Hines Global Income Trust 10-K 30 Mar 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2019	Mar. 01, 2020	Jun. 30, 2019
Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	000-55599
Entity Registrant Name	HINES GLOBAL INCOME TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	80-0947092
Entity Address, Address Line One	2800 Post Oak Boulevard
Entity Address, Address Line Two	Suite 5000
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056-6118
City Area Code	888
Local Phone Number	220-6121
Title of 12(g) Security	Common Stock, par value $0.001
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Public Float			$ 0
Entity Central Index Key	0001585101
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
No Trading Symbol Flag	true
Class AX
Entity Information
Entity, Common Stock, Shares, Outstanding		18.9
Class TX
Entity Information
Entity, Common Stock, Shares, Outstanding		19.9
Class IX
Entity Information
Entity, Common Stock, Shares, Outstanding		0.1
Class T
Entity Information
Entity, Common Stock, Shares, Outstanding		34.6
Class D
Entity Information
Entity, Common Stock, Shares, Outstanding		8.6
Class I
Entity Information
Entity, Common Stock, Shares, Outstanding		10.1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets [Abstract]
Investment property, net	$ 1,254,304	$ 787,189
Investments in real estate-related securities	36,491	9,599
Cash and cash equivalents	45,875	27,138
Restricted cash	10,563	9,848
Derivative instruments	163	174
Tenant and other receivables, net	14,160	8,995
Intangible lease assets, net	98,537	90,697
Right-of-use asset, net	37,606	0
Deferred leasing costs, net	18,418	13,282
Deferred financing costs, net	2,311	0
Other assets	5,129	1,907
Assets held for sale	49,988	0
Total assets	1,573,545	948,829
Liabilities:
Accounts payable and accrued expenses	29,838	26,186
Due to affiliates	42,782	26,022
Intangible lease liabilities, net	19,633	18,034
Other liabilities	21,428	55,391
Operating lease liability	1,583	0
Derivative instruments	1,079	0
Distributions payable	3,837	2,024
Note payable to affiliate	75,000	55,000
Notes payable, net	752,131	487,439
Liabilities associated with assets held for sale	34,713	0
Total liabilities	982,024	670,096
Commitments and contingencies (Note 12)	0	0
Stockholders’ equity:
Preferred shares, $0.001 par value per share; 500,000 preferred shares authorized, none issued or outstanding as of December 31, 2019 and December 31, 2018	0	0
Common shares (Note 7)	83	44
Additional paid-in capital	735,545	371,274
Accumulated distributions in excess of earnings	(146,830)	(91,711)
Accumulated other comprehensive income (loss)	2,723	(874)
Total stockholders’ equity	591,521	278,733
Noncontrolling interests	0	0
Total equity	591,521	278,733
Total liabilities and equity	$ 1,573,545	$ 948,829

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	500,000,000	500,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Rental revenue	$ 101,762	$ 68,006	$ 58,824
Total revenues	103,883	69,069	59,724
Expenses:
Property operating expenses	25,198	13,774	9,663
Real property taxes	11,753	8,601	9,387
Property management fees	4,036	1,845	1,061
Depreciation and amortization	46,193	32,478	29,687
Acquisition related expenses	161	144	3,212
Asset management and acquisition fees	7,985	5,004	11,681
Performance participation allocation	7,713	5,954	251
General and administrative expenses	3,652	3,131	2,803
Total expenses	106,691	70,931	67,745
Other income (expenses):
Gain (loss) on derivative instruments	(2,292)	(272)	(372)
Gain (loss) on investments in real estate-related securities	2,317	(401)	0
Gain on sale of real estate	0	14,491	0
Foreign currency gains (losses)	(617)	(438)	494
Interest expense	(18,608)	(12,649)	(9,453)
Interest and other income	1,480	261	83
Income (loss) before benefit (provision) for income taxes	(20,528)	(870)	(17,269)
Benefit (provision) for income taxes	980	(9)	83
Net income (loss)	(19,548)	(879)	(17,186)
Net (income) loss attributable to noncontrolling interests	(13)	(13)	(12)
Net income (loss) attributable to common stockholders	$ (19,561)	$ (892)	$ (17,198)
Net income (Loss) Per Share; common stock:
Basic and diluted income (loss) per share (usd per share)	$ (0.31)	$ (0.02)	$ (0.48)
Weighted average number of common shares outstanding, shares	63,039	40,468	35,808
Comprehensive income (loss):
Net income (loss)	$ (19,548)	$ (879)	$ (17,186)
Other comprehensive income (loss):
Foreign currency translation adjustment	3,597	(5,812)	7,693
Comprehensive income (loss)	(15,951)	(6,691)	(9,493)
Comprehensive (income) loss attributable to noncontrolling interests	(13)	(13)	(12)
Comprehensive income (loss) attributable to common stockholders	(15,964)	(6,704)	(9,505)
Other revenue
Revenues:
Total revenues	$ 2,121	$ 1,063	$ 900

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders’ Equity	Noncontrolling Interests
Beginning balance, shares (in shares) at Dec. 31, 2016		26,543
Beginning balance, value at Dec. 31, 2016		$ 26	$ 224,134	$ (31,222)	$ (2,755)	$ 190,183	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, shares (in shares)		14,807
Issuance of common shares, value		$ 15	146,710			146,725
Distributions declared				(19,773)		(19,773)	(12)
Redemption of common shares, shares (in shares)		(2,094)
Redemption of common shares, value		$ (2)	(20,143)			(20,145)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees			(10,712)			(10,712)
Offering costs			(3,228)			(3,228)
Net income (loss)	$ (17,186)			(17,198)		(17,198)	12
Foreign currency translation adjustment	7,693				7,693	7,693	0
Ending balance, shares (in shares) at Dec. 31, 2017		39,256
Ending balance, value at Dec. 31, 2017		$ 39	336,761	(68,193)	4,938	273,545	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, shares (in shares)		5,601
Issuance of common shares, value		$ 7	56,391			56,398
Distributions declared				(22,626)		(22,626)	(13)
Redemption of common shares, shares (in shares)		(1,273)
Redemption of common shares, value		$ (2)	(13,686)			(13,688)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees			(3,394)			(3,394)
Offering costs			(4,798)			(4,798)
Net income (loss)	(879)			(892)		(892)	13
Foreign currency translation adjustment	(5,812)				(5,812)	(5,812)
Ending balance, shares (in shares) at Dec. 31, 2018		43,584
Ending balance, value at Dec. 31, 2018	278,733	$ 44	371,274	(91,711)	(874)	278,733	0
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, shares (in shares)		39,805
Issuance of common shares, value		$ 41	411,280			411,321
Distributions declared				(35,558)		(35,558)	(13)
Redemption of common shares, shares (in shares)		(1,542)
Redemption of common shares, value		$ (2)	(16,050)			(16,052)
Selling commissions, dealer manager fees and distribution and stockholder servicing fees			(26,514)			(26,514)
Offering costs			(4,445)			(4,445)
Net income (loss)	(19,548)			(19,561)		(19,561)	13
Foreign currency translation adjustment	3,597				3,597	3,597
Ending balance, shares (in shares) at Dec. 31, 2019		81,847
Ending balance, value at Dec. 31, 2019	$ 591,521	$ 83	$ 735,545	$ (146,830)	$ 2,723	$ 591,521	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (19,548)	$ (879)	$ (17,186)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	47,341	32,614	29,220
Gain on sale of real estate	0	(14,491)	0
Foreign currency (gains) losses	617	438	(494)
(Gain) loss on derivative instruments	2,292	272	372
(Gain) loss on investments in real estate-related securities	(2,317)	401	0
Changes in assets and liabilities:
Change in other assets	(1,827)	1,167	(1,190)
Change in tenant and other receivables	(2,982)	(737)	(4,479)
Change in deferred leasing costs	(7,199)	(12,460)	(4,415)
Change in accounts payable and accrued expenses	90	7,432	4,964
Change in other liabilities	(2,946)	(519)	(9)
Change in due to affiliates	3,890	6,004	(92)
Net cash from (used in) operating activities	17,411	19,242	6,691
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in acquired properties and lease intangibles	(620,974)	(206,782)	(192,867)
Capital expenditures at operating properties	(8,487)	(14,977)	(4,204)
Proceeds from sale of real estate	0	37,087	0
Purchases of real estate-related securities	(45,200)	(11,307)	0
Proceeds from settlement of real estate-related securities	20,625	1,306	0
Net cash used in investing activities	(654,036)	(194,673)	(197,071)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	392,897	44,324	138,192
Redemption of common shares	(15,545)	(12,533)	(20,270)
Payment of offering costs	(5,684)	0	(3,810)
Payment of selling commissions, dealer manager fees and distribution and stockholder servicing fees	(12,373)	(3,306)	(7,154)
Distributions paid to stockholders and noncontrolling interests	(15,335)	(10,410)	(8,951)
Proceeds from notes payable	327,114	131,312	63,572
Payments on notes payable	(30,996)	(1,700)	(1,650)
Proceeds from related party note payable	134,000	90,500	58,200
Payments on related party note payable	(114,000)	(46,700)	(103,000)
Change in security deposit liability	167	(6)	(63)
Deferred financing costs paid	(3,692)	(1,674)	(1,028)
Payments related to interest rate contracts	(209)	(283)	(233)
Net cash from financing activities	656,344	189,524	113,805
Effect of exchange rate changes on cash, restricted cash and cash equivalents	(267)	(1,660)	1,415
Net change in cash, restricted cash and cash equivalents	19,452	12,433	(75,160)
Cash, restricted cash and cash equivalents, beginning of year	36,986	24,553	99,713
Cash, restricted cash and cash equivalents, end of year	$ 56,438	$ 36,986	$ 24,553

Organization

Organization	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Hines Global Income Trust, Inc. (“the Company” or “Hines Global”), is a Maryland corporation formed to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally, and to a lesser extent, invest in real-estate related securities. The Company is sponsored by Hines Interests Limited Partnership (“Hines”), a fully integrated global real estate investment and management firm that has acquired, developed, owned, operated and sold real estate for 60 years. The Company is managed by Hines Global REIT II Advisors LP (the “Advisor”), an affiliate of Hines. The Company intends to conduct substantially all of its operations through Hines Global REIT II Properties, LP (the “Operating Partnership”). An affiliate of the Advisor, Hines Global REIT II Associates LP, owns less than a 1% limited partner interest in the Operating Partnership as of December 31, 2019 and the Advisor also owns the special limited partnership interest in the Operating Partnership. The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2015. The Company raises capital for its investments through public offerings of its common stock and engaged Hines Securities, Inc. (the “Dealer Manager”), an affiliate of the Advisor, to serve as the dealer manager for its offerings and to market its shares. On August 20, 2014, the Company commenced its initial public offering of up to $2.5 billion of its common stock (the “Initial Offering”). On September 30, 2017, the Company suspended the sale of shares in the primary portion of the Initial Offering, while continuing to offer up to $150.0 million of its common stock pursuant to its distribution reinvestment plan. On December 6, 2017, the Company commenced a second public offering of up to $2.5 billion in shares of common stock including $500.0 million of shares offered under our distribution reinvestment plan (the “Follow-on Offering”). As a result of the changing landscape in the non-traded REIT industry, the Follow-on Offering reflects a restructuring (the “Restructuring”), which resulted in a reduction of many of the fees payable to the Advisor and the Dealer Manager. For additional information regarding these fees, please see Note 8 — Related Party Transactions. The Company received gross offering proceeds of approximately $985.7 million from the sale of 97.6 million shares through its public offerings from inception through March 30, 2020 , including shares issued pursuant to its distribution reinvestment plan. As of December 31, 2019 , the Company owned direct investments in nineteen real estate properties totaling 9.4 million square feet that were 96%

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its assumptions and estimates on an ongoing basis. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Additionally, application of the Company’s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. Actual results may differ from these estimates under different assumptions or conditions. Basis of Presentation The consolidated financial statements of the Company include the accounts of Hines Global Income Trust, Inc. and the Operating Partnership (over which the Company exercises financial and operating control). All intercompany balances and transactions have been eliminated in consolidation. The Company has determined that the Operating Partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest. Investment Property and Lease Intangibles Acquisitions of properties are evaluated to determine whether they qualify as a business combination or an asset acquisition. An acquisition is classified as an asset acquisition if substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or group of similar assets and the amounts recorded are inclusive of acquisitions costs and therefore recorded using their relative fair values. If the acquisition meets the definition of a business combination, the Company records the fair value of the assets acquired and liabilities assumed and will evaluate the existence of goodwill or a bargain purchase gain. Acquisition costs are expensed for business combinations. Since January 1, 2018, all of our acquisitions were concluded to be assets acquisitions. The results of operations of acquired properties are included in the Company’s results of operations from their respective dates of acquisition. Estimates of fair values were based upon estimates a variety of valuation methodologies and assumptions that the Company believes are similar to those used by market participants. These include, but are not limited to, estimates for future cash flows that utilize discount and/or capitalization rates assuming the building was vacant, determination of market-based rental revenues, comparable land sales, and replacement costs on building, and are subsequently used to record the purchase of identifiable assets acquired, such as land, buildings and improvements, and identifiable intangible assets related to in-place leases and liabilities assumed, such as amounts related to acquired out-of-market leases, asset retirement obligations, and mortgage notes payable. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense. Acquired out-of-market lease values (including ground leases) are recorded based on the present value (using a discount rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized out-of-market lease values are amortized as adjustments to rental revenue (or ground lease expense, as applicable) over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the out-of-market lease value is charged to rental revenue. Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the outstanding principal balance of the note will be amortized over the life of the mortgage note payable. Real estate assets acquired are recorded at the date of acquisition less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15 - 20 years for electrical and mechanical installations and 40 years for buildings. Major replacements that extend the useful life of the assets are capitalized and maintenance and repair costs are expensed as incurred. Impairment of Investment Property Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted basis to the carrying amount of such property. If the carrying amount exceeds the undiscounted cash flows, it would be written down to the estimated fair value to reflect impairment in the value of the asset. The determination of whether investment property is impaired requires a significant amount of judgment by management and is based on the best information available to management at the time of the evaluation. No impairment charges were recorded during the years ended December 31, 2019 , 2018 , and 2017 . Assets and Liabilities Held for Sale Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of December 31, 2019 , the Company designated one property, the Domain Apartments, as held for sale. As the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10 requires the separate presentation of assets and liabilities classified as held for sale, we have aggregated and presented these assets and liabilities as one line on the balance sheet (“assets held for sale” and “liabilities associated with assets held for sale”, respectively), which are described further in the tables below. These assets did not qualify to be classified as discontinued operations, because the sale of these assets does not represent a strategic shift in the Company’s operations. As of December 31, 2019 , assets held for sale consisted of the following amounts (in thousands): December 31, 2019 Investment property, net $ 49,823 Tenant and other receivables, net 74 Other assets 91 Total assets held for sale $ 49,988 As of December 31, 2019 , liabilities associated with assets held for sale consisted of the following (in thousands): December 31, 2019 Accounts payable and accrued expenses $ 192 Other liabilities 225 Notes payable, net 34,296 Total liabilities associated with assets held for sale $ 34,713 Investments in Real Estate-Related Securities In the fourth quarter of 2018, the Company made its initial investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. Since that time, the Company has continued to make additional investments in real estate-related securities. The Company has elected to classify these investments as trading securities and carry such investments at fair value. These assets are valued on a recurring basis, which resulted in a realized gain of $1.0 million and an unrealized gain of $1.3 million for the year ended December 31, 2019 , both of which are recorded in “gain (loss) on investments in real estate-related securities” in the Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has also earned $1.0 million in interest and dividend income for the year ended December 31, 2019 relating to its investments in these securities, which are recorded in “Interest and other income” in the Consolidated Statements of Operations and Comprehensive Income (Loss). Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. Concentration of Credit Risk As of December 31, 2019 , the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. Management regularly monitors the financial stability of these financial institutions in an effort to manage the Company’s exposure to any significant credit risk in cash and cash equivalents. In addition, as of December 31, 2019 , the Company had $27.6 million of cash and cash equivalents, including restricted cash, deposited in certain financial institutions located in the United Kingdom, Ireland, the Netherlands, Germany, and Poland. Management regularly monitors the financial stability of these financial institutions in an effort to manage its exposure to any significant credit risk in cash and cash equivalents. As of December 31, 2019 , the Company owned $36.5 million in real estate-related securities. These securities consist of common equities, preferred equities and debt securities of publicly traded REITs. International Operations The Euro (“EUR”) is the functional currency for the Company’s subsidiaries operating in Ireland, the Netherlands and Germany, the British pound (“GBP”) is the functional currency for the Company’s subsidiaries operating in the United Kingdom, and the Polish zloty is the functional currency for the Company’s subsidiaries operating in Poland. These subsidiaries have translated their financial statements into U.S. dollars for reporting purposes. Assets and liabilities are translated at the exchange rate in effect as of the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss) within stockholders’ equity. Upon disposal of this subsidiary, the Company will remove the accumulated translation adjustment from stockholders’ equity and include it in the gain or loss on disposal in its consolidated statement of operations. The Company and its subsidiaries may have transactions denominated in currencies other than their functional currencies. In these instances, assets and liabilities are remeasured into the functional currency at the exchange rate in effect at the end of the period and income statement accounts are remeasured at the average exchange rate for the period. These gains or losses are included in the Company’s consolidated statement of operations. The Company and its subsidiaries also record gains or losses in the income statement when a transaction with a third party, denominated in a currency other than the functional currency, is settled and the functional currency cash flows realized are more or less than expected based upon the exchange rate in effect when the transaction was initiated. Restricted Cash The Company has restricted cash primarily related to certain escrow accounts required by several of the Company’s mortgage agreements. Tenant and Other Receivables Tenant and other receivables balances consist primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent. Straight-line rent receivables were $8.6 million and $5.8 million as of December 31, 2019 and 2018 , respectively. Straight-line rent receivables consist of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying consolidated balance sheets. Upon the adoption of Accounting Standards Update (“ASU”) 2016-02, individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivables are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. The uncollectible portion of the portfolio is recorded as an adjustment to rental revenues. Prior to the adoption of ASU 2016-02, an allowance for the uncollectible portion of tenant and other receivables was determined and recognized based upon an analysis of the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Tenant and other receivables are shown at cost in the consolidated balance sheets, net of allowance for doubtful accounts of $0.3 million at December 31, 2018 . Deferred Leasing Costs Direct leasing costs, primarily consisting of third-party leasing commissions and tenant inducements are capitalized and amortized over the life of the related lease. Tenant inducement amortization is recorded as an offset to rental revenue and the amortization of other direct leasing costs is recorded in amortization expense. Other Assets Other assets included the following (in thousands): December 31, 2019 December 31, 2018 Prepaid insurance 726 493 Prepaid property taxes 589 80 Deferred tax assets (1) 2,973 844 Other 932 490 Other assets $ 5,220 (2) $ 1,907 (1) Includes the effects of a valuation allowance of $1.8 million and $0.8 million as of December 31, 2019 and 2018 , respectively. (2) Includes $0.1 million classified as other assets within assets held for sale as of December 31, 2019 . Revenue Recognition The Financial Accounting Standards Board ("FASB") issued accounting standards update ("ASU") 2014-09 which superseded the revenue recognition requirements under previous guidance. We adopted ASU 2014-09 on January 1, 2018. ASU 2014-09 requires the use of a new five-step model to recognize revenue from contracts with customers. The five-step model requires that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when it satisfies the performance obligations. Management has concluded that the majority of the Company’s total revenue, with the exception of gains and losses from the sale of real estate, consist of rental income from leasing arrangements, which is specifically excluded from the standard. Excluding gains and losses on the sale of real estate (as discussed further below), the Company concluded that its remaining revenue streams were immaterial and, as such, the adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements. As of January 1, 2018, the Company began accounting for the sale of real estate properties under ASU 2017-05 and provides for revenue recognition based on completed performance obligations, which typically occurs upon the transfer of ownership of a real estate asset. The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a tenant’s right to occupy the leased space is modified through the end of the revised lease term. Other revenues consist primarily of parking revenue, administrative fees, and tenant reimbursements related to utilities, insurance, and other operating expenses. Parking revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual terms or as services are rendered. Other revenues relating to tenant reimbursements are recognized at the time when the performance obligation is met. Income Taxes The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ended December 31, 2015. The Company’s management believes that it operates in such a manner as to qualify for treatment as a REIT and intends to operate in the foreseeable future in such a manner so that it will remain qualified as a REIT for federal income tax purposes. Accordingly, no provision has been made for U.S. federal income taxes for the years ended December 31, 2019 , 2018 and 2017 in the accompanying consolidated financial statements. In 2019 , income tax expense/benefit recorded by the Company was primarily comprised of foreign income taxes related to the operation of its international properties. All periods from December 31, 2015 through December 31, 2019 are open for examination by the IRS. The Company does not believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure. The Company adopted ASU 2016-16 “Income Taxes” beginning January 1, 2018 and recorded deferred tax assets, along with a full valuation allowance, related to its subsidiaries in Ireland. Distribution and Stockholder Servicing Fees The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable in relation to the applicable class of shares on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. For the years ended December 31, 2019 and 2018 , the Company recorded a liability of $22.5 million and $8.3 million , respectively. See Note 8 — Related Party Transactions for additional information regarding the Company’s distribution and stockholder servicing fees. Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders for each period by the weighted average number of common shares outstanding during such period. Net income (loss) per common share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares outstanding. All classes of common stock are allocated net income (loss) at the same rate per share and receive the same gross distribution per share. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 which requires companies that lease assets to recognize on the balance sheet the right-of-use assets and related lease liabilities (“ASC 842”). The accounting by companies that own the assets leased by the lessee (the lessor) remains largely unchanged from the adoption of ASC 842. The Company adopted ASC 842 beginning January 1, 2019 and is using the modified retrospective approach. No adjustment to opening retained earnings was required. In July 2018, the FASB issued ASU 2018-11, which allows lessors to account for lease and non-lease components by class of underlying assets, as a single lease component if certain criteria are met. The new standard permits companies to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of restating prior periods and provides other optional practical expedients. On January 1, 2019, the Company elected the following practical expedients: • The transition method in which the application date of January 1, 2019 is the beginning of the reporting period that the Company first applied the new guidance. • The practical expedient package which allows an entity not to reassess (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; (3) initial direct costs for any existing leases. • As an accounting policy election, a lessor may choose not to separate the non-lease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component under certain conditions. • As an accounting policy election, a lessee may choose not to separate the non-lease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component. The Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined operating lease component. Based on the Company’s analysis, the Company identified the following changes to result from its adoption of ASC 842: Lessor Accounting • The Company is entitled to receive tenant reimbursements for operating expenses for common area maintenance. Based on guidance in these ASUs, such revenue is defined as a non-lease component, which would be accounted for in accordance with ASC 606. However, the Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined operating lease component. • Capitalization of leasing costs is limited to initial direct costs. Initial direct costs have been defined as incremental costs of a lease that would not have been incurred if the lease had not been obtained. Legal costs are no longer capitalized, but expensed as incurred. There is no change in the Company’s accounting for lease inducements and commissions. • The Company’s existing leases continue to be classified as operating leases, however, leases entered into or modified after January 1, 2019 may be classified as either operating or sales-type leases, based on specific classification criteria. The Company believes all of its leases will continue to be classified as operating leases, and all operating leases will continue to have a similar pattern of recognition as under prior GAAP. • The Company believes there is low risk of inadequate residual values of its leased assets upon the termination of these leases due to the Company’s ability to re-lease the spaces for the assets, the long-lived nature of its real estate assets and the nature of real estate assets to hold their value over a long periods of time. Lessee Accounting • The Company has ground lease agreements in which the Company is the lessee for land underneath Bishop’s Square that the Company accounts for as an operating lease. The Company previously recognized an amount related to this ground lease as part of the allocation of the purchase price of Bishop’s Square, which was recorded to intangible lease assets, net. The lease has a remaining term of 763 years . Upon adoption of ASC 842 on January 1, 2019, the Company determined the lease liability is immaterial and reclassified approximately €29.7 million (approximately $33.9 million assuming a rate of $1.14 per EUR as of January 1, 2019, the date of adoption) from intangible lease assets, net to right-of-use asset, net in the Company’s Consolidated Balance Sheets. • The Company has a ground lease agreement in which the Company is the lessee for land underneath Łódź Urban Logistics that the Company is currently accounted for as an operating lease. The lease currently ends in December 2089 and has fixed payments. The rental expense associated with this lease was $24,000 and $0 for the year ended December 31, 2019 , and 2018 , respectively. The Company recorded a right-of-use asset of approximately $4.4 million in right-of-use asset, net, and recorded a lease liability of approximately $1.6 million in operating lease liability, respectively, in the Company’s Consolidated Balance Sheets. The Company’s estimate of the amount of the right-of-use asset and lease liability included assumptions for the discount rate, which is based on the incremental borrowing rate of the lease contract. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a term similar to the lease. Since the term of the Łódź Urban Logistics ground lease is much longer than a typical borrowing, the Company derived the incremental borrowing rate of 5.6% , as the spread in a current financing quote for the property plus the applicable base rate corresponding to the longest term available in the base rate market. A reconciliation of the Company’s lease liabilities on an undiscounted cash flow basis for the ground lease at Łódź Urban Logistics for each of the years ending December 31, 2020 through December 31, 2024 are as follows (in thousands): Lease Payments 2020 $ 93 2021 93 2022 93 2023 93 2024 93 Thereafter 6,024 Total $ 6,489 Operating lease liability $ 1,583 Undiscounted excess amount $ 4,906 New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair Value Measurement." This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. The ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements.

Investment Property

Investment Property	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
INVESTMENT PROPERTY	INVESTMENT PROPERTY Investment property consisted of the following amounts as of December 31, 2019 and December 31, 2018 (in thousands): December 31, 2019 December 31, 2018 Buildings and improvements $ 1,077,207 $ 693,834 (1) Less: accumulated depreciation (51,719 ) (30,574 ) Buildings and improvements, net 1,025,488 663,260 Land 278,639 123,929 Investment property, net $ 1,304,127 (2) $ 787,189 (1) Included in buildings and improvements as of December 31, 2018 is approximately $14.5 million of construction-in-progress related to the expansion at Bishop's Square. The Company commenced construction in October 2017 to add an additional floor and make various upgrades to the property. The construction was completed in July 2019. (2) Includes $49.8 million classified within assets held for sale as of December 31, 2019 . Recent Acquisitions of Investment Property In May 2019, the Company acquired ABC Westland, an industrial property located in The Hague, Netherlands. The net purchase price for ABC Westland was €116.4 million (approximately $130.3 million assuming a rate of $1.12 per EUR as of the acquisition date), exclusive of transaction costs and working capital reserves. The Company funded the purchase in part by obtaining secured mortgage debt at closing. In September 2019, the Company acquired The Promenade Shops at Briargate, an outdoor retail center located in Colorado Springs, Colorado. The net purchase price of The Promenade Shops at Briargate was $93.2 million exclusive of transaction costs and working capital reserves. In September 2019, the Company acquired Gdańsk PL II, an industrial logistics property located in Gdańsk, Poland. The net purchase price was €26.9 million (approximately $29.9 million assuming rate of $1.11 per EUR as of the acquisition date), exclusive of transaction costs and working capital reserves. In September 2019, the Company acquired Łódź Urban Logistics, an industrial logistics property located in Łódź, Poland. The net purchase price was €22.6 million (approximately $25.2 million assuming a rate of $1.11 per EUR as of the acquisition date), exclusive of transaction costs and working capital reserves. The Company funded the purchase in part by obtaining secured mortgage debt at closing. In September 2019, the Company acquired Glasgow West End, a student housing property located in Glasgow, United Kingdom. The net purchase price was £72.0 million (approximately $89.5 million assuming a rate of $1.24 per GBP as of acquisition date), exclusive of transaction costs and working capital reserves. The Company funded the purchase in part by obtaining secured mortgage debt at closing. In November 2019, the Company acquired Charles Tyrwhitt DC, an industrial logistics property located in Milton Keynes, United Kingdom. The net purchase price was £15.5 million (approximately $19.9 million assuming a rate of $1.29 per GBP as of the acquisition date), exclusive of transaction costs and working capital reserves. In November 2019, the Company acquired DSG Bristol, an industrial logistics property located in Bristol, United Kingdom. The net purchase price was £36.6 million (approximately $47.0 million assuming a rate of $1.29 per GBP as of the acquisition date), exclusive of transaction costs and working capital reserves. In November 2019, the Company acquired The Alloy, a student-dominated apartment property located in College Park, Maryland. The net purchase price was $98.0 million , exclusive of transaction costs and working capital reserves. In December 2019, the Company acquired Royal Mail Edinburgh, a sorting warehouse industrial property located in Edinburgh, United Kingdom. The net purchase price was £25.4 million (approximately $33.4 million assuming a rate of $1.31 per GBP as of the acquisition date), exclusive of transaction costs and working capital reserves. See Note 4 — Recent Acquisitions of Real Estate for additional information regarding the Company’s real estate portfolio. As of December 31, 2019 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases (1) Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 136,215 $ 8,957 $ (25,579 ) Less: accumulated amortization (43,808 ) (2,827 ) 5,946 Net $ 92,407 $ 6,130 $ (19,633 ) (1) The Company adopted ASC 842 beginning January 1, 2019 and reclassified certain assets from Intangible lease assets, net to Right-of-use asset, net in the Company’s Consolidated Balance Sheets. See Note 2 —Summary of Significant Accounting Policies for more information on the adoption of ASC 842. As of December 31, 2018 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 118,585 $ 5,558 $ (22,318 ) Less: accumulated amortization (31,320 ) (2,126 ) 4,284 Net $ 87,265 $ 3,432 $ (18,034 ) Amortization expense of in-place leases was $20.6 million , $18.3 million and $18.3 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Net amortization of out-of-market leases resulted in an increase to rental revenue of $1.8 million , $1.1 million and $1.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Anticipated amortization of the Company’s in-place leases and out-of-market lease liabilities, net, for each of the years ending December 31, 2020 through December 31, 2024 are as follows (in thousands): In-Place Lease Out-of-Market Leases, Net 2020 $ 24,879 $ (1,588 ) 2021 $ 14,845 $ (1,515 ) 2022 $ 11,852 $ (1,377 ) 2023 $ 9,734 $ (1,114 ) 2024 $ 6,431 $ (702 ) Leases The Company’s commercial leases are generally for terms of 15 years or less and may include multiple options to extend the lease term upon tenant election. The Company’s leases typically do not include an option to purchase. Generally, the Company does not expect the value of its real estate assets to be impacted materially at the end of any individual lease term, as the Company is typically able to re-lease the space and real estate assets tend to hold their value over a long period of time. Tenant terminations prior to the lease end date occasionally result in a one-time termination fee based on the remaining unpaid lease payments including variable payments and could be material to the tenant. Many of the Company’s leases have increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, the majority of the Company’s leases provide for separate billings for variable rent, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. Total billings related to expense reimbursements from tenants for the year ended December 31, 2019 , was $15.4 million , which is included in Rental revenue on the Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has entered into non-cancelable lease agreements with tenants for space. As of December 31, 2019 , the approximate fixed future minimum rentals for each of the years ending December 31, 2020 through 2024 and thereafter for the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals 2020 $ 77,536 2021 70,760 2022 60,455 2023 54,638 2024 46,700 Thereafter 216,049 Total $ 526,138 As of December 31, 2018 , prior to the adoption of ASU 2016-02, the approximate fixed future minimum rentals for each of the years ending December 31, 2019 through 2023 and thereafter for the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals 2019 $ 52,357 2020 48,343 2021 40,847 2022 32,881 2023 30,951 Thereafter 148,329 Total $ 353,708 During the years ended December 31, 2019 , 2018 and 2017 , the Company did not earn more than 10% of its revenue from any individual tenant. The Company also enters into leases with tenants at its student housing properties and multi-family properties. These leases generally have terms less than one year and do not contain options to extend, terminate or purchase, escalation clauses, or other such terms, which are common in the Company’s commercial leases.

Recent Acquisitions of Real Est

Recent Acquisitions of Real Estate	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
RECENT ACQUISITIONS OF REAL ESTATE	RECENT ACQUISITIONS OF REAL ESTATE The Company acquired nine properties during the year ended December 31, 2019 , and three properties during each of the years ended December 31, 2018 and 2017 . The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price, which includes transaction costs beginning January 1, 2018 as further described below, of each property acquired in 2019 , 2018 and 2017 as follows (in thousands): Property Name Acquisition Building and (2) Land (2) In-place Lease Intangibles (2) Out-of- (2) Right of Use Asset, net Discount (premium) on assumed mortgage loan (2) Total (2) 2019 (1) ABC Westland 5/3/2019 $ 74,054 (3) $ 59,664 $ 6,902 $ (1,124 ) $ — $ — $ 139,496 Promenade Shops at Briargate 9/13/2019 $ 55,425 $ 19,199 $ 20,017 $ (1,047 ) $ — $ — $ 93,594 Gdańsk PL II 9/24/2019 $ 18,707 $ 6,174 $ 5,013 $ 449 $ — $ — $ 30,343 Łódź Urban Logistics 9/26/2019 $ 19,298 $ — $ 3,684 $ (134 ) $ 2,777 (5) $ — $ 25,625 Glasgow West End 9/27/2019 $ 66,255 $ 22,276 $ 3,170 $ — $ — $ — $ 91,701 Charles Tyrwhitt DC 11/8/2019 $ 11,207 $ 7,013 $ 3,587 $ (489 ) $ — $ — $ 21,318 The Alloy 11/12/2019 $ 81,956 $ 14,194 $ 3,291 $ — $ — $ — $ 99,441 DSG Bristol 11/18/2019 $ 22,503 $ 17,713 $ 8,319 $ 1,507 $ — $ — $ 50,042 Royal Mail 12/12/2019 $ 23,735 $ 6,170 $ 5,536 $ — $ — $ — $ 35,441 2018 Venue Museum District 9/21/2018 $ 52,538 $ 17,409 $ 3,240 $ — $ — $ — $ 73,187 Fresh Park Venlo 10/5/2018 $ 128,977 $ — $ 11,880 $ (2,583 ) $ — $ — $ 138,274 Maintal Logistics 12/31/2018 $ 30,175 $ 15,031 $ 2,287 $ (691 ) $ — $ — $ 46,802 2017 Rookwood 1/6/2017 $ 132,466 $ 45,320 $ 27,477 $ (12,275 ) $ — $ 740 $ 193,728 Montrose Student Residences 3/24/2017 $ 33,705 $ 5,691 $ 1,282 (4) $ (56 ) $ — $ — $ 40,622 Queen’s Court Student Residences 10/11/2017 $ 50,894 $ 14,086 $ 1,819 $ (1,513 ) $ — $ — $ 65,286 (1) For more information on acquisitions completed during the year ended December 31, 2019 , refer to Note 3 — Investment Property. (2) For acquisitions denominated in a foreign currency, amounts have been translated to U.S. dollars at a rate based on the exchange rate in effect on the acquisition date. (3) Amount includes approximately €14.1 million (approximately $15.8 million assuming a rate of $1.12 per EUR as of the acquisition date) of solar panels at date of acquisition, which are to be depreciated using the straight-line method assuming a useful life of 25 years. (4) Includes $0.6 million related to the retail areas of the Montrose Student Residences that have lease terms between two years and 19 years . (5) Amount is net of a $1.6 million right of use lease liability. Prior to January 1, 2018, acquisitions of properties were accounted for utilizing the acquisition method and, accordingly, were recorded at the estimated fair values of the assets acquired and liabilities assumed. For acquisitions completed prior to January 1, 2018, estimates of fair values were based upon inputs and assumptions summarized below. In January 2017, the FASB issued ASU 2017-01 to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments to the FASB Accounting Standards Codification were effective for public entities for annual and interim periods in fiscal years beginning after December 15, 2017. On January 1, 2018, the Company adopted ASU 2017-01, pursuant to which the Company determined its acquisitions completed since adoption to be accounted for using the asset acquisition guidance, and are not included in the summary of inputs and assumptions below. The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2017 acquisitions, as of the date of the respective acquisition, was as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2017 Acquisitions: Rookwood 8.3 15.7 13.7 Montrose Student Residences 6.5 — 18.9 Queen’s Court Student Residences (1) 0.9 — — (1) Excludes the effect of any 999 -year leases, which significantly increases the weighted average useful life for these intangibles. The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the year ended December 31, 2017 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2017 (in thousands): For the Year Ended 2017 Acquisitions 12/31/2017 Rookwood Revenue $ 19,507 Net income (loss) $ (7,041 ) Montrose Student Residences Revenue $ 2,579 Net income (loss) $ (3,049 ) Queen’s Court Student Residences Revenue $ 1,200 Net income (loss) $ (1,415 ) The following unaudited consolidated information is presented to give effect to the acquisitions completed during the year ended December 31, 2017 as if the acquisitions had occurred on January 1, 2016 . The pro forma net loss was adjusted to exclude acquisition-related fees and expenses of $10.0 million for the year ended December 31, 2017 . For the year ended December 31, 2016 , the pro forma net loss was adjusted to include acquisition fees and expenses of $10.0 million , relating to the 2017 acquisitions, as if these fees and expenses had been incurred as of January 1, 2016 . The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed these acquisitions on January 1, 2016 , nor does it purport to represent the Company’s future operations (in thousands): For the Years Ended December 31, Pro Forma 2017 Pro Forma 2016 Revenues $ 64,883 $ 52,794 Net income (loss) attributable to common stockholders $ (10,237 ) $ (16,833 )

Debt Financing

Debt Financing	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING As of December 31, 2019 and 2018 , the Company had approximately $865.7 million and $545.8 million of debt outstanding, respectively, with a weighted average years to maturity of 2.6 years and 2.9 years , and a weighted average interest rate of 2.54% and 2.85% , respectively. The following table describes the Company’s debt outstanding at December 31, 2019 and 2018 (in thousands, except interest rates): Description Origination or Assumption Date Maturity Date Maximum Capacity in Functional Currency Interest Rate Description Interest Rate as of December 31, 2019 Principal Outstanding at December 31, 2019 Principal Outstanding at December 31, 2018 Secured Mortgage Debt Bishop's Square 3/3/2015 3/2/2022 € 55,200 Euribor + 1.30% (1) 1.30% $ 61,907 $ 63,171 Domain Apartments 1/29/2016 1/29/2020 $ 34,300 Libor + 1.60% (1) 3.36% 34,300 (2) 34,300 Cottonwood Corporate Center 7/5/2016 8/1/2023 $ 78,000 Fixed 2.98% 72,359 74,110 Goodyear Crossing II 8/18/2016 8/18/2021 $ 29,000 Libor + 2.00% 3.71% 29,000 (3) 29,000 Rookwood Commons 1/6/2017 7/1/2020 $ 67,000 Fixed 3.13% 67,000 67,000 Rookwood Pavilion 1/6/2017 7/1/2020 $ 29,000 Fixed 2.87% 29,000 29,000 Montrose Student Residences 3/24/2017 3/23/2022 € 22,605 Euribor + 1.85% (1) 1.85% 25,352 25,869 Queen's Court Student Residences 12/18/2017 12/18/2022 £ 29,500 Libor + 2.00% (1) 2.75% 38,896 37,565 Venue Museum District 9/21/2018 10/9/2020 $ 45,000 Libor + 1.95% (1) 4.02% 45,000 45,000 Fresh Park Venlo 10/3/2018 8/15/2023 € 75,000 Euribor + 1.50% (1) 1.50% 84,092 85,809 Maintal Logistics 2/21/2019 2/28/2024 € 23,500 Euribor + 1.10% (1) 1.10% 26,136 — ABC Westland 5/3/2019 2/15/2024 € 75,000 Euribor + 1.50% (1) 1.50% 82,655 — Łódź Urban Logistics 9/20/2019 9/20/2024 € 13,600 Fixed (3) 1.05% 15,211 — Glasgow West End 9/26/2019 9/26/2024 £ 43,200 Libor + 1.80% (1) 2.55% 56,959 — Gdańsk PL II 10/4/2019 9/20/2024 € 16,800 Fixed (4) 1.05% 18,790 — Other Notes Payable JPMorgan Chase Revolving Credit Facility 9/13/2019 11/15/2022 $ 275,000 Variable 3.34% $ 104,000 $ — Notes Payable $ 790,657 $ 490,824 Affiliate Note Payable Credit Facility with Hines 10/2/2017 12/31/2020 $ 75,000 Variable 3.29% 75,000 55,000 Total Note Payable to Affiliate $ 75,000 $ 55,000 Total Principal Outstanding $ 865,657 $ 545,824 Unamortized discount (5) (104 ) (316 ) Unamortized financing fees (6) (4,126 ) (3,069 ) Total $ 861,427 $ 542,439 (1) On the loan origination date, the Company entered into an interest rate cap agreement as an economic hedge against the variability of future interest rates on this borrowing. See Note 6 — Derivative Instruments for further details. (2) As of December 31, 2019 , this amount was included in liabilities associated with assets held for sale. In January 2020 the Company paid off the outstanding balance using proceeds from the sale of the Domain Apartments, which occurred in January 2020. See Note 14 — Subsequent Events for further details on the disposition of Domain Apartments. (3) In February 2020 the Company paid off the outstanding balance using proceeds from the sale of Goodyear Crossing, which occurred in February 2020. See Note 14 — Subsequent Events for further details on the disposition of Goodyear Crossing. (4) On the loan origination date, the Company entered into an interest rate swap contract effectively fixing the interest rate for the full term of the facility. See Note 6 — Derivative Instruments for further details. (5) The Company assumed notes payable in connection with its acquisition of Rookwood, which were recorded at the estimated fair value as of the date of acquisition. The difference between the fair value at acquisition and the principal outstanding is amortized over the term of the related notes. (6) Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs had a carrying value of $6.4 million and $3.1 million for the years ended December 31, 2019 and 2018 . These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. For the years ended December 31, 2019 , 2018 and 2017 , $1.4 million , $0.6 million and $0.3 million of deferred financing costs were amortized into interest expense in the accompanying consolidated statement of operations, respectively. The Company often enters into mortgage agreements to provide secured financing for its acquisitions of real estate investments. These mortgage agreements are subject to certain conditions and contain customary covenants and events of default. Refer below for additional discussion on Financial Covenants relating to the Company’s mortgage-level debt. JPMorgan Chase Revolving Credit Facility On September 13, 2019 (as amended on November 15, 2019), the Operating Partnership entered into a credit agreement, which we refer to as the “Credit Agreement”, with JPMorgan Chase Bank, N.A. (“Chase”), as administrative agent for itself and various lenders named in the Credit Agreement, which provides for borrowings up to a maximum aggregate principal amount of $425.0 million denominated in U.S. dollars, British pound sterling, Euros, Australian dollars or Canadian dollars with aggregate foreign currency commitments constituting up to $137.5 million of that amount. The Credit Agreement has a maturity date of November 15, 2022, subject to two one -year extensions at our option. On November 15, 2019, we made borrowings of $104.0 million at closing under the Credit Agreement. From November 15, 2019 through December 31, 2019, we made no additional borrowing or payments on the facility, resulting in an outstanding balance of $104.0 million as of December 31, 2019 . From January 1, 2020 through March 30, 2020 , the Company made $59.0 million in additional draws and made no additional payments under the Credit Agreement, which resulted in the Company having a $163.0 million outstanding balance under the Credit Agreement as of March 30, 2020 . Interest on our borrowings under the Credit Agreement will be payable based on either (a) the Alternate Base Rate plus the Applicable Rate or (b) the Adjusted LIBO Rate plus the Applicable Rate, subject to our election; provided, however, for revolving loans denominated in Australian dollars, Canadian dollars, Euros, or Japanese Yen, the Australian Bill Rate, the CDOR Rate, the EURIBOR Screen Rate or the Yen Rate, respectively, will be referred to in lieu of the Adjusted LIBO Rate. The Alternate Base Rate is equal to the greater of: (a) the Prime Rate, (b) Federal Funds Effective Rate plus 0.5% , or (c) an adjusted LIBOR rate for a one month period plus 1.0% . The Adjusted LIBO Rate is equal to the LIBO rate, which is derived from the London interbank offered rate (“LIBOR”), for the applicable interest period, as determined by JPMorgan, multiplied by the Statutory Reserve Rate determined by the Board of Governors of the Federal Reserve System of the United States of America, provided that, with respect to borrowings denominated in a foreign currency, the Adjusted LIBO Rate will be equal to the LIBO Rate. Customary fall-back provisions apply if LIBOR is unavailable. The Applicable Rate is based on our ratio of indebtedness to total asset value and will be determined as set forth in the Credit Agreement. The Applicable Rate for loans bearing interest determined by reference to the Alternative Base Rate will range from 0.35% to 1.05% , and the Applicable Rate for loans bearing interest determined by reference to the Adjusted LIBO Rate will range from 1.35% to 2.05% , in each case depending on the ratio and whether it is a revolving loan or a term loan. Hines Credit Facility On October 2, 2017, the Operating Partnership entered into an uncommitted loan agreement (as amended the “Hines Credit Facility”) with Hines for a maximum principal amount of $240.0 million . On November 30, 2017, the Operating Partnership amended the Hines Credit Facility to reduce the maximum principal amount to $75.0 million and further amended it in December 2018 to extend the maturity date as described below. Interest on each advance under the Hines Credit Facility is charged monthly at a variable rate, which is (i) Hines’ then-current borrowing rate under its revolving credit facility or (ii) if the Operating Partnership enters into a revolving credit facility (“the OP Facility”), the rate under such facility. Each advance under the Hines Credit Facility must be repaid within six months , subject to one six -month extension at the option of the Operating Partnership and subject to the satisfaction of certain conditions. Effective as of December 11, 2019, the Hines Credit Facility will terminate on the earlier of (a) the termination of the availability period as determined by Hines at its discretion (which will not impact the maturity date of any outstanding or previously approved advance under the loan agreement); (b) December 31, 2020; and (c) the date Hines accelerates the repayment of the loan agreement pursuant to any event of default. Notwithstanding that each advance under the Hines Credit Facility matures six months after it is made, the Operating Partnership is required to repay each advance with any capital raised, unless the Operating Partnership enters into a revolving credit facility, at which point the Operating Partnership may use such proceeds from its public offering to repay the OP Facility, if any, prior to repaying any advances under the Hines Credit Facility. The Hines Credit Facility also permits voluntary prepayment of principal and accrued interest. The Hines Credit Facility requires the maintenance of certain financial covenants beginning the earlier of (a) September 30, 2018 or (b) the effective date of the OP Facility, if any, which includes covenants concerning indebtedness to total asset value. In addition, the Hines Credit Facility contains customary affirmative and negative covenants, which, among other things, prohibit the Company and the Operating Partnership from: (i) merging with other companies or changing ownership interest; (ii) selling all or substantially all of the Company’s assets or properties; and (iii) if in default under the loan agreement, paying distributions to the Company’s stockholders other than as required to maintain the Company’s status as a real estate investment trust. The Hines Credit Facility also requires the Company to deliver to Hines certain quarterly and annual financial information. For the year ended December 31, 2019 , the Company made draws of $134.0 million and made payments of $114.0 million under the Hines Credit Facility. The Company had $75.0 million outstanding on December 31, 2019 . From January 1, 2020 through March 30, 2020 , the Company made no additional draws and made $64.0 million in additional payments under the Hines Credit Facility, which resulted in the Company having a $11.0 million outstanding balance under the Hines Credit Facility as of March 30, 2020 . Financial Covenants The Company’s mortgage and other loan documents for the debt described in the table above contain customary events of default, with corresponding grace periods, including payment defaults, bankruptcy-related defaults, and customary covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instances of noncompliance with financial covenants on any of its loans as of December 31, 2019 . Principal Payments on Debt The Company is required to make the following principal payments on its outstanding notes payable for each of the years ending December 31, 2020 through December 31, 2024 and for the period thereafter (in thousands). Payments Due by Year 2020 2021 2022 2023 2024 Thereafter Principal payments $ 255,625 (1) $ 34,379 (2) $ 235,589 $ 154,393 $ 185,671 $ — (1) Includes Domain Apartments debt of $34.3 million that was paid off in January 2020 using proceeds from the sale of the Domain Apartments, which occurred in January 2020. See Note 14 — Subsequent Events for further details on the disposition of Domain Apartments. (2) Includes Goodyear Crossing II debt of $29.0 million that was paid off in February 2020 using proceeds from the sale of Goodyear Crossing II, which occurred in February 2020. See Note 14 — Subsequent Events for further details on the disposition of Goodyear Crossing II. As of March 30, 2020 , the Company is required to make $152.0 million in principal payments on its outstanding notes payable that mature through March 2021 , $11.0 million of which relates to the Company’s credit facility with Hines. Although the mortgage loans are non–recourse, which would allow the Company to provide a deed in–lieu of payment, the Company expects to be able to repay all principal payments with cash on hand or proceeds raised from its current offering, utilize additional capacity on the Credit Agreement, or to be able to refinance the debt terms on the principal outstanding. LIBOR is expected to be discontinued after 2021. As of December 31, 2019 the Company has three loans with a variable interest rate tied to LIBOR with maturities beyond 2021. The loan agreements provide procedures for determining a replacement or alternative rate in the event that LIBOR is unavailable. However, there can be no assurances as to whether such replacement or alternative rate will be more or less favorable than LIBOR. The Company intends to monitor the developments with respect to the potential phasing out of LIBOR after 2021 and work with its lenders to ensure any transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedges, Assets [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company has entered into several interest rate swap contracts and interest rate cap contracts in connection with certain of its secured mortgage loans in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. The Company’s interest rate swaps economically fixed the interest rates on each of the loans to which they relate and the interest rate cap agreements have economically limited the interest rate on each of the loans to which they relate. The Company has not designated any of these derivatives as hedges for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its consolidated balance sheets the fair value amount recorded for its derivative instruments. The Company has also entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates related to certain cash flows of some of its international investments. These forward contracts fixed the currency exchange rates on each of the investments to which they related. The Company did not designate any of these contracts as fair value or cash flow hedges for accounting purposes. In December 2018, the Company entered into a €15.0 million foreign currency forward contract with an effective date of December 20, 2018 and a trade date of February 25, 2019, in connection with the funding of the Maintal Logistics acquisition. Additionally, in March 2019, the Company entered into an initial €46.0 million foreign currency forward contract with an effective date of March 1, 2019 and a trade date of March 20, 2019, in connection with the acquisition of ABC Westland. Upon settlement of the initial forward contract in March 2019, the Company entered into a new €46.0 million foreign currency forward contract in connection with the acquisition of ABC Westland with an effective date of March 31, 2019 and a trade date of April 3, 2019. In October 2019, the Company entered into two foreign currency forward contracts for £33.4 million and £18.6 million , each with an effective date of October 24, 2019 and a trade date of October 28, 2019 in connection with the acquisitions of Charles Tyrwhitt Distribution Centre and DSG Bristol. In December 2019, the Company entered into a £26.0 million foreign currency forward contract with an effective date of December 9, 2019 and a trade date of December 10, 2019 in connection with the acquisition of Royal Mail Edinburgh. See Note 3 —Investment Property for additional information regarding the acquisition of these properties. The Company also entered into two foreign currency forward contracts in October 2019 and December 2019 in order to buy U.S. dollars using future proceeds received on debt denominated in British pounds in the amounts of £31.0 million and £15.0 million , respectively, each with a trade date of February 28, 2020. In February 2020, these foreign currency contracts were extended to a trade date of May 29, 2020. See Foreign Currency Forward Contracts table below for additional information on these foreign currency contracts as of December 31, 2019 . The table below provides additional information regarding the Company’s interest rate derivative contracts (in thousands, except percentages). Interest Rate Contracts Type Property Effective Date Expiration Date Maximum Capacity of Debt in Functional Currency Notional Amount Interest Rate Received Pay Rate /Strike Rate Interest rate cap Bishop’s Square March 3, 2015 April 25, 2020 € 55,200 € 55,200 Euribor 2.00 % Interest rate cap Montrose Student Residences March 24, 2017 March 23, 2022 € 22,605 € 16,954 Euribor 1.25 % Interest rate cap Queen’s Court Student Residences December 20, 2017 December 20, 2020 £ 29,500 £ 22,125 LIBOR 2.00 % Interest rate cap Venue Museum District September 21, 2018 October 9, 2020 $ 45,000 $ 45,000 LIBOR 3.50 % Interest rate cap Fresh Park Venlo October 8, 2018 August 15, 2023 € 75,000 € 52,487 Euribor 2.00 % Interest rate cap Maintal Logistics February 28, 2019 February 28, 2024 € 23,500 € 16,450 Euribor 2.00 % Interest rate cap ABC Westland May 3, 2019 February 15, 2024 € 75,000 € 52,500 Euribor 1.00 % Interest rate cap Glasgow West End September 27, 2019 September 24, 2024 £ 43,200 £ 32,400 LIBOR 2.00 % Interest rate swap Gdańsk PL II October 10, 2019 September 20, 2019 € 16,800 € 16,800 Euribor (0.36 )% Interest rate swap Łódź Urban Logistics October 10, 2019 September 20, 2024 € 13,600 € 13,600 Euribor (0.36 )% The table below provides additional information regarding the Company’s foreign currency forward contracts that were outstanding as of December 31, 2019 (in thousands). Foreign Currency Forward Contracts Effective Date Expiration Date Notional Amount Buy/Sell Traded Currency Rate October 24, 2019 February 28, 2020 £ 31,000 GBP/USD $ 1.29 December 9, 2019 February 28, 2020 £ 15,000 GBP/USD $ 1.32 The table below presents the effects of the changes in fair value of the Company’s derivative instrument in the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2019 and 2018 (in thousands): Gain (Loss) Recorded on Derivative Instruments Year Ended 12/31/2019 12/31/2018 12/31/2017 Derivatives not designated as hedging instruments: Interest rate swaps $ (149 ) $ — $ — Interest rate caps (454 ) (236 ) (134 ) Foreign currency forward contracts (1,689 ) (36 ) (238 ) Total gain (loss) on derivatives $ (2,292 ) $ (272 ) $ (372 )

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY The Company raises capital for its investments primarily through public offerings of its common stock. In connection with the Restructuring and the Follow-On Offering, on November 30, 2017, the Company (i) redesignated its issued and outstanding Class A shares of common stock, Class T shares of common stock, Class I shares of common stock and Class J shares of common stock as “Class AX shares,” “Class TX shares,” “Class IX shares” and “Class JX shares,” (collectively, the “IPO Shares”) respectively, and (ii) reclassified the authorized but unissued portion of its common stock into four additional classes of shares of common stock: “Class T shares,” “Class S shares,” “Class D shares,” and “Class I shares.” The Company is offering its shares of common stock in the Follow-on Offering in any combination of Class T shares, Class S shares, Class D shares and Class I shares (collectively, the “Follow-on Offering Shares”). All shares of the Company’s common stock have the same voting rights and rights upon liquidation, although distributions received by the Company’s stockholders are expected to differ due to the distribution and stockholder servicing fees payable with respect to the applicable share classes, which reduce distributions. The Company complies with the FASB ASC 480 “Distinguishing Liabilities from Equity” which requires, among other things, that financial instruments that represent a mandatory obligation of the Company to repurchase shares be classified as liabilities and reported at settlement value. When shares are tendered for redemption and approved by the board of directors, the Company will reclassify such obligations from equity to an accrued liability based upon their respective settlement values and redeem those shares in the subsequent month pursuant to the Company’s current share redemption program. Common Stock As of December 31, 2019 and 2018 , the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): December 31, 2019 December 31, 2018 Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class AX common stock, $0.001 par value per share 40,000 18,885 40,000 19,123 Class TX common stock, $0.001 par value per share 40,000 19,901 40,000 19,969 Class IX common stock, $0.001 par value per share 10,000 91 10,000 96 Class JX common stock, $0.001 par value per share 10,000 — 10,000 — Class T common stock, $0.001 par value per share 350,000 28,837 350,000 2,858 Class S common stock, $0.001 par value per share 350,000 — 350,000 — Class D common stock, $0.001 par value per share 350,000 6,927 350,000 1,479 Class I common stock, $0.001 par value per share 350,000 7,206 350,000 59 The tables below provide information regarding the issuances and redemptions of each class of shares of the Company’s common stock during the year ended December 31, 2019 , 2018 and 2017 (in thousands). There were no Class JX and S shares issued, redeemed or outstanding during the year ended December 31, 2019 . Class AX Class TX Class IX Class T Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2019 19,123 $ 19 19,969 $ 21 96 $ — 2,858 $ 3 1,479 $ 1 59 $ — 43,584 $ 44 Issuance of common shares 532 1 611 2 4 — 26,008 26 5,471 5 7,179 7 39,805 41 Redemption of common shares (770 ) (1 ) (679 ) (1 ) (9 ) — (29 ) — (23 ) — (32 ) — (1,542 ) (2 ) Balance as of December 31, 2019 18,885 $ 19 19,901 $ 22 91 $ — 28,837 $ 29 6,927 $ 6 7,206 $ 7 81,847 $ 83 Class AX Class TX Class IX Class T Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2018 19,206 $ 19 19,958 $ 20 92 $ — — $ — — $ — — $ — 39,256 $ 39 Issuance of common shares 566 1 635 2 4 — 2,858 3 1,479 1 59 — 5,601 7 Redemption of common shares (649 ) (1 ) (624 ) (1 ) — — — — — — — — (1,273 ) (2 ) Balance as of December 31, 2018 19,123 $ 19 19,969 $ 21 96 $ — 2,858 $ 3 1,479 $ 1 59 $ — 43,584 $ 44 Class AX Class TX Class IX Total Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2017 16,469 $ 16 10,074 $ 10 — $ — 26,543 $ 26 Issuance of common shares 3,874 4 10,841 11 92 — 14,807 15 Redemption of common shares (1) (1,137 ) (1 ) (957 ) (1 ) — — (2,094 ) (2 ) Balance as of December 31, 2017 19,206 $ 19 19,958 $ 20 92 $ — 39,256 $ 39 (1) Prior to the commencement of our Follow-on Offering, in October 2017, the Company commenced a self-tender offer for up to $200.0 million in IPO Shares at a price of $9.69 per share. The Company redeemed a total of 1.9 million IPO Shares for an aggregate cost of $18.7 million in November 2017 in connection with the Company’s self-tender offer. Distributions With the authorization of the Company’s board of directors, the Company declared distributions monthly from January 2019 through March 31, 2020 at a gross distribution rate of $0.05208 per month, for each share class, less any applicable distribution and stockholder servicing fees. Distributions will be made on all classes of the Company’s common stock at the same time. All distributions were paid in cash or reinvested in shares of the Company’s common stock for those participating in the Company’s distribution reinvestment plan and have been paid or issued, respectively, on the first business day following the completion of the month to which they relate. Distributions reinvested pursuant to the Company’s distribution reinvestment plan were reinvested in shares of the same class as the shares on which the distributions were made. Some or all of the cash distributions may be paid from sources other than cash flows from operations. The following table outlines the Company’s total distributions declared to stockholders for the years ended December 31, 2019 , 2018 and 2017 , including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Distributions for the Years Ended Cash Distributions Distributions Reinvested Total Declared December 31, 2019 $ 16,112 $ 19,446 $ 35,558 December 31, 2018 $ 10,480 $ 12,146 $ 22,626 December 31, 2017 $ 9,226 $ 10,547 $ 19,773 The table below outlines the net distributions declared for each class of shares for the years ended December 31, 2019 , 2018 and 2017 . The net distributions presented below are representative of the gross distribution rate declared by the Company’s board of directors less any applicable ongoing distribution and stockholder servicing fees, which is more fully described in Note 8 — Related Party Transactions. 2019 2018 2017 Distributions declared per Class AX share, net $ 0.63 $ 0.61 $ 0.60 Distributions declared per Class TX share, net $ 0.52 $ 0.51 $ 0.50 Distributions declared per Class IX share, net $ 0.60 $ 0.59 $ 0.39 Distributions declared per Class T share, net $ 0.52 $ 0.51 $ — Distributions declared per Class S share, net $ 0.52 $ 0.51 $ — Distributions declared per Class D share, net $ 0.60 $ 0.59 $ — Distributions declared per Class I share, net $ 0.63 $ 0.61 $ —

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The table below outlines fees and expense reimbursements incurred that are payable by the Company to the Advisor and the Dealer Manager, Hines and its affiliates for the years ended December 31, 2019 , 2018 and 2017 and amounts unpaid as of December 31, 2019 and 2018 (in thousands): Incurred During the Years Ended December 31, Unpaid as of Type and Recipient 2019 2018 2017 12/31/2019 12/31/2018 Selling Commissions- Dealer Manager $ 7,481 $ 837 $ 4,021 $ — $ 4 Dealer Manager Fee- Dealer Manager 1,337 146 1,744 — 3 Distribution & Stockholder Servicing Fees- Dealer Manager 17,696 2,411 4,947 22,479 8,332 Organization and Offering Costs- the Advisor 4,445 3,273 4,753 7,763 9,001 Acquisition Fees- the Advisor — — 6,741 — — Asset Management Fees- the Advisor 7,985 5,004 4,940 2,353 1,317 Other- the Advisor (1) 2,846 2,316 1,827 1,106 691 Performance Participation Allocation- the Advisor 7,713 5,954 251 7,713 5,954 Interest Expense- Hines and its affiliates (2) 1,288 926 676 443 151 Property Management Fees- Hines and its affiliates 1,866 1,093 858 287 78 Development and Construction Management Fees- Hines and its affiliates 413 472 236 30 28 Leasing Fees- Hines and its affiliates 601 388 263 344 228 Expense Reimbursements- Hines and its affiliates (with respect to management and operations of the Company's properties) 4,506 2,168 1,599 264 235 Total $ 58,177 $ 24,988 $ 32,856 $ 42,782 $ 26,022 (1) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-related expenses. These amounts are generally reimbursed to the Advisor during the month following the period in which they are incurred. (2) Includes amounts paid related to the Hines Credit Facility. As described more fully in Note 1 — Organization, the Company commenced its Initial Offering in August 2014 and commenced the Follow-on Offering in December 2017. Described below are the fees payable to Hines and its affiliates in connection with the Initial Offering the Follow-on Offering. Dealer Manager Agreement Initial Offering The table below summarizes the fees paid to the Dealer Manager with respect to the sale of IPO Shares in the Initial Offering. The upfront selling commissions and dealer manager fees were a percentage of the gross offering proceeds of the shares sold in the primary offering. No upfront selling commissions or dealer manager fees were paid with respect to shares issued under the Company’s distribution reinvestment plan. Class AX Shares Class TX Shares Class IX Shares Selling Commissions 7.00% 2.00% None Dealer Manager Fee Paid by the Company from Offering Proceeds 1.50% 1.25% None Advisor Payment of a Portion of the Dealer Manager Fee (1) 1.50% 1.50% 1.50% Annual Distribution and Stockholder Servicing Fee (2) None 1.00% 0.25% (1) Pursuant to the Dealer Manager Agreement for the Initial Offering, the Advisor paid a portion of the dealer manager fees payable to the Dealer Manager in an amount equal to 1.5% of the gross offering proceeds with respect to Class AX shares, Class TX shares, and Class IX shares sold in the primary portion of the Initial Offering on and after August 2, 2016 . The Advisor was not reimbursed by the Company in any way for the payment of such dealer manager fees. (2) In addition, the Dealer Manager received annual distribution and stockholder servicing fees of 1.0% or 0.25% of the gross offering price per share through October 2, 2017 and now, since we are no longer offering IPO shares, continues to receive 1.0% or 0.25% of the most recently determined NAV per share for the Class TX shares and Class IX shares purchased and outstanding. The Company will cease paying the distribution and stockholder servicing fees with respect to any particular Class TX share or Class IX share and that Class TX share or Class IX share will convert into a number of Class AX shares or Class JX shares, respectively, on the occurrence of earlier of: (i) a listing of the Class A shares on a national securities exchange; (ii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets; (iii) the end of the month in which the Dealer Manager determines that total underwriting compensation paid in the Initial Offering including the distribution and stockholder servicing fees paid on all IPO Shares sold in the Initial Offering is equal to 10.0% of the gross proceeds of the Offering from the sale of the IPO Shares; (iv) the end of the month in which the transfer agent, on behalf of the Company, determines that underwriting compensation paid in the primary offering including the distribution and stockholder servicing fee paid with respect to the Class TX shares or Class IX shares held by a stockholder within his or her particular account equals 10.0% of the gross offering price at the time of investment of the Class TX shares or Class IX shares held in such account; and (v) on any Class TX share or Class IX share that is redeemed or repurchased. Follow-On Offering The table below summarizes the fees payable to the Dealer Manager effective as of December 6, 2017, the effective date of the Restructuring with respect to the sale of Follow-On Offering Shares. The upfront selling commissions and dealer manager fees are based on a percentage of the gross offering proceeds of the shares sold in the primary offering. No upfront selling commissions or dealer manager fees are payable with respect to shares issued under the Company’s distribution reinvestment plan. Class T shares (1) Class S shares (1) Class D shares Class I shares Upfront Selling Commission and Dealer Manager Fee 3.5% 3.5% None None Ongoing Distribution and Stockholder Servicing Fee (as a percentage of NAV) (2) 1.0% 1.0% 0.25% None (1) With respect to Class T Shares, there is a maximum upfront sales load of up to 3.5% of the gross offering proceeds from the sale of such shares in the primary offering, consisting of any combination of selling commissions and dealer manager fees. With respect to Class S shares, the upfront sales load of up to 3.5% of the gross proceeds from the sale of such shares in the primary offering consists solely of selling commissions. (2) The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. For the years ended December 31, 2019 and 2018 , the Company has recorded a liability of $22.5 million and $8.3 million , respectively, related to these fees, which is included in due to affiliates on the consolidated balance sheets. The Company will cease paying distribution and stockholder servicing fees with respect to any Class T share, Class S share or Class D share at the end of the month in which the transfer agent, on the Company’s behalf, determines that the total upfront selling commissions, dealer manager fees and distribution and stockholder servicing fees paid with respect to such Class T shares, Class S shares or Class D shares, as applicable, held by a stockholder within his or her particular account equals 8.75% (or, in the case of shares sold through certain participating broker dealers, a lower limit as set forth in any applicable agreement between our Dealer Manager and a participating broker dealer) of the gross proceeds from the sale of such Class T shares, Class S shares or Class D shares (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). In addition, the Company will cease paying distribution and stockholder servicing fees with respect to Class T shares, Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of the Company’s common shares, (ii) the Company’s merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of the Follow-On Offering on which, in the aggregate, underwriting compensation from all sources in connection with the Follow-On Offering, including upfront selling commissions, dealer manager fees, distribution and stockholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from our Follow-On Offering. Advisory Agreement Pursuant to the Advisory Agreement and the Operating Partnership Agreement (as amended and restated on March 6, 2018), the Company is required to pay the following fees and expense reimbursements: Acquisition Fee Prior to December 6, 2017, the effective date of the Restructuring, the Advisor received acquisition fees of 2.25% of (i) the purchase price of real estate investments acquired, including any debt attributable to such investments, or the total principal amounts borrowed under any loans made or acquired directly by the Company, or (ii) when the Company made an investment or made or acquired a loan indirectly through another entity, such investment’s pro rata share of the gross asset value of real estate investments held by that entity, including any debt attributable to such investments, or the total principal amount borrowed under any loans made or acquired by that entity. As of the effective date of the Restructuring, we will no longer pay acquisition fees to the Advisor. Asset Management Fee The Advisor also receives asset management fees of 0.0625% per month of the cost of the Company’s real estate investments at the end of each month; provided that, with respect to real estate investments included in the Company’s board of director’s most recent determination of the Company’s NAV per share, the asset management fees will be equal 0.0625% per month of the most recently determined value of such real estate investments at the end of each month. As of the effective date of the Restructuring, the asset management fee cannot exceed an amount equal to 1/12th of 1.25% of the Company’s NAV at the end of each applicable month. Additionally, as of the effective date of the Restructuring, the asset management fee can be paid, at the Advisor’s election, in cash, Class I shares or Class I OP units of the Operating Partnership. Performance Participation Allocation As of the effective date of the Restructuring, the Advisor is also entitled to an annual performance participation allocation of 12.5% of the total return earned on an investment in the Company’s shares each year. This performance participation allocation is subject to investors earning a 5% annual return, after considering the effect of any losses carried forward from the prior year (as defined in the Operating Partnership agreement). The performance participation allocation accrues monthly and is payable after the completion of each calendar year. Acquisition Expense Reimbursements The Company reimburses the Advisor and its affiliates for out-of-pocket expenses in connection with the selection, evaluation, structuring, acquisition, origination, financing and development of properties and real estate-related securities, whether or not such investments are acquired. Expense Reimbursements The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the asset management fee and the performance participation allocation) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2.0% of its average invested assets, or (B) 25.0% of its 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% Limitation”). Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended December 31, 2019 , the Company’s total operating expenses did not exceed the 2%/25% Limitation. Organization and Offering Costs Organization and offering costs consist of, among other costs, expenses of the Company’s organization, actual legal, accounting, bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, data processing fees, advertising and sales literature and other offering-related costs. Organization and offering costs include expenses that are deemed issuer costs and certain expenses that are deemed underwriting compensation, but exclude selling commissions, dealer manager fees and distribution and stockholder servicing fees. Organizational costs, such as expenses associated with the formation of the Company and its board of directors, are expensed as incurred, and offering-related costs are recorded as an offset to additional paid-in capital. Prior to the Restructuring, the Company reimbursed the Advisor and its affiliates for any organization and offering costs deemed issuer costs related to the Initial Offering that it paid on the Company’s behalf. Further, the Advisory Agreement was amended, effective February 29, 2016 , to reflect that the Company would not reimburse the Advisor for the cumulative organization and offering costs incurred in connection with the Company’s organization and public offerings, in excess of 2.5% of gross offering proceeds from the Company’s public offerings. On April 14, 2016 , the Advisor reimbursed the Company for $4.0 million in organization and offering costs that the Company had previously reimbursed to the Advisor in excess of this 2.5% cap. Effective as of December 6, 2017, the Advisor agreed to advance all of the Company’s organization and offering costs related to the Follow-On Offering through December 31, 2018. In January 2019, the Company began reimbursing the Advisor for all such advanced expenses as well as any organization and offering costs incurred by the Advisor related to the Initial Offering, and expects to continue to reimburse the Advisor for such expenses ratably through December 31, 2023 to the extent cumulative organization and offering costs do not exceed an amount equal to 2.5% of gross offering proceeds from the Company’s public offerings. Following December 31, 2023, the Company will reimburse the Advisor for any organization and offering costs that it incurs on its behalf, as and when incurred, to the extent that aggregate reimbursements to the Advisor for cumulative organization and offering costs do not exceed an amount equal to 2.5% of the gross offering proceeds from the Company’s public offerings. The total reimbursement related to organization and offering costs, selling commissions, dealer manager fees and the distribution and stockholder servicing fees may not exceed 15.0% of gross proceeds from the Offering. From inception to December 31, 2019 , organization and offering costs incurred by the Advisor on the Company’s behalf totaled $23.6 million . The Company has recorded a liability equal to all unreimbursed organization and offering costs that have been incurred to date to reflect its expectation that all of these amounts will be reimbursed to the Advisor in the future. Property Management and Leasing Agreements The Company pays Hines fees for the management and leasing of the Company’s properties. Property management fees will be paid in an amount equal to a market-based percentage of the gross revenues of the properties managed by Hines. In addition, if Hines provides leasing services with respect to a property, the Company will pay Hines leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic area of the applicable property. The Company generally will be required to reimburse Hines for certain operating costs incurred in providing property management and leasing services pursuant to the property management and leasing agreements. Included in this reimbursement of operating costs will be the cost of personnel and overhead expenses related to such personnel located at the property as well as off-site personnel located in Hines’ headquarters and regional offices, to the extent the same relate to or support the performance of Hines’ duties under the agreement. Hines may perform construction management services for the Company for both re-development activities and tenant construction. These fees are considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred. Costs related to tenant construction will be depreciated over the estimated useful life. Costs related to redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will generally be performed by Hines on the Company’s behalf. Leasing fees will be capitalized and amortized over the life of the related lease. Fees for Other Services The Company retains certain of the Advisor’s affiliates, from time to time, for services relating to the Company’s investments or operations, which may include corporate services, statutory services, transaction support services (including but not limited to coordinating with brokers, lawyers, accountants and other advisors, assembling relevant information, conducting financial and market analyses, and coordinating closing procedures) and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the asset management fee otherwise payable to the Advisor. Any such arrangements will be at market rates.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input 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. Financial Instruments Measured on a Recurring Basis As described in Note 6 — Derivative Instruments, the Company entered into several interest rate contracts as economic hedges against the variability of future interest rates on its variable interest rate borrowings. The valuation of these derivative instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of December 31, 2019 and 2018 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. As a result, the Company has determined its derivative valuations are classified in Level 2 of the fair value hierarchy. Additionally, as described in Note 6 — Derivative Instruments, the Company has entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates. The valuation of these forward contracts is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including currency exchange rate curves and implied volatilities. The Company has determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy, as they are based on observable inputs but are not traded in active markets. In the fourth quarter of 2018 , the Company made its initial investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. Since that time, the Company has continued to make additional investments in real estate-related securities. The Company has elected to classify these investments as trading securities and carry such investments at fair value. The following table summarizes activity for the Company’s real estate-related securities measured at fair value on a recurring basis. Basis of Fair Value Measurements During the year ended Description Fair Value of Assets Quoted Prices in Active Markets for Identical Items (Level 1) Significant Significant (Level 3) December 31, 2019 Investments in real estate-related securities $ 36,491 $ 36,491 $ — $ — December 31, 2018 Investments in real estate-related securities $ 9,599 $ 9,599 $ — $ — Financial Instruments Fair Value Disclosures As of December 31, 2019 , the Company estimated that the fair value of its notes payable, excluding deferred financing costs, which had a book value of $865.7 million , was $864.1 million . As of December 31, 2018 , the Company estimated that the fair value of its notes payable, excluding deferred financing costs, which had a book value of $545.8 million , was $540.3 million . Management has utilized available market information such as interest rate and spread assumptions of notes payable with similar terms and remaining maturities, to estimate the amounts required to be disclosed. Although the Company has determined that the majority of the inputs used to value its notes payable fall within Level 2 of the fair value hierarchy, the credit quality adjustments associated with its fair value of notes payable utilize Level 3 inputs. However, the Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of the fair market value of its notes payable and has determined they are not significant. Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable. The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or short-term maturities. Due to the short-term nature of these instruments, Level 1 inputs are utilized to estimate the fair value of the cash and cash equivalents and restricted cash and Level 2 inputs are utilized to estimate the fair value of the remaining financial instruments.

Reportable Segments

Reportable Segments	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS As described previously, the Company invests the net proceeds from its public offerings into its portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. The Company’s current business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets, and all of the Company’s consolidated revenues and property operating expenses are from these real estate properties. Management evaluates the operating performance of each of its real estate properties at an individual investment level and considers each investment to be an operating segment. The Company has aggregated its operating segments into seven reportable segments: domestic office investments, domestic residential/living investments, domestic retail investments, domestic industrial investments, international industrial investments, international office investments and international residential/living investments. The tables below provide additional information related to each of the Company’s segments (in thousands) and a reconciliation to the Company’s net income (loss), as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments. Years Ended December 31, 2019 2018 2017 Total Revenue Domestic office investments $ 16,538 $ 16,398 $ 15,437 Domestic residential/living investments 12,050 6,637 4,671 Domestic retail investments 23,142 20,235 19,507 Domestic industrial investments 4,408 5,698 7,619 International industrial investments 28,997 3,630 — International office investments 8,931 7,731 8,711 International residential/living investments 9,817 8,740 3,779 Total Revenue $ 103,883 $ 69,069 $ 59,724 For the years ended December 31, 2019 , 2018 and 2017 , the Company’s total revenue was attributable to the following countries: Years Ended December 31, 2019 2018 2017 Total Revenue United States 55 % 71 % 79 % The Netherlands 21 % 5 % — % Ireland 12 % 17 % 19 % United Kingdom 7 % 7 % 2 % Germany 3 % — % — % Poland 2 % — % — % For the years ended December 31, 2019 , 2018 and 2017 , the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Years Ended December 31, 2019 2018 2017 Property revenues in excess of expenses (1) Domestic office investments $ 11,022 $ 11,076 $ 10,497 Domestic residential/living investments 6,151 4,008 2,977 Domestic retail investments 13,405 12,400 10,889 Domestic industrial investments 3,300 4,363 5,862 International industrial investments 16,261 1,645 — International office investments 6,235 5,919 6,922 International residential/living investments 6,522 5,438 2,466 Property revenues in excess of expenses $ 62,896 $ 44,849 $ 39,613 (1) Revenues less property operating expenses, real property taxes and property management fees. For the years ended December 31, 2019 and 2018 , the Company’s total assets by segment were as follows (in thousands): December 31, 2019 December 31, 2018 Total Assets Domestic office investments $ 124,144 $ 130,021 Domestic residential/living investments 220,988 126,175 Domestic retail investments 292,526 199,819 Domestic industrial investments 51,520 51,103 International industrial investments 494,268 190,001 International office investments 122,342 122,471 International residential/living investments 211,785 111,803 Corporate-level accounts 55,972 17,436 Total Assets $ 1,573,545 $ 948,829 For the years ended December 31, 2019 and 2018 , the Company’s total assets were attributable to the following countries: December 31, 2019 December 31, 2018 Total Assets United States 47 % 55 % United Kingdom 18 % 7 % The Netherlands 17 % 15 % Ireland 11 % 18 % Poland 4 % — % Germany 3 % 5 % For the years ended December 31, 2019 , 2018 and 2017 , the Company’s reconciliation to the Company’s property revenue in excess of expenses is as follows (in thousands): Years Ended December 31, 2019 2018 2017 Reconciliation to property revenue in excess of expenses Net income (loss) $ (19,548 ) $ (879 ) $ (17,186 ) Depreciation and amortization 46,193 32,478 29,687 Acquisition related expenses 161 144 3,212 Asset management and acquisition fees 7,985 5,004 11,681 Performance participation allocation 7,713 5,954 251 General and administrative expenses 3,652 3,131 2,803 (Gain) loss on derivative instruments 2,292 272 372 (Gain) loss on real estate-related securities (2,317 ) 401 — Gain on sale of real estate — (14,491 ) — Foreign currency (gains) losses 617 438 (494 ) Interest expense 18,608 12,649 9,453 Interest and other income (1,480 ) (261 ) (83 ) (Benefit) provision for income taxes (980 ) 9 (83 ) Total property revenues in excess of expenses $ 62,896 $ 44,849 $ 39,613

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2019 , 2018 and 2017 are as follows (in thousands): 2019 2018 2017 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 15,966 $ 11,074 $ 8,577 Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 3,837 $ 2,024 $ 1,868 Distributions reinvested $ 18,426 $ 12,072 $ 10,162 Shares tendered for redemption $ 1,680 $ 1,174 $ 20 Non-cash net liabilities assumed $ 11,412 $ 4,011 $ 5,946 Assumption of mortgage upon acquisition of property $ — $ — $ 95,260 Offering costs payable to the Advisor $ 4,445 $ 3,273 $ 943 Selling commissions, dealer manager fees and distribution and stockholder servicing fees payable to the Dealer Manager $ 17,696 $ 88 $ 3,614 Accrued capital additions $ 2,615 $ 1,678 $ 2,015 Accrued acquisition costs $ 2,256 $ 3,185 $ — Maintal Logistics acquisition liability (1) $ — $ 43,793 $ — Right of Use Lease Liability $ 1,583 $ — $ — (1)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on the Company’s consolidated financial statements.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	QUARTERLY FINANCIAL DATA (UNAUDITED) The following table presents selected unaudited quarterly financial data for each quarter during the years ended December 31, 2019 and 2018 (in thousands, except per share information): Quarters Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 21,738 $ 23,554 $ 25,508 $ 33,083 Net income (loss) $ (3,999 ) $ (3,450 ) $ (1,773 ) $ (10,326 ) Net income (loss) attributable to common stockholders $ (4,002 ) $ (3,454 ) $ (1,776 ) $ (10,329 ) Income (loss) per common share, basic and diluted $ (0.09 ) $ (0.06 ) $ (0.03 ) $ (0.13 ) Quarters Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 16,731 $ 15,974 $ 15,878 $ 20,486 Net income (loss) $ 11,376 $ (1,408 ) $ (2,782 ) $ (8,065 ) Net income (loss) attributable to common stockholders $ 11,373 $ (1,411 ) $ (2,785 ) $ (8,069 ) Income (loss) per common share, basic and diluted $ 0.29 $ (0.04 ) $ (0.07 ) $ (0.19 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Domain Apartments In January 2020, the Company sold the Domain Apartments for a contract price of $80.1 million and repaid the associated mortgage loan in full. The Company acquired the Domain Apartments in January 2016 for a purchase price of $58.2 million , excluding transaction costs and working capital reserves. The purchaser is not affiliated with the Company or their affiliates. The Emerson In January 2020, the Company acquired The Emerson. The net purchase price was $117.0 million , exclusive of transaction costs and closing prorations. The Emerson is an apartment property located in Centreville, Virginia consisting of 355 units. The newly constructed property currently has a 64% occupancy rate and is expected to stabilize in the next six months. The seller is not affiliated with the Company or their affiliates. Goodyear Crossing In February 2020, the Company sold Goodyear Crossing II for a contract price of $72.0 million and repaid the associated mortgage loan in full. The Company acquired Goodyear Crossing II in August 2016 for a purchase price of $56.2 million , excluding transaction costs and working capital reserves. The purchaser is not affiliated with the Company or their affiliates. Bratzler ABC Westland In February 2020, the Company acquired Bratzler ABC Westland for a contract price of € 11.5 million (approximately $12.5 million assuming a rate of $1.09 per Euro as of the acquisition date), excluding transaction costs and working capital reserves. Bratzler ABC Westland in an industrial logistics property located in The Hague, Netherlands. Bratzler ABC Westland is an addition to the Company’s existing ownership interest in ABC Westland, an industrial logistics property located in The Hague, Netherlands, previously acquired in May 2019. The seller is not affiliated with the Company or their affiliates. Coronavirus Outbreak Subsequent to December 31, 2019, there was a global outbreak of COVID-19 (more commonly referred to as the Coronavirus), which continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. It has already disrupted global travel and supply chains, adversely impacted global commercial activity, and its long-term economic impact remains uncertain. Considerable uncertainty still surrounds the Coronavirus and its potential effects on the population, as well as the effectiveness of any responses taken on a national and local level by government authorities and businesses. The travel restrictions, limits on hours of operations and/or closures of non-essential businesses and other efforts to curb the spread of the Coronavirus have significantly disrupted business activity globally, including in the markets where the Company invests, and could have an adverse impact on the performance of certain of the Company’s investments. Many of the Company’s tenants are subject to shelter in place and other quarantine restrictions, and the restrictions could be in place for an extended period of time. These restrictions are particularly adversely impacting many of the Company’s retail tenants (other than grocery tenants), as government instructions regarding social distancing and mandated closures have reduced and, in some cases, eliminated customer foot traffic, causing many of the Company’s retail tenants to temporarily close their brick and mortar stores. As of December 31, 2019, the Company owned two retail properties in the U.S., which comprised 17% of the Company’s portfolio, based on the estimated value of its real estate investments as of that date. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. In addition, the rapidly evolving nature of the pandemic makes it difficult to ascertain the long term impact it will have on commercial real estate markets and the Company’s investments. Nevertheless, the Coronavirus presents material uncertainty and risk with respect to the Company’s performance and financial results, such as the potential negative impact to occupancy at its properties, the potential closure of certain of its assets for an extended period, the potential for increased difficulty in obtaining financing, increased costs of operations, decrease in values of its real estate investments, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. The Company is unable to estimate the impact the Coronavirus will have on its financial results at this time.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule II — Valuation and Qualifying Accounts Description Balance at the Beginning of the Period Charged to Costs and Expenses Deductions Balance at the End of the Period (amounts in thousands) Deferred Tax Asset Valuation Allowance as of December 31, 2019 $ 820 $ 1,442 $ (510 ) $ 1,752 Deferred Tax Asset Valuation Allowance as of December 31, 2018 $ 205 $ 1,368 $ (753 ) $ 820 Allowance for Doubtful Accounts as of December 31, 2018 (1) $ 81 $ 229 $ — $ 310 (1) With the implementation of ASU 2016-02 as of January 1, 2019, the current guidance clarified that uncollectible lease payments were to be recognized as a reduction in revenues and were not considered an allowance. With this implementation, the Allowance for Doubtful Accounts was re-characterized to be appropriately reflected as reductions in Revenues for uncollectible amounts. See Note 2 —Summary of Significant Accounting Policies for more information on the adoption of ASU 2016-02.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate Assets and Accumulated Depreciation	Schedule III — Real Estate Assets and Accumulated Depreciation December 31, 2019 Initial Cost (b) Gross Amount at Which Carried at 12/31/2019 Description (a) Location Encumbrances Land Buildings and Improvements Total Costs Capitalized Subsequent to Acquisition (c) Land Buildings and Improvements Total (d) Accumulated Depreciation (e) Date of Construction Date Acquired (In thousands) Bishop’s Square Dublin, Ireland $ 61,907 $ — $ 53,653 $ 53,653 $ 21,771 $ — $ 75,424 $ 75,424 $ (7,039 ) 2001 March-15 Domain Apartments Las Vegas, Nevada 34,300 5,690 50,790 56,480 291 5,690 51,081 56,771 (6,947 ) 2014 January-16 Cottonwood Corporate Center Salt Lake City, Utah 72,359 13,600 98,758 112,358 2,114 13,600 100,872 114,472 (8,903 ) 1997, 2000 July-16 Goodyear Crossing II Phoenix, Arizona 29,000 7,270 41,620 48,890 1,425 7,270 43,045 50,315 (3,574 ) 2008, 2009 August-16 Rookwood Cincinnati, Ohio 96,000 45,320 132,466 177,786 534 45,319 133,001 178,320 (9,971 ) 1993, 2000 January-17 Montrose Student Residences Dublin, Ireland 25,352 5,919 35,058 40,977 774 5,919 35,832 41,751 (2,610 ) 1964, 2013-2015 March-17 Queen's Court Student Residences Reading, United Kingdom 38,896 13,989 50,392 64,381 2,806 13,989 53,198 67,187 (3,123 ) 2016 October-17 Venue Museum District Houston, Texas 45,000 17,409 52,538 69,947 42 17,409 52,580 69,989 (1,778 ) 2009 September-18 Fresh Park Venlo Venlo, The Netherlands 84,092 — 124,696 124,696 1,050 — 125,746 125,746 (4,024 ) 1960-2018 October-18 Maintal Logistics Maintal, Germany 26,136 14,787 29,685 44,472 741 14,787 30,426 45,213 (752 ) 1974, 2001-2002 December-18 ABC Westland The Hague, Netherlands 82,655 59,744 74,153 133,897 (3,021 ) 59,744 71,132 130,876 (1,409 ) 1969-2018 May-19 Promenade Shops at Briargate Colorado Springs, Colorado — 19,199 55,425 74,624 — 19,199 55,425 74,624 (418 ) 2003 September-19 Gdańsk PL II Gdańsk, Poland 18,790 6,350 19,236 25,586 — 6,350 19,236 25,586 (130 ) 2013, 2015 September-19 Łódź Urban Logistics Łódź , Poland 15,211 — 19,588 19,588 — — 19,588 19,588 (132 ) 2018-2019 September-19 Glasgow West End Glasgow, United Kingdom 56,959 23,627 70,273 93,900 — 23,627 70,273 93,900 (493 ) 2017 September-19 The Alloy College Park, Maryland — 14,194 81,971 96,165 — 14,194 81,971 96,165 (275 ) 2019 November-19 Charles Tyrwhitt Distribution Centre Milton Keynes, United Kingdom — 7,190 11,490 18,680 — 7,190 11,490 18,680 (42 ) 2010 November-19 DSG Bristol Bristol, United Kingdom — 18,163 23,069 41,232 — 18,161 23,071 41,232 (69 ) 2006 November-19 Royal Mail Edinburgh, United Kingdom — 6,187 23,820 30,007 — 6,191 23,816 30,007 (30 ) 1995 December-19 $ 686,657 $ 278,638 $ 1,048,681 $ 1,327,319 $ 28,527 $ 278,639 $ 1,077,207 $ 1,355,846 $ (51,719 ) (a) Assets consist of quality office, retail, industrial and residential/living properties. (b) Components of initial cost for the property acquired using a foreign currency were converted using the December 31, 2019 balance sheet rate. (c) Costs capitalized subsequent to addition are presented net of any write-offs. (d) The aggregate cost for federal income tax purposes is $1.4 billion as of December 31, 2019 . (e) Real estate assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15 - 20 years for electrical and mechanical installations and 40 years for buildings. The changes in total real estate assets for the years ended December 31, 2019 2018 2017 Gross real estate assets Balance, beginning of period $ 817,763 $ 591,005 $ 290,212 Additions during the period: Acquisitions 524,638 244,132 282,162 Other additions 11,257 14,653 5,561 Write-Offs/Cost of real estate sold (3,766 ) (21,370 ) — Effect of changes in foreign currency exchange rates 5,954 (10,657 ) 13,070 Balance, end of period $ 1,355,846 $ 817,763 $ 591,005 Accumulated Depreciation Balance, beginning of period $ (30,574 ) $ (18,172 ) $ (6,337 ) Depreciation (24,873 ) (13,938 ) (11,393 ) Effect of changes in foreign currency exchange rates (38 ) 459 (442 ) Retirement or sales of assets 3,766 1,077 — Balance, end of period $ (51,719 ) $ (30,574 ) $ (18,172 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its assumptions and estimates on an ongoing basis. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Additionally, application of the Company’s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. Actual results may differ from these estimates under different assumptions or conditions.
Basis of Presentation	Basis of Presentation The consolidated financial statements of the Company include the accounts of Hines Global Income Trust, Inc. and the Operating Partnership (over which the Company exercises financial and operating control). All intercompany balances and transactions have been eliminated in consolidation. The Company has determined that the Operating Partnership is considered a variable interest entity (“VIE”). However, the Company meets the disclosure exemption criteria, as the Company is the primary beneficiary of the VIE and the Company’s partnership interest is considered a majority voting interest.
Investment Property and Lease Intangibles	Investment Property and Lease Intangibles Acquisitions of properties are evaluated to determine whether they qualify as a business combination or an asset acquisition. An acquisition is classified as an asset acquisition if substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or group of similar assets and the amounts recorded are inclusive of acquisitions costs and therefore recorded using their relative fair values. If the acquisition meets the definition of a business combination, the Company records the fair value of the assets acquired and liabilities assumed and will evaluate the existence of goodwill or a bargain purchase gain. Acquisition costs are expensed for business combinations. Since January 1, 2018, all of our acquisitions were concluded to be assets acquisitions. The results of operations of acquired properties are included in the Company’s results of operations from their respective dates of acquisition. Estimates of fair values were based upon estimates a variety of valuation methodologies and assumptions that the Company believes are similar to those used by market participants. These include, but are not limited to, estimates for future cash flows that utilize discount and/or capitalization rates assuming the building was vacant, determination of market-based rental revenues, comparable land sales, and replacement costs on building, and are subsequently used to record the purchase of identifiable assets acquired, such as land, buildings and improvements, and identifiable intangible assets related to in-place leases and liabilities assumed, such as amounts related to acquired out-of-market leases, asset retirement obligations, and mortgage notes payable. The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense. Acquired out-of-market lease values (including ground leases) are recorded based on the present value (using a discount rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized out-of-market lease values are amortized as adjustments to rental revenue (or ground lease expense, as applicable) over the remaining terms of the respective leases, which include periods covered by bargain renewal options. Should a tenant terminate its lease, the unamortized portion of the out-of-market lease value is charged to rental revenue. Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the outstanding principal balance of the note will be amortized over the life of the mortgage note payable. Real estate assets acquired are recorded at the date of acquisition less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 years for furniture and fixtures, 15 - 20 years for electrical and mechanical installations and 40 years for buildings. Major replacements that extend the useful life of the assets are capitalized and maintenance and repair costs are expensed as incurred.
Impairment of Investment Property	Impairment of Investment Property Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted basis to the carrying amount of such property. If the carrying amount exceeds the undiscounted cash flows, it would be written down to the estimated fair value to reflect impairment in the value of the asset. The determination of whether investment property is impaired requires a significant amount of judgment by management and is based on the best information available to management at the time of the evaluation. No impairment charges were recorded during the years ended December 31, 2019 , 2018 , and 2017 .
Assets and Liabilities Held for Sale	Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of December 31, 2019 , the Company designated one property, the Domain Apartments, as held for sale.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities In the fourth quarter of 2018, the Company made its initial investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. Since that time, the Company has continued to make additional investments in real estate-related securities. The Company has elected to classify these investments as trading securities and carry such investments at fair value. These assets are valued on a recurring basis, which resulted in a realized gain of $1.0 million and an unrealized gain of $1.3 million for the year ended December 31, 2019 , both of which are recorded in “gain (loss) on investments in real estate-related securities” in the Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has also earned $1.0 million in interest and dividend income for the year ended December 31, 2019 relating to its investments in these securities, which are recorded in “Interest and other income” in the Consolidated Statements of Operations and Comprehensive Income (Loss).
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk As of December 31, 2019 , the Company had cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. Management regularly monitors the financial stability of these financial institutions in an effort to manage the Company’s exposure to any significant credit risk in cash and cash equivalents. In addition, as of December 31, 2019 , the Company had $27.6 million of cash and cash equivalents, including restricted cash, deposited in certain financial institutions located in the United Kingdom, Ireland, the Netherlands, Germany, and Poland. Management regularly monitors the financial stability of these financial institutions in an effort to manage its exposure to any significant credit risk in cash and cash equivalents. As of December 31, 2019 , the Company owned $36.5 million in real estate-related securities. These securities consist of common equities, preferred equities and debt securities of publicly traded REITs.
International Operations	International Operations The Euro (“EUR”) is the functional currency for the Company’s subsidiaries operating in Ireland, the Netherlands and Germany, the British pound (“GBP”) is the functional currency for the Company’s subsidiaries operating in the United Kingdom, and the Polish zloty is the functional currency for the Company’s subsidiaries operating in Poland. These subsidiaries have translated their financial statements into U.S. dollars for reporting purposes. Assets and liabilities are translated at the exchange rate in effect as of the balance sheet date. Income statement accounts are generally translated using the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss) within stockholders’ equity. Upon disposal of this subsidiary, the Company will remove the accumulated translation adjustment from stockholders’ equity and include it in the gain or loss on disposal in its consolidated statement of operations. The Company and its subsidiaries may have transactions denominated in currencies other than their functional currencies. In these instances, assets and liabilities are remeasured into the functional currency at the exchange rate in effect at the end of the period and income statement accounts are remeasured at the average exchange rate for the period. These gains or losses are included in the Company’s consolidated statement of operations. The Company and its subsidiaries also record gains or losses in the income statement when a transaction with a third party, denominated in a currency other than the functional currency, is settled and the functional currency cash flows realized are more or less than expected based upon the exchange rate in effect when the transaction was initiated.
Restricted Cash	Restricted Cash The Company has restricted cash primarily related to certain escrow accounts required by several of the Company’s mortgage agreements.
Tenant and Other Receivables	Tenant and Other Receivables Tenant and other receivables balances consist primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent. Straight-line rent receivables were $8.6 million and $5.8 million as of December 31, 2019 and 2018 , respectively. Straight-line rent receivables consist of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying consolidated balance sheets. Upon the adoption of Accounting Standards Update (“ASU”) 2016-02, individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivables are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. The uncollectible portion of the portfolio is recorded as an adjustment to rental revenues. Prior to the adoption of ASU 2016-02, an allowance for the uncollectible portion of tenant and other receivables was determined and recognized based upon an analysis of the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Tenant and other receivables are shown at cost in the consolidated balance sheets, net of allowance for doubtful accounts of $0.3 million at December 31, 2018 .
Deferred Leasing Costs	Deferred Leasing Costs Direct leasing costs, primarily consisting of third-party leasing commissions and tenant inducements are capitalized and amortized over the life of the related lease. Tenant inducement amortization is recorded as an offset to rental revenue and the amortization of other direct leasing costs is recorded in amortization expense.
Revenue Recognition	Revenue Recognition The Financial Accounting Standards Board ("FASB") issued accounting standards update ("ASU") 2014-09 which superseded the revenue recognition requirements under previous guidance. We adopted ASU 2014-09 on January 1, 2018. ASU 2014-09 requires the use of a new five-step model to recognize revenue from contracts with customers. The five-step model requires that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when it satisfies the performance obligations. Management has concluded that the majority of the Company’s total revenue, with the exception of gains and losses from the sale of real estate, consist of rental income from leasing arrangements, which is specifically excluded from the standard. Excluding gains and losses on the sale of real estate (as discussed further below), the Company concluded that its remaining revenue streams were immaterial and, as such, the adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements. As of January 1, 2018, the Company began accounting for the sale of real estate properties under ASU 2017-05 and provides for revenue recognition based on completed performance obligations, which typically occurs upon the transfer of ownership of a real estate asset. The Company recognizes rental revenue on a straight-line basis over the life of the lease including rent holidays, if any. Revenues associated with operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease provisions. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a tenant’s right to occupy the leased space is modified through the end of the revised lease term. Other revenues consist primarily of parking revenue, administrative fees, and tenant reimbursements related to utilities, insurance, and other operating expenses. Parking revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual terms or as services are rendered. Other revenues relating to tenant reimbursements are recognized at the time when the performance obligation is met.
Income Taxes	Income Taxes The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ended December 31, 2015. The Company’s management believes that it operates in such a manner as to qualify for treatment as a REIT and intends to operate in the foreseeable future in such a manner so that it will remain qualified as a REIT for federal income tax purposes. Accordingly, no provision has been made for U.S. federal income taxes for the years ended December 31, 2019 , 2018 and 2017 in the accompanying consolidated financial statements. In 2019 , income tax expense/benefit recorded by the Company was primarily comprised of foreign income taxes related to the operation of its international properties. All periods from December 31, 2015 through December 31, 2019 are open for examination by the IRS. The Company does not believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure. The Company adopted ASU 2016-16 “Income Taxes” beginning January 1, 2018 and recorded deferred tax assets, along with a full valuation allowance, related to its subsidiaries in Ireland.
Distribution and Stockholder Servicing Fees	Distribution and Stockholder Servicing Fees
Per Share Data	Per Share Data Net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders for each period by the weighted average number of common shares outstanding during such period. Net income (loss) per common share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares outstanding. All classes of common stock are allocated net income (loss) at the same rate per share and receive the same gross distribution per share.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 which requires companies that lease assets to recognize on the balance sheet the right-of-use assets and related lease liabilities (“ASC 842”). The accounting by companies that own the assets leased by the lessee (the lessor) remains largely unchanged from the adoption of ASC 842. The Company adopted ASC 842 beginning January 1, 2019 and is using the modified retrospective approach. No adjustment to opening retained earnings was required. In July 2018, the FASB issued ASU 2018-11, which allows lessors to account for lease and non-lease components by class of underlying assets, as a single lease component if certain criteria are met. The new standard permits companies to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of restating prior periods and provides other optional practical expedients. On January 1, 2019, the Company elected the following practical expedients: • The transition method in which the application date of January 1, 2019 is the beginning of the reporting period that the Company first applied the new guidance. • The practical expedient package which allows an entity not to reassess (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; (3) initial direct costs for any existing leases. • As an accounting policy election, a lessor may choose not to separate the non-lease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component under certain conditions. • As an accounting policy election, a lessee may choose not to separate the non-lease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component. The Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined operating lease component. Based on the Company’s analysis, the Company identified the following changes to result from its adoption of ASC 842: Lessor Accounting • The Company is entitled to receive tenant reimbursements for operating expenses for common area maintenance. Based on guidance in these ASUs, such revenue is defined as a non-lease component, which would be accounted for in accordance with ASC 606. However, the Company elected to apply the practical expedient for all of its leases to account for the lease and non-lease components as a single, combined operating lease component. • Capitalization of leasing costs is limited to initial direct costs. Initial direct costs have been defined as incremental costs of a lease that would not have been incurred if the lease had not been obtained. Legal costs are no longer capitalized, but expensed as incurred. There is no change in the Company’s accounting for lease inducements and commissions. • The Company’s existing leases continue to be classified as operating leases, however, leases entered into or modified after January 1, 2019 may be classified as either operating or sales-type leases, based on specific classification criteria. The Company believes all of its leases will continue to be classified as operating leases, and all operating leases will continue to have a similar pattern of recognition as under prior GAAP. • The Company believes there is low risk of inadequate residual values of its leased assets upon the termination of these leases due to the Company’s ability to re-lease the spaces for the assets, the long-lived nature of its real estate assets and the nature of real estate assets to hold their value over a long periods of time. Lessee Accounting • The Company has ground lease agreements in which the Company is the lessee for land underneath Bishop’s Square that the Company accounts for as an operating lease. The Company previously recognized an amount related to this ground lease as part of the allocation of the purchase price of Bishop’s Square, which was recorded to intangible lease assets, net. The lease has a remaining term of 763 years . Upon adoption of ASC 842 on January 1, 2019, the Company determined the lease liability is immaterial and reclassified approximately €29.7 million (approximately $33.9 million assuming a rate of $1.14 per EUR as of January 1, 2019, the date of adoption) from intangible lease assets, net to right-of-use asset, net in the Company’s Consolidated Balance Sheets. • The Company has a ground lease agreement in which the Company is the lessee for land underneath Łódź Urban Logistics that the Company is currently accounted for as an operating lease. The lease currently ends in December 2089 and has fixed payments. The rental expense associated with this lease was $24,000 and $0 for the year ended December 31, 2019 , and 2018 , respectively. The Company recorded a right-of-use asset of approximately $4.4 million in right-of-use asset, net, and recorded a lease liability of approximately $1.6 million in operating lease liability, respectively, in the Company’s Consolidated Balance Sheets. The Company’s estimate of the amount of the right-of-use asset and lease liability included assumptions for the discount rate, which is based on the incremental borrowing rate of the lease contract. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a term similar to the lease. Since the term of the Łódź Urban Logistics ground lease is much longer than a typical borrowing, the Company derived the incremental borrowing rate of 5.6% , as the spread in a current financing quote for the property plus the applicable base rate corresponding to the longest term available in the base rate market. A reconciliation of the Company’s lease liabilities on an undiscounted cash flow basis for the ground lease at Łódź Urban Logistics for each of the years ending December 31, 2020 through December 31, 2024 are as follows (in thousands): Lease Payments 2020 $ 93 2021 93 2022 93 2023 93 2024 93 Thereafter 6,024 Total $ 6,489 Operating lease liability $ 1,583 Undiscounted excess amount $ 4,906 New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair Value Measurement." This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. The ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements.
Derivative Instruments	The Company has entered into several interest rate swap contracts and interest rate cap contracts in connection with certain of its secured mortgage loans in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. The Company’s interest rate swaps economically fixed the interest rates on each of the loans to which they relate and the interest rate cap agreements have economically limited the interest rate on each of the loans to which they relate. The Company has not designated any of these derivatives as hedges for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its consolidated balance sheets the fair value amount recorded for its derivative instruments.
Fees and Expense Reimbursements	Acquisition Fee Prior to December 6, 2017, the effective date of the Restructuring, the Advisor received acquisition fees of 2.25% of (i) the purchase price of real estate investments acquired, including any debt attributable to such investments, or the total principal amounts borrowed under any loans made or acquired directly by the Company, or (ii) when the Company made an investment or made or acquired a loan indirectly through another entity, such investment’s pro rata share of the gross asset value of real estate investments held by that entity, including any debt attributable to such investments, or the total principal amount borrowed under any loans made or acquired by that entity. As of the effective date of the Restructuring, we will no longer pay acquisition fees to the Advisor. Asset Management Fee The Advisor also receives asset management fees of 0.0625% per month of the cost of the Company’s real estate investments at the end of each month; provided that, with respect to real estate investments included in the Company’s board of director’s most recent determination of the Company’s NAV per share, the asset management fees will be equal 0.0625% per month of the most recently determined value of such real estate investments at the end of each month. As of the effective date of the Restructuring, the asset management fee cannot exceed an amount equal to 1/12th of 1.25% of the Company’s NAV at the end of each applicable month. Additionally, as of the effective date of the Restructuring, the asset management fee can be paid, at the Advisor’s election, in cash, Class I shares or Class I OP units of the Operating Partnership. Performance Participation Allocation As of the effective date of the Restructuring, the Advisor is also entitled to an annual performance participation allocation of 12.5% of the total return earned on an investment in the Company’s shares each year. This performance participation allocation is subject to investors earning a 5% annual return, after considering the effect of any losses carried forward from the prior year (as defined in the Operating Partnership agreement). The performance participation allocation accrues monthly and is payable after the completion of each calendar year. Acquisition Expense Reimbursements The Company reimburses the Advisor and its affiliates for out-of-pocket expenses in connection with the selection, evaluation, structuring, acquisition, origination, financing and development of properties and real estate-related securities, whether or not such investments are acquired. Expense Reimbursements The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the asset management fee and the performance participation allocation) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2.0% of its average invested assets, or (B) 25.0% of its 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% Limitation”). Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended December 31, 2019 , the Company’s total operating expenses did not exceed the 2%/25% Limitation. Organization and Offering Costs Organization and offering costs consist of, among other costs, expenses of the Company’s organization, actual legal, accounting, bona fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, data processing fees, advertising and sales literature and other offering-related costs. Organization and offering costs include expenses that are deemed issuer costs and certain expenses that are deemed underwriting compensation, but exclude selling commissions, dealer manager fees and distribution and stockholder servicing fees. Organizational costs, such as expenses associated with the formation of the Company and its board of directors, are expensed as incurred, and offering-related costs are recorded as an offset to additional paid-in capital. Prior to the Restructuring, the Company reimbursed the Advisor and its affiliates for any organization and offering costs deemed issuer costs related to the Initial Offering that it paid on the Company’s behalf. Further, the Advisory Agreement was amended, effective February 29, 2016 , to reflect that the Company would not reimburse the Advisor for the cumulative organization and offering costs incurred in connection with the Company’s organization and public offerings, in excess of 2.5% of gross offering proceeds from the Company’s public offerings. On April 14, 2016 , the Advisor reimbursed the Company for $4.0 million in organization and offering costs that the Company had previously reimbursed to the Advisor in excess of this 2.5% cap. Effective as of December 6, 2017, the Advisor agreed to advance all of the Company’s organization and offering costs related to the Follow-On Offering through December 31, 2018. In January 2019, the Company began reimbursing the Advisor for all such advanced expenses as well as any organization and offering costs incurred by the Advisor related to the Initial Offering, and expects to continue to reimburse the Advisor for such expenses ratably through December 31, 2023 to the extent cumulative organization and offering costs do not exceed an amount equal to 2.5% of gross offering proceeds from the Company’s public offerings. Following December 31, 2023, the Company will reimburse the Advisor for any organization and offering costs that it incurs on its behalf, as and when incurred, to the extent that aggregate reimbursements to the Advisor for cumulative organization and offering costs do not exceed an amount equal to 2.5% of the gross offering proceeds from the Company’s public offerings. The total reimbursement related to organization and offering costs, selling commissions, dealer manager fees and the distribution and stockholder servicing fees may not exceed 15.0% of gross proceeds from the Offering. From inception to December 31, 2019 , organization and offering costs incurred by the Advisor on the Company’s behalf totaled $23.6 million . The Company has recorded a liability equal to all unreimbursed organization and offering costs that have been incurred to date to reflect its expectation that all of these amounts will be reimbursed to the Advisor in the future.
Property Management and Leasing Fees	Property Management and Leasing Agreements The Company pays Hines fees for the management and leasing of the Company’s properties. Property management fees will be paid in an amount equal to a market-based percentage of the gross revenues of the properties managed by Hines. In addition, if Hines provides leasing services with respect to a property, the Company will pay Hines leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic area of the applicable property. The Company generally will be required to reimburse Hines for certain operating costs incurred in providing property management and leasing services pursuant to the property management and leasing agreements. Included in this reimbursement of operating costs will be the cost of personnel and overhead expenses related to such personnel located at the property as well as off-site personnel located in Hines’ headquarters and regional offices, to the extent the same relate to or support the performance of Hines’ duties under the agreement. Hines may perform construction management services for the Company for both re-development activities and tenant construction. These fees are considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred. Costs related to tenant construction will be depreciated over the estimated useful life. Costs related to redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will generally be performed by Hines on the Company’s behalf. Leasing fees will be capitalized and amortized over the life of the related lease. Fees for Other Services The Company retains certain of the Advisor’s affiliates, from time to time, for services relating to the Company’s investments or operations, which may include corporate services, statutory services, transaction support services (including but not limited to coordinating with brokers, lawyers, accountants and other advisors, assembling relevant information, conducting financial and market analyses, and coordinating closing procedures) and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the asset management fee otherwise payable to the Advisor. Any such arrangements will be at market rates.
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input 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. Financial Instruments Measured on a Recurring Basis As described in Note 6 — Derivative Instruments, the Company entered into several interest rate contracts as economic hedges against the variability of future interest rates on its variable interest rate borrowings. The valuation of these derivative instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of December 31, 2019 and 2018 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. As a result, the Company has determined its derivative valuations are classified in Level 2 of the fair value hierarchy. Additionally, as described in Note 6 — Derivative Instruments, the Company has entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates. The valuation of these forward contracts is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including currency exchange rate curves and implied volatilities. The Company has determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy, as they are based on observable inputs but are not traded in active markets. In the fourth quarter of 2018
Reportable Segments	As described previously, the Company invests the net proceeds from its public offerings into its portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. The Company’s current business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets, and all of the Company’s consolidated revenues and property operating expenses are from these real estate properties. Management evaluates the operating performance of each of its real estate properties at an individual investment level and considers each investment to be an operating segment. The Company has aggregated its operating segments into seven reportable segments: domestic office investments, domestic residential/living investments, domestic retail investments, domestic industrial investments, international industrial investments, international office investments and international residential/living investments.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Assets and Associated Liabilities Held for Sale	As of December 31, 2019 , assets held for sale consisted of the following amounts (in thousands): December 31, 2019 Investment property, net $ 49,823 Tenant and other receivables, net 74 Other assets 91 Total assets held for sale $ 49,988 As of December 31, 2019 , liabilities associated with assets held for sale consisted of the following (in thousands): December 31, 2019 Accounts payable and accrued expenses $ 192 Other liabilities 225 Notes payable, net 34,296 Total liabilities associated with assets held for sale $ 34,713
Schedule of Other Assets	Other assets included the following (in thousands): December 31, 2019 December 31, 2018 Prepaid insurance 726 493 Prepaid property taxes 589 80 Deferred tax assets (1) 2,973 844 Other 932 490 Other assets $ 5,220 (2) $ 1,907 (1) Includes the effects of a valuation allowance of $1.8 million and $0.8 million as of December 31, 2019 and 2018 , respectively. (2) Includes $0.1 million classified as other assets within assets held for sale as of December 31, 2019 .
Schedule of Lease Maturity	A reconciliation of the Company’s lease liabilities on an undiscounted cash flow basis for the ground lease at Łódź Urban Logistics for each of the years ending December 31, 2020 through December 31, 2024 are as follows (in thousands): Lease Payments 2020 $ 93 2021 93 2022 93 2023 93 2024 93 Thereafter 6,024 Total $ 6,489 Operating lease liability $ 1,583 Undiscounted excess amount $ 4,906

Investment Property (Tables)

Investment Property (Tables)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Schedule Of Property Subject To Or Available For Operating Lease	Investment property consisted of the following amounts as of December 31, 2019 and December 31, 2018 (in thousands): December 31, 2019 December 31, 2018 Buildings and improvements $ 1,077,207 $ 693,834 (1) Less: accumulated depreciation (51,719 ) (30,574 ) Buildings and improvements, net 1,025,488 663,260 Land 278,639 123,929 Investment property, net $ 1,304,127 (2) $ 787,189 (1) Included in buildings and improvements as of December 31, 2018 is approximately $14.5 million of construction-in-progress related to the expansion at Bishop's Square. The Company commenced construction in October 2017 to add an additional floor and make various upgrades to the property. The construction was completed in July 2019. (2) Includes $49.8 million classified within assets held for sale as of December 31, 2019 .
Schedule Of Acquired Finite-Lived Intangible Assets By Major Class	As of December 31, 2019 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases (1) Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 136,215 $ 8,957 $ (25,579 ) Less: accumulated amortization (43,808 ) (2,827 ) 5,946 Net $ 92,407 $ 6,130 $ (19,633 ) (1) The Company adopted ASC 842 beginning January 1, 2019 and reclassified certain assets from Intangible lease assets, net to Right-of-use asset, net in the Company’s Consolidated Balance Sheets. See Note 2 —Summary of Significant Accounting Policies for more information on the adoption of ASC 842. As of December 31, 2018 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 118,585 $ 5,558 $ (22,318 ) Less: accumulated amortization (31,320 ) (2,126 ) 4,284 Net $ 87,265 $ 3,432 $ (18,034 ) The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2017 acquisitions, as of the date of the respective acquisition, was as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2017 Acquisitions: Rookwood 8.3 15.7 13.7 Montrose Student Residences 6.5 — 18.9 Queen’s Court Student Residences (1) 0.9 — — (1) Excludes the effect of any 999 -year leases, which significantly increases the weighted average useful life for these intangibles.
Schedule Of Finite Lived Intangible Assets Future Amortization Expense	Anticipated amortization of the Company’s in-place leases and out-of-market lease liabilities, net, for each of the years ending December 31, 2020 through December 31, 2024 are as follows (in thousands): In-Place Lease Out-of-Market Leases, Net 2020 $ 24,879 $ (1,588 ) 2021 $ 14,845 $ (1,515 ) 2022 $ 11,852 $ (1,377 ) 2023 $ 9,734 $ (1,114 ) 2024 $ 6,431 $ (702 )
Schedule Of Future Minimum Rental Income For Operating Leases	The Company has entered into non-cancelable lease agreements with tenants for space. As of December 31, 2019 , the approximate fixed future minimum rentals for each of the years ending December 31, 2020 through 2024 and thereafter for the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals 2020 $ 77,536 2021 70,760 2022 60,455 2023 54,638 2024 46,700 Thereafter 216,049 Total $ 526,138	As of December 31, 2018 , prior to the adoption of ASU 2016-02, the approximate fixed future minimum rentals for each of the years ending December 31, 2019 through 2023 and thereafter for the Company’s commercial properties are as follows (in thousands): Fixed Future Minimum Rentals 2019 $ 52,357 2020 48,343 2021 40,847 2022 32,881 2023 30,951 Thereafter 148,329 Total $ 353,708

Recent Acquisitions of Real E_2

Recent Acquisitions of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed	The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price, which includes transaction costs beginning January 1, 2018 as further described below, of each property acquired in 2019 , 2018 and 2017 as follows (in thousands): Property Name Acquisition Building and (2) Land (2) In-place Lease Intangibles (2) Out-of- (2) Right of Use Asset, net Discount (premium) on assumed mortgage loan (2) Total (2) 2019 (1) ABC Westland 5/3/2019 $ 74,054 (3) $ 59,664 $ 6,902 $ (1,124 ) $ — $ — $ 139,496 Promenade Shops at Briargate 9/13/2019 $ 55,425 $ 19,199 $ 20,017 $ (1,047 ) $ — $ — $ 93,594 Gdańsk PL II 9/24/2019 $ 18,707 $ 6,174 $ 5,013 $ 449 $ — $ — $ 30,343 Łódź Urban Logistics 9/26/2019 $ 19,298 $ — $ 3,684 $ (134 ) $ 2,777 (5) $ — $ 25,625 Glasgow West End 9/27/2019 $ 66,255 $ 22,276 $ 3,170 $ — $ — $ — $ 91,701 Charles Tyrwhitt DC 11/8/2019 $ 11,207 $ 7,013 $ 3,587 $ (489 ) $ — $ — $ 21,318 The Alloy 11/12/2019 $ 81,956 $ 14,194 $ 3,291 $ — $ — $ — $ 99,441 DSG Bristol 11/18/2019 $ 22,503 $ 17,713 $ 8,319 $ 1,507 $ — $ — $ 50,042 Royal Mail 12/12/2019 $ 23,735 $ 6,170 $ 5,536 $ — $ — $ — $ 35,441 2018 Venue Museum District 9/21/2018 $ 52,538 $ 17,409 $ 3,240 $ — $ — $ — $ 73,187 Fresh Park Venlo 10/5/2018 $ 128,977 $ — $ 11,880 $ (2,583 ) $ — $ — $ 138,274 Maintal Logistics 12/31/2018 $ 30,175 $ 15,031 $ 2,287 $ (691 ) $ — $ — $ 46,802 2017 Rookwood 1/6/2017 $ 132,466 $ 45,320 $ 27,477 $ (12,275 ) $ — $ 740 $ 193,728 Montrose Student Residences 3/24/2017 $ 33,705 $ 5,691 $ 1,282 (4) $ (56 ) $ — $ — $ 40,622 Queen’s Court Student Residences 10/11/2017 $ 50,894 $ 14,086 $ 1,819 $ (1,513 ) $ — $ — $ 65,286 (1) For more information on acquisitions completed during the year ended December 31, 2019 , refer to Note 3 — Investment Property. (2) For acquisitions denominated in a foreign currency, amounts have been translated to U.S. dollars at a rate based on the exchange rate in effect on the acquisition date. (3) Amount includes approximately €14.1 million (approximately $15.8 million assuming a rate of $1.12 per EUR as of the acquisition date) of solar panels at date of acquisition, which are to be depreciated using the straight-line method assuming a useful life of 25 years. (4) Includes $0.6 million related to the retail areas of the Montrose Student Residences that have lease terms between two years and 19 years . (5) Amount is net of a $1.6 million right of use lease liability.
Schedule of Weighted-Average Amortization Periods for Intangible Assets and Liabilities Acquired	As of December 31, 2019 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases (1) Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 136,215 $ 8,957 $ (25,579 ) Less: accumulated amortization (43,808 ) (2,827 ) 5,946 Net $ 92,407 $ 6,130 $ (19,633 ) (1) The Company adopted ASC 842 beginning January 1, 2019 and reclassified certain assets from Intangible lease assets, net to Right-of-use asset, net in the Company’s Consolidated Balance Sheets. See Note 2 —Summary of Significant Accounting Policies for more information on the adoption of ASC 842. As of December 31, 2018 , the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands): Lease Intangibles In-Place Leases Out-of-Market Lease Assets Out-of-Market Lease Liabilities Cost $ 118,585 $ 5,558 $ (22,318 ) Less: accumulated amortization (31,320 ) (2,126 ) 4,284 Net $ 87,265 $ 3,432 $ (18,034 ) The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2017 acquisitions, as of the date of the respective acquisition, was as follows (in years): In-Place Leases Above-Market Lease Assets Below-Market Lease Liabilities 2017 Acquisitions: Rookwood 8.3 15.7 13.7 Montrose Student Residences 6.5 — 18.9 Queen’s Court Student Residences (1) 0.9 — — (1) Excludes the effect of any 999 -year leases, which significantly increases the weighted average useful life for these intangibles.
Schedule Of Real Estate Properties Recent Acquisitions Profit Loss	The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the year ended December 31, 2017 , which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2017 (in thousands): For the Year Ended 2017 Acquisitions 12/31/2017 Rookwood Revenue $ 19,507 Net income (loss) $ (7,041 ) Montrose Student Residences Revenue $ 2,579 Net income (loss) $ (3,049 ) Queen’s Court Student Residences Revenue $ 1,200 Net income (loss) $ (1,415 )
Business Acquisition Pro Forma Information	The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed these acquisitions on January 1, 2016 , nor does it purport to represent the Company’s future operations (in thousands): For the Years Ended December 31, Pro Forma 2017 Pro Forma 2016 Revenues $ 64,883 $ 52,794 Net income (loss) attributable to common stockholders $ (10,237 ) $ (16,833 )

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule Of Debt	The following table describes the Company’s debt outstanding at December 31, 2019 and 2018 (in thousands, except interest rates): Description Origination or Assumption Date Maturity Date Maximum Capacity in Functional Currency Interest Rate Description Interest Rate as of December 31, 2019 Principal Outstanding at December 31, 2019 Principal Outstanding at December 31, 2018 Secured Mortgage Debt Bishop's Square 3/3/2015 3/2/2022 € 55,200 Euribor + 1.30% (1) 1.30% $ 61,907 $ 63,171 Domain Apartments 1/29/2016 1/29/2020 $ 34,300 Libor + 1.60% (1) 3.36% 34,300 (2) 34,300 Cottonwood Corporate Center 7/5/2016 8/1/2023 $ 78,000 Fixed 2.98% 72,359 74,110 Goodyear Crossing II 8/18/2016 8/18/2021 $ 29,000 Libor + 2.00% 3.71% 29,000 (3) 29,000 Rookwood Commons 1/6/2017 7/1/2020 $ 67,000 Fixed 3.13% 67,000 67,000 Rookwood Pavilion 1/6/2017 7/1/2020 $ 29,000 Fixed 2.87% 29,000 29,000 Montrose Student Residences 3/24/2017 3/23/2022 € 22,605 Euribor + 1.85% (1) 1.85% 25,352 25,869 Queen's Court Student Residences 12/18/2017 12/18/2022 £ 29,500 Libor + 2.00% (1) 2.75% 38,896 37,565 Venue Museum District 9/21/2018 10/9/2020 $ 45,000 Libor + 1.95% (1) 4.02% 45,000 45,000 Fresh Park Venlo 10/3/2018 8/15/2023 € 75,000 Euribor + 1.50% (1) 1.50% 84,092 85,809 Maintal Logistics 2/21/2019 2/28/2024 € 23,500 Euribor + 1.10% (1) 1.10% 26,136 — ABC Westland 5/3/2019 2/15/2024 € 75,000 Euribor + 1.50% (1) 1.50% 82,655 — Łódź Urban Logistics 9/20/2019 9/20/2024 € 13,600 Fixed (3) 1.05% 15,211 — Glasgow West End 9/26/2019 9/26/2024 £ 43,200 Libor + 1.80% (1) 2.55% 56,959 — Gdańsk PL II 10/4/2019 9/20/2024 € 16,800 Fixed (4) 1.05% 18,790 — Other Notes Payable JPMorgan Chase Revolving Credit Facility 9/13/2019 11/15/2022 $ 275,000 Variable 3.34% $ 104,000 $ — Notes Payable $ 790,657 $ 490,824 Affiliate Note Payable Credit Facility with Hines 10/2/2017 12/31/2020 $ 75,000 Variable 3.29% 75,000 55,000 Total Note Payable to Affiliate $ 75,000 $ 55,000 Total Principal Outstanding $ 865,657 $ 545,824 Unamortized discount (5) (104 ) (316 ) Unamortized financing fees (6) (4,126 ) (3,069 ) Total $ 861,427 $ 542,439 (1) On the loan origination date, the Company entered into an interest rate cap agreement as an economic hedge against the variability of future interest rates on this borrowing. See Note 6 — Derivative Instruments for further details. (2) As of December 31, 2019 , this amount was included in liabilities associated with assets held for sale. In January 2020 the Company paid off the outstanding balance using proceeds from the sale of the Domain Apartments, which occurred in January 2020. See Note 14 — Subsequent Events for further details on the disposition of Domain Apartments. (3) In February 2020 the Company paid off the outstanding balance using proceeds from the sale of Goodyear Crossing, which occurred in February 2020. See Note 14 — Subsequent Events for further details on the disposition of Goodyear Crossing. (4) On the loan origination date, the Company entered into an interest rate swap contract effectively fixing the interest rate for the full term of the facility. See Note 6 — Derivative Instruments for further details. (5) The Company assumed notes payable in connection with its acquisition of Rookwood, which were recorded at the estimated fair value as of the date of acquisition. The difference between the fair value at acquisition and the principal outstanding is amortized over the term of the related notes. (6) Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs had a carrying value of $6.4 million and $3.1 million for the years ended December 31, 2019 and 2018 . These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. For the years ended December 31, 2019 , 2018 and 2017 , $1.4 million , $0.6 million and $0.3 million of deferred financing costs were amortized into interest expense in the accompanying consolidated statement of operations, respectively.
Schedule Of Maturities Of Long Term Debt	The Company is required to make the following principal payments on its outstanding notes payable for each of the years ending December 31, 2020 through December 31, 2024 and for the period thereafter (in thousands). Payments Due by Year 2020 2021 2022 2023 2024 Thereafter Principal payments $ 255,625 (1) $ 34,379 (2) $ 235,589 $ 154,393 $ 185,671 $ — (1) Includes Domain Apartments debt of $34.3 million that was paid off in January 2020 using proceeds from the sale of the Domain Apartments, which occurred in January 2020. See Note 14 — Subsequent Events for further details on the disposition of Domain Apartments. (2) Includes Goodyear Crossing II debt of $29.0 million that was paid off in February 2020 using proceeds from the sale of Goodyear Crossing II, which occurred in February 2020. See Note 14 — Subsequent Events for further details on the disposition of Goodyear Crossing II.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedges, Assets [Abstract]
Schedule of Interest Rate Derivatives	The table below provides additional information regarding the Company’s interest rate derivative contracts (in thousands, except percentages). Interest Rate Contracts Type Property Effective Date Expiration Date Maximum Capacity of Debt in Functional Currency Notional Amount Interest Rate Received Pay Rate /Strike Rate Interest rate cap Bishop’s Square March 3, 2015 April 25, 2020 € 55,200 € 55,200 Euribor 2.00 % Interest rate cap Montrose Student Residences March 24, 2017 March 23, 2022 € 22,605 € 16,954 Euribor 1.25 % Interest rate cap Queen’s Court Student Residences December 20, 2017 December 20, 2020 £ 29,500 £ 22,125 LIBOR 2.00 % Interest rate cap Venue Museum District September 21, 2018 October 9, 2020 $ 45,000 $ 45,000 LIBOR 3.50 % Interest rate cap Fresh Park Venlo October 8, 2018 August 15, 2023 € 75,000 € 52,487 Euribor 2.00 % Interest rate cap Maintal Logistics February 28, 2019 February 28, 2024 € 23,500 € 16,450 Euribor 2.00 % Interest rate cap ABC Westland May 3, 2019 February 15, 2024 € 75,000 € 52,500 Euribor 1.00 % Interest rate cap Glasgow West End September 27, 2019 September 24, 2024 £ 43,200 £ 32,400 LIBOR 2.00 % Interest rate swap Gdańsk PL II October 10, 2019 September 20, 2019 € 16,800 € 16,800 Euribor (0.36 )% Interest rate swap Łódź Urban Logistics October 10, 2019 September 20, 2024 € 13,600 € 13,600 Euribor (0.36 )%
Schedule of Foreign Exchange Contracts	The table below provides additional information regarding the Company’s foreign currency forward contracts that were outstanding as of December 31, 2019 (in thousands). Foreign Currency Forward Contracts Effective Date Expiration Date Notional Amount Buy/Sell Traded Currency Rate October 24, 2019 February 28, 2020 £ 31,000 GBP/USD $ 1.29 December 9, 2019 February 28, 2020 £ 15,000 GBP/USD $ 1.32
Schedule of Gain (Loss) on Derivative Instruments	The table below presents the effects of the changes in fair value of the Company’s derivative instrument in the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2019 and 2018 (in thousands): Gain (Loss) Recorded on Derivative Instruments Year Ended 12/31/2019 12/31/2018 12/31/2017 Derivatives not designated as hedging instruments: Interest rate swaps $ (149 ) $ — $ — Interest rate caps (454 ) (236 ) (134 ) Foreign currency forward contracts (1,689 ) (36 ) (238 ) Total gain (loss) on derivatives $ (2,292 ) $ (272 ) $ (372 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Stock by Class	The tables below provide information regarding the issuances and redemptions of each class of shares of the Company’s common stock during the year ended December 31, 2019 , 2018 and 2017 (in thousands). There were no Class JX and S shares issued, redeemed or outstanding during the year ended December 31, 2019 . Class AX Class TX Class IX Class T Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2019 19,123 $ 19 19,969 $ 21 96 $ — 2,858 $ 3 1,479 $ 1 59 $ — 43,584 $ 44 Issuance of common shares 532 1 611 2 4 — 26,008 26 5,471 5 7,179 7 39,805 41 Redemption of common shares (770 ) (1 ) (679 ) (1 ) (9 ) — (29 ) — (23 ) — (32 ) — (1,542 ) (2 ) Balance as of December 31, 2019 18,885 $ 19 19,901 $ 22 91 $ — 28,837 $ 29 6,927 $ 6 7,206 $ 7 81,847 $ 83 Class AX Class TX Class IX Class T Class D Class I Total Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2018 19,206 $ 19 19,958 $ 20 92 $ — — $ — — $ — — $ — 39,256 $ 39 Issuance of common shares 566 1 635 2 4 — 2,858 3 1,479 1 59 — 5,601 7 Redemption of common shares (649 ) (1 ) (624 ) (1 ) — — — — — — — — (1,273 ) (2 ) Balance as of December 31, 2018 19,123 $ 19 19,969 $ 21 96 $ — 2,858 $ 3 1,479 $ 1 59 $ — 43,584 $ 44 Class AX Class TX Class IX Total Shares Amount Shares Amount Shares Amount Shares Amount Balance as of January 1, 2017 16,469 $ 16 10,074 $ 10 — $ — 26,543 $ 26 Issuance of common shares 3,874 4 10,841 11 92 — 14,807 15 Redemption of common shares (1) (1,137 ) (1 ) (957 ) (1 ) — — (2,094 ) (2 ) Balance as of December 31, 2017 19,206 $ 19 19,958 $ 20 92 $ — 39,256 $ 39 (1) Prior to the commencement of our Follow-on Offering, in October 2017, the Company commenced a self-tender offer for up to $200.0 million in IPO Shares at a price of $9.69 per share. The Company redeemed a total of 1.9 million IPO Shares for an aggregate cost of $18.7 million in November 2017 in connection with the Company’s self-tender offer. As of December 31, 2019 and 2018 , the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands): December 31, 2019 December 31, 2018 Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Class AX common stock, $0.001 par value per share 40,000 18,885 40,000 19,123 Class TX common stock, $0.001 par value per share 40,000 19,901 40,000 19,969 Class IX common stock, $0.001 par value per share 10,000 91 10,000 96 Class JX common stock, $0.001 par value per share 10,000 — 10,000 — Class T common stock, $0.001 par value per share 350,000 28,837 350,000 2,858 Class S common stock, $0.001 par value per share 350,000 — 350,000 — Class D common stock, $0.001 par value per share 350,000 6,927 350,000 1,479 Class I common stock, $0.001 par value per share 350,000 7,206 350,000 59
Schedule of Distributions	The following table outlines the Company’s total distributions declared to stockholders for the years ended December 31, 2019 , 2018 and 2017 , including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands). Stockholders Distributions for the Years Ended Cash Distributions Distributions Reinvested Total Declared December 31, 2019 $ 16,112 $ 19,446 $ 35,558 December 31, 2018 $ 10,480 $ 12,146 $ 22,626 December 31, 2017 $ 9,226 $ 10,547 $ 19,773 The table below outlines the net distributions declared for each class of shares for the years ended December 31, 2019 , 2018 and 2017 . The net distributions presented below are representative of the gross distribution rate declared by the Company’s board of directors less any applicable ongoing distribution and stockholder servicing fees, which is more fully described in Note 8 — Related Party Transactions. 2019 2018 2017 Distributions declared per Class AX share, net $ 0.63 $ 0.61 $ 0.60 Distributions declared per Class TX share, net $ 0.52 $ 0.51 $ 0.50 Distributions declared per Class IX share, net $ 0.60 $ 0.59 $ 0.39 Distributions declared per Class T share, net $ 0.52 $ 0.51 $ — Distributions declared per Class S share, net $ 0.52 $ 0.51 $ — Distributions declared per Class D share, net $ 0.60 $ 0.59 $ — Distributions declared per Class I share, net $ 0.63 $ 0.61 $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below outlines fees and expense reimbursements incurred that are payable by the Company to the Advisor and the Dealer Manager, Hines and its affiliates for the years ended December 31, 2019 , 2018 and 2017 and amounts unpaid as of December 31, 2019 and 2018 (in thousands): Incurred During the Years Ended December 31, Unpaid as of Type and Recipient 2019 2018 2017 12/31/2019 12/31/2018 Selling Commissions- Dealer Manager $ 7,481 $ 837 $ 4,021 $ — $ 4 Dealer Manager Fee- Dealer Manager 1,337 146 1,744 — 3 Distribution & Stockholder Servicing Fees- Dealer Manager 17,696 2,411 4,947 22,479 8,332 Organization and Offering Costs- the Advisor 4,445 3,273 4,753 7,763 9,001 Acquisition Fees- the Advisor — — 6,741 — — Asset Management Fees- the Advisor 7,985 5,004 4,940 2,353 1,317 Other- the Advisor (1) 2,846 2,316 1,827 1,106 691 Performance Participation Allocation- the Advisor 7,713 5,954 251 7,713 5,954 Interest Expense- Hines and its affiliates (2) 1,288 926 676 443 151 Property Management Fees- Hines and its affiliates 1,866 1,093 858 287 78 Development and Construction Management Fees- Hines and its affiliates 413 472 236 30 28 Leasing Fees- Hines and its affiliates 601 388 263 344 228 Expense Reimbursements- Hines and its affiliates (with respect to management and operations of the Company's properties) 4,506 2,168 1,599 264 235 Total $ 58,177 $ 24,988 $ 32,856 $ 42,782 $ 26,022 (1) Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-related expenses. These amounts are generally reimbursed to the Advisor during the month following the period in which they are incurred. (2) Includes amounts paid related to the Hines Credit Facility.
Summary of Fees Related to Offering	The table below summarizes the fees paid to the Dealer Manager with respect to the sale of IPO Shares in the Initial Offering. The upfront selling commissions and dealer manager fees were a percentage of the gross offering proceeds of the shares sold in the primary offering. No upfront selling commissions or dealer manager fees were paid with respect to shares issued under the Company’s distribution reinvestment plan. Class AX Shares Class TX Shares Class IX Shares Selling Commissions 7.00% 2.00% None Dealer Manager Fee Paid by the Company from Offering Proceeds 1.50% 1.25% None Advisor Payment of a Portion of the Dealer Manager Fee (1) 1.50% 1.50% 1.50% Annual Distribution and Stockholder Servicing Fee (2) None 1.00% 0.25% (1) Pursuant to the Dealer Manager Agreement for the Initial Offering, the Advisor paid a portion of the dealer manager fees payable to the Dealer Manager in an amount equal to 1.5% of the gross offering proceeds with respect to Class AX shares, Class TX shares, and Class IX shares sold in the primary portion of the Initial Offering on and after August 2, 2016 . The Advisor was not reimbursed by the Company in any way for the payment of such dealer manager fees. (2) In addition, the Dealer Manager received annual distribution and stockholder servicing fees of 1.0% or 0.25% of the gross offering price per share through October 2, 2017 and now, since we are no longer offering IPO shares, continues to receive 1.0% or 0.25% of the most recently determined NAV per share for the Class TX shares and Class IX shares purchased and outstanding. The Company will cease paying the distribution and stockholder servicing fees with respect to any particular Class TX share or Class IX share and that Class TX share or Class IX share will convert into a number of Class AX shares or Class JX shares, respectively, on the occurrence of earlier of: (i) a listing of the Class A shares on a national securities exchange; (ii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets; (iii) the end of the month in which the Dealer Manager determines that total underwriting compensation paid in the Initial Offering including the distribution and stockholder servicing fees paid on all IPO Shares sold in the Initial Offering is equal to 10.0% of the gross proceeds of the Offering from the sale of the IPO Shares; (iv) the end of the month in which the transfer agent, on behalf of the Company, determines that underwriting compensation paid in the primary offering including the distribution and stockholder servicing fee paid with respect to the Class TX shares or Class IX shares held by a stockholder within his or her particular account equals 10.0% The table below summarizes the fees payable to the Dealer Manager effective as of December 6, 2017, the effective date of the Restructuring with respect to the sale of Follow-On Offering Shares. The upfront selling commissions and dealer manager fees are based on a percentage of the gross offering proceeds of the shares sold in the primary offering. No upfront selling commissions or dealer manager fees are payable with respect to shares issued under the Company’s distribution reinvestment plan. Class T shares (1) Class S shares (1) Class D shares Class I shares Upfront Selling Commission and Dealer Manager Fee 3.5% 3.5% None None Ongoing Distribution and Stockholder Servicing Fee (as a percentage of NAV) (2) 1.0% 1.0% 0.25% None (1) With respect to Class T Shares, there is a maximum upfront sales load of up to 3.5% of the gross offering proceeds from the sale of such shares in the primary offering, consisting of any combination of selling commissions and dealer manager fees. With respect to Class S shares, the upfront sales load of up to 3.5% of the gross proceeds from the sale of such shares in the primary offering consists solely of selling commissions. (2) The Company records distribution and stockholder servicing fees as a reduction to additional paid-in capital and the related liability in an amount equal to the maximum fees payable on the date the shares are issued. The liability will be relieved over time, as the fees are paid to the Dealer Manager, or it will be adjusted if the fees are no longer payable. For the years ended December 31, 2019 and 2018 , the Company has recorded a liability of $22.5 million and $8.3 million , respectively, related to these fees, which is included in due to affiliates on the consolidated balance sheets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table summarizes activity for the Company’s real estate-related securities measured at fair value on a recurring basis. Basis of Fair Value Measurements During the year ended Description Fair Value of Assets Quoted Prices in Active Markets for Identical Items (Level 1) Significant Significant (Level 3) December 31, 2019 Investments in real estate-related securities $ 36,491 $ 36,491 $ — $ — December 31, 2018 Investments in real estate-related securities $ 9,599 $ 9,599 $ — $ —

Reportable Segments (Tables)

Reportable Segments (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	For the years ended December 31, 2019 , 2018 and 2017 , the Company’s property revenues in excess of expenses by segment were as follows (in thousands): Years Ended December 31, 2019 2018 2017 Property revenues in excess of expenses (1) Domestic office investments $ 11,022 $ 11,076 $ 10,497 Domestic residential/living investments 6,151 4,008 2,977 Domestic retail investments 13,405 12,400 10,889 Domestic industrial investments 3,300 4,363 5,862 International industrial investments 16,261 1,645 — International office investments 6,235 5,919 6,922 International residential/living investments 6,522 5,438 2,466 Property revenues in excess of expenses $ 62,896 $ 44,849 $ 39,613 (1) Revenues less property operating expenses, real property taxes and property management fees. For the years ended December 31, 2019 and 2018 , the Company’s total assets by segment were as follows (in thousands): December 31, 2019 December 31, 2018 Total Assets Domestic office investments $ 124,144 $ 130,021 Domestic residential/living investments 220,988 126,175 Domestic retail investments 292,526 199,819 Domestic industrial investments 51,520 51,103 International industrial investments 494,268 190,001 International office investments 122,342 122,471 International residential/living investments 211,785 111,803 Corporate-level accounts 55,972 17,436 Total Assets $ 1,573,545 $ 948,829 The tables below provide additional information related to each of the Company’s segments (in thousands) and a reconciliation to the Company’s net income (loss), as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments. Years Ended December 31, 2019 2018 2017 Total Revenue Domestic office investments $ 16,538 $ 16,398 $ 15,437 Domestic residential/living investments 12,050 6,637 4,671 Domestic retail investments 23,142 20,235 19,507 Domestic industrial investments 4,408 5,698 7,619 International industrial investments 28,997 3,630 — International office investments 8,931 7,731 8,711 International residential/living investments 9,817 8,740 3,779 Total Revenue $ 103,883 $ 69,069 $ 59,724
Schedules Of Revenue And Assets, by Geographical Areas	For the years ended December 31, 2019 and 2018 , the Company’s total assets were attributable to the following countries: December 31, 2019 December 31, 2018 Total Assets United States 47 % 55 % United Kingdom 18 % 7 % The Netherlands 17 % 15 % Ireland 11 % 18 % Poland 4 % — % Germany 3 % 5 % For the years ended December 31, 2019 , 2018 and 2017 , the Company’s total revenue was attributable to the following countries: Years Ended December 31, 2019 2018 2017 Total Revenue United States 55 % 71 % 79 % The Netherlands 21 % 5 % — % Ireland 12 % 17 % 19 % United Kingdom 7 % 7 % 2 % Germany 3 % — % — % Poland 2 % — % — %
Reconciliation Of Property Revenues In Excess Of Expenses From Segments To Consolidated	For the years ended December 31, 2019 , 2018 and 2017 , the Company’s reconciliation to the Company’s property revenue in excess of expenses is as follows (in thousands): Years Ended December 31, 2019 2018 2017 Reconciliation to property revenue in excess of expenses Net income (loss) $ (19,548 ) $ (879 ) $ (17,186 ) Depreciation and amortization 46,193 32,478 29,687 Acquisition related expenses 161 144 3,212 Asset management and acquisition fees 7,985 5,004 11,681 Performance participation allocation 7,713 5,954 251 General and administrative expenses 3,652 3,131 2,803 (Gain) loss on derivative instruments 2,292 272 372 (Gain) loss on real estate-related securities (2,317 ) 401 — Gain on sale of real estate — (14,491 ) — Foreign currency (gains) losses 617 438 (494 ) Interest expense 18,608 12,649 9,453 Interest and other income (1,480 ) (261 ) (83 ) (Benefit) provision for income taxes (980 ) 9 (83 ) Total property revenues in excess of expenses $ 62,896 $ 44,849 $ 39,613

Supplemental Cash Flow Disclo_2

Supplemental Cash Flow Disclosures (Tables)	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow Supplemental Disclosures	Supplemental cash flow disclosures for the years ended December 31, 2019 , 2018 and 2017 are as follows (in thousands): 2019 2018 2017 Supplemental Disclosure of Cash Flow Information Cash paid for interest $ 15,966 $ 11,074 $ 8,577 Supplemental Schedule of Non-Cash Investing and Financing Activities Distributions declared and unpaid $ 3,837 $ 2,024 $ 1,868 Distributions reinvested $ 18,426 $ 12,072 $ 10,162 Shares tendered for redemption $ 1,680 $ 1,174 $ 20 Non-cash net liabilities assumed $ 11,412 $ 4,011 $ 5,946 Assumption of mortgage upon acquisition of property $ — $ — $ 95,260 Offering costs payable to the Advisor $ 4,445 $ 3,273 $ 943 Selling commissions, dealer manager fees and distribution and stockholder servicing fees payable to the Dealer Manager $ 17,696 $ 88 $ 3,614 Accrued capital additions $ 2,615 $ 1,678 $ 2,015 Accrued acquisition costs $ 2,256 $ 3,185 $ — Maintal Logistics acquisition liability (1) $ — $ 43,793 $ — Right of Use Lease Liability $ 1,583 $ — $ — (1) The acquisition of Maintal Logistics occurred in December 2018, and the funding for the purchase was not required at the time of the acquisition. The acquisition was funded in February 2019.

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Data (Unaudited)	The following table presents selected unaudited quarterly financial data for each quarter during the years ended December 31, 2019 and 2018 (in thousands, except per share information): Quarters Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 21,738 $ 23,554 $ 25,508 $ 33,083 Net income (loss) $ (3,999 ) $ (3,450 ) $ (1,773 ) $ (10,326 ) Net income (loss) attributable to common stockholders $ (4,002 ) $ (3,454 ) $ (1,776 ) $ (10,329 ) Income (loss) per common share, basic and diluted $ (0.09 ) $ (0.06 ) $ (0.03 ) $ (0.13 ) Quarters Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 16,731 $ 15,974 $ 15,878 $ 20,486 Net income (loss) $ 11,376 $ (1,408 ) $ (2,782 ) $ (8,065 ) Net income (loss) attributable to common stockholders $ 11,373 $ (1,411 ) $ (2,785 ) $ (8,069 ) Income (loss) per common share, basic and diluted $ 0.29 $ (0.04 ) $ (0.07 ) $ (0.19 )

Organization (Public Offering)

Organization (Public Offering) (Details) shares in Millions, ft² in Millions	12 Months Ended			67 Months Ended
	Dec. 31, 2019USD ($)ft²Property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 30, 2020USD ($)shares	Dec. 06, 2017USD ($)	Sep. 30, 2017USD ($)	Aug. 20, 2014USD ($)
Public Offering
Proceeds from issuance of common stock	$ 392,897,000	$ 44,324,000	$ 138,192,000
Number of real estate properties | Property	19
Area of real estate property | ft²	9.4
Portfolio, percentage leased	96.00%
Dividend Reinvestment Plan | Initial Offering
Public Offering
Maximum proceeds authorized for public offering						$ 150,000,000
Dividend Reinvestment Plan | Follow-on Offering
Public Offering
Maximum proceeds authorized for public offering					$ 500,000,000
IPO
Public Offering
Maximum proceeds authorized for public offering							$ 2,500,000,000
Follow-on Offering
Public Offering
Maximum proceeds authorized for public offering					$ 2,500,000,000
First And Second Offerings | First And Second Offerings | Subsequent Event
Public Offering
Proceeds from issuance of common stock				$ 985,700,000
Common stock sold (shares) | shares				97.6

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Useful Lives of Real Estate) (Details)	12 Months Ended
	Dec. 31, 2019
Furniture and Fixtures
Property, Plant and Equipment
Estimated useful life	10 years
Electrical and Mechanical Installations | Minimum
Property, Plant and Equipment
Estimated useful life	15 years
Electrical and Mechanical Installations | Maximum
Property, Plant and Equipment
Estimated useful life	20 years
Building
Property, Plant and Equipment
Estimated useful life	40 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Assets Held for Sale) (Details) $ in Thousands	Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)
Long Lived Assets Held-for-sale [Line Items]
Number of properties held for sale | Property	1
Total assets held for sale	$ 49,988	$ 0
Total liabilities associated with assets held for sale	34,713	$ 0
Held for sale
Long Lived Assets Held-for-sale [Line Items]
Investment property, net	49,823
Tenant and other receivables, net	74
Other assets	91
Total assets held for sale	49,988
Accounts payable and accrued expenses	192
Other liabilities	225
Notes payable, net	34,296
Total liabilities associated with assets held for sale	$ 34,713

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Additional Narratives) (Details) € in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jan. 01, 2019USD ($)$ / €	Jan. 01, 2019EUR (€)$ / €
Summary of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Assets, Net	$ 98,537,000	$ 90,697,000
Impairment charges	0	0	$ 0
Realized gain on trading securities	1,000,000
Unrealized gain on securities	1,300,000
Deposits in foreign financial institutions	27,600,000
Investments in real estate-related securities	36,491,000	9,599,000
Straight-line rent receivable	8,600,000	5,800,000
Allowance for doubtful accounts		300,000
Gain on sale of real estate	0	14,491,000	0
Due to (from) related party	42,782,000	26,022,000
Right-of-use asset, net	37,606,000	0
Operating lease liability	$ 1,583,000	0	$ 0
Bishop’s Square
Summary of Significant Accounting Policies [Line Items]
Weighted average remaining lease term	763 years
Bishop’s Square | Accounting Standards Update 2016-02
Summary of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Assets, Net				$ (33,900,000)	€ (29.7)
Foreign currency exchange rate | $ / €				1.14	1.14
Right-of-use asset, net				$ 33,900,000	€ 29.7
Lodz Urban Logistics
Summary of Significant Accounting Policies [Line Items]
Operating lease liability	$ 1,583,000
Operating lease weighted average discount rate percent	5.60%
Lodz Urban Logistics | Accounting Standards Update 2016-02
Summary of Significant Accounting Policies [Line Items]
Right-of-use asset, net	$ 4,400,000
Operating lease liability	1,600,000
Distribution and Servicing Fees | Dealer Manager
Summary of Significant Accounting Policies [Line Items]
Due to (from) related party	22,479,000	8,332,000
Trading Securities
Summary of Significant Accounting Policies [Line Items]
Investment income, interest and dividend	1,000,000
Lodz Urban Logistics
Summary of Significant Accounting Policies [Line Items]
Rent expense	$ 24,000	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other Assets
Prepaid insurance	$ 726	$ 493
Prepaid property taxes	589	80
Deferred tax assets	2,973	844
Other	932	490
Other assets	5,129	1,907
Valuation allowance	(1,800)	(800)
Held for sale
Other Assets
Other assets	5,220	$ 1,907
Other assets	$ 91

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Lease Maturity) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liability	$ 1,583	$ 0	$ 0
Lodz Urban Logistics
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
2020	93
2021	93
2022	93
2023	93
2024	93
Thereafter	6,024
Total	6,489
Operating lease liability	1,583
Undiscounted excess amount	$ 4,906

Investment Property (Summary of

Investment Property (Summary of Investment Property) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real Estate Investment Property, Net
Investment property, net	$ 1,254,304	$ 787,189
Held for sale
Real Estate Investment Property, Net
Investment property, net	1,304,127	787,189
Investment property, net classified within assets held for sale	49,823
Buildings and improvements
Real Estate Investment Property, Net
Investment property, gross	1,077,207	693,834
Less: accumulated depreciation	(51,719)	(30,574)
Investment property, net	1,025,488	663,260
Land
Real Estate Investment Property, Net
Investment property, gross	$ 278,639	123,929
Construction in Progress | Bishop’s Square
Real Estate Investment Property, Net
Investment property, gross		$ 14,500

Investment Property (Narrative)

Investment Property (Narrative) (Details) $ in Thousands, € in Millions, £ in Millions

Dec. 12, 2019USD ($)$ / £

Dec. 12, 2019GBP (£)$ / £

Nov. 18, 2019USD ($)$ / £

Nov. 18, 2019GBP (£)$ / £

Nov. 14, 2019USD ($)

Nov. 08, 2019USD ($)$ / £

Nov. 08, 2019GBP (£)$ / £

Sep. 27, 2019USD ($)$ / £

Sep. 27, 2019GBP (£)$ / £

Sep. 26, 2019USD ($)$ / €

Sep. 26, 2019EUR (€)$ / €

Sep. 24, 2019USD ($)$ / €

Sep. 24, 2019EUR (€)$ / €

Sep. 13, 2019USD ($)

May 03, 2019USD ($)$ / €

May 03, 2019EUR (€)$ / €

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Acquired Finite-Lived Intangible Assets [Line Items]

Investments in acquired properties and lease intangibles

$ 620,974

$ 206,782

$ 192,867

Term of contract

15 years

Recovery of direct costs

$ 15,400

In-Place Leases

Acquired Finite-Lived Intangible Assets [Line Items]

Amortization of intangible assets

20,600

18,300

18,300

Out Of Market Leases Net

Acquired Finite-Lived Intangible Assets [Line Items]

Amortization of above and below market leases

$ (1,800)

$ (1,100)

$ (1,100)

ABC Westland

Acquired Finite-Lived Intangible Assets [Line Items]

Investments in acquired properties and lease intangibles

$ 130,300

€ 116.4

Foreign currency exchange rate | $ / €

1.12

1.12

The Promenade Shops at Briargate

Acquired Finite-Lived Intangible Assets [Line Items]

Investments in acquired properties and lease intangibles

$ 93,200

Segro Logistics Park Gdansk

Acquired Finite-Lived Intangible Assets [Line Items]

Investments in acquired properties and lease intangibles

$ 29,900

€ 26.9

Foreign currency exchange rate | $ / €

1.11

1.11

Lodz Urban Logistics

Acquired Finite-Lived Intangible Assets [Line Items]

Investments in acquired properties and lease intangibles

$ 25,200

€ 22.6

Foreign currency exchange rate | $ / €

1.11

1.11

Glasgow West End

Acquired Finite-Lived Intangible Assets [Line Items]

Investments in acquired properties and lease intangibles

$ 89,500

£ 72

Foreign currency exchange rate | $ / £

1.24

1.24

Charles Tyrwhitt DC

Acquired Finite-Lived Intangible Assets [Line Items]

Investments in acquired properties and lease intangibles

$ 19,900

£ 15.5

Foreign currency exchange rate | $ / £

1.29

1.29

DSG Bristol

Acquired Finite-Lived Intangible Assets [Line Items]

Investments in acquired properties and lease intangibles

$ 47,000

£ 36.6

Foreign currency exchange rate | $ / £

1.29

1.29

The Alloy

Acquired Finite-Lived Intangible Assets [Line Items]

Investments in acquired properties and lease intangibles

$ 98,000

Royal Mail Edinburgh

Acquired Finite-Lived Intangible Assets [Line Items]

Investments in acquired properties and lease intangibles

$ 33,400

£ 25.4

Foreign currency exchange rate | $ / £

1.31

1.31

Investment Property (Intangible

Investment Property (Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets, Net
Net	$ 98,537	$ 90,697
Out-of-Market Lease Liabilities
Out-of-Market Lease Liabilities, Cost	(25,579)	(22,318)
Out-of-Market Lease Liabilities, Less: accumulated amortization	5,946	4,284
Out-of-Market Lease Liabilities, Net	(19,633)	(18,034)
In-Place Leases
Finite-Lived Intangible Assets, Net
Cost	136,215	118,585
Less: accumulated amortization	(43,808)	(31,320)
Net	92,407	87,265
Out-of-Market Lease Assets
Finite-Lived Intangible Assets, Net
Cost	8,957	5,558
Less: accumulated amortization	(2,827)	(2,126)
Net	$ 6,130	$ 3,432

Investment Property (Intangib_2

Investment Property (Intangible Assets Amortization) (Details) $ in Thousands	Dec. 31, 2019USD ($)
In-Place Leases
In-Place Lease
2020	$ 24,879
2021	14,845
2022	11,852
2023	9,734
2024	6,431
Out Of Market Leases Net
Out-of-Market Leases, Net
2020	(1,588)
2021	(1,515)
2022	(1,377)
2023	(1,114)
2024	$ (702)

Investment Property (Future Min

Investment Property (Future Minimum Rent) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fixed Future Minimum Rentals
2020	$ 77,536
2021	70,760
2022	60,455
2023	54,638
2024	46,700
Thereafter	216,049
Total	$ 526,138
Fixed Future Minimum Rentals Prior to Adoption of ASU 2016-02
2019		$ 52,357
2020		48,343
2021		40,847
2022		32,881
2023		30,951
Thereafter		148,329
Total		$ 353,708

Recent Acquisitions of Real E_3

Recent Acquisitions of Real Estate Recent Acquisition of Real Estate (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019Property	Dec. 31, 2018Property	Dec. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Number of real estate properties acquired | Property	9	3	3
Two Years Prior Acquisitions
Business Acquisition [Line Items]
Acquisition related expenses and fees excluded from pro forma net loss			$ 10
Three Years Prior Acquisitions
Business Acquisition [Line Items]
Acquisition related expenses and fees included in pro forma net loss				$ 10

Recent Acquisitions of Real E_4

Recent Acquisitions of Real Estate (Asset Acquisitions) (Details) $ in Thousands, € in Millions, £ in Millions

Dec. 12, 2019USD ($)$ / £

Dec. 12, 2019GBP (£)$ / £

Nov. 18, 2019USD ($)$ / £

Nov. 18, 2019GBP (£)$ / £

Nov. 14, 2019USD ($)

Nov. 12, 2019USD ($)

Nov. 08, 2019USD ($)$ / £

Nov. 08, 2019GBP (£)$ / £

Sep. 27, 2019USD ($)$ / £

Sep. 27, 2019GBP (£)$ / £

Sep. 26, 2019USD ($)$ / €

Sep. 26, 2019EUR (€)

Sep. 24, 2019USD ($)

Sep. 13, 2019USD ($)

May 03, 2019USD ($)$ / €

May 03, 2019EUR (€)$ / €

Dec. 31, 2018USD ($)

Oct. 05, 2018USD ($)

Sep. 21, 2018USD ($)

Mar. 24, 2017USD ($)

Jan. 06, 2017USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Oct. 11, 2017USD ($)

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Right of Use Asset, net

$ 0

$ 37,606

$ 0

Net Assets Acquired

Investments in acquired properties and lease intangibles

620,974

206,782

$ 192,867

Lease term

999 years

Operating lease liability

0

$ 1,583

$ 0

$ 0

Rookwood

Net Assets Acquired

Building and Improvements

$ 132,466

Land

45,320

In-place lease intangibles

27,477

Out-of-market lease intangibles, net

(12,275)

Discount (premium) on assumed mortgage loan

740

Total

$ 193,728

Rookwood | In-Place Leases

Net Assets Acquired

Weighted average amortization period, in-place and above-market lease assets

8 years 3 months 18 days

Rookwood | Out-of-Market Lease Assets

Net Assets Acquired

Weighted average amortization period, in-place and above-market lease assets

15 years 8 months 12 days

Montrose Student Residences

Net Assets Acquired

Building and Improvements

$ 33,705

Land

5,691

In-place lease intangibles

1,282

Out-of-market lease intangibles, net

(56)

Discount (premium) on assumed mortgage loan

0

Total

40,622

Montrose Student Residences | Retail Site

Net Assets Acquired

In-place lease intangibles

$ 600

Montrose Student Residences | Retail Site | Minimum

Net Assets Acquired

Lease term

2 years

Montrose Student Residences | Retail Site | Maximum

Net Assets Acquired

Lease term

19 years

Montrose Student Residences | In-Place Leases

Net Assets Acquired

Weighted average amortization period, in-place and above-market lease assets

6 years 6 months

Montrose Student Residences | Out-of-Market Lease Assets

Net Assets Acquired

Weighted average amortization period, in-place and above-market lease assets

0 years

Queen’s Court Student Residences

Net Assets Acquired

Building and Improvements

$ 50,894

Land

14,086

In-place lease intangibles

1,819

Out-of-market lease intangibles, net

(1,513)

Discount (premium) on assumed mortgage loan

0

Total

$ 65,286

ABC Westland

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Discount (premium) on assumed mortgage loan

$ 0

Total net purchase price

139,496

Net Assets Acquired

Investments in acquired properties and lease intangibles

$ 130,300

€ 116.4

Foreign currency exchange rate | $ / €

1.12

1.12

ABC Westland | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 74,054

ABC Westland | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

59,664

ABC Westland | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

6,902

ABC Westland | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

(1,124)

ABC Westland | Solar Panels

Net Assets Acquired

Investments in acquired properties and lease intangibles

$ 15,800

€ 14.1

Foreign currency exchange rate | $ / €

1.12

1.12

Weighted average amortization period, in-place and above-market lease assets

25 years

25 years

The Promenade Shops at Briargate

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Discount (premium) on assumed mortgage loan

$ 0

Total net purchase price

93,594

Net Assets Acquired

Investments in acquired properties and lease intangibles

93,200

The Promenade Shops at Briargate | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

55,425

The Promenade Shops at Briargate | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

19,199

The Promenade Shops at Briargate | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

20,017

The Promenade Shops at Briargate | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (1,047)

Gdansk PL II

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Discount (premium) on assumed mortgage loan

$ 0

Total net purchase price

30,343

Gdansk PL II | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

18,707

Gdansk PL II | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

6,174

Gdansk PL II | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

5,013

Gdansk PL II | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 449

Lodz Urban Logistics

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Right of Use Asset, net

$ 2,777

Discount (premium) on assumed mortgage loan

0

Total net purchase price

25,625

Net Assets Acquired

Investments in acquired properties and lease intangibles

$ 25,200

€ 22.6

Foreign currency exchange rate | $ / €

1.11

Operating lease liability

$ 1,600

Lodz Urban Logistics | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

19,298

Lodz Urban Logistics | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

0

Lodz Urban Logistics | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

3,684

Lodz Urban Logistics | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (134)

Glasgow West End

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Discount (premium) on assumed mortgage loan

$ 0

Total net purchase price

91,701

Net Assets Acquired

Investments in acquired properties and lease intangibles

$ 89,500

£ 72

Foreign currency exchange rate | $ / £

1.24

1.24

Glasgow West End | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 66,255

Glasgow West End | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

22,276

Glasgow West End | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

3,170

Glasgow West End | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 0

Charles Tyrwhitt DC

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Discount (premium) on assumed mortgage loan

$ 0

Total net purchase price

21,318

Net Assets Acquired

Investments in acquired properties and lease intangibles

$ 19,900

£ 15.5

Foreign currency exchange rate | $ / £

1.29

1.29

Charles Tyrwhitt DC | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 11,207

Charles Tyrwhitt DC | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

7,013

Charles Tyrwhitt DC | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

3,587

Charles Tyrwhitt DC | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (489)

The Alloy

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Discount (premium) on assumed mortgage loan

$ 0

Total net purchase price

99,441

Net Assets Acquired

Investments in acquired properties and lease intangibles

$ 98,000

The Alloy | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

81,956

The Alloy | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

14,194

The Alloy | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

3,291

The Alloy | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 0

DSG Bristol

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Discount (premium) on assumed mortgage loan

$ 0

Total net purchase price

50,042

Net Assets Acquired

Investments in acquired properties and lease intangibles

$ 47,000

£ 36.6

Foreign currency exchange rate | $ / £

1.29

1.29

DSG Bristol | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 22,503

DSG Bristol | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

17,713

DSG Bristol | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

8,319

DSG Bristol | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 1,507

Royal Mail Edinburgh

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Discount (premium) on assumed mortgage loan

$ 0

Total net purchase price

35,441

Net Assets Acquired

Investments in acquired properties and lease intangibles

$ 33,400

£ 25.4

Foreign currency exchange rate | $ / £

1.31

1.31

Royal Mail Edinburgh | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

$ 23,735

Royal Mail Edinburgh | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

6,170

Royal Mail Edinburgh | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

5,536

Royal Mail Edinburgh | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 0

Venue Museum District

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Discount (premium) on assumed mortgage loan

$ 0

Total net purchase price

73,187

Venue Museum District | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

52,538

Venue Museum District | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

17,409

Venue Museum District | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

3,240

Venue Museum District | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ 0

Fresh Park Venlo

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Discount (premium) on assumed mortgage loan

$ 0

Total net purchase price

138,274

Fresh Park Venlo | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

128,977

Fresh Park Venlo | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

0

Fresh Park Venlo | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

11,880

Fresh Park Venlo | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (2,583)

Maintal Logistics

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Discount (premium) on assumed mortgage loan

0

Total net purchase price

46,802

Maintal Logistics | Buildings and improvements

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

30,175

Maintal Logistics | Land

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Property, plant and equipment

15,031

Maintal Logistics | In-Place Leases

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

In-place Lease Intangibles

2,287

Maintal Logistics | Out-of-Market Lease Assets

Asset Acquisition, Assets Acquired and Liabilities Assumed [Abstract]

Out-of-Market Lease Intangibles, Net

$ (691)

Recent Acquisitions of Real E_5

Recent Acquisitions of Real Estate (Intangible Assets) (Details)	Oct. 11, 2017	Mar. 24, 2017	Jan. 06, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Lease term	999 years
Rookwood | In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, in-place and above-market lease assets			8 years 3 months 18 days
Rookwood | Above-Market Lease Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, in-place and above-market lease assets			15 years 8 months 12 days
Rookwood | Below-Market Lease Liabilities
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, Below-market lease liabilities			13 years 8 months 12 days
Montrose Student Residences | In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, in-place and above-market lease assets		6 years 6 months
Montrose Student Residences | Above-Market Lease Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, in-place and above-market lease assets		0 years
Montrose Student Residences | Below-Market Lease Liabilities
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, Below-market lease liabilities		18 years 10 months 24 days
Queens Court | In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, in-place and above-market lease assets	10 months 24 days
Queens Court | Above-Market Lease Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, in-place and above-market lease assets	0 years
Queens Court | Below-Market Lease Liabilities
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, Below-market lease liabilities	0 years

Recent Acquisitions of Real E_6

Recent Acquisitions of Real Estate (Revenue and Net Income) (Details) - Two Years Prior Acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Rookwood
Business Acquisition, Pro Forma Information
Revenue of acquiree	$ 19,507
Net income (loss) of acquiree	(7,041)
Montrose Student Residences
Business Acquisition, Pro Forma Information
Revenue of acquiree	2,579
Net income (loss) of acquiree	(3,049)
Queens Court
Business Acquisition, Pro Forma Information
Revenue of acquiree	1,200
Net income (loss) of acquiree	$ (1,415)

Recent Acquisitions of Real E_7

Recent Acquisitions of Real Estate (Pro Forma Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Two Years Prior Acquisitions
Business Acquisition, Pro Forma Information
Revenues	$ 64,883
Net income (loss) attributable to common stockholders	$ (10,237)
Three Years Prior Acquisitions
Business Acquisition, Pro Forma Information
Revenues		$ 52,794
Net income (loss) attributable to common stockholders		$ (16,833)

Debt Financing (Narratives) (De

Debt Financing (Narratives) (Details)	Nov. 15, 2019USD ($)	Sep. 13, 2019USD ($)Extension_Option	Dec. 31, 2018USD ($)Extension_Option	Dec. 31, 2019USD ($)	Mar. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)Extension_Option	Nov. 30, 2017USD ($)	Oct. 02, 2017USD ($)
Debt Instrument [Line Items]
Notes payable including related party, gross			$ 545,824,000	$ 865,657,000		$ 865,657,000	$ 545,824,000
Debt, weighted average years to maturity						2 years 7 months 6 days	2 years 10 months 24 days
Debt, weighted average interest rate			2.85%	2.54%		2.54%	2.85%
Note payable to affiliate			$ 55,000,000	$ 75,000,000		$ 75,000,000	$ 55,000,000
Subsequent Event | Notes Payable, Maturing November 2020
Debt Instrument [Line Items]
Outstanding notes payable					$ 152,000,000
Restated Hines Credit Facility | Hines and Affiliates
Debt Instrument [Line Items]
Notes payable, advance, extension term			6 months
Note payable to affiliate								$ 75,000,000	$ 240,000,000
Notes payable, advance, term to maturity			6 months
Notes payable, advance, number of extension options | Extension_Option			1				1
Credit Facility | Hines and Affiliates
Debt Instrument [Line Items]
Secured credit facility, maximum commitment				75,000,000		75,000,000
Note payable to affiliate			$ 55,000,000	75,000,000		75,000,000	$ 55,000,000
Proceeds from Lines of Credit						134,000,000
Repayments of Lines of Credit						114,000,000
Credit Facility | Hines and Affiliates | Subsequent Event
Debt Instrument [Line Items]
Note payable to affiliate					11,000,000
Proceeds from Lines of Credit					0
Repayments of Lines of Credit					64,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Secured credit facility, maximum commitment		$ 425,000,000		275,000,000		275,000,000
Foreign currency commitment amount		$ 137,500,000
Number of extension options | Extension_Option		2
Notes payable, advance, extension term		1 year
Long-term line of credit				104,000,000		$ 104,000,000
Proceeds from Lines of Credit	$ 104,000,000			$ 0
Revolving Credit Facility | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Long-term line of credit					163,000,000
Proceeds from Lines of Credit					59,000,000
Repayments of Lines of Credit					$ 0
Revolving Credit Facility | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basic spread on variable rate debt		0.50%
Revolving Credit Facility | Line of Credit | Adjusted LIBO Rate
Debt Instrument [Line Items]
Basic spread on variable rate debt		1.00%
Revolving Credit Facility | Line of Credit | Adjusted LIBO Rate | Minimum
Debt Instrument [Line Items]
Interest rate during period		1.35%
Revolving Credit Facility | Line of Credit | Adjusted LIBO Rate | Maximum
Debt Instrument [Line Items]
Interest rate during period		2.05%
Revolving Credit Facility | Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate during period		0.35%
Revolving Credit Facility | Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate during period		1.05%

Debt Financing (Debt Disclosure

Debt Financing (Debt Disclosure Table) (Details) € in Thousands, £ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019GBP (£)	Dec. 31, 2019EUR (€)	Sep. 13, 2019USD ($)
Debt Instrument [Line Items]
Note payable	$ 790,657,000	$ 490,824,000
Note payable to affiliate	75,000,000	55,000,000
Notes payable including related party, gross	865,657,000	545,824,000
Unamortized discount	(104,000)	(316,000)
Unamortized deferred financing fees	(4,126,000)	(3,069,000)
Notes payable including related party, net	861,427,000	542,439,000
Deferred financing costs, net	6,400,000	3,100,000
Amortization of deferred financing costs	$ 1,400,000	600,000	$ 300,000
Credit Facility | Hines and Affiliates
Debt Instrument [Line Items]
Interest rate terms	Variable
Interest rate at period end	3.29%
Secured credit facility, maximum commitment	$ 75,000,000
Note payable to affiliate	$ 75,000,000	55,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Interest rate terms	Variable
Interest rate at period end	3.34%
Note payable	$ 104,000,000	0
Secured credit facility, maximum commitment	275,000,000					$ 425,000,000
Bishop’s Square | Secured Debt
Debt Instrument [Line Items]
Note payable	$ 61,907,000	63,171,000
Bishop’s Square | Secured Debt | EURIBOR
Debt Instrument [Line Items]
Debt instrument face amount | €					€ 55,200
Interest rate terms	Euribor + 1.30%
Basic spread on variable rate debt	1.30%
Interest rate at period end	1.30%
Domain | Secured Debt
Debt Instrument [Line Items]
Note payable	$ 34,300,000	34,300,000
Domain | Secured Debt | LIBOR
Debt Instrument [Line Items]
Debt instrument face amount	$ 34,300,000
Interest rate terms	Libor + 1.60%
Basic spread on variable rate debt	1.60%
Interest rate at period end	3.36%
Cottonwood Corporate Center | Secured Debt
Debt Instrument [Line Items]
Debt instrument face amount	$ 78,000,000
Interest rate terms	Fixed
Interest rate at period end	2.98%
Note payable	$ 72,359,000	74,110,000
Goodyear Crossing II | Secured Debt
Debt Instrument [Line Items]
Note payable	29,000,000	29,000,000
Goodyear Crossing II | Secured Debt | LIBOR
Debt Instrument [Line Items]
Debt instrument face amount	$ 29,000,000
Interest rate terms	Libor + 2.00%
Basic spread on variable rate debt	2.00%
Interest rate at period end	3.71%
Rookwood Commons | Secured Debt
Debt Instrument [Line Items]
Debt instrument face amount	$ 67,000,000
Interest rate terms	Fixed
Interest rate at period end	3.13%
Note payable	$ 67,000,000	67,000,000
Rookwood Pavilion | Secured Debt
Debt Instrument [Line Items]
Debt instrument face amount	$ 29,000,000
Interest rate terms	Fixed
Interest rate at period end	2.87%
Note payable	$ 29,000,000	29,000,000
Montrose Student Residences | Secured Debt
Debt Instrument [Line Items]
Note payable	$ 25,352,000	25,869,000
Montrose Student Residences | Secured Debt | EURIBOR
Debt Instrument [Line Items]
Debt instrument face amount | €					22,605
Interest rate terms	Euribor + 1.85%
Basic spread on variable rate debt	1.85%
Interest rate at period end	1.85%
Queens Court | Secured Debt
Debt Instrument [Line Items]
Note payable	$ 38,896,000	37,565,000
Queens Court | Secured Debt | LIBOR
Debt Instrument [Line Items]
Debt instrument face amount | £				£ 29,500
Interest rate terms	Libor + 2.00%
Basic spread on variable rate debt	2.00%
Interest rate at period end	2.75%
Venue Museum District | Secured Debt
Debt Instrument [Line Items]
Note payable	$ 45,000,000	45,000,000
Venue Museum District | Secured Debt | LIBOR
Debt Instrument [Line Items]
Debt instrument face amount	$ 45,000,000
Interest rate terms	Libor + 1.95%
Basic spread on variable rate debt	1.95%
Interest rate at period end	4.02%
Fresh Park Venlo | Secured Debt
Debt Instrument [Line Items]
Note payable	$ 84,092,000	85,809,000
Fresh Park Venlo | Secured Debt | EURIBOR
Debt Instrument [Line Items]
Debt instrument face amount | €					75,000
Interest rate terms	Euribor + 1.50%
Basic spread on variable rate debt	1.50%
Interest rate at period end	1.50%
Maintal Logistics | Secured Debt
Debt Instrument [Line Items]
Note payable	$ 26,136,000	0
Maintal Logistics | Secured Debt | EURIBOR
Debt Instrument [Line Items]
Debt instrument face amount | €					23,500
Interest rate terms	Euribor + 1.10%
Basic spread on variable rate debt	1.10%
Interest rate at period end	1.10%
ABC Westland | Secured Debt
Debt Instrument [Line Items]
Note payable	$ 82,655,000	0
ABC Westland | Secured Debt | EURIBOR
Debt Instrument [Line Items]
Debt instrument face amount | €					75,000
Interest rate terms	Euribor + 1.50%
Basic spread on variable rate debt	1.50%
Interest rate at period end	1.50%
Lodz Urban Logistics | Secured Debt
Debt Instrument [Line Items]
Interest rate terms	Fixed
Interest rate at period end	1.05%
Note payable	$ 15,211,000	0
Lodz Urban Logistics | Secured Debt | EURIBOR
Debt Instrument [Line Items]
Debt instrument face amount | €					13,600
Glasgow West End | Secured Debt
Debt Instrument [Line Items]
Note payable	$ 56,959,000	0
Glasgow West End | Secured Debt | LIBOR
Debt Instrument [Line Items]
Debt instrument face amount | £				£ 43,200
Interest rate terms	Libor + 1.80%
Basic spread on variable rate debt	1.80%
Interest rate at period end	2.55%
Gdansk PL II | Secured Debt
Debt Instrument [Line Items]
Interest rate terms	Fixed
Interest rate at period end	1.05%
Note payable	$ 18,790,000	$ 0
Gdansk PL II | Secured Debt | EURIBOR
Debt Instrument [Line Items]
Debt instrument face amount | €					€ 16,800

Debt Financing (Maturity Schedu

Debt Financing (Maturity Schedule) (Details)	Dec. 31, 2019USD ($)
Maturities Of Long Term Debt
2020	$ 255,625,000
2021	34,379,000
2022	235,589,000
2023	154,393,000
2024	185,671,000
Thereafter	0
Domain | Secured Debt | LIBOR
Maturities Of Long Term Debt
Debt instrument face amount	34,300,000
Goodyear Crossing II | Secured Debt | LIBOR
Maturities Of Long Term Debt
Debt instrument face amount	$ 29,000,000

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) £ in Thousands, € in Millions	Dec. 31, 2019GBP (£)derivative_contract	Dec. 09, 2019GBP (£)	Oct. 31, 2019GBP (£)derivative_contract	Oct. 24, 2019GBP (£)	Mar. 31, 2019EUR (€)	Mar. 01, 2019EUR (€)	Dec. 20, 2018EUR (€)
Derivative [Line Items]
Number of derivative contracts | derivative_contract	2		2
Foreign Exchange Forward
Derivative [Line Items]
Derivative, notional amount		£ 15,000		£ 31,000
Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Derivative, notional amount	£ 15,000		£ 31,000
Maintal Logistics | Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Derivative, notional amount | €							€ 15
ABC Westland | Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Derivative, notional amount | €					€ 46	€ 46
Charles Tyrwhitt DC | Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Derivative, notional amount				33,400
DSG Bristol | Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Derivative, notional amount				£ 18,600
Royal Mail Edinburgh | Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Derivative, notional amount		£ 26,000

Derivative Instruments (Interes

Derivative Instruments (Interest Rate Contracts) (Details) - Secured Debt € in Thousands, £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019GBP (£)	Dec. 31, 2019EUR (€)
Bishop’s Square | EURIBOR
Derivative Contract Details
Debt instrument face amount			€ 55,200
Derivative, notional amount			€ 55,200
Interest Rate Received	Euribor
Pay Rate / Strike Rate (percent)	2.00%	2.00%	2.00%
Montrose Student Residences | EURIBOR
Derivative Contract Details
Debt instrument face amount			€ 22,605
Derivative, notional amount			€ 16,954
Interest Rate Received	Euribor
Pay Rate / Strike Rate (percent)	1.25%	1.25%	1.25%
Queens Court | LIBOR
Derivative Contract Details
Debt instrument face amount | £		£ 29,500
Derivative, notional amount | £		£ 22,125
Interest Rate Received	LIBOR
Pay Rate / Strike Rate (percent)	2.00%	2.00%	2.00%
Venue Museum District | LIBOR
Derivative Contract Details
Debt instrument face amount | $	$ 45,000
Derivative, notional amount | $	$ 45,000
Interest Rate Received	LIBOR
Pay Rate / Strike Rate (percent)	3.50%	3.50%	3.50%
Fresh Park Venlo | EURIBOR
Derivative Contract Details
Debt instrument face amount			€ 75,000
Derivative, notional amount			€ 52,487
Interest Rate Received	Euribor
Pay Rate / Strike Rate (percent)	2.00%	2.00%	2.00%
Maintal Logistics | EURIBOR
Derivative Contract Details
Debt instrument face amount			€ 23,500
Derivative, notional amount			€ 16,450
Interest Rate Received	Euribor
Pay Rate / Strike Rate (percent)	2.00%	2.00%	2.00%
ABC Westland | EURIBOR
Derivative Contract Details
Debt instrument face amount			€ 75,000
Derivative, notional amount			€ 52,500
Interest Rate Received	Euribor
Pay Rate / Strike Rate (percent)	1.00%	1.00%	1.00%
Glasgow West End | LIBOR
Derivative Contract Details
Debt instrument face amount | £		£ 43,200
Derivative, notional amount | £		£ 32,400
Interest Rate Received	LIBOR
Pay Rate / Strike Rate (percent)	2.00%	2.00%	2.00%
Gdansk PL II | EURIBOR
Derivative Contract Details
Debt instrument face amount			€ 16,800
Derivative, notional amount			€ 16,800
Interest Rate Received	Euribor
Pay Rate / Strike Rate (percent)	(0.36%)	(0.36%)	(0.36%)
Lodz Urban Logistics | EURIBOR
Derivative Contract Details
Debt instrument face amount			€ 13,600
Derivative, notional amount			€ 13,600
Interest Rate Received	Euribor
Pay Rate / Strike Rate (percent)	(0.36%)	(0.36%)	(0.36%)

Derivative Instruments (Foreign

Derivative Instruments (Foreign Currency Forward Contracts) (Details) - Foreign Exchange Forward £ in Thousands	Dec. 09, 2019GBP (£)$ / £	Oct. 24, 2019GBP (£)$ / £
Derivative [Line Items]
Derivative, notional amount | £	£ 15,000	£ 31,000
Foreign currency exchange rate | $ / £	1.32	1.29

Derivative Instruments (Stateme

Derivative Instruments (Statement of Operations Gain Loss) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative, Gain (Loss) on Derivative, Net
Gain (loss) on derivatives	$ (2,292)	$ (272)	$ (372)
Interest Rate Swap
Derivative, Gain (Loss) on Derivative, Net
Gain (loss) on derivatives	(149)	0	0
Interest rate cap
Derivative, Gain (Loss) on Derivative, Net
Gain (loss) on derivatives	(454)	(236)	(134)
Foreign Exchange Forward
Derivative, Gain (Loss) on Derivative, Net
Gain (loss) on derivatives	$ (1,689)	$ (36)	$ (238)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	3 Months Ended
	Mar. 31, 2020$ / shares	Nov. 30, 2017class
Class of Stock [Line Items]
Number of additional classes of stock | class		4
Scenario, Forecast
Class of Stock [Line Items]
Distribution rate per share, per month | $ / shares	$ 0.05208

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Authorized, Issued and Outstanding (Details) - $ / shares shares in Thousands	Dec. 31, 2019	Dec. 31, 2018
Class AX
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	40,000	40,000
Common stock, shares issued (in shares)	18,885	19,123
Common stock, shares outstanding (in shares)	18,885	19,123
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class TX
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	40,000	40,000
Common stock, shares issued (in shares)	19,901	19,969
Common stock, shares outstanding (in shares)	19,901	19,969
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class IX
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	10,000	10,000
Common stock, shares issued (in shares)	91	96
Common stock, shares outstanding (in shares)	91	96
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class JX
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	10,000	10,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class T
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	28,837	2,858
Common stock, shares outstanding (in shares)	28,837	2,858
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class S
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class D
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	6,927	1,479
Common stock, shares outstanding (in shares)	6,927	1,479
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Class I
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	7,206	59
Common stock, shares outstanding (in shares)	7,206	59
Common stock par value (in dollars per share)	$ 0.001	$ 0.001

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Issuances and Redemptions of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2017
Increase (Decrease) in Stockholders' Equity
Beginning balance, value		$ 278,733,000
Ending balance, value		$ 591,521,000	$ 278,733,000
Tender Offer
Increase (Decrease) in Stockholders' Equity
Maximum proceeds from issuance					$ 200,000,000
Price per share (in USD per share)					$ 9.69
Shares redeemed (in shares)	1,900
Aggregate cost of redeemed shares	$ 18,700,000
Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		43,584	39,256	26,543
Beginning balance, value		$ 44,000	$ 39,000	$ 26,000
Issuance of common shares, shares (in shares)		39,805	5,601	14,807
Issuance of common shares, value		$ 41,000	$ 7,000	$ 15,000
Redemption of common shares, shares (in shares)		(1,542)	(1,273)	(2,094)
Redemption of common shares, value		$ (2,000)	$ (2,000)	$ (2,000)
Ending balance, shares (in shares)		81,847	43,584	39,256
Ending balance, value		$ 83,000	$ 44,000	$ 39,000
Class JX
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		0
Ending balance, shares (in shares)		0	0
Class JX | Common Shares
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, shares (in shares)		0
Redemption of common shares, shares (in shares)		0
Ending balance, shares (in shares)		0
Class S
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		0
Ending balance, shares (in shares)		0	0
Class S | Common Shares
Increase (Decrease) in Stockholders' Equity
Issuance of common shares, shares (in shares)		0
Redemption of common shares, shares (in shares)		0
Ending balance, shares (in shares)		0
Class AX
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		19,123
Ending balance, shares (in shares)		18,885	19,123
Class AX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		19,123	19,206	16,469
Beginning balance, value		$ 19,000	$ 19,000	$ 16,000
Issuance of common shares, shares (in shares)		532	566	3,874
Issuance of common shares, value		$ 1,000	$ 1,000	$ 4,000
Redemption of common shares, shares (in shares)		(770)	(649)	(1,137)
Redemption of common shares, value		$ (1,000)	$ (1,000)	$ (1,000)
Ending balance, shares (in shares)		18,885	19,123	19,206
Ending balance, value		$ 19,000	$ 19,000	$ 19,000
Class TX
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		19,969
Ending balance, shares (in shares)		19,901	19,969
Class TX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		19,969	19,958	10,074
Beginning balance, value		$ 21,000	$ 20,000	$ 10,000
Issuance of common shares, shares (in shares)		611	635	10,841
Issuance of common shares, value		$ 2,000	$ 2,000	$ 11,000
Redemption of common shares, shares (in shares)		(679)	(624)	(957)
Redemption of common shares, value		$ (1,000)	$ (1,000)	$ (1,000)
Ending balance, shares (in shares)		19,901	19,969	19,958
Ending balance, value		$ 22,000	$ 21,000	$ 20,000
Class IX
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		96
Ending balance, shares (in shares)		91	96
Class IX | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		96	92	0
Beginning balance, value		$ 0	$ 0	$ 0
Issuance of common shares, shares (in shares)		4	4	92
Issuance of common shares, value		$ 0	$ 0	$ 0
Redemption of common shares, shares (in shares)		(9)	0	0
Redemption of common shares, value		$ 0	$ 0	$ 0
Ending balance, shares (in shares)		91	96	92
Ending balance, value		$ 0	$ 0	$ 0
Class T
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		2,858
Ending balance, shares (in shares)		28,837	2,858
Class T | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		2,858	0
Beginning balance, value		$ 3,000	$ 0
Issuance of common shares, shares (in shares)		26,008	2,858
Issuance of common shares, value		$ 26,000	$ 3,000
Redemption of common shares, shares (in shares)		(29)	0
Redemption of common shares, value		$ 0	$ 0
Ending balance, shares (in shares)		28,837	2,858	0
Ending balance, value		$ 29,000	$ 3,000	$ 0
Class D
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		1,479
Ending balance, shares (in shares)		6,927	1,479
Class D | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		1,479	0
Beginning balance, value		$ 1,000	$ 0
Issuance of common shares, shares (in shares)		5,471	1,479
Issuance of common shares, value		$ 5,000	$ 1,000
Redemption of common shares, shares (in shares)		(23)	0
Redemption of common shares, value		$ 0	$ 0
Ending balance, shares (in shares)		6,927	1,479	0
Ending balance, value		$ 6,000	$ 1,000	$ 0
Class I
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		59
Ending balance, shares (in shares)		7,206	59
Class I | Common Shares
Increase (Decrease) in Stockholders' Equity
Beginning balance, shares (in shares)		59	0
Beginning balance, value		$ 0	$ 0
Issuance of common shares, shares (in shares)		7,179	59
Issuance of common shares, value		$ 7,000	$ 0
Redemption of common shares, shares (in shares)		(32)	0
Redemption of common shares, value		$ 0	$ 0
Ending balance, shares (in shares)		7,206	59	0
Ending balance, value		$ 7,000	$ 0	$ 0

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash Distributions	$ 16,112	$ 10,480	$ 9,226
Distributions Reinvested	19,446	12,146	10,547
Total Declared	$ 35,558	$ 22,626	$ 19,773
Class AX
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (usd per share)	$ 0.63	$ 0.61	$ 0.60
Class TX
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (usd per share)	0.52	0.51	0.50
Class IX
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (usd per share)	0.60	0.59	0.39
Class T
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (usd per share)	0.52	0.51	0
Class S
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (usd per share)	0.52	0.51	0
Class D
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (usd per share)	0.60	0.59	0
Class I
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash distributions declared per share (usd per share)	$ 0.63	$ 0.61	$ 0

Related Party Transactions (Sum

Related Party Transactions (Summary of Fees and Expense Reimbursements Incurred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	$ 58,177	$ 24,988	$ 32,856
Due from (to) related party	(42,782)	(26,022)
Dealer Manager | Selling Commissions
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	7,481	837	4,021
Due from (to) related party	0	(4)
Dealer Manager | Dealer Manager Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	1,337	146	1,744
Due from (to) related party	0	(3)
Dealer Manager | Distribution and Servicing Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	17,696	2,411	4,947
Due from (to) related party	(22,479)	(8,332)
The Advisor | Organization and Offering Costs
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	4,445	3,273	4,753
Due from (to) related party	(7,763)	(9,001)
The Advisor | Acquisition Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	0	0	6,741
Due from (to) related party	0	0
The Advisor | Asset Management Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	7,985	5,004	4,940
Due from (to) related party	(2,353)	(1,317)
The Advisor | Other Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	2,846	2,316	1,827
Due from (to) related party	(1,106)	(691)
The Advisor | Performance Participation Allocation
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	7,713	5,954	251
Due from (to) related party	(7,713)	(5,954)
Hines and Affiliates | Interest Expense
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	1,288	926	676
Due from (to) related party	(443)	(151)
Hines and Affiliates | Property Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	1,866	1,093	858
Due from (to) related party	(287)	(78)
Hines and Affiliates | Construction Management Fees
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	413	472	236
Due from (to) related party	(30)	(28)
Hines and Affiliates | Leasing Fee
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	601	388	263
Due from (to) related party	(344)	(228)
Hines and Affiliates | Expense Reimbursements
Related Party Transactions
Related party transaction, fees and expense reimbursements incurred	4,506	2,168	$ 1,599
Due from (to) related party	$ (264)	$ (235)

Related Party Transactions (S_2

Related Party Transactions (Summary of Offering Fees) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction
Due from (to) related party	$ (42,782)	$ (26,022)
Dealer Manager | Selling Commissions
Related Party Transaction
Due from (to) related party	0	(4)
Dealer Manager | Dealer Manager Fee
Related Party Transaction
Due from (to) related party	0	(3)
Dealer Manager | Distribution and Servicing Fees
Related Party Transaction
Due from (to) related party	$ (22,479)	$ (8,332)
Initial Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of total gross offering proceeds	10.00%
Follow-on Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of total gross offering proceeds	10.00%
Class AX | Initial Offering
Related Party Transaction
Dealer manager fee percentage paid by advisor	1.50%
Class AX | Initial Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fees, percent	0.00%
Class AX | Initial Offering | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	7.00%
Class AX | Initial Offering | Dealer Manager | Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	1.50%
Class TX | Initial Offering
Related Party Transaction
Dealer manager fee percentage paid by advisor	1.50%
Class TX | Initial Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fees, percent	1.00%
Class TX | Initial Offering | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	2.00%
Class TX | Initial Offering | Dealer Manager | Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	1.25%
Class IX | Initial Offering
Related Party Transaction
Dealer manager fee percentage paid by advisor	1.50%
Class IX | Initial Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fees, percent	0.25%
Class IX | Initial Offering | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	0.00%
Class IX | Initial Offering | Dealer Manager | Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	0.00%
Class TX and IX | Initial Offering | Maximum
Related Party Transaction
Distribution and stockholder servicing fee payment threshold, percent of gross offering price on individual account	10.00%
Class T | Follow-on Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent	1.00%
Class T | Follow-on Offering | Dealer Manager | Selling Commissions And Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	3.50%
Class S | Follow-on Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent	1.00%
Class S | Follow-on Offering | Dealer Manager | Selling Commissions
Related Party Transaction
Related party fee (percent)	3.50%
Class S | Follow-on Offering | Dealer Manager | Selling Commissions And Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	3.50%
Class D | Follow-on Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent	0.25%
Class D | Follow-on Offering | Dealer Manager | Selling Commissions And Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	0.00%
Class I | Follow-on Offering | Dealer Manager
Related Party Transaction
Distribution and stockholder servicing fee, percent	0.00%
Class I | Follow-on Offering | Dealer Manager | Selling Commissions And Dealer Manager Fee
Related Party Transaction
Related party fee (percent)	0.00%

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ in Thousands	Dec. 06, 2017	Dec. 05, 2017	Apr. 14, 2016USD ($)	Feb. 29, 2016	Dec. 31, 2017	Dec. 31, 2019USD ($)fiscal_quarter	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019USD ($)
Related Party Transactions
Percentage of annual hurdle amount	5.00%
Stock issuance costs incurred						$ 5,684	$ 0	$ 3,810
The Advisor
Related Party Transactions
Related party allocation percentage of annual total return	12.50%
Number of consecutive quarters for reimbursement of excess operating expenses | fiscal_quarter						4
Maximum compensation to be reimbursed, expressed as a percentage of gross offering proceeds						15.00%
The Advisor | Operating Expense
Related Party Transactions
Minimum percentage of average invested assets						2.00%
Minimum percentage of net income						25.00%
The Advisor | Organizational and offering-related issuer costs
Related Party Transactions
Maximum compensation to be reimbursed, expressed as a percentage of gross offering proceeds	2.50%		2.50%	2.50%
Reimbursement of offering costs			$ 4,000
Stock issuance costs incurred									$ 23,600
The Advisor | Net purchase price | Acquisition Fee
Related Party Transactions
Related party fee (percent)		2.25%
The Advisor | Cost of real estate investments per month | Asset Management Fee
Related Party Transactions
Related party fee (percent)						0.0625%
Maximum | The Advisor | Cost of real estate investments per month | Asset Management Fee
Related Party Transactions
Related party fee (percent)					0.10417%
Maximum | Follow-on Offering
Related Party Transactions
Distribution and stockholder servicing fee payment threshold, percent of total gross offering proceeds						10.00%			10.00%
Common Class T, S and D | Maximum | Follow-on Offering
Related Party Transactions
Distribution and stockholder servicing fee payment threshold, percent of gross offering price on individual account						8.75%			8.75%

Fair Value Measurements (Basis

Fair Value Measurements (Basis of Fair Value Measurements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	$ 36,491	$ 9,599
Gain (loss) on investments in real estate-related securities	2,317	(401)	$ 0
Fair Value, Recurring
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	36,491	9,599
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Items (Level 1)
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	36,491	9,599
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	0	0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Investments in real estate-related securities	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Notes payable including related party, gross	$ 865,657	$ 545,824
Significant Other Observable Inputs (Level 2) | Fair Value Measurements Nonrecurring
Fair Value Assets and Liabilities Measured On Recurring and Nonrecurring Basis
Notes payable including related party, gross	865,700	545,800
Notes payable, fair value	$ 864,100	$ 540,300

Reportable Segments (Narratives

Reportable Segments (Narratives) (Details)	12 Months Ended
	Dec. 31, 2019segment
Segment Reporting, Disclosure of Entity's Reportable Segments
Number of reportable segments	7

Reportable Segments (Revenue) (

Reportable Segments (Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information
Total revenues	$ 33,083	$ 25,508	$ 23,554	$ 21,738	$ 20,486	$ 15,878	$ 15,974	$ 16,731	$ 103,883	$ 69,069	$ 59,724
Domestic office investments
Segment Reporting Information
Total revenues									16,538	16,398	15,437
Domestic residential/living investments
Segment Reporting Information
Total revenues									12,050	6,637	4,671
Domestic retail investments
Segment Reporting Information
Total revenues									23,142	20,235	19,507
Domestic industrial investments
Segment Reporting Information
Total revenues									4,408	5,698	7,619
International industrial investments
Segment Reporting Information
Total revenues									28,997	3,630	0
International office investments
Segment Reporting Information
Total revenues									8,931	7,731	8,711
International residential/living investments
Segment Reporting Information
Total revenues									$ 9,817	$ 8,740	$ 3,779

Reportable Segments (Geographic

Reportable Segments (Geographical) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total Revenue | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	55.00%	71.00%	79.00%
Total Revenue | The Netherlands
Segment Reporting Information [Line Items]
Concentration risk (percent)	21.00%	5.00%	0.00%
Total Revenue | Ireland
Segment Reporting Information [Line Items]
Concentration risk (percent)	12.00%	17.00%	19.00%
Total Revenue | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	7.00%	7.00%	2.00%
Total Revenue | Germany
Segment Reporting Information [Line Items]
Concentration risk (percent)	3.00%	0.00%	0.00%
Total Revenue | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	2.00%	0.00%	0.00%
Total Assets | United States
Segment Reporting Information [Line Items]
Concentration risk (percent)	47.00%	55.00%
Total Assets | The Netherlands
Segment Reporting Information [Line Items]
Concentration risk (percent)	17.00%	15.00%
Total Assets | Ireland
Segment Reporting Information [Line Items]
Concentration risk (percent)	11.00%	18.00%
Total Assets | United Kingdom
Segment Reporting Information [Line Items]
Concentration risk (percent)	18.00%	7.00%
Total Assets | Germany
Segment Reporting Information [Line Items]
Concentration risk (percent)	3.00%	5.00%
Total Assets | Poland
Segment Reporting Information [Line Items]
Concentration risk (percent)	4.00%	0.00%

Reportable Segments (Revenues i

Reportable Segments (Revenues in Excess of Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information
Total property revenues in excess of expenses	$ 62,896	$ 44,849	$ 39,613
Domestic office investments
Segment Reporting Information
Total property revenues in excess of expenses	11,022	11,076	10,497
Domestic residential/living investments
Segment Reporting Information
Total property revenues in excess of expenses	6,151	4,008	2,977
Domestic retail investments
Segment Reporting Information
Total property revenues in excess of expenses	13,405	12,400	10,889
Domestic industrial investments
Segment Reporting Information
Total property revenues in excess of expenses	3,300	4,363	5,862
International industrial investments
Segment Reporting Information
Total property revenues in excess of expenses	16,261	1,645	0
International office investments
Segment Reporting Information
Total property revenues in excess of expenses	6,235	5,919	6,922
International residential/living investments
Segment Reporting Information
Total property revenues in excess of expenses	$ 6,522	$ 5,438	$ 2,466

Reportable Segments (Assets) (D

Reportable Segments (Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Total Assets
Total Assets	$ 1,573,545	$ 948,829
Operating Segments | Domestic office investments
Total Assets
Total Assets	124,144	130,021
Operating Segments | Domestic residential/living investments
Total Assets
Total Assets	220,988	126,175
Operating Segments | Domestic retail investments
Total Assets
Total Assets	292,526	199,819
Operating Segments | Domestic industrial investments
Total Assets
Total Assets	51,520	51,103
Operating Segments | International industrial investments
Total Assets
Total Assets	494,268	190,001
Operating Segments | International office investments
Total Assets
Total Assets	122,342	122,471
Operating Segments | International residential/living investments
Total Assets
Total Assets	211,785	111,803
Corporate-level accounts
Total Assets
Total Assets	$ 55,972	$ 17,436

Reportable Segments (Reconcilia

Reportable Segments (Reconciliation to Consolidated) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net income (loss)	$ (10,326)	$ (1,773)	$ (3,450)	$ (3,999)	$ (8,065)	$ (2,782)	$ (1,408)	$ 11,376	$ (19,548)	$ (879)	$ (17,186)
Depreciation and amortization									46,193	32,478	29,687
Acquisition related expenses									161	144	3,212
Asset management and acquisition fees									7,985	5,004	11,681
Performance participation allocation									7,713	5,954	251
General and administrative expenses									3,652	3,131	2,803
Gain (loss) on investments in real estate-related securities									2,317	(401)	0
Gain on sale of real estate									0	(14,491)	0
Foreign currency (gains) losses									617	438	(494)
Interest expense									18,608	12,649	9,453
Interest and other income									(1,480)	(261)	(83)
(Benefit) provision for income taxes									(980)	9	(83)
Total property revenues in excess of expenses									62,896	44,849	39,613
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net income (loss)									(19,548)	(879)	(17,186)
Depreciation and amortization									46,193	32,478	29,687
Acquisition related expenses									161	144	3,212
Asset management and acquisition fees									7,985	5,004	11,681
Performance participation allocation									7,713	5,954	251
General and administrative expenses									3,652	3,131	2,803
(Gain) loss on derivative instruments									2,292	272	372
Gain (loss) on investments in real estate-related securities									2,317	(401)	0
Gain on sale of real estate									0	(14,491)	0
Foreign currency (gains) losses									617	438	(494)
Interest expense									18,608	12,649	9,453
Interest and other income									(1,480)	(261)	(83)
(Benefit) provision for income taxes									$ (980)	$ 9	$ 83

Supplemental Cash Flow Disclo_3

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 15,966	$ 11,074	$ 8,577
Supplemental Schedule of Non-Cash Investing and Financing Activities
Distributions declared and unpaid	3,837	2,024	1,868
Distributions reinvested	18,426	12,072	10,162
Shares tendered for redemption	1,680	1,174	20
Non-cash net liabilities assumed	11,412	4,011	5,946
Assumption of mortgage upon acquisition of property	0	0	95,260
Offering costs payable to the Advisor	4,445	3,273	943
Selling commissions, dealer manager fees and distribution and stockholder servicing fees payable to the Dealer Manager	17,696	88	3,614
Accrued capital additions	2,615	1,678	2,015
Accrued acquisition costs	2,256	3,185	0
Maintal Logistics acquisition liability	0	43,793	0
Operating lease liability	$ 1,583	$ 0	$ 0

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Selected Quarterly Financial Information
Revenues	$ 33,083	$ 25,508	$ 23,554	$ 21,738	$ 20,486	$ 15,878	$ 15,974	$ 16,731	$ 103,883	$ 69,069	$ 59,724
Net income (loss)	(10,326)	(1,773)	(3,450)	(3,999)	(8,065)	(2,782)	(1,408)	11,376	(19,548)	(879)	(17,186)
Net income (loss) attributable to common stockholders	$ (10,329)	$ (1,776)	$ (3,454)	$ (4,002)	$ (8,069)	$ (2,785)	$ (1,411)	$ 11,373	$ (19,561)	$ (892)	$ (17,198)
Income (loss) per share, basic and diluted (usd per share)	$ (0.13)	$ (0.03)	$ (0.06)	$ (0.09)	$ (0.19)	$ (0.07)	$ (0.04)	$ 0.29	$ (0.31)	$ (0.02)	$ (0.48)

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands, € in Millions	1 Months Ended					12 Months Ended
	Feb. 29, 2020USD ($)$ / €	Feb. 29, 2020EUR (€)$ / €	Jan. 31, 2020USD ($)unit	Aug. 31, 2016USD ($)	Jan. 31, 2016USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Subsequent Event [Line Items]
Proceeds from sale of real estate						$ 0	$ 37,087	$ 0
Investments in acquired properties and lease intangibles						$ 620,974	$ 206,782	$ 192,867
Domain
Subsequent Event [Line Items]
Investments in acquired properties and lease intangibles					$ 58,200
Domain | Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of real estate			$ 80,100
The Emerson | Subsequent Event
Subsequent Event [Line Items]
Investments in acquired properties and lease intangibles			$ 117,000
Number of units in apartment complex | unit			355
Occupancy rate			64.00%
Goodyear Crossing II
Subsequent Event [Line Items]
Investments in acquired properties and lease intangibles				$ 56,200
Goodyear Crossing II | Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of real estate	$ 72,000
Bratzler ABC Westland | Subsequent Event
Subsequent Event [Line Items]
Investments in acquired properties and lease intangibles	$ 12,500	€ 11.5
Foreign currency exchange rate | $ / €	1.09	1.09
Retail Site
Subsequent Event [Line Items]
Number of Real Estate Properties						2
Percentage of Assets based on Appraisal values						17.00%

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Valuation Allowance, Deferred Tax Asset
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowances and reserves, beginning balance	$ 820	$ 205
Valuation allowances and reserves, charged to costs and expenses	1,442	1,368
Valuation allowances and reserves, deductions	(510)	(753)
Valuation allowances and reserves, ending balance	1,752	820
Allowance for Doubtful Accounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation allowances and reserves, beginning balance	$ 310	81
Valuation allowances and reserves, charged to costs and expenses		229
Valuation allowances and reserves, deductions		0
Valuation allowances and reserves, ending balance		$ 310

Schedule III - Real Estate As_2

Schedule III - Real Estate Assets and Accumulated Depreciation (Property Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate and Accumulated Depreciation
Encumbrances	$ 686,657
Land, Initial Cost	278,638
Buildings and Improvements, Initial Cost	1,048,681
Total, Initial Cost	1,327,319
Costs Capitalized Subsequent to Acquisition	28,527
Land, Gross Amount	278,639
Buildings and Improvements, Gross Amount	1,077,207
Total, Gross Amount	1,355,846	$ 817,763	$ 591,005	$ 290,212
Accumulated Depreciation	(51,719)	$ (30,574)	$ (18,172)	$ (6,337)
Bishop’s Square
Real Estate and Accumulated Depreciation
Encumbrances	61,907
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	53,653
Total, Initial Cost	53,653
Costs Capitalized Subsequent to Acquisition	21,771
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	75,424
Total, Gross Amount	75,424
Accumulated Depreciation	(7,039)
Domain Apartments
Real Estate and Accumulated Depreciation
Encumbrances	34,300
Land, Initial Cost	5,690
Buildings and Improvements, Initial Cost	50,790
Total, Initial Cost	56,480
Costs Capitalized Subsequent to Acquisition	291
Land, Gross Amount	5,690
Buildings and Improvements, Gross Amount	51,081
Total, Gross Amount	56,771
Accumulated Depreciation	(6,947)
Cottonwood Corporate Center
Real Estate and Accumulated Depreciation
Encumbrances	72,359
Land, Initial Cost	13,600
Buildings and Improvements, Initial Cost	98,758
Total, Initial Cost	112,358
Costs Capitalized Subsequent to Acquisition	2,114
Land, Gross Amount	13,600
Buildings and Improvements, Gross Amount	100,872
Total, Gross Amount	114,472
Accumulated Depreciation	(8,903)
Goodyear Crossing II
Real Estate and Accumulated Depreciation
Encumbrances	29,000
Land, Initial Cost	7,270
Buildings and Improvements, Initial Cost	41,620
Total, Initial Cost	48,890
Costs Capitalized Subsequent to Acquisition	1,425
Land, Gross Amount	7,270
Buildings and Improvements, Gross Amount	43,045
Total, Gross Amount	50,315
Accumulated Depreciation	(3,574)
Rookwood
Real Estate and Accumulated Depreciation
Encumbrances	96,000
Land, Initial Cost	45,320
Buildings and Improvements, Initial Cost	132,466
Total, Initial Cost	177,786
Costs Capitalized Subsequent to Acquisition	534
Land, Gross Amount	45,319
Buildings and Improvements, Gross Amount	133,001
Total, Gross Amount	178,320
Accumulated Depreciation	(9,971)
Montrose Student Residences
Real Estate and Accumulated Depreciation
Encumbrances	25,352
Land, Initial Cost	5,919
Buildings and Improvements, Initial Cost	35,058
Total, Initial Cost	40,977
Costs Capitalized Subsequent to Acquisition	774
Land, Gross Amount	5,919
Buildings and Improvements, Gross Amount	35,832
Total, Gross Amount	41,751
Accumulated Depreciation	(2,610)
Queen's Court Student Residences
Real Estate and Accumulated Depreciation
Encumbrances	38,896
Land, Initial Cost	13,989
Buildings and Improvements, Initial Cost	50,392
Total, Initial Cost	64,381
Costs Capitalized Subsequent to Acquisition	2,806
Land, Gross Amount	13,989
Buildings and Improvements, Gross Amount	53,198
Total, Gross Amount	67,187
Accumulated Depreciation	(3,123)
Venue Museum District
Real Estate and Accumulated Depreciation
Encumbrances	45,000
Land, Initial Cost	17,409
Buildings and Improvements, Initial Cost	52,538
Total, Initial Cost	69,947
Costs Capitalized Subsequent to Acquisition	42
Land, Gross Amount	17,409
Buildings and Improvements, Gross Amount	52,580
Total, Gross Amount	69,989
Accumulated Depreciation	(1,778)
Fresh Park Venlo
Real Estate and Accumulated Depreciation
Encumbrances	84,092
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	124,696
Total, Initial Cost	124,696
Costs Capitalized Subsequent to Acquisition	1,050
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	125,746
Total, Gross Amount	125,746
Accumulated Depreciation	(4,024)
Maintal Logistics
Real Estate and Accumulated Depreciation
Encumbrances	26,136
Land, Initial Cost	14,787
Buildings and Improvements, Initial Cost	29,685
Total, Initial Cost	44,472
Costs Capitalized Subsequent to Acquisition	741
Land, Gross Amount	14,787
Buildings and Improvements, Gross Amount	30,426
Total, Gross Amount	45,213
Accumulated Depreciation	(752)
ABC Westland
Real Estate and Accumulated Depreciation
Encumbrances	82,655
Land, Initial Cost	59,744
Buildings and Improvements, Initial Cost	74,153
Total, Initial Cost	133,897
Costs Capitalized Subsequent to Acquisition	(3,021)
Land, Gross Amount	59,744
Buildings and Improvements, Gross Amount	71,132
Total, Gross Amount	130,876
Accumulated Depreciation	(1,409)
The Promenade Shops at Briargate
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	19,199
Buildings and Improvements, Initial Cost	55,425
Total, Initial Cost	74,624
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	19,199
Buildings and Improvements, Gross Amount	55,425
Total, Gross Amount	74,624
Accumulated Depreciation	(418)
Gdansk PL II
Real Estate and Accumulated Depreciation
Encumbrances	18,790
Land, Initial Cost	6,350
Buildings and Improvements, Initial Cost	19,236
Total, Initial Cost	25,586
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	6,350
Buildings and Improvements, Gross Amount	19,236
Total, Gross Amount	25,586
Accumulated Depreciation	(130)
Lodz Urban Logistics
Real Estate and Accumulated Depreciation
Encumbrances	15,211
Land, Initial Cost	0
Buildings and Improvements, Initial Cost	19,588
Total, Initial Cost	19,588
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	0
Buildings and Improvements, Gross Amount	19,588
Total, Gross Amount	19,588
Accumulated Depreciation	(132)
Glasgow West End
Real Estate and Accumulated Depreciation
Encumbrances	56,959
Land, Initial Cost	23,627
Buildings and Improvements, Initial Cost	70,273
Total, Initial Cost	93,900
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	23,627
Buildings and Improvements, Gross Amount	70,273
Total, Gross Amount	93,900
Accumulated Depreciation	(493)
The Alloy
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	14,194
Buildings and Improvements, Initial Cost	81,971
Total, Initial Cost	96,165
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	14,194
Buildings and Improvements, Gross Amount	81,971
Total, Gross Amount	96,165
Accumulated Depreciation	(275)
Charles Tyrwhitt DC
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	7,190
Buildings and Improvements, Initial Cost	11,490
Total, Initial Cost	18,680
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	7,190
Buildings and Improvements, Gross Amount	11,490
Total, Gross Amount	18,680
Accumulated Depreciation	(42)
DSG Bristol
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	18,163
Buildings and Improvements, Initial Cost	23,069
Total, Initial Cost	41,232
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	18,161
Buildings and Improvements, Gross Amount	23,071
Total, Gross Amount	41,232
Accumulated Depreciation	(69)
Royal Mail Edinburgh
Real Estate and Accumulated Depreciation
Encumbrances	0
Land, Initial Cost	6,187
Buildings and Improvements, Initial Cost	23,820
Total, Initial Cost	30,007
Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amount	6,191
Buildings and Improvements, Gross Amount	23,816
Total, Gross Amount	30,007
Accumulated Depreciation	$ (30)

Schedule III - Real Estate As_3

Schedule III - Real Estate Assets and Accumulated Depreciation (Narratives) (Details) $ in Billions	12 Months Ended
	Dec. 31, 2019USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost for federal income tax	$ 1.4
Furniture and Fixtures
Real Estate and Accumulated Depreciation
Estimated useful life	10 years
Building
Real Estate and Accumulated Depreciation
Estimated useful life	40 years
Minimum | Electrical and Mechanical Installations
Real Estate and Accumulated Depreciation
Estimated useful life	15 years
Maximum | Electrical and Mechanical Installations
Real Estate and Accumulated Depreciation
Estimated useful life	20 years

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation (Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Carrying Amount of Real Estate Investments
Balance, beginning of period	$ 817,763	$ 591,005	$ 290,212
Acquisitions	524,638	244,132	282,162
Other additions	11,257	14,653	5,561
Write-Offs/Cost of real estate sold	(3,766)	(21,370)	0
Effect of changes in foreign currency exchange rates	5,954	(10,657)	13,070
Balance, end of period	1,355,846	817,763	591,005
Reconciliation of Real Estate Accumulated Depreciation
Balance, beginning of period	(30,574)	(18,172)	(6,337)
Depreciation	(24,873)	(13,938)	(11,393)
Effect of changes in foreign currency exchange rates	(38)	459	(442)
Retirement or sales of assets	3,766	1,077	0
Balance, end of period	$ (51,719)	$ (30,574)	$ (18,172)