Rich Uncles Real Estate Investment Trust I 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	Rich Uncles Real Estate Investment Trust I
Entity Central Index Key	0001672754
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		8,336,924
Entity Emerging Growth Company	false
Entity Small Business	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Real estate investments:
Land	$ 29,247,323	$ 29,691,680
Buildings and improvements	96,087,796	97,752,787
Tenant origination and absorption costs	12,033,433	12,701,634
Total investments in real estate property	137,368,552	140,146,101
Accumulated depreciation and amortization	(15,388,364)	(15,070,564)
Total investments in real estate property, net	121,980,188	125,075,537
Cash and cash equivalents	2,560,217	2,914,005
Restricted cash	462,140	462,140
Tenant receivables, net	1,650,814	1,707,835
Above-market lease intangibles, net	773,032	781,862
Interest rate swap derivatives	260,820	404,267
Other assets	135,812	176,511
Total assets	127,823,023	131,522,157
Liabilities and Shareholders’ Equity
Mortgage notes payable, net	59,360,813	61,446,068
Accounts payable, accrued and other liabilities	1,617,230	1,419,222
Sales deposit liability (Note 5)	1,000,000	1,000,000
Share repurchases payable	818,699	880,404
Below-market lease intangibles, net	2,890,802	3,105,843
Due to affiliates (Note 9)	757	59,992
Total liabilities	65,688,301	67,911,529
Commitments and contingencies (Note 10)
Redeemable common stock	0	163,572
Equity
Common stock, par value $0.01 per share, 10,000,000 shares authorized, 8,407,283 and 8,390,776 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	84,073	83,908
Additional paid-in-capital	83,283,063	82,890,895
Cumulative distributions and net losses	(21,232,414)	(19,527,747)
Total shareholders’ equity	62,134,722	63,447,056
Total liabilities and shareholders’ equity	$ 127,823,023	$ 131,522,157

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Par Value (in USD per share)	$ 0.01	$ 0.01
Shares Authorized (in shares)	10,000,000	10,000,000
Shares Issued (in shares)	8,407,283	8,390,776
Shares Outstanding (in shares)	8,407,283	8,390,776

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Rental income	$ 3,288,644	$ 3,231,218
Expenses:
Fees to affiliates (Note 9)	291,779	285,535
General and administrative	371,219	263,364
Depreciation and amortization	1,442,060	1,448,244
Interest expense (Notes 7 and 8)	863,173	484,873
Property expenses	565,865	631,138
Total expenses	3,534,096	3,113,154
Other income:
Gain on disposal of real estate investment (Note 6)	113,773	0
Net (loss) income	$ (131,679)	$ 118,064
Net (loss) income per share, basic and diluted (in USD per share)	$ (0.02)	$ 0.01
Weighted-average number of common shares outstanding, basic and diluted (in shares)	8,417,267	8,416,374
Dividends declared per common share (in USD per share)	$ 0.1875	$ 0.1875

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Shareholders' Equity - USD ($)	Total	Common Stock	Additional Paid -in- Capital	Cumulative Distributions and Net Losses
Balance (in shares) at Dec. 31, 2017		8,358,254
Balance at Dec. 31, 2017	$ 70,086,370	$ 83,583	$ 82,350,273	$ (12,347,486)
Issuance of common stock (in shares)		108,826
Issuance of common stock	1,088,259	$ 1,021	1,087,238
Stock compensation expense (in shares)		4,051
Stock compensation expense	40,518	$ 15	40,503
Reclassifications from (to) redeemable common stock	(559,960)		(559,960)
Repurchase of common stock (in shares)		(61,211)
Repurchase of common stock	(612,106)	$ (612)	(611,494)
Dividends declared	(1,566,932)			(1,566,932)
Net (loss) income	118,064			118,064
Balance (in shares) at Mar. 31, 2018		8,409,920
Balance at Mar. 31, 2018	68,594,213	$ 84,007	82,306,560	(13,796,354)
Balance (in shares) at Dec. 31, 2018		8,390,776
Balance at Dec. 31, 2018	63,447,056	$ 83,908	82,890,895	(19,527,747)
Issuance of common stock (in shares)		99,096
Issuance of common stock	1,047,460	$ 991	1,046,469
Reclassifications from (to) redeemable common stock	225,277		225,277
Repurchase of common stock (in shares)		(82,589)
Repurchase of common stock	(880,404)	$ (826)	(879,578)
Dividends declared	(1,572,988)			(1,572,988)
Net (loss) income	(131,679)			(131,679)
Balance (in shares) at Mar. 31, 2019		8,407,283
Balance at Mar. 31, 2019	$ 62,134,722	$ 84,073	$ 83,283,063	$ (21,232,414)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net (loss) income	$ (131,679)	$ 118,064
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	1,442,060	1,448,244
Provision for doubtful accounts	0	40,786
Stock compensation expense	75,000	40,518
Deferred rents	(45,978)	(100,499)
Amortization of deferred financing costs	85,651	86,448
Amortization of above-market leases	8,830	8,830
Amortization of below-market leases	(215,041)	(215,041)
Gain on disposal of real estate investment	(113,773)	0
Unrealized loss (gain) on interest rate swap valuation	143,447	(230,216)
Expensed organization and offering costs	0	32,554
Changes in operating assets and liabilities:
Decrease in tenant receivables	93,939	115,221
Decrease in other assets	40,700	21,222
Increase in accounts payable, accrued and other liabilities	229,727	284,328
Decrease in due to affiliates	(59,235)	(84,015)
Net cash provided by operating activities	1,553,648	1,566,444
Cash Flows from Investing Activities:
Additions to existing real estate investments	(188,497)	(11,280)
Net cash used in investing activities	(188,497)	(11,280)
Cash Flows from Financing Activities:
Repayments of mortgage notes payable	(313,007)	(309,384)
Recovery of deferred financing costs to third parties	0	16,634
Refund of offering costs to affiliates	0	49,509
Repurchase of common stock	(880,404)	(612,106)
Dividends paid to common shareholders	(525,528)	(478,673)
Net cash used in financing activities	(1,718,939)	(1,334,020)
Net (decrease) increase in cash, cash equivalents and restricted cash	(353,788)	221,144
Cash, cash equivalents and restricted cash, beginning of period	3,376,145	6,027,807
Cash, cash equivalents and restricted cash, end of period	3,022,357	6,248,951
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	634,110	634,745
Supplemental Schedule of Noncash Investing and Financing Activities:
Reclassifications from (to) redeemable common stock	225,277	(559,960)
Increase in share redemptions payable	(61,705)	559,307
Reinvested dividends from common shareholders	1,047,460	1,088,259
Unpaid real estate investment additions	$ 0	$ 215,461

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Business And Organization	NOTE 1. BUSINESS AND ORGANIZATION Rich Uncles Real Estate Investment Trust I (the "Company") was formed on March 7, 2012. The Company is an unincorporated real estate investment trust ("REIT") under the laws of the State of California. The Company elected to be taxed as a REIT for U.S. federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, beginning with the year ended December 31, 2014. The Company was formed primarily to invest in single-tenant income-producing properties located in California and that are leased to creditworthy tenants under long-term net leases, however, the Company may invest up to 20% of the net proceeds of its offering in properties located outside of California. 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 directly and/or through special purpose wholly-owned limited liability companies or other subsidiaries. As of March 31, 2019, the Company held a 70.14% interest in one property subject to a tenancy-in-common agreement. On May 9, 2019, the Company purchased the remaining 29.86% interest in this property, resulting in full 100% ownership. The Company is externally managed by its advisor and sponsor, BrixInvest, LLC (f/k/a Rich Uncles, LLC) ("BrixInvest" or the "Advisor") whose members include Aaron S. Halfacre, the Company’s Chief Executive Officer and President, and Ray Wirta, the Company's Chairman of the Board of trust managers (the "Board"). The Advisor is a Delaware limited liability company registered to do business in California. The Company has entered into an agreement (the "Advisory Agreement") with the Advisor. The current term of the Advisory Agreement is scheduled to expire on May 10, 2020. The Advisory Agreement may be renewed for an unlimited number of successive one-year periods upon the mutual consent of the Company and the Advisor. The Advisory Agreement is terminable by a majority of the Company’s independent trust managers or the Advisor on 60 days’ written notice with or without cause. Upon termination of the Advisory Agreement, the Advisor may be entitled to a termination fee. The Advisor also serves, directly or through an affiliate, as the advisor and sponsor for RW Holdings NNN REIT, Inc. ("NNN REIT") and BRIX REIT, Inc. On January 11, 2019, the Company’s Board approved and established an estimated net asset value ("NAV") per share of the Company’s common stock of $10.57 . Effective January 14, 2019, the purchase price per share of the Company’s common stock in the Company’s dividend reinvestment plan and share repurchase plan changed from $10.66 to $10.57 . Potential Sale or Merger Transaction On January 14, 2019, the Company announced that the special committee of its Board has engaged Cushman & Wakefield, a global real estate valuation and advisory services firm, as the Company's real estate financial advisor to evaluate strategic alternatives which includes marketing its entire 20-property real estate portfolio for disposition by sale, merger or other transaction structure, subject to the approval of the Company's shareholders. The Company has also suspended the redemptions of common stock under its share repurchase program during the strategic alternatives review process and suspended the dividend reinvestment plan in April 2019. The portfolio marketing process includes a non-public competitive bidding that is being managed by Cushman &Wakefield over successive rounds that began in March 2019 and will continue through the second quarter of 2019. If an acceptable acquiror and price are identified, any portfolio sale or merger transaction would initially be subject to approval of the Company's Board, including the independent trust managers who are serving as a special committee in connection with the strategic alternatives review, portfolio marketing and negotiation of any potential transaction. If the special committee and the Board approve a sale or merger transaction, such transaction would then be subject to the approval of the Company's shareholders owning a majority of the outstanding common stock. The Company does not intend to provide any updates pertaining to the bidding process and shareholders should not expect any announcement from the Company until such time that an outcome has been reached with respect to any potential offer, except as required under applicable laws. On March 19, 2019, NNN REIT announced that it intends to explore a potential acquisition of the Company or its real estate portfolio and that its board of directors has formed a special committee to evaluate the potential for a transaction with the Company. The members of the NNN REIT special committee have no affiliation with the Company or the Advisor. The Company's independent trust managers are not affiliated with NNN REIT, BRIX REIT, or any other BrixInvest affiliate. Assuming an offer on acceptable price and terms results from this competitive bidding process, the Company's special committee and its Board could announce and present a fully negotiated and approved sale or merger transaction for shareholder approval during the third quarter of 2019. If shareholder approval is then obtained, the sale or merger transaction would proceed in accordance with the negotiated terms. There can be no assurance that a sale or merger transaction will occur at all, or that any such transaction would conclude during the third calendar quarter of 2019.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited and 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 Securities and Exchange Commission (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 December 31, 2018 audited consolidated financial statements included in the Company’s Form 10-K filed with the SEC on March 27, 2019. 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 its financial position, results of operations and cash flows. All significant intercompany balances and transactions are eliminated in consolidation. The December 31, 2018 condensed consolidated balance sheet included herein was derived from the audited consolidated financial statements but does 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 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. Actual results may differ from those estimates. 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 a combination of market quotes, pricing models, and other 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, other assets, accounts payable, accrued and other liabilities, sales deposit liability, share repurchase payable and due to affiliates: These balances approximate their fair values due to the short nature of these items. Derivative Instruments : The Company’s derivative instruments are presented at fair value in the accompanying 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. 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. 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 tenant improvements and property tax impounds. Other Comprehensive (Loss) Income For all periods presented, other comprehensive (loss) income is the same as net (loss) income. Reclassifications Certain prior year revenue account balances in the statement of operations have been reclassified to conform with the current year presentation. The reclassifications had no impact on net income. Per Share Data Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock equals basic earnings per share of common stock as there were no potentially dilutive securities outstanding during the three months ended March 31, 2019 and 2018 . Impairment of Investment in Real Estate Property 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 will record an impairment charge to the extent the carrying value exceeds the estimated fair value of the asset. The following are the Company’s updated significant accounting policies that have been affected by the adoption of Topic 842 as discussed below in New Accounting Standards Issued and Adopted: Revenue Recognition The Company recognizes rental income, tenant reimbursements and other lease-related revenue when all of the following criteria are met: (i) the agreement has been fully executed and delivered, (ii) services have been rendered, (iii) the amount is fixed or determinable and (iv) payment has been received or the collectability of the amount due is probable. Lease termination fees are amortized over the remaining lease term, if applicable. If there is no remaining lease term, they are recognized when received and realized. Minimum annual rental revenues are recognized in rental income on a straight-line basis over the non-cancellable term of the related lease. The recognition of rental income commences when the tenant takes possession or controls the physical use of the leased property. In order for the tenant to take possession, the leased property must be substantially complete and ready for its intended use. In order to determine whether the leased property is substantially complete and ready for its intended use, the Company begins by determining whether the Company or the tenant owns the tenant improvements, if the lease agreement provides for tenant improvements. 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. When the Company concludes that it is the owner of tenant improvements, rental income recognition begins when the tenant takes possession of the completed property, which is generally when Company-owned tenant improvements are substantially complete. In addition, when the Company concludes that it is the owner of tenant improvements, the Company records the costs to construct the tenant improvements, including costs paid for or reimbursed by the tenants, as a capital asset. For these tenant improvements, the Company records the amount funded by or reimbursed by the tenants as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. When the Company concludes that the tenant is the owner of tenant improvements, rental income recognition begins when the tenant takes possession or controls the physical use of the leased property. 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. In addition, when the Company concludes that the tenant is the owner of tenant improvements for accounting purposes, the Company records its contribution towards such improvements as a lease incentive, which is included in deferred leasing costs and acquisition-related intangible assets, net in its consolidated balance sheets and amortized as a reduction to rental income on a straight-line basis over the term of the related lease. Tenant Reimbursements 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 in the period the recoverable costs are incurred. Tenant reimbursements where the Company pays the associated costs directly to third-party vendors and are reimbursed by the tenants are recognized and recorded on a gross basis. Allowances for Tenant and Deferred Rent Receivables The Company carries its tenant and deferred rent receivables net of allowances for amounts that may not be collected. Prior to the Company’s adoption of Topic 842 on January 1, 2019, the allowances are increased or decreased through provision for bad debts in the Company’s consolidated statement of operations. Upon the adoption of Topic 842 on January 1, 2019, the determination of the adequacy of the Company's allowances for tenant and deferred rent 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 current and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. For tenant and deferred rent receivables deemed probable of collection, the Company may also 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. Based on the Company’s evaluation for the three months ended March 31, 2019 and 2018, the Company determined that its tenant and deferred rent receivables are probable of collection. Recent Accounting Pronouncements New Accounting Standards Issued and Adopted Effective January 1, 2019, the Company adopted Financial Accounting Standards Board ("FASB") ASU No. 2016-02 "Leases (Topic 842)" and the related FASB ASU Nos. 2018-10, 2018-11, 2018-20 and 2019-01, 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. The Company currently does not have any exposure to Topic 842 from the perspective of a lessee as the operating lease is borne by the Sponsor. The Company's exposure to Topic 842 is primarily as a lessor. The Company has elected to apply the applicable practical expedients provided by Topic 842. Lessor Accounting 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 Topic 606. 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 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 component 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 2018-11 have been combined under rental income subsequent to the adoption of Topic 842 for the three months ended March 31, 2019 and 2018 in the Company’s consolidated statements of operations. The Company also made a conforming reclassification for the prior year’s tenant reimbursements. For the three months period ended March 31, 2019 and 2018, tenant reimbursements included in rental income amounted to $522,108 and $488,658 , respectively. Prior to the adoption of Topic 842, lessor costs for certain services directly reimbursed by tenants have already been presented by the Company on a gross basis in revenues and expenses. 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, beginning January 1, 2019, the Company will no longer capitalize internal leasing costs and third-party legal leasing costs and will instead expense these costs as incurred. These expenses will be included in legal leasing costs under general and administrative expenses in our consolidated statements of operations. During the three months ended March 31, 2019, the Company did not incur any indirect leasing costs which would have been capitalized prior to the adoption of Topic 842. The election of the package of practical expedients described above permits us to continue to account for our 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 commencing or modified after January 1, 2019. Allowances for Tenant and Deferred Rent Receivables Upon 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. New Accounting Standards Recently Issued and Not Yet 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 2016-02 is effective for the Company beginning January 1, 2020. Entities are 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 Company is still evaluating the impact of adopting ASU No. 2018-13 on its consolidated financial statements.

CONDENSED CONSOLIDATED BALANC_3

CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Balance Sheet Details	CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS Tenant Receivables Tenant receivables, net consisted of the following: March 31, December 31, Straight-line rent $ 1,436,194 $ 1,399,276 Tenant rent 43,944 200,301 Unbilled tenant reimbursements 170,676 108,258 Total $ 1,650,814 $ 1,707,835 Accounts Payable, Accrued and Other Liabilities Accounts payable, accrued and other liabilities were comprised of the following: March 31, December 31, Accounts payable $ 446,670 $ 52,057 Accrued expenses 266,670 184,441 Accrued interest payable 200,454 288,437 Unearned rent 433,330 624,181 Tenant security deposits 270,106 270,106 Total $ 1,617,230 $ 1,419,222

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Investments	REAL ESTATE INVESTMENTS The following table provides summary information regarding the Company’s 20 real estate investments as of March 31, 2019 : Property Location Acquisition Date Property Type Land, Building and Improvements Tenant Origination and Absorption Costs Accumulated Depreciation and Amortization Total Real Estate Investments, Net Chevron Gas Station San Jose, CA 5/29/2015 Retail $ 2,775,000 $ — $ (150,205 ) $ 2,624,795 Levins Sacramento, CA 8/19/2015 Industrial 3,750,000 2,500 (772,151 ) 2,980,349 Chevron Gas Station (Note 5) Roseville, CA 9/30/2015 Retail 2,800,000 — (338,460 ) 2,461,540 Island Pacific Supermarket Elk Grove, CA 10/1/2015 Retail 3,151,461 568,539 (564,182 ) 3,155,818 Dollar General Bakersfield, CA 11/11/2015 Retail 4,632,567 689,020 (648,133 ) 4,673,454 Rite Aid Lake Elsinore, CA 12/7/2015 Retail 6,663,446 968,285 (785,305 ) 6,846,426 PMI Preclinical San Carlos, CA 12/9/2015 Industrial 8,920,000 — (676,776 ) 8,243,224 EcoThrift Sacramento, CA 3/17/2016 Retail 4,486,993 541,729 (736,710 ) 4,292,012 GSA (MSHA) Vacaville, CA 4/5/2016 Office 2,998,232 456,645 (424,999 ) 3,029,878 PreK San Antonio San Antonio, TX 4/8/2016 Retail 11,851,540 1,593,451 (2,701,298 ) 10,743,693 Dollar Tree Morrow, GA 4/22/2016 Retail 1,295,879 206,844 (275,416 ) 1,227,307 Dinan Cars Morgan Hill, CA 6/21/2016 Industrial 4,651,845 654,155 (1,061,472 ) 4,244,528 Solar Turbines San Diego, CA 7/21/2016 Office 5,738,978 389,718 (590,172 ) 5,538,524 Amec Foster San Diego, CA 7/21/2016 Industrial 7,010,799 485,533 (720,961 ) 6,775,371 ITW Rippey El Dorado, CA 8/18/2016 Industrial 6,299,982 407,316 (647,863 ) 6,059,435 Dollar General Big Spring Big Spring, TX 11/4/2016 Retail 1,161,647 112,958 (72,139 ) 1,202,466 Gap Rocklin, CA 12/1/2016 Office 7,220,909 677,192 (732,765 ) 7,165,336 L-3 Communications San Diego, CA 12/23/2016 Industrial 11,001,887 961,107 (892,800 ) 11,070,194 Sutter Health Rancho Cordova, CA 3/15/2017 Office 24,256,632 2,870,258 (2,365,990 ) 24,760,900 Walgreens Santa Maria, CA 6/29/2017 Retail 4,667,322 448,183 (230,567 ) 4,884,938 $ 125,335,119 $ 12,033,433 $ (15,388,364 ) $ 121,980,188 Current Year Acquisitions or Dispositions There were no acquisitions during the three months ended March 31, 2019 . See Note 6 regarding the foreclosure sale of property previously held in Antioch, California. Operating Leases The Company’s real estate properties are primarily leased to tenants under triple-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 national 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 new 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. As of March 31, 2019 , the aggregate future minimum contractual rental income due under the Company’s non-cancelable operating leases, excluding any renewal periods, are as follows: April through December 2019 $ 7,494,599 2020 10,171,905 2021 9,183,103 2022 7,637,420 2023 5,865,531 2024 5,350,757 Thereafter 22,431,468 $ 68,134,783 Revenue Concentration The Company’s revenue concentration based on tenants representing greater than 10% of total revenues for the three months ended March 31, 2019 and 2018 were as follows: Property and Location Three Months Ended Three Months Ended Revenue Percentage of Total Revenue Revenue Percentage of Total Revenue Sutter Health, Rancho Cordova, CA $ 662,423 20.1 % $ 658,462 20.4 % ITW Rippey, El Dorado, CA $ 519,524 15.8 % $ 514,859 15.9 % PreK San Antonio, San Antonio, TX $ 410,096 12.5 % $ 402,674 12.5 % Asset Concentration The Company’s portfolio’s asset concentration (greater than 10% of total assets) for the fiscal period March 31, 2019 and December 31, 2018 were as follows: March 31, 2019 December 31, 2018 Property and Location Net Carrying Percentage of Net Carrying Value Percentage of Total Assets Sutter Health, Rancho Cordova, CA $ 24,760,900 19.4 % $ 25,050,613 19.0 % Intangibles As of March 31, 2019 , the Company’s intangibles were as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles Cost $ 12,033,433 $ 872,408 $ (5,296,683 ) Accumulated amortization (4,179,544 ) (99,376 ) 2,405,881 Net amount $ 7,853,889 $ 773,032 $ (2,890,802 ) Amortization of intangible assets over the next five years is expected to be as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles April through December 2019 $ 1,172,312 $ 26,490 $ (645,123 ) 2020 1,563,082 35,320 (860,165 ) 2021 1,563,082 35,320 (667,541 ) 2022 832,144 35,320 (201,982 ) 2023 687,709 35,320 (113,651 ) 2024 479,057 35,320 (113,651 ) Thereafter 1,556,503 569,942 (288,689 ) Total $ 7,853,889 $ 773,032 $ (2,890,802 ) Weighted average remaining amortization period 8.2 years 35.1 years 4.5 years

SALE OF INTEREST IN REAL ESTATE

SALE OF INTEREST IN REAL ESTATE INVESTMENT PROPERTY	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Sale Of Interest In Real Estate Investment Property	SALE OF INTEREST IN REAL ESTATE INVESTMENT PROPERTY In March 2016, the Company entered into a tenancy-in-common agreement related to and sold an undivided 29.86% interest in the Chevron Gas Station located in Roseville, CA for $1,000,000 . The purchaser had the right to require the Company to repurchase their interest in the property during the period from March 1, 2018 through March 1, 2019. Therefore, the sale did not qualify for sales recognition under ASC 360 for financial reporting purposes and the transaction was accounted for as a financing transaction. The proceeds received from the purchaser were recorded as a sales deposit liability and the payments to the purchaser for their share of the property’s operations were recorded as interest expense. Following the purchaser's notice of exercise, on February 21, 2019, the Company and the owner of the 29.86% tenant-in-common interest in the property entered into a purchase and sale agreement whereby the Company agreed to acquire the 29.86% tenant-in-common interest in the property for $1,000,000 by no later than May 9, 2019. The transaction was completed on May 9, 2019 and the Company now owns 100% of this Roseville, CA property. As of March 31, 2019 and December 31, 2018 , the sales deposit liability amounted to $1,000,000 at both balance sheet dates. The interest expense recorded as a result of this transaction was $13,751 for each of the three months ended March 31, 2019 and 2018 (Note 7).

DISPOSAL OF REAL ESTATE INVESTM

DISPOSAL OF REAL ESTATE INVESTMENT PROPERTY	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Disposal Of Real Estate Investment Property	DISPOSAL OF REAL ESTATE INVESTMENT PROPERTY The Company’s Antioch, California property which was previously leased by Chase Bank was relinquished in a foreclosure sale on March 13, 2019. As of the foreclosure date, the Antioch, California property had a net book value of $1,850,845 and a related mortgage loan balance of $1,964,618 , including accrued interest and expected costs of foreclosure proceedings. During the three months ended March 31, 2019 , the Company recorded the difference of $113,773 betwe en the net book value of the property foreclosed and the net carrying value of the mortgage loan as gain on disposal of real estate investment in other income in the Company's condensed consolidated statement of operations. The Company had previously determined that due to the decline in expected rental rates and difficulties re-leasing the 5,660 square feet of space at the Antioch, California property, it was necessary to record an impairment charge of $862,190 as of June 30, 2018. The impairment charge was less than 1% of the Company’s total investments in real estate property, based on the estimated fair value of the real estate which approximated the then outstanding balance of the existing mortgage loan. Having not reached any agreement with the lender when the August 2018 mortgage payment came due, the Company’s special purpose subsidiary defaulted on the mortgage loan. The book value of the Antioch property after the impairment charge was less than 2.0% of the Company’s total investments in real estate property. The loan in default was non-recourse to the Company (except for property taxes, insurance and the lender’s legal fees and other costs incurred prior to the date of foreclosure) and, while eight of the Company’s other special purpose property owner subsidiaries have mortgage loans with this lender, none of those loans are cross-collateralized with the Antioch property loan and the Company’s special purpose subsidiary’s default on that loan did not cross-default any of these other loans. The Company continued to accrue default interest, penalties as well as property taxes, insurance and the lender’s legal fees and costs through the the foreclosure process.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	DEBT Mortgage Notes Payable As of March 31, 2019 and December 31, 2018 , the Company’s mortgage notes payable consisted of the following: Collateral 2019 Principal Amount 2018 Principal Amount Contractual Interest Rate (1) Effective Interest Rate (1) Loan Maturity Chase Bank and Great Clips $ — $ 1,866,364 4.37% 4.37 % 2/5/2019 Levins 2,114,116 2,125,703 One-month LIBOR + 1.93% 3.74 % 1/5/2021 Island Pacific Supermarket 1,922,436 1,932,973 One-month LIBOR + 1.93% 3.74 % 1/5/2021 Dollar General Bakersfield 2,364,560 2,378,106 One-month LIBOR + 1.48% 3.38 % 3/5/2021 Rite Aid 3,723,367 3,744,915 One-month LIBOR + 1.50% 3.25 % 5/5/2021 PMI Preclinical 4,189,885 4,213,887 One-month LIBOR + 1.48% 3.38 % 3/5/2021 EcoThrift 2,687,143 2,703,239 One-month LIBOR + 1.21% 2.96 % 7/5/2021 GSA (MSHA) 1,828,614 1,839,454 One-month LIBOR + 1.25% 3.00 % 8/5/2021 PreK San Antonio 5,214,064 5,239,125 4.25% 4.25 % 12/1/2021 Dinan Cars 2,751,236 2,764,937 One-month LIBOR + 2.27% 4.02 % 1/5/2022 Solar Turbines, Amec Foster, ITW Rippey 9,594,402 9,648,214 3.35% 3.35 % 11/1/2026 Dollar General Big Spring 619,022 621,737 4.69% 4.69 % 3/13/2022 Gap 3,696,621 3,714,623 4.15% 4.15 % 8/1/2023 L-3 Communications 5,355,861 5,380,085 4.50% 4.50 % 4/1/2022 Sutter Health 14,352,330 14,419,666 4.50% 4.50 % 3/9/2024 Total mortgage notes payable 60,413,657 62,593,028 Less unamortized deferred financing costs (1,052,844 ) (1,146,960 ) Mortgage notes payable, net $ 59,360,813 $ 61,446,068 (1) Contractual interest rate represents the interest rate in effect under the mortgage notes payable as of March 31, 2019 . Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2019 (consisting of the contractual interest rate and the effect of the interest rate swap, if applicable) (see Note 8 for information regarding the Company’s derivative instruments). The Company’s independent trust managers and the board of trust managers have set the Company’s maximum leverage ratio at 50% . Factors considered in setting the leverage ratio include the moderate level of 50% leverage, current economic and market conditions, the relative cost of debt and equity capital, the ability of our properties to generate sufficient cash flow to cover debt service requirements and other similar factors. As of March 31, 2019, the Company's leverage ratio was approximately 44%. The mortgage notes payable provide for monthly payments of principal and interest and have balloon payments that are due at loan maturity. Pursuant to the terms of the mortgage notes payable agreements, the Company is subject to certain financial loan covenants. The Company is in compliance with all terms and conditions of the mortgage loan agreements. As discussed in Note 6, the Company relinquished the Chase Bank/Great Clips property in Antioch, California in a foreclosure sale on March 13, 2019 which discharged the related mortgage note payable including accrued interest. As of the foreclosure date, the Antioch, California property had a net book value of $1,850,845 and a related mortgage loan balance of $1,964,618 , including accrued interest and expected costs of foreclosure proceedings. As of March 31, 2019 , the Company recorded the difference of $113,773 between the net book value of the property foreclosed and the net carrying value of the mortgage loan as gain on disposal of real estate investment in other income in the Company's condensed consolidated statement of operations. The following were the face value, carrying amount and fair value of the Company’s mortgage notes payable (Level 3 measurement): March 31, 2019 December 31, 2018 Face value Carrying value Fair value Face Value Carrying Value Fair Value $ 60,413,657 $ 59,360,813 $ 59,688,810 $ 62,593,028 $ 61,446,068 $ 61,283,165 Disclosures of the fair values of financial instruments are based on pertinent information available to the Company as of March 31, 2019 and December 31, 2018 and require a significant amount of judgment. Low levels of transaction volume for certain financial instruments have made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different. The following summarizes the future principal payments on the Company’s mortgage notes payable as of March 31, 2019 : April through December 2019 $ 930,205 2020 1,286,566 2021 23,879,148 2022 8,889,041 2023 3,966,800 2024 13,208,694 Thereafter 8,253,203 Total principal $ 60,413,657 Interest Expense The following is a reconciliation of the components of interest expense for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Mortgage notes payable: Interest expense incurred $ 668,057 $ 613,780 Amortization of deferred financing costs 85,651 86,448 Loss (gain) on interest rate swaps (1) 95,714 (229,106 ) Sales deposit liability: Interest expense (see Note 5) 13,751 13,751 Total interest expense $ 863,173 $ 484,873 (1) Includes unrealized loss (gain) on interest rate swaps of $143,447 and $(230,216) as of March 31, 2019 and 2018 , respectively (see Note 8). Accrued interest receivable of $14,028 and $12,432 at March 31, 2019 and December 31, 2018 , respectively, represents the unsettled portion of the interest rate swaps for the period from the most recent settlement date through respective balance sheet dates.

INTEREST RATE SWAP DERIVATIVES

INTEREST RATE SWAP DERIVATIVES	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swap Derivatives	INTEREST RATE SWAP DERIVATIVES The primary goal of the Company’s risk management practices related to interest rate risk is to prevent changes in interest rates from adversely impacting the Company’s ability to achieve its investment return objectives. The Company does not enter into derivatives for speculative purposes. The Company enters into interest rate swaps as a fixed rate payer to mitigate its exposure to rising interest rates on its variable rate mortgage notes payable. The value of interest rate swaps is primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of the fixed rate payer position and decrease the value of the variable rate payer position. As the remaining life of the interest rate swap decreases, the value of both positions will generally move towards zero. The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of March 31, 2019 and December 31, 2018 . 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: Derivative Instruments March 31, 2019 December 31, 2018 Number of Instru- ments Notional Amount (1) Reference Rate Weighted Average Fixed pay rate Weighted Average Remaining Term Number of Instru- ments Notional Amount (1) Reference Rate Weighted Average Fixed pay rate Weighted Average Remaining Term Interest Rate Swap Derivatives 8 $ 20,546,330 One-month LIBOR/Fixed at 1.21%-2.28% 3.42 % 2.1 years 8 $ 21,703,214 One-month LIBOR/Fixed at 1.21%-2.28% 3.42 % 2.4 years (1) The notional amount of the Company’s swaps decreases each month to correspond to the outstanding principal balance on the related mortgage. The maximum notional amount is shown above. The minimum notional amount (outstanding principal balance at the maturity date) is $20,546,330 as of March 31, 2019 . The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the consolidated balance sheets: Derivative Instrument March 31, 2019 December 31, 2018 Balance Sheet Location Number of Instruments Fair Value Number of Instruments Fair Value Interest Rate Swaps Asset - Interest rate swap derivatives, at fair value 8 $ 260,820 8 $ 404,267 The change in fair value of a derivative instrument that is not designated as a cash flow hedge is recorded as interest expense in the accompanying condensed consolidated statements of operations. None of the Company’s derivatives at March 31, 2019 or December 31, 2018 were designated as hedging instruments, therefore the net unrealized loss recognized on interest rate swaps of $260,820 and $404,267 was recorded as an addition to (loss) gain on interest rate swap (see Note 7).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The costs incurred by the Company pursuant to the Advisory Agreement for the three months ended March 31, 2019 and 2018 , as well as the related amounts payable or receivable as of March 31, 2019 and December 31, 2018 are included in the table below. The amounts payable or receivable are presented in the unaudited condensed consolidated balance sheets as "Due to Affiliates" and "Due from Affiliates." Three Months Ended Three Months Ended March 31, March 31, 2019 March 31, December 31, 2018 Incurred Receivable Payable Incurred Receivable Payable Expensed: Asset management fees $ 201,779 $ — $ 757 $ 201,969 $ — $ — Other operating expense reimbursement — — — — — — Reimbursable operating expense 90,000 — — 83,566 — — Fees to affiliates 291,779 — — 285,535 — — Property management fees* 25,601 — — 24,389 — 59,992 Trust managers and officers insurance and other reimbursements ** 41,413 — — 16,634 — — Reimbursable organizational and offering expenses — — — 32,554 — — $ — $ 757 $ — $ 59,992 * Property management fees are included in "property expenses" in the accompanying condensed consolidated statements of operations. ** Trust managers and officers insurance and other reimbursements are classified within general and administrative expenses in the consolidated statements of operations. Organizational and Offering Expenses During the Company’s offering of its common stock which was terminated in July 2016, the Company was obligated to reimburse the Advisor or its affiliates for organizational and offering expenses paid by the Advisor on behalf of the Company. The Company reimburses the Advisor for organizational and offering expenses up to 3.0% of gross offering proceeds. As of March 31, 2019 , the Advisor had incurred organizational and offering expenses of $2,796,198 , which amount was less than the 3.0% of the gross offering proceeds received by the Company as of March 31, 2019 and, therefore, the Company has reimbursed the Advisor for all of these organization and offering expenses. Through March 31, 2019 and December 31, 2018 , the Company has reimbursed the Advisor $2,796,198 for organizational and offering expenses. The Company’s maximum liability for organizational and offering costs through March 31, 2019 and December 31, 2018 was $2,796,198 for both periods. Acquisition Fees The Company pays the Advisor an acquisition fee in an amount equal to 2.0% of Company’s contract purchase price of its properties. The total of all acquisition fees and acquisition costs must be reasonable and not exceed 6.0% of the contract price of the properties. However, a majority of the trust managers (including a majority of the independent trust managers) not otherwise interested in an acquisition transaction may approve fees in excess of these limits if they determine the transaction to be commercially competitive, fair and reasonable to the Company. The Company expects to pay a $20,000 acquisition fee in connection with the purchase of the 29.86% tenant-in-common interest in the Chevron property described in Note 5. Asset Management Fee The Company pays the Advisor as compensation for the advisory services rendered, a monthly fee in an amount equal to 0.05% of the Company’s Average Invested Assets, as defined (the "Asset Management Fee"), as of the end of the preceding month. The Asset Management Fee is payable monthly on the last business day of such month. The Asset Management Fee, which must be reasonable in the determination of the Company’s independent trust managers at least annually, may or may not be taken, in whole or in part as to any year, in the sole discretion of the Advisor. All or any portion of the Asset Management Fee not paid as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. See Note 11 for a discussion of the deferral of asset management fees in April 2019. Financing Coordination Fee Other than with respect to any mortgage or other financing related to a property that is concurrent with its acquisition, if the Advisor or an affiliate provides a substantial amount of the services (as determined by a majority of the Company’s independent trust managers) in connection with the post-acquisition financing or refinancing of any debt that the Company obtains relative to a property, then the Company will pay to the Advisor or such affiliate a financing coordination fee equal to 1.0% of the amount of such financing. The Company expects to pay a $30,000 financing fee in connection with the $3,000,000 bridge loan described in Note 11. Property Management Fees If the Advisor or any of its affiliates provides a substantial amount of the property management services (as determined by a majority of the Company’s independent trust managers) for the Company’s properties, then the Company pays the Advisor or such affiliate a property management fee equal to 1.5% of gross revenues from the properties managed. The Company also will reimburse the Advisor and any of its affiliates for property-level expenses that such person pays or incurs on behalf of the Company, including salaries, bonuses and benefits of persons employed by such person, except for the salaries, bonuses and benefits of persons who also serve as one of the Company’s executive officers or as an executive officer of such person. The Advisor or its affiliate may 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 contracts for these services. See Note 11 for a discussion of the deferral of property management fees in April 2019. Disposition Fees For substantial assistance in connection with the sale of properties, the Company pays the Advisor or one of its affiliates 3.0% of the contract sales price, as defined, of each property sold; provided, however, that if, in connection with such disposition, commissions are paid to third parties unaffiliated with the Company’s Advisor or its affiliates, the disposition fees paid to its Advisor, its affiliates and unaffiliated third parties may not exceed the lesser of the competitive real estate commission or 6.0% of the contract sales price. Leasing Commission Fees If the Advisor or any of its affiliates provides a substantial amount of the services (as determined by a majority of the Company’s independent trust managers) in connection with the Company’s leasing of its properties to unaffiliated third parties, then the Company shall pay to the Advisor or such affiliate leasing commissions equal to 6.0% 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 is less than ten years, such commission percentage will apply 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) shall accrue a commission of 3.0% in lieu of the aforementioned 6.0% commission. Operating Expense Reimbursement Total operating expenses of the Company are 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 exceeds the 2% / 25% Limitation, the Advisor must reimburse the Company the amount by which the aggregate total operating expenses exceeds the limitation, or the Company must obtain a waiver from the Company’s conflicts committee, which is comprised of its independent trust managers. For purposes of determining the 2% / 25% Limitation amount, "average invested assets" means 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" means all expenses paid or incurred by the Company, as determined by GAAP, that are 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 net asset value ("NAV") per share; (f) acquisition fees and acquisition expenses (including expenses, relating to potential investments that the Company does 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. Operating expenses for the four fiscal quarters ended March 31, 2019 did not exceed the 2% / 25% Limitation. Related Party Investment in the Company The investment in the Company by NNN REIT totaled 403,980 shares, or an approximate 4.80% ownership interest as of March 31, 2019 and December 31, 2018. Loans from a Related Party On April 24, 2019, the Company obtained a short-term loan from Mr. Wirta, the Company's Chairman of the Board and borrowed $200,000 at an interest rate of 10% as described in Note 11. This loan was repaid, along with accrued interest of $768 on May 8, 2019.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Economic Dependency The Company depends on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, origination, acquisition and disposition of real estate property investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event the Advisor is unable to provide the respective services, the Company would be required to obtain such services from other sources. 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, the Company has an obligation to pay for an aggregate of $184,000 and $207,000 in tenant improvements as of March 31, 2019 and December 31, 2018 , respectively, for one property. At March 31, 2019 and December 31, 2018 , the Company had $462,140 , respectively, of restricted cash held by a lender as of both balance sheet dates to fund tenant improvements for this property. Subsequent to March 31, 2019, restricted cash of $285,053 was released to the Company to reimburse costs paid for tenant improvements. Legal Matters From time to time, the Company may become party to legal proceedings that arise in the ordinary course of its business. 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. The SEC is conducting an investigation related to, among other things, the advertising and sale of securities by REITs affiliated with the Company in connection with the early stage of their stock offerings and compliance with broker-dealer regulations. The investigation is a non-public fact-finding inquiry. At this stage of the investigation, the SEC has not made an allegation of wrongdoing nor a finding that violations of law have occurred. In connection with the investigation, the Company's affiliates have received and responded to subpoenas from the SEC including requests for various documents related to these affiliates, the Sponsor and these offerings. The SEC’s investigation is ongoing and the Company’s affiliates have cooperated and intend to continue to cooperate with the SEC in this matter. The Company's affiliates are presently in discussion with the SEC about potential outcomes resulting from the investigation.The Company is unable to predict whether the SEC will commence any legal actions or launch additional investigations, inquiries or other actions related thereto.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the unaudited condensed consolidated financial statements are issued. Dividends On April 23, 2019, the Company’s Board declared dividends based on daily record dates for the period January 1, 2019 through March 31, 2019 at a rate of $0.00208333 per share per day, or $1,576,388 , on the outstanding shares of the Company’s common stock, which the Company paid in cash on April 24, 2019. During April 2019, in order to fund the increase in cash dividends resulting from the suspension of the Company's dividend reinvestment program, the Company's Advisor deferred $301,000 of asset management and property management fees (January to April 2019) and on April 24, 2019 the Company borrowed $200,000 at an interest rate of 10% from Mr. Wirta, the Company's Chairman of the Board. On May 14, 2019, following completion of the bridge loan financing described below, the Company paid the deferred fees owed to the Advisor and on May 8, 2019 repaid the loan from Mr. Wirta, along with accrued interest of $768 . Repurchase of Common Stock Subsequent to March 31, 2019 , the Company repurchased 77,455 shares of its common stock from shareholders who had requested redemptions prior to January 14, 2019, for $818,699 under its share repurchase program, which program has been suspended during the strategic alternatives review process described in Note 1. Bridge Loan On May 7, 2019, a special purpose subsidiary of the Company entered into a mortgage loan agreement secured by the Walgreens property and borrowed $3,000,000 to provide additional liquidity to the Company. The loan bears interest at a floating rate of 30-day LIBOR plus 500 basis points with a floor rate of 7.5% payable monthly in arrears. The loan includes yield maintenance provisions during the first six months and is required to be repaid on or before May 6, 2020 along with an exit fee equal to 15 days of interest on the principal balance being repaid, or approximately $9,375 at the current interest rate. The Company paid a $45,000 origination fee and a $30,000 brokerage fee to the lender and a third-party mortgage broker, respectively, both of which were paid from the loan proceeds along with the related legal, due diligence and closing costs. The Company expects to pay a $30,000 financing fee to the Advisor in connection with the $3,000,000 bridge loan.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis Of Presentation And Principles Of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements are unaudited and 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 Securities and Exchange Commission (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 December 31, 2018 audited consolidated financial statements included in the Company’s Form 10-K filed with the SEC on March 27, 2019. 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 its financial position, results of operations and cash flows. All significant intercompany balances and transactions are eliminated in consolidation. The December 31, 2018 condensed consolidated balance sheet included herein was derived from the audited consolidated financial statements but does not include all disclosures or notes required by GAAP for complete financial statements.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements and 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. Actual results may differ from those estimates.
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 a combination of market quotes, pricing models, and other 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, other assets, accounts payable, accrued and other liabilities, sales deposit liability, share repurchase payable and due to affiliates: These balances approximate their fair values due to the short nature of these items. Derivative Instruments : The Company’s derivative instruments are presented at fair value in the accompanying 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. 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. 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 Restricted cash is comprised of funds which are restricted for tenant improvements and property tax impounds.
Other Comprehensive Income (Loss)	Other Comprehensive (Loss) Income For all periods presented, other comprehensive (loss) income is the same as net (loss) income.
Reclassifications	Reclassifications Certain prior year revenue account balances in the statement of operations have been reclassified to conform with the current year presentation. The reclassifications had no impact on net income.
Per Share Data	Per Share Data Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock equals basic earnings per share of common stock as there were no potentially dilutive securities outstanding during the three months ended March 31, 2019 and 2018 .
Impairment Of Investment In Real Estate Property	Impairment of Investment in Real Estate Property 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 will record an impairment charge to the extent the carrying value exceeds the estimated fair value of the asset.
Revenue Recognition	Revenue Recognition The Company recognizes rental income, tenant reimbursements and other lease-related revenue when all of the following criteria are met: (i) the agreement has been fully executed and delivered, (ii) services have been rendered, (iii) the amount is fixed or determinable and (iv) payment has been received or the collectability of the amount due is probable. Lease termination fees are amortized over the remaining lease term, if applicable. If there is no remaining lease term, they are recognized when received and realized. Minimum annual rental revenues are recognized in rental income on a straight-line basis over the non-cancellable term of the related lease. The recognition of rental income commences when the tenant takes possession or controls the physical use of the leased property. In order for the tenant to take possession, the leased property must be substantially complete and ready for its intended use. In order to determine whether the leased property is substantially complete and ready for its intended use, the Company begins by determining whether the Company or the tenant owns the tenant improvements, if the lease agreement provides for tenant improvements. 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. When the Company concludes that it is the owner of tenant improvements, rental income recognition begins when the tenant takes possession of the completed property, which is generally when Company-owned tenant improvements are substantially complete. In addition, when the Company concludes that it is the owner of tenant improvements, the Company records the costs to construct the tenant improvements, including costs paid for or reimbursed by the tenants, as a capital asset. For these tenant improvements, the Company records the amount funded by or reimbursed by the tenants as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. When the Company concludes that the tenant is the owner of tenant improvements, rental income recognition begins when the tenant takes possession or controls the physical use of the leased property. 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. In addition, when the Company concludes that the tenant is the owner of tenant improvements for accounting purposes, the Company records its contribution towards such improvements as a lease incentive, which is included in deferred leasing costs and acquisition-related intangible assets, net in its consolidated balance sheets and amortized as a reduction to rental income on a straight-line basis over the term of the related lease.
Real Estate	Tenant Reimbursements 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 in the period the recoverable costs are incurred. Tenant reimbursements where the Company pays the associated costs directly to third-party vendors and are reimbursed by the tenants are recognized and recorded on a gross basis. Allowances for Tenant and Deferred Rent Receivables The Company carries its tenant and deferred rent receivables net of allowances for amounts that may not be collected. Prior to the Company’s adoption of Topic 842 on January 1, 2019, the allowances are increased or decreased through provision for bad debts in the Company’s consolidated statement of operations. Upon the adoption of Topic 842 on January 1, 2019, the determination of the adequacy of the Company's allowances for tenant and deferred rent 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 current and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. For tenant and deferred rent receivables deemed probable of collection, the Company may also 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. Based on the Company’s evaluation for the three months ended March 31, 2019 and 2018, the Company determined that its tenant and deferred rent receivables are probable of collection.
Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Standards Issued and Adopted Effective January 1, 2019, the Company adopted Financial Accounting Standards Board ("FASB") ASU No. 2016-02 "Leases (Topic 842)" and the related FASB ASU Nos. 2018-10, 2018-11, 2018-20 and 2019-01, 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. The Company currently does not have any exposure to Topic 842 from the perspective of a lessee as the operating lease is borne by the Sponsor. The Company's exposure to Topic 842 is primarily as a lessor. The Company has elected to apply the applicable practical expedients provided by Topic 842. Lessor Accounting 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 Topic 606. 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 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 component 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 2018-11 have been combined under rental income subsequent to the adoption of Topic 842 for the three months ended March 31, 2019 and 2018 in the Company’s consolidated statements of operations. The Company also made a conforming reclassification for the prior year’s tenant reimbursements. For the three months period ended March 31, 2019 and 2018, tenant reimbursements included in rental income amounted to $522,108 and $488,658 , respectively. Prior to the adoption of Topic 842, lessor costs for certain services directly reimbursed by tenants have already been presented by the Company on a gross basis in revenues and expenses. 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, beginning January 1, 2019, the Company will no longer capitalize internal leasing costs and third-party legal leasing costs and will instead expense these costs as incurred. These expenses will be included in legal leasing costs under general and administrative expenses in our consolidated statements of operations. During the three months ended March 31, 2019, the Company did not incur any indirect leasing costs which would have been capitalized prior to the adoption of Topic 842. The election of the package of practical expedients described above permits us to continue to account for our 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 commencing or modified after January 1, 2019. Allowances for Tenant and Deferred Rent Receivables Upon 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. New Accounting Standards Recently Issued and Not Yet 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 2016-02 is effective for the Company beginning January 1, 2020. Entities are 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 Company is still evaluating the impact of adopting ASU No. 2018-13 on its consolidated financial statements.

CONDENSED CONSOLIDATED BALANC_4

CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Tenant Receivables	Tenant receivables, net consisted of the following: March 31, December 31, Straight-line rent $ 1,436,194 $ 1,399,276 Tenant rent 43,944 200,301 Unbilled tenant reimbursements 170,676 108,258 Total $ 1,650,814 $ 1,707,835
Accounts Payable and Accrued Liabilities	Accounts payable, accrued and other liabilities were comprised of the following: March 31, December 31, Accounts payable $ 446,670 $ 52,057 Accrued expenses 266,670 184,441 Accrued interest payable 200,454 288,437 Unearned rent 433,330 624,181 Tenant security deposits 270,106 270,106 Total $ 1,617,230 $ 1,419,222

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Properties	The following table provides summary information regarding the Company’s 20 real estate investments as of March 31, 2019 : Property Location Acquisition Date Property Type Land, Building and Improvements Tenant Origination and Absorption Costs Accumulated Depreciation and Amortization Total Real Estate Investments, Net Chevron Gas Station San Jose, CA 5/29/2015 Retail $ 2,775,000 $ — $ (150,205 ) $ 2,624,795 Levins Sacramento, CA 8/19/2015 Industrial 3,750,000 2,500 (772,151 ) 2,980,349 Chevron Gas Station (Note 5) Roseville, CA 9/30/2015 Retail 2,800,000 — (338,460 ) 2,461,540 Island Pacific Supermarket Elk Grove, CA 10/1/2015 Retail 3,151,461 568,539 (564,182 ) 3,155,818 Dollar General Bakersfield, CA 11/11/2015 Retail 4,632,567 689,020 (648,133 ) 4,673,454 Rite Aid Lake Elsinore, CA 12/7/2015 Retail 6,663,446 968,285 (785,305 ) 6,846,426 PMI Preclinical San Carlos, CA 12/9/2015 Industrial 8,920,000 — (676,776 ) 8,243,224 EcoThrift Sacramento, CA 3/17/2016 Retail 4,486,993 541,729 (736,710 ) 4,292,012 GSA (MSHA) Vacaville, CA 4/5/2016 Office 2,998,232 456,645 (424,999 ) 3,029,878 PreK San Antonio San Antonio, TX 4/8/2016 Retail 11,851,540 1,593,451 (2,701,298 ) 10,743,693 Dollar Tree Morrow, GA 4/22/2016 Retail 1,295,879 206,844 (275,416 ) 1,227,307 Dinan Cars Morgan Hill, CA 6/21/2016 Industrial 4,651,845 654,155 (1,061,472 ) 4,244,528 Solar Turbines San Diego, CA 7/21/2016 Office 5,738,978 389,718 (590,172 ) 5,538,524 Amec Foster San Diego, CA 7/21/2016 Industrial 7,010,799 485,533 (720,961 ) 6,775,371 ITW Rippey El Dorado, CA 8/18/2016 Industrial 6,299,982 407,316 (647,863 ) 6,059,435 Dollar General Big Spring Big Spring, TX 11/4/2016 Retail 1,161,647 112,958 (72,139 ) 1,202,466 Gap Rocklin, CA 12/1/2016 Office 7,220,909 677,192 (732,765 ) 7,165,336 L-3 Communications San Diego, CA 12/23/2016 Industrial 11,001,887 961,107 (892,800 ) 11,070,194 Sutter Health Rancho Cordova, CA 3/15/2017 Office 24,256,632 2,870,258 (2,365,990 ) 24,760,900 Walgreens Santa Maria, CA 6/29/2017 Retail 4,667,322 448,183 (230,567 ) 4,884,938 $ 125,335,119 $ 12,033,433 $ (15,388,364 ) $ 121,980,188
Payments	As of March 31, 2019 , the aggregate future minimum contractual rental income due under the Company’s non-cancelable operating leases, excluding any renewal periods, are as follows: April through December 2019 $ 7,494,599 2020 10,171,905 2021 9,183,103 2022 7,637,420 2023 5,865,531 2024 5,350,757 Thereafter 22,431,468 $ 68,134,783
Revenue by Major Customers	The Company’s revenue concentration based on tenants representing greater than 10% of total revenues for the three months ended March 31, 2019 and 2018 were as follows: Property and Location Three Months Ended Three Months Ended Revenue Percentage of Total Revenue Revenue Percentage of Total Revenue Sutter Health, Rancho Cordova, CA $ 662,423 20.1 % $ 658,462 20.4 % ITW Rippey, El Dorado, CA $ 519,524 15.8 % $ 514,859 15.9 % PreK San Antonio, San Antonio, TX $ 410,096 12.5 % $ 402,674 12.5 %
Asset Concentration	The Company’s portfolio’s asset concentration (greater than 10% of total assets) for the fiscal period March 31, 2019 and December 31, 2018 were as follows: March 31, 2019 December 31, 2018 Property and Location Net Carrying Percentage of Net Carrying Value Percentage of Total Assets Sutter Health, Rancho Cordova, CA $ 24,760,900 19.4 % $ 25,050,613 19.0 %
Intangible Assets	As of March 31, 2019 , the Company’s intangibles were as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles Cost $ 12,033,433 $ 872,408 $ (5,296,683 ) Accumulated amortization (4,179,544 ) (99,376 ) 2,405,881 Net amount $ 7,853,889 $ 773,032 $ (2,890,802 )
Intangible Assets, Future Amortization Expense	Amortization of intangible assets over the next five years is expected to be as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles April through December 2019 $ 1,172,312 $ 26,490 $ (645,123 ) 2020 1,563,082 35,320 (860,165 ) 2021 1,563,082 35,320 (667,541 ) 2022 832,144 35,320 (201,982 ) 2023 687,709 35,320 (113,651 ) 2024 479,057 35,320 (113,651 ) Thereafter 1,556,503 569,942 (288,689 ) Total $ 7,853,889 $ 773,032 $ (2,890,802 ) Weighted average remaining amortization period 8.2 years 35.1 years 4.5 years

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt Instruments	As of March 31, 2019 and December 31, 2018 , the Company’s mortgage notes payable consisted of the following: Collateral 2019 Principal Amount 2018 Principal Amount Contractual Interest Rate (1) Effective Interest Rate (1) Loan Maturity Chase Bank and Great Clips $ — $ 1,866,364 4.37% 4.37 % 2/5/2019 Levins 2,114,116 2,125,703 One-month LIBOR + 1.93% 3.74 % 1/5/2021 Island Pacific Supermarket 1,922,436 1,932,973 One-month LIBOR + 1.93% 3.74 % 1/5/2021 Dollar General Bakersfield 2,364,560 2,378,106 One-month LIBOR + 1.48% 3.38 % 3/5/2021 Rite Aid 3,723,367 3,744,915 One-month LIBOR + 1.50% 3.25 % 5/5/2021 PMI Preclinical 4,189,885 4,213,887 One-month LIBOR + 1.48% 3.38 % 3/5/2021 EcoThrift 2,687,143 2,703,239 One-month LIBOR + 1.21% 2.96 % 7/5/2021 GSA (MSHA) 1,828,614 1,839,454 One-month LIBOR + 1.25% 3.00 % 8/5/2021 PreK San Antonio 5,214,064 5,239,125 4.25% 4.25 % 12/1/2021 Dinan Cars 2,751,236 2,764,937 One-month LIBOR + 2.27% 4.02 % 1/5/2022 Solar Turbines, Amec Foster, ITW Rippey 9,594,402 9,648,214 3.35% 3.35 % 11/1/2026 Dollar General Big Spring 619,022 621,737 4.69% 4.69 % 3/13/2022 Gap 3,696,621 3,714,623 4.15% 4.15 % 8/1/2023 L-3 Communications 5,355,861 5,380,085 4.50% 4.50 % 4/1/2022 Sutter Health 14,352,330 14,419,666 4.50% 4.50 % 3/9/2024 Total mortgage notes payable 60,413,657 62,593,028 Less unamortized deferred financing costs (1,052,844 ) (1,146,960 ) Mortgage notes payable, net $ 59,360,813 $ 61,446,068 (1) Contractual interest rate represents the interest rate in effect under the mortgage notes payable as of March 31, 2019 . Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2019 (consisting of the contractual interest rate and the effect of the interest rate swap, if applicable) (see Note 8 for information regarding the Company’s derivative instruments).
Balance Sheet Grouping	The following were the face value, carrying amount and fair value of the Company’s mortgage notes payable (Level 3 measurement): March 31, 2019 December 31, 2018 Face value Carrying value Fair value Face Value Carrying Value Fair Value $ 60,413,657 $ 59,360,813 $ 59,688,810 $ 62,593,028 $ 61,446,068 $ 61,283,165
Maturities of Long-term Debt	The following summarizes the future principal payments on the Company’s mortgage notes payable as of March 31, 2019 : April through December 2019 $ 930,205 2020 1,286,566 2021 23,879,148 2022 8,889,041 2023 3,966,800 2024 13,208,694 Thereafter 8,253,203 Total principal $ 60,413,657
Interest Expenses	The following is a reconciliation of the components of interest expense for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Mortgage notes payable: Interest expense incurred $ 668,057 $ 613,780 Amortization of deferred financing costs 85,651 86,448 Loss (gain) on interest rate swaps (1) 95,714 (229,106 ) Sales deposit liability: Interest expense (see Note 5) 13,751 13,751 Total interest expense $ 863,173 $ 484,873 (1) Includes unrealized loss (gain) on interest rate swaps of $143,447 and $(230,216) as of March 31, 2019 and 2018 , respectively (see Note 8). Accrued interest receivable of $14,028 and $12,432 at March 31, 2019 and December 31, 2018 , respectively, represents the unsettled portion of the interest rate swaps for the period from the most recent settlement date through respective balance sheet dates.

INTEREST RATE SWAP DERIVATIVES

INTEREST RATE SWAP DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 . 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: Derivative Instruments March 31, 2019 December 31, 2018 Number of Instru- ments Notional Amount (1) Reference Rate Weighted Average Fixed pay rate Weighted Average Remaining Term Number of Instru- ments Notional Amount (1) Reference Rate Weighted Average Fixed pay rate Weighted Average Remaining Term Interest Rate Swap Derivatives 8 $ 20,546,330 One-month LIBOR/Fixed at 1.21%-2.28% 3.42 % 2.1 years 8 $ 21,703,214 One-month LIBOR/Fixed at 1.21%-2.28% 3.42 % 2.4 years (1) The notional amount of the Company’s swaps decreases each month to correspond to the outstanding principal balance on the related mortgage. The maximum notional amount is shown above. The minimum notional amount (outstanding principal balance at the maturity date) is $20,546,330 as of March 31, 2019 .
Instruments in 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 consolidated balance sheets: Derivative Instrument March 31, 2019 December 31, 2018 Balance Sheet Location Number of Instruments Fair Value Number of Instruments Fair Value Interest Rate Swaps Asset - Interest rate swap derivatives, at fair value 8 $ 260,820 8 $ 404,267

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	The amounts payable or receivable are presented in the unaudited condensed consolidated balance sheets as "Due to Affiliates" and "Due from Affiliates." Three Months Ended Three Months Ended March 31, March 31, 2019 March 31, December 31, 2018 Incurred Receivable Payable Incurred Receivable Payable Expensed: Asset management fees $ 201,779 $ — $ 757 $ 201,969 $ — $ — Other operating expense reimbursement — — — — — — Reimbursable operating expense 90,000 — — 83,566 — — Fees to affiliates 291,779 — — 285,535 — — Property management fees* 25,601 — — 24,389 — 59,992 Trust managers and officers insurance and other reimbursements ** 41,413 — — 16,634 — — Reimbursable organizational and offering expenses — — — 32,554 — — $ — $ 757 $ — $ 59,992 * Property management fees are included in "property expenses" in the accompanying condensed consolidated statements of operations. ** Trust managers and officers insurance and other reimbursements are classified within general and administrative expenses in the consolidated statements of operations.

BUSINESS AND ORGANIZATION Narat

BUSINESS AND ORGANIZATION Narative (Details)	3 Months Ended
	Mar. 31, 2019	May 09, 2019	Jan. 14, 2019properties$ / shares	Jan. 11, 2019$ / shares
Business And Organization [Line Items]
Ownership percentage (as a percent)	20.00%
Number of Real Estate Properties | properties			20
Renewal Term (in years)	1 year
Rich Uncles Real Estate Investment Trust I
Business And Organization [Line Items]
Noncontrolling Ownership Percentage (as a percent)	70.14%
Net Asset Value (in USD per share) | $ / shares			$ 10.57	$ 10.66
Subsequent Event | Rich Uncles Real Estate Investment Trust I
Business And Organization [Line Items]
Noncontrolling Ownership Percentage (as a percent)		29.86%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accounting Policies [Abstract]
Tenant Reimbursement	$ 522,108	$ 488,658

CONDENSED CONSOLIDATED BALANC_5

CONDENSED CONSOLIDATED BALANCE SHEETS DETAILS (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Tenant receivables, net:
Straight-line rent	$ 1,436,194	$ 1,399,276
Tenant rent	43,944	200,301
Unbilled tenant reimbursements	170,676	108,258
Total	1,650,814	1,707,835
Accounts payable, accrued and other liabilities:
Accounts payable	446,670	52,057
Accrued expenses	266,670	184,441
Accrued interest payable	200,454	288,437
Unearned rent	433,330	624,181
Tenant security deposits	270,106	270,106
Total	$ 1,617,230	$ 1,419,222

Real Estate Properties (Details

Real Estate Properties (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Line Items]
Land, Building and Improvements	$ 125,335,119
Tenant Origination and Absorption Costs	12,033,433	$ 12,701,634
Accumulated Depreciation and Amortization	(15,388,364)	(15,070,564)
Total Real Estate Investments, Net	121,980,188	$ 125,075,537
Retail | San Jose, CA | Chevron Gas Station
Real Estate [Line Items]
Land, Building and Improvements	2,775,000
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(150,205)
Total Real Estate Investments, Net	2,624,795
Retail | Sacramento, CA | EcoThrift
Real Estate [Line Items]
Land, Building and Improvements	4,486,993
Tenant Origination and Absorption Costs	541,729
Accumulated Depreciation and Amortization	(736,710)
Total Real Estate Investments, Net	4,292,012
Retail | Roseville, CA | Chevron Gas Station
Real Estate [Line Items]
Land, Building and Improvements	2,800,000
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(338,460)
Total Real Estate Investments, Net	2,461,540
Retail | Elk Grove, CA | Island Pacific Supermarket
Real Estate [Line Items]
Land, Building and Improvements	3,151,461
Tenant Origination and Absorption Costs	568,539
Accumulated Depreciation and Amortization	(564,182)
Total Real Estate Investments, Net	3,155,818
Retail | Bakersfield, CA | Dollar General
Real Estate [Line Items]
Land, Building and Improvements	4,632,567
Tenant Origination and Absorption Costs	689,020
Accumulated Depreciation and Amortization	(648,133)
Total Real Estate Investments, Net	4,673,454
Retail | Lake Elsinore, CA | Rite Aid
Real Estate [Line Items]
Land, Building and Improvements	6,663,446
Tenant Origination and Absorption Costs	968,285
Accumulated Depreciation and Amortization	(785,305)
Total Real Estate Investments, Net	6,846,426
Retail | San Antonio, TX | PreK San Antonio
Real Estate [Line Items]
Land, Building and Improvements	11,851,540
Tenant Origination and Absorption Costs	1,593,451
Accumulated Depreciation and Amortization	(2,701,298)
Total Real Estate Investments, Net	10,743,693
Retail | Morrow, GA | Dollar Tree
Real Estate [Line Items]
Land, Building and Improvements	1,295,879
Tenant Origination and Absorption Costs	206,844
Accumulated Depreciation and Amortization	(275,416)
Total Real Estate Investments, Net	1,227,307
Retail | Big Spring, TX | Dollar General Big Spring
Real Estate [Line Items]
Land, Building and Improvements	1,161,647
Tenant Origination and Absorption Costs	112,958
Accumulated Depreciation and Amortization	(72,139)
Total Real Estate Investments, Net	1,202,466
Retail | Santa Maria, CA | Walgreens
Real Estate [Line Items]
Land, Building and Improvements	4,667,322
Tenant Origination and Absorption Costs	448,183
Accumulated Depreciation and Amortization	(230,567)
Total Real Estate Investments, Net	4,884,938
Office | Vacaville, CA | GSA (MSHA)
Real Estate [Line Items]
Land, Building and Improvements	2,998,232
Tenant Origination and Absorption Costs	456,645
Accumulated Depreciation and Amortization	(424,999)
Total Real Estate Investments, Net	3,029,878
Office | San Diego, CA | Solar Turbines
Real Estate [Line Items]
Land, Building and Improvements	5,738,978
Tenant Origination and Absorption Costs	389,718
Accumulated Depreciation and Amortization	(590,172)
Total Real Estate Investments, Net	5,538,524
Office | Rocklin, CA | Gap
Real Estate [Line Items]
Land, Building and Improvements	7,220,909
Tenant Origination and Absorption Costs	677,192
Accumulated Depreciation and Amortization	(732,765)
Total Real Estate Investments, Net	7,165,336
Office | Rancho Cordova, CA | Sutter Health
Real Estate [Line Items]
Land, Building and Improvements	24,256,632
Tenant Origination and Absorption Costs	2,870,258
Accumulated Depreciation and Amortization	(2,365,990)
Total Real Estate Investments, Net	24,760,900
Industrial | Sacramento, CA | Levins
Real Estate [Line Items]
Land, Building and Improvements	3,750,000
Tenant Origination and Absorption Costs	2,500
Accumulated Depreciation and Amortization	(772,151)
Total Real Estate Investments, Net	2,980,349
Industrial | San Carlos, CA | PMI Preclinical
Real Estate [Line Items]
Land, Building and Improvements	8,920,000
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(676,776)
Total Real Estate Investments, Net	8,243,224
Industrial | Morgan Hill, CA | Dinan Cars
Real Estate [Line Items]
Land, Building and Improvements	4,651,845
Tenant Origination and Absorption Costs	654,155
Accumulated Depreciation and Amortization	(1,061,472)
Total Real Estate Investments, Net	4,244,528
Industrial | San Diego, CA | Amec Foster
Real Estate [Line Items]
Land, Building and Improvements	7,010,799
Tenant Origination and Absorption Costs	485,533
Accumulated Depreciation and Amortization	(720,961)
Total Real Estate Investments, Net	6,775,371
Industrial | San Diego, CA | L-3 Communications
Real Estate [Line Items]
Land, Building and Improvements	11,001,887
Tenant Origination and Absorption Costs	961,107
Accumulated Depreciation and Amortization	(892,800)
Total Real Estate Investments, Net	11,070,194
Industrial | El Dorado, CA | ITW Rippey
Real Estate [Line Items]
Land, Building and Improvements	6,299,982
Tenant Origination and Absorption Costs	407,316
Accumulated Depreciation and Amortization	(647,863)
Total Real Estate Investments, Net	$ 6,059,435

Payments (Details)

Payments (Details)	Mar. 31, 2019USD ($)
Real Estate [Abstract]
April through December 2019	$ 7,494,599
2020	10,171,905
2021	9,183,103
2022	7,637,420
2023	5,865,531
2024	5,350,757
Thereafter	22,431,468
Total	$ 68,134,783

Revenue by Major Customers (Det

Revenue by Major Customers (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate [Line Items]
Revenue	$ 3,288,644	$ 3,231,218
Sutter Health | Rancho Cordova, CA
Real Estate [Line Items]
Revenue	$ 662,423	$ 658,462
Percentage of Total Revenue (as a percent)	20.10%	20.40%
ITW Rippey | El Dorado, CA
Real Estate [Line Items]
Revenue	$ 519,524	$ 514,859
Percentage of Total Revenue (as a percent)	15.80%	15.90%
PreK San Antonio | San Antonio, TX
Real Estate [Line Items]
Revenue	$ 410,096	$ 402,674
Percentage of Total Revenue (as a percent)	12.50%	12.50%

Asset Concentration (Details)

Asset Concentration (Details) - Sutter Health - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Line Items]
Net Carrying Value	$ 24,760,900	$ 25,050,613
Percentage of Total Assets (as a percent)	19.40%	19.00%

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Below-Market Lease Intangibles
Cost	$ (5,296,683)
Accumulated amortization	2,405,881
Net amount	(2,890,802)	$ (3,105,843)
Tenant Origination and Absorption Costs
Below-Market Lease Intangibles
Cost	12,033,433
Accumulated amortization	(4,179,544)
Net Amount	7,853,889
Above-Market Lease Intangibles
Below-Market Lease Intangibles
Cost	872,408
Accumulated amortization	(99,376)
Net Amount	$ 773,032

Intangible Assets, Future Amort

Intangible Assets, Future Amortization Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Below-Market Lease Intangibles
Net amount	$ (2,890,802)	$ (3,105,843)
Tenant Origination and Absorption Costs
Below-Market Lease Intangibles
April through December 2019	1,172,312
2020	1,563,082
2021	1,563,082
2022	832,144
2023	687,709
2024	479,057
Thereafter	1,556,503
Total	$ 7,853,889
Weighted average remaining amortization period (in years)	8 years 2 months 12 days
Above-Market Lease Intangibles
Below-Market Lease Intangibles
April through December 2019	$ 26,490
2020	35,320
2021	35,320
2022	35,320
2023	35,320
2024	35,320
Thereafter	569,942
Total	$ 773,032
Weighted average remaining amortization period (in years)	35 years 1 month 18 days
Below-Market Lease Intangibles
Below-Market Lease Intangibles
April through December 2019	$ (645,123)
2020	(860,165)
2021	(667,541)
2022	(201,982)
2023	(113,651)
2024	(113,651)
Thereafter	(288,689)
Net amount	$ (2,890,802)
Weighted average remaining amortization period (in years)	4 years 5 months 24 days

REAL ESTATE INVESTMENTS Narativ

REAL ESTATE INVESTMENTS Narative (Detailsl)	Mar. 31, 2019properties
Real Estate [Abstract]
Number of Properties	20

SALE OF INTEREST IN REAL ESTA_2

SALE OF INTEREST IN REAL ESTATE INVESTMENT PROPERTY (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2019	Mar. 31, 2018	May 09, 2019	Dec. 31, 2018
Investment [Line Items]
Ownership percentage (as a percent)		20.00%
Proceeds from Sale of Real Estate	$ 1,000,000
Interest Expense		$ 13,751	$ 13,751
Sales deposit liability (Note 5)		$ 1,000,000			$ 1,000,000
Chevron Gas Station
Investment [Line Items]
Ownership percentage (as a percent)	29.86%	29.86%
Subsequent Event
Investment [Line Items]
Sales deposit liability (Note 5)				$ 1,000,000

DISPOSAL OF REAL ESTATE INVES_2

DISPOSAL OF REAL ESTATE INVESTMENT PROPERTY (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2018	Mar. 31, 2019	Mar. 13, 2019	Dec. 31, 2018
Real Estate [Line Items]
Land, Building and Improvements		$ 125,335,119
Total Real Estate Investments, Net		121,980,188		$ 125,075,537
Disposal Group, Deferred Gain on Disposal		$ (113,773)
Antioch, CA
Real Estate [Line Items]
Land, Building and Improvements			$ 1,850,845
Total Real Estate Investments, Net			$ 1,964,618
Impairment	$ 862,190
Percent Of Total Real Estate Investments (as a percent)		2.00%

Debt Instruments (Details)

Debt Instruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 59,360,813	$ 61,446,068
Mortgages
Debt Instrument [Line Items]
Total principal	60,413,657	62,593,028
Less unamortized deferred financing costs	(1,052,844)	(1,146,960)
Mortgage notes payable, net	59,360,813	61,446,068
Chase Bank Great Clips | Mortgages
Debt Instrument [Line Items]
Total principal	$ 0	1,866,364
Contractual Interest Rate (as a percent)	4.37%
Effective Interest Rate (as a percent)	4.37%
Levins | Mortgages
Debt Instrument [Line Items]
Total principal	$ 2,114,116	2,125,703
Effective Interest Rate (as a percent)	3.74%
Island Pacific Supermarket | Mortgages
Debt Instrument [Line Items]
Total principal	$ 1,922,436	1,932,973
Effective Interest Rate (as a percent)	3.74%
Dollar General | Mortgages
Debt Instrument [Line Items]
Total principal	$ 2,364,560	2,378,106
Effective Interest Rate (as a percent)	3.38%
Rite Aid | Mortgages
Debt Instrument [Line Items]
Total principal	$ 3,723,367	3,744,915
Effective Interest Rate (as a percent)	3.25%
PMI Preclinical | Mortgages
Debt Instrument [Line Items]
Total principal	$ 4,189,885	4,213,887
Effective Interest Rate (as a percent)	3.38%
EcoThrift | Mortgages
Debt Instrument [Line Items]
Total principal	$ 2,687,143	2,703,239
Effective Interest Rate (as a percent)	2.96%
GSA (MSHA) | Mortgages
Debt Instrument [Line Items]
Total principal	$ 1,828,614	1,839,454
Effective Interest Rate (as a percent)	3.00%
PreK San Antonio | Mortgages
Debt Instrument [Line Items]
Total principal	$ 5,214,064	5,239,125
Contractual Interest Rate (as a percent)	4.25%
Effective Interest Rate (as a percent)	4.25%
Dinan Cars | Mortgages
Debt Instrument [Line Items]
Total principal	$ 2,751,236	2,764,937
Effective Interest Rate (as a percent)	4.02%
ITW Ripley, Solar Turbines, Amec Foster | Mortgages
Debt Instrument [Line Items]
Total principal	$ 9,594,402	9,648,214
Contractual Interest Rate (as a percent)	3.35%
Effective Interest Rate (as a percent)	3.35%
Dollar General Big Spring | Mortgages
Debt Instrument [Line Items]
Total principal	$ 619,022	621,737
Contractual Interest Rate (as a percent)	4.69%
Effective Interest Rate (as a percent)	4.69%
Gap | Mortgages
Debt Instrument [Line Items]
Total principal	$ 3,696,621	3,714,623
Contractual Interest Rate (as a percent)	4.15%
Effective Interest Rate (as a percent)	4.15%
L-3 Communications | Mortgages
Debt Instrument [Line Items]
Total principal	$ 5,355,861	5,380,085
Contractual Interest Rate (as a percent)	4.50%
Effective Interest Rate (as a percent)	4.50%
Sutter Health | Mortgages
Debt Instrument [Line Items]
Total principal	$ 14,352,330	$ 14,419,666
Contractual Interest Rate (as a percent)	4.50%
Effective Interest Rate (as a percent)	4.50%
(LIBOR) | Levins
Debt Instrument [Line Items]
Basis Spread on Variable Rate (as a percent)	1.93%
(LIBOR) | Island Pacific Supermarket
Debt Instrument [Line Items]
Basis Spread on Variable Rate (as a percent)	1.93%
(LIBOR) | Dollar General
Debt Instrument [Line Items]
Basis Spread on Variable Rate (as a percent)	1.48%
(LIBOR) | Rite Aid
Debt Instrument [Line Items]
Basis Spread on Variable Rate (as a percent)	1.50%
(LIBOR) | PMI Preclinical
Debt Instrument [Line Items]
Basis Spread on Variable Rate (as a percent)	1.48%
(LIBOR) | EcoThrift
Debt Instrument [Line Items]
Basis Spread on Variable Rate (as a percent)	1.21%
(LIBOR) | GSA (MSHA)
Debt Instrument [Line Items]
Basis Spread on Variable Rate (as a percent)	1.25%
(LIBOR) | Dinan Cars
Debt Instrument [Line Items]
Basis Spread on Variable Rate (as a percent)	2.27%

Balance Sheet Grouping (Details

Balance Sheet Grouping (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Face value	$ 60,413,657	$ 62,593,028
Mortgage notes payable, net	59,360,813	61,446,068
Fair value	$ 59,688,810	$ 61,283,165

Maturities of Long-term Debt (

Maturities of Long-term Debt (Details) - Secured Debt	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
April through December 2019	$ 930,205
2020	1,286,566
2021	23,879,148
2022	8,889,041
2023	3,966,800
2024	13,208,694
Thereafter	8,253,203
Total principal	$ 60,413,657

Interest Expenses (Details)

Interest Expenses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Debt Instrument, Redemption [Line Items]
Unrealized Gain (Loss) on Derivatives	$ (143,447)	$ 230,216
Interest Expense	13,751	13,751
Total interest expense	863,173	484,873
Interest Rate Swap	143,447	(230,216)
Accrued interest receivable payable	14,028		$ 12,432
Unsecured Debt
Debt Instrument, Redemption [Line Items]
Interest Expense	13,751	13,751
Total interest expense	863,173	484,873
Secured Debt
Debt Instrument, Redemption [Line Items]
Interest expense incurred	668,057	613,780
Amortization of deferred financing costs	85,651	86,448
Unrealized Gain (Loss) on Derivatives	$ 95,714	$ (229,106)

DEBT Narative (Details)

DEBT Narative (Details) - USD ($)	Mar. 31, 2019	Mar. 13, 2019	Dec. 31, 2018
Long-term Purchase Commitment [Line Items]
Land, Building and Improvements	$ 125,335,119
Total Real Estate Investments, Net	121,980,188		$ 125,075,537
Disposal Group, Deferred Gain on Disposal	$ (113,773)
Maximum
Long-term Purchase Commitment [Line Items]
Supplementary Leverage Ratio (as a percent)	50.00%
Antioch, CA
Long-term Purchase Commitment [Line Items]
Land, Building and Improvements		$ 1,850,845
Total Real Estate Investments, Net		$ 1,964,618

Derivative Instruments (Details

Derivative Instruments (Details) - Interest Rate Swap	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)Instrument	Dec. 31, 2018USD ($)Instrument
Derivative [Line Items]
Number of Instruments | Instrument	8	8
Notional Amount	$ 20,546,330	$ 21,703,214
Weighted Average Fixed pay rate (as a percent)	3.42%	3.42%
Weighted Average Remaining Term (in years)	2 years 1 month 10 days	2 years 5 months 6 days
Minimum
Derivative [Line Items]
Notional Amount	$ 20,546,330
(LIBOR) | Minimum
Derivative [Line Items]
Fixed Interest Rate (as a percent)	1.21%	1.21%
(LIBOR) | Maximum
Derivative [Line Items]
Fixed Interest Rate (as a percent)	2.28%	2.28%

Instruments in Statement of Fin

Instruments in Statement of Financial Position (Details)	Mar. 31, 2019USD ($)Instrument	Dec. 31, 2018USD ($)Instrument
Derivative [Line Items]
Fair Value | $	$ 260,820	$ 404,267
Interest Rate Swap
Derivative [Line Items]
Number of Instruments | Instrument	8	8
Assets | Interest Rate Swap
Derivative [Line Items]
Number of Instruments | Instrument	8	8
Fair Value | $	$ 260,820	$ 404,267

INTEREST RATE SWAP DERIVATIVE_2

INTEREST RATE SWAP DERIVATIVES Narative (Details ) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative [Line Items]
Unrealized Loss on Derivatives	$ (143,447)	$ 230,216
Interest Rate Swap
Derivative [Line Items]
Unrealized Loss on Derivatives	$ 260,820	$ 404,267

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Receivable	$ 0		$ 0
Payable	757		59,992
Asset management fees
Related Party Transaction [Line Items]
Incurred	201,779	$ 201,969
Receivable	0		0
Payable	757		0
Other operating expense reimbursement
Related Party Transaction [Line Items]
Incurred	0	0
Receivable	0		0
Payable	0		0
Reimbursable operating expense
Related Party Transaction [Line Items]
Incurred	90,000	83,566
Receivable	0		0
Payable	0		0
Fees to affiliates
Related Party Transaction [Line Items]
Incurred	291,779	285,535
Receivable	0		0
Payable	0		0
Property management fees
Related Party Transaction [Line Items]
Incurred	25,601	24,389
Receivable	0		0
Payable	0		59,992
Trust managers and officers insurance and other reimbursements
Related Party Transaction [Line Items]
Incurred	41,413	16,634
Receivable	0		0
Payable	0		0
Reimbursable organizational and offering expenses
Related Party Transaction [Line Items]
Incurred	0	$ 32,554
Receivable	0		0
Payable	$ 0		$ 0

RELATED PARTY TRANSACTIONS Nara

RELATED PARTY TRANSACTIONS Narative (Details) - USD ($)	May 08, 2019	May 07, 2019	Apr. 24, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Organization and offering expenses				$ 2,796,198
Ownership percentage (as a percent)				20.00%
Disposition fees
Related Party Transaction [Line Items]
Related party transaction (as a percent)				3.00%
Rich Uncles, LLC
Related Party Transaction [Line Items]
Repayments of related party debt				$ 2,796,198
Organization and Offering Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party				$ 2,796,198
Acquisition fees
Related Party Transaction [Line Items]
Related party transaction (as a percent)				2.00%
Asset management fees
Related Party Transaction [Line Items]
Related party transaction (as a percent)				0.05%
Expenses from transactions with related party				$ 201,779	$ 201,969
Financing fee
Related Party Transaction [Line Items]
Related party transaction (as a percent)				1.00%
Property management fees
Related Party Transaction [Line Items]
Related party transaction (as a percent)				1.50%
Expenses from transactions with related party				$ 25,601	$ 24,389
Leasing Commission Fees
Related Party Transaction [Line Items]
Related party transaction (as a percent)				3.00%
Operating Expenses
Related Party Transaction [Line Items]
Expense reimbursement percentage (as a percent)				2.00%
Expense reimbursement percentage to net income (as a percent)				25.00%
Advisor or Affiliates | Disposition fees
Related Party Transaction [Line Items]
Related party transaction (as a percent)				3.00%
Advisor or Affiliates | Leasing Commission Fees
Related Party Transaction [Line Items]
Related party transaction (as a percent)				6.00%
Maximum | Disposition fees
Related Party Transaction [Line Items]
Related party transaction (as a percent)				6.00%
Maximum | Acquisition fees
Related Party Transaction [Line Items]
Related party transaction (as a percent)				6.00%
Chevron Gas Station
Related Party Transaction [Line Items]
Acquisition fees				$ 20,000
Percentage of share in property owned (as a percent)				29.86%
Subsequent Event
Related Party Transaction [Line Items]
Interest and fee income		$ 30,000
Bridge loan		$ 3,000,000
Subsequent Event | Board of Directors Chairman
Related Party Transaction [Line Items]
Related party transaction (as a percent)			10.00%
Due from (to) related party			$ 200,000
Interest expense	$ 768
Rich Uncles Nnn Reit Inc
Related Party Transaction [Line Items]
Investment owned				403,980		403,980
Ownership percentage (as a percent)				4.80%		4.80%

COMMITMENTS AND CONTINGENCIES N

COMMITMENTS AND CONTINGENCIES Narative (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	May 15, 2019	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Payments for Tenant Improvements		$ 184,000	$ 207,000
Restricted Cash and Cash Equivalents		$ 462,140	$ 462,140
Subsequent Event
Related Party Transaction [Line Items]
Payments for Tenant Improvements	$ 285,053

SUBSEQUENT EVENTS Narative (Det

SUBSEQUENT EVENTS Narative (Details ) - USD ($)	May 08, 2019	May 07, 2019	Apr. 24, 2019	May 14, 2019	Apr. 30, 2019	Apr. 23, 2019	Mar. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Share Repurchase Payable							$ 818,699	$ 880,404
Interest Payable							$ 200,454	$ 288,437
Subsequent Event
Subsequent Event [Line Items]
Dividends Payable (in USD per share)						$ 0.00208333
Dividends Payable						$ 1,576,388
Deferred Management Fees					$ 301,000
Bridge loan		$ 3,000,000
Mortgages | Subsequent Event
Subsequent Event [Line Items]
Stock Repurchased During Period (in shares)				77,455
Share Repurchase Payable				$ 818,699
Walgreens | Subsequent Event
Subsequent Event [Line Items]
Bridge loan		$ 3,000,000
Floor Interest Rate (as a percent)		7.50%
Interest Payable		$ 9,375
Expected Financing Fee		$ 30,000
Term Subject To Fixed Interest Rate (in days)		30 days
Basis Spread on Variable Rate (as a percent)		5.00%
Origination fees | Walgreens | Subsequent Event
Subsequent Event [Line Items]
Payment of debt issuance costs		$ 45,000
Brokerage fees | Walgreens | Subsequent Event
Subsequent Event [Line Items]
Payment of debt issuance costs		$ 30,000
Board of Directors Chairman | Subsequent Event
Subsequent Event [Line Items]
Due from (to) related party			$ 200,000
Related party transaction (as a percent)			10.00%
Interest expense	$ 768