RREEF Property Trust (ZRPTIX) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 10, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-55598
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001542447
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,212,161
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,023,052
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		606,823
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,805,038
Class N Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		426,051
Class M-I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		185,776
Class T2 Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		171,254
Class Z Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		75,000
Class S Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment in real estate assets:
Land	$ 135,169	$ 135,169
Buildings and improvements, less accumulated depreciation of $37,833 and $35,225, respectively	265,311	267,826
Furniture, fixtures and equipment, less accumulated depreciation of $907 and $658, respectively	3,021	3,226
Acquired intangible lease assets, less accumulated amortization of $38,795 and $35,976, respectively	28,192	31,011
Total investment in real estate assets, net	431,693	437,232
Investment in marketable securities	34,680	36,825
Total investment in real estate assets and marketable securities, net	466,373	474,057
Cash and cash equivalents	5,765	7,131
Receivables, net of allowance for doubtful accounts of $7 and $22, respectively	6,763	6,113
Deferred leasing costs, net of amortization of $1,677 and $1,559, respectively	2,560	2,673
Prepaid and other assets	2,327	1,641
Total assets	483,788	491,615
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit, net	71,183	82,152
Mortgage loans payable, net	190,862	191,001
Accounts payable and accrued expenses	3,199	3,503
Due to affiliates	19,090	22,921
Note to affiliate, net of unamortized discount of $598 and $642, respectively	4,785	4,741
Acquired below market lease intangibles, less accumulated amortization of $6,305 and $6,090, respectively	12,260	12,475
Distributions payable	702	627
Other liabilities	2,349	2,444
Total liabilities	304,430	319,864
Stockholders' Equity:
Preferred stock, none issued	0	0
Additional paid-in capital	255,811	238,275
Deficit	(76,663)	(66,723)
Total stockholders' equity	179,358	171,751
Total liabilities and stockholders' equity	483,788	491,615
Class A Shares
Stockholders' Equity:
Common stock	42	41
Class D Shares
Stockholders' Equity:
Common stock	25	22
Class I Shares
Stockholders' Equity:
Common stock	127	122
Class M-I Shares
Stockholders' Equity:
Common stock	2	1
Class N Shares
Stockholders' Equity:
Common stock	4	3
Class S Shares
Stockholders' Equity:
Common stock	0	0
Class T Shares
Stockholders' Equity:
Common stock	7	8
Class T2 Shares
Stockholders' Equity:
Common stock	2	1
Class Z Shares
Stockholders' Equity:
Common stock	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Buildings and improvements, accumulated depreciation	$ 37,833	$ 35,225
Furniture, fixtures and equipment, accumulated depreciation	907	658
Acquired intangible lease assets, accumulated amortization	38,795	35,976
Allowance for doubtful accounts	7	22
Deferred leasing costs, amortization	1,677	1,559
Note to affiliate, unamortized discount	598	642
Acquired below market lease intangibles, accumulated amortization	$ 6,305	$ 6,090
Preferred stock, shares issued (in shares)	0	0
Class A Shares
Common stock, shares issued (in shares)	4,220,026	4,105,093
Common stock, shares outstanding (in shares)	4,220,026	4,105,093
Class D Shares
Common stock, shares issued (in shares)	2,506,986	2,162,181
Common stock, shares outstanding (in shares)	2,506,986	2,162,181
Class I Shares
Common stock, shares issued (in shares)	12,747,093	12,195,381
Common stock, shares outstanding (in shares)	12,747,093	12,195,381
Class M-I Shares
Common stock, shares issued (in shares)	172,677	152,584
Common stock, shares outstanding (in shares)	172,677	152,584
Class N Shares
Common stock, shares issued (in shares)	405,610	270,652
Common stock, shares outstanding (in shares)	405,610	270,652
Class S Shares
Common stock, shares issued (in shares)	0	0
Class T Shares
Common stock, shares issued (in shares)	660,173	770,097
Common stock, shares outstanding (in shares)	660,173	770,097
Class T2 Shares
Common stock, shares issued (in shares)	171,778	105,435
Common stock, shares outstanding (in shares)	171,778	105,435
Class Z Shares
Common stock, shares issued (in shares)	75,000	75,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Property related income	$ 10,143	$ 8,207
Investment income on marketable securities	233	144
Total revenues	10,376	8,351
Expenses
General and administrative expenses	537	554
Property operating expenses	2,986	2,368
Advisory fees	2,349	747
Depreciation	2,857	1,635
Amortization	2,900	1,422
Total operating expenses	11,629	6,726
Net realized gain upon sale of marketable securities	1,025	671
Net unrealized change in fair value of investment in marketable securities	(3,338)	1,082
Operating (loss) income	(3,566)	3,378
Interest expense	(2,144)	(1,685)
Net (loss) income	(5,710)	1,693
Class A Shares
Expenses
Net (loss) income	$ (1,158)	$ 406
Net loss per common share:
Basic net (loss) income per share (in usd per share)	$ (0.28)	$ 0.11
Diluted net (loss) income per share (in usd per share)	$ (0.28)	$ 0.11
Class I Shares
Expenses
Net (loss) income	$ (3,486)	$ 1,175
Net loss per common share:
Basic net (loss) income per share (in usd per share)	$ (0.28)	$ 0.11
Diluted net (loss) income per share (in usd per share)	$ (0.28)	$ 0.11
Class T Shares
Expenses
Net (loss) income	$ (203)	$ 107
Net loss per common share:
Basic net (loss) income per share (in usd per share)	$ (0.28)	$ 0.11
Diluted net (loss) income per share (in usd per share)	$ (0.28)	0.11
Class D Shares
Expenses
Net (loss) income	$ (660)
Net loss per common share:
Basic net (loss) income per share (in usd per share)	$ (0.28)	(0.11)
Diluted net (loss) income per share (in usd per share)	$ (0.28)	$ (0.11)
Class N Shares
Expenses
Net (loss) income	$ (90)	$ 5
Net loss per common share:
Basic net (loss) income per share (in usd per share)	$ (0.28)	$ 0.11
Diluted net (loss) income per share (in usd per share)	$ (0.28)	0.11
Class M-I Shares
Expenses
Net (loss) income	$ (48)
Net loss per common share:
Basic net (loss) income per share (in usd per share)	$ (0.30)	0
Diluted net (loss) income per share (in usd per share)	$ (0.30)	0
Class T2 Shares
Expenses
Net (loss) income	$ (43)
Net loss per common share:
Basic net (loss) income per share (in usd per share)	$ (0.30)	0
Diluted net (loss) income per share (in usd per share)	$ (0.30)	0
Class Z Shares
Expenses
Net (loss) income	$ (22)
Net loss per common share:
Basic net (loss) income per share (in usd per share)	$ (0.28)	0
Diluted net (loss) income per share (in usd per share)	$ (0.28)	$ 0

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Deficit
Beginning balance (shares) at Dec. 31, 2020		0	15,182,231
Beginning balance at Dec. 31, 2020	$ 112,963	$ 0	$ 152	$ 171,161	$ (58,350)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)	378,116		378,116
Issuance of common stock	$ 5,523		$ 3	5,520
Issuance of common stock through the distribution reinvestment plan (in shares)			94,352
Issuance of common stock through the distribution reinvestment plan	1,374		$ 0	1,374
Redemption of common stock (shares)			(265,403)
Redemption of common stock	(3,849)		$ (2)	(3,847)
Distributions to investors	(2,711)				(2,711)
Offering costs	(748)			(748)
Equity based compensation (shares)			1,784
Equity based compensation	25			25
Net income (loss)	1,693				1,693
Ending balance (shares) at Mar. 31, 2021		0	15,391,080
Ending balance at Mar. 31, 2021	114,270	$ 0	$ 153	173,485	(59,368)
Beginning balance (shares) at Dec. 31, 2021		0	19,836,423
Beginning balance at Dec. 31, 2021	$ 171,751	$ 0	$ 199	238,275	(66,723)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (shares)	1,079,418		1,079,418
Issuance of common stock	$ 18,345		$ 11	18,334
Issuance of common stock through the distribution reinvestment plan (in shares)			129,394
Issuance of common stock through the distribution reinvestment plan	2,210		$ 1	2,209
Redemption of common stock (shares)			(87,582)
Redemption of common stock	(1,475)		$ (1)	(1,474)
Distributions to investors	(4,230)				(4,230)
Offering costs	(1,557)			(1,557)
Equity based compensation (shares)			1,690
Equity based compensation	24			24
Net income (loss)	(5,710)				(5,710)
Ending balance (shares) at Mar. 31, 2022		0	20,959,343
Ending balance at Mar. 31, 2022	$ 179,358	$ 0	$ 210	$ 255,811	$ (76,663)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Cash flows from operating activities:
Net (loss) income	$ (5,710)	$ 1,693
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	2,857	1,635
Net realized gain upon sale of marketable securities	(1,025)	(671)
Net unrealized change in fair value of marketable securities	3,338	(1,082)
Share based compensation	24	25
Amortization of intangible lease assets and liabilities	2,722	1,259
Amortization of deferred financing costs	69	84
Straight line rent	(191)	(332)
Amortization of discount on note to affiliate	44	43
Changes in assets and liabilities:
Receivables, net	(389)	(58)
Deferred leasing costs	(59)	(16)
Prepaid and other assets	(689)	(470)
Accounts payable and accrued expenses	(184)	694
Other liabilities	(126)	303
Due to affiliates	(4,525)	205
Net cash (used in) provided by operating activities	(3,844)	3,312
Cash flows from investing activities:
Improvements to real estate assets	(317)	(216)
Investment in marketable securities	(10,833)	(4,996)
Proceeds from sale of marketable securities	10,585	4,944
Net cash used in investing activities	(565)	(268)
Cash flows from financing activities:
Proceeds from line of credit	6,000	1,000
Repayment of line of credit	(17,000)	(2,500)
Repayment of mortgage loans payable	(177)	(86)
Proceeds from issuance of common stock	18,469	5,458
Payment of financing costs	0	(255)
Payment of offering costs	(829)	(557)
Distributions to investors	(1,945)	(1,318)
Redemption of common stock	(1,475)	(3,914)
Net cash provided by (used in) financing activities	3,043	(2,172)
Net (decrease) increase in cash and cash equivalents	(1,366)	872
Cash and cash equivalents, beginning of period	7,131	4,133
Cash and cash equivalents, end of period	5,765	5,005
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	702	462
Common stock issued through the distribution reinvestment plan	2,210	1,374
Purchases of marketable securities not yet paid	211	80
Proceeds from sale of marketable securities not yet received	236	69
Proceeds from issuance of common stock not yet received	25	151
Accrued offering costs not yet paid	1,290	462
Capital expenditures not yet paid	32	8
Supplemental Cash Flow Disclosures:
Interest paid	$ 2,031	$ 1,554

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION RREEF Property Trust, Inc. (the “Company”) was formed on February 7, 2012 as a Maryland corporation and has elected to qualify as a real estate investment trust (“REIT”) for federal income tax purposes. Substantially all of the Company's business is conducted through RREEF Property Operating Partnership, LP, the Company's operating partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. RREEF Property OP Holder, LLC (the “OP Holder”), a wholly-owned subsidiary of the Company, is the limited partner of the Operating Partnership. The Company's sponsor and advisor is RREEF America L.L.C. (“RREEF America”). The Company invests 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”). The Company raises capital through a combination of public and private offerings of its shares of common stock. On January 3, 2013, the Company commenced its initial public offering, which continued until June 30, 2016 (the “Initial Public Offering”). On July 12, 2016, the Company commenced its first follow-on public offering, which continued until January 8, 2020 (the “Follow-On Public Offering”). On January 8, 2020, the Company commenced its second follow-on public offering which is currently ongoing (the “Second Follow-On Public Offering”). In the Second Follow-On Public Offering, the Company is offering to the public up to $2,300,000 in various classes of common stock: Class A shares, Class I shares, Class M-I shares, Class N shares, Class S shares, Class T shares and Class T2 shares (also see Note 9). Class N shares can only be acquired via (a) conversion from Class T shares in accordance with the provisions of Class T shares, and (b) thereafter via the Company’s distribution reinvestment program. 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 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"). In addition, the Company has Class Z shares, which are expected to be offered only in a private offering to RREEF America. Together, the Initial Public Offering, the Follow-On Public Offering, the Second Follow-On Public Offering and the Private Offerings are collectively referred to as the "Offerings." Shares of the Company’s common stock are sold at the Company’s net asset value (“NAV”) per share, plus, for Class A, 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. The Company's NAV per share for its Class A, Class I, Class T, Class D, Class M-I, Class T2, and Class N shares is posted to the Company's website at www.rreefpropertytrust.com after the stock market close each business day. Additionally, the Company's NAV per share for its Class A, Class I, Class T, Class D, Class M-I, Class T2, and Class N shares is published daily via NASDAQ's Mutual Fund Quotation System under the symbols ZRPTAX,

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the authoritative reference for U.S. generally accepted accounting principles (“GAAP”). There have been no significant changes to the Company's significant accounting policies during the three months ended March 31, 2022. The interim financial data as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 is unaudited. In the Company’s opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Real Estate Investments and Lease Intangibles Entities are required to evaluate whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. When substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. Generally, a real estate asset and its related leases will be considered a single identifiable asset and therefore will not meet the definition of a business. If the real estate and related leases in an acquisition are determined to be an asset and not a business, then the acquisition related costs would be capitalized onto the consolidated balance sheets. Otherwise, such costs will be expensed upon completion of the transaction. The Company assesses the carrying values of real estate investments whenever events or changes in circumstances indicate that the carrying amount of these assets may not be fully recoverable, such as a reduction in the expected holding period of a property. A real estate investment is potentially impaired if the undiscounted cash flows to be realized 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 March 31, 2022 and December 31, 2021, none of the Company's real estate investments were impaired. Organization and Offering Costs Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred. Offering costs are those costs incurred by the Company, RREEF America and its affiliates on behalf of the Company which relate directly to the Company’s activities of raising capital in the Offerings, preparing for the Offerings, the qualification and registration of the Offerings and the marketing and distribution of the Company’s shares. This includes, but is not limited to, accounting and legal fees, including the legal fees of the dealer manager for the public offerings, costs for registration statement amendments and prospectus supplements, printing, mailing and distribution costs, filing fees, amounts to reimburse RREEF America as the Company’s advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse the dealer manager for amounts that it may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company with respect to a particular public offering will not exceed 15% of the gross proceeds from such particular 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. 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 public offering. Changes in this estimate will be recorded prospectively as an adjustment to additional paid-in capital. As of March 31, 2022 and December 31, 2021, the Company has accrued $17,035 and $16,343, respectively, in Trailing Fees to be payable in the future, which was included in due to affiliates on the consolidated balance sheets. Revenue Recognition In accordance with FASB Topic 842, Leases (ASC 842), and related ASU's that amended or clarified certain provisions of ASC 842, the Company elected a practical expedient to not separate lease and non-lease components of a lease and instead accounts for them as a single component if two criteria are met: (i) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same, and (ii) the lease component, if accounted for separately, would be classified as an operating lease. 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. 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 March 31, 2022, the Company has assessed that substantially all of its future lease payments are at least probable of collection. To the extent the Company's revenues do not qualify for treatment under ASC 842 or under other specific guidance, the Company is required to recognize revenue in its financial statements in a manner that depicts the transfer of the promised goods or services to its customers in an amount that reflects the consideration to which the Company is entitled at the time of transfer of those goods or services. Such treatment may apply to other types of real estate related contracts, such as for dispositions or development of real estate. Investment income from marketable securities is accrued at each distribution record date. Net Earnings or Loss Per Share Net earnings or loss per share is calculated using the two-class method. The two-class method is utilized when an entity (1) has different classes of common stock that participate differently in net earnings or loss, or (2) has issued participating securities, which are securities that participate in distributions separately from the entity’s common stock. Pursuant to the advisory agreement between the Company, the Operating Partnership and RREEF America (see Note 8), RREEF America may earn a performance component of the advisory fee which is calculated separately for each class of common stock which therefore may result in a different allocation of net earnings or loss to each class of common stock. In addition, the Company originally granted Class I Shares to its independent directors (see Note 9), which qualified as participating securities. During the three months ended March 31, 2021, the Company converted the granted shares from Class I Shares to Class D Shares for its independent directors (see Note 9), which qualify as participating securities. Thereafter, Annual Share Grant Awards (defined in Note 9 below) will be in Class D Shares. Risks and Uncertainties As of March 31, 2022 and December 31, 2021, 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. Through March 31, 2022, the Company did not incur significant disruptions from the COVID-19 pandemic. Nonetheless, the extent to which the COVID-19 pandemic impacts the Company's investments and operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence and may affect the Company’s ability to make distributions to its stockholders, service debt, or meet other financial obligations. Among the cash on hand, ongoing net capital raise and availability under the Company's line of credit, 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. Recent Accounting Pronouncement s 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 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

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, FASB ASC 820, Fair Value Measurement and Disclosures, establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity's own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company's investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges. The fair value of the Company's line of credit and mortgage loans payable are determined using Level 2 and Level 3 inputs and a discounted cash flow approach with an interest rate, property valuation and other assumptions that estimate current market conditions. The carrying amount of the Company's line of credit, exclusive of deferred financing costs, at March 31, 2022 and December 31, 2021 approximated its fair value of $71,300 and $82,300, respectively. The Company estimated the fair value of the Company's mortgage loans payable at $187,650 and $193,636 as of March 31, 2022 and December 31, 2021, respectively. If the valuation of the Company's properties as of March 31, 2022 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 $4,400 and $4,350 as of March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021. Range Fair Value at March 31, 2022 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 71,300 Discounted cash flow Loan to value 43.5 % 43.5 % 43.5 % Market interest rate 2.06 % 2.06 % 2.06 % Mortgage Loans Payable 187,650 Discounted cash flow Loan to value 26.7 % 57.4 % 44.8 % Market interest rate 3.65 % 4.45 % 4.26 % Note to Affiliate 4,400 Discounted cash flow Loan to value NA NA NA Market interest rate 5.00 % 5.00 % 5.00 % Range Fair Value at December 31, 2021 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 82,300 Discounted cash flow Loan to value 51.5 % 51.6 % 51.5 % Market interest rate 1.71 % 1.71 % 1.71 % Mortgage Loans Payable 193,636 Discounted cash flow Loan to value 30.1 % 57.8 % 46.3 % Market interest rate 2.50 % 4.05 % 3.20 % Note to Affiliate 4,350 Discounted cash flow Loan to value NA NA NA Market interest rate 4.50 % 4.50 % 4.50 %

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS The Company acquired no real estate property during the three months ended March 31, 2022 and 2021.

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES	3 Months Ended
	Mar. 31, 2022
Lessor Disclosure [Abstract]
RENTALS UNDER OPERATING LEASES	RENTALS UNDER OPERATING LEASESAs of March 31, 2022, the Company owned 15 properties with a total of 60 commercial leases comprised of four office properties (including one medical office property), four retail properties, five industrial properties and two apartment properties (including one student housing property). As of March 31, 2021, the Company owned 14 properties with a total of 59 commercial leases comprised of four office properties (including one medical office property), four retail properties, five industrial properties and one student housing property. All leases at the Company's properties have been classified as operating leases. The Company's property related income from its real estate investments is comprised of the following: Three Months Ended March 31, 2022 2021 Lease revenue 1 $ 9,774 $ 7,711 Straight-line revenue 191 332 Above- and below-market lease amortization, net 204 190 Lease incentive amortization (26) (26) Property related income $ 10,143 $ 8,207 (1) Lease revenue includes $1,366 and $1,342 of variable income from tenant reimbursements for the three months ended March 31, 2022 and 2021, respectively. The future minimum rentals to be received, excluding tenant reimbursements, under the non-cancelable portions of all of the Company's in-place commercial leases in effect as of March 31, 2022 are as follows: Year Amount 2022 - remainder of year $ 17,583 2023 19,612 2024 16,044 2025 15,184 2026 13,808 Thereafter 34,594 $ 116,825 The above future minimum rentals exclude the Company’s residential leases, which typically have terms of approximately one year. Such leases accounted for $2,675 of lease revenue for the three months ended March 31, 2022. Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income are shown below. Percent of property related income Property Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 The Glenn, Centennial, CO 16.9 % — % Providence Square, Marietta, GA 11.4 14.4 Seattle East Industrial, Redmond, WA 10.7 13.2 Flats at Carrs Hill, Athens, GA 9.1 10.7 Loudoun Gateway, Sterling, VA 8.3 10.0 Total 56.4 % 48.3 % Percent of property related income Tenant Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 FedEx Ground - Seattle East Industrial 10.7 % 13.2 % Orbital ATK Inc. - Loudoun Gateway 8.3 10.0 Total 19.0 % 23.2 % The Company's tenants representing more than 10% of in-place annualized base rental revenues were as follows: Percent of in-place annualized base rental revenues as of Property March 31, 2022 March 31, 2021 FedEx Ground - Seattle East Industrial 11.8 % 14.5 % Orbital ATK Inc. - Loudoun Gateway 9.5 11.5 Total 21.3 % 26.0 %

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES The following is a summary of the Company's marketable securities held as of the dates indicated, which consisted entirely of publicly-traded shares of common stock in REITs as of each date. March 31, 2022 December 31, 2021 Marketable securities—cost $ 26,757 $ 25,564 Unrealized gains 8,232 11,280 Unrealized losses (309) (19) Net unrealized gain 7,923 11,261 Marketable securities—fair value $ 34,680 $ 36,825

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE Wells Fargo Line of Credit On February 27, 2018, the Company, as guarantor, and certain of the wholly owned subsidiaries of the Operating Partnership, as co-borrowers, entered into an amended and restated secured revolving credit facility (the “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 Wells Fargo Line of Credit matures on February 27, 2023. Prior to this maturity date, the Company expects to refinance the Wells Fargo Line of Credit with another line of credit. There can be no assurance as to the terms any new line of credit may contain or that the Company will be able to obtain a new line of credit. The interest rate under the 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. The 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 Wells Fargo Line of Credit being syndicated. As of March 31, 2022, the outstanding balance under the Wells Fargo Line of Credit was $71,300 and the weighted average interest rate was 2.06%. As of December 31, 2021, the outstanding balance was $82,300 and the weighted average interest rate was 1.71%. At any time, the borrowing capacity under the Wells Fargo Line of Credit is based on the lesser of (1) an amount equal to 65% of the aggregate value of the properties in the collateral pool as determined by lender appraisals, (2) an amount that results in a minimum debt yield of 9% based on the in-place net operating income of the collateral pool as defined, or (3) the maximum capacity of the Wells Fargo Line of Credit. Proceeds from the Wells Fargo Line of Credit can be used to fund acquisitions, redeem shares pursuant to the Company's redemption plan and for any other corporate purpose. As of March 31, 2022, the Company's maximum borrowing capacity was $92,983. The Wells Fargo Line of Credit agreement contains customary representations, warranties, borrowing conditions and affirmative, negative and financial covenants, including that there must be at least five properties in the collateral pool at all times and that the collateral pool must also meet specified concentration provisions, unless waived by the lender. In addition, the Company, as guarantor, must meet tangible net worth hurdles. The Company was in compliance with all financial covenants as of March 31, 2022. The following is a reconciliation of the carrying amount of the Wells Fargo Line of Credit at March 31, 2022 and December 31, 2021. Balance at Lender March 31, 2022 December 31, 2021 Wells Fargo $ 71,300 $ 82,300 Deduct: Deferred financing costs, less accumulated amortization (117) (148) Line of credit, net $ 71,183 $ 82,152 Mortgage Loans Certain wholly owned subsidiaries of the Company are obligors on various mortgage loans. Such mortgage loans contain fixed interest rates, allow for 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 March 31, 2022 and December 31, 2021. Balance at Lender Encumbered Property March 31, 2022 December 31, 2021 Interest Rate Maturity Date Talcott Resolution Life Insurance Company Commerce Corner $ 12,144 $ 12,213 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 17,391 17,470 3.89 July 1, 2026 Massachusetts Mutual Life Insurance Company The Glenn 66,000 66,000 3.02 December 1, 2028 Transamerica Life Insurance Company Wallingford Plaza 6,820 6,849 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 $ 191,695 $ 191,872 Deduct: Deferred financing costs, less accumulated amortization (833) (871) Mortgage loans payable, net $ 190,862 $ 191,001 Aggregate future principal payments due on the Wells Fargo Line of Credit and mortgage loans payable as of March 31, 2022 are as follows: Year Amount Remainder of 2022 $ 540 2023 83,688 2024 474 2025 493 2026 30,746 Thereafter 147,054 Total $ 262,995

RELATED PARTY ARRANGEMENTS

RELATED PARTY ARRANGEMENTS	3 Months Ended
	Mar. 31, 2022
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, the Operating Partnership and the Company (the "Advisory Agreement"). The Advisory Agreement has a one Fees Under the Advisory Agreement, RREEF America can earn an advisory fee comprised of two components as described below. 1. The fixed component accrues daily in an amount equal to 1/365th 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 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. The Company considers an estimated performance component as of March 31, 2022 to be probable and recognized a performance component during the three months ended March 31, 2022 in the Company's consolidated financial statements. The fixed component earned by RREEF America and the performance component recognized by the Company are shown below. Three Months Ended March 31, 2022 2021 Fixed component $ 849 $ 547 Performance component 1,500 200 $ 2,349 $ 747 Expense Reimbursements Under the Advisory Agreement, RREEF America is entitled to reimbursement of certain costs incurred by RREEF America or its affiliates that were not incurred under the Expense Support Agreement, as described below. Costs eligible for reimbursement, if they were not incurred under the Expense Support Agreement, include most third-party operating expenses, salaries and related costs of RREEF America's employees who perform services for the Company (but not those employees for which RREEF America earns a separate fee or those employees who are executive officers of the Company) and travel related costs for RREEF America's employees who incur such costs on behalf of the Company. Reimbursement payments to RREEF America are subject to the limitations described below under "Reimbursement Limitations." For the three months ended March 31, 2022 and 2021, RREEF America incurred $71 and $51 of reimbursable operating expenses and offering costs, respectively, that were subject to reimbursement under the Advisory Agreement. As of March 31, 2022 and December 31, 2021, the Company had a payable to RREEF America of $71 and $71, respectively, of operating expenses and offering costs reimbursable under the Advisory Agreement. Expense Support Agreement Pursuant to the terms of the expense support agreement, as most recently amended on January 20, 2016 (the "Expense Support Agreement"), and as further modified on March 24, 2020 by a letter agreement (the "Letter Agreement"), the Company's obligations to reimburse RREEF America for amounts paid by RREEF America (the "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"). As of March 31, 2022, the Company owed $5,383 to RREEF America under the Expense Support Agreement which is reflected as a note to affiliate on the Company's consolidated balance sheet (the "Note to Affiliate"). 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. In connection with the Letter Agreement, the Company recorded a discount on the Note to Affiliate in the amount of $946 based on an estimated market interest rate of 3.75%. The discount is being amortized using the effective interest method over the expected term of the Note to Affiliate. For the three months ended March 31, 2022 and 2021, the Company amortized $44 and $43, respectively, of the discount on the Note to Affiliate into interest expense. In addition, pursuant to the Letter Agreement, if RREEF America is serving as the Company's advisor at the time that the Company or the Operating Partnership undertakes a liquidation, the Company's remaining obligations to reimburse RREEF America for the unreimbursed Expense Payments under the Expense Support Agreement shall be waived. Dealer Manager Agreement The Company and its Operating Partnership entered into the Dealer Manager Agreement with 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 March 31, 2022 and December 31, 2021, the Company has accrued $169 and $160, respectively, in Trailing Fees currently payable to the Dealer Manager, and $17,035 and $16,343, respectively, in Trailing Fees estimated to become payable in the future to the Dealer Manager, both of which are included in Due to affiliates on the consolidated balance sheets. The Company also pays the Dealer Manager upfront selling commissions and upfront dealer manager fees in connection with its Offerings, as applicable. For the three months ended March 31, 2022 and 2021, the Dealer Manager earned upfront selling commissions and upfront dealer manager fees totaling $99 and $38, respectively. Under the Dealer Manager Agreement, the Company is obligated to reimburse the Dealer Manager for certain offering costs incurred by the Dealer Manager on the Company's behalf, including but not limited to broker-dealer sponsorships, attendance fees for retail seminars conducted by broker-dealers or the Dealer Manager, and travel costs for certain personnel of the Dealer Manager who are dedicated to the distribution of the Company's shares of common stock. For the three months ended March 31, 2022 and 2021, the Dealer Manager incurred $15 and $3, respectively, in such costs on behalf of the Company. As of March 31, 2022 and December 31, 2021, the Company had payable to the Dealer Manager $15 and $15, respectively, of such costs which was included in Due to Affiliates on the consolidated balance sheets. Reimbursement Limitations Organization and Offering Costs The Company will not reimburse RREEF America under the Advisory Agreement or the Expense Support Agreement and will not reimburse the Dealer Manager under the Dealer Manager Agreement for any organization and offering costs which would cause the Company's total organization and offering costs with respect to a public offering to exceed 15% of the gross proceeds from such public offering. Further, the Company will not reimburse RREEF America or the Dealer Manager for any underwriting compensation (a subset of organization and offering costs) which would cause the Company's total underwriting compensation with respect to a public offering to exceed 10% of the gross proceeds from the primary portion of such public offering. For the Initial Public Offering that ended on June 30, 2016, the Company raised $102,831 in gross proceeds and incurred $15,424 in organization and offering costs, including, as of March 31, 2022, estimated accrued Trailing Fees payable in the future of $2,737. 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 costs, including, as of March 31, 2022, estimated accrued Trailing Fees payable in the future of $7,332. For the Second Follow-On Public Offering, as of March 31, 2022, the Company raised $95,786 in gross proceeds and incurred $10,480 in organization and offering costs, including estimated accrued Trailing Fees payable in the future of $6,966. Operating Expenses Pursuant to the Company’s charter, the Company may reimburse RREEF America, at the end of each fiscal quarter, for total operating expenses incurred by RREEF America, whether under the Expense Support Agreement or otherwise. However, the Company may not reimburse RREEF America at the end of any fiscal quarter for total operating expenses (as defined in the Company’s charter) that, in the four consecutive fiscal quarters then ended, exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company's assets for that period (the “2%/25% Guidelines”). Notwithstanding the foregoing, the Company may reimburse RREEF America for expenses in excess of the 2%/25% Guidelines if a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended March 31, 2022, total operating expenses of the Company were $12,230, which exceeded the 2%/25% Guidelines. Based upon a review of unusual and non-recurring factors, including but not limited to outsized performance during this period resulting in an increased performance component of the advisory fee, the Company's independent directors determined that the excess expenses were justified. Due to Affiliates and Note to Affiliate In accordance with all the above, the Company owed its affiliates the following amounts: March 31, 2022 December 31, 2021 Reimbursable under the Advisory Agreement $ 71 $ 71 Reimbursable under the Dealer Manager Agreement 15 15 Advisory fees 1,800 6,332 Accrued Trailing Fees 17,204 16,503 Due to affiliates $ 19,090 $ 22,921 Note to Affiliate $ 5,383 $ 5,383 Unamortized discount (598) (642) Note to Affiliate, net of unamortized discount $ 4,785 $ 4,741

CAPITALIZATION

CAPITALIZATION	3 Months Ended
	Mar. 31, 2022
Capitalization [Abstract]
CAPITALIZATION	CAPITALIZATION Under the Company's charter, 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 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 up-front 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 years. Class T2 shares are subject to selling commissions of up to 3% of the purchase price, an up-front dealer manager fee of up to 0.50% of the purchase price, and annual distribution fees of 0.85% of the NAV paid on a trailing basis for approximately six years. Class D shares sold in the Private Offerings are subject to selling commissions of up to 1.0% of the purchase price, but do not incur any dealer manager or distribution fees. Class N shares are not sold in the primary portion of the Second Follow-On Public Offering. Class N shares 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 maximum of 8.5% of commissions, dealer manager fees and distribution fees; (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 offering; (iii) a listing of the Class N shares; or (iv) the Company's merger or consolidation with or into another entity or the sale or other disposition of all or substantially all of the Company's assets. For the three months ended March 31, 2022, 135,279 Class T shares were converted to 135,085 Class N shares, respectively. Class Z shares are expected to be sold only in a private offering to RREEF America. During the year ended December 31, 2021, 75,000 Class I shares owned by RREEF America were exchanged for 75,000 Class Z shares. Class Z shares do not incur any sales commissions, dealer manager fees or distribution fees. The Company's board of directors is authorized to amend its charter from time to time, without the approval of the stockholders, to increase or decrease the aggregate number of authorized shares of common stock or the number of shares of any class or series that the Company has authority to issue. Stock Issuance During the three months ended March 31, 2022 and 2021, the Company issued common stock, excluding shares issued in the distribution reinvestment plan, as follows: Three months Ended March 31, 2022 Three months Ended March 31, 2021 No. of shares Amount No. of shares Amount Class A Shares 115,089 $ 1,968 23,241 $ 342 Class D Shares 322,693 5,455 — — Class I Shares 530,599 8,988 318,880 4,632 Class M-I Shares 18,869 319 — — Class N Shares converted from Class T Shares, net (194) — — — Class T Shares 26,904 478 35,995 549 Class T2 Shares 65,458 1,137 — — Total 1,079,418 $ 18,345 378,116 $ 5,523 There were no Class S Shares issued as of March 31, 2022. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan that allows stockholders to have the cash distributions attributable to the class of shares that the stockholder owns automatically invested in additional shares of the same class. Shares are offered pursuant to the Company's distribution reinvestment plan at the NAV per share applicable to that class, calculated as of the distribution date and after giving effect to all distributions. Stockholders who elect to participate in the distribution reinvestment plan, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of the Company's common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions used to purchase those shares of the Company's common stock in cash. Redemption Plan In an effort to provide the Company's stockholders with liquidity in respect of their investment in shares of the Company's common stock, the Company has adopted a redemption plan whereby on a daily basis stockholders may request the redemption of all or any portion of their shares. The redemption price per share is equal to the Company's NAV per share of the class of shares being redeemed on the date of redemption, subject to a short-term trading discount, if applicable. The total amount of redemptions in any calendar quarter will be limited to shares whose aggregate value (based on the redemption price per share on the date of the redemption) is equal to 5% of the Company's combined NAV for all classes of shares as of the last day of the previous calendar quarter. In addition, if redemptions do not reach the 5% limit in a calendar quarter, the unused portion generally will be carried over to the next quarter and not any subsequent quarter, except that the maximum amount of redemptions during any quarter may never exceed 10% of the combined NAV for all classes of shares as of the last day of the previous calendar quarter. If the quarterly volume limitation is reached on or before the third business day of a calendar quarter, redemption requests during the next quarter will be satisfied on a stockholder by stockholder basis, which the Company refers to as a per stockholder allocation, instead of a first-come, first-served basis. Pursuant to the per stockholder allocation, each stockholder would be allowed to request redemption at any time during such quarter of a total number of shares not to exceed 5% of the shares of common stock the stockholder held as of the end of the prior quarter. The per stockholder allocation requirement will remain in effect for each succeeding quarter for which the total redemptions for the immediately preceding quarter exceeded 4% of the Company's NAV on the last business day of such preceding quarter. If total redemptions during a quarter for which the per stockholder allocation applies are equal to or less than 4% of the Company's NAV on the last business day of such preceding quarter, then redemptions will again be satisfied on a first-come, first-served basis for the next succeeding quarter and each quarter thereafter. Each redemption request will be evaluated by the Company in consideration of rules and regulations promulgated by the Internal Revenue Service with respect to dividend equivalent redemptions. Redemptions that may be considered dividend equivalent redemptions may adversely affect the Company or its stockholders. Accordingly, the Company may reject any redemption request that it reasonably believes may be treated as a dividend equivalent redemption. While there is no minimum holding period, purchased shares (excluding shares acquired via the Company's distribution reinvestment plan) redeemed within 365 days of the date of the investor's initial purchase of the Company's shares will be redeemed at the Company's NAV per share of the class of shares being redeemed on the date of redemption less a short-term trading discount equal to 2% of the gross proceeds otherwise payable with respect to 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 three months ended March 31, 2022 and 2021, redemptions were 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. The Company fulfilled all of the redemption requests received during the periods shown. Three Months Ended March 31, 2022 Shares Weighted Average Share Price Amount Class A 27,192 $ 16.79 $ 456 Class I 54,696 16.86 922 Class T 3,996 16.92 68 Class D 6 17.09 — Class N 1,692 16.99 29 Class M-I — — — Class T2 — — — Three Months Ended March 31, 2021 Shares Weighted Average Share Price Amount Class A 32,081 $ 14.52 $ 466 Class I 214,104 14.49 3,103 Class T 4,672 14.49 67 Class D — — — Class N 14,546 14.65 213 The Company's board of directors has the discretion to suspend or modify the redemption plan at any time, including in circumstances in which it (1) determines that such action is in the best interest of the Company's stockholders, (2) determines that it is necessary due to regulatory changes or changes in law or (3) becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are redeemed. In addition, the Company's board of directors may suspend the Offerings and the redemption plan, if it determines that the calculation of NAV is materially incorrect or there is a condition that restricts the valuation of a material portion of the Company's assets. If the board of directors materially amends (including any reduction of the quarterly limit) or suspends the redemption plan during any quarter, other than any temporary suspension to address certain external events unrelated to the Company's business, any unused portion of that quarter’s 5% limit will not be carried forward to the next quarter or any subsequent quarter. Equity-Based Compensation The Company has in place an incentive compensation plan and an independent directors compensation plan (the “Compensation Plans”). The Compensation Plans were created to attract, retain and compensate highly-qualified individuals, who are not employees of RREEF Property Trust, Inc. or any of its subsidiaries or affiliates, for service as members of the board by providing them with competitive compensation. The Compensation Plans 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"). As of March 31, 2022, all Initial Stock Awards had fully vested. The fair value of the Initial Stock Awards was determined using the Company’s Class I share price on the date of grant, which was $14.34. The Company has elected to account for any forfeitures of restricted stock awards as they occur. Pursuant to the independent director compensation plan, upon completion of each annual stockholder meeting, the Company grants $10 of shares of restricted common stock to each of the Company's independent directors (the "Annual Share Grant Awards"). The fair value of the Annual Share Grant Awards will be determined using the Company’s share price for the class of shares granted 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 Annual Share Grant Awards granted in May 2019 and May 2020 were restricted Class I shares. The Company has elected to account for any forfeitures of restricted stock awards as they occur. On February 25, 2021, the Company's board of directors amended and restated the Compensation Plans to provide that all future awards of the Company's common stock pursuant to the Compensation Plans, including the Annual Share Grant Awards, will be made in restricted Class D Shares rather than restricted Class I shares. In addition, the Company's board of directors approved the conversion of all then-outstanding awards of Class I shares previously granted to the Company’s independent directors, whether or not vested, to Class D shares. Conversion of all such unvested Class I shares occurred in March 2021 and conversion of all vested Class I shares occurred in March and April 2021. Subsequent Annual Share Grant Awards were granted in restricted Class D shares. Below is a summary of the activity, per share value and recognized expense for the stock awards. Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Stock Awards Class D Shares* Weighted Average Grant Date Fair Value Class D Shares* Weighted Average Grant Date Fair Value Outstanding, beginning of period 7,018 $ 14.48 12,106 $ 14.32 Changes during the period: Granted — — — — Vested (4,993) 14.34 (5,007) 14.34 Forfeited — — — — Outstanding, end of period 2,025 14.82 7,099 14.31 Amount included in general and administrative expenses $ 24 $ 25 *After conversion from Class I Shares.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE The Company computes net income (loss) per share for each class of common stock with shares outstanding 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. The unvested Initial Stock Awards and the unvested Annual Share Grant Awards were anti-dilutive or immaterially dilutive for the three months ended March 31, 2022 and 2021. 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. Three Months Ended March 31, 2022 Class A Class I Class T Class D Class N Class M-I* Class T2* Class Z** Basic and diluted net loss per share: Allocation of net loss before performance fee $ (860) $ (2,572) $ (151) $ (482) $ (66) $ (33) $ (30) $ (16) Allocation of performance fees (298) (914) (52) (178) (24) (15) (13) (6) Total numerator $ (1,158) $ (3,486) $ (203) $ (660) $ (90) $ (48) $ (43) $ (22) Denominator - weighted average number of common shares outstanding 4,159,718 12,441,496 732,409 2,330,260 319,463 157,483 144,207 75,000 Basic and diluted net loss per share: $ (0.28) $ (0.28) $ (0.28) $ (0.28) $ (0.28) $ (0.30) $ (0.30) $ (0.28) *Class M-I and Class T2 shares were initially issued in May 2021. ** Class Z shares were first converted from Class I shares in December 2021. Three Months Ended March 31, 2021 Class A Class I Class T Class D Class N Basic and diluted net income per share: Allocation of net income (loss) before performance fee $ 452 $ 1,316 $ 119 $ ** $ 6 Allocation of performance fees (46) (141) (12) ** (1) Total numerator $ 406 $ 1,175 $ 107 $ ** $ 5 Denominator - weighted average number of common shares outstanding 3,648,711 10,623,391 962,593 1,682 46,511 Basic and diluted net income (loss) per share: $ 0.11 $ 0.11 $ 0.11 $ (0.11) $ 0.11 ** For the three months ended March 31, 2021, a net loss was allocated to Class D shares in the amount of $179 (not in thousands). Under the two-class method, undistributed losses are not allocated to unvested shares in determining net income (loss) per share, resulting in undistributed losses being fully allocated to the actual outstanding shares of each share class. The impact is more significant when the number of unvested shares for a share class is significant compared to the number of actual outstanding shares for such share class.

DISTRIBUTIONS

DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2022
Distributions [Abstract]
DISTRIBUTIONS	DISTRIBUTIONS In order to qualify as a REIT, the Company is required, among other things, to make distributions each taxable year of at least 90% of its taxable income determined without regard to the dividends-paid deduction and excluding net capital gains, and to meet certain tests regarding the nature of the Company's income and assets. The Company expects that its board of directors will continue to declare distributions with a daily record date, payable monthly in arrears. Any distributions the Company makes will be at the discretion of its board of directors, considering factors such as its earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. The Company commenced operations on May 30, 2013 and elected taxation as a REIT for the year ended December 31, 2013. Distributions for each month are payable on or before the first business day of the following month. However, any distributions reinvested by the stockholders in accordance with the Company's dividend reinvestment plan are reinvested at the per share NAV of the same class determined at the close of business on the last business day of the month in which the distributions were accrued. Shown below are details of the Company's distributions. Three Months Ended March 31, 2022 2021 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00230945 $ 0.00197050 Distributions paid or payable in cash $ 2,020 $ 1,337 Distributions reinvested 2,210 1,374 Distributions declared $ 4,230 $ 2,711 Class A Shares issued upon reinvestment 27,036 23,374 Class I Shares issued upon reinvestment 75,809 66,027 Class T Shares issued upon reinvestment 2,447 3,832 Class D Shares issued upon reinvestment 20,428 643 Class N Shares issued upon reinvestment 1,565 476 Class M-I Shares issued upon reinvestment* 1,224 — Class T2 Shares issued upon reinvestment* 885 — *Class M-I and Class T2 Shares were initially issued in May 2021. Three Months Ended March 31, 2022 2021 Class A $ 786 $ 601 Class I 2,610 1,933 Class T 139 159 Class D 540 9 Class N 74 9 Class M-I* 36 — Class T2* 28 — Class Z** 17 — Distributions declared $ 4,230 $ 2,711 *Class M-I and Class T2 Shares were initially issued in May 2021. **Class Z Shares were first converted from Class I Shares in December 2021.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company believes that it has operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes beginning with the taxable year ended December 31, 2013, when it first elected REIT status. In each calendar year that the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax to the extent it meets certain criteria and distributes its REIT taxable income to its stockholders. Distributions declared and paid by the Company may consist of ordinary income, qualifying dividends, return of capital, capital gains or a combination thereof. The characterization of the distributions into these various components will impact how the distributions are taxable to the stockholder who received them. Distributions that constitute a return of capital generally are non-taxable and will reduce the stockholder's basis in the shares. The characterization of the distributions is generally determined during the month of January following the close of the tax year.Net worth and similar taxes paid to certain states where the Company owns real estate properties were $3 and $25 for the three months ended March 31, 2022 and 2021, respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION For three months ended March 31, 2022 and 2021, the Company had two segments with reportable information: Real Estate Properties and Real Estate Equity Securities. The Company organizes and analyzes the operations and results of each of these segments independently, due to inherently different considerations for each segment. Such considerations include, but are not limited to, the nature and characteristics of the investment and investment strategies and objectives. The following tables set forth the carrying value, revenue and the components of operating income of the Company's segments reconciled to total assets as of March 31, 2022 and December 31, 2021 and net income (loss) for the three months ended March 31, 2022 and 2021. Real Estate Properties Real Estate Equity Securities Total Carrying value as of March 31, 2022 $ 431,693 $ 34,680 $ 466,373 Receivables 6,396 313 6,709 Deferred leasing costs 2,560 — 2,560 Prepaid and other assets 919 — 919 Subtotal $ 441,568 $ 34,993 $ 476,561 Reconciliation to total assets of March 31, 2022 Carrying value per reportable segments $ 476,561 Other assets 7,227 Total assets $ 483,788 Carrying value as of December 31, 2021 $ 437,232 $ 36,825 $ 474,057 Receivables 5,830 112 5,942 Deferred leasing costs 2,673 — 2,673 Prepaid and other assets 534 — 534 Subtotal $ 446,269 $ 36,937 $ 483,206 Reconciliation to total assets of December 31, 2021 Carrying value per reportable segments $ 483,206 Other assets 8,409 Total assets $ 491,615 Three Months Ended March 31, 2022 Real Estate Properties Real Estate Equity Securities Total Property related income $ 10,143 $ — $ 10,143 Investment income on marketable securities — 233 233 Total revenues 10,143 233 10,376 Segment operating expenses 2,986 10 2,996 Net realized gain upon sale of marketable securities — 1,025 1,025 Net unrealized change in fair value of investment in marketable securities — (3,338) (3,338) Operating income (loss) - segments $ 7,157 $ (2,090) $ 5,067 Three Months Ended March 31, 2021 Property related income $ 8,207 $ — $ 8,207 Investment income on marketable securities — 144 144 Total revenues 8,207 144 8,351 Segment operating expenses 2,368 7 2,375 Net realized gain upon sale of marketable securities — 671 671 Net unrealized change in fair value of investment in marketable securities — 1,082 1,082 Operating income - segments $ 5,839 $ 1,890 $ 7,729 Three Months Ended March 31, Reconciliation to net (loss) income 2022 2021 Operating income - segments $ 5,067 $ 7,729 General and administrative expenses (527) (547) Advisory expenses (2,349) (747) Depreciation (2,857) (1,635) Amortization (2,900) (1,422) Operating (loss) income (3,566) 3,378 Interest expense (2,144) (1,685) Net (loss) income $ (5,710) $ 1,693

ECONOMIC DEPENDENCY

ECONOMIC DEPENDENCY	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Company has evaluated subsequent events through the date of filing of this Form 10-Q and concluded that no material subsequent events have occurred since March 31, 2022.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the authoritative reference for U.S. generally accepted accounting principles (“GAAP”). There have been no significant changes to the Company's significant accounting policies during the three months ended March 31, 2022. The interim financial data as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 is unaudited. In the Company’s opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Real Estate Investments and Lease Intangibles	Real Estate Investments and Lease Intangibles Entities are required to evaluate whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. When substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. Generally, a real estate asset and its related leases will be considered a single identifiable asset and therefore will not meet the definition of a business. If the real estate and related leases in an acquisition are determined to be an asset and not a business, then the acquisition related costs would be capitalized onto the consolidated balance sheets. Otherwise, such costs will be expensed upon completion of the transaction.
Organization and Offering Costs	Organization and Offering Costs Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred. Offering costs are those costs incurred by the Company, RREEF America and its affiliates on behalf of the Company which relate directly to the Company’s activities of raising capital in the Offerings, preparing for the Offerings, the qualification and registration of the Offerings and the marketing and distribution of the Company’s shares. This includes, but is not limited to, accounting and legal fees, including the legal fees of the dealer manager for the public offerings, costs for registration statement amendments and prospectus supplements, printing, mailing and distribution costs, filing fees, amounts to reimburse RREEF America as the Company’s advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to
Revenue Recognition	Revenue Recognition In accordance with FASB Topic 842, Leases (ASC 842), and related ASU's that amended or clarified certain provisions of ASC 842, the Company elected a practical expedient to not separate lease and non-lease components of a lease and instead accounts for them as a single component if two criteria are met: (i) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same, and (ii) the lease component, if accounted for separately, would be classified as an operating lease. 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. 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 March 31, 2022, the Company has assessed that substantially all of its future lease payments are at least probable of collection. To the extent the Company's revenues do not qualify for treatment under ASC 842 or under other specific guidance, the Company is required to recognize revenue in its financial statements in a manner that depicts the transfer of the promised goods or services to its customers in an amount that reflects the consideration to which the Company is entitled at the time of transfer of those goods or services. Such treatment may apply to other types of real estate related contracts, such as for dispositions or development of real estate. Investment income from marketable securities is accrued at each distribution record date.
Net Earnings or Loss Per Share	Net Earnings or Loss Per Share Net earnings or loss per share is calculated using the two-class method. The two-class method is utilized when an entity (1) has different classes of common stock that participate differently in net earnings or loss, or (2) has issued participating securities, which are securities that participate in distributions separately from the entity’s common stock. Pursuant to the advisory agreement between the Company, the Operating Partnership and RREEF America (see Note 8), RREEF America may earn a performance component of the advisory fee which is calculated separately for each class of common stock which therefore may result in a different allocation of net earnings or loss to each class of common stock. In addition, the Company originally granted Class I Shares to its independent directors (see Note 9), which qualified as participating securities. During the three months ended March 31, 2021, the Company converted the granted shares from Class I Shares to Class D Shares for its independent directors (see Note 9), which qualify as participating securities. Thereafter, Annual Share Grant Awards (defined in Note 9 below) will be in Class D Shares.
Risks and Uncertainties	Risks and Uncertainties As of March 31, 2022 and December 31, 2021, the Company had cash on deposit at multiple financial institutions which were in excess of federally insured levels. The Company limits significant cash holdings to accounts held by financial institutions with a high credit standing. Therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
Recent Accounting Pronouncements	Recent Accounting Pronouncement s In 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 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

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Estimated Fair Value and the Unobservable Inputs for Debt Obligations	The following shows certain information about the estimated fair value and the unobservable inputs for the Company's debt obligations as of March 31, 2022 and December 31, 2021. Range Fair Value at March 31, 2022 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 71,300 Discounted cash flow Loan to value 43.5 % 43.5 % 43.5 % Market interest rate 2.06 % 2.06 % 2.06 % Mortgage Loans Payable 187,650 Discounted cash flow Loan to value 26.7 % 57.4 % 44.8 % Market interest rate 3.65 % 4.45 % 4.26 % Note to Affiliate 4,400 Discounted cash flow Loan to value NA NA NA Market interest rate 5.00 % 5.00 % 5.00 % Range Fair Value at December 31, 2021 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average Line of Credit $ 82,300 Discounted cash flow Loan to value 51.5 % 51.6 % 51.5 % Market interest rate 1.71 % 1.71 % 1.71 % Mortgage Loans Payable 193,636 Discounted cash flow Loan to value 30.1 % 57.8 % 46.3 % Market interest rate 2.50 % 4.05 % 3.20 % Note to Affiliate 4,350 Discounted cash flow Loan to value NA NA NA Market interest rate 4.50 % 4.50 % 4.50 %

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
Lessor Disclosure [Abstract]
Schedule of Rental and Other Property Income	The Company's property related income from its real estate investments is comprised of the following: Three Months Ended March 31, 2022 2021 Lease revenue 1 $ 9,774 $ 7,711 Straight-line revenue 191 332 Above- and below-market lease amortization, net 204 190 Lease incentive amortization (26) (26) Property related income $ 10,143 $ 8,207 (1) Lease revenue includes $1,366 and $1,342 of variable income from tenant reimbursements for the three months ended March 31, 2022 and 2021, respectively.
Lessor, Operating Lease, Payments to be Received, Maturity	The future minimum rentals to be received, excluding tenant reimbursements, under the non-cancelable portions of all of the Company's in-place commercial leases in effect as of March 31, 2022 are as follows: Year Amount 2022 - remainder of year $ 17,583 2023 19,612 2024 16,044 2025 15,184 2026 13,808 Thereafter 34,594 $ 116,825 The above future minimum rentals exclude the Company’s residential leases, which typically have terms of approximately one year. Such leases accounted for $2,675 of lease revenue for the three months ended March 31, 2022.
Tenants Representing Greater Than 10% of Gross Rental Revenues	Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income are shown below. Percent of property related income Property Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 The Glenn, Centennial, CO 16.9 % — % Providence Square, Marietta, GA 11.4 14.4 Seattle East Industrial, Redmond, WA 10.7 13.2 Flats at Carrs Hill, Athens, GA 9.1 10.7 Loudoun Gateway, Sterling, VA 8.3 10.0 Total 56.4 % 48.3 % Percent of property related income Tenant Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 FedEx Ground - Seattle East Industrial 10.7 % 13.2 % Orbital ATK Inc. - Loudoun Gateway 8.3 10.0 Total 19.0 % 23.2 % The Company's tenants representing more than 10% of in-place annualized base rental revenues were as follows: Percent of in-place annualized base rental revenues as of Property March 31, 2022 March 31, 2021 FedEx Ground - Seattle East Industrial 11.8 % 14.5 % Orbital ATK Inc. - Loudoun Gateway 9.5 11.5 Total 21.3 % 26.0 %

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	The following is a summary of the Company's marketable securities held as of the dates indicated, which consisted entirely of publicly-traded shares of common stock in REITs as of each date. March 31, 2022 December 31, 2021 Marketable securities—cost $ 26,757 $ 25,564 Unrealized gains 8,232 11,280 Unrealized losses (309) (19) Net unrealized gain 7,923 11,261 Marketable securities—fair value $ 34,680 $ 36,825

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021. Balance at Lender March 31, 2022 December 31, 2021 Wells Fargo $ 71,300 $ 82,300 Deduct: Deferred financing costs, less accumulated amortization (117) (148) Line of credit, net $ 71,183 $ 82,152
Schedule of Mortgage Loans Payable	The following is a reconciliation of the carrying amount of the mortgage loans payable at March 31, 2022 and December 31, 2021. Balance at Lender Encumbered Property March 31, 2022 December 31, 2021 Interest Rate Maturity Date Talcott Resolution Life Insurance Company Commerce Corner $ 12,144 $ 12,213 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 17,391 17,470 3.89 July 1, 2026 Massachusetts Mutual Life Insurance Company The Glenn 66,000 66,000 3.02 December 1, 2028 Transamerica Life Insurance Company Wallingford Plaza 6,820 6,849 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 $ 191,695 $ 191,872 Deduct: Deferred financing costs, less accumulated amortization (833) (871) Mortgage loans payable, net $ 190,862 $ 191,001
Schedule of Aggregate Future Principal Payments	Aggregate future principal payments due on the Wells Fargo Line of Credit and mortgage loans payable as of March 31, 2022 are as follows: Year Amount Remainder of 2022 $ 540 2023 83,688 2024 474 2025 493 2026 30,746 Thereafter 147,054 Total $ 262,995

RELATED PARTY ARRANGEMENTS (Tab

RELATED PARTY ARRANGEMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The fixed component earned by RREEF America and the performance component recognized by the Company are shown below. Three Months Ended March 31, 2022 2021 Fixed component $ 849 $ 547 Performance component 1,500 200 $ 2,349 $ 747 In accordance with all the above, the Company owed its affiliates the following amounts: March 31, 2022 December 31, 2021 Reimbursable under the Advisory Agreement $ 71 $ 71 Reimbursable under the Dealer Manager Agreement 15 15 Advisory fees 1,800 6,332 Accrued Trailing Fees 17,204 16,503 Due to affiliates $ 19,090 $ 22,921 Note to Affiliate $ 5,383 $ 5,383 Unamortized discount (598) (642) Note to Affiliate, net of unamortized discount $ 4,785 $ 4,741

CAPITALIZATION (Tables)

CAPITALIZATION (Tables)	3 Months Ended
	Mar. 31, 2022
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 stock by class	During the three months ended March 31, 2022 and 2021, the Company issued common stock, excluding shares issued in the distribution reinvestment plan, as follows: Three months Ended March 31, 2022 Three months Ended March 31, 2021 No. of shares Amount No. of shares Amount Class A Shares 115,089 $ 1,968 23,241 $ 342 Class D Shares 322,693 5,455 — — Class I Shares 530,599 8,988 318,880 4,632 Class M-I Shares 18,869 319 — — Class N Shares converted from Class T Shares, net (194) — — — Class T Shares 26,904 478 35,995 549 Class T2 Shares 65,458 1,137 — — Total 1,079,418 $ 18,345 378,116 $ 5,523 There were no Class S Shares issued as of March 31, 2022.
Schedule of repurchase agreements including shares authorized	During the three months ended March 31, 2022 and 2021, redemptions were 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. The Company fulfilled all of the redemption requests received during the periods shown. Three Months Ended March 31, 2022 Shares Weighted Average Share Price Amount Class A 27,192 $ 16.79 $ 456 Class I 54,696 16.86 922 Class T 3,996 16.92 68 Class D 6 17.09 — Class N 1,692 16.99 29 Class M-I — — — Class T2 — — — Three Months Ended March 31, 2021 Shares Weighted Average Share Price Amount Class A 32,081 $ 14.52 $ 466 Class I 214,104 14.49 3,103 Class T 4,672 14.49 67 Class D — — — Class N 14,546 14.65 213
Schedule of stock awards	Below is a summary of the activity, per share value and recognized expense for the stock awards. Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Stock Awards Class D Shares* Weighted Average Grant Date Fair Value Class D Shares* Weighted Average Grant Date Fair Value Outstanding, beginning of period 7,018 $ 14.48 12,106 $ 14.32 Changes during the period: Granted — — — — Vested (4,993) 14.34 (5,007) 14.34 Forfeited — — — — Outstanding, end of period 2,025 14.82 7,099 14.31 Amount included in general and administrative expenses $ 24 $ 25 *After conversion from Class I Shares.

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share Basic and Diluted	The following table sets forth the computation of basic and diluted net income (loss) per share for each class of the Company’s common stock which had shares outstanding during the relevant period. Three Months Ended March 31, 2022 Class A Class I Class T Class D Class N Class M-I* Class T2* Class Z** Basic and diluted net loss per share: Allocation of net loss before performance fee $ (860) $ (2,572) $ (151) $ (482) $ (66) $ (33) $ (30) $ (16) Allocation of performance fees (298) (914) (52) (178) (24) (15) (13) (6) Total numerator $ (1,158) $ (3,486) $ (203) $ (660) $ (90) $ (48) $ (43) $ (22) Denominator - weighted average number of common shares outstanding 4,159,718 12,441,496 732,409 2,330,260 319,463 157,483 144,207 75,000 Basic and diluted net loss per share: $ (0.28) $ (0.28) $ (0.28) $ (0.28) $ (0.28) $ (0.30) $ (0.30) $ (0.28) *Class M-I and Class T2 shares were initially issued in May 2021. ** Class Z shares were first converted from Class I shares in December 2021. Three Months Ended March 31, 2021 Class A Class I Class T Class D Class N Basic and diluted net income per share: Allocation of net income (loss) before performance fee $ 452 $ 1,316 $ 119 $ ** $ 6 Allocation of performance fees (46) (141) (12) ** (1) Total numerator $ 406 $ 1,175 $ 107 $ ** $ 5 Denominator - weighted average number of common shares outstanding 3,648,711 10,623,391 962,593 1,682 46,511 Basic and diluted net income (loss) per share: $ 0.11 $ 0.11 $ 0.11 $ (0.11) $ 0.11 ** For the three months ended March 31, 2021, a net loss was allocated to Class D shares in the amount of $179 (not in thousands). Under the two-class method, undistributed losses are not allocated to unvested shares in determining net income (loss) per share, resulting in undistributed losses being fully allocated to the actual outstanding shares of each share class. The impact is more significant when the number of unvested shares for a share class is significant compared to the number of actual outstanding shares for such share class.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Distributions [Abstract]
Schedule of distributions	Shown below are details of the Company's distributions. Three Months Ended March 31, 2022 2021 Declared daily distribution rate, before adjustment for class-specific fees $ 0.00230945 $ 0.00197050 Distributions paid or payable in cash $ 2,020 $ 1,337 Distributions reinvested 2,210 1,374 Distributions declared $ 4,230 $ 2,711 Class A Shares issued upon reinvestment 27,036 23,374 Class I Shares issued upon reinvestment 75,809 66,027 Class T Shares issued upon reinvestment 2,447 3,832 Class D Shares issued upon reinvestment 20,428 643 Class N Shares issued upon reinvestment 1,565 476 Class M-I Shares issued upon reinvestment* 1,224 — Class T2 Shares issued upon reinvestment* 885 — *Class M-I and Class T2 Shares were initially issued in May 2021.
Distributions declared	Three Months Ended March 31, 2022 2021 Class A $ 786 $ 601 Class I 2,610 1,933 Class T 139 159 Class D 540 9 Class N 74 9 Class M-I* 36 — Class T2* 28 — Class Z** 17 — Distributions declared $ 4,230 $ 2,711 *Class M-I and Class T2 Shares were initially issued in May 2021. **Class Z Shares were first converted from Class I Shares in December 2021.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables set forth the carrying value, revenue and the components of operating income of the Company's segments reconciled to total assets as of March 31, 2022 and December 31, 2021 and net income (loss) for the three months ended March 31, 2022 and 2021. Real Estate Properties Real Estate Equity Securities Total Carrying value as of March 31, 2022 $ 431,693 $ 34,680 $ 466,373 Receivables 6,396 313 6,709 Deferred leasing costs 2,560 — 2,560 Prepaid and other assets 919 — 919 Subtotal $ 441,568 $ 34,993 $ 476,561 Reconciliation to total assets of March 31, 2022 Carrying value per reportable segments $ 476,561 Other assets 7,227 Total assets $ 483,788 Carrying value as of December 31, 2021 $ 437,232 $ 36,825 $ 474,057 Receivables 5,830 112 5,942 Deferred leasing costs 2,673 — 2,673 Prepaid and other assets 534 — 534 Subtotal $ 446,269 $ 36,937 $ 483,206 Reconciliation to total assets of December 31, 2021 Carrying value per reportable segments $ 483,206 Other assets 8,409 Total assets $ 491,615 Three Months Ended March 31, 2022 Real Estate Properties Real Estate Equity Securities Total Property related income $ 10,143 $ — $ 10,143 Investment income on marketable securities — 233 233 Total revenues 10,143 233 10,376 Segment operating expenses 2,986 10 2,996 Net realized gain upon sale of marketable securities — 1,025 1,025 Net unrealized change in fair value of investment in marketable securities — (3,338) (3,338) Operating income (loss) - segments $ 7,157 $ (2,090) $ 5,067 Three Months Ended March 31, 2021 Property related income $ 8,207 $ — $ 8,207 Investment income on marketable securities — 144 144 Total revenues 8,207 144 8,351 Segment operating expenses 2,368 7 2,375 Net realized gain upon sale of marketable securities — 671 671 Net unrealized change in fair value of investment in marketable securities — 1,082 1,082 Operating income - segments $ 5,839 $ 1,890 $ 7,729 Three Months Ended March 31, Reconciliation to net (loss) income 2022 2021 Operating income - segments $ 5,067 $ 7,729 General and administrative expenses (527) (547) Advisory expenses (2,349) (747) Depreciation (2,857) (1,635) Amortization (2,900) (1,422) Operating (loss) income (3,566) 3,378 Interest expense (2,144) (1,685) Net (loss) income $ (5,710) $ 1,693

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($)	Nov. 17, 2020	Jan. 08, 2020	Jan. 20, 2016
Class D Shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Public offering value of shares offered pursuant to registration statement			$ 350,000,000
Private Offering | Class D Shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of stock authorized for sale	$ 300,000,000
Second Follow-On Offering
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of stock authorized for sale		$ 2,300,000,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued trailing fee-estimated payable for future	$ 17,035	$ 16,343
RREEF America
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum offering costs as percentage of gross proceeds from initial public offering	15.00%
Underwriting compensation for public offering as percent of gross offering proceeds	10.00%
Class A Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.50%
Percentage of dealer manager fee	0.55%
Class T Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Underwriting compensation for public offering as percent of gross offering proceeds	8.50%
Percentage of distribution fee	1.00%
Percentage of dealer manager fee	2.50%
Class S Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.85%
Class T2 Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of distribution fee	0.85%
Percentage of dealer manager fee	0.50%
Class I Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of dealer manager fee	0.55%

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, fair value	$ 71,300	$ 82,300
Mortgage loans payable	187,650	193,636
Note to affiliate	4,400	4,350
Wells Fargo Bank
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, fair value	$ 71,300	$ 82,300

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value of Debt Obligations (Details) $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, fair value	$ 71,300	$ 82,300
Mortgage loans payable	187,650	193,636
Note to affiliate	$ 4,400	$ 4,350
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	0.435	0.515
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	0.0206	0.0171
Minimum | Mortgage Loans Payable | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.267	0.301
Minimum | Mortgage Loans Payable | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0365	0.0250
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	0.0500	0.0450
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	0.435	0.516
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	0.0206	0.0171
Maximum | Mortgage Loans Payable | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.574	0.578
Maximum | Mortgage Loans Payable | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0445	0.0405
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	0.0500	0.0450
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	0.435	0.515
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	0.0206	0.0171
Weighted Average | Mortgage Loans Payable | Discounted cash flow | Loan to value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.448	0.463
Weighted Average | Mortgage Loans Payable | Discounted cash flow | Market interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value input	0.0426	0.0320
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	0.0500	0.0450

REAL ESTATE INVESTMENTS Narrati

REAL ESTATE INVESTMENTS Narrative (Details) - Property	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate [Abstract]
Number of real estate properties acquired	0	0

RENTALS UNDER OPERATING LEASE_2

RENTALS UNDER OPERATING LEASES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Propertytenant	Mar. 31, 2021Propertytenant
Lessor, Lease, Description [Line Items]
Number of real estate properties owned	15	14
Number of tenants | tenant	60	59
Office Building
Lessor, Lease, Description [Line Items]
Number of real estate properties owned	4	4
Medical Office Property
Lessor, Lease, Description [Line Items]
Number of real estate properties owned	1	1
Retail Property
Lessor, Lease, Description [Line Items]
Number of real estate properties owned	4	4
Industrial Property
Lessor, Lease, Description [Line Items]
Number of real estate properties owned	5	5
Apartment Building
Lessor, Lease, Description [Line Items]
Number of real estate properties owned	2
Proceeds from residential leases | $	$ 2,675
Student Housing
Lessor, Lease, Description [Line Items]
Number of real estate properties owned	1	1

RENTALS UNDER OPERATING LEASE_3

RENTALS UNDER OPERATING LEASES - Rental and Other Property Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessor Disclosure [Abstract]
Lease revenue	$ 9,774	$ 7,711
Straight-line revenue	191	332
Above- and below-market lease amortization, net	204	190
Lease incentive amortization	(26)	(26)
Property related income	10,143	8,207
Variable lease income	$ 1,366	$ 1,342

RENTALS UNDER OPERATINS LEASES

RENTALS UNDER OPERATINS LEASES - Future Minimum Rental Income (Details) $ in Thousands	Mar. 31, 2022USD ($)
Amount
2022 - remainder of year	$ 17,583
2023	19,612
2024	16,044
2025	15,184
2026	13,808
Thereafter	34,594
Total future minimum rent	$ 116,825

RENTALS UNDER OPERATING LEASE_4

RENTALS UNDER OPERATING LEASES - Concentration Risk (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property | Major Customers | Property-related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	56.40%	48.30%
Property | The Glenn, Centennial, CO | Major Customers | Property-related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	16.90%	0.00%
Property | Providence Square, Marietta, GA | Major Customers | Property-related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	11.40%	14.40%
Property | Seattle East Industrial, Redmond, WA | Major Customers | Property-related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	10.70%	13.20%
Property | Flats at Carrs Hill, Athens, GA | Major Customers | Property-related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	9.10%	10.70%
Property | Loudoun Gateway, Sterling, VA | Major Customers | Property-related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	8.30%	10.00%
Tenant | FedEx Ground - Seattle East Industrial | Property-related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	10.70%	13.20%
Tenant | FedEx Ground - Seattle East Industrial | Percent of in-place annualized base rental revenues as of
Lessor, Lease, Description [Line Items]
Concentration risk percentage	11.80%	14.50%
Tenant | Orbital ATK Inc. - Loudoun Gateway | Property-related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	8.30%	10.00%
Tenant | Orbital ATK Inc. - Loudoun Gateway | Percent of in-place annualized base rental revenues as of
Lessor, Lease, Description [Line Items]
Concentration risk percentage	9.50%	11.50%
Tenant | Major Customers | Property-related income
Lessor, Lease, Description [Line Items]
Concentration risk percentage	19.00%	23.20%
Tenant | Major Customers | Percent of in-place annualized base rental revenues as of
Lessor, Lease, Description [Line Items]
Concentration risk percentage	21.30%	26.00%

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Marketable securities—cost	$ 26,757		$ 25,564
Unrealized gains	8,232		11,280
Unrealized losses	(309)		(19)
Net unrealized gain	7,923		11,261
Marketable securities—fair value	34,680		$ 36,825
Proceeds from sale of marketable securities	10,779	$ 4,924
Gross realized gains from sale of marketable securities	1,505	703
Gross realized losses from sale of marketable securities	$ 480	$ 32

NOTES PAYABLE - Narrative (Deta

NOTES PAYABLE - Narrative (Details)	Feb. 27, 2018USD ($)Property	Mar. 31, 2022USD ($)Property	Dec. 31, 2021USD ($)	Mar. 31, 2021Property
Line of Credit Facility [Line Items]
Number of real estate properties owned | Property		15		14
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 100,000,000	$ 92,983,000
Maximum borrowing capacity, expansion	200,000,000
Expansion feature, minimum increase limit for each request	$ 25,000,000
Long-term line of credit		$ 71,300,000	$ 82,300,000
Line of credit, interest rate at period end		2.06%
Percentage of property value	65.00%
Percentage of minimum debt yield	9.00%
Number of real estate properties owned | Property	5
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.60%
Revised Wells Fargo Line of Credit | Wells Fargo Bank | Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.80%

NOTES PAYABLE - Carrying Amount

NOTES PAYABLE - Carrying Amount of Line of Credit (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Line of credit, net	$ 71,183	$ 82,152
Revised Wells Fargo Line of Credit | Wells Fargo Bank
Debt Instrument [Line Items]
Line of credit	71,300	82,300
Deduct: Deferred financing costs, less accumulated amortization	(117)	(148)
Line of credit, net	$ 71,183	$ 82,152

NOTES PAYABLE - Mortgage Loans

NOTES PAYABLE - Mortgage Loans Payable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 262,995
Mortgage loans payable, net	190,862	$ 191,001
Mortgage Loans Payable
Debt Instrument [Line Items]
Long-term debt	191,695	191,872
Deduct: Deferred financing costs, less accumulated amortization	(833)	(871)
Mortgage loans payable, net	190,862	191,001
Mortgage Loans Payable | Nationwide Life Insurance Company | Flats at Carrs Hill
Debt Instrument [Line Items]
Long-term debt	$ 14,500	14,500
Interest Rate	3.63%
Mortgage Loans Payable | Nationwide Life Insurance Company | Providence Square
Debt Instrument [Line Items]
Long-term debt	$ 29,700	29,700
Interest Rate	3.67%
Mortgage Loans Payable | State Farm Life Insurance Company | Elston Plaza
Debt Instrument [Line Items]
Long-term debt	$ 17,391	17,470
Interest Rate	3.89%
Mortgage Loans Payable | Massachusetts Mutual Life Insurance Company | The Glenn, Centennial, CO
Debt Instrument [Line Items]
Long-term debt	$ 66,000	66,000
Interest Rate	3.02%
Mortgage Loans Payable | Transamerica Life Insurance Company | Wallingford Plaza
Debt Instrument [Line Items]
Long-term debt	$ 6,820	6,849
Interest Rate	4.56%
Mortgage Loans Payable | JPMorgan Chase Bank | Seattle East Industrial
Debt Instrument [Line Items]
Long-term debt	$ 45,140	45,140
Interest Rate	3.87%
Mortgage Loans Payable | Talcott Resolution Life Insurance Company | Commerce Corner
Debt Instrument [Line Items]
Long-term debt	$ 12,144	$ 12,213
Interest Rate	3.41%

NOTES PAYABLE - Future Principa

NOTES PAYABLE - Future Principal Payments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Maturities of Long-term Debt [Abstract]
Remainder of 2022	$ 540
2023	83,688
2024	474
2025	493
2026	30,746
Thereafter	147,054
Total	$ 262,995

RELATED PARTY ARRANGEMENTS - Re

RELATED PARTY ARRANGEMENTS - Related Party Agreements (Details)	Apr. 25, 2016USD ($)	Mar. 31, 2022USD ($)component$ / shares	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)component$ / shares	Jun. 30, 2016USD ($)	Jan. 08, 2020USD ($)	Dec. 31, 2021USD ($)	Mar. 24, 2020USD ($)
Related Party Transaction [Line Items]
Term of agreements		1 year
Number of components, advisory fees | component		2		2
Due to affiliate		$ 19,090,000		$ 19,090,000			$ 22,921,000
Minimum offering proceeds needed before expense repayment	$ 500,000,000
Due to affiliates		19,090,000		19,090,000			22,921,000
Amortization of discount on note to affiliate		44,000	$ 43,000
Sales commission and upfront dealer manager fees		99,000	38,000
Payment of offering costs		829,000	557,000
Accrued trailing fee-estimated payable for future		17,035,000		$ 17,035,000			16,343,000
Four fiscal quarter total operating expense		$ 12,230,000
Note to Affiliate | RREEF America
Related Party Transaction [Line Items]
Related party note payable discount								$ 946,000
RREEF America
Related Party Transaction [Line Items]
Percentage of fixed component of investment		0.00274%		0.00274%
Performance fee to advisor, net asset value per share, threshold to which no fee earned on increase | $ / shares		$ 12		$ 12
Advisory fees		$ 2,349,000	747,000
Reimbursements to related parties during the period		71,000	51,000
Note to Affiliate		$ 5,383,000		$ 5,383,000			5,383,000
Maximum offering costs as percentage of gross proceeds from initial public offering		15.00%		15.00%
Underwriting compensation for public offering as percent of gross offering proceeds		10.00%		10.00%
Expenses to advisor not reimbursable, percentage of invested assets threshold exceeded by operating expenses		2.00%
Expenses to advisor not reimbursable, percentage of net income excluding certain reductions threshold exceeded by operating expenses		25.00%
RREEF America | 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%		6.00%
Performance fee to advisor, limit as percent of excess total return		10.00%		10.00%
Performance fee to advisor as percent of excess total return		25.00%		25.00%
RREEF America | Class M-I, Class S and Class T2
Related Party Transaction [Line Items]
Performance fee to advisor, percentage return per share threshold		5.00%		5.00%
Performance fee to advisor, limit as percent of excess total return		12.50%		12.50%
Performance fee to advisor as percent of alternative excess total return		100.00%		100.00%
Performance fee to advisor as percent of alternative catch-up return		5.715%		5.715%
DWS Distributors
Related Party Transaction [Line Items]
Reimbursable under dealer agreement		$ 15,000	3,000
Accounts payable, reimbursable under dealer agreement							15,000
Affiliated Entity | Note to Affiliate | RREEF America
Related Party Transaction [Line Items]
Amortization of discount on note to affiliate		44,000	43,000
Fixed Component | RREEF America
Related Party Transaction [Line Items]
Advisory fees		849,000	547,000
Performance Component | RREEF America
Related Party Transaction [Line Items]
Advisory fees		1,500,000	$ 200,000
Reimbursable under the Advisory Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliate		71,000		$ 71,000			71,000
The Letter Agreement | RREEF America
Related Party Transaction [Line Items]
First period reimbursement payments		$ 250,000		250,000
First reimbursement period		12 months
Reimbursement payments period two		$ 198,000		198,000
Reimbursement period two		12 months
Expense Support Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliates		$ 5,383,000		5,383,000
Accrued Trailing Fees
Related Party Transaction [Line Items]
Due to affiliate		169,000		169,000			160,000
Due from affiliate, noncurrent		17,035,000		17,035,000			16,343,000
Accrued Trailing Fees | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate		17,204,000		17,204,000			16,503,000
Reimbursable under Dealer Manager Agreement | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate		15,000		15,000			$ 15,000
Accounts payable, reimbursable under dealer agreement		15,000		15,000
IPO | RREEF America
Related Party Transaction [Line Items]
Capital raised					$ 102,831,000
Payment of offering costs					$ 15,424,000
Accrued trailing fee-estimated payable for future		2,737,000		2,737,000
Follow-On Public Offering
Related Party Transaction [Line Items]
Capital raised						$ 132,994,000
Payment of offering costs						$ 16,861,000
Accrued trailing fee-estimated payable for future		7,332,000		7,332,000
Second Follow-On Public Offering
Related Party Transaction [Line Items]
Capital raised				95,786,000
Payment of offering costs				10,480,000
Accrued trailing fee-estimated payable for future		$ 6,966,000		$ 6,966,000
Discount Rate | Note to Affiliate | RREEF America
Related Party Transaction [Line Items]
Fair value inputs discount rate								0.0375

RELATED PARTY ARRANGEMENTS - Du

RELATED PARTY ARRANGEMENTS - Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliate	$ 19,090	$ 22,921
Unamortized discount	(598)	(642)
Note to Affiliate, net of unamortized discount	4,785	4,741
RREEF America
Related Party Transaction [Line Items]
Note to Affiliate	5,383	5,383
Unamortized discount	(598)	(642)
Note to Affiliate, net of unamortized discount	4,785	4,741
Reimbursable under the Advisory Agreement | RREEF America
Related Party Transaction [Line Items]
Due to affiliate	71	71
Reimbursable under the Dealer Manager Agreement | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate	15	15
Advisory fees | RREEF America
Related Party Transaction [Line Items]
Due to affiliate	1,800	6,332
Accrued Trailing Fees
Related Party Transaction [Line Items]
Due to affiliate	169	160
Accrued Trailing Fees | DWS Distributors
Related Party Transaction [Line Items]
Due to affiliate	$ 17,204	$ 16,503

CAPITALIZATION - Narrative (Det

CAPITALIZATION - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule of Capitalization [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
Aggregate redemptions value limit, as a percentage of combined net asset value	5.00%
Aggregate redemptions value including carryover limit, as a percentage of combined net asset value	10.00%
Common stock redemption limit per shareholder, as a percentage of shares held	5.00%
Percentage of net asset value	4.00%
Short term trading penalty period	365 days
Short-term trading discount as percentage of gross proceeds	2.00%
Minimum balance of common stock, threshold to redeem shares	$ 500
RREEF America
Schedule of Capitalization [Line Items]
Underwriting compensation for public offering as percent of gross offering proceeds	10.00%
Class A Shares
Schedule of Capitalization [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%
Percentage of distribution fee	0.50%
Class D Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	45,000,000
Maximum selling commissions as percentage of purchase price	1.00%
Class I Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Percentage of dealer manager fee	0.55%
Conversion of stock number of shares converted		75,000
Class M-I Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Class N Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	150,000,000
Conversion of stock number of shares issued	135,085
Class S Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	200,000,000
Maximum selling commissions as percentage of purchase price	3.00%
Percentage of distribution fee	0.85%
Duration of distribution fee	7 years
Class T Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	5,000,000
Maximum selling commissions as percentage of purchase price	3.00%
Percentage of dealer manager fee	2.50%
Percentage of distribution fee	1.00%
Duration of distribution fee	3 years
Underwriting compensation for public offering as percent of gross offering proceeds	8.50%
Conversion of stock number of shares converted	135,279
Class T2 Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	150,000,000
Maximum selling commissions as percentage of purchase price	3.00%
Percentage of dealer manager fee	0.50%
Percentage of distribution fee	0.85%
Duration of distribution fee	6 years
Class Z Shares
Schedule of Capitalization [Line Items]
Common stock, shares authorized (in shares)	5,000,000
Conversion of stock number of shares issued		75,000

CAPITALIZATION - Stock Issuance

CAPITALIZATION - Stock Issuance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Issuance of common stock (shares)	1,079,418	378,116
Issuance of common stock	$ 18,345	$ 5,523
Class A Shares
Class of Stock [Line Items]
Issuance of common stock (shares)	115,089	23,241
Issuance of common stock	$ 1,968	$ 342
Class D Shares
Class of Stock [Line Items]
Issuance of common stock (shares)	322,693	0
Issuance of common stock	$ 5,455	$ 0
Class I Shares
Class of Stock [Line Items]
Issuance of common stock (shares)	530,599	318,880
Issuance of common stock	$ 8,988	$ 4,632
Class M-I Shares
Class of Stock [Line Items]
Issuance of common stock (shares)	18,869	0
Issuance of common stock	$ 319	$ 0
Class N Shares
Class of Stock [Line Items]
Issuance of common stock (shares)	(194)	0
Issuance of common stock	$ 0	$ 0
Class T Shares
Class of Stock [Line Items]
Issuance of common stock (shares)	26,904	35,995
Issuance of common stock	$ 478	$ 549
Class T2 Shares
Class of Stock [Line Items]
Issuance of common stock (shares)	65,458	0
Issuance of common stock	$ 1,137	$ 0
Class S Shares
Class of Stock [Line Items]
Issuance of common stock (shares)	0

CAPITALIZATION - Weighted Avera

CAPITALIZATION - Weighted Average Redemption Prices (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Capitalization, Equity [Line Items]
Shares redeemed, amount	$ 1,475	$ 3,849
Class A
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	27,192	32,081
Weighted Average Share Price (in usd per share)	$ 16.79	$ 14.52
Shares redeemed, amount	$ 456	$ 466
Class D
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	6	0
Weighted Average Share Price (in usd per share)	$ 17.09	$ 0
Shares redeemed, amount	$ 0	$ 0
Class I
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	54,696	214,104
Weighted Average Share Price (in usd per share)	$ 16.86	$ 14.49
Shares redeemed, amount	$ 922	$ 3,103
Class N
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	1,692	14,546
Weighted Average Share Price (in usd per share)	$ 16.99	$ 14.65
Shares redeemed, amount	$ 29	$ 213
Class T
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	3,996	4,672
Weighted Average Share Price (in usd per share)	$ 16.92	$ 14.49
Shares redeemed, amount	$ 68	$ 67
Class M-I Shares
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	0
Weighted Average Share Price (in usd per share)	$ 0
Shares redeemed, amount	$ 0
Class T2 Shares
Schedule of Capitalization, Equity [Line Items]
Shares redeemed (shares)	0
Weighted Average Share Price (in usd per share)	$ 0
Shares redeemed, amount	$ 0

CAPITALIZATION - Equity-Based C

CAPITALIZATION - Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 29, 2019	Mar. 31, 2022
Class of Stock [Line Items]
Required shares to be issued in aggregate (in shares)		12,500,000
Class I Shares
Class of Stock [Line Items]
Shares issued per individual (in shares)	5,000
Grant date fair value (in usd per share)	$ 14.34
Restricted Stock
Class of Stock [Line Items]
Shares reserved for issuance (in shares)		5,000
Equity based compensation (shares)	20,000
Award vesting period		1 year
Amount of shares granted per individual		$ 10

CAPITALIZATION - Stock Award Ac

CAPITALIZATION - Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 29, 2019	Mar. 31, 2022	Mar. 31, 2021
Class I Shares
Weighted Average Grant Date Fair Value
Granted (in usd per share)	$ 14.34
Restricted Stock
Class D Shares*
Granted (in shares)	20,000
Restricted Stock | Class D Shares
Class D Shares*
Outstanding, beginning of period (in shares)		7,018	12,106
Granted (in shares)		0	0
Vested (in shares)		(4,993)	(5,007)
Forfeited (in shares)		0	0
Outstanding, end of period (in shares)		2,025	7,099
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share)		$ 14.48	$ 14.32
Granted (in usd per share)		0	0
Vested (in usd per share)		14.34	14.34
Forfeited (in usd per share)		0	0
Outstanding, end balance (in usd per share)		$ 14.82	$ 14.31
Amount included in general and administrative expenses		$ 24	$ 25

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic and diluted net loss per share:
Net (loss) income	$ (5,710,000)	$ 1,693,000
Class A Shares
Basic and diluted net loss per share:
Allocation of net loss before performance fee	(860,000)	452,000
Allocation of performance fees	(298,000)	(46,000)
Net (loss) income	$ (1,158,000)	$ 406,000
Denominator - weighted average number of common shares outstanding, basic (in shares)	4,159,718	3,648,711
Denominator - weighted average number of common shares outstanding, diluted (in shares)	4,159,718	3,648,711
Basic net loss per share (in usd per share)	$ (0.28)	$ 0.11
Diluted net loss per share (in usd per share)	$ (0.28)	$ 0.11
Class I Shares
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$ (2,572,000)	$ 1,316,000
Allocation of performance fees	(914,000)	(141,000)
Net (loss) income	$ (3,486,000)	$ 1,175,000
Denominator - weighted average number of common shares outstanding, basic (in shares)	12,441,496	10,623,391
Denominator - weighted average number of common shares outstanding, diluted (in shares)	12,441,496	10,623,391
Basic net loss per share (in usd per share)	$ (0.28)	$ 0.11
Diluted net loss per share (in usd per share)	$ (0.28)	$ 0.11
Class T Shares
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$ (151,000)	$ 119,000
Allocation of performance fees	(52,000)	(12,000)
Net (loss) income	$ (203,000)	$ 107,000
Denominator - weighted average number of common shares outstanding, basic (in shares)	732,409	962,593
Denominator - weighted average number of common shares outstanding, diluted (in shares)	732,409	962,593
Basic net loss per share (in usd per share)	$ (0.28)	$ 0.11
Diluted net loss per share (in usd per share)	$ (0.28)	$ 0.11
Class D Shares
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$ (482,000)	$ 179
Allocation of performance fees	(178,000)
Net (loss) income	$ (660,000)
Denominator - weighted average number of common shares outstanding, basic (in shares)	2,330,260	1,682
Denominator - weighted average number of common shares outstanding, diluted (in shares)	2,330,260	1,682
Basic net loss per share (in usd per share)	$ (0.28)	$ (0.11)
Diluted net loss per share (in usd per share)	$ (0.28)	$ (0.11)
Class N Shares
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$ (66,000)	$ 6,000
Allocation of performance fees	(24,000)	(1,000)
Net (loss) income	$ (90,000)	$ 5,000
Denominator - weighted average number of common shares outstanding, basic (in shares)	319,463	46,511
Denominator - weighted average number of common shares outstanding, diluted (in shares)	319,463	46,511
Basic net loss per share (in usd per share)	$ (0.28)	$ 0.11
Diluted net loss per share (in usd per share)	$ (0.28)	0.11
Class M-I Shares
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$ (33,000)
Allocation of performance fees	(15,000)
Net (loss) income	$ (48,000)
Denominator - weighted average number of common shares outstanding, basic (in shares)	157,483
Denominator - weighted average number of common shares outstanding, diluted (in shares)	157,483
Basic net loss per share (in usd per share)	$ (0.30)	0
Diluted net loss per share (in usd per share)	$ (0.30)	0
Class T2 Shares
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$ (30,000)
Allocation of performance fees	(13,000)
Net (loss) income	$ (43,000)
Denominator - weighted average number of common shares outstanding, basic (in shares)	144,207
Denominator - weighted average number of common shares outstanding, diluted (in shares)	144,207
Basic net loss per share (in usd per share)	$ (0.30)	0
Diluted net loss per share (in usd per share)	$ (0.30)	0
Class Z Shares
Basic and diluted net loss per share:
Allocation of net loss before performance fee	$ (16,000)
Allocation of performance fees	(6,000)
Net (loss) income	$ (22,000)
Denominator - weighted average number of common shares outstanding, basic (in shares)	75,000
Denominator - weighted average number of common shares outstanding, diluted (in shares)	75,000
Basic net loss per share (in usd per share)	$ (0.28)	0
Diluted net loss per share (in usd per share)	$ (0.28)	$ 0

DISTRIBUTIONS (Details)

DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Declared daily distribution rate, before adjustment for class-specific expenses (usd per share)	$ 0.00230945	$ 0.00197050
Distributions paid or payable in cash	$ 2,020	$ 1,337
Distributions reinvested	2,210	1,374
Distributions declared	4,230	2,711
Class A Shares
Class of Stock [Line Items]
Distributions declared	786	601
Class I Shares
Class of Stock [Line Items]
Distributions declared	2,610	1,933
Class T Shares
Class of Stock [Line Items]
Distributions declared	139	159
Class D Shares
Class of Stock [Line Items]
Distributions declared	540	9
Class N Shares
Class of Stock [Line Items]
Distributions declared	74	9
Class M-I Shares
Class of Stock [Line Items]
Distributions declared	36	0
Class T2 Shares
Class of Stock [Line Items]
Distributions declared	28	0
Common Stock
Class of Stock [Line Items]
Distributions reinvested	$ 1	$ 0
Shares issued upon reinvestment (in shares)	129,394	94,352
Common Stock | Class A Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	27,036	23,374
Common Stock | Class I Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	75,809	66,027
Common Stock | Class T Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	2,447	3,832
Common Stock | Class D Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	20,428	643
Common Stock | Class N Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	1,565	476
Common Stock | Class M-I Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	1,224	0
Common Stock | Class T2 Shares
Class of Stock [Line Items]
Shares issued upon reinvestment (in shares)	885	0

DISTRIBUTIONS - Distributions D

DISTRIBUTIONS - Distributions Declared (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Distributions declared	$ 4,230	$ 2,711
Class A
Class of Stock [Line Items]
Distributions declared	786	601
Class I
Class of Stock [Line Items]
Distributions declared	2,610	1,933
Class T
Class of Stock [Line Items]
Distributions declared	139	159
Class D
Class of Stock [Line Items]
Distributions declared	540	9
Class N
Class of Stock [Line Items]
Distributions declared	74	9
Class M-I Shares
Class of Stock [Line Items]
Distributions declared	36	0
Class T2 Shares
Class of Stock [Line Items]
Distributions declared	28	0
Class Z Shares
Class of Stock [Line Items]
Distributions declared	$ 17	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Taxes paid to states where Company owns real estate properties	$ 3	$ 25

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)segment	Dec. 31, 2021USD ($)
Additional Disclosure [Abstract]
Number of reportable segments | segment	2	2
Reconciliation to total assets of March 31, 2022
Real estate properties	$ 431,693		$ 437,232
Investment in marketable securities	34,680		36,825
Total investment in real estate assets and marketable securities, net	466,373		474,057
Receivables	6,763		6,113
Deferred leasing costs	2,560		2,673
Prepaid and other assets	2,327		1,641
Total assets	483,788		491,615
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income	10,143	$ 8,207
Investment income on marketable securities	233	144
Total revenues	10,376	8,351
Segment operating expenses	2,996	2,375
Net realized gain upon sale of marketable securities	1,025	671
Net unrealized change in fair value of investment in marketable securities	(3,338)	1,082
Reconciliation to net (loss) income
Operating income - segments	(3,566)	3,378
General and administrative expenses	(537)	(554)
Advisory expenses	(2,349)	(747)
Depreciation	(2,857)	(1,635)
Amortization	(2,900)	(1,422)
Operating (loss) income	(3,566)	3,378
Interest expense	(2,144)	(1,685)
Net (loss) income	(5,710)	1,693
Real Estate Properties
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income	10,143	8,207
Investment income on marketable securities	0	0
Total revenues	10,143	8,207
Segment operating expenses	2,986	2,368
Net realized gain upon sale of marketable securities	0	0
Net unrealized change in fair value of investment in marketable securities	0	0
Real Estate Equity Securities
Segment Reporting Information, Operating Income (Loss) [Abstract]
Property related income	0	0
Investment income on marketable securities	233	144
Total revenues	233	144
Segment operating expenses	10	7
Net realized gain upon sale of marketable securities	1,025	671
Net unrealized change in fair value of investment in marketable securities	(3,338)	1,082
Reportable Segments
Reconciliation to total assets of March 31, 2022
Total investment in real estate assets and marketable securities, net	466,373		474,057
Receivables	6,709		5,942
Deferred leasing costs	2,560		2,673
Prepaid and other assets	919		534
Total assets	476,561		483,206
Reconciliation to net (loss) income
Operating income - segments	5,067	7,729
Operating (loss) income	5,067	7,729
Reportable Segments | Real Estate Properties
Reconciliation to total assets of March 31, 2022
Real estate properties	431,693		437,232
Receivables	6,396		5,830
Deferred leasing costs	2,560		2,673
Prepaid and other assets	919		534
Total assets	441,568		446,269
Reconciliation to net (loss) income
Operating income - segments	7,157	5,839
Operating (loss) income	7,157	5,839
Reportable Segments | Real Estate Equity Securities
Reconciliation to total assets of March 31, 2022
Investment in marketable securities	34,680		36,825
Receivables	313		112
Prepaid and other assets	0		0
Total assets	34,993		36,937
Reconciliation to net (loss) income
Operating income - segments	(2,090)	1,890
Operating (loss) income	(2,090)	1,890
Other assets
Reconciliation to total assets of March 31, 2022
Total assets	7,227		$ 8,409
Segment Reconciling Items
Reconciliation to net (loss) income
General and administrative expenses	$ (527)	$ (547)