RREEF Property Trust (ZRPTIX) 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 09, 2019
Document Information [Line Items]
Entity Registrant Name	RREEF Property Trust, Inc.
Entity Central Index Key	0001542447
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,719,914
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,087,168
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		729,291
Class D Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class N Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Land	$ 64,426	$ 64,426
Buildings and improvements, less accumulated depreciation of $17,192 and $15,901, respectively	108,015	108,585
Furniture, fixtures and equipment, less accumulated depreciation of $311 and $292, respectively	234	229
Acquired intangible lease assets, less accumulated amortization of $20,820 and $19,682, respectively	27,878	29,017
Total investment in real estate assets, net	200,553	202,257
Investment in marketable securities	17,200	14,735
Total investment in real estate assets and marketable securities, net	217,753	216,992
Cash and cash equivalents	5,790	2,002
Receivables, net of allowance for doubtful accounts of $6 as of December 31, 2018	3,813	3,324
Deferred leasing costs, net of amortization of $458 and $373, respectively	2,260	2,340
Prepaid and other assets	1,838	1,541
Total assets	231,454	226,199
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit, net	78,911	84,046
Mortgage loans payable, net	34,006	34,055
Accounts payable and accrued expenses	2,847	2,041
Due to affiliates	4,158	4,292
Note to affiliate, net of unamortized discount of $1,328 and $1,365, respectively	7,622	7,585
Acquired below market lease intangibles, less accumulated amortization of $3,685 and $3,461, respectively	14,746	14,970
Distributions payable	351	334
Other liabilities	1,348	1,369
Total liabilities	143,989	148,692
Stockholders' Equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued	0	0
Additional paid-in capital	125,212	115,025
Deficit	(37,858)	(37,621)
Total stockholders' equity	87,465	77,507
Total liabilities and stockholders' equity	231,454	226,199
Class A Common Stock
Stockholders' Equity:
Common stock	36	36
Class I Common Stock
Stockholders' Equity:
Common stock	68	61
Class T Common Stock
Stockholders' Equity:
Common stock	7	6
Class D Common Stock
Stockholders' Equity:
Common stock	0	0
Class N Common Stock
Stockholders' Equity:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Buildings and improvements, accumulated depreciation	$ 17,192	$ 15,901
Furniture, fixtures and equipment, accumulated depreciation	311	292
Acquired intangible lease assets, accumulated amortization	20,820	19,682
Allowance for doubtful accounts		6
Deferred leasing costs, amortization	458	373
Note to affiliate, unamortized discount	1,328	1,365
Acquired below market lease intangibles, accumulated amortization	$ 3,685	$ 3,461
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
Class A Common Stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	3,660,411	3,574,584
Common stock, shares outstanding (in shares)	3,660,411	3,574,584
Class I Common Stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	6,769,360	6,132,292
Common stock, shares outstanding (in shares)	6,769,360	6,132,292
Class T Common Stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	677,429	628,863
Common stock, shares outstanding (in shares)	677,429	628,863
Class D Common Stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class N Common Stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Property related income	$ 5,765	$ 4,503
Investment income on marketable securities	151	89
Total revenues	5,916	4,592
Expenses
General and administrative expenses	572	511
Property operating expenses	1,882	1,412
Advisory fees	371	279
Depreciation	1,310	1,089
Amortization	1,169	907
Total operating expenses	5,304	4,198
Net realized gain (loss) upon sale of marketable securities	119	(253)
Net unrealized change in fair value of investment in marketable securities	2,166	(501)
Operating income (loss)	2,897	(360)
Interest expense	(1,293)	(904)
Net income (loss)	1,604	(1,264)
Class A Common Stock
Expenses
Net income (loss)	$ 545	$ (566)
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ 0.15	$ (0.15)
Class I Common Stock
Expenses
Net income (loss)	$ 960	$ (686)
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ 0.15	$ (0.15)
Class T Common Stock
Expenses
Net income (loss)	$ 99	$ (12)
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ 0.15	$ (0.15)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class I Common Stock	Class T Common Stock	Preferred Stock	Common StockClass A Common Stock	Common StockClass I Common Stock	Common StockClass T Common Stock	Common StockClass D Common Stock	Common StockClass N Common Stock	Additional Paid-in Capital	Deficit	Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment for change in accounting principle	$ 0											$ 736	$ (736)
Balance, as adjusted (shares)					0	3,666,927	4,352,050	71,316	0	0
Beginning balance, as adjusted	59,340					$ 37	$ 44	$ 1			$ 86,813	(27,554)
Beginning balance (shares) at Dec. 31, 2017					0	3,666,927	4,352,050	71,316	0	0
Beginning balance at Dec. 31, 2017	59,340				$ 0	$ 37	$ 44	$ 1	$ 0	$ 0	86,813	(28,290)	736
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, as adjusted (shares)					0	3,666,927	4,352,050	71,316	0	0
Issuance of common stock (shares)						55,887	273,546	19,256
Issuance of common stock	4,843					$ 1	$ 2	$ 0			4,840
Issuance of common stock through the distribution reinvestment plan (in shares)						22,714	21,479	678
Issuance of common stock through the distribution reinvestment plan	619										619
Redemption of common stock (shares)		(64,468)	(53,455)	0		(64,468)	(53,455)
Redemption of common stock	(1,623)	$ (885)	$ (738)	$ 0		$ (1)					(1,622)
Distributions to investors	(1,400)											(1,400)
Offering costs	(622)										(622)
Net income	(1,264)											(1,264)
Ending balance (shares) at Mar. 31, 2018					0	3,681,060	4,593,620	91,250	0	0
Ending balance at Mar. 31, 2018	59,893				$ 0	$ 37	$ 46	$ 1	$ 0	$ 0	90,028	(30,218)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, as adjusted (shares)					0	3,681,060	4,593,620	91,250	0	0
Balance, as adjusted (shares)					0	3,574,584	6,132,292	628,863	0	0
Beginning balance (shares) at Dec. 31, 2018					0	3,574,584	6,132,292	628,863	0	0
Beginning balance at Dec. 31, 2018	77,507				$ 0	$ 36	$ 61	$ 6	$ 0	$ 0	115,025	(37,621)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, as adjusted (shares)					0	3,574,584	6,132,292	628,863	0	0
Issuance of common stock (shares)						131,830	641,503	55,679
Issuance of common stock	11,922					$ 1	$ 7	$ 1			11,913
Issuance of common stock through the distribution reinvestment plan (in shares)						22,405	34,329	2,250
Issuance of common stock through the distribution reinvestment plan	841										841
Redemption of common stock (shares)		(68,408)	(43,806)	(9,363)		(68,408)	(43,806)	(9,363)
Redemption of common stock	(1,724)	$ (971)	$ (620)	$ (133)		$ (1)					(1,723)
Distributions to investors	(1,841)											(1,841)
Offering costs	(916)										(916)
Equity based compensation (shares)							5,042
Equity based compensation	72										72
Net income	1,604											1,604
Ending balance (shares) at Mar. 31, 2019					0	3,660,411	6,769,360	677,429	0	0
Ending balance at Mar. 31, 2019	$ 87,465				$ 0	$ 36	$ 68	$ 7	$ 0	$ 0	$ 125,212	$ (37,858)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, as adjusted (shares)					0	3,660,411	6,769,360	677,429	0	0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Cash flows from operating activities:
Net income (loss)	$ 1,604	$ (1,264)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	1,310	1,089
Net realized (gain) loss upon sale of marketable securities	(119)	253
Net unrealized change in fair value of marketable securities	(2,166)	501
Share based compensation	72	0
Amortization of intangible lease assets and liabilities	999	861
Amortization of deferred financing costs	79	102
Allowance for doubtful accounts	0	(3)
Straight line rent	(208)	556
Amortization of discount on note to affiliate	37	36
Changes in assets and liabilities:
Receivables	(240)	(58)
Deferred leasing costs	(111)	0
Prepaid and other assets	(289)	(286)
Accounts payable and accrued expenses	378	271
Other liabilities	(46)	(136)
Due to affiliates	(511)	(602)
Net cash provided by operating activities	789	1,320
Cash flows from investing activities:
Improvements to real estate assets	(415)	(9)
Investment in marketable securities	(5,778)	(5,565)
Proceeds from sale of marketable securities	5,640	3,987
Net cash used in investing activities	(553)	(1,587)
Cash flows from financing activities:
Proceeds from line of credit	900	0
Repayment of line of credit	(6,100)	(700)
Repayment of mortgage loans payable	(63)	0
Proceeds from issuance of common stock	11,909	4,905
Payment of financing costs	0	(493)
Payment of offering costs	(522)	(661)
Distributions to investors	(983)	(770)
Redemption of common stock	(1,589)	(1,623)
Net cash provided by financing activities	3,552	658
Net increase in cash and cash equivalents	3,788	391
Cash and cash equivalents, beginning of period	2,002	2,442
Cash and cash equivalents, end of period	5,790	2,833
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	351	270
Common stock issued through the distribution reinvestment plan	841	619
Purchases of marketable securities not yet paid	178	67
Proceeds from sale of marketable securities not yet received	119	87
Proceeds from issuance of common stock not yet received	113	153
Accrued dealer manager and distribution fees	661	462
Capital expenditures not yet paid	362	0
Redemptions of common stock not yet paid	135	0
Supplemental Cash Flow Disclosures:
Interest paid	$ 1,053	$ 743

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2019
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. 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. RREEF Property OP Holder, LLC (the “OP Holder”), a wholly-owned subsidiary of the Company, is the limited partner of 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 apartment 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 "Initial Registration Statement"). On May 30, 2013, RREEF America L.L.C., a Delaware limited liability company (“RREEF America”), the Company's sponsor and advisor, purchased $10,000 of the Company's Class I common stock, $0.01 par value per share ("Class I Shares"), and the Company’s board of directors authorized the release of the escrowed funds to the Company, thereby allowing the Company to commence operations. 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 in Class D Shares (the "Private Offering," and together with the Follow-On Public Offering (defined below), the "Offerings"). On July 12, 2016, the SEC declared effective the Company's registration statement on Form S-11 (File No. 333-208751), filed under the Securities Act of 1933, as amended (the "Registration Statement"). Pursuant to the Registration Statement, the Company is offering for sale up to $2,100,000 of shares of its Class A common stock, $0.01 par value per share ("Class A Shares"), Class I Shares, and Class T common stock, $0.01 par value per share ("Class T Shares"), in its primary offering and up to $200,000 of Class A Shares, Class I Shares, Class N common stock, $0.01 par value per share ("Class N Shares") and Class T Shares pursuant to its distribution reinvestment plan, to be sold on a "best efforts" basis for the Company's follow-on public offering (the "Follow-On Public Offering"). The Company's initial public offering terminated upon the commencement of the Follow-On Public Offering. 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. NAV per share is calculated by dividing the NAV at the end of each business day for each class by the number of shares outstanding for that class on such day. The Company'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	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the authoritative reference for U.S. generally accepted accounting principles (“GAAP”). There have been no significant changes to the Company's significant accounting policies during the three months ended March 31, 2019 except for the adoption of Accounting Standards Updates ("ASU") noted below in Note 2. The interim financial data as of March 31, 2019 and for the three months ended March 31, 2019 and 2018 is unaudited. In the Company’s opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. 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. Real Estate Investments and Lease Intangibles Entities are required to evaluate whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. When substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. Generally, a real estate asset and its related leases will be considered a single identifiable asset and therefore will not meet the definition of a business. If the real estate and related leases in an acquisition are determined to be an asset and not a business, then the acquisition related costs would be capitalized onto the consolidated balance sheets. Otherwise, such costs will be expensed upon completion of the transaction. Organization and Offering Costs Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred. 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 the dealer manager for the public offerings, costs for registration statement amendments and prospectus supplements, printing, mailing and distribution costs, filing fees, amounts to reimburse RREEF America as the Company’s advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse the dealer manager for amounts that it may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company with respect to a particular Offering will not exceed 15% of the gross proceeds from such particular Offering. In addition, the Company will not reimburse RREEF America or the 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 a particular offering. 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 outstanding Class A Shares, and (b) 1.00% per annum for approximately three years on the NAV of the 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 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 raised or to be raised during each 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. As of March 31, 2019 and December 31, 2018 , the Company has accrued $3,415 and $3,107 , respectively, in Trailing Fees to be payable in the future, which was included in due to affiliates on the consolidated balance sheets. Revenue Recognition Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) (ASC 842), and related ASU's that amended or clarified certain provisions of ASC 842. Under ASC 842, as amended, the Company elected (a) a package of three practical expedients whereby the Company will not be required to reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification (operating versus capital/financing leases) for any expired or existing leases and (iii) initial direct costs for any existing leases (Package of Three Practical Expedients), and (b) a practical expedient to not separate lease and non-lease components of a lease and instead account for them as a single component if two criteria are met: (i) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same, and (ii) the lease component, if accounted for separately, would be classified as an operating lease. In addition, the Company elected to adopt ASU 2016-02 on its effective date, and the Company did not have a cumulative effect adjustment to its opening deficit balance as of January 1, 2019. In accordance with the Company's adoption of the provisions of ASC 842, leases in place as of December 31, 2018 will continue to be accounted for under the previous lease guidance of ASC 840, while any new or amended leases entered into by the Company after December 31, 2018 will be accounted for under ASC 842. The Company has evaluated the lease and non-lease components within its leases under the practical expedient and will now report rental and other property income and common area expense reimbursement income as a single component on the Company’s consolidated statements of operations. Rental and other property income and tenant reimbursement income for prior periods have similarly been combined to conform to the current year presentation. Lessor accounting for lease and non-lease components, while presented differently under ASC 842, is largely unchanged from prior GAAP. Contractual base rental revenue from real estate leases is recognized on a straight-line basis over the terms of the related leases. The differences between contractual base rental revenue earned from real estate leases on a straight-line basis and amounts due under the respective lease agreements are amortized or accreted, as applicable, to deferred rent receivable. Property related income will also include amortization of above- and below-market leases as well as amortization of lease incentives. Revenues relating to lease termination fees for the termination of an entire lease will be recognized at the time that a tenant’s right to occupy the leased space is terminated and collectibility is reasonably assured. Under ASC 842, the future revenue stream from leases must be evaluated for collectibility. Pursuant to these provisions, if an entity has determined that the collectibility of substantially all future lease payments from a particular lease is not at least probable, then the entity must write off its existing receivable balances (except receivable amounts which are under dispute by the tenant), including any deferred rent amounts recognized on a straight-line basis, and instead begin recognizing revenue from such lease on cash basis. The factors used to evaluate the collectibility of future lease payments for each lease may include, but not be limited to, the tenant's payment history, current payment status, publicly available information about the financial condition of the tenant and other information about the tenant of which the entity may be aware. As of March 31, 2019 , the Company has assessed all of its future lease payments to be at least probable. To the extent the Company's revenues do not qualify for treatment under ASC 842 or under other specific guidance, the Company is required to recognize revenue in its financial statements in a manner that depicts the transfer of the promised goods or services to its customers in an amount that reflects the consideration to which the Company is entitled at the time of transfer of those goods or services. Such treatment may apply to other types of real estate related contracts, such as for dispositions or development of real estate. Investment income from marketable securities is accrued at each distribution record date. Net Earnings or Loss Per Share Net earnings or loss per share is calculated using the two-class method. The two-class method is utilized when an entity (1) has different classes of common stock that participate differently in net earnings or loss, or (2) has issued participating securities, which are securities that participate in distributions separately from the entity’s common stock. Pursuant to the advisory agreement between the Company and its advisor (see Note 8), the advisor may earn a performance component of the advisory fee which is calculated separately for each class of common stock which therefore may result in a different allocation of net earnings or loss to each class of common stock. In addition, in March 2019, the Company granted shares of its Class I common stock to its independent directors (see Note 9), which qualify as participating securities. Concentration of Credit Risk As of March 31, 2019 and December 31, 2018 , 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. Recent Accounting Pronouncement s In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurement. ASU 2018-13 changes the fair value measurement disclosure requirements of ASC 820 by eliminating, modifying or adding certain disclosure requirements for fair value measurements. The Company elected to early adopt the provisions regarding eliminating or modifying certain disclosures and defer adopting the provisions regarding additional disclosures until the effective date of ASU 2018-13, which is for fiscal years beginning after December 15, 2019, including interim periods therein. The early adoption of the provisions regarding eliminating or modifying certain disclosures of ASU 2018-13 did not have a material impact on the Company's consolidated financial statements. In March 2019, FASB issued ASU 2019-01, Leases (Topic 842), which provides guidance for determining the fair value and its application to lease classification and measurement for lessors that are not manufacturers or dealers, referred to as qualifying lessors. For qualifying lessors, the fair value of the underlying asset at lease commencement would be its cost, including any acquisition costs, however if a significant amount of time has elapsed between the asset acquisition date and the lease commencement, the fair value would be based on the guidance in ASC 820. ASU 2019-01 is effective for fiscal years beginning after December 15, 2019, including interim periods therein. The Company is evaluating the impact of ASU 2019-01 but does not expect adoption to have a material impact.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2019
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. The fair value of the Company's lines of credit and mortgage loans payable are determined using Level 2 and Level 3 inputs and a discounted cash flow approach with an interest rate, property valuation and other assumptions that estimate current market conditions. The carrying amount of the Company's line of credit, exclusive of deferred financing costs, approximated its fair value of $79,419 and $84,619 at March 31, 2019 and December 31, 2018 , respectively. The Company estimated the fair value of the Company's mortgage loans payable at $33,659 and $33,560 as of March 31, 2019 and December 31, 2018 , respectively. If the valuation of the Company's properties as of March 31, 2019 were significantly lower, the market interest rate assumption would be higher (due to higher loan-to-value ratios) potentially resulting in a significantly lower estimated fair value for these liabilities. The Company has estimated the fair value of its note to affiliate at approximately $3,000 and $2,900 as of March 31, 2019 and December 31, 2018 , respectively. The estimated market interest rate is impacted by a number of factors. Material changes in those factors may cause a material change to the estimated market interest rate, thereby materially affecting the estimated fair value of the note to affiliate. The Company has estimated the fair value of the note to affiliate in the middle of the range of reasonably estimable values. 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	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS The Company acquired no real estate properties during the three months ended March 31, 2019 and 2018 .

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
RENTALS UNDER OPERATING LEASES	RENTALS UNDER OPERATING LEASES As of March 31, 2019 , the Company owned four office properties (including one medical office property), three retail properties and four industrial properties with a total of thirty-one tenants, and one student housing property with 316 beds. As of March 31, 2018 , the Company owned four office properties (including one medical office property), two retail properties and one industrial property with a total of nineteen tenants, and one student housing property with 316 beds. All leases at the Company's properties have been classified as operating leases. The Company's property related income from its real estate investments is comprised of the following: Three Months Ended March 31, 2019 2018 Lease revenue 1 $ 5,388 $ 5,014 Straight-line revenue 208 (556 ) Above- and below-market lease amortization, net 195 71 Lease incentive amortization (26 ) (26 ) Property related income $ 5,765 $ 4,503 1 Lease revenue includes $957 and $679 of variable income from tenant reimbursements for the three months ended March 31, 2019 and 2018, respectively. The future minimum rentals to be received, excluding tenant reimbursements, under the non-cancelable portions of all of the in-place leases in effect as of March 31, 2019 are as follows: Three Months Ended March 31, Future Minimum Rent 2019 $ 12,643 2020 15,909 2021 13,197 2022 11,665 2023 8,644 Thereafter 36,371 $ 98,429 Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income are shown below. Percent of property related income Property Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Elston Plaza, Chicago, IL 14.2 % — % Loudoun Gateway, Sterling, VA 14.1 17.2 Flats at Carrs Hill, Athens, GA 13.8 16.8 Allied Drive, Dedham, MA 12.8 17.4 Terra Nova Plaza, Chula Vista, CA 10.1 12.2 Commerce Corner, Logan Township, NJ 8.8 10.4 Anaheim Hills Office Plaza, Anaheim, CA 6.1 12.7 Total 79.9 % 86.7 % Percent of property related income Tenant Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Orbital ATK Inc. - Loudoun Gateway 14.1 % 17.2 % New England Baptist Hospital - Allied Drive 11.3 14.7 Total 25.4 % 31.9 % The Company's tenants representing more than 10% of in-place annualized base rental revenues were as follows: Percent of in-place annualized base rental revenues as of Property March 31, 2019 March 31, 2018 Orbital ATK Inc. - Loudoun Gateway 16.8 % 20.3 % New England Baptist Hospital - Allied Drive 9.5 11.3 Total 26.3 % 31.6 %

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The following is a summary of the Company's marketable securities held as of the dates indicated, which consisted entirely of publicly-traded shares of common stock in REITs as of each date. All marketable securities held as of December 31, 2018 were available-for-sale securities and none were considered impaired on an other-than-temporary basis. March 31, 2019 December 31, 2018 Marketable securities—cost $ 14,945 $ 14,646 Unrealized gains 2,273 676 Unrealized losses (18 ) (587 ) Net unrealized gain 2,255 89 Marketable securities—fair value $ 17,200 $ 14,735 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 March 31, 2019 and 2018 , marketable securities sold generated proceeds of $5,668 and $4,000 , respectively, resulting in gross realized gains of $266 and $79 , respectively, and gross realized losses of $147 and $332 , respectively.

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE Wells Fargo Line of Credit On February 27, 2018, the Company, as guarantor, and certain of the wholly owned subsidiaries of the Operating Partnership, as co-borrowers, entered into an amended and restated secured revolving credit facility (the “Revised Wells Fargo Line of Credit”) with Wells Fargo Bank, National Association, as administrative agent, and other lending institutions that may become parties to the credit agreement. The Revised Wells Fargo Line of Credit has an initial three -year term maturing February 27, 2021. The Company has two one -year extension options following the initial term subject to satisfaction of certain conditions and payment of applicable extension fees. The interest rate under the Revised Wells Fargo Line of Credit is based on the 1-month London Inter-bank Offered Rate ("LIBOR") with a spread of 160 to 180 basis points depending on the debt yield as defined in the agreement. In addition, the Revised Wells Fargo Line of Credit has a maximum capacity of $100,000 and is expandable by the Company up to a maximum capacity of $200,000 upon satisfaction of specified conditions. Each requested expansion must be for at least $25,000 and may result in the Revised Wells Fargo Line of Credit being syndicated. As of March 31, 2019 , the outstanding balance under the Revised Wells Fargo Line of Credit was $79,419 and the weighted average interest rate was 4.09% . As of December 31, 2018 , the outstanding balance was $84,619 and the weighted average interest rate was 4.07% . At any time, the borrowing capacity under the Revised 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 10% based on the in-place net operating income of the collateral pool as defined, or (3) the maximum capacity of the Revised Wells Fargo Line of Credit. Proceeds from the Revised 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 March 31, 2019 , the Company's maximum borrowing capacity was $100,000 . The Revised 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 financial covenants as of March 31, 2019 . 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 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 maturing after ten years on March 1, 2026 with no extension options. The Nationwide Loan carries a fixed interest rate of 3.63% and requires monthly interest-only payments of $44 during the entire term. Hartford Life Insurance Loan On December 1, 2016, RPT 1109 Commerce Boulevard, LLC, a wholly owned subsidiary of the Operating Partnership, entered into a credit agreement with Hartford Life Insurance Company (the "Hartford Loan"). Proceeds of $13,000 obtained from the Hartford Loan were used to repay outstanding balances under the Wells Fargo Line of Credit, thereby releasing Commerce Corner from the Wells Fargo Line of Credit. The Hartford Loan is a secured, fully non-recourse loan maturing after seven years on December 1, 2023 with no extension options. The Hartford Loan carries a fixed interest rate of 3.41% with interest-only payments for the first 24 months of the term, then principal and interest payments for the remainder of the term based upon a 30 -year amortization schedule. Transamerica Life Insurance Company On December 6, 2018, RPT Wallingford Plaza, LLC, a wholly owned subsidiary of the Operating Partnership, entered into a credit agreement with Transamerica Premier Life Insurance Company (the "Transamerica Loan"). Proceeds of $6,950 , net of transaction costs, obtained from the Transamerica Loan were used to repay outstanding balances under the Revised Wells Fargo Line of Credit, thereby releasing Wallingford Plaza from the Revised Wells Fargo Line of Credit. The Transamerica Loan is a secured, fully non-recourse loan maturing after ten years on January 1, 2029 with no extension options. The Transamerica Loan carries a fixed interest rate of 4.56% with interest-only payments for the first 24 months of the term, then principal and interest payments for the remainder of the term, based upon a 30 -year amortization schedule. The following is a reconciliation of the carrying amount of the Revised Wells Fargo Line of Credit and mortgage loans payable: March 31, 2019 December 31, 2018 Line of credit $ 79,419 $ 84,619 Deduct: Deferred financing costs, less accumulated amortization (508 ) (573 ) Line of credit, net $ 78,911 $ 84,046 Mortgage loans payable $ 34,387 $ 34,450 Deduct: Deferred financing costs, less accumulated amortization (381 ) (395 ) Mortgage loans payable, net $ 34,006 $ 34,055 Aggregate future principal payments due on the Revised Wells Fargo Line of Credit and mortgage loans payable as of March 31, 2019 are as follows: Year Amount Remainder of 2019 $ 191 2020 262 2021 79,792 2022 396 2023 12,054 Thereafter 21,111 Total $ 113,806

RELATED PARTY ARRANGEMENTS

RELATED PARTY ARRANGEMENTS	3 Months Ended
	Mar. 31, 2019
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 20, 2020. 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 comprised of 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 of the outstanding shares of each class of common stock for such day. The fixed component of the advisory fee is payable monthly in arrears. 2. The performance component is calculated for each class of common stock on the basis of the total return to stockholders and is measured by the total distributions per share declared to such class plus the change in the NAV per share for such class. For any calendar year in which the total return per share allocable to a class exceeds 6% per annum (the “Hurdle Amount”), RREEF America will receive up to 10% of the aggregate total return allocable to such class with a Catch-Up (defined below) calculated as follows: first, if the total return for the applicable period exceeds the Hurdle Amount, 25% of such total return in excess of the Hurdle Amount (the “Excess Profits”) until the total return reaches 10% (commonly referred to as a “Catch-Up”); and second, to the extent there are remaining Excess Profits, 10% of such remaining Excess Profits. 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 performance component is calculated daily on a year-to-date basis by reference to a proration of the per annum hurdle as of the date of calculation. Any resulting performance component as of a given date is deducted from the Company's published NAV per share for such date. At each interim balance sheet date, the Company considers the estimated performance component that is probable to be due as of the end of the current calendar year in assessing whether the calculated performance component as of the interim balance sheet date meets the threshold for recognition in accordance with GAAP in the Company's consolidated financial statements. The ultimate amount of the performance component as of the end of the current calendar year, if any, may be more or less than the amount recognized by the Company as of any interim date and will depend on a variety of factors, including but not limited to, the performance of the Company's investments, interest rates, capital raise and redemptions. The Company considers the estimated performance component as of March 31, 2019 not to be sufficiently probable to warrant recognition of a performance component as of March 31, 2019 in the Company's consolidated financial statements. The fixed component earned by RREEF America and the performance component recognized by the Company are shown below. Three Months Ended March 31, 2019 2018 Fixed component $ 371 $ 279 Performance component — — $ 371 $ 279 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 RREEF America'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 March 31, 2019 and 2018 , RREEF America incurred $73 and $82 of reimbursable operating expenses and offering costs, respectively, that were subject to reimbursement under the Advisory Agreement. As of March 31, 2019 and December 31, 2018 , the Company had a payable to RREEF America of $ 137 and $73 , respectively, of operating expenses and offering costs 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 incurred 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 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 reimbursed RREEF America monthly for the Deferred O&O on a pro rata basis over 60 months beginning in January 2014. The Deferred O&O balance was fully reimbursed as of December 31, 2018 . The Company reimbursed RREEF America $228 for Deferred O&O for the three months ended March 31, 2018 . 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 date upon which the aggregate Expense Payments by RREEF America reached $9,200 . As of December 31, 2015, the Company had incurred a total of $9,200 in Expense Payments in addition to the $4,618 of Deferred O&O noted above. The balance of $9,200 in Expense Payments consisted of $3,775 in organization and offering costs related to the Company's initial public offering, $196 of offering costs for the Private Offering and $5,229 in operating expenses. The Company has not received any Expense Payments since December 31, 2015. In accordance with the Expense Support Agreement, the Company was to reimburse RREEF America $250 per quarter (the "Quarterly Reimbursement"), representing a non-interest bearing note due to RREEF America ("Note to Affiliate") which was subject to the imputation of interest. In accordance therewith, on January 1, 2016, the Company recorded a discount on the Note to Affiliate in the amount of $1,862 which was to be amortized to interest expense over the contractual reimbursement period using the effective interest method. 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 $500,000 in offering proceeds from the offerings (the "ESA Commencement Date"). The Company currently owes $8,950 to RREEF America under the Expense Support Agreement in the form of the Note to Affiliate. Beginning the month following the ESA Commencement Date, the Company will make monthly reimbursement payments to RREEF America in the amount of $417 for the first 12 months and $329 for the second 12 months, subject to monthly reimbursement payment limitations described in the Letter Agreement. The execution of the Letter Agreement represented a modification of the Note to Affiliate, and as such, the unamortized discount on the Note to Affiliate as of April 25, 2016 is instead being 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 months ended March 31, 2019 and 2018 , the Company amortized $37 and $36 , 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 unreimbursed Expense Payments under the Expense Support Agreement shall be waived. Dealer Manager Agreement The Company and its Operating Partnership entered into a dealer manager agreement (the "Dealer Manager Agreement") with DWS Distributors, Inc., an affiliate of the Company's sponsor and advisor (the "Dealer Manager"), which was most recently amended and restated on March 7, 2019. The Dealer Manager Agreement governs the distribution by the Dealer Manager of the Company’s Class A Shares, Class I Shares, Class N Shares and Class T Shares in the Follow-On Public Offering and any subsequent registered public offering. In connection with the ongoing Trailing Fees to be paid in the future, the Company and the Dealer Manager entered into an agreement whereby the Company will pay to the Dealer Manager the Trailing Fees that are attributable to the Company's shares issued in the Company's initial public offering that remain outstanding. In addition, the Company is obligated to pay to the Dealer Manager Trailing Fees that are attributable to the Company's shares issued in the Follow-On Public Offering. As of March 31, 2019 and December 31, 2018 , the Company has accrued $92 and $86 , respectively, in Trailing Fees currently payable to the Dealer Manager, and $3,415 and $3,107 , respectively, in Trailing Fees estimated to become payable in the future to the Dealer Manager, both of which are included in due to affiliates on the consolidated balance sheets. The Company also pays the Dealer Manager upfront selling commissions and upfront dealer manager fees in connection with its Offerings, as applicable. For the three months ended March 31, 2019 and 2018 , the Dealer Manager earned upfront selling commissions and upfront dealer manager fees totaling $90 and $33 , respectively. Under the Dealer Manager Agreement, the Company is obligated to reimburse the Dealer Manager for certain offering costs incurred by the Dealer Manager on the Company's behalf, including but not limited to broker-dealer sponsorships, attendance fees for retail seminars conducted by broker-dealers or the Dealer Manager, and travel costs for certain personnel of the Dealer Manager who are dedicated to the distribution of the Company's shares of common stock. For the three months ended March 31, 2019 and 2018 , the Dealer Manager incurred $53 and $103 , respectively, in such costs on behalf of the Company. As of March 31, 2019 and December 31, 2018 , the Company had payable to the Dealer Manager $382 and $329 , respectively, of such costs which was included in due to affiliates on the consolidated balance sheets. 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 Dealer Manager under the Dealer Manager Agreement for any organization and offering costs which would cause the Company's total organization and offering costs with respect to a public offering to exceed 15% of the gross proceeds from such public offering. Further, the Company will not reimburse RREEF America or the Dealer Manager for any underwriting compensation (a subset of organization and offering costs) which would cause the Company's total underwriting compensation with respect to a public offering to exceed 10% of the gross proceeds from the primary portion of such public offering. For the Company's initial public offering that ended on June 30, 2016, the Company raised $102,831 in gross proceeds and incurred $15,424 in organization and offering costs, including, as of March 31, 2019 , estimated accrued Trailing Fees payable in the future of $635 . As of March 31, 2019 , in the Follow-On Public Offering, the Company raised $80,940 in gross proceeds and incurred total organization and offering costs of $7,865 , including estimated accrued Trailing Fees payable in the future of $2,781 . 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, 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 are justified based on unusual and non-recurring factors. For the four fiscal quarters ended March 31, 2019 , total operating expenses of the Company were $3,866 which did not exceed the amount prescribed by the 2% / 25% Guidelines. Due to Affiliates and Note to Affiliate In accordance with all the above, the Company owed its affiliates the following amounts: March 31, 2019 December 31, 2018 Reimbursable under the Advisory Agreement $ 137 $ 73 Reimbursable under the Dealer Manager Agreement 382 329 Advisory fees 132 697 Accrued Trailing Fees 3,507 3,193 Due to affiliates $ 4,158 $ 4,292 Note to Affiliate $ 8,950 $ 8,950 Unamortized discount (1,328 ) (1,365 ) Note to Affiliate, net of unamortized discount $ 7,622 $ 7,585

CAPITALIZATION

CAPITALIZATION	3 Months Ended
	Mar. 31, 2019
Capitalization [Abstract]
CAPITALIZATION	CAPITALIZATION Under the Company's charter, as most recently amended on February 16, 2017, 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 2.50% of the purchase price, and annual distribution fees of 1.0% of NAV paid on a trailing basis for approximately three 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 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 8.5% of commissions, dealer manager fees and distribution fees; (ii) the total underwriting compensation from whatever source with respect to the Follow-On Public Offering exceeds 10% of the gross proceeds from the primary portion of the Follow-On Public Offering; (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 other disposition of all or substantially all of the Company's assets. 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. If the quarterly volume limitation is reached on or before the third business day of a calendar quarter, redemption requests during the next quarter will be satisfied on a stockholder by stockholder basis, which the Company refers to as a per stockholder allocation, instead of a first-come, first-served basis. Pursuant to the per stockholder allocation, each stockholder would be allowed to request redemption at any time during such quarter of a total number of shares not to exceed 5% of the shares of common stock the stockholder held as of the end of the prior quarter. The per stockholder allocation requirement will remain in effect for each succeeding quarter for which the total redemptions for the immediately preceding quarter exceeded 4% of the Company's NAV on the last business day of such preceding quarter. If total redemptions during a quarter for which the per stockholder allocation applies are equal to or less than 4% of the Company's NAV on the last business day of such preceding quarter, then redemptions will again be satisfied on a first-come, first-served basis for the next succeeding quarter and each quarter thereafter. Each redemption request will be evaluated by the Company in consideration of rules and regulations promulgated by the Internal Revenue Service with respect to dividend equivalent redemptions. Redemptions that may be considered dividend equivalent redemptions may adversely affect the Company or its stockholders. Accordingly, the Company may reject any redemption request that it reasonably believes may be treated as a dividend equivalent redemption. While there is no minimum holding period, shares redeemed within 365 days of the date of the investor's initial purchase of the Company's shares will be redeemed at the Company's NAV per share of the class of shares being redeemed on the date of redemption less a short-term trading discount equal to 2% of the gross proceeds otherwise payable with respect to the redemption. In the event that any stockholder fails to maintain a minimum balance of $500 (not in thousands) worth of shares of common stock, the Company may redeem all of the shares held by that stockholder at the redemption price per share in effect on the date it is determined that the stockholder has failed to meet the minimum balance, less the short-term trading discount of 2% , if applicable. Minimum account redemptions will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in the Company's NAV. During the three months ended March 31, 2019 and 2018 , redemptions were as shown below. The Company funded these redemptions with cash flow from operations, proceeds from its public offerings or borrowings on the line of credit. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Three Months Ended March 31, 2019 Shares Weighted Average Share Price Amount Class A 68,408 $ 14.19 $ 971 Class I 43,806 14.16 620 Class T 9,363 14.25 133 Three Months Ended March 31, 2018 Shares Weighted Average Share Price Amount Class A 64,468 $ 13.72 $ 885 Class I 53,455 13.82 738 Class T — — — 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. Equity-Based Compensation The Company has in place an incentive compensation plan and an independent directors compensation plan (the “Compensation Plans”). The Compensation Plans were created to attract, retain and compensate highly-qualified individuals, who are not employees of RREEF Property Trust, Inc. or any of its subsidiaries or affiliates, for service as members of the board by providing them with competitive compensation. The Compensation Plans provide for 5,000 shares of restricted stock to be reserved for issuance to each of the Company's independent directors once the Company has issued 12,500,000 shares of its common stock in the aggregate from its Offerings. On March 29, 2019, pursuant to the Company having met the issued share requirement, the Company granted 5,000 shares of restricted Class I common stock to each of the Company's independent directors for a total of 20,000 shares (the "Initial Stock Awards"). The Initial Stock Awards shall vest and become non-forfeitable in three equal annual installments on each of the first three anniversaries of the grant date with the exception of one independent director whose Initial Stock Award vested immediately upon grant. The fair value of the Initial Stock Awards is determined using the Company’s Class I Share price on the date of grant, which was $14.34 . The Company has elected to account for any forfeitures of restricted stock awards as they occur. As of March 31, 2019 , 15,000 Class I Shares from the Initial Stock Awards were unvested. In connection with the Initial Stock Awards, the Company recorded compensation expense of $72 for the three months ended March 31, 2019 , which is included in general and administrative expenses on the accompanying consolidated statements of operations. As of March 31, 2019 , total unrecognized compensation expense related to the unvested Initial Stock Awards was $215 , which will be recognized ratably over the remaining vesting period.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE The Company computes net income (loss) per share of Class A, Class I and Class T common stock using the two-class method. RREEF America may earn a performance component of the advisory fee (see Note 8) which may impact the net income (loss) of each class of common stock differently. The performance component and the impact on each class of common stock, if any, are shown below. Basic and diluted net income (loss) per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. The Initial Stock Awards granted to the Company's independent directors (see Note 9) qualify as participating securities and therefore also require use of the two-class method for computing net income (loss) per share. However, the unvested Initial Stock Awards are anti-dilutive, and therefore are ignored in the diluted net income per share calculation for the three months ended March 31, 2019 . The following table sets forth the computation of basic and diluted net income (loss) per share for each of the Company’s Class A, Class I and Class T common stock. Three Months Ended March 31, 2019 Class A Class I Class T Basic and diluted net income per share: Allocation of net income before performance fee $ 545 $ 960 $ 99 Allocation of performance fees — — — Total numerator $ 545 $ 960 $ 99 Denominator - weighted average number of common shares outstanding 3,592,146 6,330,885 649,621 Basic and diluted net income per share: $ 0.15 $ 0.15 $ 0.15 Three Months Ended March 31, 2018 Class A Class I Class T Basic and diluted net loss per share: Allocation of net loss before performance fee $ (566 ) $ (686 ) $ (12 ) Allocation of performance fees — — — Total numerator $ (566 ) $ (686 ) $ (12 ) Denominator - weighted average number of common shares outstanding 3,686,669 4,467,002 79,305 Basic and diluted net loss per share: $ (0.15 ) $ (0.15 ) $ (0.15 )

DISTRIBUTIONS

DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2019
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. Three Months Ended March 31, 2019 March 31, 2018 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00193545 $ 0.00189004 Distributions paid or payable in cash $ 1,000 $ 781 Distributions reinvested 841 619 Distributions declared $ 1,841 $ 1,400 Class A Shares issued upon reinvestment 22,405 22,714 Class I Shares issued upon reinvestment 34,329 21,479 Class T Shares issued upon reinvestment 2,250 678 Shown below are details by share class of the Company's distributions. Three Months Ended March 31, 2019 March 31, 2018 Class A $ 588 $ 593 Class I 1,147 794 Class T 106 13 Distributions declared $ 1,841 $ 1,400

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2019
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. Net worth and similar taxes paid to certain states where the Company owns real estate properties were $5 and $7 for the three months ended March 31, 2019 and 2018 , respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION For the three months ended March 31, 2019 and 2018 , 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 March 31, 2019 and December 31, 2018 and net income (loss) for the three months ended March 31, 2019 and 2018 . Real Estate Properties Real Estate Equity Securities Total Carrying value as of March 31, 2019 $ 200,553 $ 17,200 $ 217,753 Reconciliation to total assets of March 31, 2019 Carrying value per reportable segments $ 217,753 Corporate level assets 13,701 Total assets $ 231,454 Carrying value as of December 31, 2018 $ 202,257 $ 14,735 $ 216,992 Reconciliation to total assets of December 31, 2018 Carrying value per reportable segments $ 216,992 Corporate level assets 9,207 Total assets $ 226,199 Three Months Ended March 31, 2019 Real Estate Properties Real Estate Equity Securities Total Property related income $ 5,765 $ — $ 5,765 Investment income on marketable securities — 151 151 Total revenues 5,765 151 5,916 Segment operating expenses 1,882 8 1,890 Net realized gain (loss) upon sale of marketable securities — 119 119 Net unrealized change in fair value of investment in marketable securities — 2,166 2,166 Operating income - segments $ 3,883 $ 2,428 $ 6,311 Three Months Ended March 31, 2018 Property related income $ 4,503 $ — $ 4,503 Investment income on marketable securities — 89 89 Total revenues 4,503 89 4,592 Segment operating expenses 1,412 11 1,423 Net realized gain (loss) upon sale of marketable securities — (253 ) (253 ) Net unrealized change in fair value of investment in marketable securities — (501 ) (501 ) Operating income (loss) - segments $ 3,091 $ (676 ) $ 2,415 Three Months Ended March 31, Reconciliation to net income (loss) 2019 2018 Operating income - segments $ 6,311 $ 2,415 General and administrative expenses (564 ) (500 ) Advisory expenses (371 ) (279 ) Depreciation (1,310 ) (1,089 ) Amortization (1,169 ) (907 ) Operating income (loss) 2,897 (360 ) Interest expense (1,293 ) (904 ) Net income (loss) $ 1,604 $ (1,264 )

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	3 Months Ended
	Mar. 31, 2019
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY The Company depends on RREEF America and the Dealer Manager 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 Dealer Manager is unable to provide such services, the Company would be required to find alternative service providers.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
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	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 2, 2019, the Company disclosed that its board of directors declared a daily cash distribution equal to $0.00195924 per share of common stock (before adjustment for applicable class-specific fees) for all such shares of record on each day from April 1, 2019 through June 30, 2019. As of April 1, 2019, there were no Class D Shares or Class N Shares outstanding.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the authoritative reference for U.S. generally accepted accounting principles (“GAAP”). There have been no significant changes to the Company's significant accounting policies during the three months ended March 31, 2019 except for the adoption of Accounting Standards Updates ("ASU") noted below in Note 2. The interim financial data as of March 31, 2019 and for the three months ended March 31, 2019 and 2018 is unaudited. In the Company’s opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods.
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.
Real Estate Investments and Lease Intangibles	Real Estate Investments and Lease Intangibles Entities are required to evaluate whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. When substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. Generally, a real estate asset and its related leases will be considered a single identifiable asset and therefore will not meet the definition of a business. If the real estate and related leases in an acquisition are determined to be an asset and not a business, then the acquisition related costs would be capitalized onto the consolidated balance sheets. Otherwise, such costs will be expensed upon completion of the transaction.
Organization and Offering Expenses	Organization and Offering Costs Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred. 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 the dealer manager for the public offerings, costs for registration statement amendments and prospectus supplements, printing, mailing and distribution costs, filing fees, amounts to reimburse RREEF America as the Company’s advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse the dealer manager for amounts that it may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company with respect to a particular Offering will not exceed 15% of the gross proceeds from such particular Offering. In addition, the Company will not reimburse RREEF America or the 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 a particular offering. 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 outstanding Class A Shares, and (b) 1.00% per annum for approximately three years on the NAV of the 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 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 raised or to be raised during each 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.
Revenue Recognition	Revenue Recognition Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) (ASC 842), and related ASU's that amended or clarified certain provisions of ASC 842. Under ASC 842, as amended, the Company elected (a) a package of three practical expedients whereby the Company will not be required to reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification (operating versus capital/financing leases) for any expired or existing leases and (iii) initial direct costs for any existing leases (Package of Three Practical Expedients), and (b) a practical expedient to not separate lease and non-lease components of a lease and instead account for them as a single component if two criteria are met: (i) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same, and (ii) the lease component, if accounted for separately, would be classified as an operating lease. In addition, the Company elected to adopt ASU 2016-02 on its effective date, and the Company did not have a cumulative effect adjustment to its opening deficit balance as of January 1, 2019. In accordance with the Company's adoption of the provisions of ASC 842, leases in place as of December 31, 2018 will continue to be accounted for under the previous lease guidance of ASC 840, while any new or amended leases entered into by the Company after December 31, 2018 will be accounted for under ASC 842. The Company has evaluated the lease and non-lease components within its leases under the practical expedient and will now report rental and other property income and common area expense reimbursement income as a single component on the Company’s consolidated statements of operations. Rental and other property income and tenant reimbursement income for prior periods have similarly been combined to conform to the current year presentation. Lessor accounting for lease and non-lease components, while presented differently under ASC 842, is largely unchanged from prior GAAP. Contractual base rental revenue from real estate leases is recognized on a straight-line basis over the terms of the related leases. The differences between contractual base rental revenue earned from real estate leases on a straight-line basis and amounts due under the respective lease agreements are amortized or accreted, as applicable, to deferred rent receivable. Property related income will also include amortization of above- and below-market leases as well as amortization of lease incentives. Revenues relating to lease termination fees for the termination of an entire lease will be recognized at the time that a tenant’s right to occupy the leased space is terminated and collectibility is reasonably assured. Under ASC 842, the future revenue stream from leases must be evaluated for collectibility. Pursuant to these provisions, if an entity has determined that the collectibility of substantially all future lease payments from a particular lease is not at least probable, then the entity must write off its existing receivable balances (except receivable amounts which are under dispute by the tenant), including any deferred rent amounts recognized on a straight-line basis, and instead begin recognizing revenue from such lease on cash basis. The factors used to evaluate the collectibility of future lease payments for each lease may include, but not be limited to, the tenant's payment history, current payment status, publicly available information about the financial condition of the tenant and other information about the tenant of which the entity may be aware. As of March 31, 2019 , the Company has assessed all of its future lease payments to be at least probable. To the extent the Company's revenues do not qualify for treatment under ASC 842 or under other specific guidance, the Company is required to recognize revenue in its financial statements in a manner that depicts the transfer of the promised goods or services to its customers in an amount that reflects the consideration to which the Company is entitled at the time of transfer of those goods or services. Such treatment may apply to other types of real estate related contracts, such as for dispositions or development of real estate. Investment income from marketable securities is accrued at each distribution record date.
Net Earnings or Loss per Share	Net Earnings or Loss Per Share Net earnings or loss per share is calculated using the two-class method. The two-class method is utilized when an entity (1) has different classes of common stock that participate differently in net earnings or loss, or (2) has issued participating securities, which are securities that participate in distributions separately from the entity’s common stock. Pursuant to the advisory agreement between the Company and its advisor (see Note 8), the advisor may earn a performance component of the advisory fee which is calculated separately for each class of common stock which therefore may result in a different allocation of net earnings or loss to each class of common stock. In addition, in March 2019, the Company granted shares of its Class I common stock to its independent directors (see Note 9), which qualify as participating securities.
Concentration of Credit Risk	Concentration of Credit Risk As of March 31, 2019 and December 31, 2018 , 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncement s In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurement. ASU 2018-13 changes the fair value measurement disclosure requirements of ASC 820 by eliminating, modifying or adding certain disclosure requirements for fair value measurements. The Company elected to early adopt the provisions regarding eliminating or modifying certain disclosures and defer adopting the provisions regarding additional disclosures until the effective date of ASU 2018-13, which is for fiscal years beginning after December 15, 2019, including interim periods therein. The early adoption of the provisions regarding eliminating or modifying certain disclosures of ASU 2018-13 did not have a material impact on the Company's consolidated financial statements. In March 2019, FASB issued ASU 2019-01, Leases (Topic 842), which provides guidance for determining the fair value and its application to lease classification and measurement for lessors that are not manufacturers or dealers, referred to as qualifying lessors. For qualifying lessors, the fair value of the underlying asset at lease commencement would be its cost, including any acquisition costs, however if a significant amount of time has elapsed between the asset acquisition date and the lease commencement, the fair value would be based on the guidance in ASC 820. ASU 2019-01 is effective for fiscal years beginning after December 15, 2019, including interim periods therein. The Company is evaluating the impact of ASU 2019-01 but does not expect adoption to have a material impact.

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Rental and Other Property Income	The Company's property related income from its real estate investments is comprised of the following: Three Months Ended March 31, 2019 2018 Lease revenue 1 $ 5,388 $ 5,014 Straight-line revenue 208 (556 ) Above- and below-market lease amortization, net 195 71 Lease incentive amortization (26 ) (26 ) Property related income $ 5,765 $ 4,503 1 Lease revenue includes $957 and $679 of variable income from tenant reimbursements for the three months ended March 31, 2019 and 2018, respectively.
Lessor, Operating Lease, Payments to be Received, Maturity	The future minimum rentals to be received, excluding tenant reimbursements, under the non-cancelable portions of all of the in-place leases in effect as of March 31, 2019 are as follows: Three Months Ended March 31, Future Minimum Rent 2019 $ 12,643 2020 15,909 2021 13,197 2022 11,665 2023 8,644 Thereafter 36,371 $ 98,429
Tenants Representing Greater Than 10% of Gross Rental Revenues	Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income are shown below. Percent of property related income Property Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Elston Plaza, Chicago, IL 14.2 % — % Loudoun Gateway, Sterling, VA 14.1 17.2 Flats at Carrs Hill, Athens, GA 13.8 16.8 Allied Drive, Dedham, MA 12.8 17.4 Terra Nova Plaza, Chula Vista, CA 10.1 12.2 Commerce Corner, Logan Township, NJ 8.8 10.4 Anaheim Hills Office Plaza, Anaheim, CA 6.1 12.7 Total 79.9 % 86.7 % Percent of property related income Tenant Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Orbital ATK Inc. - Loudoun Gateway 14.1 % 17.2 % New England Baptist Hospital - Allied Drive 11.3 14.7 Total 25.4 % 31.9 % The Company's tenants representing more than 10% of in-place annualized base rental revenues were as follows: Percent of in-place annualized base rental revenues as of Property March 31, 2019 March 31, 2018 Orbital ATK Inc. - Loudoun Gateway 16.8 % 20.3 % New England Baptist Hospital - Allied Drive 9.5 11.3 Total 26.3 % 31.6 %

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	The following is a summary of the Company's marketable securities held as of the dates indicated, which consisted entirely of publicly-traded shares of common stock in REITs as of each date. All marketable securities held as of December 31, 2018 were available-for-sale securities and none were considered impaired on an other-than-temporary basis. March 31, 2019 December 31, 2018 Marketable securities—cost $ 14,945 $ 14,646 Unrealized gains 2,273 676 Unrealized losses (18 ) (587 ) Net unrealized gain 2,255 89 Marketable securities—fair value $ 17,200 $ 14,735

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Line of Credit and Mortgage Loans Payable	The following is a reconciliation of the carrying amount of the Revised Wells Fargo Line of Credit and mortgage loans payable: March 31, 2019 December 31, 2018 Line of credit $ 79,419 $ 84,619 Deduct: Deferred financing costs, less accumulated amortization (508 ) (573 ) Line of credit, net $ 78,911 $ 84,046 Mortgage loans payable $ 34,387 $ 34,450 Deduct: Deferred financing costs, less accumulated amortization (381 ) (395 ) Mortgage loans payable, net $ 34,006 $ 34,055
Schedule of Aggregate Future Principal Payments	Aggregate future principal payments due on the Revised Wells Fargo Line of Credit and mortgage loans payable as of March 31, 2019 are as follows: Year Amount Remainder of 2019 $ 191 2020 262 2021 79,792 2022 396 2023 12,054 Thereafter 21,111 Total $ 113,806

RELATED PARTY ARRANGEMENTS (Tab

RELATED PARTY ARRANGEMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The fixed component earned by RREEF America and the performance component recognized by the Company are shown below. Three Months Ended March 31, 2019 2018 Fixed component $ 371 $ 279 Performance component — — $ 371 $ 279 In accordance with all the above, the Company owed its affiliates the following amounts: March 31, 2019 December 31, 2018 Reimbursable under the Advisory Agreement $ 137 $ 73 Reimbursable under the Dealer Manager Agreement 382 329 Advisory fees 132 697 Accrued Trailing Fees 3,507 3,193 Due to affiliates $ 4,158 $ 4,292 Note to Affiliate $ 8,950 $ 8,950 Unamortized discount (1,328 ) (1,365 ) Note to Affiliate, net of unamortized discount $ 7,622 $ 7,585

CAPITALIZATION (Tables)

CAPITALIZATION (Tables)	3 Months Ended
	Mar. 31, 2019
Capitalization [Abstract]
Schedule of authorized common shares	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
Schedule of repurchase agreements including shares authorized	During the three months ended March 31, 2019 and 2018 , redemptions were as shown below. The Company funded these redemptions with cash flow from operations, proceeds from its public offerings or borrowings on the line of credit. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Three Months Ended March 31, 2019 Shares Weighted Average Share Price Amount Class A 68,408 $ 14.19 $ 971 Class I 43,806 14.16 620 Class T 9,363 14.25 133 Three Months Ended March 31, 2018 Shares Weighted Average Share Price Amount Class A 64,468 $ 13.72 $ 885 Class I 53,455 13.82 738 Class T — — —

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share Basic and Diluted	The following table sets forth the computation of basic and diluted net income (loss) per share for each of the Company’s Class A, Class I and Class T common stock. Three Months Ended March 31, 2019 Class A Class I Class T Basic and diluted net income per share: Allocation of net income before performance fee $ 545 $ 960 $ 99 Allocation of performance fees — — — Total numerator $ 545 $ 960 $ 99 Denominator - weighted average number of common shares outstanding 3,592,146 6,330,885 649,621 Basic and diluted net income per share: $ 0.15 $ 0.15 $ 0.15 Three Months Ended March 31, 2018 Class A Class I Class T Basic and diluted net loss per share: Allocation of net loss before performance fee $ (566 ) $ (686 ) $ (12 ) Allocation of performance fees — — — Total numerator $ (566 ) $ (686 ) $ (12 ) Denominator - weighted average number of common shares outstanding 3,686,669 4,467,002 79,305 Basic and diluted net loss per share: $ (0.15 ) $ (0.15 ) $ (0.15 )

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2019
Distributions [Abstract]
Schedule of distributions	Shown below are details of the Company's distributions. Three Months Ended March 31, 2019 March 31, 2018 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00193545 $ 0.00189004 Distributions paid or payable in cash $ 1,000 $ 781 Distributions reinvested 841 619 Distributions declared $ 1,841 $ 1,400 Class A Shares issued upon reinvestment 22,405 22,714 Class I Shares issued upon reinvestment 34,329 21,479 Class T Shares issued upon reinvestment 2,250 678
Distributions declared	Shown below are details by share class of the Company's distributions. Three Months Ended March 31, 2019 March 31, 2018 Class A $ 588 $ 593 Class I 1,147 794 Class T 106 13 Distributions declared $ 1,841 $ 1,400

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 and net income (loss) for the three months ended March 31, 2019 and 2018 . Real Estate Properties Real Estate Equity Securities Total Carrying value as of March 31, 2019 $ 200,553 $ 17,200 $ 217,753 Reconciliation to total assets of March 31, 2019 Carrying value per reportable segments $ 217,753 Corporate level assets 13,701 Total assets $ 231,454 Carrying value as of December 31, 2018 $ 202,257 $ 14,735 $ 216,992 Reconciliation to total assets of December 31, 2018 Carrying value per reportable segments $ 216,992 Corporate level assets 9,207 Total assets $ 226,199 Three Months Ended March 31, 2019 Real Estate Properties Real Estate Equity Securities Total Property related income $ 5,765 $ — $ 5,765 Investment income on marketable securities — 151 151 Total revenues 5,765 151 5,916 Segment operating expenses 1,882 8 1,890 Net realized gain (loss) upon sale of marketable securities — 119 119 Net unrealized change in fair value of investment in marketable securities — 2,166 2,166 Operating income - segments $ 3,883 $ 2,428 $ 6,311 Three Months Ended March 31, 2018 Property related income $ 4,503 $ — $ 4,503 Investment income on marketable securities — 89 89 Total revenues 4,503 89 4,592 Segment operating expenses 1,412 11 1,423 Net realized gain (loss) upon sale of marketable securities — (253 ) (253 ) Net unrealized change in fair value of investment in marketable securities — (501 ) (501 ) Operating income (loss) - segments $ 3,091 $ (676 ) $ 2,415 Three Months Ended March 31, Reconciliation to net income (loss) 2019 2018 Operating income - segments $ 6,311 $ 2,415 General and administrative expenses (564 ) (500 ) Advisory expenses (371 ) (279 ) Depreciation (1,310 ) (1,089 ) Amortization (1,169 ) (907 ) Operating income (loss) 2,897 (360 ) Interest expense (1,293 ) (904 ) Net income (loss) $ 1,604 $ (1,264 )

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($)	May 30, 2013	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Feb. 16, 2017	Jul. 12, 2016	Jan. 20, 2016	Jan. 15, 2016
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Issuance of common stock, value		$ 11,909,000	$ 4,905,000
Common stock, par value (in usd per share)					$ 0.01
Class I Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Issuance of common stock, value	$ 10,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01		$ 0.01
Class D Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in usd per share)		0.01		0.01				$ 0.01
Class A Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in usd per share)		0.01		0.01		$ 0.01
Class T Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in usd per share)		0.01		0.01		0.01
Class N Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in usd per share)		$ 0.01		$ 0.01		$ 0.01
Private Offering | Class D Common Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of stock authorized for sale							$ 350,000,000
Primary Follow On Offering | Common Class A, Class I, and Class T
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of stock authorized for sale						$ 2,100,000,000
Distribution Reinvestment Follow On Offering | Common Class A, Class I, Class N, and Class T
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of stock authorized for sale						$ 200,000,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued trailing fee-estimated payable for future	$ 3,415	$ 3,107
RREEF America
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%
Underwriting compensation for public offering as percent of gross offering proceeds	10.00%
Class A Common Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.50%
Percentage of dealer manager fee	0.55%
Class T Common Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Underwriting compensation for public offering as percent of gross offering proceeds	8.50%
Percentage of distribution fee	1.00%
Duration of distribution fee	3 years
Percentage of dealer manager fee	2.50%
Class I Common Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of dealer manager fee	0.55%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
RREEF America
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note to affiliate	$ 3,000	$ 2,900
Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans payable	33,659	33,560
Wells Fargo Bank
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, fair value	$ 79,419	$ 84,619

REAL ESTATE INVESTMENTS (Detail

REAL ESTATE INVESTMENTS (Details) - Property	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate [Abstract]
Number of real estate properties acquired	0	0

RENTALS UNDER OPERATING LEASE_2

RENTALS UNDER OPERATING LEASES Narrative (Details)	Mar. 31, 2019Propertytenant	Mar. 31, 2018Propertytenant
Operating Leased Assets [Line Items]
Number of tenants | tenant	31	19
Office Building
Operating Leased Assets [Line Items]
Number of real estate properties owned	4	4
Medical Office Property
Operating Leased Assets [Line Items]
Number of real estate properties owned	1	1
Retail Property
Operating Leased Assets [Line Items]
Number of real estate properties owned	3	2
Industrial Property
Operating Leased Assets [Line Items]
Number of real estate properties owned	4	1
Student Housing
Operating Leased Assets [Line Items]
Number of real estate properties owned	1	1
Number of tenants | tenant	316	316

RENTALS UNDER OPERATING LEASE_3

RENTALS UNDER OPERATING LEASES Rental and Other Property Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Leases [Abstract]
Lease revenue	$ 5,388	$ 5,014
Straight-line revenue	208	(556)
Above- and below-market lease amortization, net	195	71
Lease incentive amortization	(26)	(26)
Property related income	5,765	4,503
Variable lease income	$ 957	$ 679

RENTALS UNDER OPERATINS LEASES

RENTALS UNDER OPERATINS LEASES Future MInimum Rental Income (Details) $ in Thousands	Mar. 31, 2019USD ($)
Future Minimum Rent
2019	$ 12,643
2020	15,909
2021	13,197
2022	11,665
2023	8,644
Thereafter	36,371
Total future minimum rent	$ 98,429

RENTALS UNDER OPERATING LEASE_4

RENTALS UNDER OPERATING LEASES Concentration Risk (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Property-related income | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	79.90%	86.70%
Property-related income | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage	25.40%	31.90%
Percent of in-place annualized base rental revenues as of | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage	26.30%	31.60%
Orbital ATK Inc. - Loudoun Gateway | Property-related income | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage	14.10%	17.20%
Orbital ATK Inc. - Loudoun Gateway | Percent of in-place annualized base rental revenues as of | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage	16.80%	20.30%
New England Baptist Hospital - Allied Drive | Property-related income | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage	11.30%	14.70%
New England Baptist Hospital - Allied Drive | Percent of in-place annualized base rental revenues as of | Tenant
Operating Leased Assets [Line Items]
Concentration risk percentage	9.50%	11.30%
Elston Plaza, Chicago, IL | Property-related income | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	14.20%	0.00%
Loudoun Gateway, Sterling, VA | Property-related income | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	14.10%	17.20%
Flats at Carrs Hill, Athens, GA | Property-related income | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	13.80%	16.80%
Allied Drive, Dedham, MA | Property-related income | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	12.80%	17.40%
Terra Nova Plaza, Chula Vista, CA | Property-related income | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	10.10%	12.20%
Commerce Corner, Logan Township, NJ | Property-related income | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	8.80%	10.40%
Anaheim Hills Office Plaza, Anaheim, CA | Property-related income | Property
Operating Leased Assets [Line Items]
Concentration risk percentage	6.10%	12.70%

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable securities—cost	$ 14,945		$ 14,646
Unrealized gains	2,273		676
Unrealized losses	(18)		(587)
Net unrealized gain	2,255		89
Marketable securities—fair value	17,200		$ 14,735
Proceeds from sale of marketable securities	5,668	$ 4,000
Gross realized gains from sale of marketable securities	266	79
Gross realized losses from sale of marketable securities	$ 147	$ 332

NOTES PAYABLE Narrative (Detail

NOTES PAYABLE Narrative (Details)	Dec. 06, 2018USD ($)	Feb. 27, 2018USD ($)Propertyextension_option	Dec. 01, 2016USD ($)	Mar. 01, 2016USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Mortgage loans payable, net					$ 34,006,000		$ 34,055,000
Interest expense					1,293,000	$ 904,000
Mortgages
Line of Credit Facility [Line Items]
Mortgage loans payable, net					34,006,000		34,055,000
Nationwide Bank | Mortgages
Line of Credit Facility [Line Items]
Line of credit, term				10 years
Mortgage loans payable, net				$ 14,500,000
Interest rate				3.63%
Interest expense				$ 44,000
Hartford Life Insurance Company | Mortgages
Line of Credit Facility [Line Items]
Line of credit, term			7 years
Mortgage loans payable, net			$ 13,000,000
Interest rate			3.41%
Fixed rate period			24 months
Amortization period			30 years
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Line of Credit Facility [Line Items]
Line of credit, term		3 years
Number of extensions | extension_option		2
Extension period		1 year
Maximum borrowing capacity		$ 100,000,000
Maximum borrowing capacity, expansion		200,000,000
Expansion feature, minimum increase limit for each request		$ 25,000,000
Line of credit					$ 79,419,000		$ 84,619,000
Line of credit, interest rate at period end					4.09%		4.07%
Percentage of property value		65.00%
Percentage of minimum debt yield		10.00%
Line of credit, current borrowing capacity					$ 100,000,000
Number of real estate properties owned | Property		5
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.60%
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.80%
Transamerica Loan | Secured Debt
Line of Credit Facility [Line Items]
Line of credit, term	10 years
Interest rate	4.56%
Fixed rate period	24 months
Amortization period	30 years
Proceeds from issuance of secured debt	$ 6,950,000

NOTES PAYABLE Carrying Amount o

NOTES PAYABLE Carrying Amount of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Line of credit, net	$ 78,911	$ 84,046
Mortgage loans payable	113,806
Mortgage loans payable, net	34,006	34,055
Mortgages
Debt Instrument [Line Items]
Mortgage loans payable	34,387	34,450
Deduct: Deferred financing costs, less accumulated amortization	(381)	(395)
Mortgage loans payable, net	34,006	34,055
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Debt Instrument [Line Items]
Line of credit	79,419	84,619
Deduct: Deferred financing costs, less accumulated amortization	(508)	(573)
Line of credit, net	$ 78,911	$ 84,046

NOTES PAYABLE Future Principal

NOTES PAYABLE Future Principal Payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Maturities of Long-term Debt [Abstract]
Remainder of 2019	$ 191
2020	262
2021	79,792
2022	396
2023	12,054
Thereafter	21,111
Total	$ 113,806

RELATED PARTY ARRANGEMENTS Rela

RELATED PARTY ARRANGEMENTS Related Party Agreements (Details)	Apr. 25, 2016USD ($)	Mar. 31, 2019USD ($)component$ / shares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Jan. 03, 2014USD ($)	Mar. 31, 2019USD ($)component$ / shares	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Jan. 20, 2016USD ($)	Jan. 01, 2016USD ($)
Related Party Transaction [Line Items]
Term of agreements		1 year
Number of components, advisory fees | component		2				2
Due to affiliate		$ 4,158,000		$ 4,292,000		$ 4,158,000
Reimbursement period				60 months
Expense payments									$ 9,200,000
Due to related party, expenses, quarterly repayment commitment										$ 250,000
Related party note payable discount										$ 1,862,000
Minimum offering proceeds needed before expense repayment	$ 500,000,000
Amortization of discount on note to affiliate		37,000	$ 36,000
Sales commission and upfront dealer manager fees		90,000	33,000
Payment of offering costs		522,000	661,000
Four fiscal quarter total operating expense		$ 3,866,000
RREEF America
Related Party Transaction [Line Items]
Percentage of fixed component of investment		0.00274%				0.00274%
Percentage of RREEF America advisory fee to NAV		1.00%				1.00%
Performance fee to advisor, percentage return per share threshold		6.00%				6.00%
Performance fee to advisor, limit as percent of excess total return		10.00%				10.00%
Performance fee to advisor as percent of excess total return		25.00%				25.00%
Performance fee to advisor, net asset value per share, threshold to which no fee earned on increase | $ / shares		$ 12				$ 12
Advisory fees		$ 371,000	279,000
Reimbursements to related parties during the period		73,000	82,000
Offering costs incurred					$ 4,618,000
Expense payments								$ 9,200,000
Note to Affiliate		$ 8,950,000		$ 8,950,000		$ 8,950,000
Duration of related party transaction, month reimbursement payment, second 12 months	12 months
Month reimbursement payment, next 12 months	$ 417,000
Month reimbursement payment, first 12 months	12 months
Month reimbursement payment, year two	$ 329,000
Maximum offering costs as percentage of gross proceeds from initial public offering		15.00%				15.00%
Underwriting compensation for public offering as percent of gross offering proceeds		10.00%				10.00%
Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses		2.00%
Expenses to advisor not reimbursable, percentage of net income excluding certain reductions threshold exceeded by operating expenses		25.00%
DWS Distributors
Related Party Transaction [Line Items]
Reimbursable under dealer agreement		$ 53,000	103,000
Accounts payable, reimbursable under dealer agreement				329,000
Reimbursable under the Advisory Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliate		137,000		73,000		$ 137,000
Operating Expense | RREEF America
Related Party Transaction [Line Items]
Expense payments								5,229,000
Organization and offering costs
Related Party Transaction [Line Items]
Reimbursements to related parties during the period			228,000
Private Offering | RREEF America
Related Party Transaction [Line Items]
Expense payments								196,000
Trailing Fee
Related Party Transaction [Line Items]
Due to affiliate		92,000		86,000		92,000
Due from affiliate, noncurrent		3,415,000		3,107,000		3,415,000
Trailing Fee | RREEF America
Related Party Transaction [Line Items]
Due to affiliate, noncurrent		635,000				635,000
Trailing Fee | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate		3,507,000		3,193,000		3,507,000
Reimbursable under Dealer Manager Agreement | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate		382,000		$ 329,000		382,000
Accounts payable, reimbursable under dealer agreement		382,000				382,000
Fixed Component | RREEF America
Related Party Transaction [Line Items]
Advisory fees		371,000	279,000
Performance Component | RREEF America
Related Party Transaction [Line Items]
Advisory fees		0	$ 0
IPO | RREEF America
Related Party Transaction [Line Items]
Capital raised							$ 102,831,000
Payment of offering costs							$ 15,424,000
Follow-On Public Offering
Related Party Transaction [Line Items]
Capital raised						80,940,000
Payment of offering costs						7,865,000
Follow-On Public Offering | Trailing Fee
Related Party Transaction [Line Items]
Due to affiliate, noncurrent		$ 2,781,000				$ 2,781,000
IPO | RREEF America
Related Party Transaction [Line Items]
Expense payments								$ 3,775,000
Measurement Input, Discount Rate
Related Party Transaction [Line Items]
Fair value inputs discount rate	0.0193

RELATED PARTY ARRANGEMENTS Due

RELATED PARTY ARRANGEMENTS Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to affiliate	$ 4,158	$ 4,292
Unamortized discount	(1,328)	(1,365)
Note to Affiliate, net of unamortized discount	7,622	7,585
RREEF America
Related Party Transaction [Line Items]
Note to Affiliate	8,950	8,950
Unamortized discount	(1,328)	(1,365)
Note to Affiliate, net of unamortized discount	7,622	7,585
Reimbursable under the Advisory Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliate	137	73
Reimbursable under Dealer Manager Agreement | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate	382	329
Adviory Fees | RREEF America
Related Party Transaction [Line Items]
Due to affiliate	132	697
Trailing Fee
Related Party Transaction [Line Items]
Due to affiliate	92	86
Trailing Fee | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate	$ 3,507	$ 3,193

CAPITALIZATION (Details)

CAPITALIZATION (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Feb. 16, 2017	Jul. 12, 2016	Jan. 15, 2016	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
Aggregate redemptions value limit, as a percentage of combined net asset value	5.00%
Aggregate redemptions value including carryover limit, as a percentage of combined net asset value	10.00%
Common stock redemption limit per shareholder, as a percentage of shares held	5.00%
Percentage of net asset value	4.00%
Short term trading penalty period	365 days
Short-term trading discount as percentage of gross proceeds	2.00%
Minimum balance of common stock, threshold to redeem shares	$ 500
RREEF America
Schedule of Capitalization [Line Items]
Underwriting compensation for public offering as percent of gross offering proceeds	10.00%
Class A Common Stock
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
Maximum selling commissions as percentage of purchase price	3.00%
Percentage of dealer manager fee	0.55%
Percentage of distribution fee	0.50%
Class I Common Stock
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
Percentage of dealer manager fee	0.55%
Class T Common Stock
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	250,000,000	250,000,000	250,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01		0.01
Maximum selling commissions as percentage of purchase price	3.00%
Percentage of dealer manager fee	2.50%
Percentage of distribution fee	1.00%
Duration of distribution fee	3 years
Underwriting compensation for public offering as percent of gross offering proceeds	8.50%
Class D Common Stock
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	50,000,000	50,000,000	50,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01			$ 0.01
Maximum selling commissions as percentage of purchase price	1.00%
Class N Common Stock
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	300,000,000	300,000,000	300,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01		$ 0.01

CAPITALIZATION Weighted Average

CAPITALIZATION Weighted Average Redemption Prices (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Capitalization, Equity [Line Items]
Shares redeemed, amount	$ 1,724	$ 1,623
Class A
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	68,408	64,468
Weighted Average Share Price (in usd per share)	$ 14.19	$ 13.72
Shares redeemed, amount	$ 971	$ 885
Class I
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	43,806	53,455
Weighted Average Share Price (in usd per share)	$ 14.16	$ 13.82
Shares redeemed, amount	$ 620	$ 738
Class T
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	9,363	0
Weighted Average Share Price (in usd per share)	$ 14.25	$ 0
Shares redeemed, amount	$ 133	$ 0

CAPITALIZATION CAPITALIZATION E

CAPITALIZATION CAPITALIZATION Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 29, 2019	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Required shares to be issued in aggregate (in shares)		12,500,000
Share based compensation		$ 72	$ 0
Compensation cost not yet recognized		$ 215
Class I Common Stock
Class of Stock [Line Items]
Shares issued per individual (in shares)	5,000
Grant date fair value (in usd per share)	$ 14.34
Unvested awards (in shares)		15,000
Restricted Stock
Class of Stock [Line Items]
Shares reserved for issuance (in shares)		5,000
Total shares issued (in shares)	20,000
Award vesting period	3 years
Share based compensation		$ 72

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Basic and diluted net income (loss) per share:
Net income (loss)	$ 1,604	$ (1,264)
Class A Common Stock
Basic and diluted net income (loss) per share:
Allocation of net income before performance fee	545	(566)
Allocation of performance fees	0	0
Net income (loss)	$ 545	$ (566)
Denominator - weighted average number of common shares outstanding (in shares)	3,592,146	3,686,669
Basic and diluted net income (loss) per share (in usd per share)	$ 0.15	$ (0.15)
Class I Common Stock
Basic and diluted net income (loss) per share:
Allocation of net income before performance fee	$ 960	$ (686)
Allocation of performance fees	0	0
Net income (loss)	$ 960	$ (686)
Denominator - weighted average number of common shares outstanding (in shares)	6,330,885	4,467,002
Basic and diluted net income (loss) per share (in usd per share)	$ 0.15	$ (0.15)
Class T Common Stock
Basic and diluted net income (loss) per share:
Allocation of net income before performance fee	$ 99	$ (12)
Allocation of performance fees	0	0
Net income (loss)	$ 99	$ (12)
Denominator - weighted average number of common shares outstanding (in shares)	649,621	79,305
Basic and diluted net income (loss) per share (in usd per share)	$ 0.15	$ (0.15)

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Declared daily distribution rate, before adjustment for class-specific expenses (usd per share)	$ 0.00193545	$ 0.00189004
Distributions paid or payable in cash	$ 1,000	$ 781
Distributions reinvested	841	619
Distributions declared	1,841	1,400
Class A Common Stock
Class of Stock [Line Items]
Distributions declared	588	593
Class I Common Stock
Class of Stock [Line Items]
Distributions declared	1,147	794
Class T Common Stock
Class of Stock [Line Items]
Distributions declared	$ 106	$ 13
Common Stock | Class A Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	22,405	22,714
Common Stock | Class I Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	34,329	21,479
Common Stock | Class T Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	2,250	678

DISTRIBUTIONS Distributions Dec

DISTRIBUTIONS Distributions Declared (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Distributions declared	$ 1,841	$ 1,400
Class A
Class of Stock [Line Items]
Distributions declared	588	593
Class I
Class of Stock [Line Items]
Distributions declared	1,147	794
Class T
Class of Stock [Line Items]
Distributions declared	$ 106	$ 13

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Taxes paid to states where Company owns real estate properties	$ 5	$ 7

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)segment	Dec. 31, 2018USD ($)
Additional Disclosure [Abstract]
Number of reportable segments | segment	2	2
Real estate properties	$ 200,553		$ 202,257
Investment in marketable securities	17,200		14,735
Total investment in real estate assets and marketable securities, net	217,753		216,992
Reconciliation to total assets of March 31, 2019
Total assets	231,454		226,199
Revenues
Property related income	5,765	$ 4,503
Investment income on marketable securities	151	89
Total revenues	5,916	4,592
Segment operating expenses	1,890	1,423
Net realized gain (loss) upon sale of marketable securities	119	(253)
Net unrealized change in fair value of investment in marketable securities	2,166	(501)
Reconciliation to net loss
Operating income - segments	2,897	(360)
General and administrative expenses	(572)	(511)
Advisory expenses	(371)	(279)
Depreciation	(1,310)	(1,089)
Amortization	(1,169)	(907)
Operating income (loss)	2,897	(360)
Interest expense	(1,293)	(904)
Net income (loss)	1,604	(1,264)
Real Estate Properties
Revenues
Property related income	5,765	4,503
Investment income on marketable securities	0	0
Total revenues	5,765	4,503
Segment operating expenses	1,882	1,412
Net realized gain (loss) upon sale of marketable securities	0	0
Net unrealized change in fair value of investment in marketable securities	0	0
Real Estate Equity Securities
Revenues
Property related income	0	0
Investment income on marketable securities	151	89
Total revenues	151	89
Segment operating expenses	8	11
Net realized gain (loss) upon sale of marketable securities	119	(253)
Net unrealized change in fair value of investment in marketable securities	2,166	(501)
Reportable Segments
Additional Disclosure [Abstract]
Total investment in real estate assets and marketable securities, net	217,753		216,992
Reconciliation to net loss
Operating income - segments	6,311	2,415
Operating income (loss)	6,311	2,415
Reportable Segments | Real Estate Properties
Additional Disclosure [Abstract]
Real estate properties	200,553		202,257
Reconciliation to net loss
Operating income - segments	3,883	3,091
Operating income (loss)	3,883	3,091
Reportable Segments | Real Estate Equity Securities
Additional Disclosure [Abstract]
Investment in marketable securities	17,200		14,735
Reconciliation to net loss
Operating income - segments	2,428	(676)
Operating income (loss)	2,428	(676)
Corporate level assets
Reconciliation to total assets of March 31, 2019
Total assets	13,701		$ 9,207
Segment Reconciling Items
Reconciliation to net loss
General and administrative expenses	$ (564)	$ (500)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	Apr. 02, 2019	Mar. 31, 2019	Mar. 31, 2018	Apr. 01, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Distributions declared per common shares (usd per share)		$ 0.00193545	$ 0.00189004
Class D Common Stock
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)		0			0
Class N Common Stock
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)		0			0
Subsequent Event
Subsequent Event [Line Items]
Distributions declared per common shares (usd per share)	$ 0.00195924
Subsequent Event | Class D Common Stock
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)				0
Subsequent Event | Class N Common Stock
Subsequent Event [Line Items]
Common stock, shares outstanding (in shares)				0