Modiv (MDV) 10-Q 13 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-55776
Entity Registrant Name	RW HOLDINGS NNN REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-4156046
Entity Address, Address Line One	120 Newport Center Drive
Entity Address, City or Town	Newport Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92660
City Area Code	855
Local Phone Number	742-4862
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
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001645873
Current Fiscal Year End Date	--12-31
Common Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,890,719
Common Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		188,063

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Real estate investments:
Land	$ 74,082,722	$ 86,775,988
Buildings and improvements	276,926,627	309,904,890
Tenant origination and absorption costs	24,274,555	27,266,610
Total investments in real estate property	375,283,904	423,947,488
Accumulated depreciation and amortization	(28,856,496)	(20,411,794)
Total investments in real estate property, net	346,427,408	403,535,694
Investment in unconsolidated entity	10,085,476	10,388,588
Total real estate investments, net	356,512,884	413,924,282
Real estate investments held for sale, net	23,033,118	0
Total real estate investments	379,546,002	413,924,282
Cash and cash equivalents	8,745,052	6,823,568
Restricted cash	265,654	113,362
Tenant receivables, net	6,958,611	6,224,764
Above-market lease intangibles, net	910,501	1,251,734
Due from affiliates	0	2,332
Prepaid expenses and other assets	2,317,708	1,867,777
Interest rate swap derivatives	0	34,567
Assets related to real estate investments held for sale	864,008	0
Operating lease right-of-use asset	0	2,386,877
Goodwill	17,320,857	50,588,000
Intangible assets, net	5,587,932	7,700,000
Total assets	422,516,325	490,917,263
Liabilities and Equity
Mortgage notes payable, net	179,001,117	194,039,207
Mortgage notes payable related to real estate investments held for sale, net	14,671,370	0
Total mortgage notes payable, net	193,672,487	194,039,207
Unsecured credit facility, net	5,967,729	7,649,861
Short-term notes payable	0	4,800,000
Economic relief notes payable	527,000	0
Accounts payable, accrued and other liabilities	7,944,998	11,555,161
Share repurchases payable	1,393,275	0
Below-market lease intangibles, net	13,274,833	14,591,359
Due to affiliates	0	630,820
Interest rate swap derivatives	2,006,997	1,021,724
Liabilities related to real estate investments held for sale	3,934,795	0
Operating lease liability	0	2,386,877
Total liabilities	228,722,114	236,675,009
Commitments and contingencies
Redeemable common stock	8,282,554	14,069,692
Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in-capital	227,745,917	220,714,676
Cumulative distributions and net losses	(92,861,456)	(31,168,948)
Total shareholders' equity	134,908,657	189,569,562
Noncontrolling interests in the Operating Partnership	50,603,000	50,603,000
Total equity	185,511,657	240,172,562
Total liabilities and equity	422,516,325	490,917,263
Common Class C
Liabilities and Equity
Common stock, value issued	24,008	23,647
Common Class S
Liabilities and Equity
Common stock, value issued	$ 188	$ 187

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class C
Common Stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	24,008,115	23,647,466
Common stock, shares outstanding (in shares)	24,008,115	23,647,466
Common Class S
Common Stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	188,425	186,606
Common stock, shares outstanding (in shares)	188,425	186,606

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Rental income:	$ 9,557,191	$ 6,125,957	$ 29,888,620	$ 17,907,668
Expenses:
Fees to affiliates	0	812,349	0	2,436,386
General and administrative	2,522,719	918,636	7,447,082	2,312,081
Depreciation and amortization	4,304,470	2,393,725	13,420,256	7,176,716
Interest expense	2,732,528	1,738,791	9,196,061	5,975,866
Property expenses	1,677,055	1,362,661	5,480,411	3,537,249
Impairment of real estate investment properties	0	0	9,506,525	0
Impairment of goodwill and intangible assets	0	0	34,572,403	0
Reserve for (reversal of) loan guarantee	(4,359)	0	3,120,678	0
Total expenses	11,232,413	7,226,162	82,743,416	21,438,298
Less: Expenses reimbursed by Former Sponsor	0	(96,104)	0	(332,336)
Expenses, net	11,232,413	7,130,058	82,743,416	21,105,962
Other operating income:
Gain on sale of real estate investments	1,693,642	0	1,693,642	0
Real estate operating income (loss)	18,420	(1,004,101)	(51,161,154)	(3,198,294)
Other (expense) income:
Lease termination expense	(1,175,192)	0	(1,175,192)	0
Interest income	51	45,940	4,873	56,971
Income from investments in unconsolidated entities, net	92,617	37,570	239,028	167,558
Other	0	0	(4,855)	0
Total other (expense) income, net	(1,082,524)	83,510	(936,146)	224,529
Net loss	$ (1,064,104)	$ (920,591)	$ (52,097,300)	$ (2,973,765)
Net loss per share, basic and diluted (in usd per share)	$ (0.04)	$ (0.06)	$ (2.17)	$ (0.20)
Weighted-average number of common shares outstanding, basic and diluted ( in shares )	24,225,210	15,809,624	24,059,227	14,754,347
Distributions declared per common share (in usd per share)	$ 0.136	$ 0.176	$ 0.311	$ 0.528

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity - USD ($)	Total	Common StockCommon Class C	Common StockCommon Class S	Additional Paid-in Capital	Cumulative Distributions and Net Losses	Total Stockholders' Equity	Noncontrolling Interests in the Operating Partnership
Beginning balance at Dec. 31, 2018	$ 103,092,769	$ 12,943	$ 18	$ 119,247,245	$ (16,167,437)	$ 103,092,769	$ 0
Beginning balance (in shares) at Dec. 31, 2018		12,943,294	17,594
Issuance of common stock (in shares)		3,795,112	168,666
Issuance of common stock	40,245,240	$ 3,795	$ 168	40,241,277		40,245,240
Stock compensation expense (in shares)		20,669
Stock compensation expense	210,000	$ 21		209,979		210,000
Offering costs	(1,206,930)			(1,206,930)		(1,206,930)
Reclassification to redeemable common stock	2,823,079			2,823,079		2,823,079
Repurchase of common stock (in shares)		(842,403)
Repurchase of common stock	(8,379,336)	$ (843)		(8,378,493)		(8,379,336)
Distributions declared	(7,778,197)				(7,778,197)	(7,778,197)
Net loss	(2,973,765)				(2,973,765)	(2,973,765)
Ending balance (in shares) at Sep. 30, 2019		15,916,672	186,260
Ending balance at Sep. 30, 2019	126,032,860	$ 15,916	$ 186	152,936,157	(26,919,399)	126,032,860	0
Beginning balance at Dec. 31, 2018	103,092,769	$ 12,943	$ 18	119,247,245	(16,167,437)	103,092,769	0
Beginning balance (in shares) at Dec. 31, 2018		12,943,294	17,594
Ending balance (in shares) at Dec. 31, 2019		23,647,466	186,606
Ending balance at Dec. 31, 2019	240,172,562	$ 23,647	$ 187	220,714,676	(31,168,948)	189,569,562	50,603,000
Beginning balance at Jun. 30, 2019	120,812,608	$ 15,313	$ 166	144,011,702	(23,214,573)	120,812,608	0
Beginning balance (in shares) at Jun. 30, 2019		15,313,171	166,448
Issuance of common stock (in shares)		988,121	19,812
Issuance of common stock	10,239,749	$ 988	$ 20	10,238,741		10,239,749
Stock compensation expense (in shares)		10,334
Stock compensation expense	105,000	$ 10		104,990		105,000
Offering costs	(307,068)			(307,068)		(307,068)
Reclassification to redeemable common stock	2,823,079			2,823,079		2,823,079
Repurchase of common stock (in shares)		(394,954)
Repurchase of common stock	(3,935,682)	$ (395)		(3,935,287)		(3,935,682)
Distributions declared	(2,784,235)				(2,784,235)	(2,784,235)
Net loss	(920,591)				(920,591)	(920,591)
Ending balance (in shares) at Sep. 30, 2019		15,916,672	186,260
Ending balance at Sep. 30, 2019	126,032,860	$ 15,916	$ 186	152,936,157	(26,919,399)	126,032,860	0
Beginning balance at Dec. 31, 2019	240,172,562	$ 23,647	$ 187	220,714,676	(31,168,948)	189,569,562	50,603,000
Beginning balance (in shares) at Dec. 31, 2019		23,647,466	186,606
Issuance of common stock (in shares)		1,757,559	3,755
Issuance of common stock	16,193,927	$ 1,758	$ 3	16,192,166		16,193,927
Stock compensation expense (in shares)		38,931
Stock compensation expense	313,334	$ 39		313,295		313,334
Class P OP Units compensation expense	266,350			266,350		266,350
Offering costs	(981,748)			(981,748)		(981,748)
Reclassification to redeemable common stock	4,393,863			4,393,863		4,393,863
Repurchase of common stock (in shares)		(1,435,841)	(1,936)
Repurchase of common stock	(13,154,123)	$ (1,436)	$ (2)	(13,152,685)		(13,154,123)
Distributions declared	(9,595,208)				(9,595,208)	(9,595,208)
Net loss	(52,097,300)				(52,097,300)	(52,097,300)
Ending balance (in shares) at Sep. 30, 2020		24,008,115	188,425
Ending balance at Sep. 30, 2020	185,511,657	$ 24,008	$ 188	227,745,917	(92,861,456)	134,908,657	50,603,000
Beginning balance at Jun. 30, 2020	189,662,529	$ 24,137	$ 188	228,696,741	(89,661,537)	139,059,529	50,603,000
Beginning balance (in shares) at Jun. 30, 2020		24,137,134	187,649
Issuance of common stock (in shares)		299,431	776
Issuance of common stock	2,101,688	$ 300		2,101,388		2,101,688
Stock compensation expense (in shares)		26,250
Stock compensation expense	183,750	$ 26		183,724		183,750
Class P OP Units compensation expense	88,784			88,784		88,784
Offering costs	(158,826)			(158,826)		(158,826)
Repurchase of common stock (in shares)		(454,700)
Repurchase of common stock	(3,166,349)	$ (455)		(3,165,894)		(3,166,349)
Distributions declared	(2,135,815)				(2,135,815)	(2,135,815)
Net loss	(1,064,104)				(1,064,104)	(1,064,104)
Ending balance (in shares) at Sep. 30, 2020		24,008,115	188,425
Ending balance at Sep. 30, 2020	$ 185,511,657	$ 24,008	$ 188	$ 227,745,917	$ (92,861,456)	$ 134,908,657	$ 50,603,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net loss	$ (52,097,300)	$ (2,973,765)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	13,420,256	7,176,716
Stock compensation expense	522,183	281,667
Deferred rents	(1,027,863)	(991,009)
Amortization of deferred lease incentives	45,903	45,903
Amortization of deferred financing costs and premium	796,810	511,336
Amortization of above-market lease intangibles	134,412	72,784
Amortization of below-market lease intangibles	(1,157,951)	(355,793)
Impairment of real estate investment properties	9,506,525	0
Impairment of goodwill and intangible assets	34,572,403	0
Gain on sale of real estate investments	(1,693,642)	0
Unrealized loss on interest rate swap valuation	1,019,840	1,095,547
Income from investments in unconsolidated entities	(239,028)	(167,558)
Distributions from investments in unconsolidated entities	542,140	716,215
Change in operating assets and liabilities:
Increase in tenant receivables	(563,259)	(319,773)
Increase in prepaid and other assets	(513,161)	(102,872)
Increase in accounts payable, accrued and other liabilities	1,171,868	541,315
Decrease in due to affiliates	(628,488)	(967,518)
Net cash provided by operating activities	3,811,648	4,563,195
Cash Flows from Investing Activities:
Additions to existing real estate investments	(600,291)	(181,972)
Additions to intangible assets	(566,102)	0
Net proceeds from sale of real estate investments	15,364,073	0
Payment of tenant improvements	0	(3,387,699)
Payment of acquisition fees to affiliate	0	(5,459)
Costs related to pending merger with an affiliate	0	(1,005,523)
Additions to lease incentives	(990,000)	0
Refund of refundable purchase deposit	0	100,000
Refundable purchase deposit	0	(2,000,000)
Net cash provided by (used in) investing activities	13,207,680	(6,480,653)
Cash Flows from Financing Activities:
Borrowings from unsecured credit facility	4,260,000	4,869,000
Repayments of unsecured credit facility	(6,000,000)	(13,869,000)
Proceeds from mortgage notes payable	35,705,500	6,350,000
Principal payments on mortgage notes payable	(36,421,500)	(14,557,433)
Proceeds from economic relief notes payable	527,000	0
Principal payments on short-term notes payable	(4,800,000)	0
Refundable loan deposits	0	(171,000)
Payments of deferred financing costs to third parties	(389,662)	(175,311)
Payments of financing fees to affiliates	0	(63,500)
Proceeds from issuance of common stock and investor deposits	10,378,762	34,559,949
Payments of offering costs	(981,748)	(1,206,930)
Liabilities for (payments of) selling commissions on Class S common stock	1,916	(632)
Repurchases of common stock	(13,154,123)	(8,379,336)
Distributions paid to common stockholders	(4,071,697)	(1,901,575)
Net cash (used in) provided by financing activities	(14,945,552)	5,454,232
Net increase in cash, cash equivalents and restricted cash	2,073,776	3,536,774
Cash, cash equivalents and restricted cash, beginning of period	6,936,930	8,755,928
Cash, cash equivalents and restricted cash, end of period	9,010,706	12,292,702
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	5,062,906	4,372,246
Supplemental Schedule of Noncash Investing and Financing Activities:
Reclassification to redeemable common stock	4,393,863	2,823,079
Reinvested distributions from common stockholders	5,815,165	5,685,291
Real estate investments held for sale, net	23,033,118	0
Assets related to real estate investments held for sale	864,008	0
Mortgage notes payable related to real estate investments held for sale, net	14,671,370	0
Liabilities related to real estate investments held for sale	3,934,795	0
Increase in share repurchases payable	1,393,275	619,159
Accrued distributions	291,654	937,863
Unpaid capitalized costs related to pending merger with an affiliate	$ 0	$ 620,647

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION RW Holdings NNN REIT, Inc. (the “Company”) was incorporated on May 14, 2015 as a Maryland corporation. The Company has the authority to issue 450,000,000 shares of stock, consisting of 50,000,000 shares of preferred stock, $0.001 par value per share, 300,000,000 shares of Class C common stock, $0.001 par value per share, and 100,000,000 shares of Class S common stock, $0.001 par value per share. The Company was formed to primarily invest in single-tenant income-producing properties located in the United States, which are leased to creditworthy tenants under long-term net leases. The Company’s goal is to generate current income for investors and long-term capital appreciation in the value of its properties. The Company holds its investments in real property through special purpose limited liability companies which are wholly-owned subsidiaries of RW Holdings NNN REIT Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), or Katana Merger Sub, LP (“Merger Sub”), which is described below. The Operating Partnership was formed on January 28, 2016. The Company is the sole general partner of and owned a 99% partnership interest in the Operating Partnership prior to the completion of the Self-Management Transaction (defined below) on December 31, 2019. The Company's wholly-owned subsidiary, Rich Uncles NNN LP, LLC, a Delaware limited liability company formed on May 13, 2016 (“NNN LP”), owned the remaining 1% partnership interest in the Operating Partnership and was the sole limited partner of the Operating Partnership prior to the completion of the Self-Management Transaction on December 31, 2019. Following completion of the Self-Management Transaction, the Company, including NNN LP, owns an approximately 87% partnership interest in the Operating Partnership. Daisho OP Holdings, LLC, a formerly wholly-owned subsidiary of BrixInvest (defined below) (“Daisho”) which was spun off from BrixInvest on December 31, 2019, was issued and held 657,949.5 units of Class M limited partnership interest (the “Class M OP Units”), or an approximate 12% limited partnership interest, in the Operating Partnership as of December 31, 2019. The Class M OP Units were distributed to the members of Daisho during 2020. In connection with the Self-Management Transaction, the Company's Chief Executive Officer and Chief Financial Officer were issued an aggregate of 56,029 units of Class P limited partnership interest (the “Class P OP Units”) in the Operating Partnership and thereby own the remaining approximate 1% limited partnership interest in the Operating Partnership. The Company was externally managed by its former advisor, Rich Uncles NNN REIT Operator, LLC (the “Former Advisor”), a Delaware limited liability company, pursuant to the Second Amended and Restated Advisory Agreement dated August 11, 2017, as amended (the “Advisory Agreement”), through December 31, 2019. The Former Advisor was wholly-owned by the Company’s former sponsor, BrixInvest, LLC (f/k/a Rich Uncles, LLC) (“BrixInvest” or the “Former Sponsor”), a Delaware limited liability company, whose members include Aaron S. Halfacre and Raymond Wirta, the Company’s Chief Executive Officer and Chairman of the Board, respectively. On each of June 24, 2015 and December 31, 2015, the Company issued 10,000 shares of its Class C common stock to the Former Sponsor, for a total of 20,000 shares of Class C common stock, at a purchase price of $10.00 per share. Upon completing the Self-Management Transaction, the Former Sponsor's previously held 10,740 shares of the Company’s Class C common stock were canceled. On December 31, 2019, pursuant to an Agreement and Plan of Merger dated September 19, 2019 (the “Merger Agreement”), Rich Uncles Real Estate Investment Trust I (“REIT I”) merged with and into Merger Sub, a Delaware limited partnership and wholly-owned subsidiary of the Company, with Merger Sub surviving as a direct, wholly-owned subsidiary of the Company (the “Merger”). At such time, the separate existence of REIT I ceased. As a result, the Company issued 8,042,221.6 shares of its Class C common stock to former shareholders of REIT I. In addition, on December 31, 2019, a self-management transaction was completed, whereby the Company, the Operating Partnership, BrixInvest and Daisho effectuated a Contribution Agreement dated September 19, 2019 (the “Contribution Agreement”) pursuant to which the Company acquired substantially all of the assets and assumed certain liabilities of BrixInvest in exchange for 657,949.5 Class M OP Units in the Operating Partnership (the “Self-Management Transaction”). As a result of the completion of the Merger and the Self-Management Transaction, the Company became self-managed (see Note 3 ). On July 15, 2015, the Company filed a registration statement on Form S-11 (File No. 333-205684) with the SEC to register an initial public offering of a maximum of 90,000,000 of its shares of common stock for sale to the public (the “Primary Offering”). The Company also registered a maximum of 10,000,000 of its shares of common stock pursuant to the Company’s distribution reinvestment plan (the “Registered DRP Offering” and together with the Primary Offering, the “Registered Offering”). The SEC declared the Company’s registration statement effective on June 1, 2016, and on July 20, 2016, the Company began offering shares of common stock to the public. Pursuant to the Registered Offering, the Company sold shares of Class C common stock directly to investors, with a minimum investment in shares of $500. Commencing in August 2017, the Company began selling shares of its Class C common stock only to U.S. persons as defined under Rule 903 promulgated under the Securities Act, and began selling shares of its Class S common stock as a result of the commencement of the Class S Offering (as defined below) to non-U.S. Persons. On August 11, 2017, the Company began offering up to 100,000,000 shares of Class S common stock exclusively to non-U.S. Persons as defined under Rule 903 promulgated under the Securities Act, pursuant to an exemption from the registration requirements of the Securities Act and in accordance with Regulation S of the Securities Act (the “Class S Offering” and, together with the Registered Offering and the Follow-on Offering (as defined below), the “Offerings”). The Class S common stock has similar features and rights as the Class C common stock, including with respect to voting and liquidation, except that the Class S common stock offered in the Class S Offering may be sold only to non-U.S. Persons and may be sold through brokers or other persons who may be paid upfront and deferred selling commissions and fees. On December 23, 2019, the Company commenced a follow-on offering pursuant to a new registration statement on Form S-11 (File No. 333-231724) (the “Follow-on Offering” and, together with the Registered Offering, the “Registered Offerings”), which registered the offer and sale of up to $800,000,000 in share value of Class C common stock, including $725,000,000 in share value of Class C common stock pursuant to the primary portion of the Follow-on Offering and $75,000,000 in share value of Class C common stock pursuant to the Company's distribution reinvestment plan. The Company ceased offering shares pursuant to the Registered Offering concurrently with the commencement of the Follow-on Offering. On January 31, 2020, the Company’s board of directors approved and established an estimated net asset value (“NAV”) per share of the Company’s common stock of $10.27 (unaudited). Effective February 1, 2020, the purchase price per share of the Company’s common stock in the primary portion of the Follow-on Offering and the distribution reinvestment plans was increased from $10.16 (unaudited) to $10.27 (unaudited). Also, commencing February 1, 2020, the purchase price per share in the primary portion of the Class S Offering was increased to $10.27 (unaudited) plus the amount of any applicable upfront commissions and fees, and the NAV per share used for purposes of the share repurchase programs was increased to $10.27 (unaudited). In response to the significant economic impacts of the COVID-19 pandemic, effective as of the close of business on May 7, 2020, the Company’s board of directors temporarily suspended the primary portion of the Company’s Follow-on Offering and Class S Offering until such time as the board of directors approved and established an updated estimated NAV per share of the Company’s common stock and determined to resume such primary offerings. On May 20, 2020, the Company’s board of directors approved and established an updated estimated NAV per share of the Company’s common stock of $7.00 (unaudited) to reflect the Company's valuation of its real estate assets, debt and other assets and liabilities as of April 30, 2020. Additional information on the determination of the Company's estimated NAV per share, including the process used to determine its estimated NAV per share, can be found in the Company's Current Report on Form 8-K filed with the SEC on May 22, 2020. With respect to distributions paid to stockholders on May 26, 2020, the purchase price per share of the Company’s common stock in the distribution reinvestment plans was decreased from $10.27 to $7.00. Commencing on June 1, 2020, the Company’s board of directors resumed the primary portions of the Follow-on Offering and the Class S Offering. The purchase price per share in the primary portion of the Follow-on Offering was decreased from $10.27 to $7.00, and the purchase price per share in the primary portion of the Class S Offering was decreased to $7.00 plus the amount of any applicable upfront commissions and fees. The NAV per share used for purposes of future repurchases pursuant to the share repurchase programs was also decreased from $10.27 (unaudited) to $7.00 (unaudited). Through September 30, 2020, the Company had sold 19,645,508 shares of Class C common stock in the Registered Offerings, including 2,208,870 shares of Class C common stock sold under its registered distribution reinvestment plan, for aggregate gross offering proceeds of $195,859,756, and 190,361 shares of Class S common stock in the Class S Offering, including 5,397 shares of Class S common stock sold under its distribution reinvestment plan, for aggregate gross offering proceeds of $1,926,663. As of September 30, 2020, the Company had investments in (i) 39 operating properties, comprised of: 14 retail properties, 14 office properties and 11 industrial properties (including 17 operating properties of the original 20 operating properties which were acquired through the Merger on December 31, 2019, and are comprised of: (a) 8 retail properties, (b) 4 office properties and (c) 5 industrial properties); (ii) one parcel of land, which currently serves as an easement to one of the Company’s office properties; and (iii) an approximate 72.7% tenant-in-common interest in a Santa Clara office property (the “TIC Interest”). During the three months ended June 30, 2020, the Company determined to sell four of its operating properties, including three retail properties and one industrial property, and classified them as real estate investments held for sale as of June 30, 2020 in the Company's unaudited condensed consolidated balance sheet. The three retail properties were subsequently sold during the three months ended September 30, 2020 and the industrial property was sold in October 2020. During the three months ended September 30, 2020, the Company also determined to sell an additional two retail properties, bringing the total real estate investments held for sale to three properties consisting of two retail properties and one industrial property as of September 30, 2020 (see Notes 4 and 11 for additional discussion). The Company continues to offer shares of common stock under its Offerings. In some states, the Company is required to renew the registration statement for the Follow-on Offering annually or file a new registration statement to continue the Follow-on Offering. The Company may terminate the Offerings at any time.

SUMMARY OF SIGNIFICANT ACOUNTIN

SUMMARY OF SIGNIFICANT ACOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and the rules and regulations of the SEC. Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Such unaudited condensed consolidated financial statements and accompanying notes are the representations of the Company’s management, which is responsible for their integrity and objectivity. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 6, 2020. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which are normal and recurring, necessary to fairly state the Company's financial position, results of operations and cash flows. All significant intercompany balances and transactions are eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited financial statements. The condensed consolidated financial statements do not include all disclosures or notes required by GAAP for complete financial statements. Use of Estimates The preparation of the condensed consolidated financial statements and the accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience, including considerations related to the COVID-19 pandemic (see Notes 3 and 4 for impairment charges related primarily to COVID-19). Actual results may differ from those estimates. Noncontrolling Interests in Consolidated Entities The Company accounts for the noncontrolling interests in its Operating Partnership in accordance with the related accounting guidance. Due to the Company's control of the Operating Partnership through its general partnership interest therein and the limited rights of the limited partners, the Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company, and the limited partner interests are reflected as noncontrolling interests in the accompanying condensed consolidated balance sheets. The noncontrolling interests were issued on December 31, 2019 and represent non-voting, non-dividend accruing interests with no allocation of profits or losses. As described in Note 3 , the interests are not able to be converted or exchanged prior to (i) December 31, 2020, the one-year anniversary of the closing of the Self-Management Transaction (in the case of the Class M OP Units), or (ii) the expiration of the Lockup Period (as defined below) (in the case of the Class P OP Units). Business Combinations The Company accounts for business combinations in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”) and applicable Accounting Standard Updates, whereby the total consideration transferred is allocated to the assets acquired and liabilities assumed, including amounts attributable to any non-controlling interests, when applicable, based on their respective estimated fair values as of the date of acquisition. Goodwill represents the excess of consideration transferred over the estimated fair value of the net assets acquired in a business combination. ASC 805 defines a business as an integrated set of activities and assets (collectively, a “set”) that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs, or other economic benefits directly to investors or other owners, members, or participants. To be considered a business, the set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. ASC 805 provides a practical screen to determine when a set would not be considered a business. If the screen is not met and further assessment determines that the set is not a business, then the set is an asset acquisition. The primary difference between a business combination and an asset acquisition is that an asset acquisition requires cost accumulation and allocation at relative fair value. Acquisition costs are capitalized for an asset acquisition and expensed for a business combination (see Note 3 for a description of the Merger and Self-Management Transaction). Revenue Recognition The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606 ) (“ASU No. 2014-09”), effective January 1, 2018. The Company’s revenue impacted by ASU No. 2014-09 included revenue generated by sales of real estate, other operating income and tenant reimbursements for substantial services earned at the Company’s properties. Such revenues are recognized when the services are provided and the performance obligations are satisfied. Tenant reimbursements, consisting of amounts due from tenants for common area maintenance, property taxes and other recoverable costs, are recognized in rental income subsequent to the adoption of Topic 842, as discussed below, in the period the recoverable costs are incurred. Tenant reimbursements, for which the Company pays the associated costs directly to third-party vendors and is reimbursed by the tenants, are recognized and recorded on a gross basis. The Company adopted FASB ASU No. 2016-02, Leases (Topic 842), and the related FASB ASU Nos. 2018-10, 2018-11, 2018-20 and 2019-01 effective January 1, 2019, which provide practical expedients, technical corrections and improvements for certain aspects of ASU 2016-02, on a modified retrospective basis (collectively, “Topic 842”). Topic 842 establishes a single comprehensive model for entities to use in accounting for leases and supersedes the existing leasing guidance. Topic 842 applies to all entities that enter into leases. Lessees are required to report assets and liabilities that arise from leases. Lessor accounting has largely remained unchanged; however, certain refinements were made to conform with revenue recognition guidance, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. Topic 842 impacts the Company's accounting for leases primarily as a lessor. However, Topic 842 also impacts the Company's accounting as a lessee for an operating lease assumed as a result of the Self-Management Transaction, which was completed on December 31, 2019. As a lessor, the Company's leases with tenants generally provide for the lease of real estate properties, as well as common area maintenance, property taxes and other recoverable costs. Under Topic 842, the lease of space is considered a lease component while the common area maintenance, property taxes and other recoverable costs billings are considered nonlease components, which fall under revenue recognition guidance in ASU No. 2014-09. However, upon adopting the guidance in Topic 842, the Company determined that its tenant leases met the criteria to apply the practical expedient provided by ASU No. 2018-11 to recognize the lease and non-lease components together as one single component. This conclusion was based on the consideration that (1) the timing and pattern of transfer of the nonlease components and associated lease components are the same, and (2) the lease component, if accounted for separately, would be classified as an operating lease. As the lease of properties is the predominant component of the Company's leasing arrangements, the Company accounted for all lease and nonlease components as one, single component under Topic 842. As a result, the adoption of Topic 842 did not have any impact on the Company's timing or pattern of recognition of rental revenues as compared to previous guidance. To reflect recognition as one lease component, rental income and tenant reimbursements and other lease related property income that meet the requirements of the practical expedient provided by ASU No. 2018-11 have been combined under rental income subsequent to the adoption of Topic 842 in the Company's consolidated statements of operations. For the three months ended September 30, 2020 and 2019, tenant reimbursements included in rental income amounted to $1,622,218 and $1,328,373, respectively, and for the nine months ended September 30, 2020 and 2019, tenant reimbursements included in rental income amounted to $5,521,723 and $3,514,836, respectively. The Company recognizes rental income from tenants under operating leases on a straight-line basis over the noncancelable term of the lease when collectability of such amounts is reasonably assured. Recognition of rental income on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. If the lease provides for tenant improvements, management of the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or by the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that the tenant can take in the form of cash or a credit against its rent) that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. Tenant reimbursements of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred and presented gross if the Company is the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. In instances where the operating lease agreement has an early termination option, the termination penalty is based on a predetermined termination fee or based on the unamortized tenant improvements and leasing commissions. The Company evaluates the collectability of rents and other receivables on a regular basis based on factors including, among others, payment history, credit rating, the asset type, and current economic conditions. If the Company’s evaluation of these factors indicates it may not recover the full value of the receivable, it provides an allowance against the portion of the receivable that it estimates may not be recovered. This analysis requires the Company to determine whether there are factors indicating a receivable may not be fully collectible and to estimate the amount of the receivable that may not be collected. The Company recognizes gain or loss on sale of real estate property when the Company has executed a contract for sale of the property, transferred controlling financial interest in the property to the buyer and determined that it is probable that the Company will collect substantially all of the consideration for the property. The Company's real estate property sale transactions for the three months ended September 30, 2020 met these criteria at closing. Bad Debts and Allowances for Tenant and Deferred Rent Receivables Since the adoption of Topic 842 on January 1, 2019, the Company's determination of the adequacy of its allowances for tenant receivables includes a binary assessment of whether or not the amounts due under a tenant’s lease agreement are probable of collection. For such amounts that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For such amounts that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. In addition, for tenant and deferred rent receivables deemed probable of collection, the Company also may record an allowance under other authoritative GAAP depending upon the Company's evaluation of the individual receivables, specific credit enhancements, current economic conditions, and other relevant factors. Such allowances are recorded as increases or decreases through rental income in the Company's consolidated statements of operations. With respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. When a tenant is in bankruptcy, the Company will record a bad debt allowance for the tenant’s receivable balance and generally will not recognize subsequent rental income until cash is received or until the tenant is no longer in bankruptcy and has the ability to make rental payments. Leasing Costs Upon adoption of Topic 842, the Company elected to apply the package of practical expedients provided and did not reassess the following as of January 1, 2019: (1) whether any expired or existing contracts are leases or contain leases; (2) the lease classification for any expired or existing leases; and (3) initial direct costs for any existing leases. Under Topic 842, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, since January 1, 2019, the Company no longer capitalizes internal leasing costs and third-party legal leasing costs and instead charges these costs to expense as incurred. These expenses are included in legal leasing costs under property expenses in the Company's condensed consolidated statements of operations. The election of the package of practical expedients described above permits the Company to continue to account for its leases that commenced before January 1, 2019 under the previously existing lease accounting guidance for the remainder of their lease terms, and to apply the new lease accounting guidance to leases entered into or acquired commencing or modified after January 1, 2019. Impairment of Investment in Real Estate Properties The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of real estate assets may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of real estate assets may not be recoverable, management assesses whether the carrying value of the assets will be recovered through the future undiscounted operating cash flows expected from the use of and eventual disposition of the property. If, based on the analysis, the Company does not believe that it will be able to recover the carrying value of the asset, the Company records an impairment charge to the extent the carrying value exceeds the estimated fair value of the asset. As more fully discussed in Note 4 , the Company recorded impairment charges of $9,506,525 related to four of its real estate properties during the nine months ended September 30, 2020. The Company did not incur any impairment charges for its real estate properties during the three months ended September 30, 2020. Other Comprehensive Loss For all periods presented, other comprehensive loss is the same as net loss. Per Share Data The Company reports a dual presentation of basic earnings per share (“Basic EPS”) and diluted earnings per share (“Diluted EPS”). Basic EPS excludes dilution and is computed by dividing net income or loss by the weighted average number of common shares outstanding during the period. Diluted EPS uses the treasury stock method or the if-converted method, where applicable, to compute for the potential dilution that would occur if dilutive securities or commitments to issue common stock were exercised. Diluted EPS is the same as Basic EPS for the three and nine months ended September 30, 2020 and 2019 as the Company had a net loss for all reported periods. As of September 30, 2020, there were 657,949.5 Class M OP Units and 56,029 Class P OP Units that are convertible to Class C OP Units (defined below) at a conversion ratio of five Class C OP Units for each one Class M OP Unit or Class P OP Unit, as applicable, after a specified period of time (see Note 3 ). The holders of Class C OP Units may exchange such Class C OP Units for shares of the Company's Class C common stock on a 1-for-1 basis or, at the Company’s sole and absolute discretion, for cash. The Class M OP Units and Class P OP Units, and the shares of Class C common stock into which they may ultimately be converted, were excluded from the computation of Diluted EPS because their effect would not be dilutive. There were no other outstanding securities or commitments to issue common stock that would have a dilutive effect for the periods then ended. The Company has presented the basic and diluted net loss per share amounts on the accompanying condensed consolidated statements of operations for Class C and Class S share classes as a combined common share class. Application of the two-class method for allocating net loss in accordance with the provisions of ASC 260, Earnings per Share , would have resulted in a net loss of $(0.04) and $(0.06) per share for Class C shares for the three months ended September 30, 2020 and 2019, respectively, and a net loss of $(0.04) and $(0.03) per share for Class S shares for the three months ended September 30, 2020 and 2019, respectively. The two-class method would have resulted in a net loss per share of $(2.17) and $(0.20) for Class C shares for the nine months ended September 30, 2020 and 2019, respectively, and a net loss per share of $(2.17) and $(0.20) for Class S shares for the nine months ended September 30, 2020 and 2019, respectively. The differences in net loss per share if allocated under this method primarily reflects the lower effective distributions per share for Class S shareholders as a result of the payment of the deferred commission to the Class S distributor of these shares, and also reflects the impact of the timing of the declaration of the distributions relative to the time the shares were outstanding. Fair Value Disclosures Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an existing price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy, which is based on three levels of inputs, the first two of which are considered observable and the last unobservable, that may be used to measure fair value, is as follows: Level 1: quoted prices in active markets for identical assets or liabilities; Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value for certain financial instruments is derived using valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of financial instrument for which it is practicable to estimate the fair value: Cash and cash equivalents, restricted cash, tenant receivables, due from affiliates, prepaid expenses and other assets, accounts payable, accrued and other liabilities and due to affiliates: These balances approximate their fair values due to the short maturities of these items. Derivative Instruments: The Company’s derivative instruments are presented at fair value in the accompanying condensed consolidated balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risks to the contracts, are incorporated in the fair values to account for potential nonperformance risk. Goodwill and Intangible Assets: The fair value measurements of goodwill and intangible assets are considered Level 3 nonrecurring fair value measurements. For goodwill, fair value measurement involves the determination of fair value of a reporting unit. The Company uses a Monte Carlo simulation model to estimate future performance, generating the fair value of the reporting unit's business. For intangible assets, fair value measurements include assumptions with inherent uncertainty, including projected Offerings volumes and related projected revenues and long-term growth rates, among others. The carrying value of intangible assets is at risk of impairment if future projected Offerings proceeds, revenues or long-term growth rates are lower than those currently projected. Unsecured credit facility and short-term notes payable: The fair values of the Company’s unsecured credit facility and short-term notes payable approximate the carrying values of the unsecured credit facility and short-term notes payable as their interest rates and other terms are comparable to those available in the market place for a similar credit facility and short-term note, respectively. Mortgage notes payable: The fair value of the Company’s mortgage notes payable is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs. Restricted Cash Restricted cash is comprised of funds which are restricted for use as required by certain lenders in conjunction with an acquisition or debt financing or modification and for on-site and tenant improvements or property taxes. Restricted cash as of September 30, 2020 and December 31, 2019 amounted to $265,654 and $113,362, respectively. Pursuant to lease agreements, the Company has obligations to pay for $60,598 and $98,329 in site and tenant improvements to be incurred by tenants as of September 30, 2020 and December 31, 2019, respectively, including a 72.7% share of tenant improvements for the Santa Clara property at both balance sheet dates. At both September 30, 2020 and December 31, 2019, the Company's restricted cash held to fund other improvements totaled $92,684. As of September 30, 2020 and December 31, 2019, the Company also held restricted cash of $172,970 and $20,678, respectively, for lender reserves. Real Estate Investments Held for Sale The Company generally considers a real estate investment to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as “real estate investment held for sale, net” and “assets related to real estate investment held for sale,” respectively, in the accompanying condensed consolidated balance sheets. Mortgage notes payable and other liabilities related to real estate investments held for sale are classified as “mortgage notes payable related to real estate investments held for sale, net” and “liabilities related to real estate investments held for sale,” respectively, in the accompanying condensed consolidated balance sheets. Real estate investments classified as held for sale are no longer depreciated and are reported at the lower of their carrying value or their estimated fair value less estimated costs to sell. Operating results of properties that were classified as held for sale in the ordinary course of business are included in continuing operations in the Company’s accompanying condensed consolidated statements of operations. Goodwill and Other Intangible Assets The Company records goodwill when the purchase price of a business combination exceeds the estimated fair value of net identified tangible and intangible assets acquired. The Company evaluates goodwill for possible impairment in accordance with ASC 350, Intangibles–Goodwill and Other on an annual basis, or more frequently when events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit has declined below its carrying value. If the carrying amount of the reporting unit exceeds its fair value, an impairment charge is recognized. Due to the impacts of the COVID-19 pandemic, the Company performed an impairment test of goodwill for the three months ended March 31, 2020. Since the Company is a single reporting unit, the Company performed a quantitative analysis to compare the estimated fair value of the Company’s net tangible and intangible assets to the preliminary carrying value of its net tangible and intangible assets as of March 31, 2020. The recorded goodwill impairment charge of $33,267,143 represents the excess of the Company’s net book value over its estimated fair value as of March 31, 2020. No additional goodwill impairment charges were recorded for the period from April 1, 2020 to September 30, 2020. Intangible assets consist of purchased customer-related intangible assets, marketing-related intangible assets, developed or acquired technology and other intangible assets. Intangible assets are amortized over their estimated useful lives using the straight-line method ranging from three five See Note 3 for additional information related to goodwill and other intangible assets acquired in connection with the Self-Management Transaction and impairments recorded. Reclassifications Certain prior period cash flows from operations account grouping in the condensed consolidated statement of cash flows has been reclassified to conform with the current year presentation. The reclassifications had no impact on net loss. Restricted Stock Units and Restricted Stock Unit Awards The fair values of the Operating Partnership's units or restricted stock unit awards issued or granted by the Company are based on the most recent NAV per share of the Company’s common stock on the date of issuance or grant. Operating Partnership units issued as purchase consideration in connection with the Self-Management Transaction discussed in Note 3 are recorded in equity under noncontrolling interests in the Operating Partnership in the Company's condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019 and condensed consolidated statements of equity for the three and nine months ended September 30, 2020. For units granted to employees of the Company that are not included in the purchase consideration, the fair value of the award is amortized using the straight-line method over the requisite service period of the award, which is generally the vesting period (see Note 3 ). The Company determines the accounting classification of equity instruments (e.g. restricted stock units) that are issued as purchase consideration or part of the purchase consideration in a business combination, as either liability or equity, by first assessing whether the equity instruments meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“ASC 480-10”), and then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“ASC 815-40”). Under ASC 480-10, equity instruments are classified as liabilities if the equity instruments are mandatorily redeemable, obligate the issuer to settle the equity instruments or the underlying shares by paying cash or other assets, or must or may require an unconditional obligation that must be settled by issuing a variable number of shares. If equity instruments do not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the equity instruments do not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the equity instruments are indexed to its common stock and whether the equity instruments are classified as equity under ASC 815-40 or other applicable GAAP guidance. After all relevant assessments are made, the Company concludes whether the equity instruments are classified as liability or equity. Liability classified equ

MERGER AND SELF-MANAGEMENT TRAN

MERGER AND SELF-MANAGEMENT TRANSACTION	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
MERGER AND SELF-MANAGEMENT TRANSACTION	MERGER AND SELF-MANAGEMENT TRANSACTION REIT I Merger Transaction On December 31, 2019, pursuant to the Merger Agreement, the Company completed the acquisition of REIT I. The Company's stockholders approved the Merger contemplated by the Merger Agreement at the Annual Meeting of Stockholders held on December 17, 2019 (the “Annual Meeting”). The shareholders of REIT I approved the Merger contemplated by the Merger Agreement at REIT I’s Special Meeting of Shareholders, also held on December 17, 2019. On December 31, 2019, REIT I merged with and into Merger Sub, which survived the Merger as the Company's direct, wholly-owned subsidiary. At such time, the separate existence of REIT I ceased. The acquisition primarily included 20 single-tenant commercial properties and related tenant receivables, mortgage notes payable and accounts payable, in exchange for Merger consideration for each of REIT I's common shares (the “REIT I Common Shares”) issued and outstanding immediately prior to the Merger, other than the REIT I Common Shares owned by the Company, which were automatically canceled and retired, and converted into the right to receive one share of the Company's Class C common stock, with any fractional REIT I Common Shares converted into a corresponding number of fractional shares of the Company’s Class C common stock. As a result, the Company issued 8,042,221.6 shares of its Class C common stock to former shareholders of REIT I. As further discussed in Note 5 , prior to the merger of REIT I with and into Merger Sub on December 31, 2019, the Company had an approximate 4.8% ownership interest in REIT I. Accounting Treatment While the Merger transaction was treated legally as a merger of the two entities, for accounting purposes, the transaction was treated as an asset acquisition under GAAP because REIT I did not possess the capability to operate its properties to generate revenue since it had no workforce. It was dependent on its advisor and did not possess the processes to perform asset management, property purchase and sale transactions or the resulting revenue generation on a stand-alone basis. The real estate assets acquired are similar in nature to each other and represent substantially all of the fair value of the assets acquired. While there are some dissimilarities including the nature of the use (retail, industrial and office), each of the properties was subject to a multi-year lease with a single creditworthy tenant and the properties had similar risk profiles, generally including a mortgage secured only by the property. In addition, 17 of the 20 properties (approximately 93% by value as of the transaction date) were located in California and therefore subject to California law and all properties were managed without on-site offices. Merger Sub, not REIT I, was the surviving entity, there was no entity level debt and there was no contingent consideration paid, as would be typical in the purchase of an operating business. The assets and liabilities acquired in the Merger were recorded at fair value as determined as of December 31, 2019, including normal adjustments for the values of lease-in-place and above/below market leases and premium/discount on outstanding mortgage notes payable. The Company incurred approximately $3,044,000 of acquisition-related transaction costs during 2019. These acquisition-related transaction costs were capitalized to the acquired real estate assets. As the transaction closed on the final day of the year, the Merger did not have an impact on the Company's consolidated statement of operations for the year ended December 31, 2019. Purchase Price Allocation The Company accounted for the Merger in accordance with the accounting standards codification guidance for business combinations, whereby the total purchase price was allocated to the acquired net tangible and intangible assets based on their estimated fair values as of the closing date. As of December 31, 2019, the Company had substantially completed its process for measuring the fair values of the assets acquired and liabilities assumed based on information available as of the closing date. The following table summarizes the allocation of the purchase price to the fair values assigned to the REIT I assets acquired and liabilities assumed as of December 31, 2019, the Merger closing date. These fair values were based on internal Company and independent external third-party valuations: Fair Values Assigned December 31, Assets: Real estate property, including above/below lease intangibles $ 151,099,097 Cash and cash equivalents 1,612,331 Tenant receivable 310,169 Prepaid expenses and other assets 51,924 Liabilities: Mortgage notes payable, net (62,985,425) Accounts payable and other liabilities (2,243,156) Net 87,844,940 Less: Cancellation of investment in REIT I (Note 5) (3,091,489) Capitalized transaction-related costs (3,044,480) Net Assets Acquired $ 81,708,971 Self-Management Transaction On September 19, 2019, the Company, the Operating Partnership, BrixInvest and Daisho entered into the Contribution Agreement pursuant to which the Company agreed to acquire substantially all of the net assets of BrixInvest in exchange for 657,949.5 Class M OP Units in the Operating Partnership and assumed certain liabilities. On December 31, 2019, the Self-Management Transaction was completed. Prior to the closing of the Self-Management Transaction: (i) substantially all of BrixInvest’s assets and liabilities were contributed to Daisho’s wholly-owned subsidiary, modiv, LLC, a Delaware limited liability company (“modiv, LLC”); and (ii) BrixInvest spun off Daisho to the BrixInvest members (the “Spin Off”). Pursuant to the Self-Management Transaction, Daisho contributed to the Operating Partnership all of the membership interests in modiv, LLC in exchange for the Class M OP Units. As a result of the Self-Management Transaction, BrixInvest, through its subsidiary, Daisho, transferred all of its operating assets, including but not limited to: (i) all personal property used in or necessary for the conduct of BrixInvest’s business; (ii) intellectual property, goodwill, licenses and sublicenses granted and obtained with respect thereto and certain domain names; (iii) all continuing employees and (iv) certain other assets and liabilities, to modiv, LLC and distributed 100% of the ownership interests in Daisho to the members of BrixInvest in the Spin Off. BrixInvest had been engaged in the business of serving as the sponsor platform supporting the operations of the Company, REIT I and, prior to October 28, 2019, BRIX REIT, Inc. (“BRIX REIT”), including serving, directly or indirectly, as advisor and asset manager to the Company, REIT I and, until October 28, 2019, BRIX REIT. As a result of the Merger and the Self-Management Transaction, effective December 31, 2019, the Company, its Former Advisor and BrixInvest, which wholly owned the Company's Former Advisor, mutually agreed to terminate the Advisory Agreement, and the Company became self-managed. Accordingly, disclosures with regard to the Advisory Agreement elsewhere in this Quarterly Report on Form 10-Q pertain only to transactions with the Company's Former Advisor through December 31, 2019. Amendments to Operating Partnership Agreement On December 31, 2019, the Company, the Operating Partnership and NNN LP entered into the Second Amended and Restated Agreement of Limited Partnership (the “Amended OP Agreement”), which amended the Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated August 11, 2017. The amendments included amending the name of the Operating Partnership from “Rich Uncles NNN Operating Partnership, LP” to “RW Holdings NNN REIT Operating Partnership, LP” and provided the terms of the Class M OP Units and Class P OP Units issued in connection with the Self-Management Transaction and further described below. The Class M OP Units were issued to Daisho on December 31, 2019 in connection with the Self-Management Transaction and are non-voting, non-dividend accruing, and are not able to be converted or exchanged prior to the one-year anniversary of the completion of the Self-Management Transaction. Investors holding units in BrixInvest received Daisho units in a ratio of 1:1 for an aggregate of 657,949.5 Daisho units. During 2020, Daisho distributed the Class M OP Units to its members and the Class M OP Units will become convertible into units of Class C limited partnership interest in the Operating Partnership (“Class C OP Units”) at a conversion ratio of five Class C OP Units for each one Class M OP Unit, subject to a reduction in the conversion ratio (which reduction will vary depending upon the amount of time held) if the exchange occurs prior to the four-year anniversary of the completion of the Self-Management Transaction. In the event that the Class M OP Units are converted into Class C OP Units prior to December 31, 2023, such Class M OP Units shall be exchanged at the rate indicated below: Date of Exchange Early Conversion Rate From December 31, 2020 to December 30, 2021 50% of the Class M conversion ratio From December 31, 2021 to December 30, 2022 60% of the Class M conversion ratio From December 31, 2022 to December 30, 2023 70% of the Class M conversion ratio The Class M OP Units are eligible for an increase in the conversion ratio (conversion ratio enhancement) if the Company achieves both of the targets for assets under management (“AUM”) and adjusted funds from operations (“AFFO”) in a given year as set forth below: Hurdles AUM AFFO Per Share Class M ($ in billions) ($) Conversion Ratio Initial Conversion Ratio 1:5.00 Fiscal Year 2021 $ 0.860 $ 0.59 1:5.75 Fiscal Year 2022 $ 1.175 $ 0.65 1:7.50 Fiscal Year 2023 $ 1.551 $ 0.70 1:9.00 Based on the current conversion ratio of five Class C OP Units for each one Class M OP Unit, if a Class M OP Unit is converted on or after December 31, 2023, and based on the current NAV per share of $7.00, a Class M OP Unit would be valued at $35.00. The current NAV does not impact the early conversion rate or the future conversion enhancement ratio of the Class M OP Units and Class P OP Units. The Company also issued a portion of the Class P OP Units described below in connection with the Self-Management Transaction. The Class P OP Units are intended to be treated as “profits interests” in the Operating Partnership, which are non-voting, non-dividend accruing, and are not able to be transferred or exchanged prior to the earlier of (1) March 31, 2024, (2) a change of control (as defined in the Amended OP Agreement), or (3) the date of the recipient's involuntary termination (as defined in the relevant award agreement for the Class P OP Units) (collectively, the “Lockup Period”). Following the expiration of the Lockup Period, the Class P OP Units are convertible into Class C OP Units at a conversion ratio of five Class C OP Units for each one Class P OP Unit; provided, however, that the foregoing conversion ratio shall be subject to increase on generally the same terms and conditions as the Class M OP Units, as set forth above. The Company issued a total of 56,029 Class P OP Units to Messrs. Halfacre and Raymond J. Pacini, the Company’s Chief Financial Officer, including 26,318 Class P OP Units issued in exchange for Messrs. Halfacre's and Pacini's agreements to forfeit a similar number of restricted units in BrixInvest in connection with the Self-Management Transaction. The remaining 29,711 Class P OP Units were issued to these executives as a portion of their incentive compensation for 2020 in connection with their entry into restrictive covenant agreements. The 29,711 Class P OP Units were valued based on the estimated NAV per share of $10.16 when issued on December 31, 2019 and the expected minimum conversion ratio of five Class C OP Units for each one Class P OP Unit, which resulted in a valuation of $1,509,319. This amount is amortized on a straight-line basis over 51 months through March 31, 2024, the expected vesting date of the units, as a periodic charge to stock compensation expense. During the three and nine months ended September 30, 2020, the Company amortized and charged $88,784 and $266,350, respectively, to stock compensation expense. The unamortized value of these units was $1,242,969 as of September 30, 2020. Under the Amended OP Agreement, once the Class M OP Units or Class P OP Units are converted into Class C OP Units, they will be exchangeable for the Company’s shares of Class C common stock on a 1-for-1 basis, or for cash at the sole and absolute discretion of the Company. The Company recorded the ownership interests of the Class M OP Units and Class P OP Units as noncontrolling interests in the Operating Partnership, representing a combined total of approximately 13% of equity in the Operating Partnership as of December 31, 2019. Registration Rights Agreement On December 31, 2019, the Company, the Operating Partnership and Daisho entered into a Registration Rights Agreement pursuant to which Daisho (or any successor holder) has the right, after one year from the date of the Self-Management Transaction, to request that the Company register for resale, under the Securities Act, shares of the Company's Class C common stock issued or issuable to such holder in exchange for the Class C OP Units as described above. Accounting Treatment In accordance with GAAP, the Company accounted for the Self-Management Transaction as an acquisition of a business in accordance with the accounting standards codification guidance for business combinations because the parties to the transaction were not under common control and the acquisition was for an integrated set of activities and assets, consisting of inputs (executives and staff with knowledge and experience) and processes (operating a real estate investment trust and online investor website platform) that contribute to the creation of outputs (real estate transactions, asset management and generation of investors). Therefore, the total consideration transferred was allocated to the acquired net tangible and intangible assets based on their estimated fair values at December 31, 2019. The fair value measurement of the consideration transferred was based on significant inputs not observable in the market and thus represent a Level 3 measurement as discussed in Note 2 . The key assumptions used in estimating the fair value of the Class M OP Units and the Class P OP Units included projections for (i) property acquisitions and changes in property values, (ii) new investors, and (iii) follow on investments by existing stockholders. The consideration transferred in the Self-Management Transaction was determined to have a fair value of $50,603,000 as of December 31, 2019 based on a probability weighted analysis of achieving the requisite AUM and AFFO hurdles. The Class M OP Units and the 26,318 Class P OP Units issued in connection with the Self-Management Transaction were treated as permanent equity of the Company for accounting purposes because the Class M OP Units and the Class P OP Units are not mandatorily redeemable by the Company. In addition, there is no unconditional obligation to issue a variable number of shares; the Class M OP Units and the Class P OP Units are issued in the form of shares and as such would not represent a financial instrument other than an outstanding share that embodies a conditional obligation, and they do not possess the characteristics of freestanding derivatives. Moreover, they are not redeemable for cash or other assets at the option of the holder or upon the occurrence of an event that is not solely within the control of the Company. The Class M OP Units and the Class P OP Units are a single financial instrument, including the conversion ratio enhancement, which cannot be detached and is not separately exercisable. As of December 31, 2019, the Company had substantially completed its process for measuring the fair values of the assets acquired and liabilities assumed based on information available as of the closing date. The Company incurred $1,468,913 in costs in connection with the Self-Management Transaction, which were included in the consolidated statement of operations for the year ended December 31, 2019 and an additional $201,920 in post-closing costs during the nine months ended September 30, 2020, including $193,460 in post-closing costs that were incurred during the three months ended March 31, 2020 and $8,460 in post-closing costs that were incurred during the three months ended June 30, 2020. Purchase Price Allocation The following table summarizes the allocation of the purchase price to the fair values assigned to the BrixInvest assets acquired and liabilities assumed as of December 31, 2019, the closing date of the Self-Management Transaction. These fair values were based on internal Company and independent external third-party valuations: Fair Values Assigned December 31, 2019 Assets: Cash and cash equivalents $ (204,176) Prepaid expenses and other assets (305,212) Operating lease right-of-use asset (2,386,877) Intangible assets (7,700,000) Liabilities: Short-term notes payable 4,800,000 Due to affiliates 630,820 Bank line of credit 800,000 Accounts payable and other liabilities 2,070,968 Operating lease liability 2,386,877 Net liabilities assumed 92,400 Less: Cancellation of investment in the Company (107,400) Add: Contribution of Class M OP Units and Class P OP Units 50,603,000 Goodwill $ 50,588,000 Prior to the closing of the Self-Management Transaction, BrixInvest held 10,740 shares of Class C common stock in the Company, purchased at $10.00 per share. These shares were canceled in connection with the Self-Management Transaction. Goodwill The goodwill recognized was primarily attributable to the Company's ability to be self-managed, the value of the workforce which includes growth opportunities, from both existing and new investments, income streams and the ability to offer new products, the investor platform acquired from BrixInvest and its expected synergies resulting from the Self-Management Transaction and the Merger. Key areas of expected cost synergies include increased purchasing power for acquiring properties, lower financing costs and administrative efficiencies. Goodwill is expected to be mostly non-deductible for tax purposes. As permitted under ASC 805 for business combinations, the Company recorded goodwill because the purchase price of the Self-Management Transaction exceeded the estimated fair value of net identified tangible and intangible assets acquired. The current COVID-19 pandemic in the United States and globally, and the magnitude and uncertain duration of the economic impacts have resulted in challenges in attracting investor equity during this period of economic weakness and volatility. The disruption in the Company's Offerings is expected to have a protracted impact on capital raising, and the recessionary pressures on the economy have resulted in real estate market uncertainty and an approximate 14% decrease in the estimated fair value of the Company’s real estate properties as of April 30, 2020 as compared with the estimated fair value of the Company’s real estate properties as of December 31, 2019 (see discussion of the Company's updated estimated NAV per share approved on May 20, 2020 above in Note 1 ). Given these circumstances, the Company revised its capital raise projections, its projections of new investment and other factors contributing to the Company's analysis of estimated fair value of its consolidated business operations. Since the Company is a single reporting unit, the Company performed a quantitative analysis to compare the estimated fair value of the Company’s net tangible and intangible assets, including the estimated fair value of the business acquired from its Former Sponsor, to the carrying value of its net tangible and intangible assets as of March 31, 2020. Since the estimated fair value of the Company’s net tangible and intangible assets was less than the carrying amount of its net tangible and intangible assets, the Company recorded a goodwill impairment charge of $33,267,143 for the three months ended March 31, 2020 which is reflected in the Company’s net loss for the nine months ended September 30, 2020. The net carrying amount of goodwill as of September 30, 2020 and December 31, 2019 is as follows: September 30, December 31, Goodwill $ 17,320,857 $ 50,588,000 Intangible Assets Acquired The allocation of the purchase price to the net assets acquired in the Self-Management Transaction resulted in the recognition of $7,700,000 of intangible assets as of the December 31, 2019 closing date. The fair values of the acquired investor lists and developed technology assets, primarily the investor online platform, were determined using the adjusted cost approach, which approximates fair value. The useful lives of the intangible assets were determined based on the period of expected cash flows used to measure the fair value of the intangible assets adjusted as appropriate for entity-specific factors including legal, regulatory, contractual, competitive, economic, and/or other factors that may limit the useful life of the respective intangible asset. Intangible assets, net as of September 30, 2020 and December 31, 2019 and related useful lives were as follows: Intangible Assets Weighted-Average Useful Life September 30, December 31, Investor list, net 5.0 years $ 3,494,740 $ 4,800,000 Web services technology, domains and licenses 3.0 years 3,466,102 2,900,000 6,960,842 7,700,000 Accumulated amortization (1,372,910) — Net $ 5,587,932 $ 7,700,000 During the three and nine months ended September 30, 2020, the Company acquired additional web services technology, domains and licenses intangible assets of $33,061 and $566,102, respectively. Amortization expense for the three and nine months ended September 30, 2020 amounted to $458,371 and $1,372,910, respectively. As discussed previously, the COVID-19 pandemic has caused significant disruptions in the economy and uncertainties in the investment markets. Based on the impacts on the Company's investors and the economy, the Company evaluated the fair value of intangibles to determine if they exceeded the respective carrying values and determined that a portion of the investor list would no longer be viable and, therefore, an impairment charge of $1,305,260 was recorded for the three months ended March 31, 2020 which is reflected in the Company’s net loss for the nine months ended September 30, 2020. The estimated amortization expense for the succeeding fiscal years is as follows: October to December 2020, $460,144; 2021, $1,840,576; 2022, $1,840,576; 2023, $749,978; and 2024, $696,658 .

REAL ESTATE INVESTMENTS, NET

REAL ESTATE INVESTMENTS, NET	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
REAL ESTATE INVESTMENTS, NET	REAL ESTATE INVESTMENTS, NET As of September 30, 2020, the Company’s real estate investment portfolio consisted of (i) 39 operating properties located in 14 states (including the 17 operating properties of the original 20 operating properties acquired in connection with the Merger on December 31, 2019) including: 14 retail properties, 14 office properties and 11 industrial properties, (ii) one parcel of land, which currently serves as an easement to one of the Company’s office properties and (iii) a 72.7% undivided TIC Interest in an office property in Santa Clara, CA, as discussed in Note 5 . The following table provides summary information regarding the Company’s operating properties as of September 30, 2020: Property Location Acquisition Date Property Type Land, Buildings and Improvements Tenant Origination and Absorption Costs Accumulated Depreciation and Amortization Total Investment in Real Estate Property, Net Accredo Health Orlando, FL 6/15/2016 Office $ 9,855,847 $ 1,269,349 $ (2,104,747) $ 9,020,449 Dollar General Litchfield, ME 11/4/2016 Retail 1,281,812 116,302 (155,945) 1,242,169 Dollar General Wilton, ME 11/4/2016 Retail 1,543,776 140,653 (199,575) 1,484,854 Dollar General Thompsontown, PA 11/4/2016 Retail 1,199,860 106,730 (149,835) 1,156,755 Dollar General Mt. Gilead, OH 11/4/2016 Retail 1,174,188 111,847 (143,657) 1,142,378 Dollar General Lakeside, OH 11/4/2016 Retail 1,112,872 100,857 (147,437) 1,066,292 Dollar General Castalia, OH 11/4/2016 Retail 1,102,086 86,408 (143,250) 1,045,244 Dana (1) Cedar Park, TX 12/27/2016 Industrial 6,802,876 531,439 (1,762,138) 5,572,177 Northrop Grumman Melbourne, FL 3/7/2017 Office 12,382,991 1,341,199 (2,773,228) 10,950,962 exp US Services Maitland, FL 3/27/2017 Office 6,056,668 388,248 (777,286) 5,667,630 Wyndham Summerlin, NV 6/22/2017 Office 10,406,483 669,232 (1,081,599) 9,994,116 Williams Sonoma Summerlin, NV 6/22/2017 Office 8,079,612 550,486 (980,566) 7,649,532 Omnicare Richmond, VA 7/20/2017 Industrial 7,262,747 281,442 (771,324) 6,772,865 EMCOR Cincinnati, OH 8/29/2017 Office 5,960,610 463,488 (559,314) 5,864,784 Husqvarna Charlotte, NC 11/30/2017 Industrial 11,840,200 1,013,948 (1,024,378) 11,829,770 AvAir Chandler, AZ 12/28/2017 Industrial 27,357,900 — (1,937,616) 25,420,284 3M DeKalb, IL 3/29/2018 Industrial 14,762,819 2,356,361 (3,165,253) 13,953,927 Cummins Nashville, TN 4/4/2018 Office 14,465,491 1,536,998 (1,953,297) 14,049,192 Northrop Grumman Parcel Melbourne, FL 6/21/2018 Land 329,410 — — 329,410 Texas Health Dallas, TX 9/13/2018 Office 6,976,703 713,221 (607,013) 7,082,911 Bon Secours Richmond, VA 10/31/2018 Office 10,388,751 800,356 (865,130) 10,323,977 Costco Issaquah, WA 12/20/2018 Office 27,330,797 2,765,136 (2,328,660) 27,767,273 Taylor Fresh Foods Yuma, AZ 10/24/2019 Industrial 34,194,369 2,894,017 (1,266,604) 35,821,782 Chevron Gas Station San Jose, CA 12/31/2019 Retail 4,054,759 145,577 (45,475) 4,154,861 Levins Sacramento, CA 12/31/2019 Industrial 4,429,390 221,927 (165,456) 4,485,861 Chevron Gas Station Roseville, CA 12/31/2019 Retail 3,648,571 136,415 (89,270) 3,695,716 Dollar General Bakersfield, CA 12/31/2019 Retail 4,899,714 261,630 (110,349) 5,050,995 PMI Preclinical San Carlos, CA 12/31/2019 Industrial 9,672,174 408,225 (153,241) 9,927,158 EcoThrift Sacramento, CA 12/31/2019 Retail 5,550,226 273,846 (223,109) 5,600,963 GSA (MSHA) Vacaville, CA 12/31/2019 Office 3,112,076 243,307 (103,886) 3,251,497 PreK Education San Antonio, TX 12/31/2019 Retail 12,447,287 447,927 (449,571) 12,445,643 Dollar Tree Morrow, GA 12/31/2019 Retail 1,320,367 73,298 (53,183) 1,340,482 Solar Turbines San Diego, CA 12/31/2019 Office 7,133,241 284,026 (253,605) 7,163,662 Wood Group San Diego, CA 12/31/2019 Industrial 9,731,220 392,955 (423,870) 9,700,305 ITW Rippey El Dorado, CA 12/31/2019 Industrial 7,071,143 304,387 (226,824) 7,148,706 Dollar General Big Spring, TX 12/31/2019 Retail 1,281,683 76,351 (38,227) 1,319,807 Gap Rocklin, CA 12/31/2019 Office 8,378,276 360,377 (359,480) 8,379,173 L-3 Communications San Diego, CA 12/31/2019 Industrial 11,631,857 454,035 (353,117) 11,732,775 Sutter Health Rancho Cordova, CA 12/31/2019 Office 29,555,055 1,616,610 (810,261) 30,361,404 Walgreens Santa Maria, CA 12/31/2019 Retail 5,223,442 335,945 (99,720) 5,459,667 $ 351,009,349 $ 24,274,555 $ (28,856,496) $ 346,427,408 (1) See impairment charges discussion below. Impairment Charges During late March 2020, the Company learned that there would be a substantial impact on the commercial real estate market and specifically on fitness centers due to the COVID-19 pandemic and the requirement of an indefinite and potentially extended period of store closures. On March 31, 2020, the Company received written notice from 24 Hour Fitness USA, Inc. (“24 Hour Fitness”) that due to circumstances beyond its control, including the response to the COVID-19 pandemic and directives and mandates of various governmental authorities, the Las Vegas, NV 24 Hour Fitness store leased from the Company had been closed on or about March 17, 2020 and remained closed as of the date of the tenant's notice. The tenant's notice stated that it would not make the April 2020 rent payment. The Company's special purpose subsidiary, which owns the property, immediately initiated negotiations with the tenant; however, no further rent payments were received and on June 15, 2020, the Company received written notice that the lease was formally rejected in connection with 24 Hour Fitness' Chapter 11 bankruptcy proceeding and the premises were surrendered to the Company's subsidiary. On April 1, 2020, the Company’s special purpose subsidiary initiated negotiations with the lender on the property regarding the special purpose subsidiary's request for a deferral of mortgage payments until the tenant resumed paying rent. The lender on this property did not agree to provide any substantial mortgage relief to the Company's special purpose subsidiary, but rather agreed to temporarily reduce its $32,000 monthly mortgage payment by $8,000 from May through August 2020. The Company's special purpose subsidiary determined that if it was unable to secure a replacement tenant, then it would consider allowing the lender to foreclose on, and take possession of, the property. As such, the Company concluded that it was necessary to record an impairment charge to reduce the net book value of the property to its estimated fair value. In addition, during the first quarter of 2020, the Company determined that the effects of the COVID-19 pandemic on the overall economy and commercial real estate market would also have negative impacts on the Company's ability to re-lease two vacant properties, the property formerly leased to Dinan Cars located in Morgan Hill, CA through January 31, 2020 and the property leased to Dana, but currently unoccupied, located in Cedar Park, TX. Based on an evaluation of the value of these two properties, the Company determined that impairment charges were required during the three months ended March 31, 2020 to reflect the reduction in value due to the uncertainty regarding leasing or sale prospects. Effective August 1, 2020, the Company executed an amendment for the early termination of the Dana lease from July 31, 2024 to July 31, 2022 in exchange for an early termination payment of $1,381,767 due on July 31, 2022 and continued rent payments of $65,000 per month from August 1, 2020 through July 1, 2022. In the event that the Company is able to re-lease or sell the Dana property prior to July 31, 2022, Dana would be obligated to continue paying rent of $65,000 per month through July 1, 2022 or may elect to pay a cash lump sum payment to the Company equal to the net present value of the remaining rent payments. During the three months ended March 31, 2020, the Company recorded impairment charges aggregating $9,157,068 based on the estimated fair value of the real estate properties discussed above, and during the three months ended June 30, 2020, the Company recorded an additional impairment charge of $349,457 related to its property located in Lake Elsinore, CA and leased to Rite Aid through February 29, 2028. This impairment charge represented the excess of the property's carrying value over the property's sale price less estimated selling costs (see below for discussion of the property sale). The first quarter aggregate impairment charges of $9,157,068 represented approximately 2.2% of the Company’s total investments in real estate property before impairments as of March 31, 2020 and the second quarter impairment charge of $349,457 represented approximately 0.1% of the Company’s total investments in real estate property before impairments as of June 30, 2020. There were no additional impairment charges during the three months ended September 30, 2020. The details of the Company's real estate impairment charges for the nine months ended September 30, 2020 were as follows: Property Location Nine Months Ended September 30, 2020 Rite Aid Lake Elsinore, CA $ 349,457 Dana Cedar Park, TX 2,184,395 24 Hour Fitness Las Vegas, NV 5,664,517 Dinan Cars Morgan Hill, CA 1,308,156 $ 9,506,525 Acquisitions: The Company did not acquire any real estate properties during the nine months ended September 30, 2020 or 2019. Dispositions: The Company sold the following properties during the nine months ended September 30, 2020: Property Location Disposition Date Property Type Rentable Square Feet Contract Sale Price (Loss) Gain on Sale Rite Aid Lake Elsinore, CA 8/3/2020 Retail 70,960 $ 7,250,000 $ (422) Walgreens Stockbridge, GA 8/27/2020 Retail 15,120 5,538,462 1,306,768 Island Pacific Elk Grove, CA 9/16/2020 Retail 27,296 3,155,000 387,296 113,376 $ 15,943,462 $ 1,693,642 On August 3, 2020, the Company completed the sale of its Lake Elsinore, CA retail property which was leased to Rite Aid for $7,250,000, which generated net proceeds of $3,299,016 after repayment of the existing mortgage, commissions and closing costs. Prior to the sale, the Company evaluated the Rite Aid property for impairment and recognized a $349,457 impairment charge during the three months ended June 30, 2020 in order to reduce the carrying value of the property to its estimated fair value. On August 27, 2020, the Company completed the sale of its Stockbridge, GA retail property which was leased to Walgreens for $5,538,462, which generated net proceeds of $5,296,356 after payment of commissions and closing costs. The mortgage for this property was previously repaid on August 10, 2020 in connection with the refinancing of the Accredo property as discussed in Note 7. On September 16, 2020, the Company completed the sale of its Elk Grove, CA retail property which was leased to Island Pacific for $3,155,000, which generated net proceeds of $1,124,016 after repayment of the existing mortgage, commissions and closing costs. Asset Concentration The Company holds no real estate property with a net book value that is greater than 10% of its total assets as of September 30, 2020 and December 31, 2019. Revenue Concentration No tenants represented the source of 10% of total revenues during the three or nine months ended September 30, 2020. The Company’s revenue concentration based on tenants representing greater than 10% of total revenues for the three and nine months ended September 30, 2019 was as follows: Three Months Ended Property and Location Revenue Percentage of Total Revenue Costco, Issaquah, WA $ 662,585 10.8 % AvAir, Chandler, AZ $ 671,406 11.0 % Nine Months Ended Property and Location Revenue Percentage of Total Revenue Costco, Issaquah, WA $ 2,038,609 11.4 % AvAir, Chandler, AZ $ 2,004,954 11.2 % Operating Leases The Company’s real estate properties are primarily leased to tenants under net leases for which terms and expirations vary. The Company monitors the credit of all tenants to stay abreast of any material changes in credit quality. The Company monitors tenant credit by (1) reviewing the credit ratings of tenants (or their parent companies or lease guarantors) that are rated by nationally recognized rating agencies; (2) reviewing financial statements and related metrics and information that are publicly available or that are required to be provided pursuant to the lease; (3) monitoring news reports and press releases regarding the tenants (or their parent companies or lease guarantors), and their underlying business and industry; and (4) monitoring the timeliness of rent collections. During the first four months of 2020, the Company paid an aggregate of $990,000 in lease incentives to cancel certain termination options related to two leases with Walgreens for its Santa Maria, California and Stockbridge, Georgia properties, resulting in extension of the leases for approximately 10 years each. The Stockbridge property was sold on August 27, 2020 as discussed above. As of September 30, 2020, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases, excluding rents due related to real estate investments held for sale, are as follows: October through December 2020 $ 6,528,690 2021 25,681,770 2022 23,147,301 2023 19,412,451 2024 19,229,235 2025 15,813,536 Thereafter 42,540,235 $ 152,353,218 Intangibles As of September 30, 2020, the Company’s lease intangibles were as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles Cost $ 24,274,555 $ 1,194,720 $ (15,552,554) Accumulated amortization (8,689,796) (284,219) 2,277,721 Net amount $ 15,584,759 $ 910,501 $ (13,274,833) The intangible assets acquired in connection with the acquisitions have a weighted average amortization period of approximately 9.3 years as of September 30, 2020. As of September 30, 2020, the amortization of intangible assets for the three months ending December 31, 2020 and for each year of the next five years and thereafter is expected to be as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles October through December 2020 $ 1,106,918 $ 35,445 $ (383,344) 2021 3,698,643 141,779 (1,525,877) 2022 2,709,134 141,780 (1,280,223) 2023 1,832,039 139,131 (984,317) 2024 1,715,028 134,500 (980,897) 2025 1,316,375 122,383 (980,897) Thereafter 3,206,622 195,483 (7,139,278) $ 15,584,759 $ 910,501 $ (13,274,833) Weighted-average remaining amortization period 7.0 years 7.3 years 12.2 years Real Estate Investments Held For Sale As a result of the COVID-19 pandemic discussed in Note 1 , during the second quarter of 2020, the Company deemed it necessary to sell certain of its real estate investment properties to generate funds for share repurchases and certain debt obligations. During the three months ended June 30, 2020, the Company identified four real estate investment properties as held for sale. These four properties consisted of three retail properties (the property leased to Island Pacific Supermarket through May 30, 2033 located in Elk Grove, CA, the property leased to Rite Aid through February 29, 2028 located in Lake Elsinore, CA and the property leased to Walgreens through February 28, 2031 located in Stockbridge, GA) and one industrial property previously leased to Dinan Cars located in Morgan Hill, CA. These properties were classified as real estate investments held for sale, net in the Company's condensed consolidated balance sheet as of June 30, 2020. As discussed above, the three retail properties were subsequently sold during the three months ended September 30, 2020. The industrial property was sold on October 28, 2020 as discussed in Note 11 . During the three months ended September 30, 2020, the Company also determined to sell two additional retail properties (the property leased to Harley Davidson through April 12, 2032 located in Bedford, TX and the property formerly leased to 24 Hour Fitness located in Las Vegas, NV) resulting in a total of three properties classified as real estate investments held for sale as of September 30, 2020, including the Morgan Hill, CA industrial property that was sold on October 28, 2020. On September 17, 2020, the Company’s special purpose subsidiary entered into a purchase and sale agreement to sell the Las Vegas property formerly leased to 24 Hour Fitness, subject to a number of contingencies including lender approval of the buyer’s assumption of the existing mortgage. There can be no assurances that all of the contingencies will be satisfied or that the transaction will close. If the Company's special purpose subsidiary does not complete the sale of the Las Vegas property formerly leased to 24 Hour Fitness, then it would consider allowing the lender to foreclose on, and take possession of, the property. The estimated liability of $3,120,678 under a loan guarantee related to the secured mortgage was accrued and included in liabilities related to real estate held for sale on the condensed consolidated balance sheet as of September 30, 2020. The following table summarizes the major components of assets and liabilities related to real estate investments held for sale as of September 30, 2020: September 30, 2020 Assets related to real estate investments held for sale: Land, buildings and improvements $ 24,971,754 Tenant origination and absorption costs 176,276 Accumulated depreciation and amortization (2,114,912) Real estate investments held for sale, net 23,033,118 Other assets, net 864,008 Total assets related to real estate investments held for sale: $ 23,897,126 Liabilities related to real estate investments held for sale: Mortgage notes payable, net $ 14,671,370 Other liabilities, net (a) 3,934,795 Total liabilities related to real estate investments held for sale: $ 18,606,165 (a) Includes the estimated liability for a loan guarantee related to the secured mortgage for the Las Vegas, Nevada property formerly leased to 24 Hour Fitness, as a result of the evaluation of the impact of the COVID-19 pandemic on the tenant's business and the risk that the lender could foreclose on the property if the pending sale described above does not close. The following table summarizes the major components of rental income, expenses and impairment related to real estate investments held for sale as of September 30, 2020, which were included in continuing operations for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues $ 366,673 $ 593,981 $ 2,004,279 $ 1,750,072 Expenses: Interest expense 169,871 155,722 554,009 610,583 Depreciation and amortization 145,695 198,785 554,036 594,353 Other expenses 143,173 169,520 414,115 499,998 Impairment of real estate properties/reserve — — 10,097,710 — Total expenses 458,739 524,027 11,619,870 1,704,934 Net (loss) income $ (92,066) $ 69,954 $ (9,615,591) $ 45,138 As discussed in Note 3 , the property located in Morgan Hill, CA was acquired in the Merger on December 31, 2019 and therefore did not contribute to the Company's rental income or net loss for the three and nine months ended September 30, 2019.

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITY	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITY	INVESTMENT IN UNCONSOLIDATED ENTITY The Company’s investment in unconsolidated entity as of September 30, 2020 and December 31, 2019 is as follows: September 30, December 31, The TIC Interest $ 10,085,476 $ 10,388,588 As discussed in Note 3 , REIT I merged with and into the Company on December 31, 2019. The Company’s income (loss) from investments in unconsolidated entities for the three and nine months ended September 30, 2020 and 2019, is as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 The TIC Interest $ 92,617 $ 72,613 $ 239,028 $ 224,676 REIT I — (35,043) — (57,118) $ 92,617 $ 37,570 $ 239,028 $ 167,558 TIC Interest During 2017, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired an approximate 72.7% interest in an office property in San Clara, California. The remaining approximate 27.3% of undivided interest in the Santa Clara property is held by Hagg Lane II, LLC (an approximate 23.4% interest) and Hagg Lane III, LLC (an approximate 3.9% interest). The manager of Hagg Lane II, LLC and Hagg Lane III, LLC became a member of the Company's board of directors in December 2019. The Santa Clara property does not qualify as a variable interest entity and consolidation is not required as the Company’s TIC Interest does not control the property. Therefore, the Company accounts for the TIC Interest using the equity method. The Company receives approximately 72.7% of the cash flow distributions and recognizes approximately 72.7% of the results of operations. During the three months ended September 30, 2020 and 2019, the Company received $207,950 and $221,739 in cash distributions, respectively, and during the nine months ended September 30, 2020 and 2019, the Company received $542,140 and $495,357 in cash distributions, respectively. The following is summarized financial information for the Santa Clara property as of September 30, 2020 and December 31, 2019 and for the three and nine months ended September 30, 2020 and 2019: September 30, December 31, Assets: Real estate investments, net $ 30,156,162 $ 30,858,240 Cash and cash equivalents 356,848 275,760 Other assets 192,251 228,770 Total assets $ 30,705,261 $ 31,362,770 Liabilities: Mortgage notes payable $ 13,555,271 $ 13,746,635 Below-market lease, net 2,843,570 2,953,360 Other liabilities 129,110 68,587 Total liabilities 16,527,951 16,768,582 Total equity 14,177,310 14,594,188 Total liabilities and equity $ 30,705,261 $ 31,362,770 Three Months Ended Nine Months Ended 2020 2019 2020 2019 Total revenues $ 697,851 $ 672,011 $ 2,047,424 $ 2,032,004 Expenses: Interest expense 141,935 144,329 424,544 430,215 Depreciation and amortization 250,015 248,136 749,913 744,408 Other expenses 178,522 179,680 544,225 548,378 Total expenses 570,472 572,145 1,718,682 1,723,001 Net income $ 127,379 $ 99,866 $ 328,742 $ 309,003 REIT I Prior to the Merger on December 31, 2019, the Company had an approximate 4.8% ownership interest in REIT I. The Company recorded its share of loss of REIT I based on REIT I’s results of operations for the three and nine months ended September 30, 2019. During the three and nine months ended September 30, 2019, the Company received $75,746 and $220,858, respectively, in cash distributions related to its interest in REIT I. The following is REIT I's summarized results of operations for the three and nine months ended September 30, 2019: Three Months Ended Nine Months Ended Total revenues $ 3,302,347 $ 9,868,701 Expenses: Depreciation and amortization 1,450,227 4,336,641 Interest expense 828,987 2,674,383 Other expenses 1,746,989 4,150,881 Total expenses 4,026,203 11,161,905 Other income: Other income (1) — 113,773 Net loss $ (723,856) $ (1,179,431) (1) The gain on disposal of real estate investment property of $113,773 during the nine months ended September 30, 2019 was due to the higher mortgage loan balance and related interest payable for the Antioch, California Chase property compared to its net book value when it was relinquished in a foreclosure sale on March 13, 2019.

CONDENSED CONSOLIDATED BALANC_3

CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS	9 Months Ended
	Sep. 30, 2020
Supplemental Balance Sheet Disclsoure [Abstract]
CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS	CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS Tenant Receivables, Net Tenant receivables consisted of the following: September 30, December 31, Straight-line rent $ 3,880,016 $ 3,541,238 Tenant rent 933,626 420,959 Tenant reimbursements 1,811,884 1,854,883 Tenant other 333,085 407,684 Total $ 6,958,611 $ 6,224,764 Accounts Payable, Accrued and Other Liabilities Accounts payable, accrued and other liabilities were comprised of the following: September 30, December 31, Accounts payable $ 533,307 $ 660,111 Accrued expenses (a) 4,385,071 5,773,214 Accrued distributions 694,554 962,615 Accrued interest payable 647,632 1,690,168 Unearned rent 1,679,277 1,963,896 Lease incentive obligation 5,157 505,157 Total $ 7,944,998 $ 11,555,161 (a) Includes accrued Merger expenses of $1,570,622 as of December 31, 2019.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
DEBT	DEBT Mortgage Notes Payable, Net As of September 30, 2020 and December 31, 2019, the Company’s mortgage notes payable consisted of the following: Collateral 2020 Principal 2019 Principal Contractual Interest Effective Loan Accredo/Walgreens property (8)(11) $ 8,538,000 $ 6,853,442 3.80% 3.80% 2025-08-01 Six Dollar General properties 3,765,883 3,819,264 4.69% 4.69% 2022-04-01 Dana property 4,488,612 4,551,250 4.56% 4.56% 2023-04-01 Northrop Grumman property 5,556,618 5,666,866 4.40% 4.40% 2021-03-02 exp US Services property 3,338,239 3,385,353 (3) 4.25% 2024-11-17 Harley Davidson property (13) — 6,748,029 4.25% 4.25% 2024-09-01 Wyndham property (2) 5,634,900 5,716,200 One-month LIBOR + 2.05% 4.34% 2027-06-05 Williams Sonoma property (2) 4,461,300 4,530,600 One-month LIBOR + 2.05% 4.34% 2022-06-05 Omnicare property 4,213,726 4,273,552 4.36% 4.36% 2026-05-01 EMCOR property 2,824,657 2,862,484 4.35% 4.35% 2024-12-01 Husqvarna property 6,379,182 6,379,182 (4) 4.60% 2028-02-20 AvAir property (9) 19,950,000 14,575,000 3.80% 3.80% 2025-08-01 3M property 8,197,500 8,290,000 One-month LIBOR + 2.25% 5.09% 2023-03-29 Cummins property 8,364,300 8,458,600 One-month LIBOR + 2.25% 5.16% 2023-04-04 Former 24 Hour Fitness property (5)(13) — 6,283,898 One-month LIBOR + 4.30% 4.64% 2049-04-01 Texas Health property 4,382,914 4,400,000 4.00% 4.00% 2024-12-05 Bon Secours property 5,198,071 5,250,000 5.41% 5.41% 2026-09-15 Costco property 18,850,000 18,850,000 4.85% 4.85% 2030-01-01 Taylor Fresh Foods 12,350,000 12,350,000 3.85% 3.85% 2029-11-01 Levins property (6) 2,044,473 2,079,793 One-month LIBOR + 1.93% 3.74% 2021-01-05 Island Pacific Supermarket property (6)(11) — 1,891,225 One-month LIBOR + 1.93% 3.74% 2033-05-30 Dollar General Bakersfield property (6) 2,283,061 2,324,338 One-month LIBOR + 1.48% 3.38% 2021-03-05 Rite Aid property (6)(11) — 3,659,338 One-month LIBOR + 1.50% 3.25% 2021-05-05 PMI Preclinical property (6) 4,045,472 4,118,613 One-month LIBOR + 1.48% 3.38% 2021-03-05 EcoThrift property (6) 2,590,233 2,639,237 One-month LIBOR + 1.21% 2.96% 2021-07-05 GSA (MSHA) property (6) 1,763,359 1,796,361 One-month LIBOR + 1.25% 3.13% 2021-08-05 PreK San Antonio property (6) 5,064,184 5,140,343 4.25% 4.25% 2021-12-01 Dinan Cars property (6)(7)(13) — 2,710,834 2.76% 2.76% 2022-01-05 Solar Turbines, Amec Foster, ITW Rippey properties (6) 9,270,830 9,434,692 3.35% 3.35% 2026-11-01 Dollar General Big Spring property (6) 602,617 611,161 4.50% 4.50% 2022-04-01 Gap property (6) 3,588,893 3,643,166 4.15% 4.15% 2023-08-01 L-3 Communications property (6) 5,211,418 5,284,884 4.69% 4.69% 2022-04-01 Sutter Health property (6) 13,950,432 14,161,776 4.50% 4.50% 2024-03-09 Walgreens property (6)(10) 3,198,668 3,000,000 4.25% 4.25% 2030-07-16 Total mortgage notes payable 180,107,542 195,739,481 Plus unamortized mortgage premium, net (12) 470,411 489,664 Less unamortized deferred financing costs (1,576,836) (2,189,938) Mortgage notes payable, net $ 179,001,117 $ 194,039,207 (1) Contractual interest rate represents the interest rate in effect under the mortgage note payable as of September 30, 2020. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2020, consisting of the contractual interest rate and the effect of the interest rate swap, if applicable (see Note 8 for further information regarding the Company’s derivative instruments) . (2) The loans on each of the Williams Sonoma and Wyndham properties (collectively, the “Property”) located in Summerlin, Nevada were originated by Nevada State Bank (“Bank”). The loans are collateralized by a deed of trust and a security agreement with assignment of rents and fixture filing. In addition, the individual loans are subject to a cross collateralization and cross default agreement whereby any default under, or failure to comply with the terms of any one or both of the loans, is an event of default under the terms of both loans. The value of the Property must be in an amount sufficient to maintain a loan to value ratio of no more than 60%. If the loan to value ratio is ever more than 60%, the borrower shall, upon the Bank’s written demand, reduce the principal balance of the loans so that the loan to value ratio is no more than 60%. (3) The initial contractual interest rate is 4.25% and starting November 18, 2022, the interest rate is the U.S. Treasury Bill index rate plus 3.25%. (4) The initial contractual interest rate is 4.60% through February 20, 2023 and then the greater of 4.60% or five-year Treasury Constant Maturity (“TCM”) plus 2.45% through February 20, 2028. (5) The interest rate adjusts in the 133rd, 253rd and 313th months. As discussed in Note 4 , during the three months ended September 30, 2020, the Company recorded an impairment charge of $5,664,517 related to its investment in the 24 Hour Fitness property in Las Vegas, Nevada due to the substantial impact on fitness centers from the COVID-19 pandemic and the requirement of an indefinite and potentially extended period of store closures and the resulting inability of the tenant to make rent payments. On April 1, 2020, the Company’s special purpose subsidiary initiated negotiations with the lender on the 24 Hour Fitness property regarding the special purpose subsidiary's request for a deferral of mortgage payments until the tenant resumes paying rent. The lender on this property did not agree to provide any substantial mortgage relief to the Company's special purpose subsidiary, but rather agreed to temporarily reduce its $32,000 monthly mortgage payment by $8,000 for four monthly payments from May through August 2020. On June 15, 2020, the Company received written notice that the lease was formally rejected in connection with 24 Hour Fitness' Chapter 11 bankruptcy proceeding and the premises were surrendered to the Company's subsidiary. As of September 30, 2020, the 24 Hour Fitness property was classified as held for sale (see Note 4) . (6) The loan was acquired through the Merger on December 31, 2019. (7) The Company negotiated a lease termination with Dinan Cars effective January 31, 2020 in exchange for a termination payment from Dinan Cars of $783,182 which was used to reduce the principal balance of this mortgage by $650,000 and establish a payment reserve with the remaining $133,182. In connection with the principal prepayment, the Company terminated the related swap agreement on February 4, 2020 at a cost of $47,000 (see Note 8 for further discussion of the swap agreement termination and Note 11 for details on the sale of the property on October 28, 2020). (8) The mortgage note with original principal of $6,800,000 as of June 30, 2020 with an interest rate of 3.95% was refinanced on August 10, 2020 with a new loan for $8,538,000 with an interest rate of 3.80%, secured only by the Accredo property and which will mature on August 1, 2025. (9) The mortgage note with original principal of $14,545,000 as of June 30, 2020 with an effective interest rate of 4.84% was refinanced on July 29, 2020 with a new loan for $19,950,000 with an interest rate of 3.80% and will mature on August 1, 2025. In connection with this refinancing, the mortgage note balance for the Walgreens, Stockbridge, GA property was fully repaid. (10) The mortgage note of $3,000,000 as of June 30, 2020 with an interest rate of 7.50% was refinanced on July 22, 2020 for $3,217,500 with an interest rate of 4.25%, which will mature on July 16, 2030. (11) The property was sold during the three months ended September 30, 2020. (12) Represents unamortized net mortgage premium acquired through the Merger. (13) The September 30, 2020 principal amount is included in mortgage notes payable related to investments held for sale, net (see details below). The following summarizes the face value, carrying amount and fair value of the Company’s mortgage notes payable (Level 3 measurement) as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Face Value Carrying Fair Value Face value Carrying Fair Value Mortgage notes payable $ 180,107,542 $ 179,001,117 $ 179,676,613 $ 195,739,481 $ 194,039,207 $ 200,535,334 Disclosures of the fair values of financial instruments are based on pertinent information available to the Company as of the period end and require a significant amount of judgment. The actual value could be materially different from the Company’s estimate of fair value. Mortgage Notes Payable Related to Real Estate Investments Held For Sale, Net As discussed in detail in Note 4 , the Company classified three properties as real estate held for sale as of September 30, 2020. The following table summarizes the Company's mortgage notes payable related to real estate investments held for sale as of September 30, 2020: Collateral September 30, 2020 Harley Davidson property $ 6,655,415 24 Hour Fitness property 6,241,355 Dinan Cars property 2,019,168 Total 14,915,938 Plus unamortized mortgage premium 2,307 Less deferred financing costs (246,875) Mortgage notes payable, net $ 14,671,370 Unsecured Credit Facility, Net The details of the Company's unsecured credit facility as of September 30, 2020 and December 31, 2019 follow: September 30, December 31, Unsecured credit facility $ 6,000,000 $ 7,740,000 Less unamortized deferred financing costs (32,271) (90,139) Unsecured credit facility, net $ 5,967,729 $ 7,649,861 On December 19, 2019, the Company, NNN LP, the Operating Partnership, Merger Sub, BrixInvest and modiv, LLC (collectively, the “Borrowers”) entered into a Loan and Security Agreement (the “Unsecured Credit Facility”) with Pacific Mercantile Bank (“PMB”). The Unsecured Credit Facility is a line of credit for a maximum principal amount of $12,000,000 and as of September 30, 2020 and December 31, 2019, the Unsecured Credit Facility had an outstanding balance of $6,000,000 and $7,740,000, respectively. On March 13, 2020, the Company amended the Unsecured Credit Facility to extend the maturity date of $6,940,000 of outstanding borrowings under the Unsecured Credit Facility from March 31, 2020 to July 31, 2020, and to extend the maturity date of $3,060,000 of the outstanding borrowings under the Unsecured Credit Facility from May 4, 2020 to August 31, 2020. On August 13, 2020, the Company amended the Unsecured Credit Facility to extend the maturity date of $6,000,000 of the outstanding borrowings under the Unsecured Credit Facility to September 1, 2020 and the maturity date of the remaining $6,000,000 of the outstanding borrowings under the Unsecured Credit Facility to October 15, 2021. The Company repaid $6,000,000 of the $12,000,000 then outstanding borrowings under the Unsecured Credit Facility with proceeds generated by property refinancings and asset sales during the three months ended September 30, 2020. Under the August 13, 2020 amendment, there is a moratorium on new borrowings under the Unsecured Credit Facility until the remaining $6,000,000 is fully repaid. The Company paid PMB $25,000 for loan extension and modification fees in connection with the August 13, 2020 amendment. In connection with the August 13, 2020 amendment to the Unsecured Credit Facility, the Company's Chairman, Mr. Wirta and the Wirta Trust have guaranteed the Company’s obligations under the Unsecured Credit Facility. On July 30, 2020, the Company entered into an indemnification agreement with Mr. Wirta and the Wirta Trust with respect to their guarantees of the Company’s $12,000,000 Unsecured Credit Facility with PMB pursuant to which the Company agreed to indemnify Mr. Wirta and the Wirta Trust if they are required to make payments to PMB pursuant to such guarantees. Once the remaining $6,000,000 of outstanding borrowings under the Unsecured Credit Facility are fully repaid, the Unsecured Credit Facility will again be available to fund the Company’s acquisitions of single-tenant, income producing commercial, office, industrial or retail real estate properties, in an amount of up to 70% of the purchase price of such acquisitions. The Company intends to repay amounts outstanding under the Unsecured Credit Facility from proceeds generated by asset sales and mortgage refinancings on one or more of the properties owned, either directly or indirectly through one or more wholly-owned single member special purpose entities, by the Operating Partnership, along with gross offering proceeds from the sale of shares of the Company’s common stock. Under the terms of the Unsecured Credit Facility, the Borrowers pay a variable rate of interest on outstanding amounts equal to one percentage point over the prime rate published in The Wall Street Journal, provided that the interest rate in effect on any one day shall not be less than 5.50% per annum. The interest rate was 5.50% and 5.75% as of September 30, 2020 and December 31, 2019, respectively. The current interest rate is 5.50%, which is the minimum rate. To secure the payment and performance of all obligations under the Unsecured Credit Facility, each of modiv, LLC and BrixInvest granted to PMB a security interest in all of their right, title and interest in their accounts, inventory, equipment, deposit accounts, intellectual property, general intangibles, investment property and other property. The Unsecured Credit Facility contains customary representations, warranties and covenants, which are substantially similar to those in the Company's prior credit facility. The Company’s ability to borrow under the Unsecured Credit Facility will be subject to its ongoing compliance with various affirmative and negative covenants, including with respect to indebtedness, guaranties, mergers and asset sales, liens, tangible net worth, corporate existence and financial reporting obligations. The Unsecured Credit Facility also contains customary events of default, including, without limitation, nonpayment of principal, interest, fees or other amounts when due, violation of covenants, breaches of representations or warranties and change of ownership. Upon the occurrence of an event of default, PMB may accelerate the repayment of amounts outstanding under the Unsecured Credit Facility, take possession of any collateral securing the Unsecured Credit Facility and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period. The August 13, 2020 amendment to the agreement requires the Company to maintain a minimum debt service coverage ratio of 1.25 to 1.00 and tangible net worth of $125,000,000, measured quarterly. Short-term Notes Payable In connection with the Self-Management Transaction, the Company assumed from BrixInvest its unsecured short-term notes payable (formerly known as “Convertible Promissory Notes”) of $4,800,000 on December 31, 2019. The notes represented private party notes and bore interest at a fixed rate of 8% with all interest and principal due on the maturity date. Except for six notes from one borrower aggregating $1,024,750 for which the maturity date was extended to April 30, 2020, all notes were repaid prior to March 31, 2020. In exchange for the maturity date extension, the Company agreed to pay 2% of the principal and accrued interest, or $24,845, as an extension fee and agreed to an increase in the interest rate from 8% to 10% per annum during the extension period. The maturity date for the $490,000 of the extended short-term notes was subsequently accelerated to April 6, 2020 in exchange for a $10,000 reduction in the extension fee to $14,845 and these notes were repaid on April 6, 2020. Economic Relief Notes Payable On April 20, 2020, a subsidiary of the Company entered into a loan agreement and promissory note evidencing an unsecured loan in the aggregate amount of $517,000 made to this subsidiary under the Paycheck Protection Program (“PPP”) of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). The PPP is administered by the U.S. Small Business Administration (the “SBA”). Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of the loan granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. Recent modifications to the PPP by the U.S. Treasury and the Paycheck Protection Program Flexibility Act of 2020 have extended the time period for loan forgiveness beyond the original eight-week period to 24 weeks, making it possible for the Company's subsidiary to apply for forgiveness of 100% of its PPP loan prior to December 31, 2020. No assurance can be given that the Company's subsidiary will be successful in obtaining forgiveness of the loan in whole or in part. The PPP loan was made through PMB. To the extent that the loan is not forgiven, the subsidiary and PMB may mutually agree to fully amortize any unforgiven principal balance of the loan over a period of up to 10 years from the date on which the subsidiary applies for loan forgiveness. The annual interest rate on any unforgiven principal balance of the PPP loan is 1%. The promissory note evidencing the PPP loan contains customary events of default relating to, among other things, payment defaults, making materially false and misleading representations to the SBA or PMB, or breaching the terms of the loan documents. The occurrence of an event of default may result in the repayment of all amounts outstanding, collection of all amounts owing from the subsidiary, or filing suit and obtaining judgment against the subsidiary. On May 20, 2020, the Company also obtained a $10,000 Economic Injury Disaster Loan (“EIDL”) from the SBA which is expected to be treated as a grant since the Company has decided not to apply for an EIDL, and will therefore reduce the amount of the PPP loan that can be forgiven by $10,000. Compliance with All Debt Agreements On March 27, 2020, the Company's conflicts committee and board of directors approved an increase in the Company's maximum leverage from 50% to 55% in order to allow the Company to take advantage of the current low interest rate environment, the relative cost of debt and equity capital, and strategic borrowing advantages potentially available to the Company. Pursuant to the terms of mortgage notes payable on certain of the Company’s properties and the Unsecured Credit Facility, the Company and/or the Borrowers are subject to certain financial loan covenants. The Company and/or the Borrowers were in compliance with all terms and conditions of the applicable loan agreements as of September 30, 2020. Due to the COVID-19 pandemic, the lender to the Company's special purpose subsidiary which owns the property in Las Vegas, Nevada formerly leased to 24 Hour Fitness agreed to accept reduced payments on the related secured mortgage for four months commencing May 1, 2020 through August 1, 2020 (see Note 4 and above discussion). The Company remains in compliance with the loan agreement for this property and resumed paying the full amount of monthly principal and interest starting September 1, 2020. As discussed in Note 4 , the Las Vegas, Nevada property is held for sale as of September 30, 2020. The following summarizes the future principal repayments of the Company’s mortgage notes payable, unsecured credit facility and short-term notes payable as of September 30, 2020: Mortgage Notes Unsecured Credit Facility Short-term Notes Payable (1) Total October through December 2020 $ 589,782 $ — $ 527,000 $ 1,116,782 2021 19,665,222 6,000,000 — 25,665,222 2022 20,872,760 — — 20,872,760 2023 25,642,334 — — 25,642,334 2024 24,597,822 — — 24,597,822 2025 30,781,081 — — 30,781,081 Thereafter 57,958,541 — — 57,958,541 Total principal 180,107,542 6,000,000 527,000 186,634,542 Plus unamortized mortgage premium, net of unamortized discount 470,411 — — 470,411 Less deferred financing costs (1,576,836) (32,271) — (1,609,107) Net principal $ 179,001,117 $ 5,967,729 $ 527,000 $ 185,495,846 (1) The PPP loan is subject to potential forgiveness of up to $517,000 or repayment over an undetermined period of up to 10 years. Interest Expense The following is a reconciliation of the components of interest expense for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Mortgage notes payable: Interest expense $ 2,135,624 $ 1,387,785 $ 6,471,492 $ 4,232,943 Amortization of deferred financing costs 435,179 120,932 693,810 500,525 Prepayment penalties 138,373 — 138,373 — (Gain) loss on interest rate swaps (1) (179,006) 218,642 1,263,691 1,109,027 Unsecured credit facility: Interest expense 128,333 — 449,791 110,060 Amortization of deferred financing costs 42,288 11,432 117,624 23,311 Other 31,737 — 61,280 — Total interest expense $ 2,732,528 $ 1,738,791 $ 9,196,061 $ 5,975,866 (1) Includes unrealized (gain) loss on interest rate swaps of $(272,912) and $221,530 for the three months ended September 30, 2020 and 2019, respectively, and $1,019,840 and $1,095,547 for the nine months ended September 30, 2020 and 2019, respectively (see Note 8 ). Accrued interest payable of $66,322 and $22,282 as of September 30, 2020 and December 31, 2019, respectively, represents the unsettled portion of the interest rate swaps for the period from origination of the interest rate swap through the respective balance sheet dates.

INTEREST RATE SWAP DERIVATIVES

INTEREST RATE SWAP DERIVATIVES	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
INTEREST RATE SWAP DERIVATIVES	INTEREST RATE SWAP DERIVATIVES The Company, through its limited liability company subsidiaries, entered into interest rate swap agreements with amortizing notional amounts relating to four of its mortgage notes payable and assumed eight additional swap agreements in conjunction with the Merger and terminated three swap agreements during the nine months ended September 30, 2020. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks. The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of September 30, 2020 and December 31, 2019, respectively: September 30, 2020 December 31, 2019 Derivative Number of Instruments Notional Reference Weighted Average Fixed Pay Rate Weighted Number Notional Reference Weighted Average Fixed Pay Rate Weighted Interest Rate Swap Derivatives (iv) 9 $ 39,384,598 One-month LIBOR + applicable spread/Fixed at 3.13%-5.16% 3.53 % 2.4 years 12 $ 48,215,139 One-month LIBOR + applicable spread/Fixed at 2.76%-5.16% 3.87 % 2.9 years (i) The notional amount of the Company’s swaps decreases each month to correspond to the outstanding principal balance on the related mortgage. The minimum notional amounts (outstanding principal balance at the maturity date) as of September 30, 2020 and December 31, 2019 were $37,528,748 and $45,514,229, respectively. (ii) The reference rate was September 30, 2020. (iii) The reference rate was December 31, 2019. (iv) The Company terminated the swap agreement related to the Dinan Cars property mortgage loan on February 4, 2020 at a cost of $47,000 (see Note 7 ). The Company also terminated the swap agreements related to the Rite Aid property mortgage loan on July 30, 2020 at a cost of $40,700 and Island Pacific property mortgage loan on September 16, 2020 at a cost of $11,500 (see Note 7 ). The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the condensed consolidated balance sheets: September 30, 2020 December 31, 2019 Derivative Instrument Balance Sheet Location Number of Fair Value Number of Fair Value Interest Rate Swaps Asset - Interest rate swap derivatives, at fair value — $ — 5 $ 34,567 Interest Rate Swaps Liability - Interest rate swap derivatives, at fair value 9 $ (2,006,997) 7 $ (1,021,724) The change in fair value of a derivative instrument that is not designated as a cash flow hedge for financial accounting purposes is recorded as interest expense in the condensed consolidated statements of operations. None of the Company’s derivatives at September 30, 2020 or December 31, 2019 were designated as hedging instruments; therefore, the net unrealized (gain) loss recognized on interest rate swaps of $(272,912) and $221,530 was recorded as a (decrease) increase in interest expense for the three months ended September 30, 2020 and 2019, respectively, and $1,019,840 and $1,095,547 was recorded as an increase in interest expense for the nine months ended September 30, 2020 and 2019, respectively (see Note 7 ).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company pays the members of its board of directors who are not executive officers for services rendered through cash payments or by issuing shares of Class C common stock to them. For the three months ended September 30, 2020 and 2019, the total amount of fees incurred for board services was $101,250 and $105,000, respectively. For the three months ended September 30, 2020, $18,750 was paid in cash and the value paid by issuing shares of Class C common stock to directors was $101,250 in July 2020 (issued in arrears for second quarter services) and $82,500 for third quarter services on September 30, 2020, for which the Company issued 14,464 and 11,786 shares, respectively. During the three months ended September 30, 2019, the value paid by issuing shares of Class C common stock was $105,000 for which the Company issued 10,334 shares for the second quarter services, including service on a special committee. For the nine months ended September 30, 2020 and 2019, the total amount of fees incurred for board services was $305,833 and $281,667, respectively, and the value paid during the periods by issuing shares of Class C common stock was $255,833 and $210,000, respectively, for which the Company issued 33,066 and 20,669 shares, respectively. In conjunction with the Self-Management Transaction effective December 31, 2019, the Advisory Agreement was terminated. The Advisory Agreement entitled the Former Advisor to specified fees upon the provision of certain services with regard to investments in real estate and the management of those investments, among other services, and the disposition of investments, as well as entitled the Former Advisor to reimbursement of organizational and offering costs incurred by the Former Advisor or Former Sponsor on behalf of the Company, such as expenses related to the Offerings, and certain costs incurred by the Former Advisor or Former Sponsor in providing services to the Company. In addition, the Former Advisor was entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the Advisory Agreement. The Former Sponsor also served as the sponsor for REIT I and BRIX REIT. Effective February 3, 2020, the Company's indirect subsidiary, modiv Advisors, LLC, became the advisor to BRIX REIT. During the three and nine months ended September 30, 2020 and 2019, no business transactions occurred between the Company and BRIX REIT other than minor expenses advanced and, during the three and nine months ended September 30, 2019, no business transactions occurred between the Company and REIT I, other than as described below or elsewhere herein, and those relating to the Company’s investment in REIT I before the Merger, as described in Note 5 . On March 2, 2020, the Company borrowed a total of $4,000,000, secured by mortgages on its two Chevron properties, from the Company's Chairman, Mr. Wirta. The Company's conflicts committee approved the terms of these mortgages which bore interest at an annual rate of 8% and were scheduled to mature on June 2, 2020. On June 1, 2020, the maturity date of these mortgages was extended to September 1, 2020 on the same terms, along with an option for a further extension to November 30, 2020 at the Company’s election prior to August 18, 2020, which the Company elected not to exercise. On July 31, 2020 and August 28, 2020, the mortgages secured by the Chevron San Jose, CA property and Chevron Roseville, CA property, each for $2,000,000, were repaid along with all related accrued interest. There were no related party costs, including those incurred pursuant to the Advisory Agreement, for the three and nine months ended September 30, 2020 and no related party receivable and payable as of September 30, 2020. Summarized below are the related party costs incurred by the Company for the three and nine months ended September 30, 2019 and related party receivable and payable as of December 31, 2019: Three Months Ended Nine Months Ended September 30, 2019 December 31, 2019 Incurred Incurred Receivable Payable Expensed: Asset management fees (1) $ 680,349 $ 2,040,386 $ — $ — Operating expense reimbursements 132,000 396,000 — — Fees to affiliates 812,349 2,436,386 Property management fees* 56,122 168,194 — — Directors and officers insurance and other reimbursements** 64,433 198,108 — — Expense reimbursements from Former Sponsor (2) (96,104) (332,336) — — Capitalized: Acquisition fees 5,459 5,459 — — Financing coordination fees — 63,500 — — Reimbursable organizational and offering expenses (3) 307,217 1,207,080 — — Other: Due from BRIX REIT (4) — — 1,378 — Due from TIC — — 954 — Notes due to Chairman of the Board — — — 630,820 $ 2,332 $ 630,820 * Property management fees are classified within property operating expenses on the condensed consolidated statements of operations. ** Directors and officers insurance and other reimbursements are classified within general and administrative expenses on the condensed consolidated statements of operations. (1) To the extent the Former Advisor elected, in its sole discretion, to defer all or any portion of its monthly asset management fee, the Former Advisor was deemed to have waived, not deferred, that portion up to 0.025% of the total investment value of the Company’s assets. For the three and nine months ended September 30, 2019, the Former Advisor did not waive any of the asset management fees. In addition to amounts presented in this table, the Company also incurred asset management fees to the Former Advisor of $47,977 and $143,930 related to the TIC Interest during the three and nine months ended September 30, 2019, respectively, which amounts were reflected as reductions of income recognized from investments in unconsolidated entities (see Note 5 ). (2) Includes payroll costs related to Company employees that answered questions from prospective stockholders. See “ Investor Relations Payroll Expense Reimbursement from Former Sponsor ” below . The Former Sponsor agreed to reimburse the Company for these investor relations compensation costs which the Former Sponsor considered to be offering expenses in accordance with the Advisory Agreement which was terminated effective September 30, 2019. The expense reimbursements from the Former Sponsor for the three and nine months ended September 30, 2019 also included a refund of $0 and $40,915 of employment related legal fees, respectively, which the Former Sponsor agreed to reimburse the Company. (3) As of September 30, 2019, the Former Sponsor had incurred $9,189,209 of organizational and offering costs on behalf of the Company. However, the Company was only obligated to reimburse the Former Sponsor for such organizational and offering expenses to the extent of 3% of gross offering proceeds. (4) The receivables represent incidental expenses advanced to BRIX REIT, which included unpaid asset management fees of $242,299 as of December 31, 2019 due from BRIX REIT, which were fully reserved and the Company agreed to waive in May 2020 given the impact of the COVID-19 pandemic on BRIX REIT. Organizational and Offering Expenses The Company was obligated to reimburse the Former Sponsor or its affiliates for organizational and offering expenses (as defined in the Advisory Agreement) paid by the Former Sponsor on behalf of the Company. The Company reimbursed the Former Sponsor for organizational and offering expenses up to 3% of gross offering proceeds. Pursuant to an amendment to the Advisory Agreement dated October 14, 2019, the Company agreed to pay all future organization and offering costs, and to no longer be reimbursed by the Former Sponsor for investor relations personnel costs after September 30, 2019, in exchange for the Former Sponsor's agreement to terminate its right to receive 3% of all offering proceeds as a reimbursement for organization and offering costs paid by the Former Sponsor. The Former Sponsor and its affiliates were responsible for any organizational and offering expenses to the extent they exceeded 3% of gross offering proceeds through September 30, 2019. Through September 30, 2019, the Former Sponsor had incurred organizational and offering expenses in excess of 3% of the gross offering proceeds received by the Company. Through September 30, 2019, the Company reimbursed the Former Sponsor $5,429,105 in organization and offering costs, which was the Company's maximum liability for organization and offering costs. Investor Relations Payroll Expense Reimbursement from Former Sponsor The Company employs investor relations personnel to answer inquiries from potential and existing investors regarding the Company and/or its Registered Offerings. The payroll expenses associated with the investor relations personnel were reimbursed by the Former Sponsor through September 30, 2019. The Former Sponsor considered these payroll expenses to be offering expenses. The amount of payroll expenses reimbursements from the Former Sponsor for the three and nine months ended September 30, 2019 was $96,104 and $373,251, respectively, which was partially offset by a refund of employment related legal costs of $0 and $40,915, respectively. Acquisition Fees The Company paid the Former Advisor an amount equal to 3% of the contract purchase price of the Company’s properties plus additions to real estate investments as acquisition fees. The total of all acquisition fees and acquisition expenses was required to be reasonable and not to exceed 6% of the contract price of the property. However, a majority of the directors (including a majority of the independent directors) not otherwise interested in the transaction had the authority to approve fees in excess of these limits if they determined the transaction to be commercially competitive, fair and reasonable to the Company. Acqusition fees incurred were $5,459 during the three and nine months ended September 30, 2019. Asset Management Fee The Company paid the Former Advisor, as compensation for the advisory services rendered to the Company, a monthly fee in an amount equal to 0.1% of the total investment value, as defined in the Advisory Agreement (the “Asset Management Fee”), as of the end of the preceding month plus the book value of any properties acquired during the month, pro-rated based on the number of days owned. The Asset Management Fee was payable monthly on the last business day of such month. The Asset Management Fee, which was required to be reasonable in the determination of the Company’s independent directors at least annually, was to be taken or waived, in whole or in part as to any year, in the sole discretion of the Former Advisor. All or any portion of the Asset Management Fee not paid as to any fiscal year was allowed to be deferred without interest and paid in such other fiscal year as the Former Advisor determined. Additionally, to the extent the Former Advisor elected, in its sole discretion, to defer all or any portion of its monthly Asset Management Fee, the Former Advisor was deemed to have waived, not deferred, that portion of its monthly Asset Management Fee that was up to 0.025% of the total investment value of the Company’s assets. The total amount of Asset Management Fees incurred during the three and nine months ended September 30, 2019 was $680,349 and $2,040,386, respectively, of which none was waived. Financing Coordination Fee Other than with respect to any mortgage or other financing related to a property concurrent with its acquisition, if the Former Advisor or an affiliate provided a substantial amount of the services (as determined by a majority of the Company’s independent directors) in connection with the post-acquisition financing or refinancing of any debt that the Company obtained relative to a property, then the Company was to pay the Former Advisor or such affiliate a financing coordination fee equal to 1% of the amount of such financing. There were no financing coordination fees during the three months ended September 30, 2019 as there were no loans obtained during the quarter but the Company incurred and paid $63,500 of financing coordination fees related to a single loan during the nine months ended September 30, 2019. Property Management Fees If the Former Advisor or any of its affiliates provided a substantial amount of the property management services (as determined by a majority of the Company’s independent directors) for the Company’s properties, then the Company paid the Former Advisor or such affiliate a property management fee equal to 1.5% of gross revenues from the properties managed. The Company also reimbursed the Former Advisor and any of its affiliates for property-level expenses that such tenant paid or incurred to the Company, including salaries, bonuses and benefits of persons employed by the Former Advisor, except for the salaries, bonuses and benefits of persons who also served as one of the Company’s executive officers. The Former Advisor or its affiliate were entitled to subcontract the performance of its property management duties to third parties and pay all or a portion of its property management fee to the third parties with whom it contracted for these services. The Former Advisor provided property management services for 10 properties in the Company's portfolio during the three and nine months ended September 30, 2019. The Company incurred and paid $56,122 and $168,194 of property management fees during the three and nine months ended September 30, 2019, respectively. Disposition Fees For substantial assistance in connection with the sale of properties, the Company was to pay the Former Advisor or one of its affiliates 3% of the contract sales price, as defined in the Advisory Agreement, of each property sold; provided, however, that if, in connection with such disposition, commissions were paid to third parties unaffiliated with the Former Advisor or its affiliates, the disposition fees paid to the Former Advisor, the Former Sponsor, their affiliates and unaffiliated third parties could not exceed the lesser of the competitive real estate commission or 6% of the contract sales price. There were no disposition fees incurred during the three and nine months ended September 30, 2019. Subordinated Participation Fees The Company incurred a subordinated participation fee calculated as of December 31 of each year through 2018, payable to the Former Advisor or an affiliate thereof, which was paid (if owed) in the immediately following January. The subordinated participation fee was only due if the Preferred Return, as defined in the Advisory Agreement, was achieved and was equal to the sum of (using terms as defined in the Advisory Agreement): (i) 30% of the product of (a) the difference of (x) the Preliminary NAV per share minus (y) the Highest Prior NAV per share, multiplied by (b) the number of shares outstanding as of December 31 of the relevant annual period, but only if this resulted in a positive number, plus (ii) 30% of the product of: (a) the amount by which aggregate distributions to stockholders during the annual period, excluding return of capital distributions, divided by the weighted average number of shares outstanding for the annual period, exceeded the Preferred Return, multiplied by (b) the weighted average number of shares outstanding for the annual period calculated on a monthly basis. The Company calculated a subordinated participation fee of $839,050, which was accrued as of December 31, 2018 and paid in cash during the three months ended March 31, 2019. On August 9, 2019, the Advisory Agreement was amended to eliminate the Subordinated Participation Fee. Leasing Commission Fees If a property or properties of the Company became unleased and the Former Advisor or any of its affiliates provided a substantial amount of the services (as determined by a majority of the Company’s independent directors) in connection with the Company’s leasing of a property or properties to unaffiliated third parties, then the Company paid the Former Advisor or such affiliate leasing commissions equal to 6% of the rents due pursuant to such lease for the first ten years of the lease term; provided, however (i) if the term of the lease was less than ten years, such commission percentage was applied to the full term of the lease and (ii) any rents due under a renewal of a lease of an existing tenant upon expiration of the initial lease agreement (including any extensions provided for thereunder) accrued a commission of 3% in lieu of the aforementioned 6% commission. There were no leasing commission fees incurred during the three and nine months ended September 30, 2019. Other Operating Expense Reimbursements Under the Company's charter, prior to December 31, 2019, total operating expenses of the Company were limited to the greater of 2% of average invested assets or 25% of net income for the four most recently completed fiscal quarters (the “2%/25% Limitation”). If the Company exceeded the 2%/25% Limitation, the Former Advisor was required to reimburse the Company the amount by which the aggregate total operating expenses exceeded the limitation, or the Company was required to obtain a waiver from the Company's conflicts committee. For purposes of determining the 2%/25% Limitation amount, “average invested assets” meant the average monthly book value of the Company’s assets invested directly or indirectly in equity interests and loans secured by real estate during the 12-month period before deducting depreciation, reserves for bad debts or other non-cash reserves. “Total operating expenses” meant all expenses paid or incurred by the Company, as determined by GAAP, that were in any way related to the Company’s operation including asset management fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, listing and registration of shares of the Company’s common stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based upon increases in NAV per share; (f) acquisition fees and acquisition expenses (including expenses related to potential investments that the Company did not close); and (h) disposition fees on the sale of real property and other expenses connected with the acquisition, disposition and ownership of real estate interests or other property (other than disposition fees on the sale of assets other than real property), including the costs of insurance premiums, legal services, maintenance, repair and improvement of real property. The total reimbursable operating expenses incurred were $132,000 and $396,000 during the three and nine months ended September 30, 2019, respectively. The Company was in compliance with the 2%/25% Limitation for operating expenses for the four fiscal quarters ended September 30, 2019. Due to Affiliates In connection with the Self-Management Transaction, the Company assumed two notes payable aggregating $630,820 on December 31, 2019 owed to Mr. Wirta, the Company's Chairman, which were presented under due to affiliates in the Company's condensed consolidated balance sheets as of December 31, 2019. The notes payable had identical terms including a fixed interest rate of 10% paid semi-monthly and a maturity date of April 23, 2020. The remaining principal amount of $218,931 due for each note, aggregating $437,862, was paid on the maturity date. Related Party Transactions with Unconsolidated Entities The Company’s portion of asset management fees paid to the Former Advisor relating to the TIC Interest for the three and nine months ended September 30, 2019 was $47,977 and $143,930, respectively. The advisory agreement with the entity that owns the TIC Interest property was assigned to the Company's taxable REIT subsidiary following the Self-Management Transaction and the Company earns a monthly management fee equal to 0.1% of the total investment value of the property from this entity, which resulted in a fee of $65,993 for the three months ended September 30, 2020, of which the Company's portion was $47,984, and a fee of $197,979 for the nine months ended September 30, 2020, of which the Company's portion was $143,951. The Company’s portion of asset management fees paid to the Former Advisor relating to REIT I for the three and nine months ended September 30, 2019 was $9,483 and $29,606, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the property could result in future environmental liabilities. Tenant Improvements Pursuant to lease agreements, as of September 30, 2020 and December 31, 2019, the Company had obligations to pay $60,598 and $98,329, respectively, for on-site and tenant improvements to be incurred by tenants, including a 72.7% share of the tenant improvements for the Santa Clara, California TIC Interest. As of both September 30, 2020 and December 31, 2019, the Company had $92,684 of restricted cash held to fund other tenant improvements. Operating Lease As a result of the Self-Management Transaction, on December 31, 2019, a subsidiary of the Company assumed the operating lease of the corporate office in Costa Mesa, California from BrixInvest. The office lease had a remaining term of four years, ending on June 30, 2024. During the second quarter of 2020, the Company's subsidiary re-evaluated its physical office space requirement given the effect of the COVID-19 pandemic, commenced negotiations with the landlord in May 2020 and vacated the premises to the landlord on June 1, 2020. Effective October 29, 2020, the Company’s subsidiary entered into a lease amendment for early termination of the lease in exchange for a lease termination fee of $1,350,000 and as such the Company derecognized the right of use asset and the corresponding lease liability as of September 30, 2020. The termination fee was paid by the Company's subsidiary releasing its $135,544 security deposit and the Company's cash payment of $1,214,456. As a result of this transaction, the operating lease liability of $2,087,713 and the amount of accrued but unpaid lease payments of $242,216 which were previously included in accounts payable, accrued and other liabilities were partially offset by the elimination of the right of use asset of $2,019,577 and the release of the security deposit, resulting in a lease termination expense of $1,175,192 included in other expense for the three and nine months ended September 30, 2020. Because the rate implicit in the subsidiary's lease was not readily determinable, the Company used an incremental borrowing rate to account for the lease as of December 31, 2019. In determining the Company's incremental borrowing rate for the lease, the Company considered the rate on its unsecured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness and the term of the subsidiary's lease agreement. The discount rate used was 5.75%. Redemption of Common Stock The Company has a share repurchase program that enables qualifying stockholders to sell their stock to the Company in limited circumstances. The maximum amount of common stock that may be repurchased per month is limited to no more than 2% of the Company’s most recently determined aggregate NAV. Repurchases for any calendar quarter are limited to no more than 5% of its most recently determined aggregate NAV. The foregoing repurchase limitations are based on “net repurchases” during a quarter or month, as applicable. Thus, for any given calendar quarter or month, the maximum amount of repurchases during that quarter or month will be equal to (1) 5% or 2% (as applicable) of the Company’s most recently determined aggregate NAV, plus (2) proceeds from sales of new shares in the Registered Offerings and Class S Offering (including purchases pursuant to its Registered DRP Offering) since the beginning of a current calendar quarter or month, less (3) repurchase proceeds paid since the beginning of the current calendar quarter or month. The Company has the discretion to repurchase fewer shares than have been requested to be repurchased in a particular month or quarter, or to repurchase no shares at all, in the event that it lacks readily available funds to do so due to market conditions beyond the Company’s control, it needs to maintain liquidity for its operations, or because the Company determines that investing in real property or other illiquid investments is a better use of its capital than repurchasing its shares. In the event that the Company repurchases some but not all of the shares submitted for repurchase in a given period, shares submitted for repurchase during such period will be repurchased on a pro-rata basis, subject to any Extraordinary Circumstance Repurchase (defined below). The Company has the discretion, but not the obligation, under extraordinary market or economic circumstances, to make a special repurchase in equal, nominal quantities of shares from all stockholders who have submitted share repurchase requests during the period (“Extraordinary Circumstance Repurchase”). Extraordinary Circumstance Repurchases will precede any pro rata share repurchases that may be made during the period. During the period July 2020 to October 2020, the Company received share repurchase requests and repurchased shares as follows: Value of Share Repurchase Requests Received Repurchase Date Value of Shares Repurchased (1) July 2020 $ 8,359,586 August 5, 2020 $ 995,028 August 2020 $ 8,002,288 September 3, 2020 $ 1,420,636 September 2020 $ 6,747,834 October 5, 2020 $ 1,393,275 October 2020 $ 5,907,195 November 4, 2020 $ 1,537,198 (1) Included Extraordinary Circumstance Repurchases and after applicable administrative fees for shares held less than three years. In addition, the Company’s board of directors may amend, suspend or terminate the share repurchase program without stockholder approval upon 10 days’ notice if its directors believe such action is in the Company and its stockholders’ best interests. The Company’s board of directors may also amend, suspend or terminate the share repurchase program due to changes in law or regulation, or if the board of directors becomes aware of undisclosed material information that the Company believes should be publicly disclosed before shares are repurchased. Legal Matters From time-to-time, the Company may become party to legal proceedings that arise in the ordinary course of its business. Other than as described below, the Company is not a party to any legal proceeding, nor is the Company aware of any pending or threatened litigation that could have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such litigation be resolved unfavorably. On September 18, 2019, a lawsuit was filed in the Superior Court of the State of California, County of Los Angeles (the “State Court Action”), against the Former Advisor by “John Doe,” a fictitiously-named individual who was one of the Former Advisor's former employees. The Former Advisor understands that the plaintiff was its former Chief Digital Officer, who along with six other employees was subject to a reduction in force, communicated to all in advance, that was a result of financial constraints of the Former Advisor which necessitated the elimination of numerous job positions in May 2019. In the lawsuit, the former employee claims he was terminated in retaliation for his purported whistleblowing with respect to alleged misleading statements made by the Former Advisor and fraudulently induced arbitration requirements applicable to employees and investors. The complaint seeks to enjoin and rescind the enforcement of the arbitration agreement signed by the former employee and the arbitration requirements related to this complaint. In September 2020, the State Court Action was removed to the United States District Court, Central District of California. The Company is not a party to the lawsuit. The Former Advisor has denied all the accusations and allegations in the complaint and the Former Advisor intends to vigorously defend against the claims made by the plaintiff.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events until the date the condensed consolidated financial statements are issued. Significant subsequent events are described below: Offering Status Through October 31, 2020, the Company had sold 19,727,497 shares of Class C common stock in the Registered Offerings, for aggregate gross offering proceeds of $196,433,674, which included 2,262,304 shares of Class C common stock sold under its distribution reinvestment plan for gross proceeds of $21,556,543. Through October 31, 2020, the Company had sold 190,616 shares of Class S common stock in the Class S Offering, for aggregate gross offering proceeds of $1,928,448, which included 5,652 shares of Class S common stock sold under its distribution reinvestment plan for gross proceeds of $51,284. Distributions The Company paid the September 2020 distribution of $688,630 on October 26, 2020, based on the daily distribution rate of $0.00095890 per share per day of Class C and Class S common stock, which reflects an annualized distribution rate of $0.35 per share or 5.0% per share based on the Company's estimated NAV per share of $7.00 (unaudited). The Company generally pays distributions on the 25th day following the end of each month, or the next business day if the 25th day falls on a weekend or holiday. Redeemable Common Stock Subsequent to September 30, 2020, the Company redeemed 419,929 shares of Class C common stock for $2,926,160 and 616 shares of Class S common stock for $4,313. Sale of Real Estate Investment On October 28, 2020, the Company completed the sale of its Morgan Hill, CA industrial property which was leased to Dinan Cars for $6,100,000, which generated net proceeds of $3,811,580 after repayment of the existing mortgage, commissions and closing costs. Operating Lease Effective October 29, 2020, the Company’s subsidiary entered into a lease amendment for early termination of the lease of its former corporate office in Costa Mesa, California in exchange for a lease termination fee of $1,350,000 which was paid by release of the subsidiary’s $135,544 security deposit and the Company's cash payment of $1,214,456 (see Note 10 for further details).

SUMMARY OF SIGNIFICANT ACOUNT_2

SUMMARY OF SIGNIFICANT ACOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and the rules and regulations of the SEC. Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Such unaudited condensed consolidated financial statements and accompanying notes are the representations of the Company’s management, which is responsible for their integrity and objectivity. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 6, 2020. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which are normal and recurring, necessary to fairly state the Company's financial position, results of operations and cash flows. All significant intercompany balances and transactions are eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited financial statements. The condensed consolidated financial statements do not include all disclosures or notes required by GAAP for complete financial statements.
Use of Estimates	Use of EstimatesThe preparation of the condensed consolidated financial statements and the accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience, including considerations related to the COVID-19 pandemic
Noncontrolling Interests in Consolidated Entities	Noncontrolling Interests in Consolidated EntitiesThe Company accounts for the noncontrolling interests in its Operating Partnership in accordance with the related accounting guidance. Due to the Company's control of the Operating Partnership through its general partnership interest therein and the limited rights of the limited partners, the Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company, and the limited partner interests are reflected as noncontrolling interests in the accompanying condensed consolidated balance sheets.
Business Combinations	Business Combinations The Company accounts for business combinations in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”) and applicable Accounting Standard Updates, whereby the total consideration transferred is allocated to the assets acquired and liabilities assumed, including amounts attributable to any non-controlling interests, when applicable, based on their respective estimated fair values as of the date of acquisition. Goodwill represents the excess of consideration transferred over the estimated fair value of the net assets acquired in a business combination.
Revenue Recognition	Revenue Recognition The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606 ) (“ASU No. 2014-09”), effective January 1, 2018. The Company’s revenue impacted by ASU No. 2014-09 included revenue generated by sales of real estate, other operating income and tenant reimbursements for substantial services earned at the Company’s properties. Such revenues are recognized when the services are provided and the performance obligations are satisfied. Tenant reimbursements, consisting of amounts due from tenants for common area maintenance, property taxes and other recoverable costs, are recognized in rental income subsequent to the adoption of Topic 842, as discussed below, in the period the recoverable costs are incurred. Tenant reimbursements, for which the Company pays the associated costs directly to third-party vendors and is reimbursed by the tenants, are recognized and recorded on a gross basis. The Company adopted FASB ASU No. 2016-02, Leases (Topic 842), and the related FASB ASU Nos. 2018-10, 2018-11, 2018-20 and 2019-01 effective January 1, 2019, which provide practical expedients, technical corrections and improvements for certain aspects of ASU 2016-02, on a modified retrospective basis (collectively, “Topic 842”). Topic 842 establishes a single comprehensive model for entities to use in accounting for leases and supersedes the existing leasing guidance. Topic 842 applies to all entities that enter into leases. Lessees are required to report assets and liabilities that arise from leases. Lessor accounting has largely remained unchanged; however, certain refinements were made to conform with revenue recognition guidance, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. Topic 842 impacts the Company's accounting for leases primarily as a lessor. However, Topic 842 also impacts the Company's accounting as a lessee for an operating lease assumed as a result of the Self-Management Transaction, which was completed on December 31, 2019. As a lessor, the Company's leases with tenants generally provide for the lease of real estate properties, as well as common area maintenance, property taxes and other recoverable costs. Under Topic 842, the lease of space is considered a lease component while the common area maintenance, property taxes and other recoverable costs billings are considered nonlease components, which fall under revenue recognition guidance in ASU No. 2014-09. However, upon adopting the guidance in Topic 842, the Company determined that its tenant leases met the criteria to apply the practical expedient provided by ASU No. 2018-11 to recognize the lease and non-lease components together as one single component. This conclusion was based on the consideration that (1) the timing and pattern of transfer of the nonlease components and associated lease components are the same, and (2) the lease component, if accounted for separately, would be classified as an operating lease. As the lease of properties is the predominant component of the Company's leasing arrangements, the Company accounted for all lease and nonlease components as one, single component under Topic 842. As a result, the adoption of Topic 842 did not have any impact on the Company's timing or pattern of recognition of rental revenues as compared to previous guidance. To reflect recognition as one lease component, rental income and tenant reimbursements and other lease related property income that meet the requirements of the practical expedient provided by ASU No. 2018-11 have been combined under rental income subsequent to the adoption of Topic 842 in the Company's consolidated statements of operations. For the three months ended September 30, 2020 and 2019, tenant reimbursements included in rental income amounted to $1,622,218 and $1,328,373, respectively, and for the nine months ended September 30, 2020 and 2019, tenant reimbursements included in rental income amounted to $5,521,723 and $3,514,836, respectively. The Company recognizes rental income from tenants under operating leases on a straight-line basis over the noncancelable term of the lease when collectability of such amounts is reasonably assured. Recognition of rental income on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. If the lease provides for tenant improvements, management of the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or by the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that the tenant can take in the form of cash or a credit against its rent) that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. Tenant reimbursements of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred and presented gross if the Company is the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. In instances where the operating lease agreement has an early termination option, the termination penalty is based on a predetermined termination fee or based on the unamortized tenant improvements and leasing commissions. The Company evaluates the collectability of rents and other receivables on a regular basis based on factors including, among others, payment history, credit rating, the asset type, and current economic conditions. If the Company’s evaluation of these factors indicates it may not recover the full value of the receivable, it provides an allowance against the portion of the receivable that it estimates may not be recovered. This analysis requires the Company to determine whether there are factors indicating a receivable may not be fully collectible and to estimate the amount of the receivable that may not be collected. The Company recognizes gain or loss on sale of real estate property when the Company has executed a contract for sale of the property, transferred controlling financial interest in the property to the buyer and determined that it is probable that the Company will collect substantially all of the consideration for the property. The Company's real estate property sale transactions for the three months ended September 30, 2020 met these criteria at closing.
Bad Debts and Allowances for Tenant and Deferred Rent Receivables and Leasing Costs	Bad Debts and Allowances for Tenant and Deferred Rent Receivables Since the adoption of Topic 842 on January 1, 2019, the Company's determination of the adequacy of its allowances for tenant receivables includes a binary assessment of whether or not the amounts due under a tenant’s lease agreement are probable of collection. For such amounts that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For such amounts that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. In addition, for tenant and deferred rent receivables deemed probable of collection, the Company also may record an allowance under other authoritative GAAP depending upon the Company's evaluation of the individual receivables, specific credit enhancements, current economic conditions, and other relevant factors. Such allowances are recorded as increases or decreases through rental income in the Company's consolidated statements of operations. With respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. When a tenant is in bankruptcy, the Company will record a bad debt allowance for the tenant’s receivable balance and generally will not recognize subsequent rental income until cash is received or until the tenant is no longer in bankruptcy and has the ability to make rental payments. Leasing Costs Upon adoption of Topic 842, the Company elected to apply the package of practical expedients provided and did not reassess the following as of January 1, 2019: (1) whether any expired or existing contracts are leases or contain leases; (2) the lease classification for any expired or existing leases; and (3) initial direct costs for any existing leases. Under Topic 842, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, since January 1, 2019, the Company no longer capitalizes internal leasing costs and third-party legal leasing costs and instead charges these costs to expense as incurred. These expenses are included in legal leasing costs under property expenses in the Company's condensed consolidated statements of operations. The election of the package of practical expedients described above permits the Company to continue to account for its leases that commenced before January 1, 2019 under the previously existing lease accounting guidance for the remainder of their lease terms, and to apply the new lease accounting guidance to leases entered into or acquired commencing or modified after January 1, 2019.
Impairment of Investment in Real Estate Properties	Impairment of Investment in Real Estate PropertiesThe Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of real estate assets may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of real estate assets may not be recoverable, management assesses whether the carrying value of the assets will be recovered through the future undiscounted operating cash flows expected from the use of and eventual disposition of the property. If, based on the analysis, the Company does not believe that it will be able to recover the carrying value of the asset, the Company records an impairment charge to the extent the carrying value exceeds the estimated fair value of the asset.
Per Share Data	Per Share Data The Company reports a dual presentation of basic earnings per share (“Basic EPS”) and diluted earnings per share (“Diluted EPS”). Basic EPS excludes dilution and is computed by dividing net income or loss by the weighted average number of common shares outstanding during the period. Diluted EPS uses the treasury stock method or the if-converted method, where applicable, to compute for the potential dilution that would occur if dilutive securities or commitments to issue common stock were exercised. Diluted EPS is the same as Basic EPS for the three and nine months ended September 30, 2020 and 2019 as the Company had a net loss for all reported periods. As of September 30, 2020, there were 657,949.5 Class M OP Units and 56,029 Class P OP Units that are convertible to Class C OP Units (defined below) at a conversion ratio of five Class C OP Units for each one Class M OP Unit or Class P OP Unit, as applicable, after a specified period of time (see Note 3 ). The holders of Class C OP Units may exchange such Class C OP Units for shares of the Company's Class C common stock on a 1-for-1 basis or, at the Company’s sole and absolute discretion, for cash. The Class M OP Units and Class P OP Units, and the shares of Class C common stock into which they may ultimately be converted, were excluded from the computation of Diluted EPS because their effect would not be dilutive. There were no other outstanding securities or commitments to issue common stock that would have a dilutive effect for the periods then ended.
Fair Value Disclosures	Fair Value Disclosures Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an existing price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy, which is based on three levels of inputs, the first two of which are considered observable and the last unobservable, that may be used to measure fair value, is as follows: Level 1: quoted prices in active markets for identical assets or liabilities; Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value for certain financial instruments is derived using valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of financial instrument for which it is practicable to estimate the fair value: Cash and cash equivalents, restricted cash, tenant receivables, due from affiliates, prepaid expenses and other assets, accounts payable, accrued and other liabilities and due to affiliates: These balances approximate their fair values due to the short maturities of these items. Derivative Instruments: The Company’s derivative instruments are presented at fair value in the accompanying condensed consolidated balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risks to the contracts, are incorporated in the fair values to account for potential nonperformance risk. Goodwill and Intangible Assets: The fair value measurements of goodwill and intangible assets are considered Level 3 nonrecurring fair value measurements. For goodwill, fair value measurement involves the determination of fair value of a reporting unit. The Company uses a Monte Carlo simulation model to estimate future performance, generating the fair value of the reporting unit's business. For intangible assets, fair value measurements include assumptions with inherent uncertainty, including projected Offerings volumes and related projected revenues and long-term growth rates, among others. The carrying value of intangible assets is at risk of impairment if future projected Offerings proceeds, revenues or long-term growth rates are lower than those currently projected. Unsecured credit facility and short-term notes payable: The fair values of the Company’s unsecured credit facility and short-term notes payable approximate the carrying values of the unsecured credit facility and short-term notes payable as their interest rates and other terms are comparable to those available in the market place for a similar credit facility and short-term note, respectively. Mortgage notes payable: The fair value of the Company’s mortgage notes payable is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs.
Restricted Cash	Restricted CashRestricted cash is comprised of funds which are restricted for use as required by certain lenders in conjunction with an acquisition or debt financing or modification and for on-site and tenant improvements or property taxes.
Real Estate Investments Held for Sale	Real Estate Investments Held for Sale The Company generally considers a real estate investment to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as “real estate investment held for sale, net” and “assets related to real estate investment held for sale,” respectively, in the accompanying condensed consolidated balance sheets. Mortgage notes payable and other liabilities related to real estate investments held for sale are classified as “mortgage notes payable related to real estate investments held for sale, net” and “liabilities related to real estate investments held for sale,” respectively, in the accompanying condensed consolidated balance sheets. Real estate investments classified as held for sale are no longer depreciated and are reported at the lower of their carrying value or their estimated fair value less estimated costs to sell. Operating results of properties that were classified as held for sale in the ordinary course of business are included in continuing operations in the Company’s accompanying condensed consolidated statements of operations.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The Company records goodwill when the purchase price of a business combination exceeds the estimated fair value of net identified tangible and intangible assets acquired. The Company evaluates goodwill for possible impairment in accordance with ASC 350, Intangibles–Goodwill and Other on an annual basis, or more frequently when events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit has declined below its carrying value. If the carrying amount of the reporting unit exceeds its fair value, an impairment charge is recognized. Due to the impacts of the COVID-19 pandemic, the Company performed an impairment test of goodwill for the three months ended March 31, 2020. Since the Company is a single reporting unit, the Company performed a quantitative analysis to compare the estimated fair value of the Company’s net tangible and intangible assets to the preliminary carrying value of its net tangible and intangible assets as of March 31, 2020. The recorded goodwill impairment charge of $33,267,143 represents the excess of the Company’s net book value over its estimated fair value as of March 31, 2020. No additional goodwill impairment charges were recorded for the period from April 1, 2020 to September 30, 2020. three five
Reclassifications	Reclassifications Certain prior period cash flows from operations account grouping in the condensed consolidated statement of cash flows has been reclassified to conform with the current year presentation. The reclassifications had no impact on net loss.
Restricted Stock Units and Restricted Stock Unit Awards	Restricted Stock Units and Restricted Stock Unit Awards The fair values of the Operating Partnership's units or restricted stock unit awards issued or granted by the Company are based on the most recent NAV per share of the Company’s common stock on the date of issuance or grant. Operating Partnership units issued as purchase consideration in connection with the Self-Management Transaction discussed in Note 3 are recorded in equity under noncontrolling interests in the Operating Partnership in the Company's condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019 and condensed consolidated statements of equity for the three and nine months ended September 30, 2020. For units granted to employees of the Company that are not included in the purchase consideration, the fair value of the award is amortized using the straight-line method over the requisite service period of the award, which is generally the vesting period (see Note 3 ). The Company determines the accounting classification of equity instruments (e.g. restricted stock units) that are issued as purchase consideration or part of the purchase consideration in a business combination, as either liability or equity, by first assessing whether the equity instruments meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“ASC 480-10”), and then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“ASC 815-40”). Under ASC 480-10, equity instruments are classified as liabilities if the equity instruments are mandatorily redeemable, obligate the issuer to settle the equity instruments or the underlying shares by paying cash or other assets, or must or may require an unconditional obligation that must be settled by issuing a variable number of shares. If equity instruments do not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the equity instruments do not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the equity instruments are indexed to its common stock and whether the equity instruments are classified as equity under ASC 815-40 or other applicable GAAP guidance. After all relevant assessments are made, the Company concludes whether the equity instruments are classified as liability or equity. Liability classified equity instruments are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded in the statements of operations as a gain or loss. Equity classified equity instruments are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Standards Recently Issued and Adopted In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework -Changes to the Disclosure Requirements for Fair Value Measurement (“ASU No. 2018-13”). ASU No. 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation processes for Level 3 fair value measurements. It also adds a requirement to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and to disclose the range and weighted average of significant unobservable inputs used to develop recurring and nonrecurring Level 3 fair value measurements. For certain unobservable inputs, entities may disclose other quantitative information in lieu of the weighted average if the other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop the Level 3 fair value measurement. In addition, public entities are required to provide information about the measurement uncertainty of recurring Level 3 fair value measurements from the use of significant unobservable inputs if those inputs reasonably could have been different at the reporting date. ASU No. 2018-13 is effective for the Company beginning January 1, 2020. Entities were permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of ASU No. 2018-13 on January 1, 2020 did not have a material impact on the Company's consolidated financial statements. In April 2020, the FASB issued a FASB Staff Q&A related to Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic (the “Topic 842 Q&A”). The Company adopted the lease accounting standards of Topic 842 beginning January 1, 2019. Under Topic 842, subsequent changes to lease payments that are not stipulated in the original lease contract are generally accounted for as lease modifications. Some contracts may contain explicit or implicit enforceable rights and obligations that require lease concessions if certain circumstances arise that are beyond the control of the parties to the contract. If a lease contract provides enforceable rights and obligations for concessions in the contract and no changes are made to that contract, the concessions are not accounted for under the lease modification guidance in Topic 842. If concessions granted by lessors are beyond the enforceable rights and obligations in the contract, entities would generally account for those concessions in accordance with the lease modification guidance in Topic 842. Because of the unprecedented and global nature of the COVID-19 pandemic, the FASB staff is aware that it may be exceedingly challenging for entities to determine whether existing contracts provide enforceable rights and obligations for lease concessions and whether those concessions are consistent with the terms of the contract or are modifications to the contract. As such, the FASB staff believes that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 to those contracts. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. For example, this election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The FASB staff expects that reasonable judgment will be exercised in making those determinations. Some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. A deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The FASB staff expects that there will be multiple ways to account for those deferrals, none of which the FASB staff believes are more preferable than the others. Two of those methods are: (1) account for the concessions as if no changes to the lease contract were made; under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue; in its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period; and (2) account for the deferred payments as variable lease payments. The Company has elected to utilize the method wherein the concessions result in additional lease receivable during the deferral period as available under the Topic 842 Q&A for lease concessions related to the effects of the COVID-19 pandemic. The Company's lease concessions related to the effects of the COVID-19 pandemic resulted in a receivable of $79,463 on the Company’s condensed consolidated balance sheet as of September 30, 2020, approximately 29% of which was collected subsequent to September 30, 2020. Due to the continuing nature of the COVID-19 pandemic, there may be subsequent impacts from future tenant requests for lease concessions or deferrals for future periods. The Company maintains an inventory of tenants which have or are expected to request lease concessions. Future lease concessions may have an impact on the Company’s business, financial condition and results of operations, but the ultimate impact will largely depend on future developments with respect to the continued spread and treatment of COVID-19, which the Company cannot accurately predict at this time. New Accounting Standards Recently Issued and Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 eases the potential burden in accounting for recognizing the effects of reference rate reform on financial reporting. Such challenges include the accounting and operational implications for contract modifications and hedge accounting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to loan and lease agreements, contracts, hedging relationships, and other transactions affected by reference rate reform. These provisions apply to contract modifications that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discounted because of reference rate reform. Qualifying modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate, and the modification would be considered “minor” so that any existing unamortized deferred loan origination fees and costs would carry forward and continue to be amortized. Qualifying modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for hedge accounting. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022, with adoption permitted as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected, the amendments must be applied prospectively for all eligible contract modifications. The Company is currently evaluating the effect that ASU 2020-04 will have on the Company’s consolidated financial statements.

MERGER AND SELF-MANAGEMENT TR_2

MERGER AND SELF-MANAGEMENT TRANSACTION (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Purchase Price Allocation	The following table summarizes the allocation of the purchase price to the fair values assigned to the REIT I assets acquired and liabilities assumed as of December 31, 2019, the Merger closing date. These fair values were based on internal Company and independent external third-party valuations: Fair Values Assigned December 31, Assets: Real estate property, including above/below lease intangibles $ 151,099,097 Cash and cash equivalents 1,612,331 Tenant receivable 310,169 Prepaid expenses and other assets 51,924 Liabilities: Mortgage notes payable, net (62,985,425) Accounts payable and other liabilities (2,243,156) Net 87,844,940 Less: Cancellation of investment in REIT I (Note 5) (3,091,489) Capitalized transaction-related costs (3,044,480) Net Assets Acquired $ 81,708,971 The following table summarizes the allocation of the purchase price to the fair values assigned to the BrixInvest assets acquired and liabilities assumed as of December 31, 2019, the closing date of the Self-Management Transaction. These fair values were based on internal Company and independent external third-party valuations: Fair Values Assigned December 31, 2019 Assets: Cash and cash equivalents $ (204,176) Prepaid expenses and other assets (305,212) Operating lease right-of-use asset (2,386,877) Intangible assets (7,700,000) Liabilities: Short-term notes payable 4,800,000 Due to affiliates 630,820 Bank line of credit 800,000 Accounts payable and other liabilities 2,070,968 Operating lease liability 2,386,877 Net liabilities assumed 92,400 Less: Cancellation of investment in the Company (107,400) Add: Contribution of Class M OP Units and Class P OP Units 50,603,000 Goodwill $ 50,588,000
Class M OP Units Conversion	In the event that the Class M OP Units are converted into Class C OP Units prior to December 31, 2023, such Class M OP Units shall be exchanged at the rate indicated below: Date of Exchange Early Conversion Rate From December 31, 2020 to December 30, 2021 50% of the Class M conversion ratio From December 31, 2021 to December 30, 2022 60% of the Class M conversion ratio From December 31, 2022 to December 30, 2023 70% of the Class M conversion ratio The Class M OP Units are eligible for an increase in the conversion ratio (conversion ratio enhancement) if the Company achieves both of the targets for assets under management (“AUM”) and adjusted funds from operations (“AFFO”) in a given year as set forth below: Hurdles AUM AFFO Per Share Class M ($ in billions) ($) Conversion Ratio Initial Conversion Ratio 1:5.00 Fiscal Year 2021 $ 0.860 $ 0.59 1:5.75 Fiscal Year 2022 $ 1.175 $ 0.65 1:7.50 Fiscal Year 2023 $ 1.551 $ 0.70 1:9.00
Net Carrying Amount of Goodwill	The net carrying amount of goodwill as of September 30, 2020 and December 31, 2019 is as follows: September 30, December 31, Goodwill $ 17,320,857 $ 50,588,000
Intangible Assets Acquired	Intangible assets, net as of September 30, 2020 and December 31, 2019 and related useful lives were as follows: Intangible Assets Weighted-Average Useful Life September 30, December 31, Investor list, net 5.0 years $ 3,494,740 $ 4,800,000 Web services technology, domains and licenses 3.0 years 3,466,102 2,900,000 6,960,842 7,700,000 Accumulated amortization (1,372,910) — Net $ 5,587,932 $ 7,700,000

REAL ESTATE INVESTMENTS, NET (T

REAL ESTATE INVESTMENTS, NET (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Real Estate Properties	The following table provides summary information regarding the Company’s operating properties as of September 30, 2020: Property Location Acquisition Date Property Type Land, Buildings and Improvements Tenant Origination and Absorption Costs Accumulated Depreciation and Amortization Total Investment in Real Estate Property, Net Accredo Health Orlando, FL 6/15/2016 Office $ 9,855,847 $ 1,269,349 $ (2,104,747) $ 9,020,449 Dollar General Litchfield, ME 11/4/2016 Retail 1,281,812 116,302 (155,945) 1,242,169 Dollar General Wilton, ME 11/4/2016 Retail 1,543,776 140,653 (199,575) 1,484,854 Dollar General Thompsontown, PA 11/4/2016 Retail 1,199,860 106,730 (149,835) 1,156,755 Dollar General Mt. Gilead, OH 11/4/2016 Retail 1,174,188 111,847 (143,657) 1,142,378 Dollar General Lakeside, OH 11/4/2016 Retail 1,112,872 100,857 (147,437) 1,066,292 Dollar General Castalia, OH 11/4/2016 Retail 1,102,086 86,408 (143,250) 1,045,244 Dana (1) Cedar Park, TX 12/27/2016 Industrial 6,802,876 531,439 (1,762,138) 5,572,177 Northrop Grumman Melbourne, FL 3/7/2017 Office 12,382,991 1,341,199 (2,773,228) 10,950,962 exp US Services Maitland, FL 3/27/2017 Office 6,056,668 388,248 (777,286) 5,667,630 Wyndham Summerlin, NV 6/22/2017 Office 10,406,483 669,232 (1,081,599) 9,994,116 Williams Sonoma Summerlin, NV 6/22/2017 Office 8,079,612 550,486 (980,566) 7,649,532 Omnicare Richmond, VA 7/20/2017 Industrial 7,262,747 281,442 (771,324) 6,772,865 EMCOR Cincinnati, OH 8/29/2017 Office 5,960,610 463,488 (559,314) 5,864,784 Husqvarna Charlotte, NC 11/30/2017 Industrial 11,840,200 1,013,948 (1,024,378) 11,829,770 AvAir Chandler, AZ 12/28/2017 Industrial 27,357,900 — (1,937,616) 25,420,284 3M DeKalb, IL 3/29/2018 Industrial 14,762,819 2,356,361 (3,165,253) 13,953,927 Cummins Nashville, TN 4/4/2018 Office 14,465,491 1,536,998 (1,953,297) 14,049,192 Northrop Grumman Parcel Melbourne, FL 6/21/2018 Land 329,410 — — 329,410 Texas Health Dallas, TX 9/13/2018 Office 6,976,703 713,221 (607,013) 7,082,911 Bon Secours Richmond, VA 10/31/2018 Office 10,388,751 800,356 (865,130) 10,323,977 Costco Issaquah, WA 12/20/2018 Office 27,330,797 2,765,136 (2,328,660) 27,767,273 Taylor Fresh Foods Yuma, AZ 10/24/2019 Industrial 34,194,369 2,894,017 (1,266,604) 35,821,782 Chevron Gas Station San Jose, CA 12/31/2019 Retail 4,054,759 145,577 (45,475) 4,154,861 Levins Sacramento, CA 12/31/2019 Industrial 4,429,390 221,927 (165,456) 4,485,861 Chevron Gas Station Roseville, CA 12/31/2019 Retail 3,648,571 136,415 (89,270) 3,695,716 Dollar General Bakersfield, CA 12/31/2019 Retail 4,899,714 261,630 (110,349) 5,050,995 PMI Preclinical San Carlos, CA 12/31/2019 Industrial 9,672,174 408,225 (153,241) 9,927,158 EcoThrift Sacramento, CA 12/31/2019 Retail 5,550,226 273,846 (223,109) 5,600,963 GSA (MSHA) Vacaville, CA 12/31/2019 Office 3,112,076 243,307 (103,886) 3,251,497 PreK Education San Antonio, TX 12/31/2019 Retail 12,447,287 447,927 (449,571) 12,445,643 Dollar Tree Morrow, GA 12/31/2019 Retail 1,320,367 73,298 (53,183) 1,340,482 Solar Turbines San Diego, CA 12/31/2019 Office 7,133,241 284,026 (253,605) 7,163,662 Wood Group San Diego, CA 12/31/2019 Industrial 9,731,220 392,955 (423,870) 9,700,305 ITW Rippey El Dorado, CA 12/31/2019 Industrial 7,071,143 304,387 (226,824) 7,148,706 Dollar General Big Spring, TX 12/31/2019 Retail 1,281,683 76,351 (38,227) 1,319,807 Gap Rocklin, CA 12/31/2019 Office 8,378,276 360,377 (359,480) 8,379,173 L-3 Communications San Diego, CA 12/31/2019 Industrial 11,631,857 454,035 (353,117) 11,732,775 Sutter Health Rancho Cordova, CA 12/31/2019 Office 29,555,055 1,616,610 (810,261) 30,361,404 Walgreens Santa Maria, CA 12/31/2019 Retail 5,223,442 335,945 (99,720) 5,459,667 $ 351,009,349 $ 24,274,555 $ (28,856,496) $ 346,427,408 (1) See impairment charges discussion below. The details of the Company's real estate impairment charges for the nine months ended September 30, 2020 were as follows: Property Location Nine Months Ended September 30, 2020 Rite Aid Lake Elsinore, CA $ 349,457 Dana Cedar Park, TX 2,184,395 24 Hour Fitness Las Vegas, NV 5,664,517 Dinan Cars Morgan Hill, CA 1,308,156 $ 9,506,525
Dispositions and Real Estate Investments Held for Sale	The Company sold the following properties during the nine months ended September 30, 2020: Property Location Disposition Date Property Type Rentable Square Feet Contract Sale Price (Loss) Gain on Sale Rite Aid Lake Elsinore, CA 8/3/2020 Retail 70,960 $ 7,250,000 $ (422) Walgreens Stockbridge, GA 8/27/2020 Retail 15,120 5,538,462 1,306,768 Island Pacific Elk Grove, CA 9/16/2020 Retail 27,296 3,155,000 387,296 113,376 $ 15,943,462 $ 1,693,642 The following table summarizes the major components of assets and liabilities related to real estate investments held for sale as of September 30, 2020: September 30, 2020 Assets related to real estate investments held for sale: Land, buildings and improvements $ 24,971,754 Tenant origination and absorption costs 176,276 Accumulated depreciation and amortization (2,114,912) Real estate investments held for sale, net 23,033,118 Other assets, net 864,008 Total assets related to real estate investments held for sale: $ 23,897,126 Liabilities related to real estate investments held for sale: Mortgage notes payable, net $ 14,671,370 Other liabilities, net (a) 3,934,795 Total liabilities related to real estate investments held for sale: $ 18,606,165 (a) Includes the estimated liability for a loan guarantee related to the secured mortgage for the Las Vegas, Nevada property formerly leased to 24 Hour Fitness, as a result of the evaluation of the impact of the COVID-19 pandemic on the tenant's business and the risk that the lender could foreclose on the property if the pending sale described above does not close. The following table summarizes the major components of rental income, expenses and impairment related to real estate investments held for sale as of September 30, 2020, which were included in continuing operations for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues $ 366,673 $ 593,981 $ 2,004,279 $ 1,750,072 Expenses: Interest expense 169,871 155,722 554,009 610,583 Depreciation and amortization 145,695 198,785 554,036 594,353 Other expenses 143,173 169,520 414,115 499,998 Impairment of real estate properties/reserve — — 10,097,710 — Total expenses 458,739 524,027 11,619,870 1,704,934 Net (loss) income $ (92,066) $ 69,954 $ (9,615,591) $ 45,138
Revenue Concentration	The Company’s revenue concentration based on tenants representing greater than 10% of total revenues for the three and nine months ended September 30, 2019 was as follows: Three Months Ended Property and Location Revenue Percentage of Total Revenue Costco, Issaquah, WA $ 662,585 10.8 % AvAir, Chandler, AZ $ 671,406 11.0 % Nine Months Ended Property and Location Revenue Percentage of Total Revenue Costco, Issaquah, WA $ 2,038,609 11.4 % AvAir, Chandler, AZ $ 2,004,954 11.2 %
Rental Payments for Operating Leases	As of September 30, 2020, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases, excluding rents due related to real estate investments held for sale, are as follows: October through December 2020 $ 6,528,690 2021 25,681,770 2022 23,147,301 2023 19,412,451 2024 19,229,235 2025 15,813,536 Thereafter 42,540,235 $ 152,353,218
Intangible Assets	As of September 30, 2020, the Company’s lease intangibles were as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles Cost $ 24,274,555 $ 1,194,720 $ (15,552,554) Accumulated amortization (8,689,796) (284,219) 2,277,721 Net amount $ 15,584,759 $ 910,501 $ (13,274,833)
Intangible Assets Amortization	As of September 30, 2020, the amortization of intangible assets for the three months ending December 31, 2020 and for each year of the next five years and thereafter is expected to be as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles October through December 2020 $ 1,106,918 $ 35,445 $ (383,344) 2021 3,698,643 141,779 (1,525,877) 2022 2,709,134 141,780 (1,280,223) 2023 1,832,039 139,131 (984,317) 2024 1,715,028 134,500 (980,897) 2025 1,316,375 122,383 (980,897) Thereafter 3,206,622 195,483 (7,139,278) $ 15,584,759 $ 910,501 $ (13,274,833) Weighted-average remaining amortization period 7.0 years 7.3 years 12.2 years

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED ENTITY (Tables)	9 Months Ended
	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Investments	The Company’s investment in unconsolidated entity as of September 30, 2020 and December 31, 2019 is as follows: September 30, December 31, The TIC Interest $ 10,085,476 $ 10,388,588
Entities Equity In Earnings	The Company’s income (loss) from investments in unconsolidated entities for the three and nine months ended September 30, 2020 and 2019, is as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 The TIC Interest $ 92,617 $ 72,613 $ 239,028 $ 224,676 REIT I — (35,043) — (57,118) $ 92,617 $ 37,570 $ 239,028 $ 167,558
The TIC Interest
Schedule of Equity Method Investments [Line Items]
Summarized Financial Information	The following is summarized financial information for the Santa Clara property as of September 30, 2020 and December 31, 2019 and for the three and nine months ended September 30, 2020 and 2019: September 30, December 31, Assets: Real estate investments, net $ 30,156,162 $ 30,858,240 Cash and cash equivalents 356,848 275,760 Other assets 192,251 228,770 Total assets $ 30,705,261 $ 31,362,770 Liabilities: Mortgage notes payable $ 13,555,271 $ 13,746,635 Below-market lease, net 2,843,570 2,953,360 Other liabilities 129,110 68,587 Total liabilities 16,527,951 16,768,582 Total equity 14,177,310 14,594,188 Total liabilities and equity $ 30,705,261 $ 31,362,770 Three Months Ended Nine Months Ended 2020 2019 2020 2019 Total revenues $ 697,851 $ 672,011 $ 2,047,424 $ 2,032,004 Expenses: Interest expense 141,935 144,329 424,544 430,215 Depreciation and amortization 250,015 248,136 749,913 744,408 Other expenses 178,522 179,680 544,225 548,378 Total expenses 570,472 572,145 1,718,682 1,723,001 Net income $ 127,379 $ 99,866 $ 328,742 $ 309,003
REIT I
Schedule of Equity Method Investments [Line Items]
Summarized Financial Information	The following is REIT I's summarized results of operations for the three and nine months ended September 30, 2019: Three Months Ended Nine Months Ended Total revenues $ 3,302,347 $ 9,868,701 Expenses: Depreciation and amortization 1,450,227 4,336,641 Interest expense 828,987 2,674,383 Other expenses 1,746,989 4,150,881 Total expenses 4,026,203 11,161,905 Other income: Other income (1) — 113,773 Net loss $ (723,856) $ (1,179,431) (1) The gain on disposal of real estate investment property of $113,773 during the nine months ended September 30, 2019 was due to the higher mortgage loan balance and related interest payable for the Antioch, California Chase property compared to its net book value when it was relinquished in a foreclosure sale on March 13, 2019.

CONDENSED CONSOLIDATED BALANC_4

CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Balance Sheet Disclsoure [Abstract]
Summary of Tenant receivables	Tenant receivables consisted of the following: September 30, December 31, Straight-line rent $ 3,880,016 $ 3,541,238 Tenant rent 933,626 420,959 Tenant reimbursements 1,811,884 1,854,883 Tenant other 333,085 407,684 Total $ 6,958,611 $ 6,224,764
Accounts Payable, Accrued and Other Liabilities	Accounts payable, accrued and other liabilities were comprised of the following: September 30, December 31, Accounts payable $ 533,307 $ 660,111 Accrued expenses (a) 4,385,071 5,773,214 Accrued distributions 694,554 962,615 Accrued interest payable 647,632 1,690,168 Unearned rent 1,679,277 1,963,896 Lease incentive obligation 5,157 505,157 Total $ 7,944,998 $ 11,555,161 (a) Includes accrued Merger expenses of $1,570,622 as of December 31, 2019.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	As of September 30, 2020 and December 31, 2019, the Company’s mortgage notes payable consisted of the following: Collateral 2020 Principal 2019 Principal Contractual Interest Effective Loan Accredo/Walgreens property (8)(11) $ 8,538,000 $ 6,853,442 3.80% 3.80% 2025-08-01 Six Dollar General properties 3,765,883 3,819,264 4.69% 4.69% 2022-04-01 Dana property 4,488,612 4,551,250 4.56% 4.56% 2023-04-01 Northrop Grumman property 5,556,618 5,666,866 4.40% 4.40% 2021-03-02 exp US Services property 3,338,239 3,385,353 (3) 4.25% 2024-11-17 Harley Davidson property (13) — 6,748,029 4.25% 4.25% 2024-09-01 Wyndham property (2) 5,634,900 5,716,200 One-month LIBOR + 2.05% 4.34% 2027-06-05 Williams Sonoma property (2) 4,461,300 4,530,600 One-month LIBOR + 2.05% 4.34% 2022-06-05 Omnicare property 4,213,726 4,273,552 4.36% 4.36% 2026-05-01 EMCOR property 2,824,657 2,862,484 4.35% 4.35% 2024-12-01 Husqvarna property 6,379,182 6,379,182 (4) 4.60% 2028-02-20 AvAir property (9) 19,950,000 14,575,000 3.80% 3.80% 2025-08-01 3M property 8,197,500 8,290,000 One-month LIBOR + 2.25% 5.09% 2023-03-29 Cummins property 8,364,300 8,458,600 One-month LIBOR + 2.25% 5.16% 2023-04-04 Former 24 Hour Fitness property (5)(13) — 6,283,898 One-month LIBOR + 4.30% 4.64% 2049-04-01 Texas Health property 4,382,914 4,400,000 4.00% 4.00% 2024-12-05 Bon Secours property 5,198,071 5,250,000 5.41% 5.41% 2026-09-15 Costco property 18,850,000 18,850,000 4.85% 4.85% 2030-01-01 Taylor Fresh Foods 12,350,000 12,350,000 3.85% 3.85% 2029-11-01 Levins property (6) 2,044,473 2,079,793 One-month LIBOR + 1.93% 3.74% 2021-01-05 Island Pacific Supermarket property (6)(11) — 1,891,225 One-month LIBOR + 1.93% 3.74% 2033-05-30 Dollar General Bakersfield property (6) 2,283,061 2,324,338 One-month LIBOR + 1.48% 3.38% 2021-03-05 Rite Aid property (6)(11) — 3,659,338 One-month LIBOR + 1.50% 3.25% 2021-05-05 PMI Preclinical property (6) 4,045,472 4,118,613 One-month LIBOR + 1.48% 3.38% 2021-03-05 EcoThrift property (6) 2,590,233 2,639,237 One-month LIBOR + 1.21% 2.96% 2021-07-05 GSA (MSHA) property (6) 1,763,359 1,796,361 One-month LIBOR + 1.25% 3.13% 2021-08-05 PreK San Antonio property (6) 5,064,184 5,140,343 4.25% 4.25% 2021-12-01 Dinan Cars property (6)(7)(13) — 2,710,834 2.76% 2.76% 2022-01-05 Solar Turbines, Amec Foster, ITW Rippey properties (6) 9,270,830 9,434,692 3.35% 3.35% 2026-11-01 Dollar General Big Spring property (6) 602,617 611,161 4.50% 4.50% 2022-04-01 Gap property (6) 3,588,893 3,643,166 4.15% 4.15% 2023-08-01 L-3 Communications property (6) 5,211,418 5,284,884 4.69% 4.69% 2022-04-01 Sutter Health property (6) 13,950,432 14,161,776 4.50% 4.50% 2024-03-09 Walgreens property (6)(10) 3,198,668 3,000,000 4.25% 4.25% 2030-07-16 Total mortgage notes payable 180,107,542 195,739,481 Plus unamortized mortgage premium, net (12) 470,411 489,664 Less unamortized deferred financing costs (1,576,836) (2,189,938) Mortgage notes payable, net $ 179,001,117 $ 194,039,207 (1) Contractual interest rate represents the interest rate in effect under the mortgage note payable as of September 30, 2020. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2020, consisting of the contractual interest rate and the effect of the interest rate swap, if applicable (see Note 8 for further information regarding the Company’s derivative instruments) . (2) The loans on each of the Williams Sonoma and Wyndham properties (collectively, the “Property”) located in Summerlin, Nevada were originated by Nevada State Bank (“Bank”). The loans are collateralized by a deed of trust and a security agreement with assignment of rents and fixture filing. In addition, the individual loans are subject to a cross collateralization and cross default agreement whereby any default under, or failure to comply with the terms of any one or both of the loans, is an event of default under the terms of both loans. The value of the Property must be in an amount sufficient to maintain a loan to value ratio of no more than 60%. If the loan to value ratio is ever more than 60%, the borrower shall, upon the Bank’s written demand, reduce the principal balance of the loans so that the loan to value ratio is no more than 60%. (3) The initial contractual interest rate is 4.25% and starting November 18, 2022, the interest rate is the U.S. Treasury Bill index rate plus 3.25%. (4) The initial contractual interest rate is 4.60% through February 20, 2023 and then the greater of 4.60% or five-year Treasury Constant Maturity (“TCM”) plus 2.45% through February 20, 2028. (5) The interest rate adjusts in the 133rd, 253rd and 313th months. As discussed in Note 4 , during the three months ended September 30, 2020, the Company recorded an impairment charge of $5,664,517 related to its investment in the 24 Hour Fitness property in Las Vegas, Nevada due to the substantial impact on fitness centers from the COVID-19 pandemic and the requirement of an indefinite and potentially extended period of store closures and the resulting inability of the tenant to make rent payments. On April 1, 2020, the Company’s special purpose subsidiary initiated negotiations with the lender on the 24 Hour Fitness property regarding the special purpose subsidiary's request for a deferral of mortgage payments until the tenant resumes paying rent. The lender on this property did not agree to provide any substantial mortgage relief to the Company's special purpose subsidiary, but rather agreed to temporarily reduce its $32,000 monthly mortgage payment by $8,000 for four monthly payments from May through August 2020. On June 15, 2020, the Company received written notice that the lease was formally rejected in connection with 24 Hour Fitness' Chapter 11 bankruptcy proceeding and the premises were surrendered to the Company's subsidiary. As of September 30, 2020, the 24 Hour Fitness property was classified as held for sale (see Note 4) . (6) The loan was acquired through the Merger on December 31, 2019. (7) The Company negotiated a lease termination with Dinan Cars effective January 31, 2020 in exchange for a termination payment from Dinan Cars of $783,182 which was used to reduce the principal balance of this mortgage by $650,000 and establish a payment reserve with the remaining $133,182. In connection with the principal prepayment, the Company terminated the related swap agreement on February 4, 2020 at a cost of $47,000 (see Note 8 for further discussion of the swap agreement termination and Note 11 for details on the sale of the property on October 28, 2020). (8) The mortgage note with original principal of $6,800,000 as of June 30, 2020 with an interest rate of 3.95% was refinanced on August 10, 2020 with a new loan for $8,538,000 with an interest rate of 3.80%, secured only by the Accredo property and which will mature on August 1, 2025. (9) The mortgage note with original principal of $14,545,000 as of June 30, 2020 with an effective interest rate of 4.84% was refinanced on July 29, 2020 with a new loan for $19,950,000 with an interest rate of 3.80% and will mature on August 1, 2025. In connection with this refinancing, the mortgage note balance for the Walgreens, Stockbridge, GA property was fully repaid. (10) The mortgage note of $3,000,000 as of June 30, 2020 with an interest rate of 7.50% was refinanced on July 22, 2020 for $3,217,500 with an interest rate of 4.25%, which will mature on July 16, 2030. (11) The property was sold during the three months ended September 30, 2020. (12) Represents unamortized net mortgage premium acquired through the Merger. (13) The September 30, 2020 principal amount is included in mortgage notes payable related to investments held for sale, net (see details below).
Mortgage Notes Payable	The following summarizes the face value, carrying amount and fair value of the Company’s mortgage notes payable (Level 3 measurement) as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Face Value Carrying Fair Value Face value Carrying Fair Value Mortgage notes payable $ 180,107,542 $ 179,001,117 $ 179,676,613 $ 195,739,481 $ 194,039,207 $ 200,535,334 Collateral September 30, 2020 Harley Davidson property $ 6,655,415 24 Hour Fitness property 6,241,355 Dinan Cars property 2,019,168 Total 14,915,938 Plus unamortized mortgage premium 2,307 Less deferred financing costs (246,875) Mortgage notes payable, net $ 14,671,370
Schedule of Line of Credit Facilities	The details of the Company's unsecured credit facility as of September 30, 2020 and December 31, 2019 follow: September 30, December 31, Unsecured credit facility $ 6,000,000 $ 7,740,000 Less unamortized deferred financing costs (32,271) (90,139) Unsecured credit facility, net $ 5,967,729 $ 7,649,861
Maturities of Long-term Debt	The following summarizes the future principal repayments of the Company’s mortgage notes payable, unsecured credit facility and short-term notes payable as of September 30, 2020: Mortgage Notes Unsecured Credit Facility Short-term Notes Payable (1) Total October through December 2020 $ 589,782 $ — $ 527,000 $ 1,116,782 2021 19,665,222 6,000,000 — 25,665,222 2022 20,872,760 — — 20,872,760 2023 25,642,334 — — 25,642,334 2024 24,597,822 — — 24,597,822 2025 30,781,081 — — 30,781,081 Thereafter 57,958,541 — — 57,958,541 Total principal 180,107,542 6,000,000 527,000 186,634,542 Plus unamortized mortgage premium, net of unamortized discount 470,411 — — 470,411 Less deferred financing costs (1,576,836) (32,271) — (1,609,107) Net principal $ 179,001,117 $ 5,967,729 $ 527,000 $ 185,495,846 (1) The PPP loan is subject to potential forgiveness of up to $517,000 or repayment over an undetermined period of up to 10 years.
Interest Expenses	The following is a reconciliation of the components of interest expense for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Mortgage notes payable: Interest expense $ 2,135,624 $ 1,387,785 $ 6,471,492 $ 4,232,943 Amortization of deferred financing costs 435,179 120,932 693,810 500,525 Prepayment penalties 138,373 — 138,373 — (Gain) loss on interest rate swaps (1) (179,006) 218,642 1,263,691 1,109,027 Unsecured credit facility: Interest expense 128,333 — 449,791 110,060 Amortization of deferred financing costs 42,288 11,432 117,624 23,311 Other 31,737 — 61,280 — Total interest expense $ 2,732,528 $ 1,738,791 $ 9,196,061 $ 5,975,866 (1) Includes unrealized (gain) loss on interest rate swaps of $(272,912) and $221,530 for the three months ended September 30, 2020 and 2019, respectively, and $1,019,840 and $1,095,547 for the nine months ended September 30, 2020 and 2019, respectively (see Note 8 ). Accrued interest payable of $66,322 and $22,282 as of September 30, 2020 and December 31, 2019, respectively, represents the unsettled portion of the interest rate swaps for the period from origination of the interest rate swap through the respective balance sheet dates.

INTEREST RATE SWAP DERIVATIVES

INTEREST RATE SWAP DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of September 30, 2020 and December 31, 2019, respectively: September 30, 2020 December 31, 2019 Derivative Number of Instruments Notional Reference Weighted Average Fixed Pay Rate Weighted Number Notional Reference Weighted Average Fixed Pay Rate Weighted Interest Rate Swap Derivatives (iv) 9 $ 39,384,598 One-month LIBOR + applicable spread/Fixed at 3.13%-5.16% 3.53 % 2.4 years 12 $ 48,215,139 One-month LIBOR + applicable spread/Fixed at 2.76%-5.16% 3.87 % 2.9 years (i) The notional amount of the Company’s swaps decreases each month to correspond to the outstanding principal balance on the related mortgage. The minimum notional amounts (outstanding principal balance at the maturity date) as of September 30, 2020 and December 31, 2019 were $37,528,748 and $45,514,229, respectively. (ii) The reference rate was September 30, 2020. (iii) The reference rate was December 31, 2019. (iv) The Company terminated the swap agreement related to the Dinan Cars property mortgage loan on February 4, 2020 at a cost of $47,000 (see Note 7 ). The Company also terminated the swap agreements related to the Rite Aid property mortgage loan on July 30, 2020 at a cost of $40,700 and Island Pacific property mortgage loan on September 16, 2020 at a cost of $11,500 (see Note 7 ).
Statement of Financial Position	The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the condensed consolidated balance sheets: September 30, 2020 December 31, 2019 Derivative Instrument Balance Sheet Location Number of Fair Value Number of Fair Value Interest Rate Swaps Asset - Interest rate swap derivatives, at fair value — $ — 5 $ 34,567 Interest Rate Swaps Liability - Interest rate swap derivatives, at fair value 9 $ (2,006,997) 7 $ (1,021,724)

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Summarized below are the related party costs incurred by the Company for the three and nine months ended September 30, 2019 and related party receivable and payable as of December 31, 2019: Three Months Ended Nine Months Ended September 30, 2019 December 31, 2019 Incurred Incurred Receivable Payable Expensed: Asset management fees (1) $ 680,349 $ 2,040,386 $ — $ — Operating expense reimbursements 132,000 396,000 — — Fees to affiliates 812,349 2,436,386 Property management fees* 56,122 168,194 — — Directors and officers insurance and other reimbursements** 64,433 198,108 — — Expense reimbursements from Former Sponsor (2) (96,104) (332,336) — — Capitalized: Acquisition fees 5,459 5,459 — — Financing coordination fees — 63,500 — — Reimbursable organizational and offering expenses (3) 307,217 1,207,080 — — Other: Due from BRIX REIT (4) — — 1,378 — Due from TIC — — 954 — Notes due to Chairman of the Board — — — 630,820 $ 2,332 $ 630,820 * Property management fees are classified within property operating expenses on the condensed consolidated statements of operations. ** Directors and officers insurance and other reimbursements are classified within general and administrative expenses on the condensed consolidated statements of operations. (1) To the extent the Former Advisor elected, in its sole discretion, to defer all or any portion of its monthly asset management fee, the Former Advisor was deemed to have waived, not deferred, that portion up to 0.025% of the total investment value of the Company’s assets. For the three and nine months ended September 30, 2019, the Former Advisor did not waive any of the asset management fees. In addition to amounts presented in this table, the Company also incurred asset management fees to the Former Advisor of $47,977 and $143,930 related to the TIC Interest during the three and nine months ended September 30, 2019, respectively, which amounts were reflected as reductions of income recognized from investments in unconsolidated entities (see Note 5 ). (2) Includes payroll costs related to Company employees that answered questions from prospective stockholders. See “ Investor Relations Payroll Expense Reimbursement from Former Sponsor ” below . The Former Sponsor agreed to reimburse the Company for these investor relations compensation costs which the Former Sponsor considered to be offering expenses in accordance with the Advisory Agreement which was terminated effective September 30, 2019. The expense reimbursements from the Former Sponsor for the three and nine months ended September 30, 2019 also included a refund of $0 and $40,915 of employment related legal fees, respectively, which the Former Sponsor agreed to reimburse the Company. (3) As of September 30, 2019, the Former Sponsor had incurred $9,189,209 of organizational and offering costs on behalf of the Company. However, the Company was only obligated to reimburse the Former Sponsor for such organizational and offering expenses to the extent of 3% of gross offering proceeds. (4) The receivables represent incidental expenses advanced to BRIX REIT, which included unpaid asset management fees of $242,299 as of December 31, 2019 due from BRIX REIT, which were fully reserved and the Company agreed to waive in May 2020 given the impact of the COVID-19 pandemic on BRIX REIT.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Share Repurchase Requests Received	During the period July 2020 to October 2020, the Company received share repurchase requests and repurchased shares as follows: Value of Share Repurchase Requests Received Repurchase Date Value of Shares Repurchased (1) July 2020 $ 8,359,586 August 5, 2020 $ 995,028 August 2020 $ 8,002,288 September 3, 2020 $ 1,420,636 September 2020 $ 6,747,834 October 5, 2020 $ 1,393,275 October 2020 $ 5,907,195 November 4, 2020 $ 1,537,198 (1) Included Extraordinary Circumstance Repurchases and after applicable administrative fees for shares held less than three years.

BUSINESS AND ORGANIZATION (Deta

BUSINESS AND ORGANIZATION (Details)	Aug. 11, 2017shares	Dec. 31, 2015$ / sharesshares	Jun. 24, 2015$ / sharesshares	Sep. 30, 2020USD ($)property$ / sharesshares	Jun. 30, 2020property	Sep. 30, 2019USD ($)property	Dec. 31, 2015$ / sharesshares	Sep. 30, 2020USD ($)property$ / sharesshares	Sep. 30, 2019USD ($)property	Dec. 31, 2019property$ / sharesshares	Sep. 30, 2020USD ($)property$ / sharesshares	Sep. 30, 2020USD ($)property$ / sharesshares	May 20, 2020$ / shares	Feb. 01, 2020$ / shares	Dec. 23, 2019USD ($)	Jul. 15, 2015USD ($)
Business And Organization [Line Items]
Issued common stock (in shares)				450,000,000				450,000,000			450,000,000	450,000,000
Preferred stock, shares authorized (in shares)				50,000,000				50,000,000		50,000,000	50,000,000	50,000,000
Preferred stock, par value (in usd per share) | $ / shares				$ 0.001				$ 0.001		$ 0.001	$ 0.001	$ 0.001
Net asset value (in usd per share) | $ / shares				$ 7				$ 7		$ 10.16	$ 7	$ 7	$ 7	$ 10.27
Issuance of common stock | $				$ 2,101,688		$ 10,239,749		$ 16,193,927	$ 40,245,240
Number of real estate properties | property				39				39			39	39
Number of real estate properties acquired | property				0		0		0	0		0	0
Number of real estate properties, held-for-sale | property				3	4
REIT I
Business And Organization [Line Items]
Number of real estate properties acquired | property				17				17		20	17	17
Tenant-in-common | Real Estate Investment
Business And Organization [Line Items]
Ownership percentage				72.70%				72.70%			72.70%	72.70%
Common Class S
Business And Organization [Line Items]
Common stock, shares authorized (in shares)				100,000,000				100,000,000		100,000,000	100,000,000	100,000,000
Common stock, par value (in usd per share) | $ / shares				$ 0.001				$ 0.001		$ 0.001	$ 0.001	$ 0.001
Issuance of common stock (in shares)	100,000,000										190,361
Common Class C
Business And Organization [Line Items]
Common stock, shares authorized (in shares)				300,000,000				300,000,000		300,000,000	300,000,000	300,000,000
Common stock, par value (in usd per share) | $ / shares				$ 0.001				$ 0.001		$ 0.001	$ 0.001	$ 0.001
Common stock subscriptions | $															$ 800,000,000
Common Class C | REIT I
Business And Organization [Line Items]
Issuance of common stock in merger (in shares)										8,042,221.6
Common Class C | Minimum
Business And Organization [Line Items]
Issuance of common stock (in shares)								500
Distribution Reinvestment Plan | Common Class C
Business And Organization [Line Items]
Common stock subscriptions | $															75,000,000
Primary Offering
Business And Organization [Line Items]
Common stock subscriptions | $																$ 90,000,000
Follow-on Offering | Common Class C
Business And Organization [Line Items]
Common stock subscriptions | $															$ 725,000,000
Registered Offering
Business And Organization [Line Items]
Common stock subscriptions | $																$ 10,000,000
Registered Offering | Common Class S
Business And Organization [Line Items]
Issuance of common stock (in shares)											5,397
Issuance of common stock | $											$ 1,926,663
Registered Offering | Common Class C
Business And Organization [Line Items]
Issuance of common stock (in shares)												19,645,508
Issuance of common stock | $												$ 195,859,756
Registered Offering | Distribution Reinvestment Plan | Common Class C
Business And Organization [Line Items]
Issuance of common stock (in shares)												2,208,870
Sponsor
Business And Organization [Line Items]
Issuance of common stock (in shares)		10,000	10,000
Shares issued (in usd per share) | $ / shares		$ 10	$ 10				$ 10
Sponsor | Common Class C
Business And Organization [Line Items]
Issuance of common stock (in shares)							20,000			10,740
Retail
Business And Organization [Line Items]
Number of real estate properties | property				14				14			14	14
Number of real estate properties, held-for-sale | property				2	3
Number of real estate properties sold | property				3
Retail | REIT I
Business And Organization [Line Items]
Number of real estate properties acquired | property										8
Office
Business And Organization [Line Items]
Number of real estate properties | property				14				14			14	14
Office | REIT I
Business And Organization [Line Items]
Number of real estate properties acquired | property										4
Industrial
Business And Organization [Line Items]
Number of real estate properties | property				11				11			11	11
Number of real estate properties, held-for-sale | property				1	1
Industrial | REIT I
Business And Organization [Line Items]
Number of real estate properties acquired | property										5
Land
Business And Organization [Line Items]
Number of real estate properties | property				1				1			1	1
Class M OP Units
Business And Organization [Line Items]
Net asset value (in usd per share) | $ / shares				$ 35				$ 35			$ 35	$ 35
Class P OP Units
Business And Organization [Line Items]
Other ownership interests, units issued (in shares)				56,029				56,029		56,029	56,029	56,029
BrixInvest | Class M OP Units
Business And Organization [Line Items]
Other ownership interests, units issued (in shares)				657,949.5				657,949.5		657,949.5	657,949.5	657,949.5
BrixInvest | Class P OP Units
Business And Organization [Line Items]
Other ownership interests, units issued (in shares)										26,318
Operating Partnership
Business And Organization [Line Items]
Ownership interest (as a percent)										99.00%
Remaining ownership interest ( as a percent)										1.00%
Daisho OP Holdings, LLC
Business And Organization [Line Items]
Ownership interest (as a percent)										87.00%
BrixInvest
Business And Organization [Line Items]
Ownership interest (as a percent)										12.00%
Preferred Stock
Business And Organization [Line Items]
Preferred stock, shares authorized (in shares)				50,000,000				50,000,000			50,000,000	50,000,000
Preferred stock, par value (in usd per share) | $ / shares				$ 0.001				$ 0.001			$ 0.001	$ 0.001

SUMMARY OF SIGNIFICANT ACOUNT_3

SUMMARY OF SIGNIFICANT ACOUNTING POLICIES (Details)	1 Months Ended	3 Months Ended				6 Months Ended	9 Months Ended		12 Months Ended
	Nov. 12, 2020	Sep. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2020USD ($)shares	Sep. 30, 2020USD ($)property$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares
Accounting Policies [Line Items]
Rental income from tenant reimbursements		$ 1,622,218			$ 1,328,373		$ 5,521,723	$ 3,514,836
Impairment of real estate investment properties		$ 0	$ 349,457	$ 9,157,068	$ 0		$ 9,506,525	$ 0
Number of impaired real estate properties | property							4
Potentially dilutive securities outstanding (in shares) | shares							0	0
Net loss per share, basic and diluted (in usd per share) | $ / shares		$ (0.04)			$ (0.06)		$ (2.17)	$ (0.20)
Restricted cash to fund property tax		$ 265,654				$ 265,654	$ 265,654		$ 113,362
Tenant reimbursements									$ 98,329
Percentage of share in property owned							72.70%		72.70%
Restricted cash		265,654				265,654	$ 265,654		$ 113,362
Goodwill impairment loss				33,267,143		0
Impairment of intangible assets (excluding goodwill)				$ 1,305,260		0
Lease concession receivable, CARES Act		$ 79,463				$ 79,463	$ 79,463
Subsequent Event
Accounting Policies [Line Items]
Percentage oo lease concession receivable collected, CARES Act	29.00%
Class M OP Units
Accounting Policies [Line Items]
Conversion ratio							0.2		0.2
Class P OP Units
Accounting Policies [Line Items]
Other ownership interests, units issued (in shares) | shares		56,029				56,029	56,029		56,029
Conversion ratio									0.2
Minimum
Accounting Policies [Line Items]
Intangible assets, estimated useful lives							3 years
Maximum
Accounting Policies [Line Items]
Intangible assets, estimated useful lives							5 years
Common Class C
Accounting Policies [Line Items]
Conversion ratio							1		1
Net loss per share, basic and diluted (in usd per share) | $ / shares		$ (0.04)			(0.06)		$ (2.17)	(0.20)
Common Class S
Accounting Policies [Line Items]
Net loss per share, basic and diluted (in usd per share) | $ / shares		$ (0.04)			$ (0.03)		$ (2.17)	$ (0.20)
Lease Agreements
Accounting Policies [Line Items]
Restricted cash		$ 92,684				$ 92,684	$ 92,684		$ 92,684
BrixInvest | Class M OP Units
Accounting Policies [Line Items]
Other ownership interests, units issued (in shares) | shares		657,949.5				657,949.5	657,949.5		657,949.5
BrixInvest | Class P OP Units
Accounting Policies [Line Items]
Other ownership interests, units issued (in shares) | shares									26,318
Lender Reserves
Accounting Policies [Line Items]
Restricted cash to fund property tax		$ 172,970				$ 172,970	$ 172,970		$ 20,678

MERGER AND SELF-MANAGEMENT TR_3

MERGER AND SELF-MANAGEMENT TRANSACTION - Additional Information (Details)	Dec. 31, 2015$ / sharesshares	Jun. 24, 2015$ / sharesshares	Sep. 30, 2020USD ($)property$ / sharesshares	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)property$ / sharesshares	Dec. 31, 2015$ / sharesshares	Sep. 30, 2020USD ($)property$ / sharesshares	Dec. 31, 2019USD ($)property$ / sharesshares	May 20, 2020$ / shares	Apr. 30, 2020	Feb. 01, 2020$ / shares	Sep. 30, 2019property
Business Acquisition [Line Items]
Number of real estate properties acquired | property			0			0		0					0
Net asset value (in usd per share) | $ / shares			$ 7			$ 7		$ 7	$ 10.16	$ 7		$ 10.27
Decrease in estimated fair value of real estate properties, percentage											14.00%
Goodwill impairment loss					$ 33,267,143	$ 0
Intangible assets amortization expense			$ 458,371					$ 1,372,910
Impairment of intangible assets (excluding goodwill)					1,305,260	$ 0
Class M OP Units
Business Acquisition [Line Items]
Net asset value (in usd per share) | $ / shares			$ 35			$ 35		$ 35
Conversion ratio								0.2	0.2
Class P OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares) | shares			56,029			56,029		56,029	56,029
Stock compensation expense			$ 88,784					$ 266,350
Conversion ratio									0.2
BrixInvest
Business Acquisition [Line Items]
Self-management transaction expense				$ 8,460	193,460			201,920	$ 1,468,913
Contribution of Class M OP Units and Class P OP Units									50,603,000
Intangible assets									$ 7,700,000
October through December 2020			460,144			$ 460,144		460,144
2021			1,840,576			1,840,576		1,840,576
2022			1,840,576			1,840,576		1,840,576
2023			749,978			749,978		749,978
2024			$ 696,658			$ 696,658		$ 696,658
BrixInvest | Class M OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares) | shares			657,949.5			657,949.5		657,949.5	657,949.5
BrixInvest | Class P OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares) | shares									26,318
BrixInvest | Investor list, net
Business Acquisition [Line Items]
Impairment of intangible assets (excluding goodwill)					$ 1,305,260
BrixInvest | Web services technology, domains and licenses
Business Acquisition [Line Items]
Additional finite-lived intangible assets acquired			$ 33,061					$ 566,102
Daisho OP Holdings, LLC | Class M OP Units
Business Acquisition [Line Items]
Conversion ratio									1
Daisho OP Holdings, LLC | BrixInvest
Business Acquisition [Line Items]
Ownership interests distributed									100.00%
Operating Partnership | Class M OP Units and Class P OP Units
Business Acquisition [Line Items]
Noncontrolling interest (as a percent)									13.00%
REIT I
Business Acquisition [Line Items]
Number of real estate properties acquired | property			17			17		17	20
Number of real estate properties, subject to California law | property									17
Percentage of assets acquired by value, subject to California law									93.00%
Contingent consideration paid									$ 0
Acquisition-related transaction costs									$ 3,044,480
Common Class C
Business Acquisition [Line Items]
Conversion ratio								1	1
Common Class C | REIT I
Business Acquisition [Line Items]
Issuance of common stock in merger (in shares) | shares									8,042,221.6
Messrs. Halfacre and Pacini | Class P OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares) | shares									29,711
Other ownership interests, capital account			$ 1,242,969			$ 1,242,969		$ 1,242,969	$ 1,509,319
Other ownership interests, amortization period								51 months
Sponsor
Business Acquisition [Line Items]
Issuance of common stock (in shares) | shares	10,000	10,000
Shares issued (in usd per share) | $ / shares	$ 10	$ 10					$ 10
Sponsor | Common Class C
Business Acquisition [Line Items]
Issuance of common stock (in shares) | shares							20,000		10,740
REIT I
Business Acquisition [Line Items]
Ownership percentage									4.80%

MERGER AND SELF-MANAGEMENT TR_4

MERGER AND SELF-MANAGEMENT TRANSACTION - REIT I Purchase Price Allocation (Details) - REIT I	12 Months Ended
	Dec. 31, 2019USD ($)
Assets:
Real estate property, including above/below lease intangibles	$ 151,099,097
Cash and cash equivalents	1,612,331
Tenant receivable	310,169
Prepaid expenses and other assets	51,924
Liabilities:
Mortgage notes payable, net	(62,985,425)
Accounts payable and other liabilities	(2,243,156)
Net	87,844,940
Less: Cancellation of investment in REIT I (Note 5)	(3,091,489)
Capitalized transaction-related costs	(3,044,480)
Net Assets Acquired	$ 81,708,971

MERGER AND SELF-MANAGEMENT TR_5

MERGER AND SELF-MANAGEMENT TRANSACTION - Class M OP Units Conversion (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)$ / shares
Initial Period
Conversion of Stock [Line Items]
Conversion ratio	0.20
Fiscal Year 2021
Conversion of Stock [Line Items]
Early conversion ratio	0.50
AUM conversion threshold | $	$ 860
AFFO conversion threshold (in usd per share) | $ / shares	$ 0.59
Conversion ratio	0.17
Fiscal Year 2022
Conversion of Stock [Line Items]
Early conversion ratio	0.60
AUM conversion threshold | $	$ 1,175
AFFO conversion threshold (in usd per share) | $ / shares	$ 0.65
Conversion ratio	0.13
Fiscal Year 2023
Conversion of Stock [Line Items]
Early conversion ratio	0.70
AUM conversion threshold | $	$ 1,551
AFFO conversion threshold (in usd per share) | $ / shares	$ 0.70
Conversion ratio	0.11

MERGER AND SELF-MANAGEMENT TR_6

MERGER AND SELF-MANAGEMENT TRANSACTION - BrixInvest Purchase Price Allocation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020
Liabilities:
Goodwill	$ 50,588,000	$ 17,320,857
BrixInvest
Assets:
Cash and cash equivalents	(204,176)
Prepaid expenses and other assets	(305,212)
Operating lease right-of-use asset	(2,386,877)
Intangible assets	(7,700,000)
Liabilities:
Short-term notes payable	4,800,000
Due to affiliates	630,820
Bank line of credit	800,000
Accounts payable and other liabilities	2,070,968
Operating lease liability	2,386,877
Net liabilities assumed	92,400
Less: Cancellation of investment in the Company	(107,400)
Add: Contribution of Class M OP Units and Class P OP Units	50,603,000
Goodwill	$ 50,588,000

MERGER AND SELF-MANAGEMENT TR_7

MERGER AND SELF-MANAGEMENT TRANSACTION - Net Carrying Amount of Goodwill (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Goodwill	$ 17,320,857	$ 50,588,000

MERGER AND SELF-MANAGEMENT TR_8

MERGER AND SELF-MANAGEMENT TRANSACTION - Intangible Assets Acquired (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (1,372,910)	$ 0
Net amount	5,587,932	7,700,000
BrixInvest
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 6,960,842	7,700,000
Investor list, net | BrixInvest
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	5 years
Gross amount	$ 3,494,740	4,800,000
Web services technology, domains and licenses | BrixInvest
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	3 years
Gross amount	$ 3,466,102	$ 2,900,000

REAL ESTATE INVESTMENTS, NET -

REAL ESTATE INVESTMENTS, NET - Narrative (Details)	Sep. 16, 2020USD ($)	Aug. 27, 2020USD ($)	Aug. 03, 2020USD ($)	Aug. 01, 2020USD ($)	Apr. 01, 2020USD ($)	Sep. 30, 2020USD ($)propertystate	Jun. 30, 2020USD ($)property	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)property	Apr. 30, 2020USD ($)lease	Sep. 30, 2020USD ($)propertystate	Sep. 30, 2019USD ($)property	Dec. 31, 2019property
Real Estate [Line Items]
Number of real estate properties | property						39					39
Number of states in which entity operates | state						14					14
Number of real estate properties acquired | property						0			0		0	0
Number of impaired real estate properties, vacant | property						2					2
Lease termination fee						$ (1,175,192)			$ 0		$ (1,175,192)	$ 0
Impairment of real estate investment properties						$ 0	$ 349,457	$ 9,157,068	$ 0		$ 9,506,525	$ 0
Impairment charge percentage							0.10%	2.20%
Weighted-average remaining amortization period											9 years 3 months 18 days
Number of real estate properties, held-for-sale | property						3	4
Reverse for loan guarantee						$ 3,120,678					$ 3,120,678
24 Hour Fitness
Real Estate [Line Items]
Impairment of real estate investment properties						$ 5,664,517
24 Hour Fitness | Mortgages
Real Estate [Line Items]
Monthly mortgage payment					$ 32,000
Decrease in monthly mortgage payment					$ 8,000
Dana
Real Estate [Line Items]
Lease termination fee				$ (1,381,767)
Rent payments per month				$ 65,000
Tenant-in-common | Real Estate Investment
Real Estate [Line Items]
Ownership percentage						72.70%					72.70%
REIT I
Real Estate [Line Items]
Number of real estate properties acquired | property						17					17		20
Retail
Real Estate [Line Items]
Number of real estate properties | property						14					14
Disposal group, including discontinued operation, consideration						$ 15,943,462					$ 15,943,462
Number of real estate properties, held-for-sale | property						2	3
Number of real estate properties sold | property						3
Retail | 24 Hour Fitness
Real Estate [Line Items]
Impairment of real estate investment properties											5,664,517
Retail | Rite Aid
Real Estate [Line Items]
Impairment of real estate investment properties							$ 349,457				349,457
Disposal group, including discontinued operation, consideration			$ 7,250,000			$ 7,250,000					7,250,000
Proceeds from sale of real estate investments			$ 3,299,016
Retail | Walgreens Santa Maria and Stockbridge
Real Estate [Line Items]
Aggregate payment of lease incentives										$ 990,000
Number of operating leases with lease incentives | lease										2
Retail | Walgreens
Real Estate [Line Items]
Operating leases extension										10 years
Retail | Walgreens Stockbridge
Real Estate [Line Items]
Disposal group, including discontinued operation, consideration		$ 5,538,462				5,538,462					5,538,462
Proceeds from sale of real estate investments		$ 5,296,356
Operating leases extension										10 years
Retail | Island Pacific
Real Estate [Line Items]
Disposal group, including discontinued operation, consideration	$ 3,155,000					$ 3,155,000					$ 3,155,000
Proceeds from sale of real estate investments	$ 1,124,016
Retail | REIT I
Real Estate [Line Items]
Number of real estate properties acquired | property													8
Office
Real Estate [Line Items]
Number of real estate properties | property						14					14
Office | REIT I
Real Estate [Line Items]
Number of real estate properties acquired | property													4
Industrial
Real Estate [Line Items]
Number of real estate properties | property						11					11
Number of real estate properties, held-for-sale | property						1	1
Industrial | Dana
Real Estate [Line Items]
Impairment of real estate investment properties											$ 2,184,395
Industrial | REIT I
Real Estate [Line Items]
Number of real estate properties acquired | property													5
Land
Real Estate [Line Items]
Number of real estate properties | property						1					1

REAL ESTATE INVESTMENTS, NET _2

REAL ESTATE INVESTMENTS, NET - Summary of Real Estate Properties (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Line Items]
Land, Buildings and Improvements	$ 351,009,349
Tenant origination and absorption costs	24,274,555	$ 27,266,610
Accumulated Depreciation and Amortization	(28,856,496)	(20,411,794)
Total investments in real estate property, net	346,427,408	$ 403,535,694
Accredo Health | Office
Real Estate [Line Items]
Land, Buildings and Improvements	9,855,847
Tenant origination and absorption costs	1,269,349
Accumulated Depreciation and Amortization	(2,104,747)
Total investments in real estate property, net	9,020,449
Dollar General One | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	1,281,812
Tenant origination and absorption costs	116,302
Accumulated Depreciation and Amortization	(155,945)
Total investments in real estate property, net	1,242,169
Dollar General Two | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	1,543,776
Tenant origination and absorption costs	140,653
Accumulated Depreciation and Amortization	(199,575)
Total investments in real estate property, net	1,484,854
Dollar General Three | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	1,199,860
Tenant origination and absorption costs	106,730
Accumulated Depreciation and Amortization	(149,835)
Total investments in real estate property, net	1,156,755
Dollar General Four | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	1,174,188
Tenant origination and absorption costs	111,847
Accumulated Depreciation and Amortization	(143,657)
Total investments in real estate property, net	1,142,378
Dollar General Five | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	1,112,872
Tenant origination and absorption costs	100,857
Accumulated Depreciation and Amortization	(147,437)
Total investments in real estate property, net	1,066,292
Dollar General Six | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	1,102,086
Tenant origination and absorption costs	86,408
Accumulated Depreciation and Amortization	(143,250)
Total investments in real estate property, net	1,045,244
Dana | Industrial
Real Estate [Line Items]
Land, Buildings and Improvements	6,802,876
Tenant origination and absorption costs	531,439
Accumulated Depreciation and Amortization	(1,762,138)
Total investments in real estate property, net	5,572,177
Northrop Grumman | Office
Real Estate [Line Items]
Land, Buildings and Improvements	12,382,991
Tenant origination and absorption costs	1,341,199
Accumulated Depreciation and Amortization	(2,773,228)
Total investments in real estate property, net	10,950,962
exp US Services | Office
Real Estate [Line Items]
Land, Buildings and Improvements	6,056,668
Tenant origination and absorption costs	388,248
Accumulated Depreciation and Amortization	(777,286)
Total investments in real estate property, net	5,667,630
Wyndham | Office
Real Estate [Line Items]
Land, Buildings and Improvements	10,406,483
Tenant origination and absorption costs	669,232
Accumulated Depreciation and Amortization	(1,081,599)
Total investments in real estate property, net	9,994,116
Williams Sonoma | Office
Real Estate [Line Items]
Land, Buildings and Improvements	8,079,612
Tenant origination and absorption costs	550,486
Accumulated Depreciation and Amortization	(980,566)
Total investments in real estate property, net	7,649,532
Omnicare | Industrial
Real Estate [Line Items]
Land, Buildings and Improvements	7,262,747
Tenant origination and absorption costs	281,442
Accumulated Depreciation and Amortization	(771,324)
Total investments in real estate property, net	6,772,865
EMCOR | Office
Real Estate [Line Items]
Land, Buildings and Improvements	5,960,610
Tenant origination and absorption costs	463,488
Accumulated Depreciation and Amortization	(559,314)
Total investments in real estate property, net	5,864,784
Husqvarna | Industrial
Real Estate [Line Items]
Land, Buildings and Improvements	11,840,200
Tenant origination and absorption costs	1,013,948
Accumulated Depreciation and Amortization	(1,024,378)
Total investments in real estate property, net	11,829,770
AvAir | Industrial
Real Estate [Line Items]
Land, Buildings and Improvements	27,357,900
Tenant origination and absorption costs	0
Accumulated Depreciation and Amortization	(1,937,616)
Total investments in real estate property, net	25,420,284
3M | Industrial
Real Estate [Line Items]
Land, Buildings and Improvements	14,762,819
Tenant origination and absorption costs	2,356,361
Accumulated Depreciation and Amortization	(3,165,253)
Total investments in real estate property, net	13,953,927
Cummins | Office
Real Estate [Line Items]
Land, Buildings and Improvements	14,465,491
Tenant origination and absorption costs	1,536,998
Accumulated Depreciation and Amortization	(1,953,297)
Total investments in real estate property, net	14,049,192
Northrop Grumman Parcel | Land
Real Estate [Line Items]
Land, Buildings and Improvements	329,410
Tenant origination and absorption costs	0
Accumulated Depreciation and Amortization	0
Total investments in real estate property, net	329,410
Texas Health | Office
Real Estate [Line Items]
Land, Buildings and Improvements	6,976,703
Tenant origination and absorption costs	713,221
Accumulated Depreciation and Amortization	(607,013)
Total investments in real estate property, net	7,082,911
Bon Secours | Office
Real Estate [Line Items]
Land, Buildings and Improvements	10,388,751
Tenant origination and absorption costs	800,356
Accumulated Depreciation and Amortization	(865,130)
Total investments in real estate property, net	10,323,977
Costco | Office
Real Estate [Line Items]
Land, Buildings and Improvements	27,330,797
Tenant origination and absorption costs	2,765,136
Accumulated Depreciation and Amortization	(2,328,660)
Total investments in real estate property, net	27,767,273
Taylor Fresh Foods | Industrial
Real Estate [Line Items]
Land, Buildings and Improvements	34,194,369
Tenant origination and absorption costs	2,894,017
Accumulated Depreciation and Amortization	(1,266,604)
Total investments in real estate property, net	35,821,782
Chevron Gas Station | Retail | San Jose, CA
Real Estate [Line Items]
Land, Buildings and Improvements	4,054,759
Tenant origination and absorption costs	145,577
Accumulated Depreciation and Amortization	(45,475)
Total investments in real estate property, net	4,154,861
Chevron Gas Station | Retail | Roseville, CA
Real Estate [Line Items]
Land, Buildings and Improvements	3,648,571
Tenant origination and absorption costs	136,415
Accumulated Depreciation and Amortization	(89,270)
Total investments in real estate property, net	3,695,716
Levins | Industrial
Real Estate [Line Items]
Land, Buildings and Improvements	4,429,390
Tenant origination and absorption costs	221,927
Accumulated Depreciation and Amortization	(165,456)
Total investments in real estate property, net	4,485,861
Dollar General | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	4,899,714
Tenant origination and absorption costs	261,630
Accumulated Depreciation and Amortization	(110,349)
Total investments in real estate property, net	5,050,995
PMI Preclinical | Industrial
Real Estate [Line Items]
Land, Buildings and Improvements	9,672,174
Tenant origination and absorption costs	408,225
Accumulated Depreciation and Amortization	(153,241)
Total investments in real estate property, net	9,927,158
EcoThrift | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	5,550,226
Tenant origination and absorption costs	273,846
Accumulated Depreciation and Amortization	(223,109)
Total investments in real estate property, net	5,600,963
GSA (MSHA) | Office
Real Estate [Line Items]
Land, Buildings and Improvements	3,112,076
Tenant origination and absorption costs	243,307
Accumulated Depreciation and Amortization	(103,886)
Total investments in real estate property, net	3,251,497
PreK Education | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	12,447,287
Tenant origination and absorption costs	447,927
Accumulated Depreciation and Amortization	(449,571)
Total investments in real estate property, net	12,445,643
Dollar Tree | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	1,320,367
Tenant origination and absorption costs	73,298
Accumulated Depreciation and Amortization	(53,183)
Total investments in real estate property, net	1,340,482
Solar Turbines | Office
Real Estate [Line Items]
Land, Buildings and Improvements	7,133,241
Tenant origination and absorption costs	284,026
Accumulated Depreciation and Amortization	(253,605)
Total investments in real estate property, net	7,163,662
Wood Group | Industrial
Real Estate [Line Items]
Land, Buildings and Improvements	9,731,220
Tenant origination and absorption costs	392,955
Accumulated Depreciation and Amortization	(423,870)
Total investments in real estate property, net	9,700,305
ITW Rippey | Industrial
Real Estate [Line Items]
Land, Buildings and Improvements	7,071,143
Tenant origination and absorption costs	304,387
Accumulated Depreciation and Amortization	(226,824)
Total investments in real estate property, net	7,148,706
Dollar General Seven | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	1,281,683
Tenant origination and absorption costs	76,351
Accumulated Depreciation and Amortization	(38,227)
Total investments in real estate property, net	1,319,807
Gap | Office
Real Estate [Line Items]
Land, Buildings and Improvements	8,378,276
Tenant origination and absorption costs	360,377
Accumulated Depreciation and Amortization	(359,480)
Total investments in real estate property, net	8,379,173
L-3 Communications | Industrial
Real Estate [Line Items]
Land, Buildings and Improvements	11,631,857
Tenant origination and absorption costs	454,035
Accumulated Depreciation and Amortization	(353,117)
Total investments in real estate property, net	11,732,775
Sutter Health | Office
Real Estate [Line Items]
Land, Buildings and Improvements	29,555,055
Tenant origination and absorption costs	1,616,610
Accumulated Depreciation and Amortization	(810,261)
Total investments in real estate property, net	30,361,404
Walgreens | Retail
Real Estate [Line Items]
Land, Buildings and Improvements	5,223,442
Tenant origination and absorption costs	335,945
Accumulated Depreciation and Amortization	(99,720)
Total investments in real estate property, net	$ 5,459,667

REAL ESTATE INVESTMENTS, NET _3

REAL ESTATE INVESTMENTS, NET - Real Estate Impairment Charges (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Real Estate [Line Items]
Impairment of real estate investment properties	$ 0	$ 349,457	$ 9,157,068	$ 0	$ 9,506,525	$ 0
Rite Aid | Retail
Real Estate [Line Items]
Impairment of real estate investment properties		$ 349,457			349,457
Dana | Industrial
Real Estate [Line Items]
Impairment of real estate investment properties					2,184,395
24 Hour Fitness
Real Estate [Line Items]
Impairment of real estate investment properties	$ 5,664,517
24 Hour Fitness | Retail
Real Estate [Line Items]
Impairment of real estate investment properties					5,664,517
Dinan Cars | Industrial
Real Estate [Line Items]
Impairment of real estate investment properties					$ 1,308,156

REAL ESTATE INVESTMENTS, NET _4

REAL ESTATE INVESTMENTS, NET - Dispositions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)ft²	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)ft²	Sep. 30, 2019USD ($)	Sep. 16, 2020USD ($)	Aug. 27, 2020USD ($)	Aug. 03, 2020USD ($)
Real Estate [Line Items]
(Loss) Gain on Sale	$ 1,693,642	$ 0	$ 1,693,642	$ 0
Retail
Real Estate [Line Items]
Rentable Square Feet | ft²	113,376		113,376
Contract Sale Price	$ 15,943,462		$ 15,943,462
(Loss) Gain on Sale			$ 1,693,642
Retail | Rite Aid
Real Estate [Line Items]
Rentable Square Feet | ft²	70,960		70,960
Contract Sale Price	$ 7,250,000		$ 7,250,000				$ 7,250,000
(Loss) Gain on Sale			$ (422)
Retail | Walgreens Stockbridge
Real Estate [Line Items]
Rentable Square Feet | ft²	15,120		15,120
Contract Sale Price	$ 5,538,462		$ 5,538,462			$ 5,538,462
(Loss) Gain on Sale			$ 1,306,768
Retail | Island Pacific
Real Estate [Line Items]
Rentable Square Feet | ft²	27,296		27,296
Contract Sale Price	$ 3,155,000		$ 3,155,000		$ 3,155,000
(Loss) Gain on Sale			$ 387,296

REAL ESTATE INVESTMENTS, NET _5

REAL ESTATE INVESTMENTS, NET - Revenue Concentration (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Costco
Real Estate [Line Items]
Revenue	$ 662,585	$ 2,038,609
Percentage of Total Revenue	10.80%	11.40%
AvAir, Chandler, AZ
Real Estate [Line Items]
Revenue	$ 671,406	$ 2,004,954
Percentage of Total Revenue	11.00%	11.20%

REAL ESTATE INVESTMENTS, NET _6

REAL ESTATE INVESTMENTS, NET - Rental Payments for Operating Leases (Details)	Sep. 30, 2020USD ($)
Real Estate [Abstract]
October through December 2020	$ 6,528,690
2021	25,681,770
2022	23,147,301
2023	19,412,451
2024	19,229,235
2025	15,813,536
Thereafter	42,540,235
Total	$ 152,353,218

REAL ESTATE INVESTMENTS, NET _7

REAL ESTATE INVESTMENTS, NET - Intangible Assets (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Line Items]
Accumulated amortization	$ (1,372,910)	$ 0
Net amount	5,587,932	$ 7,700,000
Tenant Origination and Absorption Costs
Real Estate [Line Items]
Cost	24,274,555
Accumulated amortization	(8,689,796)
Net amount	15,584,759
Above-Market Lease Intangibles
Real Estate [Line Items]
Cost	1,194,720
Accumulated amortization	(284,219)
Net amount	910,501
Below-Market Lease Intangibles
Below-Market Lease Intangibles
Cost	(15,552,554)
Accumulated amortization	2,277,721
Net amount	$ (13,274,833)

REAL ESTATE INVESTMENTS, NET _8

REAL ESTATE INVESTMENTS, NET - Intangible Assets Amortization (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Line Items]
Net amount	$ 5,587,932	$ 7,700,000
Below-Market Lease Intangibles
Weighted-average remaining amortization period	9 years 3 months 18 days
Tenant Origination and Absorption Costs
Real Estate [Line Items]
October through December 2020	$ 1,106,918
2021	3,698,643
2022	2,709,134
2023	1,832,039
2024	1,715,028
2025	1,316,375
Thereafter	3,206,622
Net amount	$ 15,584,759
Below-Market Lease Intangibles
Weighted-average remaining amortization period	7 years
Above-Market Lease Intangibles
Real Estate [Line Items]
October through December 2020	$ 35,445
2021	141,779
2022	141,780
2023	139,131
2024	134,500
2025	122,383
Thereafter	195,483
Net amount	$ 910,501
Below-Market Lease Intangibles
Weighted-average remaining amortization period	7 years 3 months 18 days
Below-Market Lease Intangibles
Below-Market Lease Intangibles
October through December 2020	$ (383,344)
2021	(1,525,877)
2022	(1,280,223)
2023	(984,317)
2024	(980,897)
2025	(980,897)
Thereafter	(7,139,278)
Net amount	$ (13,274,833)
Weighted-average remaining amortization period	12 years 2 months 12 days

REAL ESTATE INVESTMENTS, NET _9

REAL ESTATE INVESTMENTS, NET - Real Estate Investments Held for Sale (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Assets related to real estate investments held for sale:
Real estate investments held for sale, net	$ 23,033,118		$ 23,033,118		$ 0
Other assets, net	864,008		864,008		0
Liabilities related to real estate investments held for sale:
Mortgage notes payable, net	14,671,370		14,671,370		0
Other liabilities, net	3,934,795		3,934,795		$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets related to real estate investments held for sale:
Land, buildings and improvements	24,971,754		24,971,754
Tenant origination and absorption costs	176,276		176,276
Accumulated depreciation and amortization	(2,114,912)		(2,114,912)
Real estate investments held for sale, net	23,033,118		23,033,118
Other assets, net	864,008		864,008
Total assets related to real estate investments held for sale:	23,897,126		23,897,126
Liabilities related to real estate investments held for sale:
Mortgage notes payable, net	14,671,370		14,671,370
Other liabilities, net	3,934,795		3,934,795
Total liabilities related to real estate investments held for sale:	18,606,165		18,606,165
Rental income, expenses and impairment related to real estate investments held for sale:
Total revenues	366,673	$ 593,981	2,004,279	$ 1,750,072
Interest expense	169,871	155,722	554,009	610,583
Depreciation and amortization	145,695	198,785	554,036	594,353
Other expenses	143,173	169,520	414,115	499,998
Impairment of real estate properties/reserve	0	0	10,097,710	0
Total expenses	458,739	524,027	11,619,870	1,704,934
Net (loss) income	$ (92,066)	$ 69,954	$ (9,615,591)	$ 45,138

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED ENTITY - Investments (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
The TIC Interest
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entity	$ 10,085,476	$ 10,388,588

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED ENTITY - Entities Equity In Earnings (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Income from investments in unconsolidated entities, net	$ 92,617	$ 37,570	$ 239,028	$ 167,558
The TIC Interest
Schedule of Equity Method Investments [Line Items]
Income from investments in unconsolidated entities, net	92,617	72,613	239,028	224,676
REIT I
Schedule of Equity Method Investments [Line Items]
Income from investments in unconsolidated entities, net	$ 0	$ (35,043)	$ 0	$ (57,118)

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED ENTITY - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Sep. 28, 2017
REIT I
Schedule of Equity Method Investments [Line Items]
Ownership percentage						72.70%
Ownership percentage by noncontrolling owners						27.30%
Dividends	$ 207,950	$ 221,739	$ 542,140	$ 495,357
Hagg Lane II, LLC | REIT I
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners						23.40%
Hagg Lane III, LLC | REIT I
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners						3.90%
REIT I
Schedule of Equity Method Investments [Line Items]
Ownership percentage					4.80%
Cash distributions received from REIT I		$ 75,746		$ 220,858

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED ENTITY - Summarized Financial Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Assets
Total assets	$ 422,516,325		$ 422,516,325			$ 490,917,263
Liabilities:
Total liabilities	228,722,114		228,722,114			236,675,009
Total equity	185,511,657	$ 126,032,860	185,511,657	$ 126,032,860	$ 189,662,529	240,172,562	$ 120,812,608	$ 103,092,769
Total liabilities and equity	422,516,325		422,516,325			490,917,263
The TIC Interest
Assets
Real estate investments, net	30,156,162		30,156,162			30,858,240
Cash and cash equivalents	356,848		356,848			275,760
Other assets	192,251		192,251			228,770
Total assets	30,705,261		30,705,261			31,362,770
Liabilities:
Mortgage notes payable	13,555,271		13,555,271			13,746,635
Below-market lease, net	2,843,570		2,843,570			2,953,360
Other liabilities	129,110		129,110			68,587
Total liabilities	16,527,951		16,527,951			16,768,582
Total equity	14,177,310		14,177,310			14,594,188
Total liabilities and equity	30,705,261		30,705,261			$ 31,362,770
Total revenues	697,851	672,011	2,047,424	2,032,004
Expenses:
Interest expense	141,935	144,329	424,544	430,215
Depreciation and amortization	250,015	248,136	749,913	744,408
Other expenses	178,522	179,680	544,225	548,378
Total expenses	570,472	572,145	1,718,682	1,723,001
Other income:
Net loss	$ 127,379	99,866	$ 328,742	309,003
REIT I | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Liabilities:
Total revenues		3,302,347		9,868,701
Expenses:
Interest expense		828,987		2,674,383
Depreciation and amortization		1,450,227		4,336,641
Other expenses		1,746,989		4,150,881
Total expenses		4,026,203		11,161,905
Other income:
Other income		0		113,773
Net loss		$ (723,856)		$ (1,179,431)

CONDENSED CONSOLIDATED BALANC_5

CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS - Tenant Receivables, Net (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Supplemental Balance Sheet Disclsoure [Abstract]
Straight-line rent	$ 3,880,016	$ 3,541,238
Tenant rent	933,626	420,959
Tenant reimbursements	1,811,884	1,854,883
Tenant other	333,085	407,684
Total	$ 6,958,611	$ 6,224,764

CONDENSED CONSOLIDATED BALANC_6

CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS - Accounts Payable, Accrued and Other Liabilities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Supplemental Balance Sheet Disclsoure [Abstract]
Accounts payable	$ 533,307	$ 660,111
Accrued expenses	4,385,071	5,773,214
Accrued distributions	694,554	962,615
Accrued interest payable	647,632	1,690,168
Unearned rent	1,679,277	1,963,896
Lease incentive obligation	5,157	505,157
Total	$ 7,944,998	11,555,161
Accrued merger expenses		$ 1,570,622

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details)	Sep. 16, 2020USD ($)	Jul. 30, 2020USD ($)	Apr. 01, 2020USD ($)payment	Feb. 04, 2020USD ($)	Jan. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Aug. 10, 2020USD ($)	Jul. 29, 2020USD ($)	Jul. 22, 2020USD ($)	Dec. 31, 2019USD ($)
Short Term Debt [LineItems]
Mortgage notes payable						$ 186,634,542				$ 186,634,542
Plus unamortized mortgage premium, net						470,411				470,411
Less unamortized deferred financing costs						(1,609,107)				(1,609,107)
Net principal						185,495,846				$ 185,495,846
Loan to value ratio (as a percent)										60.00%
Impairment of real estate investment properties						0	$ 349,457	$ 9,157,068	$ 0	$ 9,506,525	$ 0
Impairment charge percentage							0.10%	2.20%
Accredo/Walgreen property
Short Term Debt [LineItems]
Mortgage notes payable						$ 8,538,000	$ 6,800,000			$ 8,538,000		$ 8,538,000			$ 6,853,442
Debt instrument, stated interest rate						3.80%				3.80%
Debt instrument, effective interest rate							3.95%					3.80%
Six Dollar General properties
Short Term Debt [LineItems]
Mortgage notes payable						$ 3,765,883				$ 3,765,883					3,819,264
Debt instrument, stated interest rate						4.69%				4.69%
Debt instrument, effective interest rate						4.69%				4.69%
Dana property
Short Term Debt [LineItems]
Mortgage notes payable						$ 4,488,612				$ 4,488,612					4,551,250
Debt instrument, stated interest rate						4.56%				4.56%
Debt instrument, effective interest rate						4.56%				4.56%
Northrop Grumman property
Short Term Debt [LineItems]
Mortgage notes payable						$ 5,556,618				$ 5,556,618					5,666,866
Debt instrument, stated interest rate						4.40%				4.40%
Debt instrument, effective interest rate						4.40%				4.40%
exp US Services property
Short Term Debt [LineItems]
Mortgage notes payable						$ 3,338,239				$ 3,338,239					3,385,353
Debt instrument, effective interest rate						4.25%				4.25%
Harley Davidson property (13)
Short Term Debt [LineItems]
Mortgage notes payable						$ 0				$ 0					6,748,029
Debt instrument, stated interest rate						4.25%				4.25%
Debt instrument, effective interest rate						4.25%				4.25%
Wyndham property
Short Term Debt [LineItems]
Mortgage notes payable						$ 5,634,900				$ 5,634,900					5,716,200
Debt instrument, effective interest rate						4.34%				4.34%
Wiiliams Sonoma property
Short Term Debt [LineItems]
Mortgage notes payable						$ 4,461,300				$ 4,461,300					4,530,600
Debt instrument, effective interest rate						4.34%				4.34%
Omnicare property
Short Term Debt [LineItems]
Mortgage notes payable						$ 4,213,726				$ 4,213,726					4,273,552
Debt instrument, stated interest rate						4.36%				4.36%
Debt instrument, effective interest rate						4.36%				4.36%
EMCOR property
Short Term Debt [LineItems]
Mortgage notes payable						$ 2,824,657				$ 2,824,657					2,862,484
Debt instrument, stated interest rate						4.35%				4.35%
Debt instrument, effective interest rate						4.35%				4.35%
Husqvarna property
Short Term Debt [LineItems]
Mortgage notes payable						$ 6,379,182				$ 6,379,182					6,379,182
Debt instrument, stated interest rate						4.60%				4.60%
Debt instrument, effective interest rate						4.60%				4.60%
AvAir property
Short Term Debt [LineItems]
Mortgage notes payable						$ 19,950,000	$ 14,545,000			$ 19,950,000			$ 19,950,000		14,575,000
Debt instrument, stated interest rate						3.80%				3.80%
Debt instrument, effective interest rate						3.80%	4.84%			3.80%			3.80%
3M property
Short Term Debt [LineItems]
Mortgage notes payable						$ 8,197,500				$ 8,197,500					8,290,000
Debt instrument, effective interest rate						5.09%				5.09%
Cummins property
Short Term Debt [LineItems]
Mortgage notes payable						$ 8,364,300				$ 8,364,300					8,458,600
Debt instrument, effective interest rate						5.16%				5.16%
24 Hour Fitness property
Short Term Debt [LineItems]
Mortgage notes payable						$ 0				$ 0					6,283,898
Debt instrument, effective interest rate						4.64%				4.64%
Impairment of real estate investment properties						$ 5,664,517
Texas Health property
Short Term Debt [LineItems]
Mortgage notes payable						$ 4,382,914				$ 4,382,914					4,400,000
Debt instrument, stated interest rate						4.00%				4.00%
Debt instrument, effective interest rate						4.00%				4.00%
Bon Secours property
Short Term Debt [LineItems]
Mortgage notes payable						$ 5,198,071				$ 5,198,071					5,250,000
Debt instrument, stated interest rate						5.41%				5.41%
Debt instrument, effective interest rate						5.41%				5.41%
Costco property
Short Term Debt [LineItems]
Mortgage notes payable						$ 18,850,000				$ 18,850,000					18,850,000
Debt instrument, stated interest rate						4.85%				4.85%
Debt instrument, effective interest rate						4.85%				4.85%
Taylor Fresh Foods
Short Term Debt [LineItems]
Mortgage notes payable						$ 12,350,000				$ 12,350,000					12,350,000
Debt instrument, stated interest rate						3.85%				3.85%
Debt instrument, effective interest rate						3.85%				3.85%
Levins property
Short Term Debt [LineItems]
Mortgage notes payable						$ 2,044,473				$ 2,044,473					2,079,793
Debt instrument, effective interest rate						3.74%				3.74%
Island Pacific Supermarket property
Short Term Debt [LineItems]
Mortgage notes payable						$ 0				$ 0					1,891,225
Debt instrument, effective interest rate						3.74%				3.74%
Dollar General Bakersfield property
Short Term Debt [LineItems]
Mortgage notes payable						$ 2,283,061				$ 2,283,061					2,324,338
Debt instrument, effective interest rate						3.38%				3.38%
Rite Aid property
Short Term Debt [LineItems]
Mortgage notes payable						$ 0				$ 0					3,659,338
Debt instrument, effective interest rate						3.25%				3.25%
PMI Preclinical property
Short Term Debt [LineItems]
Mortgage notes payable						$ 4,045,472				$ 4,045,472					4,118,613
Debt instrument, effective interest rate						3.38%				3.38%
EcoThrift property
Short Term Debt [LineItems]
Mortgage notes payable						$ 2,590,233				$ 2,590,233					2,639,237
Debt instrument, effective interest rate						2.96%				2.96%
GSA (MSHA) property
Short Term Debt [LineItems]
Mortgage notes payable						$ 1,763,359				$ 1,763,359					1,796,361
Debt instrument, effective interest rate						3.13%				3.13%
PreK Education property
Short Term Debt [LineItems]
Mortgage notes payable						$ 5,064,184				$ 5,064,184					5,140,343
Debt instrument, stated interest rate						4.25%				4.25%
Debt instrument, effective interest rate						4.25%				4.25%
Dinan Cars property
Short Term Debt [LineItems]
Mortgage notes payable						$ 0				$ 0					2,710,834
Debt instrument, stated interest rate						2.76%				2.76%
Debt instrument, effective interest rate						2.76%				2.76%
Proceeds from lease termination payment					$ 783,182
Solar Turbines, Amec Foster, ITW Rippey properties
Short Term Debt [LineItems]
Mortgage notes payable						$ 9,270,830				$ 9,270,830					9,434,692
Debt instrument, stated interest rate						3.35%				3.35%
Debt instrument, effective interest rate						3.35%				3.35%
Dollar General Big Spring property
Short Term Debt [LineItems]
Mortgage notes payable						$ 602,617				$ 602,617					611,161
Debt instrument, stated interest rate						4.50%				4.50%
Debt instrument, effective interest rate						4.50%				4.50%
Gap property
Short Term Debt [LineItems]
Mortgage notes payable						$ 3,588,893				$ 3,588,893					3,643,166
Debt instrument, stated interest rate						4.15%				4.15%
Debt instrument, effective interest rate						4.15%				4.15%
L-3 Communications property
Short Term Debt [LineItems]
Mortgage notes payable						$ 5,211,418				$ 5,211,418					5,284,884
Debt instrument, stated interest rate						4.69%				4.69%
Debt instrument, effective interest rate						4.69%				4.69%
Sutter Health property
Short Term Debt [LineItems]
Mortgage notes payable						$ 13,950,432				$ 13,950,432					14,161,776
Debt instrument, stated interest rate						4.50%				4.50%
Debt instrument, effective interest rate						4.50%				4.50%
Walgreens property
Short Term Debt [LineItems]
Mortgage notes payable						$ 3,198,668	$ 3,000,000			$ 3,198,668				$ 3,217,500	3,000,000
Debt instrument, stated interest rate						4.25%				4.25%
Debt instrument, effective interest rate						4.25%	7.50%			4.25%				4.25%
Initial Contractual Interest One | exp US Services property
Short Term Debt [LineItems]
Interest rate at period start						4.25%				4.25%
LIBOR | Wyndham property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										2.05%
LIBOR | Wiiliams Sonoma property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										2.05%
LIBOR | 3M property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										2.25%
LIBOR | Cummins property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										2.25%
LIBOR | 24 Hour Fitness property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										4.30%
LIBOR | Levins property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										1.93%
LIBOR | Island Pacific Supermarket property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										1.93%
LIBOR | Dollar General Bakersfield property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										1.48%
LIBOR | Rite Aid property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										1.50%
LIBOR | PMI Preclinical property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										1.48%
LIBOR | EcoThrift property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										1.21%
LIBOR | GSA (MSHA) property
Short Term Debt [LineItems]
Debt instrument, basis spread on variable rate										1.25%
Treasury Bill Index | exp US Services property
Short Term Debt [LineItems]
Debt instrument, stated interest rate						3.25%				3.25%
Treasury Bill Index | Husqvarna property
Short Term Debt [LineItems]
Debt instrument, stated interest rate						2.45%				2.45%
Mortgages
Short Term Debt [LineItems]
Mortgage notes payable						$ 180,107,542				$ 180,107,542					195,739,481
Plus unamortized mortgage premium, net						470,411				470,411					489,664
Less unamortized deferred financing costs						(1,576,836)				(1,576,836)					(2,189,938)
Net principal						$ 179,001,117				$ 179,001,117					$ 194,039,207
Mortgages | 24 Hour Fitness property
Short Term Debt [LineItems]
Monthly mortgage payment			$ 32,000
Decrease in monthly mortgage payment			$ 8,000
Number of reduced monthly payments | payment			4
Mortgages | Dinan Cars property
Short Term Debt [LineItems]
Principal repayments of mortgage					650,000
Debt instrument, payment reserve					$ 133,182
Swap | Island Pacific Supermarket property
Short Term Debt [LineItems]
Derivative, cost of hedge net of cash received	$ 11,500
Swap | Rite Aid property
Short Term Debt [LineItems]
Derivative, cost of hedge net of cash received		$ 40,700
Swap | Dinan Cars property
Short Term Debt [LineItems]
Derivative, cost of hedge net of cash received				$ 47,000

DEBT - Summary of Mortgage Note

DEBT - Summary of Mortgage Notes Payable (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Face Value	$ 186,634,542
Carrying Value	179,001,117	$ 194,039,207
Fair Value	179,676,613	200,535,334
Mortgages
Debt Instrument [Line Items]
Face Value	$ 180,107,542	$ 195,739,481

DEBT - Mortgage Notes Payable R

DEBT - Mortgage Notes Payable Related to Real Estate Investments Held For Sale, Net (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgage notes payable	$ 186,634,542
Plus unamortized mortgage premium	470,411
Less deferred financing costs	(1,609,107)
Net principal	185,495,846
Harley Davidson property (13)
Debt Instrument [Line Items]
Mortgage notes payable	0	$ 6,748,029
24 Hour Fitness property
Debt Instrument [Line Items]
Mortgage notes payable	0	6,283,898
Dinan Cars property
Debt Instrument [Line Items]
Mortgage notes payable	0	2,710,834
Mortgages
Debt Instrument [Line Items]
Mortgage notes payable	180,107,542	195,739,481
Plus unamortized mortgage premium	470,411	489,664
Less deferred financing costs	(1,576,836)	(2,189,938)
Net principal	179,001,117	$ 194,039,207
Mortgages | Secured Notes Payable, Real Estate Held-for-sale
Debt Instrument [Line Items]
Mortgage notes payable	14,915,938
Plus unamortized mortgage premium	2,307
Less deferred financing costs	(246,875)
Net principal	14,671,370
Mortgages | Secured Notes Payable, Real Estate Held-for-sale | Harley Davidson property (13) | Retail
Debt Instrument [Line Items]
Mortgage notes payable	6,655,415
Mortgages | Secured Notes Payable, Real Estate Held-for-sale | 24 Hour Fitness property | Retail
Debt Instrument [Line Items]
Mortgage notes payable	6,241,355
Mortgages | Secured Notes Payable, Real Estate Held-for-sale | Dinan Cars property | Industrial
Debt Instrument [Line Items]
Mortgage notes payable	$ 2,019,168

DEBT - Schedule of Line of Cred

DEBT - Schedule of Line of Credit Facilities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Unsecured credit facility	$ 6,000,000	$ 7,740,000
Less unamortized deferred financing costs	(32,271)	(90,139)
Unsecured credit facility, net	$ 5,967,729	$ 7,649,861

DEBT - Narrative (Details)

DEBT - Narrative (Details)

Aug. 13, 2020USD ($)

Apr. 01, 2020

Mar. 31, 2020USD ($)

Feb. 28, 2020USD ($)

Sep. 30, 2020USD ($)property

Jun. 30, 2020property

Sep. 30, 2020USD ($)

Sep. 30, 2019USD ($)

Dec. 31, 2019USD ($)

Nov. 12, 2020

May 20, 2020USD ($)

Apr. 20, 2020USD ($)

Apr. 06, 2020USD ($)

Mar. 27, 2020

Mar. 26, 2020

Mar. 13, 2020USD ($)

Feb. 27, 2020

Dec. 19, 2019USD ($)

Debt Instrument [Line Items]

Number of real estate properties, held-for-sale | property

3

4

Outstanding balance of unsecured credit facility

$ 6,000,000

$ 6,000,000

$ 7,740,000

Repayments of unsecured credit facility

6,000,000

$ 13,869,000

Debt instrument, fair value disclosure

$ 179,676,613

$ 179,676,613

$ 200,535,334

Maximum leverage ratio

0.55

0.50

Unsecured Credit Facility | Unsecured Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 12,000,000

Repayments of unsecured credit facility

$ 6,000,000

Outstanding borrowings under the unsecured credit facility

12,000,000

Loan extension and modification fees paid

$ 25,000

Percentage of purchase price allowed for acquisition funding purposes

70.00%

Line of credit facility, interest rate at period end

5.50%

5.50%

5.75%

Unsecured Credit Facility | Mortgage Notes Payable

Debt Instrument [Line Items]

Minimum debt service coverage ratio

125.00%

Minimum tangible net worth

$ 125,000,000

Prime Rate | Unsecured Credit Facility | Unsecured Credit Facility

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

1.00%

Minimum | Unsecured Credit Facility | Unsecured Credit Facility

Debt Instrument [Line Items]

Line of credit facility, interest rate during period

5.50%

Subsequent Event | Unsecured Credit Facility | Unsecured Credit Facility

Debt Instrument [Line Items]

Line of credit facility, interest rate at period end

5.50%

Loans, Mature on July 31, 2020 | Unsecured Credit Facility | Unsecured Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 6,940,000

Loans, Mature on August 31, 2020 | Unsecured Credit Facility | Unsecured Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 3,060,000

Loans, Mature on September 1, 2020 | Unsecured Credit Facility | Unsecured Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

6,000,000

Loans, Mature on October 15, 2021 | Unsecured Credit Facility | Unsecured Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 6,000,000

Short-term Notes Payable

Debt Instrument [Line Items]

Debt instrument, stated interest rate

10.00%

8.00%

Debt instrument, face amount

$ 4,800,000

Debt instrument, fair value disclosure

$ 1,024,750

$ 1,024,750

$ 490,000

Notes payable extension fee reduction

$ 10,000

Notes payable extension fee percentage

2.00%

Notes payable extension fee

$ 14,845

$ 24,845

Short-term Notes Payable | Loan Agreement and Promissory Note, Paycheck Protection Program, CARES Act

Debt Instrument [Line Items]

Debt instrument, stated interest rate

1.00%

Debt instrument, face amount

$ 517,000

Short-term Notes Payable | EIDL, Paycheck Protection Program, CARES Act

Debt Instrument [Line Items]

Debt instrument, face amount

$ 10,000

24 Hour Fitness | Mortgages

Debt Instrument [Line Items]

Debt instrument, term subject to reduced payments

4 months

DEBT - Maturities of Long-term

DEBT - Maturities of Long-term Debt (Details) - USD ($)	Sep. 30, 2020	Apr. 20, 2020
Debt Instrument [Line Items]
October through December 2020	$ 1,116,782
2021	25,665,222
2022	20,872,760
2023	25,642,334
2024	24,597,822
2025	30,781,081
Thereafter	57,958,541
Total principal	186,634,542
Plus unamortized mortgage premium, net of unamortized discount	470,411
Less unamortized deferred financing costs	(1,609,107)
Net principal	185,495,846
Short-term Notes Payable
Debt Instrument [Line Items]
October through December 2020	527,000
2021	0
2022	0
2023	0
2024	0
2025	0
Thereafter	0
Total principal	527,000
Plus unamortized mortgage premium, net of unamortized discount	0
Less unamortized deferred financing costs	0
Net principal	527,000
Short-term Notes Payable | Loan Agreement and Promissory Note, Paycheck Protection Program, CARES Act
Debt Instrument [Line Items]
Debt instrument, face amount		$ 517,000
Unsecured Credit Facility
Debt Instrument [Line Items]
October through December 2020	0
2021	6,000,000
2022	0
2023	0
2024	0
2025	0
Thereafter	0
Total principal	6,000,000
Plus unamortized mortgage premium, net of unamortized discount	0
Less unamortized deferred financing costs	(32,271)
Net principal	5,967,729
Mortgage Notes Payable
Debt Instrument [Line Items]
October through December 2020	589,782
2021	19,665,222
2022	20,872,760
2023	25,642,334
2024	24,597,822
2025	30,781,081
Thereafter	57,958,541
Total principal	180,107,542
Plus unamortized mortgage premium, net of unamortized discount	470,411
Less unamortized deferred financing costs	(1,576,836)
Net principal	$ 179,001,117

DEBT - Interest Expenses (Detai

DEBT - Interest Expenses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Interest expense	$ 2,732,528	$ 1,738,791	$ 9,196,061	$ 5,975,866
Loss on interest rate swaps	(272,912)	221,530	1,019,840	1,095,547
Other	31,737	0	61,280	0
Accrued interest payable	66,322		66,322		$ 22,282
Mortgage Notes Payable
Debt Instrument [Line Items]
Interest expense	2,135,624	1,387,785	6,471,492	4,232,943
Amortization of deferred financing costs	435,179	120,932	693,810	500,525
Prepayment penalties	138,373	0	138,373	0
Loss on interest rate swaps	(179,006)	218,642	1,263,691	1,109,027
Unsecured Credit Facility
Debt Instrument [Line Items]
Interest expense	128,333	0	449,791	110,060
Amortization of deferred financing costs	$ 42,288	$ 11,432	$ 117,624	$ 23,311

INTEREST RATE SWAP DERIVATIVE_2

INTEREST RATE SWAP DERIVATIVES - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)instrument	Sep. 30, 2019USD ($)	Dec. 31, 2019instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of swap agreements terminated			3
(Gain) loss on interest rate swaps | $	$ 272,912	$ (221,530)	$ (1,019,840)	$ (1,095,547)
Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of mortgage notes payable					4
Interest Rate Swaps | REIT I
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of additional swap agreements acquired					8

INTEREST RATE SWAP DERIVATIVE_3

INTEREST RATE SWAP DERIVATIVES - Derivative Instruments (Details)	Sep. 16, 2020USD ($)	Jul. 30, 2020USD ($)	Feb. 04, 2020USD ($)	Sep. 30, 2020USD ($)instrument	Dec. 31, 2019USD ($)instrument
Dinan Cars property | Swap
Receivables with Imputed Interest [Line Items]
Derivative, cost of hedge net of cash received			$ 47,000
Rite Aid property | Swap
Receivables with Imputed Interest [Line Items]
Derivative, cost of hedge net of cash received		$ 40,700
Island Pacific | Swap
Receivables with Imputed Interest [Line Items]
Derivative, cost of hedge net of cash received	$ 11,500
Interest Rate Swaps
Receivables with Imputed Interest [Line Items]
Number of Instruments | instrument				9	12
Notional Amount				$ 39,384,598	$ 48,215,139
Weighted Average Fixed Pay Rate				3.53%	3.87%
Weighted Average Remaining Term				2 years 4 months 24 days	2 years 10 months 24 days
Minimum
Receivables with Imputed Interest [Line Items]
Notional Amount				$ 37,528,748	$ 45,514,229
LIBOR | Maximum | Interest Rate Swaps
Receivables with Imputed Interest [Line Items]
Reference Rate				5.16%	5.16%
LIBOR | Minimum | Interest Rate Swaps
Receivables with Imputed Interest [Line Items]
Reference Rate				3.13%	2.76%

INTEREST RATE SWAP DERIVATIVE_4

INTEREST RATE SWAP DERIVATIVES - Statement of FInancial Position (Details)	Sep. 30, 2020USD ($)instrument	Dec. 31, 2019USD ($)instrument
Derivatives, Fair Value [Line Items]
Fair Value	$ 0	$ 34,567
Fair Value	$ (2,006,997)	$ (1,021,724)
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	9	12
Interest Rate Swaps | Liability
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	9	7
Fair Value	$ (2,006,997)	$ (1,021,724)
Interest Rate Swaps | Assets
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	0	5
Fair Value	$ 0	$ 34,567

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details)	Sep. 30, 2020USD ($)shares	Aug. 28, 2020USD ($)	Jul. 31, 2020USD ($)	Mar. 02, 2020USD ($)property	Jul. 31, 2020USD ($)shares	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)propertyshares	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)propertyshares	Sep. 30, 2019	Apr. 23, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Repayments of related party debt								$ 0	$ 63,500
Property management fees percentage								1.50%
Number of real estate properties under property management services | property							10		10
Due to related parties												$ 630,820
Leasing commissions and fees, percentage of rents								6.00%
Leasing commission fee, renewal rate								3.00%
Limitation as of average invested assets (as a percent)										2.00%
Limitation as of net income (as a percent)										25.00%
Leasing Commission Fees
Related Party Transaction [Line Items]
Amount paid for related party transactions							$ 0		$ 0
Waiver of asset management fees
Related Party Transaction [Line Items]
Related party transaction fees							0		0
Monthly asset management fees waive percentage								0.025%
Financing coordination fees
Related Party Transaction [Line Items]
Amount paid for related party transactions							0		63,500
Due to related parties												0
Property management fees
Related Party Transaction [Line Items]
Amount paid for related party transactions							56,122		168,194
Due to related parties												0
Property Selling Fee
Related Party Transaction [Line Items]
Related party transaction rate								3.00%
Due from TIC
Related Party Transaction [Line Items]
Amount paid for related party transactions							0		0
Due to related parties												0
Reimbursable organizational and offering expenses
Related Party Transaction [Line Items]
Amount paid for related party transactions							307,217		1,207,080
Due to related parties												0
Sponsor reimbursement
Related Party Transaction [Line Items]
Related party transaction fees							96,104		373,251
Acquisition Fees
Related Party Transaction [Line Items]
Related party transaction rate								3.00%
Amount paid for related party transactions							5,459		5,459
Asset Management Fees
Related Party Transaction [Line Items]
Related party transaction rate								0.10%
Amount paid for related party transactions							680,349		2,040,386
Related party transaction fees							680,349		2,040,386
Due to related parties												0
Expense reimbursements from Former Sponsor
Related Party Transaction [Line Items]
Due to related parties												0
Disposition Fees
Related Party Transaction [Line Items]
Related party transaction rate								6.00%
Amount paid for related party transactions							0		0
Subordinated participation fees
Related Party Transaction [Line Items]
Due to related parties													$ 839,050
Operating expense reimbursements
Related Party Transaction [Line Items]
Amount paid for related party transactions							132,000		396,000
Due to related parties												0
Advisor fees
Related Party Transaction [Line Items]
Related party transaction rate								0.10%
Amount paid for related party transactions						$ 65,993		$ 197,979
Maximum | Reimbursable organizational and offering expenses
Related Party Transaction [Line Items]
Amount paid for related party transactions									5,429,105
Maximum | Acquisition Fees
Related Party Transaction [Line Items]
Related party transaction rate								6.00%
Board of Directors Chairman | Secured Notes Payable
Related Party Transaction [Line Items]
Related party transaction rate								10.00%
Due to related parties												$ 630,820
Balloon payment due at maturity											$ 437,862
Board of Directors Chairman | Secured Notes Payable, Note One
Related Party Transaction [Line Items]
Balloon payment due at maturity											218,931
Board of Directors Chairman | Secured Notes Payable, Note Two
Related Party Transaction [Line Items]
Balloon payment due at maturity											$ 218,931
Board of Directors Chairman | Wirta Trust
Related Party Transaction [Line Items]
Notes payable, related party				$ 4,000,000
Number of real estate properties under mortgages | property				2
Related party transaction rate				8.00%
Board of Directors Chairman | Wirta Trust | Chevron San Jose property
Related Party Transaction [Line Items]
Repayments of related party debt			$ 2,000,000
Board of Directors Chairman | Wirta Trust | Chevron Roseville property
Related Party Transaction [Line Items]
Repayments of related party debt		$ 2,000,000
Sponsor
Related Party Transaction [Line Items]
Employment related legal costs							0		$ 40,915
Sponsor | Reimbursable organizational and offering expenses
Related Party Transaction [Line Items]
Gross offering proceeds, percentage									3.00%
Advisor
Related Party Transaction [Line Items]
Financing coordination fees percentage								1.00%
Subordinated participation fees percentage								30.00%
Santa Clara | Advisor fees
Related Party Transaction [Line Items]
Amount paid for related party transactions						47,984	47,977	$ 143,951	$ 143,930
REIT I | Advisor fees
Related Party Transaction [Line Items]
Amount paid for related party transactions							9,483		29,606
Director
Related Party Transaction [Line Items]
Payments to independent member of Company's board of directors for services rendered						101,250	105,000	305,833	281,667
Amount paid in cash to board of directors						$ 18,750
Director | Common Class C
Related Party Transaction [Line Items]
Value of stock issued to board of directors	$ 82,500				$ 101,250		$ 105,000	$ 255,833	$ 210,000
Common stock issued to board of directors (in shares) | shares	11,786				14,464		10,334	33,066	20,669

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Receivable					$ 2,332
Payable					630,820
Asset management fees
Related Party Transaction [Line Items]
Incurred		$ 680,349		$ 2,040,386
Receivable					0
Payable					0
Related party transaction fees		680,349		2,040,386
Operating expense reimbursements
Related Party Transaction [Line Items]
Incurred		132,000		396,000
Receivable					0
Payable					0
Fees to affiliates
Related Party Transaction [Line Items]
Incurred		812,349		2,436,386
Property management fees
Related Party Transaction [Line Items]
Incurred		56,122		168,194
Receivable					0
Payable					0
Directors and officers insurance and other reimbursements
Related Party Transaction [Line Items]
Incurred		64,433		198,108
Receivable					0
Payable					0
Expense reimbursements from Former Sponsor
Related Party Transaction [Line Items]
Incurred		(96,104)		(332,336)
Receivable					0
Payable					0
Acquisition fees
Related Party Transaction [Line Items]
Incurred		5,459		5,459
Receivable					0
Payable					0
Financing coordination fees
Related Party Transaction [Line Items]
Incurred		0		63,500
Receivable					0
Payable					0
Reimbursable organizational and offering expenses
Related Party Transaction [Line Items]
Incurred		307,217		1,207,080
Receivable					0
Payable					0
Due from BRIX REIT
Related Party Transaction [Line Items]
Incurred		0		0
Receivable					1,378
Payable					0
Due from TIC
Related Party Transaction [Line Items]
Incurred		0		0
Receivable					954
Payable					0
Notes due to Chairman of the Board
Related Party Transaction [Line Items]
Incurred		0		0
Receivable					0
Payable					630,820
Waiver of asset management fees
Related Party Transaction [Line Items]
Monthly asset management fees waive percentage			0.025%
Related party transaction fees		0		0
Advisor fees
Related Party Transaction [Line Items]
Incurred	$ 65,993		$ 197,979
Asset management fees due from BRIX REIT, Inc.
Related Party Transaction [Line Items]
Receivable					$ 242,299
Santa Clara | Advisor fees
Related Party Transaction [Line Items]
Incurred	$ 47,984	47,977	$ 143,951	143,930
Sponsor
Related Party Transaction [Line Items]
Employment related legal costs		$ 0		40,915
Organizational and offering costs incurred				$ 9,189,209
Sponsor | Reimbursable organizational and offering expenses
Related Party Transaction [Line Items]
Gross offering proceeds, percentage				3.00%
Maximum | Reimbursable organizational and offering expenses
Related Party Transaction [Line Items]
Incurred				$ 5,429,105

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)	Nov. 04, 2020	Oct. 29, 2020	Oct. 05, 2020	Sep. 03, 2020	Aug. 05, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 29, 2020	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES [Line Items]
Restricted cash							$ 265,654			$ 265,654		$ 265,654			$ 113,362
Operating lease, remaining lease term							4 years			4 years		4 years
Lease termination fee										$ (1,175,192)	$ 0	$ (1,175,192)	$ 0
Operating lease liability							$ 0			0		0		$ 2,087,713	2,386,877
Operating lease, current liability														242,216
Operating lease right-of-use asset							$ 0			$ 0		$ 0		$ 2,019,577	2,386,877
Operating lease, discount rate							5.75%			5.75%		5.75%
Repurchase requests received							$ 6,747,834	$ 8,002,288	$ 8,359,586
Share value repurchased				$ 1,420,636	$ 995,028
Maximum
COMMITMENTS AND CONTINGENCIES [Line Items]
Shares authorized to be repurchased per month (as a percent)												2.00%
Shares authorized to be repurchased per quarter (as a percent)												5.00%
Subsequent Event
COMMITMENTS AND CONTINGENCIES [Line Items]
Lease termination fee		$ (1,350,000)
Collection (release) of security deposit		(135,544)
Cash payment of operating lease		$ 1,214,456
Repurchase requests received						$ 5,907,195
Share value repurchased	$ 1,537,198		$ 1,393,275
Lease Agreements
COMMITMENTS AND CONTINGENCIES [Line Items]
Obligation amount to pay for site and tenant improvements							60,598			$ 60,598		$ 60,598			98,329
Restricted cash							$ 92,684			$ 92,684		$ 92,684			$ 92,684
Lease Agreements | Santa Clara Property
COMMITMENTS AND CONTINGENCIES [Line Items]
Ownership percentage							72.70%			72.70%		72.70%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Share Repurchase Requests Received (Details) - USD ($)	Nov. 04, 2020	Oct. 05, 2020	Sep. 03, 2020	Aug. 05, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Sep. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Value of Share Repurchase Requests Received						$ 6,747,834	$ 8,002,288	$ 8,359,586
Value of Shares Repurchased (1)			$ 1,420,636	$ 995,028
Shares repurchase period									3 years
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Value of Share Repurchase Requests Received					$ 5,907,195
Value of Shares Repurchased (1)	$ 1,537,198	$ 1,393,275

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) - USD ($)	Oct. 29, 2020	Oct. 28, 2020	Nov. 12, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Oct. 31, 2020	Oct. 31, 2020	Oct. 26, 2020	May 20, 2020	Feb. 01, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Proceeds from issuance of common stock and investor deposits							$ 10,378,762	$ 34,559,949
Dividends				$ 688,630	$ 2,135,815	$ 2,784,235	$ 9,595,208	7,778,197
Net asset value (in usd per share)				$ 7	$ 7		$ 7					$ 7	$ 10.27	$ 10.16
Lease termination fee					$ (1,175,192)	$ 0	$ (1,175,192)	$ 0
Retail
Subsequent Event [Line Items]
Disposal group, including discontinued operation, consideration				$ 15,943,462	$ 15,943,462		$ 15,943,462
Subsequent Event
Subsequent Event [Line Items]
Daily distribution rate (in usd per share)											$ 0.00095890
Annualized distribution rate (in usd per share)											0.35
Net asset value (in usd per share)											$ 0.050
Lease termination fee	$ (1,350,000)
Collection (release) of security deposit	(135,544)
Cash payment of operating lease	$ 1,214,456
Subsequent Event | Dinan Cars | Retail
Subsequent Event [Line Items]
Disposal group, including discontinued operation, consideration		$ 6,100,000
Proceeds from sale of real estate investments		$ 3,811,580
Subsequent Event | Common Class C
Subsequent Event [Line Items]
Common stock redeemed (in shares)			419,929
Common stock redeemed during period			$ 2,926,160
Subsequent Event | Common Class S
Subsequent Event [Line Items]
Common stock issued in transaction (in shares)										190,616
Proceeds from issuance of common stock and investor deposits										$ 1,928,448
Common stock redeemed (in shares)			616
Common stock redeemed during period			$ 4,313
Subsequent Event | Distribution Reinvestment Plan | Common Class C
Subsequent Event [Line Items]
Common stock issued in transaction (in shares)									2,262,304
Proceeds from issuance of common stock and investor deposits									$ 21,556,543
Subsequent Event | Distribution Reinvestment Plan | Common Class S
Subsequent Event [Line Items]
Common stock issued in transaction (in shares)										5,652
Proceeds from issuance of common stock and investor deposits										$ 51,284
Subsequent Event | Registered Offering | Common Class C
Subsequent Event [Line Items]
Common stock issued in transaction (in shares)									19,727,497
Proceeds from issuance of common stock and investor deposits									$ 196,433,674