Nuveen Global Cities REIT (NUVEEN) 10-Q 13 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 13, 2019
Document Information [Line Items]
Trading Symbol	NUVEEN
Entity Address, Address Line One	730 Third Avenue, 3rd Floor
Entity Address, State or Province	NY
Security Exchange Name	NONE
Title of 12(b) Security	None
Document Type	10-Q
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	Nuveen Global Cities REIT, Inc.
Entity Central Index Key	0001711799
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Class T shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		252,446
Class D shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		139,289
Class I shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		971,732
Class N shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,730,608
Class S shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Assets
Investments in real estate, net	$ 327,451,000	$ 294,374,000
Investment in commercial mortgage loan, at fair value	11,354,000
Investments in real estate-related securities, at fair value	33,886,000	29,228,000
Investments in international affiliated funds	28,336,000	28,594,000
Cash and cash equivalents	6,240,000	5,643,000
Restricted cash	3,822,000	56,000
Intangible assets, net	20,988,000	16,367,000
Other assets	4,045,000	2,584,000
Total assets	436,122,000	376,846,000
Liabilities and Equity
Credit facility	120,277,000	70,000,000
Accounts payable, accrued expenses, and other liabilities	5,680,000	5,070,000
Intangible liabilities, net	5,487,000	5,759,000
Due to affiliates	4,861,000	4,602,000
Distribution payable	3,838,000	2,484,000
Subscriptions received in advance	3,822,000	55,000
Total liabilities	143,965,000	87,970,000
Equity
Additional paid-in capital	304,720,000	298,419,000
Accumulated deficit and cumulative distributions	(12,894,000)	(9,884,000)
Accumulated other comprehensive (loss) income	(100,000)	42,000
Total Equity	292,157,000	288,876,000
Total liabilties and equity	436,122,000	376,846,000
Class T shares
Equity
Common stock	2,000
Class D shares
Equity
Common stock	1,000
Class I shares
Equity
Common stock	6,000	2,000
Class N shares
Equity
Common stock	297,000	$ 297,000
Series A Preferred Stock
Equity
Preferred stock	$ 125,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Common stock, par value	$ 0.01
Common stock, shares authorized	2,100,000,000
Class T shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	184,561	0
Common stock, shares outstanding	184,561	0
Class D shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	111,353	25,839
Common stock, shares outstanding	111,353	25,839
Class I shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	580,389	186,474
Common stock, shares outstanding	580,389	186,474
Class N shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	29,730,608	29,730,608
Common stock, shares outstanding	29,730,608	29,730,608

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Total revenues	$ 8,475	$ 3,015	$ 15,241	$ 5,837
Expenses
Property operating	2,341	1,138	4,627	2,104
General and administrative	1,073	1,231	2,031	2,922
Advisory fee due to affiliate	496	346	963	641
Depreciation and amortization	3,800	1,856	7,187	3,629
Total expenses	7,710	4,571	14,808	9,296
Other (expense) income
Realized and unrealized income from real estate-related securities	119	1,782	5,105	2,170
Income from equity investment in unconsolidated international affiliated funds	167		2
Interest income	40	61	51	61
Interest expense	(1,338)	0	(2,090)	0
Total other (expense) income	(1,012)	1,843	3,068	2,231
Net (loss) income	(247)	287	3,501	(1,228)
Net income attributable to series A preferred stock	3	0	7	0
Net (loss) income attributable to NREIT stockholders	$ (250)	$ 287	$ 3,494	$ (1,228)
Net (loss) income per share of common stock—basic and diluted	$ (0.01)	$ 0.01	$ 0.12	$ (0.06)
Weighted-average shares of common stock outstanding, basic and diluted	30,421,776	20,842,221	30,209,077	19,537,360
Rental Revenue
Revenues
Total revenues	$ 7,636	$ 3,015	$ 14,381	$ 5,837
Commercial Mortage Loan
Revenues
Total revenues	$ 839		$ 860

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (247)	$ 287	$ 3,501	$ (1,228)
Other comprehensive income (loss):
Unrealized income (loss) from currency translation	250		(142)
Comprehensive income (loss)	3	287	3,359	(1,228)
Comprehensive income attributable to Series A preferred stock	3		7
Comprehensive income (loss) attributable to NREIT stockholders	$ 0	$ 287	$ 3,352	$ (1,228)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Series A Preferred Stock	Par Value Common StockClass T shares	Par Value Common StockClass D shares	Par Value Common StockClass I shares	Par Value Common StockClass N shares	Additional Paid-in Capital	Accumulated Deficit And Cumulative Distributions	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2017	$ 123,922					$ 124	$ 124,126	$ (328)
Issuance of shares of Common Stock	98,391				$ 1	101	98,289
Amortization of restricted stock grants	28						28
Net income (loss)	(1,228)							(1,228)
Ending balance at Jun. 30, 2018	221,113				1	225	222,443	(1,556)
Beginning balance at Mar. 31, 2018	195,658				0	200	197,301	(1,843)
Issuance of shares of Common Stock	25,151				1	25	25,125
Amortization of restricted stock grants	17						17
Net income (loss)	287							287
Ending balance at Jun. 30, 2018	221,113				1	225	222,443	(1,556)
Beginning balance at Dec. 31, 2018	288,876				2	297	298,419	(9,884)	$ 42
Issuance of shares of Common Stock	6,252		$ 2	$ 1	4		6,245
Distribution reinvestment	22						22
Amortization of restricted stock grants	34						34
Net income (loss)	3,501	$ 7						3,494
Distributions declared on common stock	(6,504)							(6,504)
Issuance of shares of series A preferred stock	125	125
Distribution to series A preferred stock	(7)	(7)
Foreign currency translation adjustment	(142)								(142)
Ending balance at Jun. 30, 2019	292,157	125	2	1	6	297	304,720	(12,894)	(100)
Beginning balance at Mar. 31, 2019	290,487	129	0	0	2	297	299,215	(8,806)	(350)
Issuance of shares of Common Stock	5,477		2	1	4		5,470
Distribution reinvestment	12						12
Amortization of restricted stock grants	23						23
Net income (loss)	(247)	3						(250)
Distributions declared on common stock	(3,838)							(3,838)
Distribution to series A preferred stock	(7)	(7)
Foreign currency translation adjustment	250								250
Ending balance at Jun. 30, 2019	$ 292,157	$ 125	$ 2	$ 1	$ 6	$ 297	$ 304,720	$ (12,894)	$ (100)

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Issuance of common stock, shares	570,250	2,550,412	663,990	10,125,412
Net of offering costs	$ 332	$ 710	$ 401	$ 3,220

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ (247)	$ 287	$ 3,501	$ (1,228)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	3,800	1,856	7,187	3,629
Unrealized gain on changes in fair value of real estate-related securities			(2,812)	(1,852)
Realized gain on sale of real estate-related securities			(1,751)	(7)
Unrealized loss from equity investment in unconsolidated international affiliated funds			65
Straight line rent adjustment			(669)	(177)
Amortization of below-market lease intangibles			(273)	(31)
Amortization of loan closing costs			174
Amortization of restricted stock grants			34	28
Change in assets and liabilities:
(Increase) in other assets			(964)	(367)
Increase in due to affiliates			259	1,091
Increase in accounts payable, accrued expenses, and other liabilities			94	662
Net cash provided by operating activites			4,845	1,748
Cash flows from investing activities:
Acquisitions of real estate			(44,095)	(81,056)
Origination and fundings of commercial mortgage loan			(45,668)
Proceeds from sale of commercial mortgage loan			34,264
Capital improvements to real estate			(274)	(63)
Purchase of real estate-related securities			(19,613)	(21,809)
Proceeds from sale of real estate-related securities			19,516	1,837
Net cash (used in) investing activities			(55,870)	(101,091)
Cash flows from financing activities:
Proceeds from issuance of common stock			6,930	101,611
Borrowings from credit facility			78,277
Repayments on credit facility			(28,000)
Offering costs paid			(332)
Payment of deferred financing costs			(277)
Proceeds from issuance of Series A preferred stock			125
Distributions to Series A preferred stock			(7)
Subscriptions received in advance			3,822
Distributions			(5,150)
Net cash provided by financing activities			55,388	101,611
Net increase in cash and cash equivalents and restricted cash during the period			4,363	2,268
Cash and cash equivalents and restricted cash, beginning of period			5,699	3,681
Cash and cash equivalents and restricted cash, end of period	10,062	5,949	10,062	5,949
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets, end of period:
Cash and cash equivalents	6,240	5,923	6,240	5,923
Restricted cash	3,822	26	3,822	26
Cash and cash equivalents and restricted cash, end of period	10,062	5,949	10,062	5,949
Supplemental disclosures:
Interest paid			1,898
Series A preferred stock costs			15
Non-cash investing activities:
Assumption of other liabilities in conjunction with acquisitions of real estate			327	661
Accrued capital expenditures			189	10
Non-cash financing activities:
Accrued distributions	3,838	0	3,838	0
Accrued stockholder servicing fees	4,861		4,861
Distribution reinvestments	12		22
Accrued offering costs due to affiliate			3,888	3,197
Accrued stockholder servicing fees
Non-cash financing activities:
Accrued stockholder servicing fees	$ 213	$ 23	$ 213	$ 23

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	Note 1. Organization and Business Purpose Nuveen Global Cities REIT, Inc. (the “Company”) was formed on May 1, 2017 as a Maryland corporation and intends to elect to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2018. The Company’s sponsor is Nuveen, LLC (the “Sponsor”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). The Company is the sole general partner of Nuveen Global Cities REIT OP, LP, a Delaware limited partnership (“Nuveen OP”). Nuveen OP has issued a limited partner interest to Nuveen Global Cities REIT LP, LLC (the “Limited Partner”), a wholly owned subsidiary of the Company. The Company was organized to invest primarily in stabilized income-oriented commercial real estate in the United States and that a substantial but lesser portion of the Company’s portfolio will include real properties located in Canada, Europe and the Asia-Pacific region. Substantially all of the Company’s business will be conducted through Nuveen OP. The Company and Nuveen OP are externally managed by Nuveen Real Estate Global Cities Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of the Sponsor. Pursuant to a Registration Statement on Form S-11, four

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s Consolidated Financial Statements as of June 30, 2019 and for the three and six months ended June 30, 2019 and 2018 are unaudited and include all adjustments necessary to present a fair statement of results for the interim periods presented. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed from this report pursuant to the rules of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements prepared in accordance with GAAP, and the related notes thereto, that are included in the Company’s Annual Report on Form 10-K year-end All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place in-place in-place lease-up lease-up The amortization of acquired above-market leases and below-market leases is recorded as an adjustment to rental revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to depreciation and amortization expense on the Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building and building improvements 40 years Land improvements 15 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in rental property operating expense on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the period presented, no such impairment occurred. Investments in Real Estate-Related Securities The Company has elected the fair market value option for accounting for real estate-related securities and changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared. The resulting dividend income and gains and losses are recorded as a component of realized and unrealized income from real estate-related securities on the Investment in International Affiliated Funds The Company reports its investment in European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund FCP (“APCF”), investment funds managed by an affiliate of TIAA (the “International Affiliated Funds”), under the equity method of accounting. The equity method income from the investment in International Affiliated Funds represent the Company’s allocable share of each fund’s net income for the three and six months ended June 30, 2019 and is reported as income (loss) from equity investment in unconsolidated international affiliated funds on the Company’s Consolidated Statement of Operations. The Company had no investment in International Affiliated Funds as of June 30, 2018. Investment in International Affiliated Funds includes the Company’s allocable share of the International Affiliated Funds’ income and expense, realized gains and losses, and unrealized appreciation or depreciation as determined from the financial statements of ECF and APCF (which carry investments at fair value in accordance with the applicable GAAP) when received by the Company. All contributions to or distributions from the investment in the International Affiliated Funds is accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Company’s Consolidated Balance Sheets. Investment in Commercial Mortgage Loan at Fair Value The Company originated its first commercial mortgage loan in March 2019 and elected the fair value option. In accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments, and at the election of the Company, any financial instruments are reported at fair value. The Income from commercial mortgage loan represents interest income and deferred origination fee income, which is amortized over the term of the loan and is reported as Income from commercial mortgage loan on the Company’s Consolidated Statement of Operations. The initial and subsequent changes to deferred origination fee is recorded in Investments in commercial mortgage loan, at fair value on the Company’s Consolidated Balance Sheets. In the event of a partial or whole sale of the commercial mortgage loan, the Company derecognizes the corresponding asset and removes the related deferred origination fee with the resulting income reflected in Income from commercial mortgage loan on its Consolidated Statements of Operations. Fees paid as part of the partial or whole sale are recognized as expense in General and administrative expenses on the Company’s Consolidated Statements of Operations. A third-party independent valuation firm appointed by the Company oversees and administers the appraisal process quarterly in accordance with the Company’s valuation policy. The values are based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral, and the credit quality of the borrower. Deferred Financing Costs Deferred financing costs include certain costs to obtain the credit facility and are included in Other Assets on the Company’s Consolidated Balance Sheets. These costs consist of external fees and costs incurred to obtain the Company’s credit facility. Such costs have been deferred and are being amortized on a straight-line basis over the term of the credit facility and included within interest expense. Unamortized costs are charged to expenses upon early repayment or significant modification of the credit facility. Fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. As of June 30, 2019, the Company’s $33.9 million of investments in real-estate related securities consisted of shares of common stock of publicly-traded REITs and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. As of June 30, 2019, and subsequent to the sale of the senior portion of the commercial mortgage loan, the Company’s $11.4 Revenue Recognition The Company’s sources of revenue arising from leasing arrangements and the related revenue recognition policies are as follows: Rental revenue — consists of base rent arising from tenant operating leases at the Company’s office, industrial and multifamily properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. The Company includes its tenant reimbursement income in rental revenue that consist of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs includes in lease agreements. Interest income from commercial mortgage loan—consists of interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate. Loan origination fees, commitment fees and direct loan origination costs are offset and the net amount is deferred and amortized over the term of the related loan as an adjustment to yield using the effective interest method. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payment are received until the loans are returned to accrual status. As of June 30, 2019, the Company did not have any mortgage loans on nonaccrual status. Cash and Cash Equivalents Cash and cash equivalents represents cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk. Restricted Cash As of June 30, 2019, restricted cash consists of $3.8 million of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent but in the name of the Company. Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“the Code”) commencing with its taxable year ending December 31, 2018. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real three Tax legislation commonly referred to as the Tax Cuts & Jobs Act (the “TCJA”) was enacted on December 22, 2017. Among other things, the TCJA reduces the U.S. federal corporate income tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings. Management has evaluated the effects of TCJA and concluded that the TCJA will not materially impact its consolidated financial statements. This is due to the fact that the Company is operating in a manner that will allow it to qualify as a REIT, which will result in a full valuation allowance being recorded against its deferred . The Company also estimates that the new taxes on foreign-sourced earnings are not likely to apply to its foreign investments. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under ASC 740, Income Taxes. Though the Company believes that the impacts of the TCJA will be immaterial to its financial results, the Company continues to analyze certain aspects of the TCJA, therefore its estimates may change as additional information becomes available. Many of the provisions of the TCJA will require guidance through the issuance of Treasury regulations in order to assess their effect. There may be a substantial delay before such regulations are promulgated, increasing the uncertainty as to the ultimate effect of the statutory amendments on the Company. It is also likely that there will be technical corrections legislation proposed with respect to the TCJA this year, the effect of which cannot be predicted and may be adverse to the Company or its stockholders. Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Advisor has agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the fourth full fiscal quarter after the Company’s acquisition of its first property. The Company reimburses the Advisor for all such advanced expenses ratably over a 60 month period following December 31, 2018. For the three and six months ended June 30, 2019, the Company $0.2 million and $0.5 million, respectively, for costs related to the advanced expenses. As of June 30, 2019, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf of $4.9 million, consisting of offering costs of $3.8 million and organization costs of $1.1 million. Such costs became the Company’s liability on January 31, 2018, the date Foreign Currency The financial position and results of operations of ECF is measured using the local currency (Euro) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity under the equity method of accounting. Revenues and expenses have been translated at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of Accumulated Other Comprehensive $0.3 ($0.1 The financial position and results of operations APCF is measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF. Earnings per Share Basic net income/(loss) per share of common stock is determined by dividing net income/(loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share. Recent Accounting Pronouncements Pending Adoption: In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, 2019-13”). 2018-13 In June 2016, the FASB issued ASU 2016-13, 2016-13”). 2016-13 Recently Adopted: In February 2016, the FASB issued Accounting Standards Update 2016-02 2016-02”) 2014-09, non-lease 2016-02 The Company has elected the transition package of practical expedients permitted within the new standard. This practical expedient permits the Company to carryforward the historical lease classification and not to reassess initial direct costs for any existing leases. In addition, the Company has elected the practical expedient that allows lessors to avoid separating lease and non-lease non-lease non-lease In February 2019, the FASB issued ASU 2019-01, 2019-01”). 2019-01 2019-01 2019-01

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Investments in Real Estate	Note 3. Investments in Real Estate Investments in real estate, net consisted of the following (in thousands): June 30, 2019 December 31, 2018 Building and building improvements $ 283,018 $ 249,552 Land and land improvements 50,583 46,609 Furniture, fixtures and equipment 3,392 3,249 Total 336,993 299,410 Accumulated depreciation (9,542 ) (5,036 ) Investments in real estate, net $ 327,451 $ 294,374 Depreciation expense was $2.5 million and $4.6 million, respectively, for the three and six months ended June 30, 2019. During the period ended June 30, 2019, the Company acquired an interest in an office property and accounted for it as an asset acquisition. During the year ended December 31, 2018, the Company acquired interests in four real property investments, which were comprised of one office, multifamily, industrial and a retail property, and accounted for them as asset acquisitions. The following table provides further details of the property acquired during the period ended June 30, 2019 (in thousands): Property Name Ownership Number of Location Sector Acquisition Purchase East Sego Lily 100% 1 Salt Lake City, UT Office May 2019 44,422 The following table summarizes the purchase price allocation for the property acquired during the period ended June 30, 2019 (in thousands): East Sego Lily Building and building improvements 33,374 Land and land improvements 3,972 In-place lease intangibles 5,088 Other intangibles 1,988 Total purchase price 44,422

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	6 Months Ended
	Jun. 30, 2019
Text Block [Abstract]
Investments in Real Estate-Related Securities	Note 4. Investments in Real Estate-Related Securities As of June 30, 2019 and December 31, 2018, the Company’s investments in real estate-related securities consisted of shares of common stock of publicly-traded REITs. As described in Note 2, the Company records its investments in real estate-related securities at fair value on its Consolidated Balance Sheets. The following table summarizes the components of realized and unrealized income from real estate-related securities during the three and six months ended June 30, 2019 and June 30, 2018: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Unrealized (losses) $ (1,957 ) $ 1,578 $ 2,812 $ 1,852 Realized 1,827 7 1,751 7 Dividend income 249 197 542 311 Total $ 119 $ 1,782 $ 5,105 $ 2,170

Investment in International Aff

Investment in International Affiliated Fund	6 Months Ended
	Jun. 30, 2019
Schedule of Investments [Abstract]
Investment in International Affiliated Fund	Note 5. Investment in International Affiliated Funds Investment in ECF: On December 22, 2017, the Company entered into a subscription agreement to invest approximately $30 million (€25 million) into ECF. As of June 30, 2019, the Company had funded $18.6 million (€16.2 million) and had a remaining unfunded commitment of approximately $9.9 million (€8.8 million). As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While the Company has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner. ECF was formed in March 2016 as an open-end, Euro-denominated fund that seeks to build a diversified portfolio of high quality and stabilized commercial real estate with good fundamentals (i.e., core real estate) located in or around certain investment cities in Europe selected for their resilience, potential for long-term structural performance and ability to deliver an attractive and stable distribution yield. For the three and six months ended June 30, 2019, the Company recorded approximately $35,000 and $187,000, respectively, in net income and unrealized gain based on its allocable share from ECF that is reflected on the Company’s Consolidated Statements of Operations. Investment in APCF: On November 9, 2018 the Company entered into a subscription agreement to invest $10 million into APCF. As of June 30, 2019, the Company has fully funded its commitment of $10 million. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets. APCF was launched in November 2018 as an open-end, U.S. denominated fund that seeks durable income and capital appreciation from a balanced and diversified portfolio of real estate investments in a defined list of investment cities in the Asia-Pacific region. For the three and six months ended June 30, 2019, the Company recorded approximately $111,000 in net realized and unrealized income and $238,000 in net realized and unrealized loss, respectively, based on its allocable share from APCF that is reflected on the Company’s Consolidated Statements of Operations.

Investment in Commercial Mortga

Investment in Commercial Mortgage Asset	6 Months Ended
	Jun. 30, 2019
Text Block [Abstract]
Investment in Commercial Mortgage Loan	Note 6. Investment in Commercial Mortgage Loan During the six months ended June 30, 2019, the Company originated a senior and a mezzanine loan for an industrial property in Maspeth, New York. On June 6, 2019 the Company sold the senior loan for $34.3 million to an unaffiliated party and retained the mezzanine loan, receiving net proceeds of $34.0 million. The fair value of the mezzanine loan was $11.5 million as of June 30, 2019. The Company recognized interest income and origination fee from investment in commercial mortgage loan of $0.5 million and $0.3 million, respectively, for the three and six months ending June 30, 2019. As of June 30, 2019 the Company has an unamortized origination fee of $0.1 million that is reflected in Investment in commercial mortgage loan on its Consolidated Balance Sheets Loan terms for the mezzanine loan as of June 30, 2019 are summarized below: Investment Asset Type Location Interest Rate Origination Maturity Date Periodic Commitment Unfunded Principal Fair 55 Grand Ave Mezzanine Loan Maspeth, NY LIBOR + 570 bps March 28, 2019 March 29, 2022 Interest Only 14,375 2,922 11,453 11,453 The estimated fair value of the mortgage loan is based on internally developed models that primarily use market based or independently sourced market data, including interest rate yield curves and market spreads. Valuation adjustments may be made to reflect credit quality, liquidity, and other observable and unobservable data that are applied consistently over time.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Note 7. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following (in thousands): June 30, 2019 December 31, 2018 Intangible assets: In-place $ 19,742 $ 14,679 Above-market lease intangibles 154 154 Other intangibles 8,664 6,557 Total Intangible assets 28,560 21,390 Accumulated amortization: In-place (6,406 ) (4,396 ) Above-market lease intangibles (12 ) (3 ) Other intangibles (1,154 ) (624 ) Total accumulated amortization (7,572 ) (5,023 ) Intangible assets, net $ 20,988 $ 16,367 Intangible liabilities: Below-market lease intangibles $ (5,772 ) $ (5,876 ) Accumulated amortization 285 117 Intangible liabilities, net $ (5,487 ) $ (5,759 ) Amortization expense relating to intangible assets was $1.4 million and $2.7 million, respectively, for the three and six months ended June 30, 2019. Income from the amortization of intangible liabilities was approximately $0.2 million and $0.3 million, respectively, for the three and six months ended June 30, 2019. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows (in thousands): In-place Lease Other Below-market Remaining 2019 1,131 635 (168 ) 2020 2,187 1,197 (332 ) 2021 1,940 1,021 (322 ) 2022 1,658 919 (307 ) 2023 1,328 759 (306 ) Thereafter 5,092 3,121 (4,052 ) 13,336 7,652 (5,487 ) The weighted-average amortization periods for the acquired in-place

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Credit Facility	Note 8. Credit Facility On October 24, 2018, the Company entered into a credit agreement (“Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and lead arranger. The Credit Agreement provides for aggregate commitments of up to $60 million for unsecured revolving loans, with an accordion feature that may increase the aggregate commitments to up to $500 million. The applicable margin ranges from 1.30% to 1.90% for borrowings at the adjusted LIBOR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. Loans under the Credit Agreement will mature three As of June 30, 2019, the Company had $120.3 million in borrowings and $0.4 million in accrued interest outstanding under the Credit Agreement. For the three and six months ended June 30, 2019, the Company incurred $1.3 million and $1.9 million, respectively, in interest expense. As of June 30, 2019, the Company is in compliance with all loan covenants.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 2019
Text Block [Abstract]
Other Assets and Other Liabilities	Note 9. Other Assets and Other Liabilities The following table summarizes the components of other assets (in thousands): June 30, 2019 December 31, 2018 Straight-line rent receivable $ 1,787 $ 1,119 Deferred financing costs, net 904 771 Receivables 809 353 Prepaid expenses 489 288 Other 56 53 Total $ 4,045 $ 2,584 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities (in thousands): June 30, 2019 December 31, 2018 Real estate taxes payable $ 1,940 $ 2,099 Accounts payable and accrued expenses 1,866 1,420 Tenant security deposits 728 587 Prepaid rental income 498 386 Accrued interest expense 357 164 Other 291 414 Total $ 5,680 $ 5,070

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 10. Related Party Transactions Fees Due to Related Party Pursuant to the advisory agreement between the Company and the Advisor, the Advisor is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors. The Advisor will receive fees and compensation, payable monthly in arrears, in connection with the ongoing management of the assets and operations of the Company, as follows: Class T Shares Class S Class D Class I Class N Advisory Fee as a % of NAV 1.25 % 1.25 % 1.25 % 1.25 % 0.65 % As of June 30, 2019, the Company has accrued management fees of approximately $0.3 million, which has been included in accounts payable, accrued expenses, and other liabilities on the Company’s Consolidated Balance Sheets. The Company may retain certain of the Advisor’s affiliates for necessary services relating to the Company’s investments or its operations, including construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and other types of insurance, management consulting and other similar operational matters. Any such arrangements will be at market terms and rates. As of June 30, 2019, the Company has not In addition, Nuveen Securities, LLC (the “Dealer Manager”) serves as the dealer manager for the Offering. The Dealer Manager is a registered broker-dealer affiliated with the Advisor. The Company’s obligations under the Dealer Manager Agreement to pay stockholder servicing fees with respect to the Class T, Class S and Class D shares distributed in the Offering shall survive until such shares are no longer outstanding (including because such shares converted into Class I shares). As of June 30, 2019, the Company has accrued approximately $0.2 The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offering, and the stockholder servicing fee per annum based on the aggregate outstanding NAV of each class of shares: Maximum Upfront Maximum Upfront Stockholder Servicing Class T shares up to 3.0 % 0.50 % 0.85 % (1) Class S shares up to 3.5 % None 0.85 % Class D shares None None 0.25 % Class I shares None None None (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held within such account would exceed, in the aggregate, 8.75% of the sum of the gross proceeds from the sale of such shares and the aggregate gross proceeds of any shares issued under the distribution reinvestment plan with respect thereto (or, solely with respect to the Class T shares, a lower limit set forth in an agreement between the Dealer Manager and the applicable participating broker-dealer in effect on the date that such shares were sold). At the end of such month, each Class T share, Class S share and Class D share held in a stockholder’s account will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share. The Company accrues the cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. There is not a stockholder servicing fee with respect to Class I shares. If not already converted into Class I shares upon a determination that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such shares would exceed the applicable limit as described above, each Class T share, Class S share, Class D share and Class N share held in a stockholder’s account will automatically and without any action on the part of the holder thereof convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share on the earliest of (i) a listing of Class I shares, (ii) the Company’s merger or consolidation with or into another entity or the sale or other disposition of all or substantially all of the Company’s assets, in each case in a transaction in which stockholders receive cash and/or listed securities or (iii) after termination of the primary portion of the offering in which such Class T shares, Class S shares and Class D shares were sold, the end of the month in which the Company, with the assistance of the dealer manager, determines that all underwriting compensation from all sources in connection with the Offering, including upfront selling commissions, the stockholder servicing fee and other underwriting compensation, is equal to 10% of the gross proceeds of the primary portion of the Offering. In addition, immediately before any liquidation, dissolution or winding up, each Class T share, Class S share, Class D share and Class N shares will automatically convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share. As part of TIAA’s agreement to purchase Class N shares, the Advisor has agreed that, in the event that certain capital raising thresholds are not achieved in the Offering, the Advisor will reimburse TIAA a portion of the advisory fees and organization and offering expenses charged with respect to the Class N shares purchased by TIAA. Due to Affiliates June 30, 2019 December 31, 2018 Accrued stockholder servicing fees (a) $ 213 $ 23 Advanced organization and offering costs 4,648 4,579 Total $ 4,861 $ 4,602 (a) The Company accrues the full amount of future stockholder servicing fees payable to the Dealer Manager for Class T, Class S and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of June 30, 2019, the Company accrued approximately $213,000 of stockholder servicing fees payable to the Dealer Manager related to Class T and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, amount other things, for the re-allowance

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2019
Text Block [Abstract]
Economic Dependency	Note 11. Economic Dependency The Company will be dependent on the Advisor and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Advisor and its affiliates are unable to provide such services, the Company would be required to find alternative service providers.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2019, the Company was not involved in any material legal proceedings. In the normal course of business the Advisor, on behalf of the Company, enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Advisor expects the risk of loss to be remote.

Tenant Leases

Tenant Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Tenant Leases	Note 13. Tenant Leases The Company’s real estate properties are leased to tenants under operating lease agreements which expire on various dates throughout the year. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Certain leases have the option to extend or terminate at the tenant’s discretion, with termination options resulting in additional fees due to the Company. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily investments are as follows (in thousands): Year Future Minimum Rent Remaining 2019 $ 8,276 2020 16,552 2021 15,832 2022 14,959 2023 13,468 Thereafter 65,127 Total $ 134,214 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Federal Home Loan Banks [Abstract]
Equity	Note 14. Equity Authorized Capital On January 24, 2018, the Company filed Articles of Amendment and Restatement with the State Department of Assessments and Taxation of Maryland the Company’s undesignated common stock became Class N shares of common stock and the Class T, Class S, Class D and Class I shares offered in the Offering were authorized. As of June 30, 2019, the Company had authority to issue a total of 2,200,000,000 shares of capital stock. Of the total shares of stock authorized, 2,100,000,000 shares are classified as common stock with a par value of $0.01 per share, 500,000,000 of which are classified as Class T shares, 500,000,000 of which are classified as Class S shares, 500,000,000 of which are classified as Class D shares, 500,000,000 of which are classified as Class I shares, 100,000,000 of which are classified as Class N shares, and 100,000,000 are classified as preferred stock with a par value of $0.01 per share . In addition, the Company’s board of directors may amend the charter from time to time, without stockholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Company has authority to issue, or to issue additional classes of stock which may be subject to various class-specific fees. Preferred Stock On January 2, 2019, the Company filed Articles Supplementary to the charter, which set forth the rights, preferences and privileges of the Company’s 12.0% Series A cumulative non-voting preferred stock (“Series A Preferred Stock”). On January 4, 2019, the Company sold 125 shares of our Series A Preferred Stock at a purchase price of $1,000 per share in a private placement exempt from registration. The offering of Series A Preferred Stock was effected for the purpose of our having at least 100 stockholders to satisfy one of the qualifications required in order to qualify as a REIT under the Code. Common Stock As of June 30, 2019, the Company has issued and outstanding 111,353 shares of Class D common stock, 580,389 shares of Class I common stock, and 29,730,608 shares of Class N common stock. As of June 30, 2019, the Company has not sold any Class S shares. During the six months ended June 30, 2019, the Company sold the following shares of common stock in connection with the offering: Class T Class D Class I Amounts Shares Share Price Amounts Shares Share Price Amounts Shares Share Price January 2019 $ 24,272 2,359 $ 10.29 $ — — $ — $ 30,000 2,913 $ 10.30 February 2019 (1) $ 390,007 37,939 $ 10.28 $ 1,755 171 $ 10.28 $ 115,574 11,232 $ 10.29 March 2019 $ 97,087 9,327 $ 10.41 $ 235,000 22,596 $ 10.40 $ 75,000 7,205 $ 10.41 April 2019 $ 345,604 33,457 $ 10.33 $ 200,000 19,157 $ 10.44 $ 1,912,500 183,014 $ 10.45 May 2019 (1) $ 735,652 70,600 $ 10.42 $ 322,563 30,720 $ 10.50 $ 143,814 13,671 $ 10.52 June 2019 $ 320,874 30,882 $ 10.39 $ 135,000 12,869 $ 10.49 $ 1,845,000 175,882 $ 10.49 (1) Include shares issued as part of the distribution reinvestment plan and restricted stock award to Board Members The Class N shares purchased by TIAA (excluding the initial capitalization which must be held for so long as the Advisor or its affiliate remains the advisor) shall be subject to the following limitations on repurchase: • (i) TIAA may submit up to 4,980,000 Class N shares for repurchase upon the earlier of (1) the date that the Company’s NAV reaches $1 billion, and (2) two years from the commencement of the Offering; and (ii) TIAA may submit all of its remaining Class N shares for repurchase beginning on the fifth anniversary of the commencement of the Offering. • The total amount of repurchases of Class N shares eligible for repurchase will be limited to no more than 0.67% of aggregate NAV per month and no more than 1.67% of the Company’s aggregate NAV per calendar quarter; provided that, if in any month or quarter the total amount of aggregate repurchases of all classes of common stock do not reach the overall share repurchase plan limits of 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter, the above repurchase limits on the Class N shares shall not apply to that month or quarter and TIAA shall be entitled to submit shares for repurchase up to the overall share repurchase plan limits. Restricted Stock Grants The Company’s independent directors are compensated with an annual retainer, of which 25% is paid in the form of an annual grant of restricted stock based on the most recent transaction price. The restricted stock generally vests one Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby holders of Class T, Class S, Class D and Class I shares (other than investors in certain states or who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan) have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Holders of Class N shares are not eligible to participate in the distribution reinvestment plan and receive their distributions in cash. Investors who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan or are residents of those states that do not allow automatic enrollment receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan is equal to the transaction price at the time the distribution is payable, which is generally equal to the Company’s prior month’s NAV per share for that share class. Stockholders do not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Beginning September 30, 2018, the Company established a monthly record date for a quarterly distribution to stockholders on record as of the last day of each applicable month typically payable within 25 days following quarter end. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable advisory fee and stockholder servicing fee, which is deducted from the monthly distribution per share. During the six months ended June 30, 2019, the Company’s board of directors declared distributions on all outstanding shares of common stock as of the close of business on the record dates of October 31, 2018, November 30, 2018 and December 31, 2018, and all outstanding shares of common stock as of the close of business on the record dates of January 31, 2019, February 28, 2019, and March 31, 2019. These distributions were paid on January 29, 2019 and April 29, 2019, respectively. The following table details the distribution paid on January 29, 2019: Class D Class I Class N Net Distribution $ 0.07 $ 0.07 $ 0.08 Total Distributions Declared 1,760 13,640 2,468,230 The following table details the distribution paid on April 29, 2019: Class T Class D Class I Class N Net Distribution $ 0.04 $ 0.05 $ 0.07 $ 0.09 Total Distributions Declared 2,066 2,563 15,116 2,646,139 Based on the monthly record dates established by the board of directors, the Company accrues for distribution on a monthly basis. The Company accrued $3.8 million for April, May, and June 2019 in Distribution payable on its Consolidated Balance Sheets. Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of Class T, Class S, Class D, and Class I shares is limited to 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter. Shares are repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Note 15. Segment Reporting The Company currently operates in seven . The following table sets forth the total assets by segment as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Multifamily $ 95,259 $ 97,448 Industrial 88,302 89,963 Office 78,193 34,134 Retail 89,660 90,881 Real Estate-Related Securities 33,886 29,228 International Affiliated Funds 28,450 28,594 Commercial Mortgage Asset 11,590 — Other (Corporate) 10,782 6,598 Total assets $ 436,122 $ 376,846 The following table sets forth the financial results by segment for the three months and six months ended June 30, 2019 and 2018 (in thousands): Three months ended 2019 v 2018 Six months ended 2019 v 2018 2019 2018 $ % 2019 2018 $ % Rental revenues Multifamily $ 2,183 $ 1,368 $ 815 60 % $ 4,543 $ 2,663 $ 1,880 71 % Office 1,494 117 1,377 1177 % 2,304 117 2,187 1869 % Industrial 1,981 1,530 451 29 % 3,912 3,057 855 28 % Retail 1,978 — 1,978 100 % 3,622 — 3,622 100 % Total rental revenues 7,636 3,015 4,621 153 % 14,381 5,837 8,544 146 % Property operating expenses Multifamily 1,081 627 454 72 % 2,166 1,207 959 79 % Office 378 27 351 1300 % 633 27 606 2244 % Industrial 615 484 131 27 % 1,190 870 320 37 % Retail 267 — 267 100 % 638 — 638 100 % Total property operating expenses 2,341 1,138 1,203 106 % 4,627 2,104 2,523 120 % Depreciation and amortization: Multifamily (1,174 ) (890 ) (284 ) 32 % (2,375 ) (1,741 ) (634 ) 36 % Office (666 ) (49 ) (617 ) 1259 % (946 ) (49 ) (897 ) 1831 % Industrial (1,057 ) (917 ) (140 ) 15 % (2,174 ) (1,839 ) (335 ) 18 % Retail (903 ) — (903 ) 100 % (1,692 ) — (1,692 ) 100 % Total depreciation and amortization (3,800 ) (1,856 ) (1,944 ) 105 % (7,187 ) (3,629 ) (3,558 ) 98 % Interest income from commercial loan 839 — 839 100 % 860 — 860 100 % Realized and unrealized income from real estate-related securities 119 1,782 (1,663 ) -93 % 5,105 2,170 2,935 135 % Income from equity investment in unconsolidated international affiliated funds 167 — 167 100 % 2 — 2 100 % General and administrative expenses (1,073 ) (1,231 ) 158 -13 % (2,031 ) (2,922 ) 891 -30 % Advisory fee due to affiliate (496 ) (346 ) (150 ) 43 % (963 ) (641 ) (322 ) 50 % Interest income 40 61 (21 ) -34 % 51 61 (10 ) -16 % Interest expense (1,338 ) — (1,338 ) 100 % (2,090 ) — (2,090 ) 100 % Net (loss) income (247 ) 287 (534 ) -186 % 3,501 (1,228 ) 4,729 -385 % Net income attributable to Series A preferred stock 3 — 3 100 % 7 — 7 100 % Net (loss) income attributable to NREIT stockholders $ (250 ) $ 287 $ (537 ) -187 % $ 3,494 $ (1,228 ) $ 4,722 -385 %

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events On July 9, 2019, the Company and the Dealer Manager entered into selected dealer agreement with Ameriprise Financial Services, Inc. (“Ameriprise”) whereby Ameriprise will offer and sell, on a best efforts basis, the Company’s Class T and Class I shares. As a result, the Company’s board of directors unanimously approved an amendment to the Company’s share repurchase plan. The amendment includes a policy which states that if during any consecutive 24-month period, the Company does not have at least one month in which the Company fully satisfies 100% of properly submitted repurchase requests or accepts all properly submitted tenders in a self-tender offer for the Company’s shares, the Company will not make any new investments (excluding short-term cash management investments under 30 days in duration) and will use all available investable assets to satisfy repurchase requests (subject to the limitations under this program) until all outstanding repurchase requests have been satisfied. On July 22, 2019, the Company funded the remainder of its commitment to ECF in the amount of $9.9 million (€8.8 million), fully fulfilling its €25.0 million commitment. The Company’s board of directors declared distributions on all outstanding shares of common stock as of the close of business on the record dates of April 30, 2019 May 31, 2019 June 30, 2019 On July 1, 2019 the Company sold approximately $3.8 million of common stock ( 18,369 10.60 On August 1, 2019 the Company sold approximately $1.3 million of common stock ( 27,833 D shares, and 86,638 Class I shares) at a purchase price of $10.61 for Class D, and $10.59 for Class I.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Financial Statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s Consolidated Financial Statements as of June 30, 2019 and for the three and six months ended June 30, 2019 and 2018 are unaudited and include all adjustments necessary to present a fair statement of results for the interim periods presented. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed from this report pursuant to the rules of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements prepared in accordance with GAAP, and the related notes thereto, that are included in the Company’s Annual Report on Form 10-K year-end All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place in-place in-place lease-up lease-up The amortization of acquired above-market leases and below-market leases is recorded as an adjustment to rental revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to depreciation and amortization expense on the Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building and building improvements 40 years Land improvements 15 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in rental property operating expense on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the period presented, no such impairment occurred.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities The Company has elected the fair market value option for accounting for real estate-related securities and changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared. The resulting dividend income and gains and losses are recorded as a component of realized and unrealized income from real estate-related securities on the
Investment in International Affiliated Funds	Investment in International Affiliated Funds The Company reports its investment in European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund FCP (“APCF”), investment funds managed by an affiliate of TIAA (the “International Affiliated Funds”), under the equity method of accounting. The equity method income from the investment in International Affiliated Funds represent the Company’s allocable share of each fund’s net income for the three and six months ended June 30, 2019 and is reported as income (loss) from equity investment in unconsolidated international affiliated funds on the Company’s Consolidated Statement of Operations. The Company had no investment in International Affiliated Funds as of June 30, 2018. Investment in International Affiliated Funds includes the Company’s allocable share of the International Affiliated Funds’ income and expense, realized gains and losses, and unrealized appreciation or depreciation as determined from the financial statements of ECF and APCF (which carry investments at fair value in accordance with the applicable GAAP) when received by the Company. All contributions to or distributions from the investment in the International Affiliated Funds is accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Company’s Consolidated Balance Sheets.
Investment in Commercial Mortgage Loan at Fair Value	Investment in Commercial Mortgage Loan at Fair Value The Company originated its first commercial mortgage loan in March 2019 and elected the fair value option. In accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments, and at the election of the Company, any financial instruments are reported at fair value. The Income from commercial mortgage loan represents interest income and deferred origination fee income, which is amortized over the term of the loan and is reported as Income from commercial mortgage loan on the Company’s Consolidated Statement of Operations. The initial and subsequent changes to deferred origination fee is recorded in Investments in commercial mortgage loan, at fair value on the Company’s Consolidated Balance Sheets. In the event of a partial or whole sale of the commercial mortgage loan, the Company derecognizes the corresponding asset and removes the related deferred origination fee with the resulting income reflected in Income from commercial mortgage loan on its Consolidated Statements of Operations. Fees paid as part of the partial or whole sale are recognized as expense in General and administrative expenses on the Company’s Consolidated Statements of Operations. A third-party independent valuation firm appointed by the Company oversees and administers the appraisal process quarterly in accordance with the Company’s valuation policy. The values are based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral, and the credit quality of the borrower.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include certain costs to obtain the credit facility and are included in Other Assets on the Company’s Consolidated Balance Sheets. These costs consist of external fees and costs incurred to obtain the Company’s credit facility. Such costs have been deferred and are being amortized on a straight-line basis over the term of the credit facility and included within interest expense. Unamortized costs are charged to expenses upon early repayment or significant modification of the credit facility. Fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility.
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. As of June 30, 2019, the Company’s $33.9 million of investments in real-estate related securities consisted of shares of common stock of publicly-traded REITs and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. As of June 30, 2019, and subsequent to the sale of the senior portion of the commercial mortgage loan, the Company’s $11.4
Revenue Recognition	Revenue Recognition The Company’s sources of revenue arising from leasing arrangements and the related revenue recognition policies are as follows: Rental revenue — consists of base rent arising from tenant operating leases at the Company’s office, industrial and multifamily properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. The Company includes its tenant reimbursement income in rental revenue that consist of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs includes in lease agreements. Interest income from commercial mortgage loan—consists of interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate. Loan origination fees, commitment fees and direct loan origination costs are offset and the net amount is deferred and amortized over the term of the related loan as an adjustment to yield using the effective interest method. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payment are received until the loans are returned to accrual status. As of June 30, 2019, the Company did not have any mortgage loans on nonaccrual status.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represents cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk.
Restricted Cash	Restricted Cash As of June 30, 2019, restricted cash consists of $3.8 million of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent but in the name of the Company.
Income Taxes	Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“the Code”) commencing with its taxable year ending December 31, 2018. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real three Tax legislation commonly referred to as the Tax Cuts & Jobs Act (the “TCJA”) was enacted on December 22, 2017. Among other things, the TCJA reduces the U.S. federal corporate income tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings. Management has evaluated the effects of TCJA and concluded that the TCJA will not materially impact its consolidated financial statements. This is due to the fact that the Company is operating in a manner that will allow it to qualify as a REIT, which will result in a full valuation allowance being recorded against its deferred . The Company also estimates that the new taxes on foreign-sourced earnings are not likely to apply to its foreign investments. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under ASC 740, Income Taxes. Though the Company believes that the impacts of the TCJA will be immaterial to its financial results, the Company continues to analyze certain aspects of the TCJA, therefore its estimates may change as additional information becomes available. Many of the provisions of the TCJA will require guidance through the issuance of Treasury regulations in order to assess their effect. There may be a substantial delay before such regulations are promulgated, increasing the uncertainty as to the ultimate effect of the statutory amendments on the Company. It is also likely that there will be technical corrections legislation proposed with respect to the TCJA this year, the effect of which cannot be predicted and may be adverse to the Company or its stockholders.
Organization and Offering Expenses	Organization and Offering Expenses Organization costs are expensed as incurred and recorded as a component of General and administrative expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Advisor has agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the fourth full fiscal quarter after the Company’s acquisition of its first property. The Company reimburses the Advisor for all such advanced expenses ratably over a 60 month period following December 31, 2018. For the three and six months ended June 30, 2019, the Company $0.2 million and $0.5 million, respectively, for costs related to the advanced expenses. As of June 30, 2019, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf of $4.9 million, consisting of offering costs of $3.8 million and organization costs of $1.1 million. Such costs became the Company’s liability on January 31, 2018, the date
Foreign Currency	Foreign Currency The financial position and results of operations of ECF is measured using the local currency (Euro) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity under the equity method of accounting. Revenues and expenses have been translated at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of Accumulated Other Comprehensive $0.3 ($0.1 The financial position and results of operations APCF is measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF.
Earnings per Share	Earnings per Share Basic net income/(loss) per share of common stock is determined by dividing net income/(loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pending Adoption: In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, 2019-13”). 2018-13 In June 2016, the FASB issued ASU 2016-13, 2016-13”). 2016-13 Recently Adopted: In February 2016, the FASB issued Accounting Standards Update 2016-02 2016-02”) 2014-09, non-lease 2016-02 The Company has elected the transition package of practical expedients permitted within the new standard. This practical expedient permits the Company to carryforward the historical lease classification and not to reassess initial direct costs for any existing leases. In addition, the Company has elected the practical expedient that allows lessors to avoid separating lease and non-lease non-lease non-lease In February 2019, the FASB issued ASU 2019-01, 2019-01”). 2019-01 2019-01 2019-01

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of Estimated Useful Life of Assets	Description Depreciable Life Building and building improvements 40 years Land improvements 15 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following (in thousands): June 30, 2019 December 31, 2018 Building and building improvements $ 283,018 $ 249,552 Land and land improvements 50,583 46,609 Furniture, fixtures and equipment 3,392 3,249 Total 336,993 299,410 Accumulated depreciation (9,542 ) (5,036 ) Investments in real estate, net $ 327,451 $ 294,374
Summary of Properties Acquired	The following table provides further details of the property acquired during the period ended June 30, 2019 (in thousands): Property Name Ownership Number of Location Sector Acquisition Purchase East Sego Lily 100% 1 Salt Lake City, UT Office May 2019 44,422
Summary of Purchase Price Allocation for the Properties Acquired During the Period	The following table summarizes the purchase price allocation for the property acquired during the period ended June 30, 2019 (in thousands): East Sego Lily Building and building improvements 33,374 Land and land improvements 3,972 In-place lease intangibles 5,088 Other intangibles 1,988 Total purchase price 44,422

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	6 Months Ended
	Jun. 30, 2019
Text Block [Abstract]
Summary of Components of Realized and Unrealized Income From Real Estate Related Securities	The following table summarizes the components of realized and unrealized income from real estate-related securities during the three and six months ended June 30, 2019 and June 30, 2018: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Unrealized (losses) $ (1,957 ) $ 1,578 $ 2,812 $ 1,852 Realized 1,827 7 1,751 7 Dividend income 249 197 542 311 Total $ 119 $ 1,782 $ 5,105 $ 2,170

Investment in Commercial Mort_2

Investment in Commercial Mortgage Asset (Tables)	6 Months Ended
	Jun. 30, 2019
Text Block [Abstract]
Summary of Loan Terms	As of June 30, 2019 the Company has an unamortized origination fee of $0.1 million that is reflected in Investment in commercial mortgage loan on its Consolidated Balance Sheets Loan terms for the mezzanine loan as of June 30, 2019 are summarized below: Investment Asset Type Location Interest Rate Origination Maturity Date Periodic Commitment Unfunded Principal Fair 55 Grand Ave Mezzanine Loan Maspeth, NY LIBOR + 570 bps March 28, 2019 March 29, 2022 Interest Only 14,375 2,922 11,453 11,453

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following (in thousands): June 30, 2019 December 31, 2018 Intangible assets: In-place $ 19,742 $ 14,679 Above-market lease intangibles 154 154 Other intangibles 8,664 6,557 Total Intangible assets 28,560 21,390 Accumulated amortization: In-place (6,406 ) (4,396 ) Above-market lease intangibles (12 ) (3 ) Other intangibles (1,154 ) (624 ) Total accumulated amortization (7,572 ) (5,023 ) Intangible assets, net $ 20,988 $ 16,367 Intangible liabilities: Below-market lease intangibles $ (5,772 ) $ (5,876 ) Accumulated amortization 285 117 Intangible liabilities, net $ (5,487 ) $ (5,759 )
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows (in thousands): In-place Lease Other Below-market Remaining 2019 1,131 635 (168 ) 2020 2,187 1,197 (332 ) 2021 1,940 1,021 (322 ) 2022 1,658 919 (307 ) 2023 1,328 759 (306 ) Thereafter 5,092 3,121 (4,052 ) 13,336 7,652 (5,487 )

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Text Block [Abstract]
Summary of Components of Other Assets	The following table summarizes the components of other assets (in thousands): June 30, 2019 December 31, 2018 Straight-line rent receivable $ 1,787 $ 1,119 Deferred financing costs, net 904 771 Receivables 809 353 Prepaid expenses 489 288 Other 56 53 Total $ 4,045 $ 2,584
Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities	The following table summarizes the components of accounts payable, accrued expenses, and other liabilities (in thousands): June 30, 2019 December 31, 2018 Real estate taxes payable $ 1,940 $ 2,099 Accounts payable and accrued expenses 1,866 1,420 Tenant security deposits 728 587 Prepaid rental income 498 386 Accrued interest expense 357 164 Other 291 414 Total $ 5,680 $ 5,070

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets	The Advisor will receive fees and compensation, payable monthly in arrears, in connection with the ongoing management of the assets and operations of the Company, as follows: Class T Shares Class S Class D Class I Class N Advisory Fee as a % of NAV 1.25 % 1.25 % 1.25 % 1.25 % 0.65 %
Summary of Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV	The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offering, and the stockholder servicing fee per annum based on the aggregate outstanding NAV of each class of shares: Maximum Upfront Maximum Upfront Stockholder Servicing Class T shares up to 3.0 % 0.50 % 0.85 % (1) Class S shares up to 3.5 % None 0.85 % Class D shares None None 0.25 % Class I shares None None None (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares.
Schedule of Components of Due to Affiliates	Due to Affiliates June 30, 2019 December 31, 2018 Accrued stockholder servicing fees (a) $ 213 $ 23 Advanced organization and offering costs 4,648 4,579 Total $ 4,861 $ 4,602 (a) The Company accrues the full amount of future stockholder servicing fees payable to the Dealer Manager for Class T, Class S and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of June 30, 2019, the Company accrued approximately $213,000 of stockholder servicing fees payable to the Dealer Manager related to Class T and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, amount other things, for the re-allowance

Tenant Leases (Tables)

Tenant Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Future Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses	Certain leases have the option to extend or terminate at the tenant’s discretion, with termination options resulting in additional fees due to the Company. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily investments are as follows (in thousands): Year Future Minimum Rent Remaining 2019 $ 8,276 2020 16,552 2021 15,832 2022 14,959 2023 13,468 Thereafter 65,127 Total $ 134,214

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Summary of Declared Distributions	The following table details the distribution paid on January 29, 2019: Class D Class I Class N Net Distribution $ 0.07 $ 0.07 $ 0.08 Total Distributions Declared 1,760 13,640 2,468,230 The following table details the distribution paid on April 29, 2019: Class T Class D Class I Class N Net Distribution $ 0.04 $ 0.05 $ 0.07 $ 0.09 Total Distributions Declared 2,066 2,563 15,116 2,646,139
Initial Public Offering
Schedule of Common Stock	During the six months ended June 30, 2019, the Company sold the following shares of common stock in connection with the offering: Class T Class D Class I Amounts Shares Share Price Amounts Shares Share Price Amounts Shares Share Price January 2019 $ 24,272 2,359 $ 10.29 $ — — $ — $ 30,000 2,913 $ 10.30 February 2019 (1) $ 390,007 37,939 $ 10.28 $ 1,755 171 $ 10.28 $ 115,574 11,232 $ 10.29 March 2019 $ 97,087 9,327 $ 10.41 $ 235,000 22,596 $ 10.40 $ 75,000 7,205 $ 10.41 April 2019 $ 345,604 33,457 $ 10.33 $ 200,000 19,157 $ 10.44 $ 1,912,500 183,014 $ 10.45 May 2019 (1) $ 735,652 70,600 $ 10.42 $ 322,563 30,720 $ 10.50 $ 143,814 13,671 $ 10.52 June 2019 $ 320,874 30,882 $ 10.39 $ 135,000 12,869 $ 10.49 $ 1,845,000 175,882 $ 10.49 (1) Include shares issued as part of the distribution reinvestment plan and restricted stock award to Board Members The Class N shares purchased by TIAA (excluding the initial capitalization which must be held for so long as the Advisor or its affiliate remains the advisor) shall be subject to the following limitations on repurchase:

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Multifamily $ 95,259 $ 97,448 Industrial 88,302 89,963 Office 78,193 34,134 Retail 89,660 90,881 Real Estate-Related Securities 33,886 29,228 International Affiliated Funds 28,450 28,594 Commercial Mortgage Asset 11,590 — Other (Corporate) 10,782 6,598 Total assets $ 436,122 $ 376,846
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the three months and six months ended June 30, 2019 and 2018 (in thousands): Three months ended 2019 v 2018 Six months ended 2019 v 2018 2019 2018 $ % 2019 2018 $ % Rental revenues Multifamily $ 2,183 $ 1,368 $ 815 60 % $ 4,543 $ 2,663 $ 1,880 71 % Office 1,494 117 1,377 1177 % 2,304 117 2,187 1869 % Industrial 1,981 1,530 451 29 % 3,912 3,057 855 28 % Retail 1,978 — 1,978 100 % 3,622 — 3,622 100 % Total rental revenues 7,636 3,015 4,621 153 % 14,381 5,837 8,544 146 % Property operating expenses Multifamily 1,081 627 454 72 % 2,166 1,207 959 79 % Office 378 27 351 1300 % 633 27 606 2244 % Industrial 615 484 131 27 % 1,190 870 320 37 % Retail 267 — 267 100 % 638 — 638 100 % Total property operating expenses 2,341 1,138 1,203 106 % 4,627 2,104 2,523 120 % Depreciation and amortization: Multifamily (1,174 ) (890 ) (284 ) 32 % (2,375 ) (1,741 ) (634 ) 36 % Office (666 ) (49 ) (617 ) 1259 % (946 ) (49 ) (897 ) 1831 % Industrial (1,057 ) (917 ) (140 ) 15 % (2,174 ) (1,839 ) (335 ) 18 % Retail (903 ) — (903 ) 100 % (1,692 ) — (1,692 ) 100 % Total depreciation and amortization (3,800 ) (1,856 ) (1,944 ) 105 % (7,187 ) (3,629 ) (3,558 ) 98 % Interest income from commercial loan 839 — 839 100 % 860 — 860 100 % Realized and unrealized income from real estate-related securities 119 1,782 (1,663 ) -93 % 5,105 2,170 2,935 135 % Income from equity investment in unconsolidated international affiliated funds 167 — 167 100 % 2 — 2 100 % General and administrative expenses (1,073 ) (1,231 ) 158 -13 % (2,031 ) (2,922 ) 891 -30 % Advisory fee due to affiliate (496 ) (346 ) (150 ) 43 % (963 ) (641 ) (322 ) 50 % Interest income 40 61 (21 ) -34 % 51 61 (10 ) -16 % Interest expense (1,338 ) — (1,338 ) 100 % (2,090 ) — (2,090 ) 100 % Net (loss) income (247 ) 287 (534 ) -186 % 3,501 (1,228 ) 4,729 -385 % Net income attributable to Series A preferred stock 3 — 3 100 % 7 — 7 100 % Net (loss) income attributable to NREIT stockholders $ (250 ) $ 287 $ (537 ) -187 % $ 3,494 $ (1,228 ) $ 4,722 -385 %

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Detail)	Jun. 30, 2019Classshares
Organization And Business Activities [Line Items]
Common stock shares authorized	2,100,000,000
Maximum
Organization And Business Activities [Line Items]
Common stock shares authorized	5,000,000,000
Number of classes of common stock | Class	4
Maximum | Primary Offering
Organization And Business Activities [Line Items]
Common stock shares authorized	4,000,000,000
Maximum | Dividend Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock shares authorized	1,000,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Detail)	6 Months Ended
	Jun. 30, 2019
Real Estate Properties [Line Items]
Lease intangibles	Over lease term
Building and Building Improvements
Real Estate Properties [Line Items]
Estimated useful life of asset	40 years
Land Improvements
Real Estate Properties [Line Items]
Estimated useful life of asset	15 years
Furniture, Fixtures and Equipment | Minimum
Real Estate Properties [Line Items]
Estimated useful life of asset	3 years
Furniture, Fixtures and Equipment | Maximum
Real Estate Properties [Line Items]
Estimated useful life of asset	7 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)Subsidiary	Dec. 31, 2018USD ($)	Dec. 31, 2017
Significant Of Accounting Policies [Line Items]
Investments in real estate-related securities, at fair value	$ 33,886,000	$ 33,886,000	$ 29,228,000
Investment in commercial mortgage loan, at fair value	11,354,000	11,354,000
Restricted cash	$ 3,822,000	$ 3,822,000	$ 56,000
Percentage of taxable income distributed to stockholders	90.00%	90.00%
Number of active TRSs | Subsidiary		3
Income tax provision		$ 0
U.S. federal corporate income tax rate		21.00%		35.00%
Foreign currency translation adjustments gain (loss)	$ 250,000	$ (142,000)
Advisor
Significant Of Accounting Policies [Line Items]
Period for reimbursement of advance expenses			60 months
Reimbursement of advance expenses costs	200,000	500,000
Organizational and offering costs		4,900,000
Offering cost		3,800,000
Organization costs		1,100,000
Subscription Arrangement
Significant Of Accounting Policies [Line Items]
Restricted cash	3,800,000	3,800,000
Fair Value, Inputs, Level 1
Significant Of Accounting Policies [Line Items]
Investments in real estate-related securities, at fair value	33,900,000	33,900,000
Fair Value, Inputs, Level 3 [Member]
Significant Of Accounting Policies [Line Items]
Investment in commercial mortgage loan, at fair value	$ 11,400,000	$ 11,400,000

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Depreciation expense | $	$ 2.5	$ 4.6
Number of properties acquired | Property			4

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Building and building improvements	$ 283,018	$ 249,552
Land and land improvements	50,583	46,609
Furniture, fixtures and equipment	3,392	3,249
Total	336,993	299,410
Accumulated depreciation	(9,542)	(5,036)
Investments in real estate, net	$ 327,451	$ 294,374

Investments in Real Estate - Su

Investments in Real Estate - Summary of Properties Acquired (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)Property	Dec. 31, 2018Property
Real Estate Properties [Line Items]
Number of Properties		4
Eat Sego Lily [Member]
Real Estate Properties [Line Items]
Property Name	East Sego Lily
Ownership Interest	100.00%
Number of Properties	1
Location	Salt Lake City, UT
Sector	Office
Acquisition Date	2019-05
Purchase Price | $	$ 44,422

Investments in Real Estate - _2

Investments in Real Estate - Summary of Purchase Price Allocation for the Properties Acquired During the Period (Details) - Eat Sego Lily [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Total purchase price	$ 44,422
In-place Lease Intangibles
Total purchase price	5,088
Other Intangibles
Total purchase price	1,988
Building and Building Improvements
Total purchase price	33,374
Land and Land Improvements
Total purchase price	$ 3,972

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Summary of Components of Realized and Unrealized Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Real Estate [Abstract]
Unrealized (losses) gains	$ (1,957)	$ 1,578	$ 2,812	$ 1,852
Realized gains	1,827	7	1,751	7
Dividend income	249	197	542	311
Total	$ 119	$ 1,782	$ 5,105	$ 2,170

Investment in International A_2

Investment in International Affiliated Fund - Additional Information (Detail) € in Millions	Nov. 09, 2018USD ($)	Dec. 22, 2017USD ($)	Dec. 22, 2017EUR (€)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019EUR (€)	Jun. 30, 2018USD ($)
Schedule Of Investments [Line Items]
Income from investment in International affiliated Funds				$ 167,000	$ 0	$ 2,000		$ 0
Unrealized gain (loss) from investment in International Affiliated Funds						(65,000)
ECF
Schedule Of Investments [Line Items]
Subscription agreement investment amount		$ 30,000,000	€ 25
Funded amount of investment in ECF using equity method						18,600,000	€ 16.2
Unfunded amount of investment in ECF using equity method						9,900,000	€ 8.8
Income from investment in International affiliated Funds				35,000		187,000
Unrealized gain (loss) from investment in International Affiliated Funds				35,000		187,000
Asia Pacific Cities Fund [Member]
Schedule Of Investments [Line Items]
Subscription agreement investment amount	$ 10,000,000
Funded amount of investment in ECF using equity method						10,000,000
Unrealized gain (loss) from investment in International Affiliated Funds				$ 111,000		$ (238,000)

Investment in Commercial Mort_3

Investment in Commercial Mortgage Loan - Summary of Loan Terms (Detail) - Mezzanine Loan [Member] - 55 Grand Avenue [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Location	Maspeth, NY
Interest Rate	LIBOR + 570 bps
Maturity Date	Mar. 29, 2022
Periodic Payment Terms	Interest Only
Commitment Amount	$ 14,375
Unfunded Amount	2,922
Principal Receivable	11,453
Fair Value	$ 11,453

Investment in Commercial Mort_4

Investment in Commercial Mortgage Asset - Additional information (Detail) - USD ($) $ in Thousands	Jun. 06, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest income and origination fee from investment in commercial mortgage loan		$ 119	$ 1,782	$ 5,105	$ 2,170
Senior Loans [Member]
Net proceeds from sale of senior loan	$ 34,000
Sale value of senior loan to unaffiliated party	$ 34,300
Mezzanine [Member]
Fair value Of Mezzanine loan		11,500		11,500
Interest income and origination fee from investment in commercial mortgage loan		500		300
Unamortized origination fee		$ 100		$ 100

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Intangible assets:
Total Intangible assets	$ 28,560	$ 21,390
Accumulated amortization:
Total accumulated amortization	(7,572)	(5,023)
Intangible assets, net	20,988	16,367
Intangible liabilities:
Intangible liabilities, net	(5,487)	(5,759)
In-place Lease Intangibles
Intangible assets:
Total Intangible assets	19,742	14,679
Accumulated amortization:
Total accumulated amortization	(6,406)	(4,396)
Intangible assets, net	13,336
Other Intangibles
Intangible assets:
Total Intangible assets	8,664	6,557
Accumulated amortization:
Total accumulated amortization	(1,154)	(624)
Intangible assets, net	7,652
Below-market Lease Intangibles
Intangible liabilities:
Below-market lease intangibles	(5,772)	(5,876)
Accumulated amortization	285	117
Intangible liabilities, net	(5,487)	(5,759)
Above Market Leases [Member]
Intangible assets:
Total Intangible assets	154	154
Accumulated amortization:
Total accumulated amortization	$ (12)	$ (3)

Intangibles - Additional Inform

Intangibles - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 1.4	$ 2.7
Income from amortization of intangible liabilities	$ 0.2	$ 0.3
In-place Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life		7 years
Below-market Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life		19 years
Other Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life		8 years

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Intangible assets, net	$ 20,988	$ 16,367
Intangible liabilities, net	(5,487)	(5,759)
In-place Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining 2019	1,131
2020	2,187
2021	1,940
2022	1,658
2023	1,328
Thereafter	5,092
Intangible assets, net	13,336
Other Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining 2019	635
2020	1,197
2021	1,021
2022	919
2023	759
Thereafter	3,121
Intangible assets, net	7,652
Below-market Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining 2019	(168)
2020	(332)
2021	(322)
2022	(307)
2023	(306)
Thereafter	(4,052)
Intangible liabilities, net	$ (5,487)	$ (5,759)

Credit Facility - Additional In

Credit Facility - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 24, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 11, 2019	Dec. 31, 2018	Dec. 17, 2018
Line of Credit Facility [Line Items]
Credit Facility		$ 120,277		$ 120,277			$ 70,000
Outstanding accrued interest		400		400
Interest expense		$ 1,338	$ 0	$ 2,090	$ 0
Amended Credit Agreement [Member] | Maximum
Line of Credit Facility [Line Items]
Aggregate commitments amount						$ 210,000		$ 150,000
Amended Credit Agreement [Member] | Minimum
Line of Credit Facility [Line Items]
Aggregate commitments amount						$ 150,000		$ 60,000
Unsecured Revolving Loans
Line of Credit Facility [Line Items]
Credit facility maturity period				3 years
Unsecured Revolving Loans | Maximum
Line of Credit Facility [Line Items]
Aggregate commitments amount	$ 60,000
Unsecured Revolving Loans | Adjusted LIBOR | Maximum
Line of Credit Facility [Line Items]
LIBOR rate	1.90%
Unsecured Revolving Loans | Adjusted LIBOR | Minimum
Line of Credit Facility [Line Items]
LIBOR rate	1.30%
Unsecured Revolving Loans | Credit Agreement With Accordion Feature | Maximum
Line of Credit Facility [Line Items]
Aggregate commitments amount	$ 500,000

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Other Assets [Abstract]
Straight-line rent receivable	$ 1,787	$ 1,119
Deferred financing costs, net	904	771
Receivables	809	353
Prepaid expenses	489	288
Other	56	53
Total	$ 4,045	$ 2,584

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Real estate taxes payable	$ 1,940	$ 2,099
Accounts payable and accrued expenses	1,866	1,420
Tenant security deposits	728	587
Prepaid rental income	498	386
Accrued interest expense	357	164
Other	291	414
Total	$ 5,680	$ 5,070

Related Party Transactions - Su

Related Party Transactions - Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets (Detail)	6 Months Ended
	Jun. 30, 2019
Class T shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class S shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class D shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class I shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class N shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	0.65%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2019USD ($)Affiliate	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)
Related Party Transaction [Line Items]
Number of retained affiliate of Advisor | Affiliate	0
Due to affiliates	$ 4,861,000	$ 4,602,000
Percent of gross proceeds from primary portion of public offering	10.00%
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 213,000	$ 23,000	$ 23,000
Class D shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class D shares | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 213,000
Class T shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class T shares | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 213,000
Accounts Payable, Accrued Expenses and Other Liabilities
Related Party Transaction [Line Items]
Accrued management fees	$ 300,000

Related Party Transactions - Up

Related Party Transactions - Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV (Detail)	Jun. 30, 2019
Class T shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	3.00%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.50%
Stockholder Servicing Fee as a % of NAV	0.85%
Class S shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	3.50%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.00%
Stockholder Servicing Fee as a % of NAV	0.85%
Class D shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	0.00%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.00%
Stockholder Servicing Fee as a % of NAV	0.25%
Class I shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	0.00%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.00%
Stockholder Servicing Fee as a % of NAV	0.00%

Related Party Transactions - _2

Related Party Transactions - Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV (Parenthetical) (Detail) - Class T shares	Jun. 30, 2019
Related Party Transaction [Line Items]
Stockholder servicing fee	0.85%
Advisor
Related Party Transaction [Line Items]
Stockholder servicing fee	0.65%
Dealer
Related Party Transaction [Line Items]
Stockholder servicing fee	0.20%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Related Party Transaction [Line Items]
Due to affiliates	$ 4,861	$ 4,602
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	213	23	$ 23
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	$ 4,648	$ 4,579

Related Party Transactions - _3

Related Party Transactions - Schedule of Components of Due to Affiliates (Parenthetical) (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Related Party Transaction [Line Items]
Due to Dealer Manager	$ 4,861,000	$ 4,602,000
Class D shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class T shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class S shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to Dealer Manager	$ 213,000	$ 23,000	$ 23,000
Accrued stockholder servicing fees | Class D shares
Related Party Transaction [Line Items]
Due to Dealer Manager	213,000
Accrued stockholder servicing fees | Class T shares
Related Party Transaction [Line Items]
Due to Dealer Manager	$ 213,000

Tenant Leases - Schedule of Fut

Tenant Leases - Schedule of Future Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
Remaining 2019	$ 8,276
Future Minimum Rent, 2020	16,552
Future Minimum Rent, 2021	15,832
Future Minimum Rent, 2022	14,959
Future Minimum Rent, 2023	13,468
Future Minimum Rent, Thereafter	65,127
Future Minimum Rent, Total	$ 134,214

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Jan. 04, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 02, 2019	Dec. 31, 2018
Equity [Line Items]
Number of shares, authorized to issue	2,200,000,000				2,200,000,000		2,200,000,000
Common stock, shares authorized	2,100,000,000				2,100,000,000		2,100,000,000
Common stock, par or stated value per share	$ 0.01				$ 0.01		$ 0.01
Preferred stock, authorized	100,000,000				100,000,000		100,000,000
Preferred stock, par value per share	$ 0.01				$ 0.01		$ 0.01
Preferred stock preference percentage									12.00%
Issuance of common stock, shares					570,250	2,550,412	663,990	10,125,412
Number of period from commencement of offering for repurchase							2 years
Net asset value to be achieved							$ 1,000,000
Accrued Dividends	$ 3,800	$ 3,800	$ 3,800
Maximum
Equity [Line Items]
Common stock, shares authorized	5,000,000,000				5,000,000,000		5,000,000,000
TIAA
Equity [Line Items]
Number of period shares not outstanding							1 year
Percentage of shares to be repurchased at transaction price							95.00%
Non-employee Directors | Restricted Stock Grants
Equity [Line Items]
Annual compensation fee, percentage							25.00%
Restricted stock, vesting period							1 year
Restricted stock, first annual grant date							Feb. 1, 2019
Non-employee Directors | Restricted Stock Grants | Accounts Payable, Accrued Expenses and Other Liabilities
Equity [Line Items]
Accrued compensation expense					$ 17,000		$ 34,000
Class T shares
Equity [Line Items]
Common stock, shares authorized	500,000,000				500,000,000		500,000,000			500,000,000
Common stock, par or stated value per share	$ 0.01				$ 0.01		$ 0.01			$ 0.01
Common stock, shares issued	184,561				184,561		184,561			0
Class D shares
Equity [Line Items]
Common stock, shares authorized	500,000,000				500,000,000		500,000,000			500,000,000
Common stock, par or stated value per share	$ 0.01				$ 0.01		$ 0.01			$ 0.01
Common stock, shares issued	111,353				111,353		111,353			25,839
Class I shares
Equity [Line Items]
Common stock, shares authorized	500,000,000				500,000,000		500,000,000			500,000,000
Common stock, par or stated value per share	$ 0.01				$ 0.01		$ 0.01			$ 0.01
Common stock, shares issued	580,389				580,389		580,389			186,474
Class S shares
Equity [Line Items]
Common stock, shares authorized	500,000,000				500,000,000		500,000,000
Class N shares
Equity [Line Items]
Common stock, shares authorized	100,000,000				100,000,000		100,000,000			100,000,000
Common stock, par or stated value per share	$ 0.01				$ 0.01		$ 0.01			$ 0.01
Common stock, shares issued	29,730,608				29,730,608		29,730,608			29,730,608
Class N shares | TIAA | Maximum
Equity [Line Items]
Number of shares available for repurchase							4,980,000
Percentage of repurchase of shares per month							0.67%
Percentage of repurchase of shares per quarter							1.67%
Class D and Class S and Class T and Class I | TIAA | Maximum
Equity [Line Items]
Percentage of repurchase plan limits per month							2.00%
Percentage of repurchase plan limits per quarter							5.00%
Series A Preferred Stock
Equity [Line Items]
Issuance of common stock, shares				125
Purchase price per share				$ 1,000

Equity - Summary of Sales of Co

Equity - Summary of Sales of Common Stock in Connection with Initial Public Offering (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule Of Common Stock [Line Items]
Amounts	$ 5,477	$ 25,151	$ 6,252	$ 98,391
Shares	570,250	2,550,412	663,990	10,125,412
Class I shares | January 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 30,000
Shares			2,913
Share Price	$ 10.30		$ 10.30
Class I shares | February 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 115,574
Shares			11,232
Share Price	10.29		$ 10.29
Class I shares | March 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 75,000
Shares			7,205
Share Price	10.41		$ 10.41
Class I shares | April 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 1,912,500
Shares			183,014
Share Price	10.45		$ 10.45
Class I shares | May 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 143,814
Shares			13,671
Share Price	10.52		$ 10.52
Class I shares | June 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 1,845,000
Shares			175,882
Share Price	10.49		$ 10.49
Class D shares | February 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 1,755
Shares			171
Share Price	10.28		$ 10.28
Class D shares | March 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 235,000
Shares			22,596
Share Price	10.40		$ 10.40
Class D shares | April 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 200,000
Shares			19,157
Share Price	10.44		$ 10.44
Class D shares | May 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 322,563
Shares			30,720
Share Price	10.50		$ 10.50
Class D shares | June 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 135,000
Shares			12,869
Share Price	10.49		$ 10.49
Class T shares | January 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 24,272
Shares			2,359
Share Price	10.29		$ 10.29
Class T shares | February 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 390,007
Shares			37,939
Share Price	10.28		$ 10.28
Class T shares | March 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 97,087
Shares			9,327
Share Price	10.41		$ 10.41
Class T shares | April 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 345,604
Shares			33,457
Share Price	10.33		$ 10.33
Class T shares | May 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 735,652
Shares			70,600
Share Price	10.42		$ 10.42
Class T shares | June 2019
Schedule Of Common Stock [Line Items]
Amounts			$ 320,874
Shares			30,882
Share Price	$ 10.39		$ 10.39

Equity - Summary of Declared Di

Equity - Summary of Declared Distributions (Detail) - USD ($)	Jun. 30, 2019	Apr. 29, 2019	Jan. 29, 2019	Dec. 31, 2018	Jun. 30, 2018
Distribution [Line Items]
Total Distributions Declared	$ 3,838,000			$ 2,484,000	$ 0
Class I shares
Distribution [Line Items]
Net Distribution		$ 0.07	$ 0.07
Total Distributions Declared		$ 15,116	$ 13,640
Class D shares
Distribution [Line Items]
Net Distribution		$ 0.05	$ 0.07
Total Distributions Declared		$ 2,563	$ 1,760
Class N shares
Distribution [Line Items]
Net Distribution		$ 0.09	$ 0.08
Total Distributions Declared		$ 2,646,139	$ 2,468,230
Class T shares
Distribution [Line Items]
Net Distribution		$ 0.04
Total Distributions Declared		$ 2,066

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2019Segments
Segment Reporting [Abstract]
Number of reportable segments	7

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 436,122	$ 376,846
International Affiliated Funds
Segment Reporting Information [Line Items]
Total assets	28,450	28,594
Commercial Mortgage Loan Segment
Segment Reporting Information [Line Items]
Total assets	11,590
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Total assets	95,259	97,448
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total assets	88,302	89,963
Operating Segments | Office
Segment Reporting Information [Line Items]
Total assets	78,193	34,134
Operating Segments | Retail
Segment Reporting Information [Line Items]
Total assets	89,660	90,881
Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total assets	33,886	29,228
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 10,782	$ 6,598

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 8,475	$ 3,015	$ 15,241	$ 5,837
Expenses:
Depreciation and amortization	(3,800)	(1,856)	(7,187)	(3,629)
Realized and unrealized income from real estate-related securities	119	1,782	5,105	2,170
Income from equity investment in unconsolidated international affiliated funds	167	0	2	0
General and administrative expenses	(1,073)	(1,231)	(2,031)	(2,922)
Advisory fee due to affiliate	(496)	(346)	(963)	(641)
Interest Income	40	61	51	61
Interest expense	(1,338)	0	(2,090)	0
Net (loss) income	(247)	287	3,501	(1,228)
Net income attributable to series A preferred stock	3	0	7	0
Net (loss) income attributable to NREIT stockholders	(250)	287	3,494	(1,228)
Rental Revenue
Revenues:
Total revenues	7,636	3,015	14,381	5,837
Operating Segments
Expenses:
Change in interest income from commercial loan	839		860
Change In realised and unrealised income from real estate Compared To Previous Year	(1,663)		2,935
Change In gain loss on investments	167		2
In general administrative expenses	158		891
Change in advisory fee due to affiliate	(150)		(322)
Change in interest income	(21)		(10)
Change in interest expense	(1,338)		(2,090)
Change in net income loss	(534)		4,729
Change in net income attributable to Series A preferred stock	3		7
Change in net loss income attributable to NREIT stockholders	$ (537)		$ 4,722
Percentage change in interest income from commercial loan	100.00%		100.00%
Percentage change in realised and unrealised income	(93.00%)		135.00%
Percentage change in gain loss on investments	100.00%		100.00%
Percentage change in general administrative	(13.00%)		(30.00%)
Percentage change in advisory fee due to affiliate	43.00%		50.00%
Percentage change in interest income	(34.00%)		(16.00%)
Percentage change in interest expense	100.00%		100.00%
Percentage Change In net income	(186.00%)		(385.00%)
Percentage change in net income attributable to Series A preferred stock	100.00%		100.00%
Percentage change in net loss income attributable to NREIT stockholders	(187.00%)		(385.00%)
Operating Segments | Property Operating Expenses [Member]
Expenses:
Rental property operating expenses	$ 2,341	1,138	$ 4,627	2,104
Change in property operating expenses	$ 1,203		$ 2,523
Percentage change in lease operating expense	106.00%		120.00%
Operating Segments | Depreciation And Amortization [Member]
Expenses:
Depreciation and amortization	$ (3,800)	(1,856)	$ (7,187)	(3,629)
Change In depreciation and amortization	$ (1,944)		$ (3,558)
Percentage Change in depreciation and amortization	105.00%		98.00%
Operating Segments | Multifamily | Property Operating Expenses [Member]
Expenses:
Rental property operating expenses	$ 1,081	627	$ 2,166	1,207
Change in property operating expenses	$ 454		$ 959
Percentage change in lease operating expense	72.00%		79.00%
Operating Segments | Multifamily | Depreciation And Amortization [Member]
Expenses:
Depreciation and amortization	$ (1,174)	(890)	$ (2,375)	(1,741)
Change In depreciation and amortization	$ (284)		$ (634)
Percentage Change in depreciation and amortization	32.00%		36.00%
Operating Segments | Industrial | Property Operating Expenses [Member]
Expenses:
Rental property operating expenses	$ 615	484	$ 1,190	870
Change in property operating expenses	$ 131		$ 320
Percentage change in lease operating expense	27.00%		37.00%
Operating Segments | Industrial | Depreciation And Amortization [Member]
Expenses:
Depreciation and amortization	$ (1,057)	(917)	$ (2,174)	(1,839)
Change In depreciation and amortization	$ (140)		$ (335)
Percentage Change in depreciation and amortization	15.00%		18.00%
Operating Segments | Office | Property Operating Expenses [Member]
Expenses:
Rental property operating expenses	$ 378	27	$ 633	27
Change in property operating expenses	$ 351		$ 606
Percentage change in lease operating expense	1300.00%		2244.00%
Operating Segments | Office | Depreciation And Amortization [Member]
Expenses:
Depreciation and amortization	$ (666)	(49)	$ (946)	(49)
Change In depreciation and amortization	$ (617)		$ (897)
Percentage Change in depreciation and amortization	1259.00%		1831.00%
Operating Segments | Retail | Property Operating Expenses [Member]
Expenses:
Rental property operating expenses	$ 267	0	$ 638	0
Change in property operating expenses	$ 267		$ 638
Percentage change in lease operating expense	100.00%		100.00%
Operating Segments | Retail | Depreciation And Amortization [Member]
Expenses:
Depreciation and amortization	$ (903)	0	$ (1,692)	0
Change In depreciation and amortization	$ (903)		$ (1,692)
Percentage Change in depreciation and amortization	100.00%		100.00%
Operating Segments | Rental Revenue
Revenues:
Total revenues	$ 7,636	3,015	$ 14,381	5,837
Change in rental revenue	$ 4,621		$ 8,544
Percentage change in rental revenue	153.00%		146.00%
Operating Segments | Rental Revenue | Multifamily
Revenues:
Total revenues	$ 2,183	1,368	$ 4,543	2,663
Change in rental revenue	$ 815		$ 1,880
Percentage change in rental revenue	60.00%		71.00%
Operating Segments | Rental Revenue | Industrial
Revenues:
Total revenues	$ 1,981	1,530	$ 3,912	3,057
Change in rental revenue	$ 451		$ 855
Percentage change in rental revenue	29.00%		28.00%
Operating Segments | Rental Revenue | Office
Revenues:
Total revenues	$ 1,494	117	$ 2,304	117
Change in rental revenue	$ 1,377		$ 2,187
Percentage change in rental revenue	1177.00%		1869.00%
Operating Segments | Rental Revenue | Retail
Revenues:
Total revenues	$ 1,978	$ 0	$ 3,622	$ 0
Change in rental revenue	$ 1,978		$ 3,622
Percentage change in rental revenue	100.00%		100.00%
Operating Segments | Commercial Mortgage Loan
Revenues:
Total revenues	$ 839		$ 860

Subsequent Events - Additional

Subsequent Events - Additional information (Detail) $ / shares in Units, $ in Thousands, € in Millions

Aug. 01, 2019USD ($)$ / sharesshares

Jul. 29, 2019USD ($)

Jul. 22, 2019USD ($)

Jul. 22, 2019EUR (€)

Jul. 09, 2019

Jul. 01, 2019USD ($)$ / sharesshares

Dec. 22, 2017USD ($)

Dec. 22, 2017EUR (€)

Jun. 30, 2019USD ($)shares

Jun. 30, 2018USD ($)shares

Jun. 30, 2019USD ($)shares

Jun. 30, 2019EUR (€)shares

Jun. 30, 2018USD ($)shares

Subsequent Event [Line Items]

Distributions paid | $

$ 3,800

Total value of shares | $

$ 5,477

$ 25,151

$ 6,252

$ 98,391

Issuance of common stock, shares

570,250

2,550,412

663,990

663,990

10,125,412

European Cities Partnership S C Sp [Member]

Subsequent Event [Line Items]

Subscription Agreement Investment Amount

$ 30,000

€ 25

Payments to Acquire Limited Partnership Interests

$ 18,600

€ 16.2

Subsequent Event

Subsequent Event [Line Items]

Total value of shares | $

$ 1,300

$ 3,800

Description Of Amendments to Share Repurchase Plan

the Company and the Dealer Manager entered into selected dealer agreement with Ameriprise Financial Services, Inc. (“Ameriprise”) whereby Ameriprise will offer and sell, on a best efforts basis, the Company’s Class T and Class I shares. As a result, the Company’s board of directors unanimously approved an amendment to the Company’s share repurchase plan. The amendment includes a policy which states that if during any consecutive 24-month period, the Company does not have at least one month in which the Company fully satisfies 100% of properly submitted repurchase requests or accepts all properly submitted tenders in a self-tender offer for the Company’s shares, the Company will not make any new investments (excluding short-term cash management investments under 30 days in duration) and will use all available investable assets to satisfy repurchase requests (subject to the limitations under this program) until all outstanding repurchase requests have been satisfied.

Subsequent Event | European Cities Partnership S C Sp [Member]

Subsequent Event [Line Items]

Subscription Agreement Investment Amount | €

€ 25

Payments to Acquire Limited Partnership Interests

$ 9,900

€ 8.8

Subsequent Event | Date One [Member]

Subsequent Event [Line Items]

Dividends declared, date of record

Apr. 30, 2019

Subsequent Event | Date Two [Member]

Subsequent Event [Line Items]

Dividends declared, date of record

May 31, 2019

Subsequent Event | Date Three [Member]

Subsequent Event [Line Items]

Dividends declared, date of record

Jun. 30, 2019

Subsequent Event | Class T shares

Subsequent Event [Line Items]

Issuance of common stock, shares

27,833

39,540

Purchase price per share | $ / shares

$ 10.51

$ 10.51

Subsequent Event | Class I shares

Subsequent Event [Line Items]

Issuance of common stock, shares

86,638

301,887

Purchase price per share | $ / shares

$ 10.59

$ 10.60

Subsequent Event | Class D shares

Subsequent Event [Line Items]

Issuance of common stock, shares

8,954

18,369

Purchase price per share | $ / shares

$ 10.61

$ 10.60