RREEF Property Trust (ZRPTIX) 10-K 5 Mar 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 29, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Entity File Number	000-55598
Document Transition Report	false
Entity Registrant Name	RREEF Property Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-4478978
Entity Address, Address Line One	875 Third Avenue
Entity Address, Address Line Two	26th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	454-4500
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 0
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCESpecified portions of the registrant’s proxy statement, which will be filed with the Commission pursuant to Regulation 14A in connection with the registrant’s 2020 Annual Meeting of Stockholders, are incorporated by reference into Part III of this annual report.
Entity Central Index Key	0001542447
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		3,822,113
Common Class I
Document Information [Line Items]
Title of 12(b) Security	Class I Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		10,190,232
Common Class T
Document Information [Line Items]
Title of 12(b) Security	Class T Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		983,121
Common Class D
Document Information [Line Items]
Title of 12(b) Security	Class D Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		176,101
Common Class N
Document Information [Line Items]
Title of 12(b) Security	Class N Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investment in real estate assets:
Land	$ 124,860	$ 64,426
Buildings and improvements, less accumulated depreciation of $21,403 and $15,901, respectively	167,004	108,585
Furniture, fixtures and equipment, less accumulated depreciation of $369 and $292, respectively	220	229
Acquired intangible lease assets, less accumulated amortization of $24,413 and $19,682, respectively	39,278	29,017
Total investment in real estate assets, net	331,362	202,257
Investment in marketable securities	21,245	14,735
Total investment in real estate assets and marketable securities, net	352,607	216,992
Cash and cash equivalents	4,234	2,002
Receivables, net of allowance for doubtful accounts of $6 and $6, respectively	4,812	3,324
Deferred leasing costs, net of amortization of $732 and $373, respectively	2,132	2,340
Prepaid and other assets	2,300	1,541
Total assets	366,085	226,199
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit, net	81,291	84,046
Mortgage loans payable, net	125,698	34,055
Accounts payable and accrued expenses	2,878	2,041
Due to affiliates	7,843	4,292
Note to affiliate, net of unamortized discount of $1,217 and $1,365, respectively	7,733	7,585
Acquired below-market lease intangibles, less accumulated amortization of $4,346 and $3,461, respectively	14,219	14,970
Distributions payable	441	334
Other liabilities	2,140	1,369
Total liabilities	242,243	148,692
Stockholders' Equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued	0	0
Additional paid-in capital	169,395	115,025
Deficit	(45,698)	(37,621)
Total stockholders' equity	123,842	77,507
Total liabilities and stockholders' equity	366,085	226,199
Common Class A
Stockholders' Equity:
Common stock	38	36
Common Class I
Stockholders' Equity:
Common stock	96	61
Common Class T
Stockholders' Equity:
Common stock	9	6
Common Class D
Stockholders' Equity:
Common stock	2	0
Common Class N
Stockholders' Equity:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Buildings and improvements, accumulated depreciation	$ 21,403	$ 15,901
Furniture, fixtures and equipment, accumulated depreciation	369	292
Acquired intangible lease assets, accumulated amortization	24,413	19,682
Allowance for doubtful accounts	6	6
Deferred leasing costs, amortization	732	373
Note to affiliate, unamortized discount	1,217	1,365
Acquired below-market lease intangibles, accumulated depreciation	$ 4,346	$ 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
Common stock, par value (in usd per share)	$ 0.01
Common Class A
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)	3,821,127	3,574,584
Common stock, shares outstanding (in shares)	3,821,127	3,574,584
Common Class I
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)	9,557,896	6,132,292
Common stock, shares outstanding (in shares)	9,557,896	6,132,292
Common Class T
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)	938,409	628,863
Common stock, shares outstanding (in shares)	938,409	628,863
Common Class D
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)	176,101	0
Common stock, shares outstanding (in shares)	176,101	0
Common Class N
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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Property related income	$ 24,070	$ 18,912	$ 17,479
Investment income on marketable securities	624	506	307
Total revenues	24,694	19,418	17,786
Expenses
General and administrative expenses	1,953	1,895	1,655
Property operating expenses	7,606	5,876	5,498
Advisory expenses	2,828	1,842	1,723
Depreciation	5,579	4,504	4,338
Amortization	4,874	4,133	3,722
Total operating expenses	22,840	18,250	16,936
Net realized gain (loss) upon sale of marketable securities	666	(416)	(70)
Net unrealized change in fair value of investment in marketable securities	3,290	(646)	0
Operating income	5,810	106	780
Interest expense	(5,107)	(3,835)	(3,521)
Net income (loss)	703	(3,729)	(2,741)
Common Class A
Expenses
Net income (loss)	$ 231	$ (1,489)	$ (1,261)
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ 0.06	$ (0.40)	$ (0.34)
Common Class I
Expenses
Net income (loss)	$ 415	$ (2,119)	$ (1,473)
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ 0.05	$ (0.42)	$ (0.36)
Common Class T
Expenses
Net income (loss)	$ 52	$ (122)	$ (6)
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ 0.07	$ (0.39)	$ (0.41)
Common Class D
Expenses
Net income (loss)	$ 4	$ 0	$ 0
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ 0.04	$ 0	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 703	$ (3,729)	$ (2,741)
Other comprehensive income (loss) for the years ended December 31, 2017:
Reclassification of previous unrealized change in fair value of marketable securities into net realized loss	0	0	70
Unrealized change in fair value of marketable securities for the year ended December 31, 2017	0	0	160
Total other comprehensive gain for the year ended December 31, 2017	0	0	230
Comprehensive income (loss)	$ 703	$ (3,729)	$ (2,511)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Class A	Common Class I	Common Class T	Common Class D	Preferred Stock	Common StockCommon Class A	Common StockCommon Class I	Common StockCommon Class T	Common StockCommon Class D	Common StockCommon Class N	Additional Paid-in Capital	Deficit	Accumulated Other Comprehensive Income
Balance (in shares) at Dec. 31, 2016						0	3,646,919	3,780,836	4,043	0	0
Balance at Dec. 31, 2016	$ 60,272					$ 0	$ 36	$ 38	$ 0	$ 0	$ 0	$ 79,995	$ (20,303)	$ 506
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)							205,285	894,612	70,900
Issuance of common stock	15,983						$ 2	$ 9	$ 1			15,971
Issuance of common stock through the distribution reinvestment plan (in shares)		94,370	71,018	416			94,370	71,018	416
Issuance of common stock through the distribution reinvestment plan	2,241						$ 1					2,240
Redemption of common stock (in shares)		(279,647)	(394,416)	(4,043)	0		(279,647)	(394,416)	(4,043)
Redemption of common stock	(9,200)	$ (3,770)	$ (5,368)	$ (62)	$ 0		$ (3)	$ (4)				(9,193)
Distributions to investors	(5,246)												(5,246)
Other offering costs	(2,200)											(2,200)
Comprehensive income (loss)	(2,511)												(2,741)	230
Net income (loss)	(2,741)	$ (1,261)	$ (1,473)	$ (6)	$ 0
Balance (in shares) at Dec. 31, 2017						0	3,666,927	4,352,050	71,316	0	0
Balance at Dec. 31, 2017	59,339					$ 0	$ 36	$ 43	$ 1	$ 0	$ 0	86,813	(28,290)	736
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)							391,867	1,857,612	552,490
Issuance of common stock	39,774						$ 4	$ 18	$ 5			39,747
Issuance of common stock through the distribution reinvestment plan (in shares)		91,920	104,470	5,057			91,920	104,470	5,057
Issuance of common stock through the distribution reinvestment plan	2,817						$ 1	$ 1				2,815
Redemption of common stock (in shares)		(576,130)	(181,840)	0	0		(576,130)	(181,840)
Redemption of common stock	(10,569)	$ (8,036)	$ (2,534)	$ 0	$ 0		$ (5)	$ (1)				(10,563)
Distributions to investors	(6,338)												(6,338)
Other offering costs	(3,787)											(3,787)
Comprehensive income (loss)	(3,729)
Net income (loss)	(3,729)	$ (1,489)	$ (2,119)	$ (122)	$ 0								(3,729)	0
Balance (in shares) at Dec. 31, 2018						0	3,574,584	6,132,292	628,863	0	0
Balance at Dec. 31, 2018	77,507					$ 0	$ 36	$ 61	$ 6	$ 0	$ 0	115,025	(37,621)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)							360,132	3,391,732	321,590	176,101
Issuance of common stock	61,525						$ 3	$ 35	$ 3	$ 2		61,482
Issuance of common stock through the distribution reinvestment plan (in shares)		95,974	180,444	11,120	0		95,974	180,444	11,120
Issuance of common stock through the distribution reinvestment plan	4,139						$ 1	$ 2				4,136
Redemption of common stock (in shares)		(209,563)	(156,698)	(23,164)	0		(209,563)	(156,698)	(23,164)
Redemption of common stock	(5,573)	$ (2,992)	$ (2,250)	$ (331)	$ 0		$ (2)	$ (2)				(5,569)
Distributions to investors	(8,780)												(8,780)
Other offering costs	(5,824)											(5,824)
Equity based compensation (shares)								10,126
Equity based compensation	145											145
Comprehensive income (loss)	703
Net income (loss)	703	$ 231	$ 415	$ 52	$ 4								703	0
Balance (in shares) at Dec. 31, 2019						0	3,821,127	9,557,896	938,409	176,101	0
Balance at Dec. 31, 2019	$ 123,842					$ 0	$ 38	$ 96	$ 9	$ 2	$ 0	$ 169,395	$ (45,698)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ 703,000	$ (3,729,000)	$ (2,741,000)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation	5,579,000	4,504,000	4,338,000
Net realized loss (gain) upon sale of marketable securities	(666,000)	416,000	70,000
Net unrealized change in fair value of marketable securities	(3,290,000)	646,000	0
Share based compensation	145,000	0	0
Amortization of intangible lease assets and liabilities	4,205,000	3,900,000	3,567,000
Amortization of deferred financing costs	343,000	286,000	480,000
Allowance for doubtful accounts	0	(3,000)	8,000
Straight line rent	(694,000)	(188,000)	(502,000)
Amortization of discount on note to affiliate	148,000	145,000	142,000
Changes in assets and liabilities:
Receivables	(321,000)	(621,000)	(73,000)
Deferred leasing costs	(366,000)	(463,000)	(112,000)
Prepaid and other assets	24,000	(4,000)	55,000
Accounts payable and accrued expenses	248,000	181,000	(1,639,000)
Other liabilities	296,000	181,000	96,000
Due to affiliate	544,000	(52,000)	391,000
Net cash provided by operating activities	6,898,000	5,199,000	4,080,000
Cash flows from investing activities:
Investment in real estate and related assets	(136,494,000)	(49,015,000)	0
Improvements to real estate assets	(2,015,000)	(377,000)	(231,000)
Investment in marketable securities	(24,292,000)	(27,295,000)	(15,898,000)
Proceeds from sale of marketable securities	21,745,000	21,531,000	14,628,000
Net cash used in investing activities	(141,056,000)	(55,156,000)	(1,501,000)
Cash flows from financing activities:
Proceeds from line of credit	56,100,000	47,900,000	3,250,000
Repayment of line of credit	(59,119,000)	(26,380,000)	(5,350,000)
Proceeds from mortgage loans payable	92,440,000	6,950,000	0
Repayments of mortgage loans payable	(253,000)	0	0
Proceeds from issuance of common stock	61,125,000	39,896,000	15,780,000
Payment of financing costs	(622,000)	(932,000)	0
Payment of offering costs	(3,324,000)	(3,903,000)	(3,126,000)
Distributions to investors	(4,534,000)	(3,444,000)	(2,985,000)
Redemption of common stock	(5,423,000)	(10,570,000)	(9,199,000)
Net cash provided by (used in) financing activities	136,390,000	49,517,000	(1,630,000)
Net increase (decrease) in cash and cash equivalents	2,232,000	(440,000)	949,000
Cash and cash equivalents, beginning of year	2,002,000	2,442,000	1,493,000
Cash and cash equivalents, end of year	4,234,000	2,002,000	2,442,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	441,000	334,000	259,000
Common stock issued through the distribution reinvestment plan	4,139,000	2,817,000	2,242,000
Unrealized gain (loss) on marketable securities	0	0	230,000
Purchases of marketable securities not yet paid	189,000	108,000	102,000
Proceeds from sale of marketable securities not yet received	165,000	91,000	73,000
Proceeds from issuance of common stock not yet received	500,000	100,000	222,000
Accrued offering costs not yet paid	4,044,000	1,861,000	986,000
Capital expenditures not yet paid	814,000	247,000	0
Redemptions not yet paid	150,000	0	0
Deferred leasing costs not yet paid	0	217,000	0
Supplemental Cash Flow Disclosures:
Interest paid	4,384,000	3,325,000	2,812,000
In connection with the purchase of investments in real estate and related assets, the Company also assumed certain non-real estate assets and liabilities:
Purchase price	136,700,000	49,637,000	0
Prepaid and other assets assumed	256,000	2,000	0
Other liabilities assumed	(462,000)	(624,000)	0
Investment in real estate and related assets	$ 136,494,000	$ 49,015,000	$ 0

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 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 commencing with its taxable year ended December 31, 2013. Substantially all of the Company's business is conducted through RREEF Property Operating Partnership, LP, the Company's operating partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership and 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"). Pursuant to the Initial Registration Statement, the Company offered for sale up to $2,250,000 of shares of its common stock in its primary offering and up to $250,000 of shares of its common stock pursuant to its distribution reinvestment plan (the “Initial Public Offering”). 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"), in the Initial Public Offering, and the Company’s board of directors authorized the release of the escrowed funds to the Company, thereby allowing the Company to commence operations. Initially, the Company offered to the public two classes of shares of its common stock, Class A common stock, $0.01 par value per share ("Class A Shares") and Class I Shares, in any combination of Class A Shares and Class I Shares with a dollar value up to the maximum offering amount. On January 15, 2016, the Company filed articles supplementary to its articles of incorporation to add a newly-designated Class D common stock, $0.01 par value per share ("Class D shares"). On January 20, 2016, the Company commenced a private offering of up to a maximum of $350,000 in Class D shares (the "Private Offering"). On January 27, 2016, the Company filed articles supplementary and articles of amendment to its articles of incorporation to (a) add a newly-designated Class T common stock, $0.01 par value per share ("Class T shares") and (b) add a newly-designated Class N common stock, $0.01 par value per share ("Class N shares"). On February 1, 2016, the Company filed an amendment to the Initial Registration Statement to add the Class T shares to the Initial Public Offering, and that amendment to the Initial Registration Statement was declared effective by the SEC on February 9, 2016. Class T shares contain a conversion feature whereby upon the occurrence of a specified event (generally related to a Class T stockholder's account, as amended (see Note 8), having incurred a maximum of 8.5% of underwriting compensation), Class T shares owned in a stockholder's Class T account for a given offering will automatically convert to Class N shares. On July 1, 2016, the Company and its Operating Partnership entered into a new dealer manager agreement (the “Dealer Manager Agreement”) with DWS Distributors, Inc. (the “Dealer Manager”), a registered broker-dealer and an affiliate of RREEF America. The Company had engaged SC Distributors, Inc., an entity unaffiliated with the Company or its advisor, as its dealer manager for the Initial Public Offering. Also see Note 8. 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 offered for sale up to $2,100,000 of shares of its Class A shares, Class I shares or Class T shares in its primary offering and up to $200,000 of shares of its Class A shares, Class I shares, Class N shares or Class T shares pursuant to its distribution reinvestment plan, to be sold on a "best efforts" basis for the Company's follow-on offering (the "Follow-On Public Offering"). The Company's Initial Public Offering terminated upon the commencement of the Follow-On Public Offering. On January 8, 2020, the SEC declared effective the Company's registration statement on Form S-11 (File No. 333-232425), filed under the Securities Act of 1933, as amended (the "Second Follow-On Registration Statement"). Pursuant to the Second Follow-On Registration Statement, the Company is offering for sale up to $2,300,000 of shares of its Class A shares, Class I shares or Class T shares consisting of up to $2,100,000 in its primary offering and up to $200,000 of shares of its Class A shares, Class I shares, Class N shares or Class T shares pursuant to its distribution reinvestment plan, to be sold on a "best efforts" basis for the Company's second follow-on offering (the "Second Follow-On Public Offering"). The Company's Follow-On Public Offering terminated upon the commencement of the Second Follow-On Public Offering. Together, the Initial Public Offering, the Follow-On Public Offering, the Second Follow-On Public Offering and the Private Offering are referred to as the "Offerings." Shares of the Company’s common stock are sold at the Company’s net asset value (“NAV”) per share, plus, for Class A, T and D shares only, applicable selling commissions. Each class of shares may have a different NAV per share because of certain class-specific fees and expenses, such as a performance fee. NAV per share is calculated by dividing the NAV at the end of each business day for each class by the number of shares outstanding for that class on such day. The Company'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	12 Months Ended
	Dec. 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 year ended December 31, 2019 except for the adoption of certain Accounting Standards Updates ("ASU") noted below in Note 2. 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. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts. Real Estate Investments and Lease Intangibles Real estate investments are stated at cost less accumulated depreciation and amortization. Buildings and improvements are depreciated utilizing the straight-line method over an estimated useful life of 20 to 40 years for industrial, retail and office properties, and 27.5 years for residential. Tenant improvements and lease commissions are amortized to expense over the terms of the respective tenant leases. Lease incentives are amortized as an offset to revenue over the terms of the respective tenant leases. Furniture and equipment is depreciated over an estimated useful life ranging from 5 to 7 years. Ordinary repair and maintenance costs that do not materially improve the condition or useful life of the property are expensed as incurred. In January 2017, FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, the intent of which is to assist entities with evaluating whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. Under the previous implementation guidance, real estate was broadly interpreted to be a business, which required, among other things, that acquisition related costs be expensed at the time of acquisition. The amendments in ASU 2017-01 provide a screen to determine when a set of identifiable assets is not a business. The screen requires that 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 sheet. The Company adopted ASU 2017-01 on its effective date of January 1, 2018, which did not have an impact on the Company's consolidated financial statements. See Note 4 for details of the impact of ASU 2017-01 on the property acquisitions completed by the Company during the years ended December 31, 2019 and 2018. In accordance with FASB ASC 805, Business Combinations, and FASB ASC 350, Intangibles—Goodwill and Other, acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the results of operations of acquired properties will be included in the Company’s results of operations from their respective dates of acquisition. Estimates of future cash flows and other valuation techniques believed to be similar to those used by independent appraisers are used to allocate the purchase price of identifiable assets acquired and liabilities assumed such as land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place leases, acquired above- and below-market leases, asset retirement obligations and mortgage loans payable. Values of buildings and improvements are determined on an as-if-vacant basis. Initial allocations are subject to change until such information is finalized, which may be no later than 12 months from the acquisition date. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of forgone rents, real estate taxes, recoverable charges and insurance) that would be incurred during the lease-up period, which generally ranges up to one year. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms into amortization expense. Acquired above- and below-market lease values are estimated based on the present value (using an interest rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized to rental revenue over the remaining terms of the respective leases, which include, for below-market leases, periods covered by bargain fixed-rate renewal options if, at the time of acquisition, the exercise of such renewal options are determined to be sufficiently economically advantageous to the tenant. If a lease is terminated prior to its scheduled expiration, the unamortized portion of the in-place lease is charged to amortization expense and the unamortized portion of the above- or below-market lease is charged to rental revenue. The carrying value of the real estate investments are reviewed to ascertain if there are any indicators of impairment. Factors considered include the type of asset, the economic situation in the area in which the asset is located, the economic situation in the industry in which a tenant is involved and the timeliness of the payments made by a tenant under its lease, as well as any current correspondence that may have been had with a tenant, including property inspection reports. A real estate investment is impaired if the undiscounted cash flows over the expected hold period are less than the real estate investment’s carrying amount. In this case, an impairment loss will be recorded to the extent that the estimated fair value is lower than the real estate investment’s carrying amount. The estimated fair value is determined primarily using information contained within independent appraisals obtained quarterly by the Company from its independent valuation agent. Real estate investments that are expected to be disposed of are valued at the lower of carrying amount or estimated fair value less costs to sell. As of December 31, 2019 and 2018, none of the Company's real estate investments were impaired. Investments in Marketable Securities In accordance with the Company’s investment guidelines as approved by the Company’s board of directors, investments in marketable securities may consist of common and preferred stock of publicly traded REITs and other real estate operating companies. Through December 31, 2017, the Company determined the appropriate classification for these securities at the time of purchase and reevaluated such designation as of each balance sheet date, resulting in the Company classifying its investments in marketable securities as available-for-sale as the Company intended to hold the securities for the purpose of collecting dividend income and for longer term price appreciation. These investments are carried at their estimated fair value based on published prices for each security. Through December 31, 2017, unrealized gains and losses have been reported in accumulated other comprehensive loss. Effective January 1, 2018, the Company adopted ASU 2016-01, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities, which improves certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 revised the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. Beginning January 1, 2018, the net unrealized change in the fair value of the Company's investments in marketable securities is recorded in earnings as part of operating income. The Company adopted ASU 2016-01 using a modified retrospective approach that resulted in recording, on January 1, 2018, a cumulative effect adjustment of $736 of net unrealized gain on its investments in marketable securities as of December 31, 2017 into deficit in the accompanying consolidated financial statements. The Company has reclassified the $70 of net realized loss upon sale of marketable securities on the accompanying consolidated statements of operations for the year ended December 31, 2017 into operating income for comparative purposes. This reclassification has not changed the Company's net loss for the year ended December 31, 2017. 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. Borrowings The Company may obtain various forms of borrowings from market participants. Direct financing costs associated with obtaining borrowings, such as commitment fees, legal fees and other third-party costs, are capitalized and amortized over the terms of the borrowings using a method which approximates the effective interest method. Amortization of financing costs is included in interest expense in the consolidated statements of operations. The unamortized portion of financing costs is reflected as a reduction of the outstanding debt balance on the consolidated balance sheets. The Company may also assume borrowings in connection with acquisitions. The Company will estimate the fair value of assumed borrowings based upon indications of then-current market pricing for similar types of debt with similar maturities. The assumed borrowings will initially be recorded at their estimated fair value as of the assumption date, with the difference between such estimated fair value and the borrowings’ outstanding principal balance being amortized over the remaining life of the borrowing. Revenue Recognition Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) (ASC 842), and related ASUs 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, the accounting for leases in place as of December 31, 2018 that remain unmodified after the adoption of ASC 842 will remain unchanged while any new or modified leases entered into by the Company after December 31, 2018 will be accounted for under the provisions of 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 December 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. Organization and Offering Expenses Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred from and after the commencement of operations. Offering costs are those costs incurred by the Company, RREEF America and its affiliates on behalf of the Company which relate directly to the Company’s activities of raising capital in the Offerings, preparing for the Offerings, the qualification and registration of the Offerings and the marketing and distribution of the Company’s shares. This includes, but is not limited to, accounting and legal fees, including the legal fees of 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 they may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company in relation to each of the public offerings individually will not exceed 15% of the gross proceeds from such individual public 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 the each public offering, as applicable. The aforementioned 15% and 10% limits do not apply to the Company's Private 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 Company's outstanding Class A shares, and (b) 1.00% per annum on the NAV of the Company's outstanding Class T shares, and (2) dealer manager fees paid on a trailing basis at the rate of 0.55% per annum on the NAV of the Company's outstanding Class A and Class I shares (collectively, the "Trailing Fees"); provided, however, that the Class I shares owned by RREEF America do not incur a dealer manager fee on a trailing basis (which inures to the benefit all Class A and Class I stockholders). 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 in the future on the outstanding shares. Such estimate reflects the Company's assumptions for certain variables, including future redemptions, share price appreciation and the total gross proceeds to be raised during 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 December 31, 2019, the Company has accrued $6,221 in Trailing Fees estimated to be payable in the future with respect to the Initial Public Offering and the Follow-On Public Offering. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the year ended December 31, 2013. In order to maintain the Company’s qualification as a REIT, the Company is required to, among other things, distribute as dividends at least 90% of the Company’s REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains, to the Company’s stockholders, and meet certain tests regarding the nature of the Company’s income and assets. If 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. Even if the Company qualifies for taxation as a REIT, the Company may be subject to (1) certain state and local taxes on its income, property or net worth, and (2) federal income and excise taxes on its undistributed income, if any income remains undistributed. The Company intends to operate in a manner that allows the Company to meet the requirements for taxation as a REIT, possibly including creating taxable REIT subsidiaries to hold assets that generate income that would not be consistent with the rules applicable to qualification as a REIT if held directly by the REIT. If the Company were to fail to meet these requirements, it could be subject to federal income tax on the Company’s taxable income at regular corporate rates. The Company would not be able to deduct dividends paid to stockholders in any year in which it fails to qualify as a REIT. The Company will also be disqualified for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. The Tax Cuts and Jobs Act signed into law in December 2017 did not change the above provisions related to qualification as a REIT. The Company assesses its significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether it has any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). As of December 31, 2019, 2018 and 2017, the Company has no assets or liabilities for uncertain tax positions. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2016. Reportable Segments The Company intends to operate in three primary segments: (1) Real Estate Properties, (2) Real Estate Equity Securities, and (3) Real Estate Loans. Also see Note 13. Through December 31, 2019, the Company has not had any Real Estate Loan investments. 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 periods where no performance component of the advisory fee is recognized in the Company’s consolidated statement of operations, the net earnings or loss per share will be the same for each class of common stock. From the Company’s inception through December 31, 2018, the Company had not issued any participating securities. In March and May 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 December 31, 2019 and 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

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 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). 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. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods therein. However, ASU 2018-13 allows an entity to early adopt the provisions regarding eliminating or modifying certain disclosures while not adopting the provisions regarding additional disclosures until the effective date of the ASU. 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. 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 is 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, at December 31, 2019 and 2018 approximated its fair value of $81,600 and $84,619 respectively. The Company estimated the fair value of its mortgage loans payable at $126,601 and $33,560 as of December 31, 2019 and 2018, respectively. If the valuation of the Company's properties as of December 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 fair value of the Company's note to affiliate is determined using Level 2 and Level 3 inputs and a discounted cash flow approach with an interest rate and other assumptions that estimate current market conditions. The Company has estimated the fair value of its note to affiliate at approximately $4,500 and $2,900 as of December 31, 2019 and 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.

REAL ESTATE INVESTMENTS AND LEA

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES	REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES The Company acquired two real estate properties during the year ended December 31, 2019 (the "2019 acquisitions"), four real estate properties during the year ended December 31, 2018 (the "2018 acquisitions"), and no real estate property during the year ended December 31, 2017. On December 17, 2019, the Company acquired Seattle East Industrial for the purchase price of $81,500 (excluding closing cost). The acquisition was funded with proceeds from the Offerings, a borrowing of $35,600 under the Company's line of credit and a secured, fully non-recourse loan for $45,140 from JPMorgan Chase Bank. Seattle East Industrial is comprised of a single industrial distribution building in Redmond, Washington with 210,321square feet fully leased to one tenant. On September 16, 2019, the Company acquired Providence Square for a purchase price of $54,842 (excluding closing costs). The acquisition was funded with proceeds from the Offerings, a borrowing of $18,300 under the Company's line of credit and a secured, fully non-recourse loan for $29,700 from Nationwide Life Insurance Company. Providence Square is a home improvement anchored community retail shopping center in Marietta, Georgia with a grocery component totaling 222,805 square feet fully leased to 26 tenants, including one freestanding building of 5,779 square feet subject to a ground lease with a single tenant. On December 31, 2018, the Company acquired Elston Plaza for the a purchase price of $28,350 excluding closing costs. The acquisition was funded with proceeds from the Offerings and by borrowing $27,000 under the Company's line of credit. Elston Plaza consists of a 92,806 square-foot retail property leased to 11 tenants, inclusive of a freestanding 4,860 square-foot building which is subject to a ground lease with a single tenant. On July 17, 2018, the Company acquired three industrial properties located in Miami, Florida ("Miami Industrial") for a purchase price of $20,700 excluding closing costs. The acquisition was funded with proceeds from the Offerings and by borrowing $19,900 under the Company's line of credit. Miami Industrial consists of three warehouse distribution buildings totaling 289,919 square feet fully leased to three tenants, with one tenant per building. All leases at Seattle East Industrial, Providence Square, Elston Plaza and Miami Industrial have been classified as operating leases. Under ASU 2017-01, the 2019 acquisitions were determined to be asset acquisitions, resulting in the Company's capitalization of $139 and $219 of acquisition related costs for Seattle East Industrial and Providence Square, respectively. The Company's allocation of the purchase price (including acquisition related costs) of the 2019 acquisitions to the fair value of the major components of the assets acquired and liabilities assumed, using Level 3 inputs and assumptions, is as follows: Seattle East Industrial Providence Square 2019 Total Land $ 50,692 $ 9,741 $ 60,433 Building and improvements 23,691 37,718 61,409 Acquired in-place leases 7,256 7,625 14,881 Acquired above-market leases — 111 111 Acquired below-market leases — (134) (134) Total purchase price $ 81,639 $ 55,061 $ 136,700 Under ASU 2017-01, the 2018 acquisitions were determined to be asset acquisitions, resulting in the Company's capitalization of $308 and $142 of acquisition related costs for Elston Plaza and Miami Industrial, respectively. The Company's allocation of the purchase price (including acquisition related costs) of the 2018 acquisitions to the fair value of the major components of the assets acquired and liabilities assumed, using Level 3 inputs and assumptions, is as follows: Elston Plaza Miami Industrial 2018 Total Land $ 17,767 $ 9,420 $ 27,187 Building and improvements 12,168 8,125 20,293 Acquired in-place leases 8,083 3,752 11,835 Acquired above-market leases 69 — 69 Acquired below-market leases (9,292) (455) (9,747) Total purchase price $ 28,795 $ 20,842 $ 49,637 The Company recorded revenues and net loss related to the 2019 and 2018 acquisitions during the years ended December 31, 2019 and 2018, respectively, as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Revenues $ 1,429 $ 810 Net loss (160) (39) The Company’s estimated revenues and net loss, on a pro forma basis, as if the 2019 acquisitions were completed on January 1, 2018, are as follows (unaudited): Year Ended December 31, 2019 Revenues $ 31,847 Net loss (282) Basic and diluted net loss per share of Class A common stock $ (0.02) Basic and diluted net loss per share of Class I common stock $ (0.03) Basic and diluted net loss per share of Class T common stock $ (0.01) Basic and diluted net loss per share of Class D common stock $ (0.04) The Company’s estimated revenues and net loss, on a pro forma basis, as if the 2018 acquisitions were completed on January 1, 2017, are as follows (unaudited): Year Ended December 31, 2018 Revenues $ 23,680 Net loss (4,333) Basic and diluted net loss per share of Class A common stock $ (0.47) Basic and diluted net loss per share of Class I common stock $ (0.48) Basic and diluted net loss per share of Class T common stock $ (0.46) The pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of period presented, nor does it purport to represent the results of future operations. Future amortization related to acquired intangible assets and liabilities for all of the Company's properties as of December 31, 2019 is as follows: Acquired in-place leases Acquired above-market leases Acquired below-market leases 2020 $ 5,410 $ 117 $ (878) 2021 5,065 113 (866) 2022 4,634 42 (858) 2023 3,122 32 (765) 2024 2,096 12 (754) Thereafter 18,589 46 (10,098) Total $ 38,916 $ 362 $ (14,219) Weighted average remaining amortization period (in years) 10.7 4.0 18.2

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
RENTALS UNDER OPERATING LEASES	RENTALS UNDER OPERATING LEASESAs of December 31, 2019, the Company owned fourteen properties with a total of sixty commercial tenants comprised of four office properties (including one medical office property), four retail properties, five industrial properties and one student housing property with 316 beds. As of December 31, 2018, the Company owned twelve properties with a total of thirty-one commercial tenants comprised of four office properties (including one medical office property), three retail properties, four industrial property and one student housing property with 316 beds. As of December 31, 2017, the Company owned eight properties with a total of nineteen commercial tenants comprised of four office properties (including one medical office property), two retail properties, one industrial property 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 for the years ended December 31, 2019, 2018 and 2017 is comprised of the following: 2019 2018 2017 Lease revenue 1 $ 22,706 $ 18,491 $ 16,822 Straight line revenue 694 188 502 Above- and below-market lease amortization, net 774 337 258 Lease incentive amortization (104) (104) (103) Rental and other property income $ 24,070 $ 18,912 $ 17,479 1 Lease revenue includes $3,762, $2,540, and $2,348 of variable income from tenant reimbursements for the years ended December 31, 2019, 2018 and 2017, 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 December 31, 2019 and 2018 are as follows: Year ended December 31, Future Minimum Rent 2020 $ 24,822 2021 21,896 2022 19,400 2023 15,610 2024 11,909 Thereafter 56,188 $ 149,825 Future Minimum Rent 2019 $ 16,617 2020 15,300 2021 13,198 2022 11,666 2023 8,645 Thereafter 36,330 $ 101,756 Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income for the years ended December 31, 2019, 2018 and 2017 are shown below. Percent of actual gross rental revenues Property Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 The Flats at Carrs Hill, Athens, GA 13.8 % 16.5 % 17.3 % Elston Plaza, Chicago, IL 13.0 — — Loudoun Gateway, Sterling, VA 12.5 15.9 17.1 Allied Drive, Dedham, MA 12.2 15.5 16.6 Terra Nova Plaza, Chula Vista, CA 9.5 11.7 12.4 Commerce Corner, Logan Township, NJ 8.2 10.3 10.4 Anaheim Hills Office Plaza, Anaheim, CA 5.2 12.2 12.6 Total 74.4 % 82.1 % 86.4 % Percent of actual gross rental revenues Tenant Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Orbital ATK Inc. - Loudoun Gateway 12.5 % 15.9 % 17.1 % New England Baptist Hospital - Allied Drive 10.9 13.3 14.0 Total 23.4 % 29.2 % 31.1 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of December 31, 2019, 2018 and 2017 were as follows: Percent of in-place annualized base rental revenues as of Tenant December 31, 2019 December 31, 2018 December 31, 2017 FedEx Ground - Seattle East Industrial 15.3 % — % — % Orbital ATK Inc. - Loudoun Gateway 11.5 15.9 18.6 New England Baptist Hospital - Allied Drive 7.0 9.3 10.6 Total 33.8 % 25.2 % 29.2 %

MARKETABLE SECURITIES

MARKETABLE SECURITIES	12 Months Ended
	Dec. 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 December 31, 2019 and 2018, which consisted entirely of publicly traded shares of common stock in REITs as of each date. December 31, 2019 December 31, 2018 Marketable securities—cost $ 17,866 $ 14,646 Unrealized gains 3,413 676 Unrealized losses (34) (587) Net unrealized gain 3,379 89 Marketable securities—fair value $ 21,245 $ 14,735

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE Wells Fargo Line of Credit On March 6, 2015, the Company, as guarantor, and the wholly-owned subsidiaries of the Operating Partnership, as co-borrowers, entered into a secured revolving line of credit arrangement (the “Wells Fargo Line of Credit”) pursuant to a credit agreement with Wells Fargo Bank, National Association, as administrative agent, and other lending institutions that may become parties to the credit agreement. The Wells Fargo Line of Credit had a three one 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 a three one 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 December 31, 2019, the outstanding balance was $81,600 and the weighted average interest rate was 3.33%. As of December 31, 2018, the outstanding balance was $84,619 and the weighted average interest rate was 4.07%. As of December 31, 2018, the maximum borrowing capacity was $100,000, and the Company was in compliance with all covenants. 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. On November 13, 2019, the Company, as guarantor, and certain of the wholly owned subsidiaries of the Operating Partnership, as co-borrowers, entered into a first amendment (the "Amendment") to the Revised Wells Fargo Line of Credit. The Amendment reduced the minimum debt yield for the purposes of determining the maximum borrowing capacity from 10% to 9%. As of December 31, 2019, the Company's maximum borrowing capacity was $89,310. The Revised Wells Line of Credit agreement contains customary representations, warranties, borrowing conditions and affirmative, negative and financial covenants, including that there must be five properties in the collateral pool at all times, and that collateral pool 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 December 31, 2019. Nationwide Life Insurance Loan-Flats 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 "Flats Nationwide Loan"). Proceeds of $14,500 obtained from the Flats Nationwide Loan were used to repay outstanding balances under the Wells Fargo Line of Credit, thereby releasing Flats at Carrs Hill from the Wells Fargo Line of Credit. The Flats Nationwide Loan is a secured, fully non-recourse loan maturing after ten Hartford Life Insurance Company 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 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 State Farm Life Insurance Loan On June 11, 2019, RPT Elston Plaza, LLC, a wholly-owned subsidiary of the Operating Partnership, entered into a credit agreement with State Farm Life Insurance Company (the "State Farm Loan"). Proceeds of $17,600 obtained from the State Farm Loan were used to repay outstanding balances under the Revised Wells Fargo Line of Credit, thereby releasing Elston Plaza from the Revised Wells Fargo Line of Credit. The State Farm Loan is a secured, fully non-recourse loan maturing after seven years on July 1, 2026 with no extension options. The State Farm Loan carries a fixed interest rate of 3.89% with interest-only payments for the first 24 months of the term, followed by principal and interest payments for the remainder of the term, based upon a 30-year amortization schedule. The State Farm Loan permits voluntary prepayment of the full amount of the State Farm Loan subject to payment of the applicable prepayment premium. Nationwide Life Insurance Loan-Providence On September 16, 2019, RPT Providence Square, LLC, a wholly-owned subsidiary of the Operating Partnership, entered into a credit agreement with Nationwide Life Insurance Company (the "Providence Nationwide Loan"). Proceeds of $29,700 obtained from the Providence Nationwide Loan were used to fund the acquisition of Providence Square. The Providence Nationwide Loan is a secured, fully non-recourse loan maturing after ten years on October 5, 2029 with no extension options. The Providence Nationwide Loan carries a fixed interest rate of 3.67% with interest-only payments for the entire ten JPMorgan Chase Bank On December 17, 2019, RPT Seattle East Industrial, LLC, a wholly-owned subsidiary of the Operating Partnership, entered into a credit agreement with JPMorgan Chase Bank (the " JPMorgan Chase Loan"). Proceeds of $45,140 obtained from the JPMorgan Chase Loan were used to fund the acquisition of Seattle East Industrial. The JPMorgan Chase Loan is a secured, fully non-recourse loan maturing after ten years on January 1, 2030 with no extension options. The JPMorgan Chase Loan carries a fixed interest rate of 3.87% with interest-only payments for the entire ten The following is a reconciliation of the carrying amounts of the line of credit and mortgage loans payable as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Line of credit $ 81,600 $ 84,619 Deduct: Deferred financing costs, less accumulated amortization (309) (573) Line of credit, net $ 81,291 $ 84,046 Mortgage loans payable $ 126,637 $ 34,450 Deduct: Deferred financing costs, less accumulated amortization (939) (395) Mortgage loans payable, net $ 125,698 $ 34,055 Aggregate future principal payments due on the Revised Wells Fargo Line of Credit and mortgage loans payable as of December 31, 2019 are as follows: Year Amount 2020 $ 262 2021 82,103 2022 717 2023 12,388 2024 474 Thereafter 112,293 Total $ 208,237

RELATED PARTY ARRANGEMENTS

RELATED PARTY ARRANGEMENTS	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
RELATED PARTY ARRANGEMENTS	RELATED PARTY ARRANGEMENTSAdvisory Agreement RREEF America is entitled to compensation and reimbursements in connection with the management of the Company's investments in accordance with an advisory agreement between RREEF America and the Company (the "Advisory Agreement"). The Advisory Agreement is for a one Fees Under the Advisory Agreement, RREEF America can earn an advisory fee split between two components as described below. 1. The fixed component accrues daily in an amount equal to 1/365th of 1.0% of the NAV 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 of each class 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 fees earned by RREEF America for the years ended December 31, 2019, 2018 and 2017 are shown below. Year Ended December 31, 2019 2018 2017 Fixed component $ 1,759 $ 1,268 $ 1,050 Performance component 1,069 574 673 $ 2,828 $ 1,842 $ 1,723 Expense Reimbursements Under the Advisory Agreement, RREEF America is entitled to reimbursement of certain costs incurred by RREEF America or its affiliates that are not incurred under the Expense Support Agreement, as discussed below. Costs eligible for reimbursement, if they 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 years ended December 31, 2019 and 2018, RREEF America incurred $286 and $306 in reimbursable offering and operating expenses, respectively, that were subject to reimbursement under the terms and conditions of the Advisory Agreement. As of December 31, 2019 and 2018, the Company had a payable to RREEF America of $67 and $73, respectively, for offering and operating expenses reimbursable under the terms and conditions of 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 began reimbursing 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. For the year ended December 31, 2018, the Company reimbursed RREEF America $928 for Deferred O&O. 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 for the 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. 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. 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 represents 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 years ended December 31, 2019, 2018 and 2017, the Company amortized $148, $145 and $145 respectively, of the discount on the Note to Affiliate into interest expense. In addition, pursuant to the Letter Agreement, if RREEF America is serving as the Company's advisor at the time that the Company or the Operating Partnership undertakes a liquidation, the Company's remaining obligations to reimburse RREEF America for the unpaid monthly reimbursements under the Expense Support Agreement shall be waived. Dealer Manager Agreement On July 1, 2016, 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"). 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 of common stock 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 any subsequent registered public offering. As of December 31, 2019 and 2018, the Company has accrued $118 and $86, respectively, in Trailing Fees currently payable to the Dealer Manager, and $6,221 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 years ended December 31, 2019 and 2018, the Dealer Manager has earned upfront selling commissions and upfront dealer manager fees totaling $391 and $542, 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, 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 years ended December 31, 2019 and 2018, the Dealer Manager incurred $193 and $321, respectively. As of December 31, 2019 and 2018, the Company had payable to the Dealer Manager $193 and $329, respectively, of such cost which were 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 June 30, 2016, the Company raised $102,831 in gross proceeds and incurred $15,424 in organization and offering costs, including, as of December 31, 2019, estimated Trailing Fees payable in the future of $226. As of December 31, 2019, in the Follow-On Public Offering, the Company had raised $131,246 in gross proceeds and incurred total organization and offering costs of $12,767, including estimated accrued Trailing Fees payable in the future of $5,995. 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 December 31, 2019, total operating expenses of the Company were $4,756, which did not exceed the 2%/25% Guidelines. For the four fiscal quarters ended December 31, 2018, total operating expenses of the Company were $3,712, which did not exceed the 2%/25% Guidelines. Due to Affiliates and Note to Affiliate In accordance with all the above, as of December 31, 2019 and 2018, the Company owed RREEF America and the Dealer Manager the following amounts: December 31, 2019 December 31, 2018 Reimbursable under the Advisory Agreement $ 67 $ 73 Reimbursable under Dealer Manager Agreement 193 329 Advisory fees 1,244 697 Accrued Trailing Fees 6,339 3,193 Due to affiliates $ 7,843 $ 4,292 Note to Affiliate $ 8,950 $ 8,950 Unamortized discount (1,217) (1,365) Note to Affiliate, net of unamortized discount $ 7,733 $ 7,585

CAPITALIZATION

CAPITALIZATION	12 Months Ended
	Dec. 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 annual 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 upfront dealer manager fee of up to 2.50% of the purchase price, and annual distribution fees of 1.0% of NAV paid on a trailing basis for approximately three Class N shares are not sold in the primary portion of a 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 public Offering has incurred a specified amount of commissions, dealer manager fees and distribution fees, not to exceed 8.5% of the investor's purchase price of the Class T shares purchased in the primary portion of such public Offering; (ii) the total underwriting compensation from whatever source with respect to a public Offering exceeds 10% of the gross proceeds from the primary portion of such 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 after disposition of all or substantially all of the Company's assets. The Company's board of directors is authorized to amend its charter from time to time, without the approval of the stockholders, to increase or decrease the aggregate number of authorized shares of common stock or the number of shares of any class or series that the Company has authority to issue. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan that will allow 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, may incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of the Company's common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions used to purchase those shares of the Company's common stock in cash. Redemption Plan In an effort to provide the Company's stockholders with liquidity in respect of their investment in shares of the Company's common stock, the Company has adopted a redemption plan whereby on a daily basis stockholders may request the redemption of all or any portion of their shares. The redemption price per share is equal to the Company's NAV per share of the class of shares being redeemed on the date of redemption. The total amount of redemptions in any calendar quarter will be limited to 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 a stockholder's initial purchase 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 years ended December 31, 2019, 2018 and 2017, redemption requests were received as shown below. The Company funded these redemptions with cash flow from operations, borrowings on the Wells Fargo Line of Credit or offering proceeds. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Year Ended December 31, 2019 Shares Weighted Average Share Price Amount Class A 209,563 $ 14.28 $ 2,992 Class I 156,698 14.37 2,250 Class T 23,164 14.35 331 Class D — — — Year Ended December 31, 2018 Shares Weighted Average Share Price Amount Class A 576,130 $ 13.95 $ 8,036 Class I 181,840 13.98 2,534 Class T — — — Class D — — — Year Ended December 31, 2017 Shares Weighted Average Share Price Amount Class A 279,647 $ 13.48 $ 3,770 Class I 394,416 13.61 5,368 Class T 4,043 * 15.29 62 Class D — — — * Repurchased in private transactions. The Company's board of directors has the discretion to suspend or modify the redemption plan at any time, including in circumstances where it (1) determines that such action is in the best interest of the Company's stockholders, (2) determines that it is necessary due to regulatory changes or changes in law or (3) becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are redeemed. In addition, the Company's board of directors may suspend any ongoing public offering, including the redemption plan, if it determines that the calculation of NAV is materially incorrect or there is a condition that restricts the valuation of a material portion of the Company's assets. If the board of directors materially amends (including any reduction of the quarterly limit) or suspends the redemption plan during any quarter, other than any temporary suspension to address certain external events unrelated to the Company's business, any unused portion of that quarter’s 5% limit will not be carried forward to the next quarter or any subsequent quarter. 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 provided for 5,000 shares of restricted stock to be issued to each of the Company's independent directors once the Company had 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 three On May 15, 2019, pursuant to the new independent director compensation plan, the Company granted $10 of shares of restricted Class I common stock to each of the Company's independent directors (the "Annual Share Grant Awards"). The fair value of the Annual Share Grant Awards is determined using the Company’s Class I Share price on the date of grant, which was $14.32, which resulted in a total of 2,094 shares granted. The Annual Share Grant Awards shall vest and become non-forfeitable at the next annual shareholder meeting (approximately one year from issue date). The Company has elected to account for any forfeitures of restricted stock awards as they occur. Below is a summary of the activity, per share value and recognized expense for the stock awards. No stock awards were granted prior to 2019. Year Ended December 31, 2019 Stock Awards Class I Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period — $ — Changes during the period: Granted 22,094 $ 14.34 Vested (5,000) $ 14.34 Forfeited — Outstanding, end of period 17,094 $ 14.34 Amount included in general and administrative expenses $ 145

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE The Company computes net earnings or loss per share of Class A, Class I, Class T and Class D 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 earnings or loss of each class of common stock differently. The calculated performance component for the years ended December 31, 2019, 2018 and 2017, and the impact on each class of common stock, 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 Company has not issued any dilutive or potentially dilutive securities, and thus the basic and diluted net income (loss) per share for a given class of common stock is the same for each period presented. 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, Class T, and Class D common stock. Year Ended December 31, 2019 Class A Class I Class T Class D* Basic and diluted net income per share: Allocation of net income before performance fee $ 537 $ 1,110 $ 111 $ 13 Allocation of performance fees (306) (695) (59) (9) Total Numerator $ 231 $ 415 $ 52 $ 4 Denominator - weighted average number of common shares outstanding 3,712,803 7,684,718 763,773 91,669 Basic and diluted net income per share: $ 0.06 $ 0.05 $ 0.07 $ 0.04 *Class D Shares were initially issued in June 2019 Year Ended December 31, 2018 Class A Class I Class T Class D Basic and diluted net loss per share: Allocation of net loss before performance fee $ (1,282) $ (1,766) $ (108) $ — Allocation of performance fees (207) (353) (14) — Total Numerator $ (1,489) $ (2,119) $ (122) $ — Denominator - weighted average number of common shares outstanding 3,691,760 5,085,231 310,304 — Basic and diluted net loss per share: $ (0.40) $ (0.42) $ (0.39) $ — Year Ended December 31, 2017 Class A Class I Class T Class D Basic and diluted net loss per share: Allocation of net loss before performance fee $ (978) $ (1,086) $ (4) $ — Allocation of performance fees (283) (387) (2) — Total Numerator $ (1,261) $ (1,473) $ (6) $ — Denominator - weighted average number of common shares outstanding 3,678,616 4,084,980 14,871 — Basic and diluted net loss per share: $ (0.34) $ (0.36) $ (0.41) $ —

DISTRIBUTIONS

DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2019
Distributions [Abstract]
DISTRIBUTIONS	DISTRIBUTIONSIn order to qualify as a REIT, the Company is required, among other things, to distribute dividends 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 beginning the year ended December 31, 2013. Distributions for each month are payable on or before the first day of the following month. However, any distributions reinvested by the stockholders in accordance with the Company's dividend reinvestment plan are reinvested at the per share NAV of the same class determined at the close of business on the last business day of the month in which the distributions were accrued. Shown below are details of the Company's distributions for 2019, 2018 and 2017. Three Months Ended Total March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00193545 $ 0.00195924 $ 0.00197058 $ 0.00198517 Distributions paid or payable in cash $ 1,000 $ 1,105 $ 1,238 $ 1,298 $ 4,641 Distributions reinvested 841 954 1,079 1,265 4,139 Distributions declared $ 1,841 $ 2,059 $ 2,317 $ 2,563 $ 8,780 Class A shares issued upon reinvestment 22,405 23,894 24,576 25,099 95,974 Class I shares issued upon reinvestment 34,329 39,949 47,367 58,799 180,444 Class T shares issued upon reinvestment 2,250 2,736 2,891 3,243 11,120 Class D shares issued upon reinvestment* — — — — — *Class D Shares were initially issued in June 2019 Three Months Ended Total March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00189004 $ 0.00190140 $ 0.00192261 $ 0.00192836 Distributions paid or payable in cash $ 781 $ 831 $ 928 $ 981 $ 3,521 Distributions reinvested 619 662 734 802 2,817 Distributions declared $ 1,400 $ 1,493 $ 1,662 $ 1,783 $ 6,338 Class A shares issued upon reinvestment 22,714 22,901 23,500 22,805 91,920 Class I shares issued upon reinvestment 21,479 23,520 27,180 32,291 104,470 Class T shares issued upon reinvestment 678 976 1,548 1,855 5,057 Three Months Ended Total March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Declared daily distribution rate, before adjustment for class-specific fees $0.00183555 $ 0.00183207 $ 0.00185445 $ 0.00186845 Distributions paid or payable in cash $ 717 $ 742 $ 773 $ 773 $ 3,005 Distributions reinvested 518 542 579 602 2,241 Distributions declared $ 1,235 $ 1,284 $ 1,352 $ 1,375 $ 5,246 Class A shares issued upon reinvestment 23,567 23,806 23,649 23,348 94,370 Class I shares issued upon reinvestment 15,152 16,611 18,986 20,269 71,018 Class T shares issued upon reinvestment — — 17 399 416

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company elected taxation as a REIT for federal income tax purposes for the year ended December 31, 2013. 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, qualified 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 to the extent of our current and accumulated earnings and profits for federal income tax purposes are taxable to the recipient as either ordinary dividend income, qualified dividend income or capital gain dividends. Distributions in excess of these earnings and profits (calculated for income tax purposes) constitute a non-taxable return of capital rather than ordinary dividend income or a capital gain distribution and reduce the recipient’s basis in the shares to the extent thereof. Distributions in excess of earnings and profits that reduce a recipient’s basis in the shares have the effect of deferring taxation of the amount of the distribution until the sale of the stockholder’s shares. If the recipient's basis is reduced to zero, distributions in excess of the aforementioned earnings and profits (calculated for income tax purposes) constitute taxable gain. The characterization of the distributions is generally determined during the month of January following the close of the tax year, and is as follows for the years ended December 31, 2019, 2018 and 2017: Characterization Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Ordinary income 20.1932 % 24.4049 % 19.2608 % Capital gain distribution 2.1065 — — Nondividend distributions (return of capital) 77.7003 75.5951 80.7392 Total 100.0000 % 100.0000 % 100.0000 % Net worth and similar taxes paid to certain states where the Company owns real estate properties were $25, $24 and $42 for the years ended December 31, 2019, 2018 and 2017, respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION For the years ended December 31, 2019, 2018 and 2017, 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 December 31, 2019, and 2018 and net income (loss) for the years ended December 31, 2019, 2018 and 2017. Real Estate Properties Real Estate Equity Securities Total Carrying value as of December 31, 2019 $ 331,362 $ 21,245 $ 352,607 Reconciliation to total assets of December 31, 2019 Carrying value per reportable segments $ 352,607 Corporate level assets 13,478 Total assets $ 366,085 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 Real Estate Properties Real Estate Equity Securities Total Year Ended December 31, 2019 Revenues Property related income $ 24,070 $ — $ 24,070 Investment income on marketable securities — 624 624 Total revenues 24,070 624 24,694 Segment operating expenses 7,606 41 7,647 Net realized gain (loss) upon sale of marketable securities — 666 666 Net unrealized change in fair value of investment in marketable securities — 3,290 3,290 Operating income - Segments $ 16,464 $ 4,539 $ 21,003 Year Ended December 31, 2018 Revenues Property related income $ 18,912 $ — $ 18,912 Investment income on marketable securities — 506 506 Total revenues 18,912 506 19,418 Segment operating expenses 5,876 50 5,926 Net realized gain (loss) upon sale of marketable securities — (416) (416) Net unrealized change in fair value of investment in marketable securities — (646) (646) Operating income (loss)- Segments $ 13,036 $ (606) $ 12,430 Year Ended December 31, 2017 Revenues Property related income $ 17,479 $ — $ 17,479 Investment income on marketable securities — 307 307 Total revenues 17,479 307 17,786 Segment operating expenses 5,498 38 5,536 Net realized gain (loss) upon sale of marketable securities — (70) (70) Net unrealized change in fair value of investment in marketable securities — — — Operating income- Segments $ 11,981 $ 199 $ 12,180 Year Ended December 31, Reconciliation to net income (loss) 2019 2018 2017 Operating income - Segments $ 21,003 $ 12,430 $ 12,180 General and administrative expenses (1,912) (1,845) (1,617) Advisory expenses (2,828) (1,842) (1,723) Depreciation (5,579) (4,504) (4,338) Amortization (4,874) (4,133) (3,722) Operating income 5,810 106 780 Interest expense (5,107) (3,835) (3,521) Net income (loss) $ 703 $ (3,729) $ (2,741)

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	12 Months Ended
	Dec. 31, 2019
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCYThe 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	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESIn 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.

QUARTERLY RESULTS (UNAUDITED)

QUARTERLY RESULTS (UNAUDITED)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS (UNAUDITED)	QUARTERLY RESULTS (UNAUDITED) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2019, 2018 and 2017. For the Quarter Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Property related income $ 5,765 $ 5,561 $ 5,787 $ 6,957 Investment income on marketable securities 151 150 158 165 Total revenues 5,916 5,711 5,945 7,122 Operating expenses (5,304) (5,219) (5,784) (6,533) Interest expense (1,293) (1,196) (1,138) (1,480) Net realized gain (loss) upon sale of marketable securities 119 146 274 127 Net unrealized change in fair value of investments in marketable securities 2,166 189 1,254 (319) Net income (loss) $ 1,604 $ (369) $ 551 $ (1,083) Weighted average number of common shares outstanding - basic and diluted Class A 3,592,146 3,703,672 3,756,326 3,796,346 Weighed average number of common shares outstanding - basic and diluted Class I 6,330,885 7,105,086 8,058,111 9,208,594 Weighted average number of common shares outstanding - basic and diluted Class T 649,621 737,796 806,338 858,575 Weighted average number of common shares outstanding - basic and diluted Class D — 11,611 176,101 176,101 Basic and diluted net income (loss) per share - Class A $ 0.15 $ (0.03) $ 0.04 $ (0.08) Basic and diluted net income (loss) per share - Class I $ 0.15 $ (0.03) $ 0.04 $ (0.08) Basic and diluted net income (loss) per share - Class T $ 0.15 $ (0.03) $ 0.05 $ (0.07) Basic and diluted net income (loss) per share - Class D $ — $ (0.02) $ 0.06 $ (0.08) For the Quarter Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Property related income $ 4,503 $ 4,383 $ 4,991 $ 5,035 Investment income on marketable securities 89 120 137 160 Total revenues 4,592 4,503 5,128 5,195 Operating expenses (4,198) (4,203) (4,863) (4,986) Interest expense (904) (884) (1,014) (1,033) Net realized (loss) gain upon sale of marketable securities (253) (155) 202 (210) Net unrealized changed in fair value of investment in marketable securities (501) 981 (201) (925) Net (loss) income $ (1,264) $ 242 $ (748) $ (1,959) Weighted average number of common shares outstanding - basic and diluted Class A 3,686,669 3,691,785 3,777,836 3,610,639 Weighed average number of common shares outstanding - basic and diluted Class I 4,467,002 4,793,077 5,202,959 5,861,271 Weighted average number of common shares outstanding - basic and diluted Class T 79,305 150,764 426,209 578,181 Basic and diluted net (loss) income per share - Class A $ (0.15) $ 0.03 $ (0.08) $ (0.20) Basic and diluted net (loss) income per share - Class I $ (0.15) $ 0.03 $ (0.08) $ (0.22) Basic and diluted net (loss) income per share - Class T $ (0.15) $ 0.03 $ (0.07) $ (0.20) For the Quarter Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Property related income $ 4,334 $ 4,315 $ 4,360 $ 4,470 Investment income on marketable securities 44 77 85 101 Total revenues 4,378 4,392 4,445 4,571 Operating expenses (3,991) (4,054) (4,497) (4,394) Interest expense (826) (887) (910) (898) Net realized gain (loss) gain upon sale of marketable securities 55 (7) (25) (93) Net loss $ (384) $ (556) $ (987) $ (814) Weighted average number of common shares outstanding basic and diluted - Class A 3,650,176 3,699,115 3,677,266 3,687,513 Weighted average number of common shares outstanding basic and diluted - Class I 3,827,801 4,008,144 4,240,550 4,257,000 Weighted average number of common shares outstanding basic and diluted- Class T (1) 1,662 — 6,982 54,264 Basic and diluted net loss per share - Class A $ (0.05) $ (0.07) $ (0.12) $ (0.10) Basic and diluted net loss per share - Class I $ (0.05) $ (0.08) $ (0.13) $ (0.10) Basic and diluted net loss per share - Class T $ (0.05) $ — $ (0.10) $ (0.10)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn January 3, 2020, the Company announced that its board of directors declared a cash distribution equal to $0.00198576 per Class A, Class I, Class T and Class D share (before adjustment for applicable class-specific expenses) for all such shares of record on each day from January 1, 2020 through March 31, 2020.

SCHEDULE III Real Estate and Ac

SCHEDULE III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III Real Estate and Accumulated Depreciation	RREEF PROPERTY TRUST, INC. SCHEDULE III Real Estate and Accumulated Depreciation December 31, 2019 (in thousands) Initial cost (A) Gross Amount at Which Carried at December 31, 2019 (B) Property Name Encumbrance Land Buildings & Improvements (F) Capitalized Cost Subsequent to Acquisition Land, Buildings & Improvements Total (C) Accumulated Depreciation and Amortization (D) Date Constructed Date Acquired Depreciable Lives 9022 Heritage Parkway, Woodridge, IL, Office (E) $ 8,731 $ 2,311 $ 10,989 $ — $ 13,300 $ (5,521) 2002 5/31/2013 5 - 40 Wallingford Plaza, Seattle, WA, Mixed-Use (Office over Retail) (I) 6,950 3,713 9,015 282 13,010 (2,062) 1916 12/18/2013 5 - 40 Commerce Corner, Logan Township, NJ, Industrial (G) 12,747 3,397 16,353 — 19,750 (3,573) 1998 4/11/2014 5 - 40 Anaheim Hills Office Plaza, Anaheim, CA, Office (E) 12,827 6,519 11,980 2,131 20,630 (5,260) 2008 7/2/2014 5 - 40 Shops at Terra Nova Plaza, Chula Vista, CA, Retail (E) 14,468 10,628 11,222 — 21,850 (2,855) 1986 10/2/2014 5 - 40 The Flats at Carrs Hill, Athens, GA, University of GA Student Housing (H) 14,500 3,144 23,856 443 27,443 (6,671) 2013 9/30/2015 5 - 27.5 Loudoun Gateway I, Sterling, VA, Office (E) 13,154 2,042 19,908 — 21,950 (7,719) 1998 12/21/2015 5 - 40 40 Allied Drive, Dedham, MA, Medical Office (E) 20,359 5,484 28,516 — 34,000 (4,288) 2013 9/27/2016 5 - 40 Palmetto Lakes, Miami Lakes, FL, Industrial (E) 7,426 6,054 7,006 86 13,146 (1,180) 1974 7/17/2018 5 - 40 Hialeah I, Miami, FL, Industrial (E) 2,513 1,642 2,749 88 4,479 (599) 1962 7/17/2018 5 - 40 Hialeah II, Miami, FL, Industrial (E) 2,122 1,725 1,666 533 3,924 (282) 1961 7/17/2018 5 - 40 Elston Plaza, Chicago, IL, Retail (J) 17,600 17,767 11,028 — 28,795 (917) 1983 12/31/2018 5 - 40 Providence Square, Marietta, GA, Retail (K) 29,700 9,742 45,319 5 55,066 (862) 1990 9/16/2019 5-40 Seattle East Industrial, Redmond, WA, Industrial (L) 45,140 50,692 30,947 — 81,639 (50) 2013 12/17/2019 5-40 Total Investments in Real Estate $ 208,237 $ 124,860 $ 230,554 $ 3,568 $ 358,982 $ (41,839) (A) The initial cost to the Company represents the original purchase price of the property. (B) The aggregate cost of real estate owned at December 31, 2019 for federal income tax purposes was approximately $362,059 (unaudited). (C) Reconciliation of real estate owned for the years ended December 31: 2019 2018 2017 Balance at January 1 $ 219,699 $ 169,438 $ 169,207 Acquisitions 136,700 49,637 — Additions 2,583 624 231 Balance at December 31 $ 358,982 $ 219,699 $ 169,438 (D) Reconciliation of accumulated depreciation and amortization for the years ended December 31: 2019 2018 2017 Balance at January 1 $ 32,414 $ 24,182 $ 16,430 Depreciation and amortization expense 9,425 8,232 7,752 Balance at December 31 $ 41,839 $ 32,414 $ 24,182 (E) Encumbrance of $81,600 is from the line of credit that is secured by the properties listed above. (F) Includes gross intangible lease assets of $63,691 and gross intangible lease liabilities of $18,565. (G) Commerce Corner has an encumbrance of $12,747 from Hartford Life Insurance Company. (H) Flats at Carrs Hill has an encumbrance of $14,500 from Nationwide Life Insurance Company. (I) Wallingford Plaza has an encumbrance of $6,950 from Transamerica Life Insurance Company. (J) Elston Plaza has an encumbrance of $17,600 from State Farm Life Insurance Company. (K) Providence Square has an encumbrance of $29,700 from Nationwide Life Insurance Company. (L) Seattle East Industrial has an encumbrance of $45,140 from JPMorgan Chase Bank.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 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 year ended December 31, 2019 except for the adoption of certain Accounting Standards Updates ("ASU") noted below in Note 2.
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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts.
Real Estate Investments and Lease Intangibles	Real Estate Investments and Lease Intangibles Real estate investments are stated at cost less accumulated depreciation and amortization. Buildings and improvements are depreciated utilizing the straight-line method over an estimated useful life of 20 to 40 years for industrial, retail and office properties, and 27.5 years for residential. Tenant improvements and lease commissions are amortized to expense over the terms of the respective tenant leases. Lease incentives are amortized as an offset to revenue over the terms of the respective tenant leases. Furniture and equipment is depreciated over an estimated useful life ranging from 5 to 7 years. Ordinary repair and maintenance costs that do not materially improve the condition or useful life of the property are expensed as incurred. In January 2017, FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, the intent of which is to assist entities with evaluating whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. Under the previous implementation guidance, real estate was broadly interpreted to be a business, which required, among other things, that acquisition related costs be expensed at the time of acquisition. The amendments in ASU 2017-01 provide a screen to determine when a set of identifiable assets is not a business. The screen requires that 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 sheet. The Company adopted ASU 2017-01 on its effective date of January 1, 2018, which did not have an impact on the Company's consolidated financial statements. See Note 4 for details of the impact of ASU 2017-01 on the property acquisitions completed by the Company during the years ended December 31, 2019 and 2018. In accordance with FASB ASC 805, Business Combinations, and FASB ASC 350, Intangibles—Goodwill and Other, acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the results of operations of acquired properties will be included in the Company’s results of operations from their respective dates of acquisition. Estimates of future cash flows and other valuation techniques believed to be similar to those used by independent appraisers are used to allocate the purchase price of identifiable assets acquired and liabilities assumed such as land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place leases, acquired above- and below-market leases, asset retirement obligations and mortgage loans payable. Values of buildings and improvements are determined on an as-if-vacant basis. Initial allocations are subject to change until such information is finalized, which may be no later than 12 months from the acquisition date. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of forgone rents, real estate taxes, recoverable charges and insurance) that would be incurred during the lease-up period, which generally ranges up to one year. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms into amortization expense. Acquired above- and below-market lease values are estimated based on the present value (using an interest rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized to rental revenue over the remaining terms of the respective leases, which include, for below-market leases, periods covered by bargain fixed-rate renewal options if, at the time of acquisition, the exercise of such renewal options are determined to be sufficiently economically advantageous to the tenant. If a lease is terminated prior to its scheduled expiration, the unamortized portion of the in-place lease is charged to amortization expense and the unamortized portion of the above- or below-market lease is charged to rental revenue.
Investments in Marketable Securities	Investments in Marketable Securities In accordance with the Company’s investment guidelines as approved by the Company’s board of directors, investments in marketable securities may consist of common and preferred stock of publicly traded REITs and other real estate operating companies. Through December 31, 2017, the Company determined the appropriate classification for these securities at the time of purchase and reevaluated such designation as of each balance sheet date, resulting in the Company classifying its investments in marketable securities as available-for-sale as the Company intended to hold the securities for the purpose of collecting dividend income and for longer term price appreciation. These investments are carried at their estimated fair value based on published prices for each security. Through December 31, 2017, unrealized gains and losses have been reported in accumulated other comprehensive loss. Effective January 1, 2018, the Company adopted ASU 2016-01, Financial Statements - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities, which improves certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 revised the accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. Beginning January 1, 2018, the net unrealized change in the fair value of the Company's investments in marketable securities is recorded in earnings as part of operating income. The Company adopted ASU 2016-01 using a modified retrospective approach that resulted in recording, on January 1, 2018, a cumulative effect adjustment of $736 of net unrealized gain on its investments in marketable securities as of December 31, 2017 into deficit in the accompanying consolidated financial statements. The Company has reclassified the $70 of net realized loss upon sale of marketable securities on the accompanying consolidated statements of operations for the year ended December 31, 2017 into operating income for comparative purposes. This reclassification has not changed the Company's net loss for the year ended December 31, 2017.
Borrowings	Borrowings The Company may obtain various forms of borrowings from market participants. Direct financing costs associated with obtaining borrowings, such as commitment fees, legal fees and other third-party costs, are capitalized and amortized over the terms of the borrowings using a method which approximates the effective interest method. Amortization of financing costs is included in interest expense in the consolidated statements of operations. The unamortized portion of financing costs is reflected as a reduction of the outstanding debt balance on the consolidated balance sheets. The Company may also assume borrowings in connection with acquisitions. The Company will estimate the fair value of assumed borrowings based upon indications of then-current market pricing for similar types of debt with similar maturities. The assumed borrowings will initially be recorded at their estimated fair value as of the
Revenue Recognition	Revenue Recognition Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) (ASC 842), and related ASUs 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, the accounting for leases in place as of December 31, 2018 that remain unmodified after the adoption of ASC 842 will remain unchanged while any new or modified leases entered into by the Company after December 31, 2018 will be accounted for under the provisions of 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 December 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.
Organization and Offering Expenses	Organization and Offering Expenses Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred from and after the commencement of operations. Offering costs are those costs incurred by the Company, RREEF America and its affiliates on behalf of the Company which relate directly to the Company’s activities of raising capital in the Offerings, preparing for the Offerings, the qualification and registration of the Offerings and the marketing and distribution of the Company’s shares. This includes, but is not limited to, accounting and legal fees, including the legal fees of 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 they may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company in relation to each of the public offerings individually will not exceed 15% of the gross proceeds from such individual public 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 the each public offering, as applicable. The aforementioned 15% and 10% limits do not apply to the Company's Private 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 Company's outstanding Class A shares, and (b) 1.00% per annum on the NAV of the Company's outstanding Class T shares, and (2) dealer manager fees paid on a trailing basis at the rate of 0.55% per annum on the NAV of the Company's outstanding Class A and Class I shares (collectively, the "Trailing Fees"); provided, however, that the Class I shares owned by RREEF America do not incur a dealer manager fee on a trailing basis (which inures to the benefit all Class A and Class I stockholders). 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 in the future on the outstanding shares. Such estimate reflects the Company's assumptions for certain variables, including future redemptions, share price appreciation and the total gross proceeds to be raised during 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.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the year ended December 31, 2013. In order to maintain the Company’s qualification as a REIT, the Company is required to, among other things, distribute as dividends at least 90% of the Company’s REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains, to the Company’s stockholders, and meet certain tests regarding the nature of the Company’s income and assets. If 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. Even if the Company qualifies for taxation as a REIT, the Company may be subject to (1) certain state and local taxes on its income, property or net worth, and (2) federal income and excise taxes on its undistributed income, if any income remains undistributed. The Company intends to operate in a manner that allows the Company to meet the requirements for taxation as a REIT, possibly including creating taxable REIT subsidiaries to hold assets that generate income that would not be consistent with the rules applicable to qualification as a REIT if held directly by the REIT. If the Company were to fail to meet these requirements, it could be subject to federal income tax on the Company’s taxable income at regular corporate rates. The Company would not be able to deduct dividends paid to stockholders in any year in which it fails to qualify as a REIT. The Company will also be disqualified for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. The Tax Cuts and Jobs Act signed into law in December 2017 did not change the above provisions related to qualification as a REIT. The Company assesses its significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether it has any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). As of December 31, 2019, 2018 and 2017, the Company has no assets or liabilities for uncertain tax positions. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2016.
Reportable Segments	Reportable SegmentsThe Company intends to operate in three primary segments: (1) Real Estate Properties, (2) Real Estate Equity Securities, and (3) Real Estate Loans.
Net Earnings or Loss Per Share	Net Earnings or Loss Per ShareNet 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 periods where no performance component of the advisory fee is recognized in the Company’s consolidated statement of operations, the net earnings or loss per share will be the same for each class of common stock.
Concentration of Credit Risk	Concentration of Credit Risk As of December 31, 2019 and 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

REAL ESTATE INVESTMENTS AND L_2

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of Real Estate Acquired, Purchase Price Allocation	The Company's allocation of the purchase price (including acquisition related costs) of the 2019 acquisitions to the fair value of the major components of the assets acquired and liabilities assumed, using Level 3 inputs and assumptions, is as follows: Seattle East Industrial Providence Square 2019 Total Land $ 50,692 $ 9,741 $ 60,433 Building and improvements 23,691 37,718 61,409 Acquired in-place leases 7,256 7,625 14,881 Acquired above-market leases — 111 111 Acquired below-market leases — (134) (134) Total purchase price $ 81,639 $ 55,061 $ 136,700 Under ASU 2017-01, the 2018 acquisitions were determined to be asset acquisitions, resulting in the Company's capitalization of $308 and $142 of acquisition related costs for Elston Plaza and Miami Industrial, respectively. The Company's allocation of the purchase price (including acquisition related costs) of the 2018 acquisitions to the fair value of the major components of the assets acquired and liabilities assumed, using Level 3 inputs and assumptions, is as follows: Elston Plaza Miami Industrial 2018 Total Land $ 17,767 $ 9,420 $ 27,187 Building and improvements 12,168 8,125 20,293 Acquired in-place leases 8,083 3,752 11,835 Acquired above-market leases 69 — 69 Acquired below-market leases (9,292) (455) (9,747) Total purchase price $ 28,795 $ 20,842 $ 49,637
Asset Acquisition, Pro Forma Information	The Company recorded revenues and net loss related to the 2019 and 2018 acquisitions during the years ended December 31, 2019 and 2018, respectively, as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Revenues $ 1,429 $ 810 Net loss (160) (39) The Company’s estimated revenues and net loss, on a pro forma basis, as if the 2019 acquisitions were completed on January 1, 2018, are as follows (unaudited): Year Ended December 31, 2019 Revenues $ 31,847 Net loss (282) Basic and diluted net loss per share of Class A common stock $ (0.02) Basic and diluted net loss per share of Class I common stock $ (0.03) Basic and diluted net loss per share of Class T common stock $ (0.01) Basic and diluted net loss per share of Class D common stock $ (0.04) The Company’s estimated revenues and net loss, on a pro forma basis, as if the 2018 acquisitions were completed on January 1, 2017, are as follows (unaudited): Year Ended December 31, 2018 Revenues $ 23,680 Net loss (4,333) Basic and diluted net loss per share of Class A common stock $ (0.47) Basic and diluted net loss per share of Class I common stock $ (0.48) Basic and diluted net loss per share of Class T common stock $ (0.46)
Schedule Future Amortization Related to Acquired Intangible Assets and Liabilities	Future amortization related to acquired intangible assets and liabilities for all of the Company's properties as of December 31, 2019 is as follows: Acquired in-place leases Acquired above-market leases Acquired below-market leases 2020 $ 5,410 $ 117 $ (878) 2021 5,065 113 (866) 2022 4,634 42 (858) 2023 3,122 32 (765) 2024 2,096 12 (754) Thereafter 18,589 46 (10,098) Total $ 38,916 $ 362 $ (14,219) Weighted average remaining amortization period (in years) 10.7 4.0 18.2

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES RENTALS UNDER OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of Rental and Other Property Income	The Company's property related income from its real estate investments for the years ended December 31, 2019, 2018 and 2017 is comprised of the following: 2019 2018 2017 Lease revenue 1 $ 22,706 $ 18,491 $ 16,822 Straight line revenue 694 188 502 Above- and below-market lease amortization, net 774 337 258 Lease incentive amortization (104) (104) (103) Rental and other property income $ 24,070 $ 18,912 $ 17,479 1 Lease revenue includes $3,762, $2,540, and $2,348 of variable income from tenant reimbursements for the years ended December 31, 2019, 2018 and 2017, respectively.
Future Minimum Rental Payments to be Received	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 December 31, 2019 and 2018 are as follows: Year ended December 31, Future Minimum Rent 2020 $ 24,822 2021 21,896 2022 19,400 2023 15,610 2024 11,909 Thereafter 56,188 $ 149,825 Future Minimum Rent 2019 $ 16,617 2020 15,300 2021 13,198 2022 11,666 2023 8,645 Thereafter 36,330 $ 101,756
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 for the years ended December 31, 2019, 2018 and 2017 are shown below. Percent of actual gross rental revenues Property Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 The Flats at Carrs Hill, Athens, GA 13.8 % 16.5 % 17.3 % Elston Plaza, Chicago, IL 13.0 — — Loudoun Gateway, Sterling, VA 12.5 15.9 17.1 Allied Drive, Dedham, MA 12.2 15.5 16.6 Terra Nova Plaza, Chula Vista, CA 9.5 11.7 12.4 Commerce Corner, Logan Township, NJ 8.2 10.3 10.4 Anaheim Hills Office Plaza, Anaheim, CA 5.2 12.2 12.6 Total 74.4 % 82.1 % 86.4 % Percent of actual gross rental revenues Tenant Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Orbital ATK Inc. - Loudoun Gateway 12.5 % 15.9 % 17.1 % New England Baptist Hospital - Allied Drive 10.9 13.3 14.0 Total 23.4 % 29.2 % 31.1 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of December 31, 2019, 2018 and 2017 were as follows: Percent of in-place annualized base rental revenues as of Tenant December 31, 2019 December 31, 2018 December 31, 2017 FedEx Ground - Seattle East Industrial 15.3 % — % — % Orbital ATK Inc. - Loudoun Gateway 11.5 15.9 18.6 New England Baptist Hospital - Allied Drive 7.0 9.3 10.6 Total 33.8 % 25.2 % 29.2 %

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	12 Months Ended
	Dec. 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 December 31, 2019 and 2018, which consisted entirely of publicly traded shares of common stock in REITs as of each date. December 31, 2019 December 31, 2018 Marketable securities—cost $ 17,866 $ 14,646 Unrealized gains 3,413 676 Unrealized losses (34) (587) Net unrealized gain 3,379 89 Marketable securities—fair value $ 21,245 $ 14,735

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The following is a reconciliation of the carrying amounts of the line of credit and mortgage loans payable as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Line of credit $ 81,600 $ 84,619 Deduct: Deferred financing costs, less accumulated amortization (309) (573) Line of credit, net $ 81,291 $ 84,046 Mortgage loans payable $ 126,637 $ 34,450 Deduct: Deferred financing costs, less accumulated amortization (939) (395) Mortgage loans payable, net $ 125,698 $ 34,055
Schedule of Maturities of Long-term Debt	Aggregate future principal payments due on the Revised Wells Fargo Line of Credit and mortgage loans payable as of December 31, 2019 are as follows: Year Amount 2020 $ 262 2021 82,103 2022 717 2023 12,388 2024 474 Thereafter 112,293 Total $ 208,237

RELATED PARTY ARRANGEMENTS (Tab

RELATED PARTY ARRANGEMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The fees earned by RREEF America for the years ended December 31, 2019, 2018 and 2017 are shown below. Year Ended December 31, 2019 2018 2017 Fixed component $ 1,759 $ 1,268 $ 1,050 Performance component 1,069 574 673 $ 2,828 $ 1,842 $ 1,723 In accordance with all the above, as of December 31, 2019 and 2018, the Company owed RREEF America and the Dealer Manager the following amounts: December 31, 2019 December 31, 2018 Reimbursable under the Advisory Agreement $ 67 $ 73 Reimbursable under Dealer Manager Agreement 193 329 Advisory fees 1,244 697 Accrued Trailing Fees 6,339 3,193 Due to affiliates $ 7,843 $ 4,292 Note to Affiliate $ 8,950 $ 8,950 Unamortized discount (1,217) (1,365) Note to Affiliate, net of unamortized discount $ 7,733 $ 7,585

CAPITALIZATION (Tables)

CAPITALIZATION (Tables)	12 Months Ended
	Dec. 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	During the years ended December 31, 2019, 2018 and 2017, redemption requests were received as shown below. The Company funded these redemptions with cash flow from operations, borrowings on the Wells Fargo Line of Credit or offering proceeds. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Year Ended December 31, 2019 Shares Weighted Average Share Price Amount Class A 209,563 $ 14.28 $ 2,992 Class I 156,698 14.37 2,250 Class T 23,164 14.35 331 Class D — — — Year Ended December 31, 2018 Shares Weighted Average Share Price Amount Class A 576,130 $ 13.95 $ 8,036 Class I 181,840 13.98 2,534 Class T — — — Class D — — — Year Ended December 31, 2017 Shares Weighted Average Share Price Amount Class A 279,647 $ 13.48 $ 3,770 Class I 394,416 13.61 5,368 Class T 4,043 * 15.29 62 Class D — — — * Repurchased in private transactions.
Schedule of stock awards	Below is a summary of the activity, per share value and recognized expense for the stock awards. No stock awards were granted prior to 2019. Year Ended December 31, 2019 Stock Awards Class I Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period — $ — Changes during the period: Granted 22,094 $ 14.34 Vested (5,000) $ 14.34 Forfeited — Outstanding, end of period 17,094 $ 14.34 Amount included in general and administrative expenses $ 145

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share	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, Class T, and Class D common stock. Year Ended December 31, 2019 Class A Class I Class T Class D* Basic and diluted net income per share: Allocation of net income before performance fee $ 537 $ 1,110 $ 111 $ 13 Allocation of performance fees (306) (695) (59) (9) Total Numerator $ 231 $ 415 $ 52 $ 4 Denominator - weighted average number of common shares outstanding 3,712,803 7,684,718 763,773 91,669 Basic and diluted net income per share: $ 0.06 $ 0.05 $ 0.07 $ 0.04 *Class D Shares were initially issued in June 2019 Year Ended December 31, 2018 Class A Class I Class T Class D Basic and diluted net loss per share: Allocation of net loss before performance fee $ (1,282) $ (1,766) $ (108) $ — Allocation of performance fees (207) (353) (14) — Total Numerator $ (1,489) $ (2,119) $ (122) $ — Denominator - weighted average number of common shares outstanding 3,691,760 5,085,231 310,304 — Basic and diluted net loss per share: $ (0.40) $ (0.42) $ (0.39) $ — Year Ended December 31, 2017 Class A Class I Class T Class D Basic and diluted net loss per share: Allocation of net loss before performance fee $ (978) $ (1,086) $ (4) $ — Allocation of performance fees (283) (387) (2) — Total Numerator $ (1,261) $ (1,473) $ (6) $ — Denominator - weighted average number of common shares outstanding 3,678,616 4,084,980 14,871 — Basic and diluted net loss per share: $ (0.34) $ (0.36) $ (0.41) $ —

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2019
Distributions [Abstract]
Schedule of Distributions	Shown below are details of the Company's distributions for 2019, 2018 and 2017. Three Months Ended Total March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00193545 $ 0.00195924 $ 0.00197058 $ 0.00198517 Distributions paid or payable in cash $ 1,000 $ 1,105 $ 1,238 $ 1,298 $ 4,641 Distributions reinvested 841 954 1,079 1,265 4,139 Distributions declared $ 1,841 $ 2,059 $ 2,317 $ 2,563 $ 8,780 Class A shares issued upon reinvestment 22,405 23,894 24,576 25,099 95,974 Class I shares issued upon reinvestment 34,329 39,949 47,367 58,799 180,444 Class T shares issued upon reinvestment 2,250 2,736 2,891 3,243 11,120 Class D shares issued upon reinvestment* — — — — — *Class D Shares were initially issued in June 2019 Three Months Ended Total March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00189004 $ 0.00190140 $ 0.00192261 $ 0.00192836 Distributions paid or payable in cash $ 781 $ 831 $ 928 $ 981 $ 3,521 Distributions reinvested 619 662 734 802 2,817 Distributions declared $ 1,400 $ 1,493 $ 1,662 $ 1,783 $ 6,338 Class A shares issued upon reinvestment 22,714 22,901 23,500 22,805 91,920 Class I shares issued upon reinvestment 21,479 23,520 27,180 32,291 104,470 Class T shares issued upon reinvestment 678 976 1,548 1,855 5,057 Three Months Ended Total March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Declared daily distribution rate, before adjustment for class-specific fees $0.00183555 $ 0.00183207 $ 0.00185445 $ 0.00186845 Distributions paid or payable in cash $ 717 $ 742 $ 773 $ 773 $ 3,005 Distributions reinvested 518 542 579 602 2,241 Distributions declared $ 1,235 $ 1,284 $ 1,352 $ 1,375 $ 5,246 Class A shares issued upon reinvestment 23,567 23,806 23,649 23,348 94,370 Class I shares issued upon reinvestment 15,152 16,611 18,986 20,269 71,018 Class T shares issued upon reinvestment — — 17 399 416

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Characteristics of Distributions	The characterization of the distributions is generally determined during the month of January following the close of the tax year, and is as follows for the years ended December 31, 2019, 2018 and 2017: Characterization Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Ordinary income 20.1932 % 24.4049 % 19.2608 % Capital gain distribution 2.1065 — — Nondividend distributions (return of capital) 77.7003 75.5951 80.7392 Total 100.0000 % 100.0000 % 100.0000 %

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 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 December 31, 2019, and 2018 and net income (loss) for the years ended December 31, 2019, 2018 and 2017. Real Estate Properties Real Estate Equity Securities Total Carrying value as of December 31, 2019 $ 331,362 $ 21,245 $ 352,607 Reconciliation to total assets of December 31, 2019 Carrying value per reportable segments $ 352,607 Corporate level assets 13,478 Total assets $ 366,085 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 Real Estate Properties Real Estate Equity Securities Total Year Ended December 31, 2019 Revenues Property related income $ 24,070 $ — $ 24,070 Investment income on marketable securities — 624 624 Total revenues 24,070 624 24,694 Segment operating expenses 7,606 41 7,647 Net realized gain (loss) upon sale of marketable securities — 666 666 Net unrealized change in fair value of investment in marketable securities — 3,290 3,290 Operating income - Segments $ 16,464 $ 4,539 $ 21,003 Year Ended December 31, 2018 Revenues Property related income $ 18,912 $ — $ 18,912 Investment income on marketable securities — 506 506 Total revenues 18,912 506 19,418 Segment operating expenses 5,876 50 5,926 Net realized gain (loss) upon sale of marketable securities — (416) (416) Net unrealized change in fair value of investment in marketable securities — (646) (646) Operating income (loss)- Segments $ 13,036 $ (606) $ 12,430 Year Ended December 31, 2017 Revenues Property related income $ 17,479 $ — $ 17,479 Investment income on marketable securities — 307 307 Total revenues 17,479 307 17,786 Segment operating expenses 5,498 38 5,536 Net realized gain (loss) upon sale of marketable securities — (70) (70) Net unrealized change in fair value of investment in marketable securities — — — Operating income- Segments $ 11,981 $ 199 $ 12,180 Year Ended December 31, Reconciliation to net income (loss) 2019 2018 2017 Operating income - Segments $ 21,003 $ 12,430 $ 12,180 General and administrative expenses (1,912) (1,845) (1,617) Advisory expenses (2,828) (1,842) (1,723) Depreciation (5,579) (4,504) (4,338) Amortization (4,874) (4,133) (3,722) Operating income 5,810 106 780 Interest expense (5,107) (3,835) (3,521) Net income (loss) $ 703 $ (3,729) $ (2,741)

QUARTERLY RESULTS (UNAUDITED) (

QUARTERLY RESULTS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2019, 2018 and 2017. For the Quarter Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Property related income $ 5,765 $ 5,561 $ 5,787 $ 6,957 Investment income on marketable securities 151 150 158 165 Total revenues 5,916 5,711 5,945 7,122 Operating expenses (5,304) (5,219) (5,784) (6,533) Interest expense (1,293) (1,196) (1,138) (1,480) Net realized gain (loss) upon sale of marketable securities 119 146 274 127 Net unrealized change in fair value of investments in marketable securities 2,166 189 1,254 (319) Net income (loss) $ 1,604 $ (369) $ 551 $ (1,083) Weighted average number of common shares outstanding - basic and diluted Class A 3,592,146 3,703,672 3,756,326 3,796,346 Weighed average number of common shares outstanding - basic and diluted Class I 6,330,885 7,105,086 8,058,111 9,208,594 Weighted average number of common shares outstanding - basic and diluted Class T 649,621 737,796 806,338 858,575 Weighted average number of common shares outstanding - basic and diluted Class D — 11,611 176,101 176,101 Basic and diluted net income (loss) per share - Class A $ 0.15 $ (0.03) $ 0.04 $ (0.08) Basic and diluted net income (loss) per share - Class I $ 0.15 $ (0.03) $ 0.04 $ (0.08) Basic and diluted net income (loss) per share - Class T $ 0.15 $ (0.03) $ 0.05 $ (0.07) Basic and diluted net income (loss) per share - Class D $ — $ (0.02) $ 0.06 $ (0.08) For the Quarter Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Property related income $ 4,503 $ 4,383 $ 4,991 $ 5,035 Investment income on marketable securities 89 120 137 160 Total revenues 4,592 4,503 5,128 5,195 Operating expenses (4,198) (4,203) (4,863) (4,986) Interest expense (904) (884) (1,014) (1,033) Net realized (loss) gain upon sale of marketable securities (253) (155) 202 (210) Net unrealized changed in fair value of investment in marketable securities (501) 981 (201) (925) Net (loss) income $ (1,264) $ 242 $ (748) $ (1,959) Weighted average number of common shares outstanding - basic and diluted Class A 3,686,669 3,691,785 3,777,836 3,610,639 Weighed average number of common shares outstanding - basic and diluted Class I 4,467,002 4,793,077 5,202,959 5,861,271 Weighted average number of common shares outstanding - basic and diluted Class T 79,305 150,764 426,209 578,181 Basic and diluted net (loss) income per share - Class A $ (0.15) $ 0.03 $ (0.08) $ (0.20) Basic and diluted net (loss) income per share - Class I $ (0.15) $ 0.03 $ (0.08) $ (0.22) Basic and diluted net (loss) income per share - Class T $ (0.15) $ 0.03 $ (0.07) $ (0.20) For the Quarter Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Property related income $ 4,334 $ 4,315 $ 4,360 $ 4,470 Investment income on marketable securities 44 77 85 101 Total revenues 4,378 4,392 4,445 4,571 Operating expenses (3,991) (4,054) (4,497) (4,394) Interest expense (826) (887) (910) (898) Net realized gain (loss) gain upon sale of marketable securities 55 (7) (25) (93) Net loss $ (384) $ (556) $ (987) $ (814) Weighted average number of common shares outstanding basic and diluted - Class A 3,650,176 3,699,115 3,677,266 3,687,513 Weighted average number of common shares outstanding basic and diluted - Class I 3,827,801 4,008,144 4,240,550 4,257,000 Weighted average number of common shares outstanding basic and diluted- Class T (1) 1,662 — 6,982 54,264 Basic and diluted net loss per share - Class A $ (0.05) $ (0.07) $ (0.12) $ (0.10) Basic and diluted net loss per share - Class I $ (0.05) $ (0.08) $ (0.13) $ (0.10) Basic and diluted net loss per share - Class T $ (0.05) $ — $ (0.10) $ (0.10) (1) There were no Class T shares outstanding at any point during the quarter ended June 30, 2017.

ORGANIZATION (Details)

ORGANIZATION (Details)

May 30, 2013USD ($)class_of_stock$ / shares

Dec. 31, 2019USD ($)$ / shares

Dec. 31, 2018USD ($)$ / shares

Dec. 31, 2017USD ($)

Jan. 08, 2020USD ($)

Feb. 16, 2017

Jul. 12, 2016USD ($)

Feb. 01, 2016

Jan. 27, 2016$ / shares

Jan. 20, 2016USD ($)

Jan. 15, 2016$ / shares

Jan. 03, 2013USD ($)

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Value of shares offered pursuant to registration statement

$ 2,250,000,000

Dividend reinvestment plan

$ 250,000,000

Issuance of common stock, value

$ 10,000,000

$ 61,125,000

$ 39,896,000

$ 15,780,000

Common stock, par value (in usd per share) | $ / shares

$ 0.01

$ 0.01

Number of classes of shares | class_of_stock

2

Common Class D

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Common stock, par value (in usd per share) | $ / shares

0.01

$ 0.01

$ 0.01

Private offering value of shares offered

$ 350,000,000

Common Class T

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Common stock, par value (in usd per share) | $ / shares

0.01

0.01

$ 0.01

Underwriting compensation for initial public offering as percent of gross offering proceeds

8.50%

8.50%

Common Class N

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Common stock, par value (in usd per share) | $ / shares

$ 0.01

$ 0.01

$ 0.01

Follow-On Public Offering

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Dividend reinvestment plan

$ 200,000,000

Public offering value of shares offered pursuant to registration statement

$ 2,100,000,000

Follow-On Public Offering | Subsequent Event

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Dividend reinvestment plan

$ 200,000,000

Public offering value of shares offered pursuant to registration statement

2,300,000,000

Follow-On Public Offering | Common Class T | Subsequent Event

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Public offering value of shares offered pursuant to registration statement

$ 2,100,000,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jan. 01, 2018USD ($)	Feb. 16, 2017	Feb. 01, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net realized loss upon sale of marketable securities	$ (127)	$ (274)	$ (146)	$ (119)	$ 210	$ (202)	$ 155	$ 253	$ 93	$ 25	$ 7	$ (55)	$ (666)	$ 416	$ 70
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%												15.00%
Accrued trailing fee-estimated payable for future	$ 6,221				$ 3,107								$ 6,221	$ 3,107
Percentage of taxable income required for REIT distribution	90.00%												90.00%
Number of primary segments | segment													3
Industrial, Retail and Office Properties | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life													20 years
Industrial, Retail and Office Properties | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life													40 years
Residential
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life													27 years 6 months
Furniture and Equipment | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life													5 years
Furniture and Equipment | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life													7 years
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%												15.00%
Underwriting compensation for initial public offering as percent of gross offering proceeds	10.00%												10.00%				10.00%
Common Class A
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.50%												0.50%				0.50%
Percentage of dealer manager fee	0.55%												0.55%				0.55%
Common Class T
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Underwriting compensation for initial public offering as percent of gross offering proceeds																	8.50%	8.50%
Percentage of distribution fee	1.00%												1.00%				1.00%
Percentage of dealer manager fee																	2.50%
Common Class I
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of dealer manager fee	0.55%												0.55%				0.55%
Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment																$ 736
Accounting Standards Update 2016-01 | Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment																$ 736

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Wells Fargo Bank
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, fair value	$ 81,600	$ 84,619
Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of mortgage loans payable	126,601	33,560
RREEF America
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of note to affiliate	$ 4,500	$ 2,900

REAL ESTATE INVESTMENTS AND L_3

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES - Narrative (Details) $ in Thousands	Dec. 17, 2019USD ($)ft²tenant	Sep. 16, 2019USD ($)ft²tenantProperty	Dec. 31, 2018USD ($)ft²tenant	Jul. 17, 2018USD ($)ft²tenantProperty	Dec. 31, 2019USD ($)tenantProperty	Dec. 31, 2018USD ($)ft²tenantProperty	Dec. 31, 2017USD ($)Propertytenant
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property					2	4	0
Investment in real estate and related assets					$ 136,494	$ 49,015	$ 0
Acquisition funded from lines of credit					$ 56,100	$ 47,900	$ 3,250
Number of tenants | tenant			31		60	31	19
Seattle East Industrial
Real Estate Properties [Line Items]
Investment in real estate and related assets	$ 81,500
Acquisition funded from lines of credit	35,600
Proceeds from secured debt	$ 45,140
Area of retail property (in sq ft) | ft²	210,321
Number of tenants | tenant	1
Acquisition-related costs capitalized					$ 139
Providence Square, Marietta, GA, Retail
Real Estate Properties [Line Items]
Investment in real estate and related assets		$ 54,842
Acquisition funded from lines of credit		18,300
Proceeds from secured debt		$ 29,700
Area of retail property (in sq ft) | ft²		222,805
Number of tenants | tenant		26
Number of freestanding buildings | Property		1
Building subject to ground leases (in sq ft) | ft²		5,779
Acquisition-related costs capitalized					$ 219
Elston Plaza, Chicago, IL
Real Estate Properties [Line Items]
Investment in real estate and related assets			$ 28,350
Acquisition funded from lines of credit			$ 27,000
Number of tenants | tenant			11			11
Acquisition-related costs capitalized						$ 308
Miami Industrial
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property				3
Investment in real estate and related assets				$ 20,700
Acquisition funded from lines of credit				$ 19,900
Area of retail property (in sq ft) | ft²				289,919
Number of tenants | tenant				3
Acquisition-related costs capitalized						$ 142
Retail Property | Elston Plaza, Chicago, IL
Real Estate Properties [Line Items]
Area of retail property (in sq ft) | ft²			92,806			92,806
Ground Leased | Elston Plaza, Chicago, IL
Real Estate Properties [Line Items]
Area of retail property (in sq ft) | ft²			4,860			4,860
Warehouse | Miami Industrial
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property				3

REAL ESTATE INVESTMENTS AND L_4

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 17, 2019	Sep. 16, 2019	Dec. 31, 2018	Jul. 17, 2018
Business Acquisition [Line Items]
Land	$ 60,433			$ 27,187
Building and improvements	61,409			20,293
Acquired in-place leases	14,881			11,835
Acquired above-market leases	111			69
Acquired below-market leases	(134)			(9,747)
Total purchase price	$ 136,700			49,637
Seattle East Industrial
Business Acquisition [Line Items]
Land		$ 50,692
Building and improvements		23,691
Acquired in-place leases		7,256
Acquired above-market leases		0
Acquired below-market leases		0
Total purchase price		$ 81,639
Providence Square, Marietta, GA, Retail
Business Acquisition [Line Items]
Land			$ 9,741
Building and improvements			37,718
Acquired in-place leases			7,625
Acquired above-market leases			111
Acquired below-market leases			(134)
Total purchase price			$ 55,061
Elston Plaza, Chicago, IL
Business Acquisition [Line Items]
Land				17,767
Building and improvements				12,168
Acquired in-place leases				8,083
Acquired above-market leases				69
Acquired below-market leases				(9,292)
Total purchase price				$ 28,795
Miami Industrial
Business Acquisition [Line Items]
Land					$ 9,420
Building and improvements					8,125
Acquired in-place leases					3,752
Acquired above-market leases					0
Acquired below-market leases					(455)
Total purchase price					$ 20,842

REAL ESTATE INVESTMENTS AND L_5

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES - Net Income Acquired from Properties (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Revenues	$ 7,122	$ 5,945	$ 5,711	$ 5,916	$ 5,195	$ 5,128	$ 4,503	$ 4,592	$ 4,571	$ 4,445	$ 4,392	$ 4,378	$ 24,694	$ 19,418	$ 17,786
Net Income (Loss) Attributable to Parent	$ (1,083)	$ 551	$ (369)	$ 1,604	$ (1,959)	$ (748)	$ 242	$ (1,264)	$ (814)	$ (987)	$ (556)	$ (384)	703	(3,729)	$ (2,741)
2018 Acquisitions
Real Estate Properties [Line Items]
Revenues														810
Net Income (Loss) Attributable to Parent														$ (39)
2019 Acquisitions
Real Estate Properties [Line Items]
Revenues													1,429
Net Income (Loss) Attributable to Parent													$ (160)

REAL ESTATE INVESTMENTS AND L_6

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Line Items]
Revenues	$ 31,847	$ 23,680
Net loss	$ (282)	$ (4,333)
Common Class A
Real Estate [Line Items]
Basic and diluted net loss per share (in dollars per share)	$ (0.02)	$ (0.47)
Common Class I
Real Estate [Line Items]
Basic and diluted net loss per share (in dollars per share)	(0.03)	(0.48)
Common Class T
Real Estate [Line Items]
Basic and diluted net loss per share (in dollars per share)	(0.01)	$ (0.46)
Common Class D
Real Estate [Line Items]
Basic and diluted net loss per share (in dollars per share)	$ (0.04)

REAL ESTATE INVESTMENTS AND L_7

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES - Amortization (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Acquired below-market leases
2020	$ (878)
2021	(866)
2022	(858)
2023	(765)
2024	(754)
Thereafter	(10,098)
Total	$ (14,219)
Weighted average remaining amortization period (in years)	18 years 2 months 12 days
Acquired in-place leases
Acquired in-place and above-market leases
2020	$ 5,410
2021	5,065
2022	4,634
2023	3,122
2024	2,096
Thereafter	18,589
Total	$ 38,916
Acquired below-market leases
Weighted average remaining amortization period (in years)	10 years 8 months 12 days
Acquired above-market leases
Acquired in-place and above-market leases
2020	$ 117
2021	113
2022	42
2023	32
2024	12
Thereafter	46
Total	$ 362
Acquired below-market leases
Weighted average remaining amortization period (in years)	4 years

RENTALS UNDER OPERATING LEASE_2

RENTALS UNDER OPERATING LEASES Narrative (Details)	Dec. 31, 2019tenantPropertybed	Dec. 31, 2018Propertybedtenant	Dec. 31, 2017Propertybedtenant
Lessor, Lease, Description [Line Items]
Number of real estate properties	14	12	8
Number of tenants | tenant	60	31	19
Number of beds | bed	316	316	316
Office Building
Lessor, Lease, Description [Line Items]
Number of real estate properties	4	4	4
Medical Office Property
Lessor, Lease, Description [Line Items]
Number of real estate properties	1	1	1
Retail Property
Lessor, Lease, Description [Line Items]
Number of real estate properties	4	3	2
Industrial Property
Lessor, Lease, Description [Line Items]
Number of real estate properties	5	4	1
Student Campus
Lessor, Lease, Description [Line Items]
Number of real estate properties	1	1	1

RENTALS UNDER OPERATING LEASE_3

RENTALS UNDER OPERATING LEASES Rental and Other Property Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Lease revenue	$ 22,706	$ 18,491	$ 16,822
Straight line revenue	694	188	502
Above- and below-market lease amortization, net	774	337	258
Lease incentive amortization	(104)	(104)	(103)
Rental and other property income	24,070	18,912	17,479
Lease revenue	$ 3,762	$ 2,540	$ 2,348

RENTALS UNDER OPERATING LEASE_4

RENTALS UNDER OPERATING LEASES Future Minimum Rental Payments Due (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Future Minimum Rent
2020	$ 24,822
2021	21,896
2022	19,400
2023	15,610
2024	11,909
Thereafter	56,188
Total	$ 149,825
Future Minimum Rent
2019		$ 16,617
2020		15,300
2021		13,198
2022		11,666
2023		8,645
Thereafter		36,330
Total future minimum payments due		$ 101,756

RENTALS UNDER OPERATING LEASE_5

RENTALS UNDER OPERATING LEASES Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	74.40%	82.10%	86.40%
Sales Revenue, Gross | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	23.40%	29.20%	31.10%
Annualized Base Rental Revenues | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	33.80%	25.20%	29.20%
Orbital ATK Inc. - Loudoun Gateway | Sales Revenue, Gross | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	12.50%	15.90%	17.10%
Orbital ATK Inc. - Loudoun Gateway | Annualized Base Rental Revenues | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	11.50%	15.90%	18.60%
New England Baptist Hospital - Allied Drive | Sales Revenue, Gross | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	10.90%	13.30%	14.00%
New England Baptist Hospital - Allied Drive | Annualized Base Rental Revenues | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	7.00%	9.30%	10.60%
FedEx Ground - Seattle East Industrial | Annualized Base Rental Revenues | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	15.30%	0.00%	0.00%
Flats at Carrs Hill, Athens, GA | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	13.80%	16.50%	17.30%
Elston Plaza, Chicago, IL | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	13.00%	0.00%	0.00%
Loudoun Gateway, Sterling, VA | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	12.50%	15.90%	17.10%
Allied Drive, Dedham, MA | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	12.20%	15.50%	16.60%
Terra Nova Plaza, Chula Vista, CA | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	9.50%	11.70%	12.40%
Commerce Corner, Logan Township, NJ | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	8.20%	10.30%	10.40%
Anaheim Hills Office Plaza, Anaheim, CA | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	5.20%	12.20%	12.60%

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Marketable securities—cost	$ 17,866	$ 14,646
Unrealized gains	3,413	676
Unrealized losses	(34)	(587)
Net unrealized gain	3,379	89
Marketable securities—fair value	21,245	14,735
Proceeds from sale of marketable securities	21,819	21,549	$ 14,617
Gross realized gains from sale of marketable securities	1,046	560	533
Gross realized losses from sale of marketable securities	$ 380	$ 976	$ 603

NOTES PAYABLE - Narrative (Deta

NOTES PAYABLE - Narrative (Details)

Dec. 17, 2019USD ($)

Sep. 16, 2019USD ($)

Jun. 11, 2019USD ($)

Dec. 06, 2018USD ($)

Feb. 27, 2018USD ($)Propertyextension_option

Dec. 01, 2016USD ($)

Mar. 01, 2016USD ($)

Mar. 06, 2015extension_option

Dec. 31, 2019USD ($)Property

Sep. 30, 2019USD ($)

Jun. 30, 2019USD ($)

Mar. 31, 2019USD ($)

Dec. 31, 2018USD ($)Property

Sep. 30, 2018USD ($)

Jun. 30, 2018USD ($)

Mar. 31, 2018USD ($)

Dec. 31, 2017USD ($)Property

Sep. 30, 2017USD ($)

Jun. 30, 2017USD ($)

Mar. 31, 2017USD ($)

Dec. 31, 2019USD ($)Property

Dec. 31, 2018USD ($)Property

Dec. 31, 2017USD ($)Property

Nov. 13, 2019

Line of Credit Facility [Line Items]

Number of real estate properties | Property

14

12

8

14

12

8

Mortgage loans payable, net

$ 125,698,000

$ 34,055,000

$ 125,698,000

$ 34,055,000

Interest expense

1,480,000

$ 1,138,000

$ 1,196,000

$ 1,293,000

1,033,000

$ 1,014,000

$ 884,000

$ 904,000

$ 898,000

$ 910,000

$ 887,000

$ 826,000

5,107,000

3,835,000

$ 3,521,000

Mortgages

Line of Credit Facility [Line Items]

Mortgage loans payable, net

125,698,000

34,055,000

125,698,000

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

14,500,000

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

12,747,000

12,747,000

Interest rate

3.41%

Fixed rate period

24 months

Amortization period

30 years

LIBOR | Wells Fargo Bank | Minimum

Line of Credit Facility [Line Items]

Basis spread on variable interest rate

1.60%

LIBOR | Wells Fargo Bank | Maximum

Line of Credit Facility [Line Items]

Basis spread on variable interest rate

1.80%

Wells Fargo Line of Credit | Wells Fargo Bank

Line of Credit Facility [Line Items]

Number of extension periods | extension_option

2

Extension period

1 year

Wells Fargo Line of Credit | Line of Credit | Wells Fargo Bank

Line of Credit Facility [Line Items]

Line of credit term

3 years

Revised Wells Fargo Line of Credit | Wells Fargo Bank

Line of Credit Facility [Line Items]

Line of credit term

3 years

Number of extension periods | extension_option

2

Extension period

1 year

Line of credit

$ 81,600,000

84,619,000

$ 81,600,000

84,619,000

Maximum borrowing capacity

$ 100,000,000

$ 100,000,000

$ 100,000,000

Maximum borrowing capacity

200,000,000

Expansion feature, increase limit - at least

$ 25,000,000

Weighted-average interest rate

3.33%

4.07%

3.33%

4.07%

Percentage of property value

65.00%

Percentage of minimum debt yield

10.00%

Number of real estate properties | Property

5

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 secured debt

$ 6,950,000

State Farm Loan | Secured Debt

Line of Credit Facility [Line Items]

Line of credit term

7 years

Interest rate

3.89%

Fixed rate period

24 months

Amortization period

30 years

Proceeds from secured debt

$ 17,600,000

Providence Nationwide Loan | Secured Debt

Line of Credit Facility [Line Items]

Line of credit term

10 years

Interest rate

3.67%

Proceeds from secured debt

$ 29,700,000

JPMorgan Chase Loan | Secured Debt

Line of Credit Facility [Line Items]

Line of credit term

10 years

Interest rate

3.87%

Proceeds from secured debt

$ 45,140,000

First Amendment to Revised Wells Fargo Line of Credit | Wells Fargo Bank

Line of Credit Facility [Line Items]

Maximum borrowing capacity

$ 89,310,000

$ 89,310,000

Percentage of minimum debt yield

9.00%

NOTES PAYABLE - Line of Credit

NOTES PAYABLE - Line of Credit and Mortgage Loans Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Line of credit, net	$ 81,291	$ 84,046
Mortgage loans payable	208,237
Mortgage loans payable, net	125,698	34,055
Mortgages
Line of Credit Facility [Line Items]
Mortgage loans payable	126,637	34,450
Deduct: Deferred financing costs, less accumulated amortization	(939)	(395)
Mortgage loans payable, net	125,698	34,055
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Line of Credit Facility [Line Items]
Line of credit	81,600	84,619
Deduct: Deferred financing costs, less accumulated amortization	(309)	(573)
Line of credit, net	$ 81,291	$ 84,046

NOTES PAYABLE - Aggregate Futur

NOTES PAYABLE - Aggregate Future Minimum Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Long-term Debt, Fiscal Year Maturity [Abstract]
2020	$ 262
2021	82,103
2022	717
2023	12,388
2024	474
Thereafter	112,293
Total	208,237
Line of credit, net	$ 81,291	$ 84,046

RELATED PARTY ARRANGEMENTS - Na

RELATED PARTY ARRANGEMENTS - Narrative (Details)	Apr. 25, 2016USD ($)	Dec. 31, 2019USD ($)component$ / shares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2015USD ($)	Jan. 03, 2014USD ($)	Dec. 31, 2019USD ($)component$ / shares	Jun. 30, 2016USD ($)	Feb. 16, 2017	Jan. 20, 2016USD ($)
Related Party Transaction [Line Items]
Due to affiliate		$ 7,843,000	$ 4,292,000				$ 7,843,000
Due to related parties		7,843,000	4,292,000				7,843,000
Amortization of discount on note to affiliate		148,000	145,000	$ 142,000
Minimum offering proceeds needed before expense repayment	$ 500,000,000
Accrued trailing fee, current		118,000	86,000				118,000
Accrued trailing fee-estimated payable for future		6,221,000	3,107,000				$ 6,221,000
Upfront selling commissions and upfront dealer manager fees		$ 391,000	542,000
Maximum offering costs as percentage of gross proceeds from public offering		15.00%					15.00%
Payment of organization and offering costs		$ 5,824,000	3,787,000	2,200,000
Four fiscal quarter total operating expense		4,756,000	3,712,000
Deferred Reimbursement Cost to Advisor			928,000
Follow-On Public Offering
Related Party Transaction [Line Items]
Accrued trailing fee-estimated payable for future		$ 5,995,000					$ 5,995,000
Due to affiliate							131,246,000
Payment of organization and offering costs							$ 12,767,000
RREEF America
Related Party Transaction [Line Items]
Term of agreements		1 year
Number of components | component		2					2
Daily advisory fee accrued as percentage of fixed component of investment		0.00274%					0.00274%
Percentage of 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 as percent of excess total return		25.00%					25.00%
Performance fee to advisor, limit as percent of excess total return		10.00%					10.00%
Performance fee to advisor, net asset value per share, threshold to which no fee earned on increase (in dollars per share) | $ / shares		$ 12					$ 12
Reimbursable operating expenses		$ 286,000	306,000
Offering costs incurred					$ 4,618,000	$ 4,618,000
Reimbursement period		60 months
Expense payments					9,200,000					$ 9,200,000
Maximum offering costs as percentage of gross proceeds from public offering		15.00%					15.00%
Underwriting compensation for initial public offering as percent of gross offering proceeds		10.00%					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%
RREEF America | IPO
Related Party Transaction [Line Items]
Accrued trailing fee-estimated payable for future		$ 226,000					$ 226,000
Proceeds from common stock issuance, initial public offering								$ 102,831,000
Payment of organization and offering costs								$ 15,424,000
DWS Distributors
Related Party Transaction [Line Items]
Reimbursable offering costs incurred by Dealer Manager		193,000	321,000
Reimbursable under the Advisory Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliate		67,000	73,000				67,000
Organization and Offering Costs | RREEF America
Related Party Transaction [Line Items]
Expense payments					3,775,000
Private Offering | RREEF America
Related Party Transaction [Line Items]
Expense payments					196,000
Operating Expense | RREEF America
Related Party Transaction [Line Items]
Expense payments					$ 5,229,000
Related Party Note | RREEF America
Related Party Transaction [Line Items]
Due to related parties	8,950,000
Amortization of discount on note to affiliate		148,000	145,000	$ 145,000
Related party transaction, month reimbursement payment, next twelve months	417,000
Related party transaction, month reimbursement payment, year two	$ 329,000
Reimbursable under Dealer Manager Agreement | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate		193,000	329,000				193,000
Payable to related party		$ 193,000	$ 329,000				$ 193,000
Measurement Input, Discount Rate
Related Party Transaction [Line Items]
Fair value input, discount rate	0.0193

RELATED PARTY ARRANGEMENTS - Fe

RELATED PARTY ARRANGEMENTS - Fees Earned by RREEF America (Details) - RREEF America - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Fixed component	$ 1,759	$ 1,268	$ 1,050
Performance component	1,069	574	673
Related party fees	$ 2,828	$ 1,842	$ 1,723

RELATED PARTY ARRANGEMENTS - Or

RELATED PARTY ARRANGEMENTS - Organization and Offering Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Accrued trailing fees	$ 6,221	$ 3,107

RELATED PARTY ARRANGEMENTS - Du

RELATED PARTY ARRANGEMENTS - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to affiliates	$ 7,843	$ 4,292
Unamortized discount	(1,217)	(1,365)
Note to Affiliate, net of unamortized discount	7,733	7,585
Reimbursable under the Advisory Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliates	67	73
Reimbursable under Dealer Manager Agreement | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliates	193	329
Adviory Fees | RREEF America
Related Party Transaction [Line Items]
Due to affiliates	1,244	697
Trailing Fee | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliates	6,339	3,193
Related Party Note | RREEF America
Related Party Transaction [Line Items]
Note to Affiliate	8,950	8,950
Unamortized discount	(1,217)	(1,365)
Note to Affiliate, net of unamortized discount	$ 7,733	$ 7,585

CAPITALIZATION (Details)

CAPITALIZATION (Details) - USD ($)	Feb. 16, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 01, 2016	Jan. 27, 2016	Jan. 15, 2016	May 30, 2013
Schedule of Capitalization, Equity [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						$ 0.01
Preferred stock, par value (in usd per share)		$ 0.01	$ 0.01
Aggregate redemptions value limit, as a percentage of combined net asset value		5.00%
Aggregate redemptions value including carryover limit, as a percentage of combined net asset value		10.00%
Common stock redemption limit per shareholder, as a percentage of shares held		5.00%
Redemptions as a percentage of net asset value, last business day of preceding quarter		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 at which company has option to redeem shares		$ 500
Stock redeemed, amount		$ 5,573,000	$ 10,569,000	$ 9,200,000
Common Class A
Schedule of Capitalization, Equity [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
Maximum selling commissions as percentage of purchase price	3.00%
Percentage of dealer manager fee	0.55%	0.55%
Percentage of distribution fee	0.50%	0.50%
Stock redeemed (in shares)		209,563	576,130	279,647
Stock redeemed, weighted average share price (in usd per share)		$ 14.28	$ 13.95	$ 13.48
Stock redeemed, amount		$ 2,992,000	$ 8,036,000	$ 3,770,000
Common Class I
Schedule of Capitalization, Equity [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
Percentage of dealer manager fee	0.55%	0.55%
Stock redeemed (in shares)		156,698	181,840	394,416
Stock redeemed, weighted average share price (in usd per share)		$ 14.37	$ 13.98	$ 13.61
Stock redeemed, amount		$ 2,250,000	$ 2,534,000	$ 5,368,000
Common Class T
Schedule of Capitalization, Equity [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%	1.00%
Duration of distribution fee	3 years
Underwriting compensation for initial public offering as percent of gross offering proceeds	8.50%				8.50%
Stock redeemed (in shares)		23,164	0	4,043
Stock redeemed, weighted average share price (in usd per share)		$ 14.35	$ 0	$ 15.29
Stock redeemed, amount		$ 331,000	$ 0	$ 62,000
Common Class D
Schedule of Capitalization, Equity [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%
Stock redeemed (in shares)		0	0	0
Stock redeemed, weighted average share price (in usd per share)		$ 0	$ 0	$ 0
Stock redeemed, amount		$ 0	$ 0	$ 0
Common Class N
Schedule of Capitalization, Equity [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
RREEF America
Schedule of Capitalization, Equity [Line Items]
Underwriting compensation for initial public offering as percent of gross offering proceeds	10.00%	10.00%

CAPITALIZATION - Equity-Based C

CAPITALIZATION - Equity-Based Compensation (Details) $ / shares in Units, $ in Thousands	May 15, 2019USD ($)$ / sharesshares	Mar. 29, 2019director$ / sharesshares	Dec. 31, 2019$ / sharesshares
Class of Stock [Line Items]
Required shares to be issued in aggregate (in shares)			12,500,000
Common Class I
Class of Stock [Line Items]
Shares issued per individual (in shares)		5,000
Granted (in usd per share) | $ / shares	$ 14.32	$ 14.34
Restricted Stock
Class of Stock [Line Items]
Shares reserved for issuance (in shares)			5,000
Equity based compensation (shares)	2,094	20,000	22,094
Award vesting period	1 year	3 years
Number of directors with immediate vesting of awards | director		1
Granted (in usd per share) | $ / shares			$ 14.34
Amount of shares granted per individual | $	$ 10

CAPITALIZATION - Stock Award Ac

CAPITALIZATION - Stock Award Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	May 15, 2019	Mar. 29, 2019	Dec. 31, 2019
Class I Shares
Outstanding, beginning of period (in shares)			0
Granted (in shares)	2,094	20,000	22,094
Vested (in shares)			(5,000)
Forfeited (in shares)			0
Outstanding, end of period (in shares)			17,094
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share)			$ 0
Granted (in usd per share)			14.34
Vested (in usd per share)			14.34
Outstanding, ending balance (in usd per share)			$ 14.34
Amount included in general and administrative expenses			$ 145

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic and diluted net loss per share:
Net income (loss)	$ (1,083)	$ 551	$ (369)	$ 1,604	$ (1,959)	$ (748)	$ 242	$ (1,264)	$ (814)	$ (987)	$ (556)	$ (384)	$ 703	$ (3,729)	$ (2,741)
Common Class A
Basic and diluted net loss per share:
Allocation of net loss before performance fee													537	(1,282)	(978)
Allocation of performance fees													(306)	(207)	(283)
Net income (loss)													$ 231	$ (1,489)	$ (1,261)
Denominator - weighted average number of common shares outstanding (in shares)	3,796,346	3,756,326	3,703,672	3,592,146	3,610,639	3,777,836	3,691,785	3,686,669	3,687,513	3,677,266	3,699,115	3,650,176	3,712,803	3,691,760	3,678,616
Basic and diluted net income (loss) per share (in usd per share)	$ (0.08)	$ 0.04	$ (0.03)	$ 0.15	$ (0.20)	$ (0.08)	$ 0.03	$ (0.15)	$ (0.10)	$ (0.12)	$ (0.07)	$ (0.05)	$ 0.06	$ (0.40)	$ (0.34)
Common Class I
Basic and diluted net loss per share:
Allocation of net loss before performance fee													$ 1,110	$ (1,766)	$ (1,086)
Allocation of performance fees													(695)	(353)	(387)
Net income (loss)													$ 415	$ (2,119)	$ (1,473)
Denominator - weighted average number of common shares outstanding (in shares)	9,208,594	8,058,111	7,105,086	6,330,885	5,861,271	5,202,959	4,793,077	4,467,002	4,257,000	4,240,550	4,008,144	3,827,801	7,684,718	5,085,231	4,084,980
Basic and diluted net income (loss) per share (in usd per share)	$ (0.08)	$ 0.04	$ (0.03)	$ 0.15	$ (0.22)	$ (0.08)	$ 0.03	$ (0.15)	$ (0.10)	$ (0.13)	$ (0.08)	$ (0.05)	$ 0.05	$ (0.42)	$ (0.36)
Common Class T
Basic and diluted net loss per share:
Allocation of net loss before performance fee													$ 111	$ (108)	$ (4)
Allocation of performance fees													(59)	(14)	(2)
Net income (loss)													$ 52	$ (122)	$ (6)
Denominator - weighted average number of common shares outstanding (in shares)	858,575	806,338	737,796	649,621	578,181	426,209	150,764	79,305	54,264	6,982	0	1,662	763,773	310,304	14,871
Basic and diluted net income (loss) per share (in usd per share)	$ (0.07)	$ 0.05	$ (0.03)	$ 0.15	$ (0.20)	$ (0.07)	$ 0.03	$ (0.15)	$ (0.10)	$ (0.10)	$ 0	$ (0.05)	$ 0.07	$ (0.39)	$ (0.41)
Common Class D
Basic and diluted net loss per share:
Allocation of net loss before performance fee													$ 13	$ 0	$ 0
Allocation of performance fees													(9)	0	0
Net income (loss)													$ 4	$ 0	$ 0
Denominator - weighted average number of common shares outstanding (in shares)	176,101	176,101	11,611	0									91,669	0	0
Basic and diluted net income (loss) per share (in usd per share)	$ (0.08)	$ 0.06	$ (0.02)	$ 0									$ 0.04	$ 0	$ 0

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Percentage of taxable income required for REIT distribution	90.00%												90.00%
Declared daily distribution rate, before adjustment for class-specific expenses (usd per share)	$ 0.00198517	$ 0.00197058	$ 0.00195924	$ 0.00193545	$ 0.00192836	$ 0.00192261	$ 0.00190140	$ 0.00189004	$ 0.00186845	$ 0.00185445	$ 0.00183207	$ 0.00183555
Dividends common stock	$ 1,298	$ 1,238	$ 1,105	$ 1,000	$ 981	$ 928	$ 831	$ 781	$ 773	$ 773	$ 742	$ 717	$ 4,641	$ 3,521	$ 3,005
Distributions reinvested	1,265	1,079	954	841	802	734	662	619	602	579	542	518	4,139	2,817	2,241
Dividend declared
Class of Stock [Line Items]
Dividends common stock	$ 2,563	$ 2,317	$ 2,059	$ 1,841	$ 1,783	$ 1,662	$ 1,493	$ 1,400	$ 1,375	$ 1,352	$ 1,284	$ 1,235	$ 8,780	$ 6,338	$ 5,246
Common Class A
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	25,099	24,576	23,894	22,405	22,805	23,500	22,901	22,714	23,348	23,649	23,806	23,567	95,974	91,920	94,370
Common Class I
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	58,799	47,367	39,949	34,329	32,291	27,180	23,520	21,479	20,269	18,986	16,611	15,152	180,444	104,470	71,018
Common Class T
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	3,243	2,891	2,736	2,250	1,855	1,548	976	678	399	17	0	0	11,120	5,057	416
Common Class D
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	0	0	0	0									0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Percentage of distributions characterized as ordinary income	20.1932%	24.4049%	19.2608%
Percentage of distributions characterized as capital gain	2.1065%	0.00%	0.00%
Percentage of distributions characterized as nondividend	77.7003%	75.5951%	80.7392%
Total	100.00%	100.00%	100.00%
Income and similar taxes paid to certain states	$ 25	$ 24	$ 42

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)segment
Additional Disclosure [Abstract]
Number of reportable segments | segment													2	2	2
Reconciliation to total assets of December 31, 2019
Real estate properties	$ 331,362				$ 202,257								$ 331,362	$ 202,257
Investment in marketable securities	21,245				14,735								21,245	14,735
Investments	352,607				216,992								352,607	216,992
Total assets	366,085				226,199								366,085	226,199
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income	6,957	$ 5,787	$ 5,561	$ 5,765	5,035	$ 4,991	$ 4,383	$ 4,503	$ 4,470	$ 4,360	$ 4,315	$ 4,334	24,070	18,912	$ 17,479
Investment income on marketable securities	165	158	150	151	160	137	120	89	101	85	77	44	624	506	307
Total revenues	7,122	5,945	5,711	5,916	5,195	5,128	4,503	4,592	4,571	4,445	4,392	4,378	24,694	19,418	17,786
Segment operating expenses	6,533	5,784	5,219	5,304	4,986	4,863	4,203	4,198	4,394	4,497	4,054	3,991	22,840	18,250	16,936
Net realized gain (loss) upon sale of marketable securities	127	274	146	119	(210)	202	(155)	(253)	(93)	(25)	(7)	55	666	(416)	(70)
Net unrealized change in fair value of investment in marketable securities	(319)	1,254	189	2,166	(925)	(201)	981	(501)					3,290	(646)	0
Operating income													5,810	106	780
Reconciliation to net income (loss)
General and administrative expenses													(1,953)	(1,895)	(1,655)
Advisory expenses													(2,828)	(1,842)	(1,723)
Depreciation													(5,579)	(4,504)	(4,338)
Amortization													(4,874)	(4,133)	(3,722)
Operating income													5,810	106	780
Interest expense	(1,480)	(1,138)	(1,196)	(1,293)	(1,033)	(1,014)	(884)	(904)	(898)	(910)	(887)	(826)	(5,107)	(3,835)	(3,521)
Net income (loss)	(1,083)	$ 551	$ (369)	$ 1,604	(1,959)	$ (748)	$ 242	$ (1,264)	$ (814)	$ (987)	$ (556)	$ (384)	703	(3,729)	(2,741)
Real Estate Properties
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income													24,070	18,912	17,479
Investment income on marketable securities													0	0	0
Total revenues													24,070	18,912	17,479
Net realized gain (loss) upon sale of marketable securities													0	0	0
Net unrealized change in fair value of investment in marketable securities													0	0	0
Real Estate Equity Securities
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income													0	0	0
Investment income on marketable securities													624	506	307
Total revenues													624	506	307
Net realized gain (loss) upon sale of marketable securities													666	(416)	(70)
Net unrealized change in fair value of investment in marketable securities													3,290	(646)	0
Reportable segments
Reconciliation to total assets of December 31, 2019
Investments	352,607				216,992								352,607	216,992
Segment Reporting Information, Operating Income (Loss) [Abstract]
Segment operating expenses													7,647	5,926	5,536
Operating income													21,003	12,430	12,180
Reconciliation to net income (loss)
Operating income													21,003	12,430	12,180
Reportable segments | Real Estate Properties
Reconciliation to total assets of December 31, 2019
Real estate properties	331,362				202,257								331,362	202,257
Segment Reporting Information, Operating Income (Loss) [Abstract]
Segment operating expenses													7,606	5,876	5,498
Operating income													16,464	13,036	11,981
Reconciliation to net income (loss)
Operating income													16,464	13,036	11,981
Reportable segments | Real Estate Equity Securities
Reconciliation to total assets of December 31, 2019
Investment in marketable securities	21,245				14,735								21,245	14,735
Segment Reporting Information, Operating Income (Loss) [Abstract]
Segment operating expenses													41	50	38
Operating income													4,539	(606)	199
Reconciliation to net income (loss)
Operating income													4,539	(606)	199
Corporate level assets
Reconciliation to total assets of December 31, 2019
Total assets	$ 13,478				$ 9,207								13,478	9,207
Segment Reconciling Items
Reconciliation to net income (loss)
General and administrative expenses													$ (1,912)	$ (1,845)	$ (1,617)

QUARTERLY RESULTS (UNAUDITED)_2

QUARTERLY RESULTS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Property related income	$ 6,957	$ 5,787	$ 5,561	$ 5,765	$ 5,035	$ 4,991	$ 4,383	$ 4,503	$ 4,470	$ 4,360	$ 4,315	$ 4,334	$ 24,070	$ 18,912	$ 17,479
Investment income on marketable securities	165	158	150	151	160	137	120	89	101	85	77	44	624	506	307
Total revenues	7,122	5,945	5,711	5,916	5,195	5,128	4,503	4,592	4,571	4,445	4,392	4,378	24,694	19,418	17,786
Operating expenses	(6,533)	(5,784)	(5,219)	(5,304)	(4,986)	(4,863)	(4,203)	(4,198)	(4,394)	(4,497)	(4,054)	(3,991)	(22,840)	(18,250)	(16,936)
Interest expense	(1,480)	(1,138)	(1,196)	(1,293)	(1,033)	(1,014)	(884)	(904)	(898)	(910)	(887)	(826)	(5,107)	(3,835)	(3,521)
Net realized gain (loss) upon sale of marketable securities	127	274	146	119	(210)	202	(155)	(253)	(93)	(25)	(7)	55	666	(416)	(70)
Net unrealized change in fair value of investment in marketable securities	(319)	1,254	189	2,166	(925)	(201)	981	(501)					3,290	(646)	0
Net income (loss)	$ (1,083)	$ 551	$ (369)	$ 1,604	$ (1,959)	$ (748)	$ 242	$ (1,264)	$ (814)	$ (987)	$ (556)	$ (384)	703	(3,729)	(2,741)
Common Class A
Class of Stock [Line Items]
Net income (loss)													$ 231	$ (1,489)	$ (1,261)
Weighted average number of common shares outstanding (in shares)	3,796,346	3,756,326	3,703,672	3,592,146	3,610,639	3,777,836	3,691,785	3,686,669	3,687,513	3,677,266	3,699,115	3,650,176	3,712,803	3,691,760	3,678,616
Basic and diluted net income (loss) per share (in usd per share)	$ (0.08)	$ 0.04	$ (0.03)	$ 0.15	$ (0.20)	$ (0.08)	$ 0.03	$ (0.15)	$ (0.10)	$ (0.12)	$ (0.07)	$ (0.05)	$ 0.06	$ (0.40)	$ (0.34)
Common Class I
Class of Stock [Line Items]
Net income (loss)													$ 415	$ (2,119)	$ (1,473)
Weighted average number of common shares outstanding (in shares)	9,208,594	8,058,111	7,105,086	6,330,885	5,861,271	5,202,959	4,793,077	4,467,002	4,257,000	4,240,550	4,008,144	3,827,801	7,684,718	5,085,231	4,084,980
Basic and diluted net income (loss) per share (in usd per share)	$ (0.08)	$ 0.04	$ (0.03)	$ 0.15	$ (0.22)	$ (0.08)	$ 0.03	$ (0.15)	$ (0.10)	$ (0.13)	$ (0.08)	$ (0.05)	$ 0.05	$ (0.42)	$ (0.36)
Common Class T
Class of Stock [Line Items]
Net income (loss)													$ 52	$ (122)	$ (6)
Weighted average number of common shares outstanding (in shares)	858,575	806,338	737,796	649,621	578,181	426,209	150,764	79,305	54,264	6,982	0	1,662	763,773	310,304	14,871
Basic and diluted net income (loss) per share (in usd per share)	$ (0.07)	$ 0.05	$ (0.03)	$ 0.15	$ (0.20)	$ (0.07)	$ 0.03	$ (0.15)	$ (0.10)	$ (0.10)	$ 0	$ (0.05)	$ 0.07	$ (0.39)	$ (0.41)
Common Class D
Class of Stock [Line Items]
Net income (loss)													$ 4	$ 0	$ 0
Weighted average number of common shares outstanding (in shares)	176,101	176,101	11,611	0									91,669	0	0
Basic and diluted net income (loss) per share (in usd per share)	$ (0.08)	$ 0.06	$ (0.02)	$ 0									$ 0.04	$ 0	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares

Jan. 03, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Subsequent Event [Line Items]

Distributions declared per common share (usd per share)

$ 0.00198517

$ 0.00197058

$ 0.00195924

$ 0.00193545

$ 0.00192836

$ 0.00192261

$ 0.00190140

$ 0.00189004

$ 0.00186845

$ 0.00185445

$ 0.00183207

$ 0.00183555

Subsequent Event | Common Class A

Subsequent Event [Line Items]

Distributions declared per common share (usd per share)

$ 0.00198576

Subsequent Event | Common Class I

Subsequent Event [Line Items]

Distributions declared per common share (usd per share)

0.00198576

Subsequent Event | Common Class T

Subsequent Event [Line Items]

Distributions declared per common share (usd per share)

0.00198576

Subsequent Event | Common Class D

Subsequent Event [Line Items]

Distributions declared per common share (usd per share)

$ 0.00198576

SCHEDULE III Real Estate and _2

SCHEDULE III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 01, 2016	Mar. 01, 2016
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				$ 208,237
Land				124,860
Buildings & Improvements				230,554
Capitalized Cost Subsequent to Acquisition				3,568
Land, Buildings & Improvements Total				358,982
Accumulated Depreciation	$ (32,414)	$ (32,414)	$ (16,430)	(41,839)	$ (32,414)
Aggregate cost of real estate for federal income tax purposes				362,059
Reconciliation of real estate owned:
Beginning balance	219,699	169,438	169,207
Acquisitions	136,700	49,637	0
Additions	2,583	624	231
Ending balance	358,982	219,699	169,438
Reconciliation of accumulated depreciation:
Beginning balance	32,414	24,182	16,430
Depreciation expense	9,425	8,232	7,752
Ending balance	41,839	$ 32,414	$ 24,182
Gross intangible lease assets				63,691
Below market lease, gross				18,565
Mortgage loans payable, net				125,698	34,055
9022 Heritage Parkway, Woodridge, IL, Office
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				8,731
Land				2,311
Buildings & Improvements				10,989
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				13,300
Accumulated Depreciation	(5,521)			(5,521)
Reconciliation of accumulated depreciation:
Ending balance	$ 5,521
9022 Heritage Parkway, Woodridge, IL, Office | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
9022 Heritage Parkway, Woodridge, IL, Office | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Wallingford Plaza, Seattle, WA, Mixed-Use (Office over Retail)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				6,950
Land				3,713
Buildings & Improvements				9,015
Capitalized Cost Subsequent to Acquisition				282
Land, Buildings & Improvements Total				13,010
Accumulated Depreciation	$ (2,062)			(2,062)
Reconciliation of accumulated depreciation:
Ending balance	$ 2,062
Wallingford Plaza, Seattle, WA, Mixed-Use (Office over Retail) | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Wallingford Plaza, Seattle, WA, Mixed-Use (Office over Retail) | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Commerce Corner, Logan Township, NJ, Industrial
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				12,747
Land				3,397
Buildings & Improvements				16,353
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				19,750
Accumulated Depreciation	$ (3,573)			(3,573)
Reconciliation of accumulated depreciation:
Ending balance	$ 3,573
Commerce Corner, Logan Township, NJ, Industrial | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Commerce Corner, Logan Township, NJ, Industrial | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Anaheim Hills Office Plaza, Anaheim, CA, Office
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				12,827
Land				6,519
Buildings & Improvements				11,980
Capitalized Cost Subsequent to Acquisition				2,131
Land, Buildings & Improvements Total				20,630
Accumulated Depreciation	$ (5,260)			(5,260)
Reconciliation of accumulated depreciation:
Ending balance	$ 5,260
Anaheim Hills Office Plaza, Anaheim, CA, Office | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Anaheim Hills Office Plaza, Anaheim, CA, Office | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Shops at Terra Nova Plaza, Chula Vista, CA, Retail
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				14,468
Land				10,628
Buildings & Improvements				11,222
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				21,850
Accumulated Depreciation	$ (2,855)			(2,855)
Reconciliation of accumulated depreciation:
Ending balance	$ 2,855
Shops at Terra Nova Plaza, Chula Vista, CA, Retail | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Shops at Terra Nova Plaza, Chula Vista, CA, Retail | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
The Flats at Carrs Hill, Athens, GA, University of GA Student Housing
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				14,500
Land				3,144
Buildings & Improvements				23,856
Capitalized Cost Subsequent to Acquisition				443
Land, Buildings & Improvements Total				27,443
Accumulated Depreciation	$ (6,671)			(6,671)
Reconciliation of accumulated depreciation:
Ending balance	$ 6,671
The Flats at Carrs Hill, Athens, GA, University of GA Student Housing | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
The Flats at Carrs Hill, Athens, GA, University of GA Student Housing | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	27 years 6 months
Loudoun Gateway I, Sterling, VA, Office
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				13,154
Land				2,042
Buildings & Improvements				19,908
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				21,950
Accumulated Depreciation	$ (7,719)			(7,719)
Reconciliation of accumulated depreciation:
Ending balance	$ 7,719
Loudoun Gateway I, Sterling, VA, Office | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Loudoun Gateway I, Sterling, VA, Office | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
40 Allied Drive, Dedham, MA, Medical Office
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				20,359
Land				5,484
Buildings & Improvements				28,516
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				34,000
Accumulated Depreciation	$ (4,288)			(4,288)
Reconciliation of accumulated depreciation:
Ending balance	$ 4,288
40 Allied Drive, Dedham, MA, Medical Office | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
40 Allied Drive, Dedham, MA, Medical Office | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Palmetto Lakes, Miami Lakes, FL, Industrial
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				7,426
Land				6,054
Buildings & Improvements				7,006
Capitalized Cost Subsequent to Acquisition				86
Land, Buildings & Improvements Total				13,146
Accumulated Depreciation	$ (1,180)			(1,180)
Reconciliation of accumulated depreciation:
Ending balance	$ 1,180
Palmetto Lakes, Miami Lakes, FL, Industrial | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Palmetto Lakes, Miami Lakes, FL, Industrial | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Hialeah I, Miami, FL, Industrial
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				2,513
Land				1,642
Buildings & Improvements				2,749
Capitalized Cost Subsequent to Acquisition				88
Land, Buildings & Improvements Total				4,479
Accumulated Depreciation	$ (599)			(599)
Reconciliation of accumulated depreciation:
Ending balance	$ 599
Hialeah I, Miami, FL, Industrial | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Hialeah I, Miami, FL, Industrial | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Hialeah II, Miami, FL, Industrial
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				2,122
Land				1,725
Buildings & Improvements				1,666
Capitalized Cost Subsequent to Acquisition				533
Land, Buildings & Improvements Total				3,924
Accumulated Depreciation	$ (282)			(282)
Reconciliation of accumulated depreciation:
Ending balance	$ 282
Hialeah II, Miami, FL, Industrial | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Hialeah II, Miami, FL, Industrial | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Elston Plaza, Chicago, IL
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				17,600
Land				17,767
Buildings & Improvements				11,028
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				28,795
Accumulated Depreciation	$ (917)			(917)
Reconciliation of accumulated depreciation:
Ending balance	$ 917
Elston Plaza, Chicago, IL | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Elston Plaza, Chicago, IL | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Providence Square, Marietta, GA, Retail
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				29,700
Land				9,742
Buildings & Improvements				45,319
Capitalized Cost Subsequent to Acquisition				5
Land, Buildings & Improvements Total				55,066
Accumulated Depreciation	$ (862)			(862)
Reconciliation of accumulated depreciation:
Ending balance	$ 862
Providence Square, Marietta, GA, Retail | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Providence Square, Marietta, GA, Retail | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Seattle East Industrial, Redmond, WA, Industrial
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				45,140
Land				50,692
Buildings & Improvements				30,947
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				81,639
Accumulated Depreciation	$ (50)			(50)
Reconciliation of accumulated depreciation:
Ending balance	$ 50
Seattle East Industrial, Redmond, WA, Industrial | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	5 years
Seattle East Industrial, Redmond, WA, Industrial | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Revised Wells Fargo Line of Credit
Reconciliation of accumulated depreciation:
Line of credit				81,600
Mortgages
Reconciliation of accumulated depreciation:
Mortgage loans payable, net				125,698	$ 34,055
Mortgages | Hartford Life Insurance Company
Reconciliation of accumulated depreciation:
Mortgage loans payable, net				12,747		$ 13,000
Mortgages | Nationwide Bank
Reconciliation of accumulated depreciation:
Mortgage loans payable, net				14,500			$ 14,500
Secured Debt | Transamerica Loan
Reconciliation of accumulated depreciation:
Mortgage loans payable, net				6,950
Secured Debt | State Farm Loan
Reconciliation of accumulated depreciation:
Mortgage loans payable, net				17,600
Secured Debt | Nationwide Life Insurance Company
Reconciliation of accumulated depreciation:
Mortgage loans payable, net				29,700
Secured Debt | JPMorgan Chase Loan
Reconciliation of accumulated depreciation:
Mortgage loans payable, net				$ 45,140

Uncategorized Items - rpt-20191

Label	Element	Value
Stockholders' Equity Attributable to Parent, Adjusted Balance	rpt_StockholdersEquityAttributabletoParentAdjustedBalance	$ 59,339,000
Preferred Stock [Member]
Shares, Outstanding	us-gaap_SharesOutstanding	0
Stockholders' Equity Attributable to Parent, Adjusted Balance	rpt_StockholdersEquityAttributabletoParentAdjustedBalance	$ 0
Retained Earnings [Member]
Stockholders' Equity Attributable to Parent, Adjusted Balance	rpt_StockholdersEquityAttributabletoParentAdjustedBalance	(27,554,000)
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(736,000)
Stockholders' Equity Attributable to Parent, Adjusted Balance	rpt_StockholdersEquityAttributabletoParentAdjustedBalance	0
Additional Paid-in Capital [Member]
Stockholders' Equity Attributable to Parent, Adjusted Balance	rpt_StockholdersEquityAttributabletoParentAdjustedBalance	$ 86,813,000
Common Class A [Member] | Common Stock [Member]
Shares, Outstanding	us-gaap_SharesOutstanding	3,666,927
Stockholders' Equity Attributable to Parent, Adjusted Balance	rpt_StockholdersEquityAttributabletoParentAdjustedBalance	$ 36,000
Common Class D [Member] | Common Stock [Member]
Shares, Outstanding	us-gaap_SharesOutstanding	0
Stockholders' Equity Attributable to Parent, Adjusted Balance	rpt_StockholdersEquityAttributabletoParentAdjustedBalance	$ 0
Common Class N [Member] | Common Stock [Member]
Shares, Outstanding	us-gaap_SharesOutstanding	0
Stockholders' Equity Attributable to Parent, Adjusted Balance	rpt_StockholdersEquityAttributabletoParentAdjustedBalance	$ 0
Common Class T [Member] | Common Stock [Member]
Shares, Outstanding	us-gaap_SharesOutstanding	71,316
Stockholders' Equity Attributable to Parent, Adjusted Balance	rpt_StockholdersEquityAttributabletoParentAdjustedBalance	$ 1,000
Common Class I [Member] | Common Stock [Member]
Shares, Outstanding	us-gaap_SharesOutstanding	4,352,050
Stockholders' Equity Attributable to Parent, Adjusted Balance	rpt_StockholdersEquityAttributabletoParentAdjustedBalance	$ 43,000