RREEF Property Trust (ZRPTIX) 10-K 9 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 28, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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
ICFR Auditor Attestation Flag	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 2021 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	2020
Document Fiscal Period Focus	FY
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		3,658,762
Common Class I
Document Information [Line Items]
Title of 12(b) Security	Class I Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		10,638,139
Common Class T
Document Information [Line Items]
Title of 12(b) Security	Class T Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		954,358
Common Class D
Document Information [Line Items]
Title of 12(b) Security	Class D Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		703
Common Class N
Document Information [Line Items]
Title of 12(b) Security	Class N Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		53,356
Common Class S
Document Information [Line Items]
Title of 12(b) Security	Class S Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		0
Common Class M-I
Document Information [Line Items]
Title of 12(b) Security	Class M-I Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		0
Common Class T2
Document Information [Line Items]
Title of 12(b) Security	Class T2 Common Stock, $.01 par value
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investment in real estate assets:
Land	$ 124,860	$ 124,860
Buildings and improvements, less accumulated depreciation of $28,371 and $21,403, respectively	161,379	167,004
Furniture, fixtures and equipment, less accumulated depreciation of $460 and $369, respectively	221	220
Acquired intangible lease assets, less accumulated amortization of $29,997 and $24,413, respectively	33,694	39,278
Total investment in real estate assets, net	320,154	331,362
Investment in marketable securities	20,287	21,245
Total investment in real estate assets and marketable securities, net	340,441	352,607
Cash and cash equivalents	4,133	4,234
Receivables, net of allowance for doubtful accounts of $56 and $6, respectively	5,279	4,812
Deferred leasing costs, net of amortization of $1,146 and $732, respectively	2,641	2,132
Prepaid and other assets	1,500	2,300
Total assets	353,994	366,085
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit, net	78,458	81,291
Mortgage loans payable, net	125,560	125,698
Accounts payable and accrued expenses	2,171	2,878
Due to affiliates	14,454	7,843
Note to affiliate, net of unamortized discount of $817 and $1,217, respectively	4,566	7,733
Acquired below-market lease intangibles, less accumulated amortization of $5,224 and $4,346, respectively	13,341	14,219
Distributions payable	443	441
Other liabilities	2,038	2,140
Total liabilities	241,031	242,243
Stockholders' Equity:
Preferred stock, none issued	0	0
Additional paid-in capital	171,161	169,395
Deficit	(58,350)	(45,698)
Total stockholders' equity	112,963	123,842
Total liabilities and stockholders' equity	353,994	366,085
Common Class A
Stockholders' Equity:
Common stock	36	38
Common Class D
Stockholders' Equity:
Common stock	0	2
Common Class I
Stockholders' Equity:
Common stock	106	96
Common Class M-I
Stockholders' Equity:
Common stock	0	0
Common Class N
Stockholders' Equity:
Common stock	0	0
Common Class S
Stockholders' Equity:
Common stock	0	0
Common Class T
Stockholders' Equity:
Common stock	10	9
Common Class T2
Stockholders' Equity:
Common stock	0	0
Common Class Z
Stockholders' Equity:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Buildings and improvements, accumulated depreciation	$ 28,371	$ 21,403
Furniture, fixtures and equipment, accumulated depreciation	460	369
Acquired intangible lease assets, accumulated amortization	29,997	24,413
Allowance for doubtful accounts	56	6
Deferred leasing costs, amortization	1,146	732
Note to affiliate, unamortized discount	817	1,217
Acquired below-market lease intangibles, accumulated depreciation	$ 5,224	$ 4,346
Preferred stock, shares issued (in shares)	0	0
Common Class A
Common stock, shares issued (in shares)	3,631,999	3,821,127
Common stock, shares outstanding (in shares)	3,631,999	3,821,127
Common Class D
Common stock, shares issued (in shares)	697	176,101
Common stock, shares outstanding (in shares)	697	176,101
Common Class I
Common stock, shares issued (in shares)	10,561,139	9,557,896
Common stock, shares outstanding (in shares)	10,561,139	9,557,896
Common Class M-I
Common stock, shares issued (in shares)	0	0
Common Class N
Common stock, shares issued (in shares)	26,646	0
Common stock, shares outstanding (in shares)	26,646	0
Common Class S
Common stock, shares issued (in shares)	0	0
Common Class T
Common stock, shares issued (in shares)	961,750	938,409
Common stock, shares outstanding (in shares)	961,750	938,409
Common Class T2
Common stock, shares issued (in shares)	0	0
Common Class Z
Common stock, shares issued (in shares)	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Property related income	$ 31,730	$ 24,070	$ 18,912
Investment income on marketable securities	646	624	506
Total revenues	32,376	24,694	19,418
Expenses
General and administrative expenses	1,887	1,953	1,895
Property operating expenses	8,580	7,606	5,876
Advisory fees	2,163	2,828	1,842
Depreciation	7,059	5,579	4,504
Amortization	5,774	4,874	4,133
Total operating expenses	25,463	22,840	18,250
Net realized (loss) gain upon sale of marketable securities	(2,363)	666	(416)
Net unrealized change in fair value of investment in marketable securities	788	3,290	(646)
Operating income	5,338	5,810	106
Interest expense	(7,164)	(5,107)	(3,835)
Net (loss) income	(1,826)	703	(3,729)
Common Class A
Expenses
Net (loss) income	$ (445)	$ 231	$ (1,489)
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ (0.12)	$ 0.06	$ (0.40)
Common Class I
Expenses
Net (loss) income	$ (1,242)	$ 415	$ (2,119)
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ (0.12)	$ 0.05	$ (0.42)
Common Class T
Expenses
Net (loss) income	$ (118)	$ 52	$ (122)
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ (0.12)	$ 0.07	$ (0.39)
Common Class D
Expenses
Net (loss) income	$ (20)	$ 4
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ (0.12)	$ 0.04	0
Common Class N
Expenses
Net (loss) income	$ (1)
Net loss per common share:
Basic and diluted net income (loss) per share (in usd per share)	$ (0.12)	$ 0	$ 0

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjusted Balance	Preferred Stock	Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Deficit	DeficitCumulative Effect, Period of Adoption, Adjusted Balance	DeficitCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive IncomeCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive IncomeCumulative Effect, Period of Adoption, Adjustment
Balance (in shares) at Dec. 31, 2017			0	0	8,090,293	8,090,293
Balance at Dec. 31, 2017	$ 59,339	$ 59,339	$ 0	$ 0	$ 80	$ 80	$ 86,813	$ 86,813	$ (28,290)	$ (27,554)	$ 736	$ 736	$ 0	$ (736)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					2,801,969
Issuance of common stock	39,774				$ 27		39,747
Issuance of common stock through the distribution reinvestment plan (in shares)					201,447
Issuance of common stock through the distribution reinvestment plan	2,817				$ 2		2,815
Redemption of common stock (in shares)					(757,970)
Redemption of common stock	(10,569)				$ (6)		(10,563)
Distributions to investors	(6,338)								(6,338)
Other offering costs	(3,787)						(3,787)
Net (loss) income	(3,729)								(3,729)			0
Balance (in shares) at Dec. 31, 2018			0		10,335,739
Balance at Dec. 31, 2018	$ 77,507		$ 0		$ 103		115,025		(37,621)			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201601Member
Issuance of common stock (in shares)					4,249,555
Issuance of common stock	$ 61,525				$ 43		61,482
Issuance of common stock through the distribution reinvestment plan (in shares)					287,538
Issuance of common stock through the distribution reinvestment plan	4,139				$ 3		4,136
Redemption of common stock (in shares)					(389,425)
Redemption of common stock	(5,573)				$ (4)		(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
Net (loss) income	703								703			0
Balance (in shares) at Dec. 31, 2019			0		14,493,533
Balance at Dec. 31, 2019	123,842		$ 0		$ 145		169,395		(45,698)			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					2,070,385
Issuance of common stock	29,870				$ 21		29,849
Issuance of common stock through the distribution reinvestment plan (in shares)					383,881
Issuance of common stock through the distribution reinvestment plan	5,482				$ 4		5,478
Redemption of common stock (in shares)					(1,772,695)
Redemption of common stock	(25,281)				$ (18)		(25,263)
Distributions to investors	(10,826)								(10,826)
Other offering costs	(8,164)						(8,164)
Equity based compensation (shares)					7,127
Equity based compensation	102						102
Discount on note to affiliate	(236)						(236)
Net (loss) income	(1,826)								(1,826)			0
Balance (in shares) at Dec. 31, 2020			0		15,182,231
Balance at Dec. 31, 2020	$ 112,963		$ 0		$ 152		$ 171,161		$ (58,350)			$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net (loss) income	$ (1,826)	$ 703	$ (3,729)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	7,059	5,579	4,504
Net realized loss (gain) upon sale of marketable securities	2,363	(666)	416
Net unrealized change in fair value of marketable securities	(788)	(3,290)	646
Share based incentive compensation	102	145	0
Amortization of intangible lease assets and liabilities	5,120	4,205	3,900
Amortization of deferred financing costs	391	343	286
Allowance for doubtful accounts	0	0	(3)
Straight line rent	(1,065)	(694)	(188)
Amortization of discount on note to affiliate	164	148	145
Changes in assets and liabilities:
Receivables	122	(321)	(621)
Deferred leasing costs	(909)	(366)	(463)
Prepaid and other assets	(59)	24	(4)
Accounts payable and accrued expenses	70	248	181
Other liabilities	(100)	296	181
Due to affiliates	(1,072)	544	(52)
Net cash provided by operating activities	9,572	6,898	5,199
Cash flows from investing activities:
Investment in real estate and related assets	0	(136,494)	(49,015)
Improvements to real estate assets	(2,004)	(2,015)	(377)
Investment in marketable securities	(25,250)	(24,292)	(27,295)
Proceeds from sale of marketable securities	24,572	21,745	21,531
Net cash used in investing activities	(2,682)	(141,056)	(55,156)
Cash flows from financing activities:
Proceeds from line of credit	13,000	56,100	47,900
Repayment of line of credit	(16,100)	(59,119)	(26,380)
Proceeds from mortgage loans payable	0	92,440	6,950
Repayment of mortgage loans payable	(262)	(253)	0
Proceeds from issuance of common stock	30,284	61,125	39,896
Payment of financing costs	0	(622)	(932)
Payment of offering costs	(3,205)	(3,324)	(3,903)
Distributions to investors	(5,342)	(4,534)	(3,444)
Redemption of common stock	(25,366)	(5,423)	(10,570)
Net cash (used in) provided by financing activities	(6,991)	136,390	49,517
Net (decrease) increase in cash and cash equivalents	(101)	2,232	(440)
Cash and cash equivalents, beginning of period	4,234	2,002	2,442
Cash and cash equivalents, end of period	4,133	4,234	2,002
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	443	441	334
Common stock issued through the distribution reinvestment plan	5,482	4,139	2,817
Purchases of marketable securities not yet paid	52	189	108
Proceeds from sale of marketable securities not yet received	89	165	91
Proceeds from issuance of common stock not yet received	86	500	100
Redemption of common stock not yet paid	65	150	0
Extinguishment on note to affiliate	3,567	0	0
Discount on note to affiliate	236	0	0
Accrued offering costs not yet paid	4,973	4,044	1,861
Capital expenditures not yet paid	245	814	247
Supplemental Cash Flow Disclosures:
Interest paid	6,476	4,384	3,325
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	0	136,700	49,637
Prepaid and other assets assumed	0	256	2
Other liabilities assumed	0	(462)	(624)
Investment in real estate and related assets	$ 0	$ 136,494	$ 49,015

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2020
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, 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 and its private offerings, 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 invests primarily in Real Estate Properties, it also acquires common and preferred stock of REITs and other real estate companies (“Real Estate Equity Securities”) and intends to invest in 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 under Regulation D of the Securities Act of 1933 (the "Reg D Private Offering"). On November 17, 2020, the Company commenced a separate private offering of up to a maximum of $300,000 in Class D shares under Regulation S of the Securities Act of 1933 (the "Reg S Private Offering" and, together with the Reg D Private Offering, the "Private Offerings"). 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 dealer manager agreement (the “Dealer Manager Agreement”) with DWS Distributors, Inc. (the “Dealer Manager”), a registered broker-dealer and an affiliate of RREEF America, to conduct the Company's public offerings. 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 "Follow-On Registration Statement"). Pursuant to the Follow-On 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 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 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 Offerings are referred to as the "Offerings." On April 22, 2020, the Company filed articles supplementary to its articles of incorporation to add newly-designated Class M-I common stock, $0.01 par value per share ("Class M-I Shares"), Class S common stock, $0.01 par value per share ("Class S Shares"), Class T2 common stock, $0.01 par value per share ("Class T2 Shares") and Class Z common stock, $0.01 par value per share ("Class Z Shares"). Class M-I Shares, Class S Shares and Class T2 Shares have been added to the Second Follow-on Registration Statement and are available for sale in the Second Follow-On Public Offering. Class Z Shares are expected to be offered only in a private offering. Shares of the Company’s common stock are sold at the Company’s net asset value (“NAV”) per share, plus, for Class A, Class S, Class T, Class T2 and Class D shares only, applicable selling commissions. Each class of shares have a different NAV per share because of certain class-specific fees. NAV per share is calculated by dividing the NAV at the end of each business day for each class by the number of shares outstanding for that class on such day.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
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, 2020 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. Under FASB ASC 805, Business Combinations , entities are required to evaluate whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. ASC 805 provides 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. Otherwise, such costs will be expensed upon completion of the transaction. In accordance with ASC 805 and 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 and condition 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, the timeliness and amount 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, and actual or potential impacts from other events, such as the coronavirus pandemic, that may affect the performance of an asset. A real estate investment is potentially 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, 2020 and 2019, 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. 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. 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 . 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. 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. Investment income from marketable securities is accrued at each distribution record date. 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 was 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. 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 reports 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. The Company is closely monitoring its tenants in light of the ongoing coronavirus pandemic. As of December 31, 2020, the Company has assessed that substantially all of its future lease payments are 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. Organization and Offering Costs 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 Offerings. Included in offering costs are (1) distribution fees paid on a trailing basis at the rate of (a) 0.50% per annum on the NAV of the outstanding Class A Shares, (b) 1.00% per annum on the NAV of the outstanding Class T Shares, and (c) 0.85% per annum on the NAV of the outstanding Class S and Class T2 Shares, and (2) dealer manager fees paid on a trailing basis at the rate of 0.55% per annum on the NAV of the outstanding Class A and Class I Shares (collectively, the "Trailing Fees"). The Trailing Fees are computed daily based on the respective NAV of each share class as of the beginning of each day and paid monthly. However, at each reporting date, the Company accrues an estimate for the amount of Trailing Fees that ultimately may be paid on the outstanding shares. Such estimate reflects the maximum amount of underwriting compensation that could be paid based on the amount of capital raised as of the reporting date for the primary portion of each separate offering. Changes in this estimate will be recorded prospectively as an adjustment to additional paid-in capital. As of December 31, 2020, and 2019 the Company has accrued $14,089 and $6,221, respectively, in Trailing Fees estimated to be payable in the future which was included in due to affiliates on the consolidated balance sheet. 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 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, 2020, 2019, and 2018, 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, 2020, 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 2019, May 2019 and May 2020, the Company granted shares of its Class I common stock to its independent directors (see Note 9), which qualify as participating securities. Risks and Uncertainties As of December 31, 2020 and 2019, 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. The Company did not incur significant disruptions during the year ended December 31, 2020 from the coronavirus pandemic. Nonetheless, the extent to which the coronavirus impacts the Company's investments and operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence. These factors include the duration of the outbreak, the impact of the global vaccination effort, new information that may emerge concerning the severity of the coronavirus and the actions taken by federal, state or local agencies and the general public to contain the coronavirus or treat its impact, among others. Among the cash on hand, ongoing net capital raise and availability under the Revised Wells Fargo Line of Credit (as defined below), the Company believes it has, and intends to maintain, sufficient liquidity at all times to satisfy its operational needs and the maximum quarterly limits on redemptions under its share redemption plan. In addition, the Company's real estate securities portfolio is comprised entirely of common stock of publicly traded REITs and is viewed as part of the Company's available liquidity that could be quickly converted to cash should the Company decide to do so. Lastly, if necessary, the Company may consider various options, including reducing its distributions or limiting its share redemption program. Recent Accounting Pronouncement s In March 2019, FASB issued ASU 2019-01, Leases (Topic 842), which provides guidance for determining the fair value and its application to lease classification and measurement for lessors that are not manufacturers or dealers, referred to as qualifying lessors. For qualifying lessors, the fair value of the underlying asset at lease commencement would be its cost, including any acquisition costs, however if a significant amount of time has elapsed between the asset acquisition date and the lease commencement, the fair value would be based on the guidance in ASC 820. ASU 2019-01 is effective for fiscal years beginning after December 15, 2019, including interim periods therein. The Company has evaluated the impact of ASU 2019-01 and determined the adoption did not have a material impact. On April 10, 2020, the FASB issued a question and answer document regarding accounting for lease concessions and other effects of the coronavirus pandemic. The document clarifies that entities may elect a practical expedient to not evaluate whether lease-related relief that lessors provide lessees to mitigate the economic effects of the coronavirus pandemic is a lease modification under ASC 842. Instead, an entity that elects this practical expedient can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract vs. assume the relief was not contemplated by the contract). Generally, the Company is adopting the practical expedient for rent deferral agreements and is not adopting the practical expedient for rent abatement agreements (see Note 5). In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform , (Topic 848), which provides temporary optional expedients and exceptions to the application of GAAP to modifications of certain contracts (generally, receivables, debt obligations and leases) and hedging relationships to ease the financial burdens of the expected market transitions from the London Inter-bank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and can be applied through December 31, 2022 to certain contract modifications as well as qualifying existing and new hedge relationships. Generally, ASU 2020-04 allows an entity to not re-assess certain aspects of the contract or hedge modification thereby allowing the contract or hedge accounting to be similar to how such contract or hedge was accounted for prior to the reference rate reform. While the adoption of any of the expedients is optional at any time through December 31, 2022, if an entity were to adopt any of the optional expedients, then such expedient must be applied consistently to all similar contracts. The Company's line of credit has an interest rate that is based on LIBOR and the Company does not have any hedging relationships. The Company is currently evaluating the impact that ASU 2020-04 may have on its consolidated financial statements as well as the applicability of ASU 2020-04 to the Company's other material contracts.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2020
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 became effective for fiscal years beginning after December 15, 2019, including interim periods therein. ASU 2018-13 allowed an entity to early adopt the provisions regarding eliminating or modifying certain disclosures until the effective date of the ASU 2018-13. The Company adopted the additional disclosures under ASU 2018-13 on January 1, 2020. These additional disclosures within Topic 820 require (a) changes in unrealized gains and losses to be included in other comprehensive income, and (b) disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The adoption 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, 2020 and 2019 approximated its fair value of $78,500 and $81,600 respectively. The Company estimated the fair value of the Company's mortgage loans payable at $126,868 and $126,601 as of December 31, 2020 and 2019, respectively. If the valuation of the Company's properties as of December 31, 2020 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 $4,100 and $4,500 as of December 31, 2020 and 2019, respectively. The estimated market interest rate is impacted by a number of factors. Material changes in those factors may cause a material change to the estimated market interest rate, thereby materially affecting the estimated fair value of the note to affiliate. The Company has estimated the fair value of the note to affiliate in the middle of the range of reasonably estimable values. The following shows certain information about the estimated fair value and the unobservable inputs for the Company's debt obligations as of December 31, 2020 and December 31, 2019. Range Fair Value at December 31, 2020 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 78,500 Discounted cash flow Loan to value 52.6 % 52.6 % 52.6 % Market interest rate 1.85 % 1.85 % 1.85 % Mortgage Loans Payable 126,868 Discounted cash flow Loan to value 36.9 % 60.1 % 50.3 % Market interest rate 2.65 % 4.65 % 3.68 % Note to Affiliate 4,100 Discounted cash flow Loan to value NA NA NA Market interest rate 4.75 % 4.75 % 4.75 % Range Fair Value at December 31, 2019 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 81,600 Discounted cash flow Loan to value 54.6 % 54.6 % 54.6 % Market interest rate 3.34 % 3.34 % 3.34 % Mortgage Loans Payable 126,601 Discounted cash flow Loan to value 39.1 % 59.3 % 51.3 % Market interest rate 3.55 % 4.20 % 3.81 % Note to Affiliate 4,500 Discounted cash flow Loan to value NA NA NA Market interest rate 5.00 % 5.00 % 5.00 %

REAL ESTATE INVESTMENTS AND LEA

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES	REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES The Company did not acquire any real estate property during the year ended December 31, 2020, two real estate properties during the year ended December 31, 2019 (the "2019 acquisitions") and four real estate properties during the year ended December 31, 2018 (the "2018 acquisitions"). On December 17, 2019, the Company acquired Seattle East Industrial for a purchase price of $81,500 excluding closing costs. 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 210,321 square 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 which was 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 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 ASC 805, the 2019 and 2018 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 in 2019, respectively, and $308 and $142 for Elston Plaza and Miami Industrial in 2018, respectively. The Company's allocations of the purchase price (including acquisition related costs) of the 2019 and 2018 acquisitions to the fair value of the major components of the assets acquired and liabilities assumed, using Level 3 inputs and assumptions, are 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 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, 2020 is as follows: Acquired in-place leases Acquired above-market leases Acquired below-market leases 2021 $ 5,065 $ 113 $ (866) 2022 4,634 42 (858) 2023 3,110 32 (765) 2024 2,085 12 (754) 2025 2,061 12 (754) Thereafter 16,495 33 (9,344) Total $ 33,450 $ 244 $ (13,341) Weighted average remaining amortization period (in years) 10.4 4.1 17.7

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
RENTALS UNDER OPERATING LEASES	RENTALS UNDER OPERATING LEASES As of December 31, 2020 and 2019, the Company owned 14 properties with a total of 60 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 12 properties with a total of 31 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. 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, 2020, 2019 and 2018 is comprised of the following: 2020 2019 2018 Lease revenue¹ $ 30,011 $ 22,706 $ 18,491 Straight-line revenue 1,065 694 188 Above- and below-market lease amortization, net 760 774 337 Lease incentive amortization (106) (104) (104) Property related income $ 31,730 $ 24,070 $ 18,912 1 Lease revenue includes $4,508, $3,762 and $2,540 of variable income from tenant reimbursements for the years ended December 31, 2020, 2019 and 2018, respectively. During the year ended December 31, 2020, the Company entered into agreements with six of its tenants that included abatement of rent amounting to approximately 0.1% of the annual contractual rent for the entire property portfolio, and deferral of rent amounting to approximately 1.1% of the annual contractual rent for the entire property portfolio. For tenants with whom the Company agreed to deferral of past due rent, such deferred rent is scheduled to be fully paid by July 2021, and all such deferred rent that became due under the deferral agreements as of December 31, 2020 has been paid. The future minimum rentals to be received, including the aforementioned deferred rent that comes due during 2021 and excluding tenant reimbursements, under the non-cancelable portions of all of the in-place leases in effect as of December 31, 2020 are as follows: Year ended December 31, Future Minimum Rent 2021 $ 25,481 2022 22,522 2023 17,746 2024 14,117 2025 13,312 Thereafter 46,299 $ 139,477 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, 2020, 2019 and 2018 are shown below. Percent of property related income Property Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Providence Square, Marietta, GA 13.7 % — % — % Seattle East Industrial, Redmond, WA 13.6 — — The Flats at Carrs Hill, Athens, GA 10.8 13.8 16.5 Loudoun Gateway, Sterling, VA 9.8 12.5 15.9 Elston Plaza, Chicago, IL 9.6 13.0 — Allied Drive, Dedham, MA 9.4 12.2 15.5 Terra Nova Plaza, Chula Vista, CA 7.1 9.5 11.7 Commerce Corner, Logan Township, NJ 6.0 8.2 10.3 Anaheim Hills Office Plaza, Anaheim, CA 5.5 5.2 12.2 Total 85.5 % 74.4 % 82.1 % Percent of property related income Tenant Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 FedEx Ground - Seattle East Industrial 13.6 % — % — % Orbital ATK Inc. - Loudoun Gateway 9.8 12.5 15.9 New England Baptist Hospital - Allied Drive 8.7 10.9 13.3 Total 32.1 % 23.4 % 29.2 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of December 31, 2020, 2019 and 2018 were as follows: Percent of in-place annualized base rental revenues as of Tenant December 31, 2020 December 31, 2019 December 31, 2018 FedEx Ground - Seattle East Industrial 14.8 % 15.3 % — % Orbital ATK Inc. - Loudoun Gateway 11.4 11.5 15.9 Total 26.2 % 26.8 % 15.9 %

MARKETABLE SECURITIES

MARKETABLE SECURITIES	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019, which consisted entirely of publicly traded shares of common stock in REITs as of each date. December 31, 2020 December 31, 2019 Marketable securities—cost $ 16,120 $ 17,866 Unrealized gains 4,210 3,413 Unrealized losses (43) (34) Net unrealized gain 4,167 3,379 Marketable securities—fair value $ 20,287 $ 21,245

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2020
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 had a three one The interest rate under the Revised Wells Fargo Line of Credit is based on the 1-month 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, 2020, the outstanding balance was $78,500 and the weighted average interest rate was 1.85%. As of December 31, 2019, the outstanding balance was $81,600 and the weighted average interest rate was 3.33%. 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 9% based on the in-place net operating income of the collateral pool as defined, or (3) the maximum capacity of the Revised Wells Fargo Line of Credit. Proceeds from the Revised Wells Fargo Line of Credit can be used to fund acquisitions, redeem shares pursuant to the Company's redemption plan and for any other corporate purpose. As of December 31, 2020, 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, 2020. The following is a reconciliation of the carrying amount of the Wells Fargo Line of Credit at December 31, 2020 and 2019: Balance at Lender December 31, 2020 December 31, 2019 Wells Fargo $ 78,500 $ 81,600 Deduct: Deferred financing costs, less accumulated amortization (42) (309) Line of credit, net $ 78,458 $ 81,291 Mortgage Loans Certain wholly owned subsidiaries of the Company are obligors on various mortgage loans. Such mortgage loans contain fixed interest rates, allow for a one-time transfer to another borrower subject to lender discretion and payment of applicable fees, and allow for full prepayment at certain times with payment of applicable penalties, if any. The following is a reconciliation of the carrying amount of the mortgage loans payable at December 31, 2020 and 2019. Balance at Lender Encumbered Property December 31, 2020 December 31, 2019 Interest Rate Maturity Date Hartford Life Insurance Company Commerce Corner $ 12,485 $ 12,747 3.41 % December 1, 2023 Nationwide Life Insurance Company Flats at Carrs Hill 14,500 14,500 3.63 March 1, 2026 State Farm Life Insurance Company Elston Plaza 17,600 17,600 3.89 July 1, 2026 Transamerica Life Insurance Company Wallingford Plaza 6,950 6,950 4.56 January 1, 2029 Nationwide Life Insurance Company Providence Square 29,700 29,700 3.67 October 5, 2029 JPMorgan Chase Bank Seattle East Industrial 45,140 45,140 3.87 January 1, 2030 $ 126,375 $ 126,637 Deduct: Deferred financing costs, less accumulated amortization (815) (939) Mortgage loans payable, net $ 125,560 $ 125,698 Aggregate future principal payments due on the Revised Wells Fargo Line of Credit and mortgage loans payable as of December 31, 2020 are as follows: Year Amount 2021¹ $ 79,003 2022 717 2023 12,388 2024 474 2025 493 Thereafter 111,800 Total $ 204,875 (1) On February 26, 2021, the maturity of the Revised Wells Fargo Line of Credit was extended via an amendment to February 27, 2023.

RELATED PARTY ARRANGEMENTS

RELATED PARTY ARRANGEMENTS	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY ARRANGEMENTS	RELATED PARTY ARRANGEMENTS Advisory Agreement RREEF America is entitled to compensation and reimbursements in connection with the management of the Company's investments in accordance with an advisory agreement between RREEF America and the Company (the "Advisory Agreement"). The Advisory Agreement is for a one 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 such 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. a. For Class A, Class I, Class T, Class D, Class N and Class Z Shares, 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. b. For Class M-I, Class S and Class T2 Shares, for any calendar year in which the total return per share allocable to a class exceeds 5% per annum (the “Alternative Hurdle Amount”), RREEF America will receive up to 12.5% of the aggregate total return allocable to such class with an Alternative Catch-Up (defined below) calculated as follows: first, if the total return for the applicable period exceeds the Alternative Hurdle Amount, 100% of such total return in excess of the Alternative Hurdle Amount (the “Alternative Excess Profits”) until the total return reaches 5.715% (commonly referred to as a “Alternative Catch-Up”); and second, to the extent there are remaining Alternative Excess Profits, 12.5% of such remaining Alternative Excess Profits. For all share classes, the performance component earned by RREEF America for each class is subject to certain other adjustments which do not apply unless the NAV per share is below $12.00 per share. The performance component is payable annually in arrears. The performance component is calculated daily on a year-to-date basis by reference to a proration of the per annum hurdle as of the date of calculation. Any resulting performance component as of a given date is deducted from the Company's published NAV per share for such date. At each interim balance sheet date, the Company considers the estimated performance component that is probable to be due as of the end of the current calendar year in assessing whether the calculated performance component as of the interim balance sheet date meets the threshold for recognition in accordance with GAAP in the Company's consolidated financial statements. The ultimate amount of the performance component as of the end of the current calendar year, if any, may be more or less than the amount recognized by the Company as of any interim date and will depend on a variety of factors, including but not limited to, the performance of the Company's investments, interest rates, capital raise and redemptions. No performance component was available to be accrued as of December 31, 2020. The fees earned by RREEF America for the years ended December 31, 2020, 2019 and 2018 are shown below. Year Ended December 31, 2020 2019 2018 Fixed component $ 2,163 $ 1,759 $ 1,268 Performance component — 1,069 574 $ 2,163 $ 2,828 $ 1,842 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, 2020 and 2019, RREEF America incurred $232 and $286 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, 2020 and 2019, the Company had a payable to RREEF America of $51 and $67, 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. Through December 31, 2015, the Company had incurred the maximum amount of $9,200 in Expense Payments. 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. In accordance with the Expense Support Agreement, the Company was to reimburse RREEF America $250 per quarter (the "Quarterly Reimbursement"), representing a non-interest bearing note due to RREEF America ("Note to Affiliate") which was subject to the imputation of interest. In accordance therewith, on January 1, 2016, the Company recorded a discount on the Note to Affiliate in the amount of $1,862 which was to be amortized to interest expense over the contractual reimbursement period using the effective interest method. Further, the Company made one payment of $250 to RREEF America in the first quarter of 2016, leaving a balance due of $8,950 and which was comprised of $3,567 in organization and offering costs related to the Company's initial public offering, $196 of offering costs for the Private Offering and $5,187 in operating expenses. 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. On March 24, 2020, the Company and RREEF America entered into a second letter agreement which superseded the previous letter 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"). In addition, in the Letter Agreement, RREEF America agreed to permanently waive the reimbursement of $3,567 in organization and offering expenses that were previously included in the Expense Payments. Accordingly, the Company owed $5,383 to RREEF America under the expense support agreement as of December 31, 2020. Pursuant to the Letter Agreement, beginning the month following the ESA Commencement Date, reimbursements to RREEF America will be made in the amount of $250 per month for 12 months, followed by reimbursements of $198 per month for 12 months, which will fully satisfy the principal balance owed. The aforementioned waiver of $3,567 constituted an extinguishment under GAAP of a related party loan that was determined to be a capital transaction. As a result, the remaining unamortized discount on the Note to Affiliate was written off to additional paid in capital in the amount of $1,182, and a new discount was recorded in the amount of $946 based on an estimated market interest rate of 3.75%. The resulting discount is being amortized using the effective interest method over the expected term of the Note to Affiliate. For the period of January 1, 2020 through March 23, 2020, using the previous discount rate of 1.93%, the Company amortized $34 of the discount on the Note to Affiliate into interest expense. For the period of March 24, 2020 through December 31, 2020 using the new discount rate of 3.75%, the Company amortized $130 of the discount on the Note to Affiliate into interest expense. For the years ended December 31, 2020, 2019 and 2018, the Company amortized $164, $148 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 The Company and its Operating Partnership entered into a dealer manager agreement (the "Dealer Manager Agreement") with DWS Distributors, Inc., an affiliate of the Company's sponsor and advisor (the "Dealer Manager"), which was most recently amended and restated on April 21, 2020. The Dealer Manager Agreement governs the distribution by the Dealer Manager of the Company’s shares of common stock in the Second Follow-On Public Offering and any subsequent registered public offering. In connection with the ongoing Trailing Fees to be paid in the future, the Company and the Dealer Manager entered into an agreement whereby the Company will pay to the Dealer Manager the Trailing Fees that are attributable to the Company's shares issued in the Company's initial public offering that remain outstanding. In addition, the Company is obligated to pay to the Dealer Manager Trailing Fees that are attributable to the Company's shares issued in the Follow-On Public Offering and the Second Follow-On Public Offering. As of December 31, 2020 and 2019, the Company has accrued $122 and $118, respectively, in Trailing Fees currently payable to the Dealer Manager, and $14,089 and $6,221, 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, 2020 and 2019, the Dealer Manager has earned upfront selling commissions and upfront dealer manager fees totaling $100 and $391, 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, 2020 and 2019, the Dealer Manager incurred $139 and $193, respectively. As of December 31, 2020 and 2019, the Company had payable to the Dealer Manager $5 and $193, 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, 2020, estimated Trailing Fees payable in the future of $3,320. For the Follow-On Public Offering that ended on January 8, 2020, the Company raised $132,994 in gross proceeds and incurred $16,861 in organization and offering cost, including, as of December 31, 2020, estimated accrued Trailing Fees payable in the future of $8,359. For the Second Follow-On Public Offering as of December 31, 2020, the Company raised $33,589 in gross proceeds and incurred $3,964 in organization and offering costs, including estimated accrued Trailing Fees payable in the future of $2,410. 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, 2020, total operating expenses of the Company were $4,022, which did not exceed the 2%/25% Guidelines. 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. Due to Affiliates and Note to Affiliate In accordance with all the above, as of December 31, 2020 and 2019, the Company owed RREEF America and the Dealer Manager the following amounts: December 31, 2020 December 31, 2019 Reimbursable under the Advisory Agreement $ 51 $ 67 Reimbursable under the Dealer Manager Agreement 5 193 Advisory fees 187 1,244 Accrued Trailing Fees 14,211 6,339 Due to affiliates $ 14,454 $ 7,843 Note to Affiliate $ 5,383 $ 8,950 Unamortized discount (817) (1,217) Note to Affiliate, net of unamortized discount $ 4,566 $ 7,733

CAPITALIZATION

CAPITALIZATION	12 Months Ended
	Dec. 31, 2020
Capitalization [Abstract]
CAPITALIZATION	CAPITALIZATION Under the Company's charter, as most recently amended on April 22, 2020, 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 45,000,000 Class D Shares 45,000,000 Class I Shares 200,000,000 Class M-I Shares 200,000,000 Class N Shares 150,000,000 Class S Shares 200,000,000 Class T Shares 5,000,000 Class T2 Shares 150,000,000 Class Z Shares 5,000,000 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 M-I Shares will not incur any up-front commissions or trailing fees. Class S Shares are subject to selling commissions of up to 3% of the purchase price, and annual distribution fees of 0.85% of the NAV paid on a trailing basis for approximately seven years. 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. For the year ended December 31, 2020, 26,521 Class T Shares were converted to 26,521 Class N Shares. 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. Stock Issuance During the years ended December 31, 2020, 2019 and 2018, the Company issued common stock, excluding shares issued in the distribution reinvestment plan, as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 No. of shares Amount No. of shares Amount No. of shares Amount Class A Shares 107,121 $ 1,575 360,132 $ 5,280 391,867 $ 5,601 Class D Shares 693 10 176,101 2,520 — — Class I Shares 1,891,177 27,201 3,391,732 48,864 1,857,612 26,048 Class T Shares 71,394 1,084 321,590 4,861 552,490 8,125 Total $ 29,870 $ 61,525 $ 39,774 There were no Class M-I, S, T2 or Z Shares issued as of December 31, 2020. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan that allows stockholders to have the cash distributions attributable to the class of shares that the stockholder owns automatically invested in additional shares of the same class. Shares are offered pursuant to the Company's distribution reinvestment plan at the NAV per share applicable to that class, calculated as of the distribution date and after giving effect to all distributions. Stockholders who elect to participate in the distribution reinvestment plan, and who are subject to U.S. federal income tax 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, subject to a short-term trading discount, if applicable. The total amount of redemptions in any calendar quarter will be limited to shares whose aggregate value (based on the redemption price per share on the date of the redemption) is equal to 5% of the Company's combined NAV for all classes of shares as of the last day of the previous calendar quarter. In addition, if redemptions do not reach the 5% limit in a calendar quarter, the unused portion generally will be carried over to the next quarter and not any subsequent quarter, except that the maximum amount of redemptions during any quarter may never exceed 10% of the combined NAV for all classes of shares as of the last day of the previous calendar quarter. If the quarterly volume limitation is reached on or before the third business day of a calendar quarter, redemption requests during the next quarter will be satisfied on a stockholder by stockholder basis, which the Company refers to as a per stockholder allocation, instead of a first-come, first-served basis. Pursuant to the per stockholder allocation, each stockholder would be allowed to request redemption at any time during such quarter of a total number of shares not to exceed 5% of the shares of common stock the stockholder held as of the end of the prior quarter. The per stockholder allocation requirement will remain in effect for each succeeding quarter for which the total redemptions for the immediately preceding quarter exceeded 4% of the Company's NAV on the last business day of such preceding quarter. If total redemptions during a quarter for which the per stockholder allocation applies are equal to or less than 4% of the Company's NAV on the last business day of such preceding quarter, then redemptions will again be satisfied on a first-come, first-served basis for the next succeeding quarter and each quarter thereafter. Each redemption request will be evaluated by the Company in consideration of rules and regulations promulgated by the Internal Revenue Service with respect to dividend equivalent redemptions. Redemptions that may be considered dividend equivalent redemptions may adversely affect the Company or its stockholders. Accordingly, the Company may reject any redemption request that it reasonably believes may be treated as a dividend equivalent redemption. While there is no minimum holding period, purchased shares (excluding shares acquired via the Company's distribution reinvestment plan) 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 such purchased shares which are being redeemed. 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, 2020, 2019 and 2018, redemption requests were received as shown below. The Company funded these redemptions with cash flow from operations, proceeds from its Offerings or borrowings. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Year Ended December 31, 2020 Shares Weighted Average Share Price Amount Class A 393,390 $ 14.17 $ 5,574 Class I 1,164,337 14.28 16,613 Class T 38,867 14.17 550 Class D 176,101 14.45 2,544 Class N — — — 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 — — — 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 or private 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 Pursuant to the Compensation Plans, upon completion of each annual stockholder meeting, the Company grants $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. The Annual Share Grant Awards shall vest and become non-forfeitable at the next annual stockholder 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, 2020 Year Ended December 31, 2019 Stock Awards Class I Shares Weighted Average Grant Date Fair Value Class I Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period 17,094 $ 14.34 — $ — Changes during the period: Granted 2,106 $ 14.24 22,094 $ 14.34 Vested (7,094) $ 14.33 (5,000) $ 14.34 Forfeited — $ — — $ — Outstanding, end of period 12,106 $ 14.32 17,094 $ 14.34 Amount included in general and administrative expenses $ 102 $ 145 Also see Note 17.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2020
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, Class D and Class N common stock using the two-class method. RREEF America may earn a performance component of the advisory fee (see Note 8) which may impact the net income (loss) of each class of common stock differently. The performance component and the impact on each class of common stock, if any, are shown below. Basic and diluted net income (loss) per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. The Initial Stock Awards and the Annual Share Grant Awards granted to the Company's independent directors (see Note 9) qualify as participating securities and therefore also require use of the two-class method for computing net income (loss) per share. However, the unvested Initial Stock Awards and the unvested Annual Share Grant Awards are anti-dilutive or immaterially dilutive, and therefore are ignored in the diluted net income (loss) per share calculation for the years ended December 31, 2020, 2019 and 2018. 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 class of the Company’s common stock which had shares outstanding during the relevant period. Year Ended December 31, 2020 Class A Class I Class T Class D Class N** Basic and diluted net loss per share: Allocation of net loss before performance fee $ (445) $ (1,242) $ (118) $ (20) $ (1) Allocation of performance fees — — — — — Total Numerator $ (445) $ (1,242) $ (118) $ (20) $ (1) Denominator - weighted average number of common shares outstanding 3,682,047 10,297,156 978,268 167,991 13,484 Basic and diluted net loss per share: $ (0.12) $ (0.12) $ (0.12) $ (0.12) $ (0.12) **Class N Shares were first converted from Class T Shares in November 2020 Year Ended December 31, 2019 Class A Class I Class T Class D* Basic and diluted net income per share: Allocation of net loss 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 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)

DISTRIBUTIONS

DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2020
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 2020, 2019 and 2018. Three Months Ended Total March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00198576 $ 0.00195203 $ 0.00192349 $ 0.00196145 Distributions paid or payable in cash $ 1,369 $ 1,330 $ 1,303 $ 1,342 $ 5,344 Distributions reinvested 1,339 1,355 1,377 1,411 5,482 Distributions declared $ 2,708 $ 2,685 $ 2,680 $ 2,753 $ 10,826 Class A Shares issued upon reinvestment 25,107 24,380 23,778 23,876 97,141 Class I Shares issued upon reinvestment 63,595 67,373 68,581 69,727 269,276 Class T Shares issued upon reinvestment 4,177 4,451 4,371 4,336 17,335 Class D Shares issued upon reinvestment — — — 4 4 Class N Shares issued upon reinvestment** — — — 125 125 **Class N Shares were first converted from Class T Shares in November 2020 Three Months Ended Total March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Class A $ 643 $ 611 $ 594 $ 605 $ 2,453 Class I 1,866 1,875 1,889 1,952 7,582 Class T 163 164 162 164 653 Class D 36 35 35 30 136 Class N** — — — 2 2 Distributions declared $ 2,708 $ 2,685 $ 2,680 $ 2,753 $ 10,826 **Class N Shares were first converted from Class T Shares in November 2020 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, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Class A $ 588 $ 620 $ 636 $ 646 $ 2,490 Class I 1,147 1,314 1,508 1,734 5,703 Class T 106 123 137 146 512 Class D* — 2 36 37 75 Distributions declared $ 1,841 $ 2,059 $ 2,317 $ 2,563 $ 8,780 * 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

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe 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, 2020, 2019 and 2018: Characterization Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Ordinary income 26.1155 % 20.1932 % 24.4049 % Capital gain distribution — 2.1065 — Nondividend distributions (return of capital) 73.8845 77.7003 75.5951 Total 100.0000 % 100.0000 % 100.0000 % Net worth and similar taxes paid to certain states where the Company owns real estate properties were $28, $25 and $24 for the years ended December 31, 2020, 2019 and 2018, respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION For the years ended December 31, 2020, 2019 and 2018, the Company had two segments with reportable information: Real Estate Properties and Real Estate Equity Securities. The Company organizes and analyzes the operations and results of each of these segments independently, due to inherently different considerations for each segment. Such considerations include, but are not limited to, the nature and characteristics of the investment, and investment strategies and objectives. The following tables set forth the carrying value, revenue and the components of operating income of the Company's segments reconciled to total assets as of December 31, 2020 and 2019, and net income (loss) for the years ended December 31, 2020, 2019 and 2018. Real Estate Properties Real Estate Equity Securities Total Carrying value as of December 31, 2020 $ 320,154 $ 20,287 $ 340,441 Receivables 4,977 180 5,157 Deferred leasing cost 2,641 — 2,641 Subtotal $ 327,772 $ 20,467 $ 348,239 Reconciliation to total assets of December 31, 2020 Carrying value per reportable segments $ 348,239 Other assets 5,755 Total assets $ 353,994 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 Other assets 13,478 Total assets $ 366,085 Real Estate Properties Real Estate Equity Securities Total Year Ended December 31, 2020 Property related income $ 31,730 $ — $ 31,730 Investment income on marketable securities — 646 646 Total revenues 31,730 646 32,376 Segment operating expenses 8,580 38 8,618 Net realized loss upon sale of marketable securities — (2,363) (2,363) Net unrealized change in fair value of investment in marketable securities — 788 788 Operating income (loss)- segments $ 23,150 $ (967) $ 22,183 Year Ended December 31, 2019 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 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 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 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, Reconciliation to net (loss) income 2020 2019 2018 Operating income - segments $ 22,183 $ 21,003 $ 12,430 General and administrative expenses (1,849) (1,912) (1,845) Advisory expenses (2,163) (2,828) (1,842) Depreciation (7,059) (5,579) (4,504) Amortization (5,774) (4,874) (4,133) Operating income 5,338 5,810 106 Interest expense (7,164) (5,107) (3,835) Net (loss) income $ (1,826) $ 703 $ (3,729)

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	12 Months Ended
	Dec. 31, 2020
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, 2020
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, 2020
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, 2020, 2019 and 2018. For the Quarter Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Property related income $ 8,013 $ 7,977 $ 7,729 $ 8,011 Investment income on marketable securities 162 131 166 187 Total revenues 8,175 8,108 7,895 8,198 Operating expenses (6,577) (6,380) (6,238) (6,268) Interest expense (1,952) (1,761) (1,732) (1,719) Net realized (loss) gain upon sale of marketable securities (443) (1,707) (399) 186 Net unrealized change in fair value of investment in marketable securities (4,363) 3,005 710 1,436 Net (loss) income $ (5,160) $ 1,265 $ 236 $ 1,833 Weighted average number of common shares outstanding - basic and diluted Class A 3,817,002 3,691,914 3,613,878 3,606,969 Weighted average number of common shares outstanding - basic and diluted Class I 10,035,929 10,256,352 10,376,824 10,516,201 Weighted average number of common shares outstanding - basic and diluted Class T 967,167 986,078 982,012 977,780 Weighted average number of common shares outstanding - basic and diluted Class D 176,101 176,101 176,101 143,839 Weighted average number of common shares outstanding - basic and diluted Class N — — — 13,484 Basic and diluted net (loss) income per share - Class A $ (0.34) $ 0.08 $ 0.02 $ 0.12 Basic and diluted net (loss) income per share - Class I $ (0.34) $ 0.08 $ 0.02 $ 0.12 Basic and diluted net (loss) income per share - Class T $ (0.34) $ 0.08 $ 0.02 $ 0.12 Basic and diluted net (loss) income per share - Class D $ (0.34) $ 0.08 $ 0.02 $ 0.12 Basic and diluted net (loss) income per share - Class N $ — $ — $ — $ 0.12 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 upon sale of marketable securities 119 146 274 127 Net unrealized changed in fair value of investment 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 Weighted 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)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On February 25, 2021, the Company's board of directors approved an amended and restated incentive compensation plan and an amended and restated independent directors compensation plan (the "Third Amended and Restated Compensation Plans"). Pursuant to the Third Amended and Restated Compensation Plans, awards of the Company's common stock will be made in shares of the Company's Class D common stock rather than Class I common stock. In addition, the Company's board of directors approved converting all currently outstanding awards of Class I shares, whether or not vested, to Class D shares. Such conversion will take place as soon as practicable.

SCHEDULE III Real Estate and Ac

SCHEDULE III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
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, 2020 (in thousands) Initial cost (A) Gross Amount at Which Carried at December 31, 2020 (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) $ 8,093 $ 2,311 $ 10,989 $ — $ 13,300 $ (5,685) 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 (2,352) 1916 12/18/2013 5 - 40 Commerce Corner, Logan Township, NJ, Industrial (G) 12,485 3,397 16,353 — 19,750 (4,162) 1998 4/11/2014 5 - 40 Anaheim Hills Office Plaza, Anaheim, CA, Office (E) 11,516 6,519 11,980 2,771 21,270 (5,799) 2008 7/2/2014 5 - 40 Shops at Terra Nova Plaza, Chula Vista, CA, Retail (E) 13,251 10,628 11,222 — 21,850 (2,995) 1986 10/2/2014 5 - 40 The Flats at Carrs Hill, Athens, GA, University of GA Student Housing (H) 14,500 3,144 23,856 572 27,572 (7,691) 2013 9/30/2015 5 - 27.5 Loudoun Gateway I, Sterling, VA, Office (E) 12,097 2,042 19,908 — 21,950 (9,615) 1998 12/21/2015 5 - 40 40 Allied Drive, Dedham, MA, Medical Office (E) 20,457 5,484 28,516 — 34,000 (5,523) 2013 9/27/2016 5 - 40 Palmetto Lakes, Miami Lakes, FL, Industrial (E) 8,619 6,054 7,006 543 13,603 (1,993) 1974 7/17/2018 5 - 40 Hialeah I, Miami, FL, Industrial (E) 2,418 1,642 2,749 88 4,479 (734) 1962 7/17/2018 5 - 40 Hialeah II, Miami, FL, Industrial (E) 2,049 1,725 1,666 601 3,992 (490) 1961 7/17/2018 5 - 40 Elston Plaza, Chicago, IL, Retail (J) 17,600 17,767 11,028 — 28,795 (1,807) 1983 12/31/2018 5 - 40 Providence Square, Marietta, GA, Retail (K) 29,700 9,742 45,319 146 55,207 (3,474) 1990 9/16/2019 5 - 40 Seattle East Industrial, Redmond, WA, Industrial (L) 45,140 50,692 30,947 — 81,639 (1,284) 2013 12/17/2019 5 - 40 Total Investments in Real Estate $ 204,875 $ 124,860 $ 230,554 $ 5,003 $ 360,417 $ (53,604) (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, 2020 for federal income tax purposes was approximately $363,576 (unaudited). (C) Reconciliation of real estate owned for the years ended December 31: 2020 2019 2018 Balance at January 1 $ 358,982 $ 219,699 $ 169,438 Acquisitions — 136,700 49,637 Additions 1,435 2,583 624 Balance at December 31 $ 360,417 $ 358,982 $ 219,699 (D) Reconciliation of accumulated depreciation and amortization for the years ended December 31: 2020 2019 2018 Balance at January 1 $ 41,839 $ 32,414 $ 24,182 Depreciation and amortization expense 11,765 9,425 8,232 Balance at December 31 $ 53,604 $ 41,839 $ 32,414 (E) Encumbrance of $78,500 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 $12,485 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, 2020
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, 2020 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. Under FASB ASC 805, Business Combinations , entities are required to evaluate whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. ASC 805 provides 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. Otherwise, such costs will be expensed upon completion of the transaction. In accordance with ASC 805 and 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
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. 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. 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 . 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. 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.
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 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	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 was 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. 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 reports 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. The Company is closely monitoring its tenants in light of the ongoing coronavirus pandemic. As of December 31, 2020, the Company has assessed that substantially all of its future lease payments are 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.
Organization and Offering Expenses	Organization and Offering Costs 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
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 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, 2020, 2019, and 2018, 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. From the Company’s inception through December 31, 2018, the Company had not issued any participating securities. In March 2019, May 2019 and May 2020, the Company granted shares of its Class I common stock to its independent directors (see Note 9), which qualify as participating securities.
Risks and Uncertainties	Risks and Uncertainties As of December 31, 2020 and 2019, 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. The Company did not incur significant disruptions during the year ended December 31, 2020 from the coronavirus pandemic. Nonetheless, the extent to which the coronavirus impacts the Company's investments and operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence. These factors include the duration of the outbreak, the impact of the global vaccination effort, new information that may emerge concerning the severity of the coronavirus and the actions taken by federal, state or local agencies and the general public to contain the coronavirus or treat its impact, among others. Among the cash on hand, ongoing net capital raise and availability under the Revised Wells Fargo Line of Credit (as defined below), the Company believes it has, and intends to maintain, sufficient liquidity at all times to satisfy its operational needs and the maximum quarterly limits on redemptions under its share redemption plan. In addition, the Company's real estate securities portfolio is comprised entirely of common stock of publicly traded REITs and is viewed as part of the Company's available liquidity that could be quickly converted to cash should the Company decide to do so. Lastly, if necessary, the Company may consider various options, including reducing its distributions or limiting its share redemption program.
Recent Accounting Pronouncements	Recent Accounting Pronouncement s In March 2019, FASB issued ASU 2019-01, Leases (Topic 842), which provides guidance for determining the fair value and its application to lease classification and measurement for lessors that are not manufacturers or dealers, referred to as qualifying lessors. For qualifying lessors, the fair value of the underlying asset at lease commencement would be its cost, including any acquisition costs, however if a significant amount of time has elapsed between the asset acquisition date and the lease commencement, the fair value would be based on the guidance in ASC 820. ASU 2019-01 is effective for fiscal years beginning after December 15, 2019, including interim periods therein. The Company has evaluated the impact of ASU 2019-01 and determined the adoption did not have a material impact. On April 10, 2020, the FASB issued a question and answer document regarding accounting for lease concessions and other effects of the coronavirus pandemic. The document clarifies that entities may elect a practical expedient to not evaluate whether lease-related relief that lessors provide lessees to mitigate the economic effects of the coronavirus pandemic is a lease modification under ASC 842. Instead, an entity that elects this practical expedient can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract vs. assume the relief was not contemplated by the contract). Generally, the Company is adopting the practical expedient for rent deferral agreements and is not adopting the practical expedient for rent abatement agreements (see Note 5). In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform , (Topic 848), which provides temporary optional expedients and exceptions to the application of GAAP to modifications of certain contracts (generally, receivables, debt obligations and leases) and hedging relationships to ease the financial burdens of the expected market transitions from the London Inter-bank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and can be applied through December 31, 2022 to certain contract modifications as well as qualifying existing and new hedge relationships. Generally, ASU 2020-04 allows an entity to not re-assess certain aspects of the contract or hedge modification thereby allowing the contract or hedge accounting to be similar to how such contract or hedge was accounted for prior to the reference rate reform. While the adoption of any of the expedients is optional at any time through December 31, 2022, if an entity were to adopt any of the optional expedients, then such expedient must be applied consistently to all similar contracts. The Company's line of credit has an interest rate that is based on LIBOR and the Company does not have any hedging relationships. The Company is currently evaluating the impact that ASU 2020-04 may have on its consolidated financial statements as well as the applicability of ASU 2020-04 to the Company's other material contracts.

REAL ESTATE INVESTMENTS AND L_2

REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of Real Estate Acquired, Purchase Price Allocation	The Company's allocations of the purchase price (including acquisition related costs) of the 2019 and 2018 acquisitions to the fair value of the major components of the assets acquired and liabilities assumed, using Level 3 inputs and assumptions, are 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 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, 2020 is as follows: Acquired in-place leases Acquired above-market leases Acquired below-market leases 2021 $ 5,065 $ 113 $ (866) 2022 4,634 42 (858) 2023 3,110 32 (765) 2024 2,085 12 (754) 2025 2,061 12 (754) Thereafter 16,495 33 (9,344) Total $ 33,450 $ 244 $ (13,341) Weighted average remaining amortization period (in years) 10.4 4.1 17.7

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020, 2019 and 2018 is comprised of the following: 2020 2019 2018 Lease revenue¹ $ 30,011 $ 22,706 $ 18,491 Straight-line revenue 1,065 694 188 Above- and below-market lease amortization, net 760 774 337 Lease incentive amortization (106) (104) (104) Property related income $ 31,730 $ 24,070 $ 18,912 1 Lease revenue includes $4,508, $3,762 and $2,540 of variable income from tenant reimbursements for the years ended December 31, 2020, 2019 and 2018, respectively.
Future Minimum Rental Payments to be Received	The future minimum rentals to be received, including the aforementioned deferred rent that comes due during 2021 and excluding tenant reimbursements, under the non-cancelable portions of all of the in-place leases in effect as of December 31, 2020 are as follows: Year ended December 31, Future Minimum Rent 2021 $ 25,481 2022 22,522 2023 17,746 2024 14,117 2025 13,312 Thereafter 46,299 $ 139,477
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, 2020, 2019 and 2018 are shown below. Percent of property related income Property Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Providence Square, Marietta, GA 13.7 % — % — % Seattle East Industrial, Redmond, WA 13.6 — — The Flats at Carrs Hill, Athens, GA 10.8 13.8 16.5 Loudoun Gateway, Sterling, VA 9.8 12.5 15.9 Elston Plaza, Chicago, IL 9.6 13.0 — Allied Drive, Dedham, MA 9.4 12.2 15.5 Terra Nova Plaza, Chula Vista, CA 7.1 9.5 11.7 Commerce Corner, Logan Township, NJ 6.0 8.2 10.3 Anaheim Hills Office Plaza, Anaheim, CA 5.5 5.2 12.2 Total 85.5 % 74.4 % 82.1 % Percent of property related income Tenant Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 FedEx Ground - Seattle East Industrial 13.6 % — % — % Orbital ATK Inc. - Loudoun Gateway 9.8 12.5 15.9 New England Baptist Hospital - Allied Drive 8.7 10.9 13.3 Total 32.1 % 23.4 % 29.2 % The Company's tenants representing more than 10% of in-place annualized base rental revenues as of December 31, 2020, 2019 and 2018 were as follows: Percent of in-place annualized base rental revenues as of Tenant December 31, 2020 December 31, 2019 December 31, 2018 FedEx Ground - Seattle East Industrial 14.8 % 15.3 % — % Orbital ATK Inc. - Loudoun Gateway 11.4 11.5 15.9 Total 26.2 % 26.8 % 15.9 %

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019, which consisted entirely of publicly traded shares of common stock in REITs as of each date. December 31, 2020 December 31, 2019 Marketable securities—cost $ 16,120 $ 17,866 Unrealized gains 4,210 3,413 Unrealized losses (43) (34) Net unrealized gain 4,167 3,379 Marketable securities—fair value $ 20,287 $ 21,245

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The following is a reconciliation of the carrying amount of the Wells Fargo Line of Credit at December 31, 2020 and 2019: Balance at Lender December 31, 2020 December 31, 2019 Wells Fargo $ 78,500 $ 81,600 Deduct: Deferred financing costs, less accumulated amortization (42) (309) Line of credit, net $ 78,458 $ 81,291
Schedule of Mortgage Loans Payable	The following is a reconciliation of the carrying amount of the mortgage loans payable at December 31, 2020 and 2019. Balance at Lender Encumbered Property December 31, 2020 December 31, 2019 Interest Rate Maturity Date Hartford Life Insurance Company Commerce Corner $ 12,485 $ 12,747 3.41 % December 1, 2023 Nationwide Life Insurance Company Flats at Carrs Hill 14,500 14,500 3.63 March 1, 2026 State Farm Life Insurance Company Elston Plaza 17,600 17,600 3.89 July 1, 2026 Transamerica Life Insurance Company Wallingford Plaza 6,950 6,950 4.56 January 1, 2029 Nationwide Life Insurance Company Providence Square 29,700 29,700 3.67 October 5, 2029 JPMorgan Chase Bank Seattle East Industrial 45,140 45,140 3.87 January 1, 2030 $ 126,375 $ 126,637 Deduct: Deferred financing costs, less accumulated amortization (815) (939) Mortgage loans payable, net $ 125,560 $ 125,698
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, 2020 are as follows: Year Amount 2021¹ $ 79,003 2022 717 2023 12,388 2024 474 2025 493 Thereafter 111,800 Total $ 204,875 (1) On February 26, 2021, the maturity of the Revised Wells Fargo Line of Credit was extended via an amendment to February 27, 2023.

RELATED PARTY ARRANGEMENTS (Tab

RELATED PARTY ARRANGEMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The fees earned by RREEF America for the years ended December 31, 2020, 2019 and 2018 are shown below. Year Ended December 31, 2020 2019 2018 Fixed component $ 2,163 $ 1,759 $ 1,268 Performance component — 1,069 574 $ 2,163 $ 2,828 $ 1,842 In accordance with all the above, as of December 31, 2020 and 2019, the Company owed RREEF America and the Dealer Manager the following amounts: December 31, 2020 December 31, 2019 Reimbursable under the Advisory Agreement $ 51 $ 67 Reimbursable under the Dealer Manager Agreement 5 193 Advisory fees 187 1,244 Accrued Trailing Fees 14,211 6,339 Due to affiliates $ 14,454 $ 7,843 Note to Affiliate $ 5,383 $ 8,950 Unamortized discount (817) (1,217) Note to Affiliate, net of unamortized discount $ 4,566 $ 7,733

CAPITALIZATION (Tables)

CAPITALIZATION (Tables)	12 Months Ended
	Dec. 31, 2020
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 45,000,000 Class D Shares 45,000,000 Class I Shares 200,000,000 Class M-I Shares 200,000,000 Class N Shares 150,000,000 Class S Shares 200,000,000 Class T Shares 5,000,000 Class T2 Shares 150,000,000 Class Z Shares 5,000,000 1,000,000,000
Schedule of Repurchase Agreements	During the years ended December 31, 2020, 2019 and 2018, redemption requests were received as shown below. The Company funded these redemptions with cash flow from operations, proceeds from its Offerings or borrowings. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts. Year Ended December 31, 2020 Shares Weighted Average Share Price Amount Class A 393,390 $ 14.17 $ 5,574 Class I 1,164,337 14.28 16,613 Class T 38,867 14.17 550 Class D 176,101 14.45 2,544 Class N — — — 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 — — —
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, 2020 Year Ended December 31, 2019 Stock Awards Class I Shares Weighted Average Grant Date Fair Value Class I Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period 17,094 $ 14.34 — $ — Changes during the period: Granted 2,106 $ 14.24 22,094 $ 14.34 Vested (7,094) $ 14.33 (5,000) $ 14.34 Forfeited — $ — — $ — Outstanding, end of period 12,106 $ 14.32 17,094 $ 14.34 Amount included in general and administrative expenses $ 102 $ 145

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
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 class of the Company’s common stock which had shares outstanding during the relevant period. Year Ended December 31, 2020 Class A Class I Class T Class D Class N** Basic and diluted net loss per share: Allocation of net loss before performance fee $ (445) $ (1,242) $ (118) $ (20) $ (1) Allocation of performance fees — — — — — Total Numerator $ (445) $ (1,242) $ (118) $ (20) $ (1) Denominator - weighted average number of common shares outstanding 3,682,047 10,297,156 978,268 167,991 13,484 Basic and diluted net loss per share: $ (0.12) $ (0.12) $ (0.12) $ (0.12) $ (0.12) **Class N Shares were first converted from Class T Shares in November 2020 Year Ended December 31, 2019 Class A Class I Class T Class D* Basic and diluted net income per share: Allocation of net loss 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 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)

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2020
Distributions [Abstract]
Schedule of Distributions	Shown below are details of the Company's distributions for 2020, 2019 and 2018. Three Months Ended Total March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00198576 $ 0.00195203 $ 0.00192349 $ 0.00196145 Distributions paid or payable in cash $ 1,369 $ 1,330 $ 1,303 $ 1,342 $ 5,344 Distributions reinvested 1,339 1,355 1,377 1,411 5,482 Distributions declared $ 2,708 $ 2,685 $ 2,680 $ 2,753 $ 10,826 Class A Shares issued upon reinvestment 25,107 24,380 23,778 23,876 97,141 Class I Shares issued upon reinvestment 63,595 67,373 68,581 69,727 269,276 Class T Shares issued upon reinvestment 4,177 4,451 4,371 4,336 17,335 Class D Shares issued upon reinvestment — — — 4 4 Class N Shares issued upon reinvestment** — — — 125 125 **Class N Shares were first converted from Class T Shares in November 2020 Three Months Ended Total March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Class A $ 643 $ 611 $ 594 $ 605 $ 2,453 Class I 1,866 1,875 1,889 1,952 7,582 Class T 163 164 162 164 653 Class D 36 35 35 30 136 Class N** — — — 2 2 Distributions declared $ 2,708 $ 2,685 $ 2,680 $ 2,753 $ 10,826 **Class N Shares were first converted from Class T Shares in November 2020 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, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Class A $ 588 $ 620 $ 636 $ 646 $ 2,490 Class I 1,147 1,314 1,508 1,734 5,703 Class T 106 123 137 146 512 Class D* — 2 36 37 75 Distributions declared $ 1,841 $ 2,059 $ 2,317 $ 2,563 $ 8,780 * 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

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020, 2019 and 2018: Characterization Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Ordinary income 26.1155 % 20.1932 % 24.4049 % Capital gain distribution — 2.1065 — Nondividend distributions (return of capital) 73.8845 77.7003 75.5951 Total 100.0000 % 100.0000 % 100.0000 %

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019, and net income (loss) for the years ended December 31, 2020, 2019 and 2018. Real Estate Properties Real Estate Equity Securities Total Carrying value as of December 31, 2020 $ 320,154 $ 20,287 $ 340,441 Receivables 4,977 180 5,157 Deferred leasing cost 2,641 — 2,641 Subtotal $ 327,772 $ 20,467 $ 348,239 Reconciliation to total assets of December 31, 2020 Carrying value per reportable segments $ 348,239 Other assets 5,755 Total assets $ 353,994 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 Other assets 13,478 Total assets $ 366,085 Real Estate Properties Real Estate Equity Securities Total Year Ended December 31, 2020 Property related income $ 31,730 $ — $ 31,730 Investment income on marketable securities — 646 646 Total revenues 31,730 646 32,376 Segment operating expenses 8,580 38 8,618 Net realized loss upon sale of marketable securities — (2,363) (2,363) Net unrealized change in fair value of investment in marketable securities — 788 788 Operating income (loss)- segments $ 23,150 $ (967) $ 22,183 Year Ended December 31, 2019 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 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 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 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, Reconciliation to net (loss) income 2020 2019 2018 Operating income - segments $ 22,183 $ 21,003 $ 12,430 General and administrative expenses (1,849) (1,912) (1,845) Advisory expenses (2,163) (2,828) (1,842) Depreciation (7,059) (5,579) (4,504) Amortization (5,774) (4,874) (4,133) Operating income 5,338 5,810 106 Interest expense (7,164) (5,107) (3,835) Net (loss) income $ (1,826) $ 703 $ (3,729)

QUARTERLY RESULTS (UNAUDITED) (

QUARTERLY RESULTS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020, 2019 and 2018. For the Quarter Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Property related income $ 8,013 $ 7,977 $ 7,729 $ 8,011 Investment income on marketable securities 162 131 166 187 Total revenues 8,175 8,108 7,895 8,198 Operating expenses (6,577) (6,380) (6,238) (6,268) Interest expense (1,952) (1,761) (1,732) (1,719) Net realized (loss) gain upon sale of marketable securities (443) (1,707) (399) 186 Net unrealized change in fair value of investment in marketable securities (4,363) 3,005 710 1,436 Net (loss) income $ (5,160) $ 1,265 $ 236 $ 1,833 Weighted average number of common shares outstanding - basic and diluted Class A 3,817,002 3,691,914 3,613,878 3,606,969 Weighted average number of common shares outstanding - basic and diluted Class I 10,035,929 10,256,352 10,376,824 10,516,201 Weighted average number of common shares outstanding - basic and diluted Class T 967,167 986,078 982,012 977,780 Weighted average number of common shares outstanding - basic and diluted Class D 176,101 176,101 176,101 143,839 Weighted average number of common shares outstanding - basic and diluted Class N — — — 13,484 Basic and diluted net (loss) income per share - Class A $ (0.34) $ 0.08 $ 0.02 $ 0.12 Basic and diluted net (loss) income per share - Class I $ (0.34) $ 0.08 $ 0.02 $ 0.12 Basic and diluted net (loss) income per share - Class T $ (0.34) $ 0.08 $ 0.02 $ 0.12 Basic and diluted net (loss) income per share - Class D $ (0.34) $ 0.08 $ 0.02 $ 0.12 Basic and diluted net (loss) income per share - Class N $ — $ — $ — $ 0.12 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 upon sale of marketable securities 119 146 274 127 Net unrealized changed in fair value of investment 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 Weighted 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)

ORGANIZATION (Details)

ORGANIZATION (Details)

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

Dec. 31, 2020USD ($)$ / shares

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Nov. 17, 2020USD ($)

Apr. 22, 2020$ / shares

Jan. 08, 2020USD ($)

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

$ 30,284,000

$ 61,125,000

$ 39,896,000

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

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

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

Common Class M-I

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

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

$ 0.01

Common Class S

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

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

0.01

Common Class T2

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

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

0.01

Common Class Z

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

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

$ 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

Second 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

2,300,000,000

Second Follow-On Public Offering | Common Class T

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

Public offering value of shares offered pursuant to registration statement

$ 2,100,000,000

Private Placement | Common Class D

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

Authorized amount of stock sale

$ 300,000,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment	Apr. 22, 2020	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)	Feb. 01, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ 112,963		$ 123,842	$ 77,507		$ 59,339
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%
Accrued trailing fee-estimated payable for future	$ 14,089		6,221
Percentage of taxable income required for REIT distribution	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%
Underwriting compensation for initial public offering as percent of gross offering proceeds	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%
Percentage of dealer manager fee	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%
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%
Common Class T2
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.85%	0.85%
Percentage of dealer manager fee		0.50%
Common Class S
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.85%	0.85%
Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ (58,350)		$ (45,698)	$ (37,621)		(28,290)
Deficit | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity						$ 736
Accounting Standards Update 2016-01 | Deficit | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity					$ 736

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Line of credit, fair value	$ 78,500	$ 81,600
Fair value of mortgage loans payable	126,868	126,601
Fair value of note to affiliate	$ 4,100	$ 4,500

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Debt Obligations (Details) $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, fair value	$ 78,500	$ 81,600
Fair value of mortgage loans payable	126,868	126,601
Fair value of note to affiliate	$ 4,100	$ 4,500
Minimum | Line of Credit | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.526	0.546
Minimum | Line of Credit | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0185	0.0334
Minimum | Mortgages | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.369	0.391
Minimum | Mortgages | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0265	0.0355
Minimum | Note to Affiliate | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0475	0.0500
Maximum | Line of Credit | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.526	0.546
Maximum | Line of Credit | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0185	0.0334
Maximum | Mortgages | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.601	0.593
Maximum | Mortgages | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0465	0.0420
Maximum | Note to Affiliate | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0475	0.0500
Weighted Average | Line of Credit | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.526	0.546
Weighted Average | Line of Credit | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0185	0.0334
Weighted Average | Mortgages | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.503	0.513
Weighted Average | Mortgages | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0368	0.0381
Weighted Average | Note to Affiliate | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0475	0.0500

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 ($)ft²tenant	Jul. 17, 2018USD ($)ft²Propertytenant	Dec. 31, 2020USD ($)tenant	Dec. 31, 2019USD ($)tenantProperty	Dec. 31, 2018USD ($)ft²tenantProperty
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property						2	4
Acquisition funded from lines of credit					$ 13,000	$ 56,100	$ 47,900
Number of tenants | tenant			31		60	60	31
Seattle East Industrial
Real Estate Properties [Line Items]
Payments to Acquire Real Estate	$ 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
Real Estate Properties [Line Items]
Payments to Acquire Real Estate		$ 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
Real Estate Properties [Line Items]
Payments to Acquire Real Estate			$ 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
Payments to Acquire Real Estate				$ 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
Real Estate Properties [Line Items]
Area of retail property (in sq ft) | ft²			92,806				92,806
Ground Leased | Elston Plaza
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. 31, 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
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
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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Revenues	$ 8,198	$ 7,895	$ 8,108	$ 8,175	$ 7,122	$ 5,945	$ 5,711	$ 5,916	$ 5,195	$ 5,128	$ 4,503	$ 4,592	$ 32,376	$ 24,694	$ 19,418
Net (loss) income	$ 1,833	$ 236	$ 1,265	$ (5,160)	$ (1,083)	$ 551	$ (369)	$ 1,604	$ (1,959)	$ (748)	$ 242	$ (1,264)	$ (1,826)	703	(3,729)
2019 Acquisitions
Real Estate Properties [Line Items]
Revenues														1,429
Net (loss) income														$ (160)
2018 Acquisitions
Real Estate Properties [Line Items]
Revenues															810
Net (loss) income															$ (39)

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, 2020USD ($)
Acquired below-market leases
2021	$ (866)
2022	(858)
2023	(765)
2024	(754)
2025	(754)
Thereafter	(9,344)
Total	$ (13,341)
Weighted average remaining amortization period (in years)	17 years 8 months 12 days
Acquired in-place leases
Acquired in-place and above-market leases
2021	$ 5,065
2022	4,634
2023	3,110
2024	2,085
2025	2,061
Thereafter	16,495
Total	$ 33,450
Acquired below-market leases
Weighted average remaining amortization period (in years)	10 years 4 months 24 days
Acquired above-market leases
Acquired in-place and above-market leases
2021	$ 113
2022	42
2023	32
2024	12
2025	12
Thereafter	33
Total	$ 244
Acquired below-market leases
Weighted average remaining amortization period (in years)	4 years 1 month 6 days

RENTALS UNDER OPERATING LEASE_2

RENTALS UNDER OPERATING LEASES - Narrative (Details)	12 Months Ended
	Dec. 31, 2020Propertytenantbedagreement	Dec. 31, 2019Propertybedtenant	Dec. 31, 2018Propertybedtenant
Lessor, Lease, Description [Line Items]
Number of real estate properties	14	14	12
Number of tenants | tenant	60	60	31
Number of beds | bed	316	316	316
Number of rent deferral agreements | agreement	6
Percentage of base rent	0.10%
Abatement request as a percentage of base rent	1.10%
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	4	3
Industrial Property
Lessor, Lease, Description [Line Items]
Number of real estate properties	5	5	4
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Lease revenue	$ 30,011	$ 22,706	$ 18,491
Straight-line revenue	1,065	694	188
Above- and below-market lease amortization, net	760	774	(337)
Lease incentive amortization	(106)	(104)	(104)
Property related income	31,730	24,070	18,912
Lease revenue	$ 4,508	$ 3,762	$ 2,540

RENTALS UNDER OPERATING LEASE_4

RENTALS UNDER OPERATING LEASES - Future Minimum Rental Payments Due (Details) $ in Thousands	Dec. 31, 2020USD ($)
Future Minimum Rent
2021	$ 25,481
2022	22,522
2023	17,746
2024	14,117
2025	13,312
Thereafter	46,299
Total	$ 139,477

RENTALS UNDER OPERATING LEASE_5

RENTALS UNDER OPERATING LEASES - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	85.50%	74.40%	82.10%
Sales Revenue, Gross | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	32.10%	23.40%	29.20%
Annualized Base Rental Revenues | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	26.20%	26.80%	15.90%
FedEx Ground - Seattle East Industrial | Sales Revenue, Gross | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	13.60%	0.00%	0.00%
FedEx Ground - Seattle East Industrial | Annualized Base Rental Revenues | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	14.80%	15.30%	0.00%
Orbital ATK Inc. - Loudoun Gateway | Sales Revenue, Gross | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	9.80%	12.50%	15.90%
Orbital ATK Inc. - Loudoun Gateway | Annualized Base Rental Revenues | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	11.40%	11.50%	15.90%
New England Baptist Hospital - Allied Drive | Sales Revenue, Gross | Tenant
Lessor, Lease, Description [Line Items]
Concentration risk percentage	8.70%	10.90%	13.30%
Providence Square, Marietta, GA, Retail | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	13.70%	0.00%	0.00%
Seattle East Industrial | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	13.60%	0.00%	0.00%
The Flats at Carrs Hill, Athens, GA | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	10.80%	13.80%	16.50%
Loudoun Gateway, Sterling, VA | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	9.80%	12.50%	15.90%
Elston Plaza, Chicago, IL | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	9.60%	13.00%	0.00%
Allied Drive, Dedham, MA | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	9.40%	12.20%	15.50%
Terra Nova Plaza, Chula Vista, CA | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	7.10%	9.50%	11.70%
Commerce Corner, Logan Township, NJ | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	6.00%	8.20%	10.30%
Anaheim Hills Office Plaza, Anaheim, CA | Sales Revenue, Gross | Property
Lessor, Lease, Description [Line Items]
Concentration risk percentage	5.50%	5.20%	12.20%

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable securities—cost	$ 16,120	$ 17,866
Unrealized gains	4,210	3,413
Unrealized losses	(43)	(34)
Net unrealized gain	4,167	3,379
Marketable securities—fair value	20,287	21,245
Proceeds from sale of marketable securities	24,496	21,819	$ 21,549
Gross realized gains from sale of marketable securities	1,011	1,046	560
Gross realized losses from sale of marketable securities	$ 3,374	$ 380	$ 976

NOTES PAYABLE - Narrative (Deta

NOTES PAYABLE - Narrative (Details)	Feb. 27, 2018USD ($)Propertyextension_option	Mar. 06, 2015extension_option	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)Property	Dec. 31, 2018Property
Line of Credit Facility [Line Items]
Number of real estate properties | Property			14	14	12
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			$ 78,500,000	$ 81,600,000
Maximum borrowing capacity	$ 100,000,000
Maximum borrowing capacity	200,000,000
Expansion feature, increase limit - at least	$ 25,000,000
Weighted-average interest rate			1.85%	3.33%
Percentage of property value	65.00%
Percentage of minimum debt yield	9.00%
Number of real estate properties | Property	5
Revised Wells Fargo Line of Credit | LIBOR | Wells Fargo Bank | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	1.60%
Revised Wells Fargo Line of Credit | LIBOR | Wells Fargo Bank | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	1.80%
First Amendment to Revised Wells Fargo Line of Credit | Wells Fargo Bank
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 89,310,000

NOTES PAYABLE - Carrying Amount

NOTES PAYABLE - Carrying Amount of Line of Credit (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Line of credit, net	$ 78,458	$ 81,291
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Debt Instrument [Line Items]
Line of credit	78,500	81,600
Deduct: Deferred financing costs, less accumulated amortization	(42)	(309)
Line of credit, net	$ 78,458	$ 81,291

NOTES PAYABLE - Mortgage Loans

NOTES PAYABLE - Mortgage Loans Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Mortgage Loans, Gross	$ 204,875
Mortgage loans payable, net	125,560	$ 125,698
Mortgages
Line of Credit Facility [Line Items]
Mortgage Loans, Gross	126,375	126,637
Deduct: Deferred financing costs, less accumulated amortization	(815)	(939)
Mortgage loans payable, net	$ 125,560	125,698
Hartford Life Insurance Company | Mortgages | Commerce Corner
Line of Credit Facility [Line Items]
Interest rate	3.41%
Mortgage Loans, Gross	$ 12,485	12,747
Nationwide Life Insurance Company | Mortgages | Flats at Carr Hill
Line of Credit Facility [Line Items]
Interest rate	3.63%
Mortgage Loans, Gross	$ 14,500	14,500
Nationwide Life Insurance Company | Mortgages | Providence Square, Marietta, GA, Retail
Line of Credit Facility [Line Items]
Interest rate	3.67%
Mortgage Loans, Gross	$ 29,700	29,700
State Farm Life Insurance Company | Mortgages | Elston Plaza, Chicago, IL
Line of Credit Facility [Line Items]
Interest rate	3.89%
Mortgage Loans, Gross	$ 17,600	17,600
Transamerica Life Insurance Company | Mortgages | Wallingford Plaza
Line of Credit Facility [Line Items]
Interest rate	4.56%
Mortgage Loans, Gross	$ 6,950	6,950
JPMorgan Chase Bank | Mortgages | Seattle East Industrial
Line of Credit Facility [Line Items]
Interest rate	3.87%
Mortgage Loans, Gross	$ 45,140	$ 45,140

NOTES PAYABLE - Aggregate Futur

NOTES PAYABLE - Aggregate Future Minimum Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Long-term Debt, Fiscal Year Maturity [Abstract]
2020	$ 79,003
2021	717
2022	12,388
2023	474
2024	493
Long-Term Debt, Maturity, after Year Five	111,800
Long-term Debt, Gross	204,875
Line of credit, net	$ 78,458	$ 81,291

RELATED PARTY ARRANGEMENTS - Na

RELATED PARTY ARRANGEMENTS - Narrative (Details) - RREEF America	12 Months Ended
	Dec. 31, 2020component$ / shares
Related Party Transaction [Line Items]
Term of agreements	1 year
Number of components | component	2
Daily advisory fee accrued as percentage of fixed component of investment	0.00274%
Percentage of advisory fee to NAV	1.00%
Performance fee to advisor, net asset value per share, threshold to which no fee earned on increase (in dollars per share) | $ / shares	$ 12
Class A, Class I, Class T, Class D, Class N and Class Z Shares
Related Party Transaction [Line Items]
Performance fee to advisor, percentage return per share threshold	6.00%
Performance fee to advisor as percent of excess total return	25.00%
Performance fee to advisor, limit as percent of excess total return	10.00%
Class M-I, Class S and Class T2
Related Party Transaction [Line Items]
Performance Fee to Advisor, Alternative Hurdle Amount, Percentage Return Per Share Threshold	5.00%
Performance Fee to Advisor, Limit as Percent of Excess Total Return, Alternative Catch-Up	12.50%
Performance Fee to Advisor as Percent of Alternative Hurdle Amount	100.00%
Performance Fee to Advisor, Limit as Percent of Alternative Excess Catch-Up	5.715%

RELATED PARTY ARRANGEMENTS - Fe

RELATED PARTY ARRANGEMENTS - Fees Earned by RREEF America (Details) - RREEF America - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Advisory fees	$ 2,163	$ 2,828	$ 1,842
Fixed Component
Related Party Transaction [Line Items]
Advisory fees	2,163	1,759	1,268
Performance Component
Related Party Transaction [Line Items]
Advisory fees	$ 0	$ 1,069	$ 574

RELATED PARTY ARRANGEMENTS - Ex

RELATED PARTY ARRANGEMENTS - Expense Reimbursements, O&O Costs and Expense Support Agreement (Details)	Mar. 24, 2020USD ($)	Apr. 25, 2016USD ($)	Dec. 31, 2020USD ($)	Mar. 23, 2020USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2015USD ($)	Jan. 01, 2016USD ($)
Related Party Transaction [Line Items]
Due to affiliates			$ 14,454,000			$ 14,454,000	$ 14,454,000	$ 7,843,000
Deferred reimbursement cost to Advisor									$ 928,000
Minimum offering proceeds needed before expense repayment		$ 500,000,000
Due to affiliates			$ 14,454,000			14,454,000	14,454,000	7,843,000
Amortization of discount on note to affiliate							$ 164,000	148,000	145,000
RREEF America
Related Party Transaction [Line Items]
Related party note payable discount											$ 1,862,000
Related party debt extinguishment	$ 1,182,000
RREEF America | Note to Affiliate
Related Party Transaction [Line Items]
Related party note payable discount	$ 946,000
Amortization of discount on note to affiliate				$ 34,000		$ 130,000
RREEF America | Note to Affiliate | Measurement Input, Discount Rate
Related Party Transaction [Line Items]
Fair value input, discount rate	0.0375		0.0375	0.0193		0.0375	0.0375
RREEF America
Related Party Transaction [Line Items]
Reimbursable operating expenses							$ 232,000	286,000
Offering costs incurred										$ 4,618,000
Reimbursement period							60 months
Expense payments										9,200,000
Minimum offering proceeds needed before expense repayment											$ 250,000
Note to Affiliate			$ 5,383,000			$ 5,383,000	$ 5,383,000	8,950,000
RREEF America | Organization and Offering Costs
Related Party Transaction [Line Items]
Expense payments										3,775,000
RREEF America | Reimbursable under the Advisory Agreement
Related Party Transaction [Line Items]
Due to affiliates			51,000			51,000	51,000	67,000
RREEF America | Operating Expense
Related Party Transaction [Line Items]
Expense payments										5,229,000
RREEF America | Waived Reimbursement of Organization and Offering Expenses
Related Party Transaction [Line Items]
Amounts of transaction	$ 3,567,000
RREEF America | Expense Support Agreement
Related Party Transaction [Line Items]
Due to affiliates			$ 5,383,000			5,383,000	5,383,000
RREEF America | The Letter Agreement
Related Party Transaction [Line Items]
First period reimbursement payments			12 months
First period reimbursement payments			$ 250,000			250,000	250,000
Reimbursement payments period two			$ 198,000			$ 198,000	198,000
Second period reimbursement payments			12 months
RREEF America | Private Offering
Related Party Transaction [Line Items]
Expense payments										$ 196,000
Affiliated Entity | RREEF America
Related Party Transaction [Line Items]
Repayments of debt					$ 250,000
Note to Affiliate					8,950,000
Affiliated Entity | RREEF America | Note to Affiliate
Related Party Transaction [Line Items]
Amortization of discount on note to affiliate							$ 164,000	$ 148,000	$ 145,000
Affiliated Entity | Organization and Offering Costs | RREEF America
Related Party Transaction [Line Items]
Note to Affiliate					3,567,000
Affiliated Entity | Private Offering Offering Costs | RREEF America
Related Party Transaction [Line Items]
Note to Affiliate					196,000
Affiliated Entity | Operating Expense | RREEF America
Related Party Transaction [Line Items]
Note to Affiliate					$ 5,187,000
Affiliated Entity | The Letter Agreement | RREEF America
Related Party Transaction [Line Items]
Amount of obligations Waived	$ 3,567,000

RELATED PARTY ARRANGEMENTS - De

RELATED PARTY ARRANGEMENTS - Dealer Manager Agreement and Reimbursement Limitations (Details) - USD ($) $ in Thousands	12 Months Ended				42 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 08, 2020	Jun. 30, 2016	Apr. 22, 2020
Related Party Transaction [Line Items]
Accrued trailing fee, current	$ 122	$ 122	$ 118
Upfront selling commissions and upfront dealer manager fees		100	391
Accrued trailing fee-estimated payable for future	$ 14,089	14,089	6,221
Payments of offering costs		$ 3,205	3,324	$ 3,903
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%	15.00%
Payment of organization and offering costs		$ 8,164	5,824	$ 3,787
Four fiscal quarter total operating expense		4,022	4,756
DWS Distributors
Related Party Transaction [Line Items]
Reimbursable offering costs incurred by Dealer Manager		139	193
DWS Distributors | Reimbursable under the Dealer Manager Agreement
Related Party Transaction [Line Items]
Payable to related party	$ 5	$ 5	$ 193
RREEF America
Related Party Transaction [Line Items]
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%	15.00%
Underwriting Compensation for Public Offering as Percent of Gross Offering Proceeds	10.00%	10.00%					10.00%
Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses		2.00%	2.00%
Expenses to advisor not reimbursable, percentage of net income excluding certain reductions threshold exceeded by operating expenses		25.00%	25.00%
IPO | RREEF America
Related Party Transaction [Line Items]
Accrued trailing fee-estimated payable for future	$ 3,320	$ 3,320
Proceeds from common stock issuance, initial public offering						$ 102,831
Payment of organization and offering costs						$ 15,424
Follow-On Public Offering
Related Party Transaction [Line Items]
Accrued trailing fee-estimated payable for future	8,359	8,359
Payment of organization and offering costs					$ 16,861
Due to affiliate					$ 132,994
Second Follow-On Public Offering
Related Party Transaction [Line Items]
Accrued trailing fee-estimated payable for future	2,410	$ 2,410
Payments of offering costs	3,964
Due to affiliate	$ 33,589

RELATED PARTY ARRANGEMENTS - Du

RELATED PARTY ARRANGEMENTS - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to affiliates	$ 14,454	$ 7,843
Unamortized discount	(817)	(1,217)
Note to Affiliate, net of unamortized discount	4,566	7,733
RREEF America
Related Party Transaction [Line Items]
Note to Affiliate	5,383	8,950
Note to Affiliate, net of unamortized discount	4,566	7,733
Reimbursable under the Advisory Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliates	51	67
Reimbursable under the Dealer Manager Agreement | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliates	5	193
Advisory fees | RREEF America
Related Party Transaction [Line Items]
Due to affiliates	187	1,244
Accrued Trailing Fees | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliates	14,211	6,339
Unamortized discount | RREEF America
Related Party Transaction [Line Items]
Unamortized discount	$ (817)	$ (1,217)

CAPITALIZATION - Narrative (Det

CAPITALIZATION - Narrative (Details) - USD ($)	Apr. 22, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	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
Common stock, par value (in usd per share)		$ 0.01						$ 0.01
Preferred stock, par value (in usd per share)		$ 0.01
Aggregate redemptions value limit, as a percentage of combined net asset value		5.00%
Aggregate redemptions value including carryover limit, as a percentage of combined net asset value		10.00%
Common stock redemption limit per shareholder, as a percentage of shares held		5.00%
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		$ 25,281,000	$ 5,573,000	$ 10,569,000
Common Class A
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	45,000,000
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)		393,390	209,563	576,130
Stock redeemed, weighted average share price (in usd per share)		$ 14.17	$ 14.28	$ 13.95
Stock redeemed, amount		$ 5,574,000	$ 2,992,000	$ 8,036,000
Common Class D
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	45,000,000
Common stock, par value (in usd per share)							$ 0.01
Maximum selling commissions as percentage of purchase price	1.00%
Stock redeemed (in shares)		176,101	0
Stock redeemed, weighted average share price (in usd per share)		$ 14.45	$ 0
Stock redeemed, amount		$ 2,544,000	$ 0
Common Class I
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Percentage of dealer manager fee	0.55%	0.55%
Stock redeemed (in shares)		1,164,337	156,698	181,840
Stock redeemed, weighted average share price (in usd per share)		$ 14.28	$ 14.37	$ 13.98
Stock redeemed, amount		$ 16,613,000	$ 2,250,000	$ 2,534,000
Common Class M-I
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Common stock, par value (in usd per share)	$ 0.01
Common Class N
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	150,000,000
Common stock, par value (in usd per share)						$ 0.01
Conversion of stock number of shares issued		26,521
Stock redeemed (in shares)		0
Stock redeemed, weighted average share price (in usd per share)		$ 0
Stock redeemed, amount		$ 0
Common Class S
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Common stock, par value (in usd per share)	$ 0.01
Maximum selling commissions as percentage of purchase price	3.00%
Percentage of distribution fee	0.85%	0.85%
Duration of distribution fee	7 years
Common Class T
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	5,000,000
Common stock, par value (in usd per share)						$ 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%
Conversion of stock number of shares converted		26,521
Stock redeemed (in shares)		38,867	23,164	0
Stock redeemed, weighted average share price (in usd per share)		$ 14.17	$ 14.35	$ 0
Stock redeemed, amount		$ 550,000	$ 331,000	$ 0
Common Class T2
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	150,000,000
Common stock, par value (in usd per share)	$ 0.01
Maximum selling commissions as percentage of purchase price	3.00%
Percentage of dealer manager fee	0.50%
Percentage of distribution fee	0.85%	0.85%
Duration of distribution fee	6 years
Common Class Z
Schedule of Capitalization, Equity [Line Items]
Common stock, shares authorized (in shares)	5,000,000
Common stock, par value (in usd per share)	$ 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 - Stock Issuance

CAPITALIZATION - Stock Issuance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Issuance of common stock	$ 29,870	$ 61,525	$ 39,774
Common Class A
Class of Stock [Line Items]
Issuance of common stock (in shares)	107,121	360,132	391,867
Issuance of common stock	$ 1,575	$ 5,280	$ 5,601
Common Class D
Class of Stock [Line Items]
Issuance of common stock (in shares)	693	176,101	0
Issuance of common stock	$ 10	$ 2,520	$ 0
Common Class I
Class of Stock [Line Items]
Issuance of common stock (in shares)	1,891,177	3,391,732	1,857,612
Issuance of common stock	$ 27,201	$ 48,864	$ 26,048
Common Class T
Class of Stock [Line Items]
Issuance of common stock (in shares)	71,394	321,590	552,490
Issuance of common stock	$ 1,084	$ 4,861	$ 8,125
Common Class M-I
Class of Stock [Line Items]
Issuance of common stock (in shares)	0
Common Class S
Class of Stock [Line Items]
Issuance of common stock (in shares)	0
Common Class T2
Class of Stock [Line Items]
Issuance of common stock (in shares)	0
Common Class Z
Class of Stock [Line Items]
Issuance of common stock (in shares)	0

CAPITALIZATION - Equity-Based C

CAPITALIZATION - Equity-Based Compensation (Details) $ / shares in Units, $ in Thousands	May 15, 2019USD ($)	Mar. 29, 2019director$ / sharesshares	Dec. 31, 2020$ / 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		$ 14.34
Restricted Stock
Class of Stock [Line Items]
Shares reserved for issuance (in shares)			5,000
Equity based compensation (shares)		20,000	2,106	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			$ 14.24	$ 14.34
Amount of shares granted per individual | $	$ 10

CAPITALIZATION - Weighted Avera

CAPITALIZATION - Weighted Average Redemption Prices (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Capitalization, Equity [Line Items]
Stock redeemed, amount	$ 25,281	$ 5,573	$ 10,569
Class A
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	393,390	209,563	576,130
Stock redeemed, weighted average share price (in usd per share)	$ 14.17	$ 14.28	$ 13.95
Stock redeemed, amount	$ 5,574	$ 2,992	$ 8,036
Class I
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	1,164,337	156,698	181,840
Stock redeemed, weighted average share price (in usd per share)	$ 14.28	$ 14.37	$ 13.98
Stock redeemed, amount	$ 16,613	$ 2,250	$ 2,534
Class T
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	38,867	23,164	0
Stock redeemed, weighted average share price (in usd per share)	$ 14.17	$ 14.35	$ 0
Stock redeemed, amount	$ 550	$ 331	$ 0
Class D
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	176,101	0
Stock redeemed, weighted average share price (in usd per share)	$ 14.45	$ 0
Stock redeemed, amount	$ 2,544	$ 0
Class N
Schedule of Capitalization, Equity [Line Items]
Stock redeemed (in shares)	0
Stock redeemed, weighted average share price (in usd per share)	$ 0
Stock redeemed, amount	$ 0

CAPITALIZATION - Stock Award Ac

CAPITALIZATION - Stock Award Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	Mar. 29, 2019	Dec. 31, 2020	Dec. 31, 2019
Class I Shares
Outstanding, beginning of period (in shares)		17,094	0
Granted (in shares)	20,000	2,106	22,094
Vested (in shares)		(7,094)	(5,000)
Forfeited (in shares)		0	0
Outstanding, end of period (in shares)		12,106	17,094
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share)		$ 14.34	$ 0
Granted (in usd per share)		14.24	14.34
Vested (in usd per share)		14.33	14.34
Forfeitured (in usd per share)		0	0
Outstanding, ending balance (in usd per share)		$ 14.32	$ 14.34
Amount included in general and administrative expenses		$ 102	$ 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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic and diluted net loss per share:
Net (loss) income	$ 1,833	$ 236	$ 1,265	$ (5,160)	$ (1,083)	$ 551	$ (369)	$ 1,604	$ (1,959)	$ (748)	$ 242	$ (1,264)	$ (1,826)	$ 703	$ (3,729)
Class A
Basic and diluted net loss per share:
Allocation of net loss before performance fee													(445)	537	(1,282)
Allocation of performance fees													0	(306)	(207)
Net (loss) income													$ (445)	$ 231	$ (1,489)
Denominator - weighted average number of common shares outstanding (in shares)	3,606,969	3,613,878	3,691,914	3,817,002	3,796,346	3,756,326	3,703,672	3,592,146	3,610,639	3,777,836	3,691,785	3,686,669	3,682,047	3,712,803	3,691,760
Basic and diluted net income (loss) per share (in usd per share)	$ 0.12	$ 0.02	$ 0.08	$ (0.34)	$ (0.08)	$ 0.04	$ (0.03)	$ 0.15	$ (0.20)	$ (0.08)	$ 0.03	$ (0.15)	$ (0.12)	$ 0.06	$ (0.40)
Class I
Basic and diluted net loss per share:
Allocation of net loss before performance fee													$ (1,242)	$ 1,110	$ (1,766)
Allocation of performance fees													0	(695)	(353)
Net (loss) income													$ (1,242)	$ 415	$ (2,119)
Denominator - weighted average number of common shares outstanding (in shares)	10,516,201	10,376,824	10,256,352	10,035,929	9,208,594	8,058,111	7,105,086	6,330,885	5,861,271	5,202,959	4,793,077	4,467,002	10,297,156	7,684,718	5,085,231
Basic and diluted net income (loss) per share (in usd per share)	$ 0.12	$ 0.02	$ 0.08	$ (0.34)	$ (0.08)	$ 0.04	$ (0.03)	$ 0.15	$ (0.22)	$ (0.08)	$ 0.03	$ (0.15)	$ (0.12)	$ 0.05	$ (0.42)
Class T
Basic and diluted net loss per share:
Allocation of net loss before performance fee													$ (118)	$ 111	$ (108)
Allocation of performance fees													0	(59)	(14)
Net (loss) income													$ (118)	$ 52	$ (122)
Denominator - weighted average number of common shares outstanding (in shares)	977,780	982,012	986,078	967,167	858,575	806,338	737,796	649,621	578,181	426,209	150,764	79,305	978,268	763,773	310,304
Basic and diluted net income (loss) per share (in usd per share)	$ 0.12	$ 0.02	$ 0.08	$ (0.34)	$ (0.07)	$ 0.05	$ (0.03)	$ 0.15	$ (0.20)	$ (0.07)	$ 0.03	$ (0.15)	$ (0.12)	$ 0.07	$ (0.39)
Class D
Basic and diluted net loss per share:
Allocation of net loss before performance fee													$ (20)	$ 13
Allocation of performance fees													0	(9)
Net (loss) income													$ (20)	$ 4
Denominator - weighted average number of common shares outstanding (in shares)	143,839	176,101	176,101	176,101	176,101	176,101	11,611	0					167,991	91,669
Basic and diluted net income (loss) per share (in usd per share)	$ 0.12	$ 0.02	$ 0.08	$ (0.34)	$ (0.08)	$ 0.06	$ (0.02)	$ 0					$ (0.12)	$ 0.04	0
Class N
Basic and diluted net loss per share:
Allocation of net loss before performance fee													$ (1)
Allocation of performance fees													0
Net (loss) income													$ (1)
Denominator - weighted average number of common shares outstanding (in shares)	13,484	0	0	0									13,484
Basic and diluted net income (loss) per share (in usd per share)	$ 0.12	$ 0	$ 0	$ 0									$ (0.12)	$ 0	$ 0

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 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, 2020	Dec. 31, 2019	Dec. 31, 2018
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)	$ 0.00196145	$ 0.00192349	$ 0.00195203	$ 0.00198576	$ 0.00198517	$ 0.00197058	$ 0.00195924	$ 0.00193545	$ 0.00192836	$ 0.00192261	$ 0.00190140	$ 0.00189004
Distributions paid or payable in cash	$ 1,342	$ 1,303	$ 1,330	$ 1,369	$ 1,298	$ 1,238	$ 1,105	$ 1,000	$ 981	$ 928	$ 831	$ 781	$ 5,344	$ 4,641	$ 3,521
Distributions reinvested	1,411	1,377	1,355	1,339	1,265	1,079	954	841	802	734	662	619	5,482	4,139	2,817
Distributions declared	2,753	2,680	2,685	2,708	2,563	2,317	2,059	1,841	1,783	1,662	1,493	1,400	10,826	8,780	6,338
Common Stock
Class of Stock [Line Items]
Distributions reinvested													$ 4	$ 3	$ 2
Stock issued during period, dividend reinvestment plan (in shares)													383,881	287,538	201,447
Class A
Class of Stock [Line Items]
Distributions declared	$ 605	$ 594	$ 611	$ 643	$ 646	$ 636	$ 620	$ 588	$ 604	$ 631	$ 603	$ 593	$ 2,453	$ 2,490	$ 2,431
Class A | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	23,876	23,778	24,380	25,107	25,099	24,576	23,894	22,405	22,805	23,500	22,901	22,714	97,141	95,974	91,920
Class I
Class of Stock [Line Items]
Distributions declared	$ 1,952	$ 1,889	$ 1,875	$ 1,866	$ 1,734	$ 1,508	$ 1,314	$ 1,147	$ 1,082	$ 960	$ 866	$ 794	$ 7,582	$ 5,703	$ 3,702
Class I | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	69,727	68,581	67,373	63,595	58,799	47,367	39,949	34,329	32,291	27,180	23,520	21,479	269,276	180,444	104,470
Class T
Class of Stock [Line Items]
Distributions declared	$ 164	$ 162	$ 164	$ 163	$ 146	$ 137	$ 123	$ 106	$ 97	$ 71	$ 24	$ 13	$ 653	$ 512	$ 205
Class T | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	4,336	4,371	4,451	4,177	3,243	2,891	2,736	2,250	1,855	1,548	976	678	17,335	11,120	5,057
Class D
Class of Stock [Line Items]
Distributions declared	$ 30	$ 35	$ 35	$ 36	$ 37	$ 36	$ 2	$ 0					$ 136	$ 75
Class D | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	4	0	0	0	0	0	0	0					4	0
Class N
Class of Stock [Line Items]
Distributions declared	$ 2	$ 0	$ 0	$ 0									$ 2
Class N | Common Stock
Class of Stock [Line Items]
Stock issued during period, dividend reinvestment plan (in shares)	125	0	0	0									125

DISTRIBUTIONS - Distributions D

DISTRIBUTIONS - Distributions Declared (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Distributions declared	$ 2,753	$ 2,680	$ 2,685	$ 2,708	$ 2,563	$ 2,317	$ 2,059	$ 1,841	$ 1,783	$ 1,662	$ 1,493	$ 1,400	$ 10,826	$ 8,780	$ 6,338
Class A
Class of Stock [Line Items]
Distributions declared	605	594	611	643	646	636	620	588	604	631	603	593	2,453	2,490	2,431
Class I
Class of Stock [Line Items]
Distributions declared	1,952	1,889	1,875	1,866	1,734	1,508	1,314	1,147	1,082	960	866	794	7,582	5,703	3,702
Class T
Class of Stock [Line Items]
Distributions declared	164	162	164	163	146	137	123	106	$ 97	$ 71	$ 24	$ 13	653	512	$ 205
Class D
Class of Stock [Line Items]
Distributions declared	30	35	35	36	$ 37	$ 36	$ 2	$ 0					136	$ 75
Class N
Class of Stock [Line Items]
Distributions declared	$ 2	$ 0	$ 0	$ 0									$ 2

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Percentage of distributions characterized as ordinary income	26.1155%	20.1932%	24.4049%
Percentage of distributions characterized as capital gain	0.00%	2.1065%	0.00%
Percentage of distributions characterized as nondividend	73.8845%	77.7003%	75.5951%
Total	100.00%	100.00%	100.00%
Income and similar taxes paid to certain states	$ 28	$ 25	$ 24

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	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, 2020USD ($)segment	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)segment
Additional Disclosure [Abstract]
Number of reportable segments | segment													2	2	2
Segment Reporting, Asset Reconciling Item [Abstract]
Real estate properties	$ 320,154				$ 331,362								$ 320,154	$ 331,362
Investment in marketable securities	20,287				21,245								20,287	21,245
Investments	340,441				352,607								340,441	352,607
Receivables	5,279				4,812								5,279	4,812
Deferred leasing cost	2,641				2,132								2,641	2,132
Total assets	353,994				366,085								353,994	366,085
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income	8,011	$ 7,729	$ 7,977	$ 8,013	6,957	$ 5,787	$ 5,561	$ 5,765	$ 5,035	$ 4,991	$ 4,383	$ 4,503	31,730	24,070	$ 18,912
Investment income on marketable securities	187	166	131	162	165	158	150	151	160	137	120	89	646	624	506
Total revenues	8,198	7,895	8,108	8,175	7,122	5,945	5,711	5,916	5,195	5,128	4,503	4,592	32,376	24,694	19,418
Segment operating expenses													8,618	7,647	5,926
Net realized (loss) gain upon sale of marketable securities	186	(399)	(1,707)	(443)	127	274	146	119	(210)	202	(155)	(253)	(2,363)	666	(416)
Net unrealized change in fair value of investment in marketable securities	1,436	710	3,005	(4,363)	(319)	1,254	189	2,166	(925)	(201)	981	(501)	788	3,290	(646)
Operating income													5,338	5,810	106
Reconciliation to net (loss) income
General and administrative expenses													(1,887)	(1,953)	(1,895)
Advisory expenses													(2,163)	(2,828)	(1,842)
Depreciation													(7,059)	(5,579)	(4,504)
Amortization													(5,774)	(4,874)	(4,133)
Operating income													5,338	5,810	106
Interest expense	(1,719)	(1,732)	(1,761)	(1,952)	(1,480)	(1,138)	(1,196)	(1,293)	(1,033)	(1,014)	(884)	(904)	(7,164)	(5,107)	(3,835)
Net (loss) income	1,833	$ 236	$ 1,265	$ (5,160)	(1,083)	$ 551	$ (369)	$ 1,604	$ (1,959)	$ (748)	$ 242	$ (1,264)	(1,826)	703	(3,729)
Reportable segments
Segment Reporting, Asset Reconciling Item [Abstract]
Investments	340,441				352,607								340,441	352,607
Receivables	5,157												5,157
Deferred leasing cost	2,641												2,641
Total assets	348,239												348,239
Segment Reporting Information, Operating Income (Loss) [Abstract]
Operating income													22,183	21,003	12,430
Reconciliation to net (loss) income
Operating income													22,183	21,003	12,430
Reportable segments | Real Estate Properties
Segment Reporting, Asset Reconciling Item [Abstract]
Real estate properties	320,154				331,362								320,154	331,362
Receivables	4,977												4,977
Deferred leasing cost	2,641												2,641
Total assets	327,772												327,772
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income													31,730	24,070	18,912
Investment income on marketable securities													0	0	0
Total revenues													31,730	24,070	18,912
Segment operating expenses													8,580	7,606	5,876
Net realized (loss) gain upon sale of marketable securities													0	0	0
Net unrealized change in fair value of investment in marketable securities													0	0	0
Operating income													23,150	16,464	13,036
Reconciliation to net (loss) income
Operating income													23,150	16,464	13,036
Reportable segments | Real Estate Equity Securities
Segment Reporting, Asset Reconciling Item [Abstract]
Investment in marketable securities	20,287				21,245								20,287	21,245
Receivables	180												180
Total assets	20,467												20,467
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income													0	0	0
Investment income on marketable securities													646	624	506
Total revenues													646	624	506
Segment operating expenses													38	41	50
Net realized (loss) gain upon sale of marketable securities													(2,363)	666	(416)
Net unrealized change in fair value of investment in marketable securities													788	3,290	(646)
Operating income													(967)	4,539	(606)
Reconciliation to net (loss) income
Operating income													(967)	4,539	(606)
Segment Reconciling Items
Reconciliation to net (loss) income
General and administrative expenses													(1,849)	(1,912)	$ (1,845)
Corporate
Segment Reporting, Asset Reconciling Item [Abstract]
Total assets	$ 5,755				$ 13,478								$ 5,755	$ 13,478

QUARTERLY RESULTS (UNAUDITED)_2

QUARTERLY RESULTS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Property related income	$ 8,011	$ 7,729	$ 7,977	$ 8,013	$ 6,957	$ 5,787	$ 5,561	$ 5,765	$ 5,035	$ 4,991	$ 4,383	$ 4,503	$ 31,730	$ 24,070	$ 18,912
Investment income on marketable securities	187	166	131	162	165	158	150	151	160	137	120	89	646	624	506
Total revenues	8,198	7,895	8,108	8,175	7,122	5,945	5,711	5,916	5,195	5,128	4,503	4,592	32,376	24,694	19,418
Operating expenses	(6,268)	(6,238)	(6,380)	(6,577)	(6,533)	(5,784)	(5,219)	(5,304)	(4,986)	(4,863)	(4,203)	(4,198)	(25,463)	(22,840)	(18,250)
Interest expense	(1,719)	(1,732)	(1,761)	(1,952)	(1,480)	(1,138)	(1,196)	(1,293)	(1,033)	(1,014)	(884)	(904)	(7,164)	(5,107)	(3,835)
Net realized gain (loss) upon sale of marketable securities	186	(399)	(1,707)	(443)	127	274	146	119	(210)	202	(155)	(253)	(2,363)	666	(416)
Net unrealized change in fair value of investment in marketable securities	1,436	710	3,005	(4,363)	(319)	1,254	189	2,166	(925)	(201)	981	(501)	788	3,290	(646)
Net (loss) income	$ 1,833	$ 236	$ 1,265	$ (5,160)	$ (1,083)	$ 551	$ (369)	$ 1,604	$ (1,959)	$ (748)	$ 242	$ (1,264)	(1,826)	703	(3,729)
Common Class A
Class of Stock [Line Items]
Net (loss) income													$ (445)	$ 231	$ (1,489)
Weighted average number of common shares outstanding (in shares)	3,606,969	3,613,878	3,691,914	3,817,002	3,796,346	3,756,326	3,703,672	3,592,146	3,610,639	3,777,836	3,691,785	3,686,669	3,682,047	3,712,803	3,691,760
Basic and diluted net income (loss) per share (in usd per share)	$ 0.12	$ 0.02	$ 0.08	$ (0.34)	$ (0.08)	$ 0.04	$ (0.03)	$ 0.15	$ (0.20)	$ (0.08)	$ 0.03	$ (0.15)	$ (0.12)	$ 0.06	$ (0.40)
Common Class I
Class of Stock [Line Items]
Net (loss) income													$ (1,242)	$ 415	$ (2,119)
Weighted average number of common shares outstanding (in shares)	10,516,201	10,376,824	10,256,352	10,035,929	9,208,594	8,058,111	7,105,086	6,330,885	5,861,271	5,202,959	4,793,077	4,467,002	10,297,156	7,684,718	5,085,231
Basic and diluted net income (loss) per share (in usd per share)	$ 0.12	$ 0.02	$ 0.08	$ (0.34)	$ (0.08)	$ 0.04	$ (0.03)	$ 0.15	$ (0.22)	$ (0.08)	$ 0.03	$ (0.15)	$ (0.12)	$ 0.05	$ (0.42)
Common Class T
Class of Stock [Line Items]
Net (loss) income													$ (118)	$ 52	$ (122)
Weighted average number of common shares outstanding (in shares)	977,780	982,012	986,078	967,167	858,575	806,338	737,796	649,621	578,181	426,209	150,764	79,305	978,268	763,773	310,304
Basic and diluted net income (loss) per share (in usd per share)	$ 0.12	$ 0.02	$ 0.08	$ (0.34)	$ (0.07)	$ 0.05	$ (0.03)	$ 0.15	$ (0.20)	$ (0.07)	$ 0.03	$ (0.15)	$ (0.12)	$ 0.07	$ (0.39)
Common Class D
Class of Stock [Line Items]
Net (loss) income													$ (20)	$ 4
Weighted average number of common shares outstanding (in shares)	143,839	176,101	176,101	176,101	176,101	176,101	11,611	0					167,991	91,669
Basic and diluted net income (loss) per share (in usd per share)	$ 0.12	$ 0.02	$ 0.08	$ (0.34)	$ (0.08)	$ 0.06	$ (0.02)	$ 0					$ (0.12)	$ 0.04	0
Common Class N
Class of Stock [Line Items]
Net (loss) income													$ (1)
Weighted average number of common shares outstanding (in shares)	13,484	0	0	0									13,484
Basic and diluted net income (loss) per share (in usd per share)	$ 0.12	$ 0	$ 0	$ 0									$ (0.12)	$ 0	$ 0

SCHEDULE III Real Estate and _2

SCHEDULE III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				$ 204,875
Land				124,860
Buildings & Improvements				230,554
Capitalized Cost Subsequent to Acquisition				5,003
Land, Buildings & Improvements Total				360,417
Accumulated Depreciation and Amortization	$ (53,604)	$ (32,414)	$ (32,414)	(53,604)	$ (41,839)
Reconciliation of real estate owned:
Beginning balance	358,982	219,699	169,438
Acquisitions	0	136,700	49,637
Additions	1,435	2,583	624
Ending balance	360,417	358,982	219,699
Reconciliation of accumulated depreciation:
Beginning balance	41,839	32,414	24,182
Depreciation expense	11,765	9,425	8,232
Ending balance	53,604	$ 41,839	$ 32,414
Aggregate cost of real estate for federal income tax purposes				363,576
Gross intangible lease assets				63,691
Below market lease, gross				18,565
Mortgage loans payable, net				125,560	125,698
9022 Heritage Parkway, Woodridge, IL, Office
Real Estate and Accumulated Depreciation [Line Items]
Encumbrance				8,093
Land				2,311
Buildings & Improvements				10,989
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				13,300
Accumulated Depreciation and Amortization	(5,685)			(5,685)
Reconciliation of accumulated depreciation:
Ending balance	$ 5,685
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 and Amortization	$ (2,352)			(2,352)
Reconciliation of accumulated depreciation:
Ending balance	$ 2,352
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				12,485
Land				3,397
Buildings & Improvements				16,353
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				19,750
Accumulated Depreciation and Amortization	$ (4,162)			(4,162)
Reconciliation of accumulated depreciation:
Ending balance	$ 4,162
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				11,516
Land				6,519
Buildings & Improvements				11,980
Capitalized Cost Subsequent to Acquisition				2,771
Land, Buildings & Improvements Total				21,270
Accumulated Depreciation and Amortization	$ (5,799)			(5,799)
Reconciliation of accumulated depreciation:
Ending balance	$ 5,799
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				13,251
Land				10,628
Buildings & Improvements				11,222
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				21,850
Accumulated Depreciation and Amortization	$ (2,995)			(2,995)
Reconciliation of accumulated depreciation:
Ending balance	$ 2,995
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				572
Land, Buildings & Improvements Total				27,572
Accumulated Depreciation and Amortization	$ (7,691)			(7,691)
Reconciliation of accumulated depreciation:
Ending balance	$ 7,691
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				12,097
Land				2,042
Buildings & Improvements				19,908
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				21,950
Accumulated Depreciation and Amortization	$ (9,615)			(9,615)
Reconciliation of accumulated depreciation:
Ending balance	$ 9,615
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				20,457
Land				5,484
Buildings & Improvements				28,516
Capitalized Cost Subsequent to Acquisition				0
Land, Buildings & Improvements Total				34,000
Accumulated Depreciation and Amortization	$ (5,523)			(5,523)
Reconciliation of accumulated depreciation:
Ending balance	$ 5,523
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				8,619
Land				6,054
Buildings & Improvements				7,006
Capitalized Cost Subsequent to Acquisition				543
Land, Buildings & Improvements Total				13,603
Accumulated Depreciation and Amortization	$ (1,993)			(1,993)
Reconciliation of accumulated depreciation:
Ending balance	$ 1,993
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				2,418
Land				1,642
Buildings & Improvements				2,749
Capitalized Cost Subsequent to Acquisition				88
Land, Buildings & Improvements Total				4,479
Accumulated Depreciation and Amortization	$ (734)			(734)
Reconciliation of accumulated depreciation:
Ending balance	$ 734
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				2,049
Land				1,725
Buildings & Improvements				1,666
Capitalized Cost Subsequent to Acquisition				601
Land, Buildings & Improvements Total				3,992
Accumulated Depreciation and Amortization	$ (490)			(490)
Reconciliation of accumulated depreciation:
Ending balance	$ 490
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 and Amortization	$ (1,807)			(1,807)
Reconciliation of accumulated depreciation:
Ending balance	$ 1,807
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				146
Land, Buildings & Improvements Total				55,207
Accumulated Depreciation and Amortization	$ (3,474)			(3,474)
Reconciliation of accumulated depreciation:
Ending balance	$ 3,474
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 and Amortization	$ (1,284)			(1,284)
Reconciliation of accumulated depreciation:
Ending balance	$ 1,284
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
Wells Fargo Bank | Revised Wells Fargo Line of Credit
Reconciliation of accumulated depreciation:
Line of credit				78,500	81,600
Mortgages
Reconciliation of accumulated depreciation:
Mortgage loans payable, net				125,560	$ 125,698
Mortgages | Hartford Life Insurance Company | Commerce Corner, Logan Township, NJ, Industrial
Reconciliation of accumulated depreciation:
Mortgage loans payable, net				12,485
Mortgages | Nationwide Bank
Reconciliation of accumulated depreciation:
Mortgage loans payable, net				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