0
Expense Payments						$ 9,200,000
Management Fee Payable		74,651		74,651			$ 64,671
Accrued Trailing Fee		2,451,625		2,451,625			1,622,941
Participating Mortgage Loans, Unamortized Debt Discount, Amount		(1,722,262)		(1,722,262)
Note to affiliate, net of unamortized discount of $1,722,262 at June 30, 2016		7,227,738		7,227,738			0
RREEF America [Member]
Related Party Transaction [Line Items]
Expense Payments		0		0			9,200,000
Reimbursable under the advisory agreement		75,358		75,358			0
Due to affiliates		4,918,380		4,918,380			12,041,732
Debt Instrument, Unamortized Discount		8,950,000		8,950,000
Participating Mortgage Loans, Unamortized Debt Discount, Amount		(1,722,262)		(1,722,262)
Note to affiliate, net of unamortized discount of $1,722,262 at June 30, 2016		7,227,738		7,227,738
Organization and offering costs | RREEF America [Member]
Related Party Transaction [Line Items]
Deferred Reimbursement Cost to Advisor		2,316,746		2,316,746			2,777,061
Expense Payments		$ 3,970,819		$ 3,970,819			$ 3,970,819

CAPITALIZATION (Details)

CAPITALIZATION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jan. 27, 2016	Jan. 15, 2016	Dec. 31, 2015	Dec. 23, 2015	May 30, 2013
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)					1,000,000,000
Preferred stock, shares authorized (in shares)	50,000,000		50,000,000				50,000,000
Common stock, par value (in usd per share)					$ 0.01
Common Stock, Shares Authorized, Value, follow-on offering								$ 2,300,000,000
Preferred stock, par value (in usd per share)	$ 0.01		$ 0.01				$ 0.01
Aggregate redemptions value limit, as a percentage of combined net asset value	5.00%		5.00%
Aggregate redemptions value including carryover limit, as a percentage of combined net asset value	10.00%		10.00%
Common stock redemption limit per shareholder, as a percentage of shares held	5.00%		5.00%
Short-term trading discount as percentage of gross proceeds	2.00%		2.00%
Stock Redeemed or Called During Period, Value			$ 8,131,222
RREEF America [Member]
Schedule of Capitalization [Line Items]
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	10.00%		10.00%
Common Class A [Member]
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	200,000,000		200,000,000		200,000,000
Common stock, par value (in usd per share)	$ 0.01		$ 0.01				0.01		$ 0.01
Maximum selling commissions as percentage of purchase price	3.00%		3.00%
Stock Redeemed or Called During Period, Shares	130,377	0	587,623	0
Common Stock Redemption Weighted Average Price	$ 12.91	$ 0	$ 12.88	$ 0
Stock Redeemed or Called During Period, Value	$ 1,683,167	$ 0	$ 7,568,584	$ 0
Percentage of Dealer Manager Fee	0.55%		0.55%
Percentage of Distribution Fee	0.50%		0.50%
Common Class I [Member]
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	200,000,000		200,000,000		200,000,000
Common stock, par value (in usd per share)	$ 0.01		$ 0.01				$ 0.01
Stock Redeemed or Called During Period, Shares	22,658	0	43,288	2,859
Common Stock Redemption Weighted Average Price	$ 13.12	$ 0	$ 13.09	$ 12.91
Stock Redeemed or Called During Period, Value	$ 297,273	$ 0	$ 566,640	$ 36,916
Percentage of Dealer Manager Fee	0.55%		0.55%
Common Class B [Member]
Schedule of Capitalization [Line Items]
Common stock, par value (in usd per share)									$ 0.01
Common Class D [Member]
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	50,000,000		50,000,000		50,000,000		0
Common stock, par value (in usd per share)	$ 0.01		$ 0.01			$ 0.01	$ 0.01
Maximum selling commissions as percentage of purchase price	1.00%		1.00%
Common Class T [Member]
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	250,000,000		250,000,000		250,000,000		0
Common stock, par value (in usd per share)	$ 0.01		$ 0.01		$ 0.01		$ 0.01
Maximum selling commissions as percentage of purchase price	3.00%		3.00%
Underwriting Compensation for Initial Public Offering as Percent of Gross Offering Proceeds	10.00%		10.00%		10.00%
Stock Redeemed or Called During Period, Shares	0		0
Common Stock Redemption Weighted Average Price	$ 0		$ 0
Stock Redeemed or Called During Period, Value	$ 0		$ 0
Percentage of Dealer Manager Fee	2.75%		2.75%
Percentage of Distribution Fee	1.00%		1.00%
Duration of Distribution Fee			4 years

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
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)	$ 0.00177203	$ 0.00179534	$ 0.00176456	$ 0.00175668
Distributions paid or payable in cash	$ 631,393	$ 633,913	$ 455,114	$ 294,197	$ 1,265,306	$ 749,311
Distributions reinvested	457,276	407,009	310,384	358,056	864,285	668,440
Distributions declared	$ 1,088,669	$ 1,040,922	$ 765,498	$ 652,253	$ 2,129,591	$ 1,417,751
Common Class A [Member]
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)					40,586
Common Class I [Member]
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)					25,760
Common Class T [Member]
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	0	0	0	0	0	0
Common Stock | Common Class A [Member]
Class of Stock [Line Items]
Distributions reinvested					$ 406
Stock issued during period, dividend reinvestment plan (in shares)	21,726	18,860	13,684	11,126	40,586	24,810
Common Stock | Common Class I [Member]
Class of Stock [Line Items]
Distributions reinvested					$ 258
Stock issued during period, dividend reinvestment plan (in shares)	13,284	12,476	10,679	16,669	25,760	27,348

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)segment	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Real estate properties	$ 130,502,412		$ 130,502,412		$ 135,305,346
Investment in marketable securities	9,549,281		9,549,281		8,569,004
Investments	140,051,693		140,051,693		143,874,350
Reconciliation to total assets of June 30, 2016
Total assets	145,481,174		145,481,174		148,066,273
Revenues
Rental and other property income	3,260,003	$ 1,817,698	6,498,902	$ 3,632,915
Tenant reimbursement income	284,746	235,329	640,142	470,344
Investment income on marketable securities	73,813	59,747	264,329	106,791
Total revenues	3,618,562	2,112,774	7,403,373	4,210,050
Operating expenses
Property operating expenses	1,189,689	434,134	2,563,360	854,837
Total segment operating expenses	1,189,689	434,134	2,563,360	854,837
Operating Income - Segments	2,428,873	1,678,640	4,840,013	3,355,213
Reconciliation to net loss
General and administrative expense	(521,181)	(445,080)	(1,109,657)	(1,108,910)
Related Party Transaction, Fees	218,791	108,361	424,728	253,829
Depreciation	(911,360)	(484,528)	(1,820,380)	(969,055)
Amortization	(1,456,936)	(512,942)	(2,913,873)	(1,025,883)
Operating income (loss)	(679,395)	127,729	(1,428,625)	(2,464)
Interest expense	(550,654)	(258,315)	(1,116,361)	(720,761)
Net realized loss upon sale of marketable securities	223,991	(83,104)	129,046	96,200
Net loss	$ (1,006,058)	$ (213,690)	(2,415,940)	(627,025)
Additional Disclosure [Abstract]
Number of reportable segments | segment	2	2
Real Estate Properties [Member]
Segment Reporting Information [Line Items]
Real estate properties	$ 130,502,412		130,502,412		135,305,346
Revenues
Rental and other property income	3,260,003	$ 1,817,698	6,498,902	3,632,915
Tenant reimbursement income	284,746	235,329	640,142	470,344
Investment income on marketable securities	0	0	0	0
Total revenues	3,544,749	2,053,027	7,139,044	4,103,259
Operating expenses
Property operating expenses	1,189,689	434,134	2,563,360	854,837
Total segment operating expenses	1,189,689	434,134	2,563,360	854,837
Operating Income - Segments	2,355,060	1,618,893	4,575,684	3,248,422
Real Estate Equity Securities [Member]
Segment Reporting Information [Line Items]
Investment in marketable securities	9,549,281		9,549,281		8,569,004
Revenues
Rental and other property income	0	0	0	0
Tenant reimbursement income	0	0	0	0
Investment income on marketable securities	73,813	59,747	264,329	106,791
Total revenues	73,813	59,747	264,329	106,791
Operating expenses
Property operating expenses	0	0	0	0
Total segment operating expenses	0	0	0	0
Operating Income - Segments	73,813	$ 59,747	264,329	$ 106,791
Corporate [Member]
Reconciliation to total assets of June 30, 2016
Total assets	$ 5,429,481		$ 5,429,481		$ 4,191,923

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Jul. 01, 2016	Apr. 25, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Subsequent Event [Line Items]
Distributions declared per common shares			$ 0.00177203	$ 0.00179534	$ 0.00176456	$ 0.00175668
Stock Redeemed or Called During Period, Value							$ 8,131,222
Short-term trading discount as percentage of gross proceeds			2.00%				2.00%
Related Party Transaction, Minimum Offering Proceeds Needed Before Expense Repayment		$ 500,000,000
Due to affiliates			$ 4,918,380				$ 4,918,380		$ 12,041,732
Common Class A [Member]
Subsequent Event [Line Items]
Stock Redeemed or Called During Period, Shares			130,377		0		587,623	0
Stock Redeemed or Called During Period, Value			$ 1,683,167		$ 0		$ 7,568,584	$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Distributions declared per common shares	$ 0.00181182
RREEF America [Member]
Subsequent Event [Line Items]
Due to affiliates		8,950,000
Related Party Transaction, Month Reimbursement Payment, Next Twelve Months		416,667
Related Party Transaction, Month Reimbursement Payment, Year Two		$ 329,166
Common Stock | Common Class A [Member]
Subsequent Event [Line Items]
Stock Redeemed or Called During Period, Shares							587,623
Stock Redeemed or Called During Period, Value							$ 5,876