Nuveen Global Cities REIT (NUVEEN) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Nov. 12, 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	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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		1,080,587
Class D shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		493,680
Class I shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,842,727
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 ($)	Sep. 30, 2019	Dec. 31, 2018
Assets
Investments in real estate, net	$ 325,383,000	$ 294,374,000
Investments in international affiliated funds	36,759,000	28,594,000
Investments in real estate-related securities, at fair value	35,946,000	29,228,000
Investment in commercial mortgage loan, at fair value	12,314,000
Intangible assets, net	20,165,000	16,367,000
Cash and cash equivalents	7,725,000	5,643,000
Restricted cash	4,529,000	56,000
Other assets	5,049,000	2,584,000
Total assets	447,870,000	376,846,000
Liabilities and Equity
Credit facility	118,277,000	70,000,000
Accounts payable, accrued expenses, and other liabilities	6,378,000	5,070,000
Intangible liabilities, net	5,390,000	5,759,000
Due to affiliates	5,299,000	4,602,000
Subscriptions received in advance	4,529,000	55,000
Distributions payable	4,173,000	2,484,000
Total liabilities	144,046,000	87,970,000
Equity
Additional paid-in capital	319,405,000	298,419,000
Accumulated deficit and cumulative distributions	(14,860,000)	(9,884,000)
Accumulated other comprehensive (loss) income	(1,170,000)	42,000
Total equity	303,824,000	288,876,000
Total liabilities and equity	447,870,000	376,846,000
Class T shares
Liabilities and Equity
Distributions payable	29,434
Equity
Common stock	4,000
Class D shares
Liabilities and Equity
Distributions payable	25,997
Equity
Common stock	4,000
Class I shares
Liabilities and Equity
Distributions payable	132,168
Equity
Common stock	15,000	2,000
Class N shares
Liabilities and Equity
Distributions payable	3,984,987
Equity
Common stock	297,000	$ 297,000
Series A Preferred Stock
Equity
Preferred stock	$ 129,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	429,471	0
Common stock, shares outstanding	429,471	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	426,344	25,839
Common stock, shares outstanding	426,344	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	1,470,148	186,474
Common stock, shares outstanding	1,470,148	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Total revenues	$ 8,198	$ 4,536	$ 23,432	$ 10,373
Expenses
Rental property operating expenses	2,543	1,695	7,169	3,799
General and administrative	811	623	2,842	3,545
Advisory fee due to affiliate	527	397	1,490	1,038
Depreciation and amortization	3,351	2,855	10,530	6,484
Total expenses	7,232	5,570	22,031	14,866
Other income (expense)
Realized and unrealized income from real estate-related securities	2,561	153	7,666	2,323
(Loss) income from equity investment in unconsolidated international affiliated funds	(85)	20	(85)	20
Interest income	31	12	82	73
Interest expense	(1,262)		(3,352)
Total other income (expense)	1,245	185	4,311	2,416
Net income (loss)	2,211	(849)	5,712	(2,077)
Net income attributable to Series A preferred stock	4		11
Net income (loss) attributable to common stockholders	$ 2,207	$ (849)	$ 5,701	$ (2,077)
Net income (loss) per share of common stock - basic and diluted	$ 0.07	$ (0.04)	$ 0.19	$ (0.10)
Weighted-average shares of common stock outstanding, basic and diluted	31,361,717	23,552,069	30,597,512	20,891,594
Rental Revenue
Revenues
Total revenues	$ 7,939	$ 4,536	$ 22,313	$ 10,373
Commercial Mortage Loan
Revenues
Total revenues	$ 259		$ 1,119

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,211	$ (849)	$ 5,712	$ (2,077)
Other comprehensive (loss) income:
Unrealized (loss) from currency translation	(1,070)	(18)	(1,212)	(18)
Comprehensive income (loss)	1,141	(867)	4,500	(2,095)
Comprehensive income attributable to Series A preferred stock	4		11
Comprehensive income (loss) attributable to common stockholders	$ 1,137	$ (867)	$ 4,489	$ (2,095)

Consolidated Statements of Chan

Consolidated Statements 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	113,683				$ 1	116	113,566
Amortization of restricted stock grants	45						45
Net income (loss)	(2,077)							(2,077)
Distributions declared on common stock	(1,905)							(1,905)
Foreign currency translation adjustment	(18)								$ (18)
Ending balance at Sep. 30, 2018	233,650				1	240	237,737	(4,310)	(18)
Beginning balance at Jun. 30, 2018	221,113				1	225	222,443	(1,556)
Issuance of shares of Common Stock	15,292					15	15,277
Amortization of restricted stock grants	17						17
Net income (loss)	(849)							(849)
Distributions declared on common stock	(1,905)							(1,905)
Foreign currency translation adjustment	(18)								(18)
Ending balance at Sep. 30, 2018	233,650				1	240	237,737	(4,310)	(18)
Beginning balance at Dec. 31, 2018	288,876				2	297	298,419	(9,884)	42
Issuance of shares of Common Stock	20,996		$ 4	$ 4	13		20,975
Distribution reinvestment	64						64
Common stock repurchased	(104)						(104)
Amortization of restricted stock grants	51						51
Net income (loss)	5,712	$ 11						5,701
Distributions declared on common stock	(10,677)							(10,677)
Issuance of Series A preferred stock	125	125
Distribution to series A preferred stock	(7)	(7)
Foreign currency translation adjustment	(1,212)								(1,212)
Ending balance at Sep. 30, 2019	303,824	129	4	4	15	297	319,405	(14,860)	(1,170)
Beginning balance at Jun. 30, 2019	292,157	125	2	1	6	297	304,720	(12,894)	(100)
Issuance of shares of Common Stock	14,744		2	3	9		14,730
Distribution reinvestment	42						42
Common stock repurchased	(104)						(104)
Amortization of restricted stock grants	17						17
Net income (loss)	2,211	4						2,207
Distributions declared on common stock	(4,173)							(4,173)
Foreign currency translation adjustment	(1,070)								(1,070)
Ending balance at Sep. 30, 2019	$ 303,824	$ 129	$ 4	$ 4	$ 15	$ 297	$ 319,405	$ (14,860)	$ (1,170)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Issuance of common stock, shares	1,459,507	13,935,702	2,123,497	24,061,114
Net of offering costs	$ 212	$ 257	$ 613	$ 3,477

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 2,211	$ (849)	$ 5,712	$ (2,077)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	3,351	2,855	10,530	6,484
Unrealized gain on changes in fair value of real estate-related securities			(4,859)	(1,459)
Realized gain on sale of real estate-related securities			(1,969)	(360)
Loss (income) from equity investment in unconsolidated international affiliated funds	85	(20)	85	(20)
Income distribution from equity investment in unconsolidated international affiliated funds			207
Straight line rent adjustment			(952)	(714)
Amortization of below-market lease intangibles			(370)	(46)
Amortization of above-market lease intangibles			13
Amortization of loan closing costs			306
Amortization of restricted stock grants			51	45
Change in assets and liabilities:
(Increase) in other assets			(1,382)	(788)
Increase in due to affiliates			697	1,091
Increase in accounts payable, accrued expenses, and other liabilities			762	1,036
Net cash provided by operating activities			8,831	3,192
Cash flows from investing activities:
Acquisitions of real estate			(44,095)	(81,056)
Origination and fundings of commercial mortgage loan			(46,619)
Proceeds from sale of commercial mortgage loan			34,264
Funding for investment in international affiliated funds			(9,890)	(3,036)
Capital improvements to real estate			(708)	(115)
Deposits on real estate property				(3,750)
Pre-acquisition costs				(35)
Purchase of real estate-related securities			(22,043)	(26,268)
Proceeds from sale of real estate-related securities			22,151	6,284
Net cash used in investing activities			(66,940)	(107,976)
Cash flows from financing activities:
Proceeds from issuance of common stock			22,366	117,160
Repurchase of common stock			(104)
Offering costs paid			(613)
Borrowings from credit facility			86,277
Repayments on credit facility			(38,000)
Deposit on mortgage note			(528)
Payment of deferred financing costs			(393)
Proceeds from issuance of Series A preferred stock			125
Distributions to Series A preferred stock			(7)
Subscriptions received in advance			4,529	550
Distributions to common stockholders			(8,988)
Net cash provided by financing activities			64,664	117,710
Net increase in cash and cash equivalents and restricted cash during the period			6,555	12,926
Cash and cash equivalents and restricted cash, beginning of period			5,699	3,681
Cash and cash equivalents and restricted cash, end of period	12,254	16,607	12,254	16,607
sheets, end of period:
Cash and cash equivalents	7,725	16,034	7,725	16,034
Restricted cash	4,529	573	4,529	573
Cash and cash equivalents and restricted cash, end of period	12,254	16,607	12,254	16,607
Supplemental disclosures:
Interest paid			2,947
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			219	14
Non-cash financing activities:
Accrued distributions	4,173	1,905	4,173	1,905
Accrued stockholder servicing fees	5,299		5,299
Distribution reinvestments	42		64
Accrued offering costs due to affiliate			4,101	3,454
Accrued stockholder servicing fees
Non-cash financing activities:
Accrued stockholder servicing fees	$ 651	$ 23	$ 651	$ 23

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 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 qualifies 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 No. 333-222231,

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 September 30, 2019 and for the three and nine months ended September 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 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 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 Company’s Consolidated Statements of Operations . Investments 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 Investment in International Affiliated Funds includes the Company’s allocable share of the International Affiliated Funds’ net income, which includes 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, the commercial mortgage loan is stated at fair value and is initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loan is valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value is based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), and the credit quality of the borrower. 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 Statements of Operations. The initial and subsequent changes to the 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. Deferred Financing Costs Deferred financing costs include certain costs to obtain the credit facility and are included in o a 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 September 30, 2019, the Company’s $35.9 million of investments in real - As of September 30, 2019, and subsequent to the sale of the senior portion of the commercial mortgage loan, the Company’s $12.3 million of investment in commercial mortgage loan consisted of a mezzanine loan the Company originated and was classified as Level 3. The commercial mortgage loan is carried at fair value based on significant unobservable inputs. 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 multifamily, and retail 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. Income from commercial mortgage loan—consists of income from interest earned and recognized as operating income based upon the principal a m 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 September 30, 2019, restricted cash consists of $4.5 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 is 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. In qualifying for taxation as a REIT, the Company generally is not subject to federal corporate income tax to the extent it distributes annually at least 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even in qualifying for taxation as a REIT, the Company 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 a federal tax provision of . 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 C F S 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 will reimburse the Advisor for all such advanced expenses it incurred in 60 equal monthly installments commencing on the earlier of the date the Company’s NAV reaches $1 billion or January 31, 2023. As of September 30, 2019, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf of $4.6 million, consisting of offering costs of $3.5 million and organization costs of $1.1 million. Such costs became the Company’s liability on January 31, 2018, the date on which the Offering was declared effective. These organization and offering costs are recorded as due to affiliates on the Company’s Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018. 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. Net income (loss), which includes the Company’s allocable share of the International Affiliated Funds income and expense, realized gains and losses and unrealized appreciation or depreciation, has 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 income, unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in losses of $1.1 million and $1.2 million, respectively, for the three and nine months ended September 30, 2019. 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 2018-19, 2018-19”) 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 lessees from a certain interim disclosure requirement associated with adopting the new lease accounting standard. One exemption applicable to the Company would ASU 2019-01 2019-01 .

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 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): September 30, 2019 December 31, 2018 Building and building improvements $ 283,369 $ 249,552 Land and land improvements 50,591 46,609 Furniture, fixtures and equipment 3,435 3,249 Total 337,395 299,410 Accumulated depreciation (12,012 ) (5,036 ) Investments in real estate, net $ 325,383 $ 294,374 Depreciation expense was $2.5 million and $7.0 million, respectively, for the three and nine months ended September 30, 2019. During the nine months ended September 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 nine months ended September 30, 2019 (in thousands): Property Name Ownership Number of Acquisition 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 nine months ended September 30, 2019 (in thousands): East Sego Lily Building and building improvements $ 33,396 Land and land improvements 3,964 In-place 5,077 Other intangibles 1,985 Total purchase price $ 44,422

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Investments in Real Estate-Related Securities	Note 4. Investments in Real Estate-Related Securities As of September 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 nine months ended September 30, 2019 and September 30, 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Unrealized gains (losses) $ 2,047 $ (393 ) $ 4,859 $ 1,459 Realized gains 219 353 1,970 360 Dividend income 295 193 837 504 Total $ 2,561 $ 153 $ 7,666 $ 2,323

Investment in International Aff

Investment in International Affiliated Fund	9 Months Ended
	Sep. 30, 2019
Schedule of Investments [Abstract]
Investment in International Affiliated Fund	Note 5. Investment in International Affiliated Funds Investment in ECF: ECF was formed in March 2016 as an open-end, On December 22, 2017, the Company entered into a subscription agreement to invest €25.0 million into ECF. As of September 30, 2019, the Company has funded €25.0 million ( mi llion) into ECF and has fully satisfied its commitment to the fund. 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. For the three and nine months ended September 30, 2019, the Company recorded approximately $6,100 and $211,000 in net income , respectively, Investment in APCF: APCF was launched in November 2018 as an open-end, On November 9, 2018, the Company entered into a subscription agreement to invest $10 million into APCF . Subsequently, on September 11, 2019 the Company increased its commitment by $ 20 million . $10 llion its total commitment of For the three and nine months ended September 30, 2019, the Company recorded approximately $92,000 and $295,000, respectively, in net loss 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	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Investment in Commercial Mortgage Loan	Note 6. Investment in Commercial Mortgage Loan During the nine months ended September 30, 2019, the Company originated a senior and a mezzanine loan for an industrial property in Maspeth, New York for $ 46.0 company funded the loan on a 60% loan to cost basis amounting to $46.0 million. On June 6, 2019, the Company sold the senior loan for $34.3 million to an unaffiliated party and retained the mezzanine loan, receiving proceeds of $34.0 million, which is net of disposition fees. The fair value of the mezzanine loan was $12.4 million as of September 30, 2019. The Company recognized interest income and amortization of origination fees from its investment in commercial mortgage loan of approximately $0.3 million and $1.1 million for the three and nine months ending September 30, 2019. As of September 30, 2019, the Company has an unamortized origination fee of $0.1 million related to the mezzanine loan reflected in investment in commercial mortgage loan on its Consolidated Balance Sheets. Loan terms for the mezzanine loan as of September 30, 2019 are summarized below (in thousands): Investment Asset Type Location Interest Origination Maturity Periodic Commitment Unfunded Principal Fair Value 55 Grand Ave Mezzanine Loan Masbeth, NY Libor + 570 bps March 28, 2019 March 29, 2022 Interest Only $14,375 $1,972 $12,403 $12,403 The estimated fair value of the mortgage loan is based on models developed by an independent valuation advisor 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	9 Months Ended
	Sep. 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): September 30, December 31, Intangible assets: In-place $ 19,733 $ 14,679 Above-market lease intangibles 154 154 Other intangibles 8,736 6,557 Total Intangible assets 28,623 21,390 Accumulated amortization: In-place (6,977 ) (4,396 ) Above-market lease intangibles (16 ) (3 ) Other intangibles (1,465 ) (624 ) Total accumulated amortization (8,458 ) (5,023 ) Intangible assets, net $ 20,165 $ 16,367 Intangible liabilities: Below-market lease intangibles $ (5,772 ) $ (5,876 ) Accumulated amortization 382 117 Intangible liabilities, net $ (5,390 ) $ (5,759 ) Amortization expense relating to intangible assets was $0.9 million and $3.5 million, respectively, for the three and nine months ended September 30, 2019. Income from the amortization of intangible liabilities was approximately $0.1 million and $0.4 million, respectively, for the three and nine months ended September 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 $ 551 $ 323 $ (71 ) 2020 2,187 1,226 (332 ) 2021 1,940 1,050 (322 ) 2022 1,658 938 (307 ) 2023 1,328 767 (306 ) Thereafter 5,092 3,105 (4,052 ) $ 12,756 $ 7,409 $ (5,390 ) The weighted-average amortization periods for the acquired in-place .

Credit Facility

Credit Facility	9 Months Ended
	Sep. 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. Loans outstanding under the credit facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted 30-day As of September 30, 2019, the Company had $118.3 million in borrowings and $0.3 million in accrued interest outstanding under the Credit Agreement. For the three and nine months ended September 30, 2019, the Company incurred $1.1 million and $3.1 million, respectively, in interest expense related to the credit facility. Additionally, interest expense on the Consolidated Statements of Operations includes amortization of loan closing costs of $0.2 million and $0.3 million, for the three and nine months ended September 30, 2019, respectively. As of September 30, 2019, the Company is in compliance with all loan covenants .

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Other Assets and Other Liabilities	Note 9. Other Assets and Other Liabilities The following table summarizes the components of o 2019 2018 Straight-line rent receivable $ 2,071 $ 1,119 Deferred financing costs, net 888 771 Tenant receivables 795 353 Prepaid expenses 691 288 Other 604 53 Total $ 5,049 $ 2,584 The following table summarizes the components of accounts payable, accrued expenses, and other liabilities (in thousands): September 30, 2019 December 31, 2018 Real estate taxes payable $ 2,552 $ 2,099 Accounts payable and accrued expenses 2,080 1,420 Tenant security deposits 759 587 Prepaid rental income 419 386 Accrued interest expense 293 164 Other 275 414 Total $ 6,378 $ 5,070

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 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 September 30, 2019, the Company has accrued management fees of approximately $0.2 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 September 30, 2019, the Company has not retained an affiliate of the Advisor for any such services. 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 September 30, 2019, the Company has accrued approximately $0.7 million of stockholder servicing fees with respect to the outstanding Class T and Class D common shares. 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 $300 million in Class N shares described below, 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 The following table summarizes the components of Due to Affiliates (in thousands): September 30, December 31, Accrued stockholder servicing fees $ 651 $ 23 Advanced organization and offering 4,648 4,579 Total $ 5,299 $ 4,602 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 September 30, 2019, the Company accrued approximately $651,000 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 September 35-year .

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Economic Dependency	Note 11. Economic Dependency The Company depends 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	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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. 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 Minimum Rent Remaining 2019 $ 4,185 2020 16,759 2021 16,045 2022 15,179 2023 13,695 Thereafter 65,260 Total $ 131,123 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	9 Months Ended
	Sep. 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 (the “charter”) with the State Department of Assessments and Taxation of Maryland pursuant to which 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 September 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, 125 of which are classified as Series A Preferred Stock (defined below). 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 Common Stock As of September 30, 2019, the Company has issued and outstanding 429,471 shares of Class T common stock 426,344 shares of Class D common stock, 1,470,148 shares of Class I common stock, and 29,730,608 shares of Class N common stock. As of September 30, 2019, the Company has not sold any Class S shares. During the nine months ended September 30, 2019, the Company sold the following shares of common stock (in thousands): Nine Months Ended September 30, 2019 Class T Class D Class I Class N Total December 31, 2018 — 26 186 29,731 29,943 Common Stock Issued 429 399 1,283 — 2,111 Distribution Reinvestment — (a) 1 4 — 5 Vested Stock — — 7 — 7 Common Stock Repurchased — — (10 ) — (10 ) September 30, 2019 429 426 1,470 29,731 32,056 (a) The Class T Shares amount is not presented due to rounding. TIAA has purchased $300 million of the Company’s Class N shares of common stock through its wholly owned subsidiary. Per the terms of the agreement between the Company and TIAA, all shares held by TIAA are not eligible to be repurchased until January 31, 2023; provided that TIAA must continue to maintain ownership of the $200,000 initial investment in the Company’s shares for so long as the Advisor or its affiliate serves as the Company’s advisor. 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 year from the date of grant, which, in connection with the directors’ first annual grant, occurred on February 1, 2019. The Company accrued approximately $17,000 and $51,000, respectively, of expense for the three and nine months ended September 30, 2019, in connection with restricted stock portion of director compensation, which is included in accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. 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 30 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 nine months ended September 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, 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, and all outstandi n 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 The following table details the distribution paid on July 29, 2019: Class T Class D Class I Class N Net Distribution $ 0.08 $ 0.10 $ 0.10 $ 0.13 Total Distributions Declared 15,065 10,790 57,554 3,754,662 Based on the monthly record dates established by the board of directors, the Company accrues for distribution on a monthly basis. As of September 30, 2019 the Company had an accrued distribution payable balance of $4.2 million on its Consolidated Balance Sheets related to July, August, and September 2019. The following table details the distributions accrued as of September 2019: Class T Class D Class I Class N Net Distribution Accrued $ 0.07 $ 0.06 $ 0.09 $ 0.13 Total Distributions Accrued 29,434 25,997 132,168 3,984,987 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. In addition, if during any consecutive 24-month 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 year are repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan. During the three and nine months ended September 30, 2019, the Company repurchased 9,843 of s .

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Note 15. Segment Reporting The Company currently operates in seven reportable segments: multifamily, office, industrial, and retail properties, real estate-related securities, International Affiliated Funds, and commercial mortgage loan. These are operating segments that are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers in deciding how to allocate resources and in assessing performance. The Company’s chief executive officer, chief financial officer and head of portfolio management have been identified as the chief operating decision-makers. The Company’s chief operating decision-makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company believes that Segment Net Operating Income is the performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Multifamily $ 94,822 $ 97,448 Industrial 87,561 89,963 Office 77,732 34,134 Retail 89,393 90,881 Real Estate-Related Securities 35,946 29,228 International Affiliated Funds 36,991 28,594 Commercial Mortgage Loan 12,466 — Other (Corporate) 12,959 6,598 Total assets $ 447,870 $ 376,846 The following table sets forth the financial results by segment for the three months and nine months ended September 30, 2019 and 2018 (in thousands): Three Months Ended 2019 v 2018 Nine Months Ended 2019 v 2018 2019 2018 $ % 2019 2018 $ % Rental revenues Multifamily $ 2,378 $ 2,336 $ 42 2 % $ 6,921 $ 4,999 $ 1,922 38 % Office 1,832 679 1,153 170 % 4,136 796 3,340 420 % Industrial 2,169 1,521 648 43 % 6,081 4,578 1,503 33 % Retail 1,560 — 1,560 100 % 5,175 — 5,175 100 % Total rental revenues 7,939 4,536 3,403 75 % 22,313 10,373 11,940 115 % Rental property operating expenses Multifamily 1,129 1,122 7 1 % 3,295 2,329 966 41 % Office 428 117 311 266 % 1,061 144 917 637 % Industrial 667 456 211 46 % 1,857 1,326 531 40 % Retail 319 — 319 100 % 956 — 956 100 % Total rental property operating expenses 2,543 1,695 848 50 % 7,169 3,799 3,370 89 % Depreciation and amortization Multifamily (754 ) (1,652 ) 898 -54 % (3,129 ) (3,393 ) 264 -8 % Office (858 ) (278 ) (580 ) 209 % (1,804 ) (327 ) (1,477 ) 452 % Industrial (953 ) (925 ) (28 ) 3 % (3,127 ) (2,764 ) (363 ) 13 % Retail (786 ) — (786 ) 100 % (2,470 ) — (2,470 ) 100 % Total depreciation and amortization (3,351 ) (2,855 ) (496 ) 17 % (10,530 ) (6,484 ) (4,046 ) 62 % Interest income from commercial mortgage loan 259 — $ 259 100 % 1,119 — $ 1,119 100 % Realized and unrealized income from real estate-related securities 2,561 153 2,408 1574 % 7,666 2,323 5,343 230 % (Loss) income from equity investment in unconsolidated international affiliated funds (85 ) 20 (105 ) -525 % (85 ) 20 (105 ) -525 % General and administrative expenses (811 ) (623 ) (188 ) 30 % (2,842 ) (3,545 ) 703 -20 % Advisory fee due to affiliate (527 ) (397 ) (130 ) 33 % (1,490 ) (1,038 ) (452 ) 44 % Interest income 31 12 19 158 % 82 73 9 12 % Interest expense (1,262 ) — (1,262 ) 100 % (3,352 ) — (3,352 ) 100 % Net income (loss) 2,211 (849 ) 3,060 -360 % 5,712 (2,077 ) 7,789 -375 % Net income attributable to Series A preferred 4 — 4 100 % 11 — 11 100 % Net income (loss) attributable to common stockholders $ 2,207 $ (849 ) $ 3,056 -360 % $ 5,701 $ (2,077 ) $ 7,778 -375 %

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events 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 July 31, 2019, August 31, 2019 and September 30, 2019. The Company paid these distributions amounting to $4.2 million on October 28, 2019. On October 1, 2019 , On October 25 , adjustments and transaction costs. Globe Street industrial is a light industrial warehouse totaling 251,630 square feet located in the Inland Empire of California. The Property is 100% leased to a single tenant with a remaining lease term of 6 years. On November 1, 2019 , 7.1 469,507 22, 808 178,759 On November 6, 2019, the Company’s board of directors approved the renewal of the advisory agreement for an additional year from January 31, 2020 to January 31, 2021. All other terms of the advisory agreement remain the same. On November 8, 2019, NR Main Street at Kingwood LLC, a wholly owned subsidiary of the Company, entered into a loan agreement (“Loan Agreement”) with nationwide life insurance company (“Lender”). The Loan Agreement provides a secured loan of $ 48.0 7 3.15 December 2026 loan due and payable in full on the Maturity Date.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2019 and for the three and nine months ended September 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
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 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 Company’s Consolidated Statements of Operations .
Investments in International Affiliated Funds	Investments 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 Investment in International Affiliated Funds includes the Company’s allocable share of the International Affiliated Funds’ net income, which includes 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, the commercial mortgage loan is stated at fair value and is initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loan is valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value is based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), and the credit quality of the borrower. 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 Statements of Operations. The initial and subsequent changes to the 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.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include certain costs to obtain the credit facility and are included in o a
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 September 30, 2019, the Company’s $35.9 million of investments in real - As of September 30, 2019, and subsequent to the sale of the senior portion of the commercial mortgage loan, the Company’s $12.3 million of investment in commercial mortgage loan consisted of a mezzanine loan the Company originated and was classified as Level 3. The commercial mortgage loan is carried at fair value based on significant unobservable inputs.
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 multifamily, and retail 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. Income from commercial mortgage loan—consists of income from interest earned and recognized as operating income based upon the principal a m
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 September 30, 2019, restricted cash consists of $4.5 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 is 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. In qualifying for taxation as a REIT, the Company generally is not subject to federal corporate income tax to the extent it distributes annually at least 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even in qualifying for taxation as a REIT, the Company 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 a federal tax provision of . 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 C F S 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 will reimburse the Advisor for all such advanced expenses it incurred in 60 equal monthly installments commencing on the earlier of the date the Company’s NAV reaches $1 billion or January 31, 2023. As of September 30, 2019, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf of $4.6 million, consisting of offering costs of $3.5 million and organization costs of $1.1 million. Such costs became the Company’s liability on January 31, 2018, the date on which the Offering was declared effective. These organization and offering costs are recorded as due to affiliates on the Company’s Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018.
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. Net income (loss), which includes the Company’s allocable share of the International Affiliated Funds income and expense, realized gains and losses and unrealized appreciation or depreciation, has 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 income, unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in losses of $1.1 million and $1.2 million, respectively, for the three and nine months ended September 30, 2019. 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 2018-19, 2018-19”) 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 lessees from a certain interim disclosure requirement associated with adopting the new lease accounting standard. One exemption applicable to the Company would ASU 2019-01 2019-01 .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following (in thousands): September 30, 2019 December 31, 2018 Building and building improvements $ 283,369 $ 249,552 Land and land improvements 50,591 46,609 Furniture, fixtures and equipment 3,435 3,249 Total 337,395 299,410 Accumulated depreciation (12,012 ) (5,036 ) Investments in real estate, net $ 325,383 $ 294,374
Summary of Properties Acquired	The following table provides further details of the property acquired during the nine months ended September 30, 2019 (in thousands): Property Name Ownership Number of Acquisition 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 nine months ended September 30, 2019 (in thousands): East Sego Lily Building and building improvements $ 33,396 Land and land improvements 3,964 In-place 5,077 Other intangibles 1,985 Total purchase price $ 44,422

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and September 30, 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Unrealized gains (losses) $ 2,047 $ (393 ) $ 4,859 $ 1,459 Realized gains 219 353 1,970 360 Dividend income 295 193 837 504 Total $ 2,561 $ 153 $ 7,666 $ 2,323

Investment in Commercial Mort_2

Investment in Commercial Mortgage Asset (Tables)	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Summary of Loan Terms	As of September 30, 2019, the Company has an unamortized origination fee of $0.1 million related to the mezzanine loan reflected in investment in commercial mortgage loan on its Consolidated Balance Sheets. Loan terms for the mezzanine loan as of September 30, 2019 are summarized below (in thousands): Investment Asset Type Location Interest Origination Maturity Periodic Commitment Unfunded Principal Fair Value 55 Grand Ave Mezzanine Loan Masbeth, NY Libor + 570 bps March 28, 2019 March 29, 2022 Interest Only $14,375 $1,972 $12,403 $12,403

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 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): September 30, December 31, Intangible assets: In-place $ 19,733 $ 14,679 Above-market lease intangibles 154 154 Other intangibles 8,736 6,557 Total Intangible assets 28,623 21,390 Accumulated amortization: In-place (6,977 ) (4,396 ) Above-market lease intangibles (16 ) (3 ) Other intangibles (1,465 ) (624 ) Total accumulated amortization (8,458 ) (5,023 ) Intangible assets, net $ 20,165 $ 16,367 Intangible liabilities: Below-market lease intangibles $ (5,772 ) $ (5,876 ) Accumulated amortization 382 117 Intangible liabilities, net $ (5,390 ) $ (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 $ 551 $ 323 $ (71 ) 2020 2,187 1,226 (332 ) 2021 1,940 1,050 (322 ) 2022 1,658 938 (307 ) 2023 1,328 767 (306 ) Thereafter 5,092 3,105 (4,052 ) $ 12,756 $ 7,409 $ (5,390 )

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Summary of Components of Other Assets	The following table summarizes the components of o 2019 2018 Straight-line rent receivable $ 2,071 $ 1,119 Deferred financing costs, net 888 771 Tenant receivables 795 353 Prepaid expenses 691 288 Other 604 53 Total $ 5,049 $ 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): September 30, 2019 December 31, 2018 Real estate taxes payable $ 2,552 $ 2,099 Accounts payable and accrued expenses 2,080 1,420 Tenant security deposits 759 587 Prepaid rental income 419 386 Accrued interest expense 293 164 Other 275 414 Total $ 6,378 $ 5,070

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 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 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 The following table summarizes the components of Due to Affiliates (in thousands): September 30, December 31, Accrued stockholder servicing fees $ 651 $ 23 Advanced organization and offering 4,648 4,579 Total $ 5,299 $ 4,602

Tenant Leases (Tables)

Tenant Leases (Tables)	9 Months Ended
	Sep. 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 Minimum Rent Remaining 2019 $ 4,185 2020 16,759 2021 16,045 2022 15,179 2023 13,695 Thereafter 65,260 Total $ 131,123

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 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 The following table details the distribution paid on July 29, 2019: Class T Class D Class I Class N Net Distribution $ 0.08 $ 0.10 $ 0.10 $ 0.13 Total Distributions Declared 15,065 10,790 57,554 3,754,662 Class T Class D Class I Class N Net Distribution Accrued $ 0.07 $ 0.06 $ 0.09 $ 0.13 Total Distributions Accrued 29,434 25,997 132,168 3,984,987
Initial Public Offering
Schedule of Common Stock	During the nine months ended September 30, 2019, the Company sold the following shares of common stock (in thousands) : Nine Months Ended September 30, 2019 Class T Class D Class I Class N Total December 31, 2018 — 26 186 29,731 29,943 Common Stock Issue d 429 399 1,283 — 2,111 Distribution Reinvestmen t — (a) 1 4 — 5 Vested Stock — — 7 — 7 Common Stock Repurchased — — (10 ) — (10 ) September 30, 2019 429 426 1,470 29,731 32,056 (a) The Class T Shares amount is not presented due to rounding.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Multifamily $ 94,822 $ 97,448 Industrial 87,561 89,963 Office 77,732 34,134 Retail 89,393 90,881 Real Estate-Related Securities 35,946 29,228 International Affiliated Funds 36,991 28,594 Commercial Mortgage Loan 12,466 — Other (Corporate) 12,959 6,598 Total assets $ 447,870 $ 376,846
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the three months and nine months ended September 30, 2019 and 2018 (in thousands): Three Months Ended 2019 v 2018 Nine Months Ended 2019 v 2018 2019 2018 $ % 2019 2018 $ % Rental revenues Multifamily $ 2,378 $ 2,336 $ 42 2 % $ 6,921 $ 4,999 $ 1,922 38 % Office 1,832 679 1,153 170 % 4,136 796 3,340 420 % Industrial 2,169 1,521 648 43 % 6,081 4,578 1,503 33 % Retail 1,560 — 1,560 100 % 5,175 — 5,175 100 % Total rental revenues 7,939 4,536 3,403 75 % 22,313 10,373 11,940 115 % Rental property operating expenses Multifamily 1,129 1,122 7 1 % 3,295 2,329 966 41 % Office 428 117 311 266 % 1,061 144 917 637 % Industrial 667 456 211 46 % 1,857 1,326 531 40 % Retail 319 — 319 100 % 956 — 956 100 % Total rental property operating expenses 2,543 1,695 848 50 % 7,169 3,799 3,370 89 % Depreciation and amortization Multifamily (754 ) (1,652 ) 898 -54 % (3,129 ) (3,393 ) 264 -8 % Office (858 ) (278 ) (580 ) 209 % (1,804 ) (327 ) (1,477 ) 452 % Industrial (953 ) (925 ) (28 ) 3 % (3,127 ) (2,764 ) (363 ) 13 % Retail (786 ) — (786 ) 100 % (2,470 ) — (2,470 ) 100 % Total depreciation and amortization (3,351 ) (2,855 ) (496 ) 17 % (10,530 ) (6,484 ) (4,046 ) 62 % Interest income from commercial mortgage loan 259 — $ 259 100 % 1,119 — $ 1,119 100 % Realized and unrealized income from real estate-related securities 2,561 153 2,408 1574 % 7,666 2,323 5,343 230 % (Loss) income from equity investment in unconsolidated international affiliated funds (85 ) 20 (105 ) -525 % (85 ) 20 (105 ) -525 % General and administrative expenses (811 ) (623 ) (188 ) 30 % (2,842 ) (3,545 ) 703 -20 % Advisory fee due to affiliate (527 ) (397 ) (130 ) 33 % (1,490 ) (1,038 ) (452 ) 44 % Interest income 31 12 19 158 % 82 73 9 12 % Interest expense (1,262 ) — (1,262 ) 100 % (3,352 ) — (3,352 ) 100 % Net income (loss) 2,211 (849 ) 3,060 -360 % 5,712 (2,077 ) 7,789 -375 % Net income attributable to Series A preferred 4 — 4 100 % 11 — 11 100 % Net income (loss) attributable to common stockholders $ 2,207 $ (849 ) $ 3,056 -360 % $ 5,701 $ (2,077 ) $ 7,778 -375 %

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Detail)	Sep. 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)	9 Months Ended
	Sep. 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		9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Subsidiary	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017
Significant Of Accounting Policies [Line Items]
Investments in real estate-related securities, at fair value	$ 35,946,000		$ 35,946,000		$ 29,228,000
Investment in commercial mortgage loan, at fair value	12,314,000		12,314,000
Restricted cash	$ 4,529,000		$ 4,529,000		$ 56,000
Percentage of taxable income distributed to stockholders	90.00%		90.00%
Number of active TRSs | Subsidiary			3
Federal tax provision	$ 7,000		$ 7,000
U.S. federal corporate income tax rate			21.00%			35.00%
Foreign currency translation adjustments losses	$ (1,070,000)	$ (18,000)	$ (1,212,000)	$ (18,000)
Advisor
Significant Of Accounting Policies [Line Items]
Period for reimbursement of advance expenses					60 months
Organizational and offering costs			4,600,000
Offering cost			3,500,000
Organization costs			1,100,000
Advisor | Minimum [Member]
Significant Of Accounting Policies [Line Items]
Beginning date from which the expenses shall be reimbursed	Jan. 31, 2023
Net asset value threshold	$ 1,000,000,000		1,000,000,000
Subscription Arrangement
Significant Of Accounting Policies [Line Items]
Restricted cash	4,500,000		4,500,000
Fair Value, Inputs, Level 1
Significant Of Accounting Policies [Line Items]
Investments in real estate-related securities, at fair value	35,900,000		35,900,000
Fair Value, Inputs, Level 3 [Member]
Significant Of Accounting Policies [Line Items]
Investment in commercial mortgage loan, at fair value	$ 12,300,000		$ 12,300,000

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)Property	Sep. 30, 2019USD ($)Property	Dec. 31, 2018Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Depreciation expense | $	$ 2.5	$ 7
Number of properties acquired | Property	1	1	4

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands	Sep. 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	$ 283,369	$ 249,552
Land and land improvements	50,591	46,609
Furniture, fixtures and equipment	3,435	3,249
Total	337,395	299,410
Accumulated depreciation	(12,012)	(5,036)
Investments in real estate, net	$ 325,383	$ 294,374

Investments in Real Estate - Su

Investments in Real Estate - Summary of Properties Acquired (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)Property	Dec. 31, 2018Property
Real Estate Properties [Line Items]
Property Name	East Sego Lily
Ownership Interest	100.00%
Number of Properties | Property	1	4
Acquisition 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) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Total purchase price	$ 44,422
Eat Sego Lily [Member]
Total purchase price	44,422
Eat Sego Lily [Member] | In-place Lease Intangibles
Total purchase price	5,077
Eat Sego Lily [Member] | Other Intangibles
Total purchase price	1,985
Eat Sego Lily [Member] | Building and Building Improvements
Total purchase price	33,396
Eat Sego Lily [Member] | Land and Land Improvements
Total purchase price	$ 3,964

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Real Estate [Abstract]
Unrealized gains (losses)	$ 2,047	$ (393)	$ 4,859	$ 1,459
Realized gains	219	353	1,970	360
Dividend income	295	193	837	504
Total	$ 2,561	$ 153	$ 7,666	$ 2,323

Investment in International A_2

Investment in International Affiliated Fund - Additional Information (Detail) € in Millions	Sep. 11, 2019USD ($)	Nov. 09, 2018USD ($)	Dec. 22, 2017EUR (€)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019EUR (€)	Sep. 30, 2018USD ($)
Schedule Of Investments [Line Items]
Income (loss) from investment in International affiliated Funds				$ (85,000)	$ 20,000	$ (85,000)		$ 20,000
ECF
Schedule Of Investments [Line Items]
Subscription agreement investment amount | €			€ 25
Funded amount of investment in ECF using equity method						27,200,000	€ 25
Income (loss) from investment in International affiliated Funds				6,100		211,000
Asia Pacific Cities Fund [Member]
Schedule Of Investments [Line Items]
Subscription agreement investment amount		$ 10,000,000
Additional subscription agreement investment amount	$ 20,000,000
Funded amount of investment in ECF using equity method						10,000,000
Total subscription agreement investment amount				30,000,000		30,000,000
Unrealized gain (loss) from investment in International Affiliated Funds				$ (92,000)		$ (295,000)

Investment in Commercial Mort_3

Investment in Commercial Mortgage Loan - Summary of Loan Terms (Detail) - Mezzanine Loan [Member] - 55 Grand Avenue [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Location	Masbeth, NY
Interest Rate	Libor + 570 bps
Maturity Date	Mar. 29, 2022
Periodic Payment Terms	Interest Only
Commitment Amount	$ 14,375
Unfunded Amount	1,972
Principal Receivable	12,403
Fair Value	$ 12,403

Investment in Commercial Mort_4

Investment in Commercial Mortgage Loan - Additional information (Detail) - USD ($) $ in Thousands	Jun. 06, 2019	Sep. 30, 2019	Sep. 30, 2019
Origination and fundings of commercial mortgage loan			$ 46,619
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		$ 12,400	12,400
Interest income and origination fee from investment in commercial mortgage loan		300	1,100
Unamortized origination fee		$ 100	100
Origination and fundings of commercial mortgage loan			$ 46,000
Senior And Mezzanine Loan [Member]
Loan to cost percentage			60.00%
Origination and fundings of commercial mortgage loan			$ 46,000

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Intangible assets:
Total Intangible assets	$ 28,623	$ 21,390
Accumulated amortization:
Total accumulated amortization	(8,458)	(5,023)
Intangible assets, net	20,165	16,367
Intangible liabilities:
Intangible liabilities, net	(5,390)	(5,759)
In-place Lease Intangibles
Intangible assets:
Total Intangible assets	19,733	14,679
Accumulated amortization:
Total accumulated amortization	(6,977)	(4,396)
Intangible assets, net	12,756
Other Intangibles
Intangible assets:
Total Intangible assets	8,736	6,557
Accumulated amortization:
Total accumulated amortization	(1,465)	(624)
Intangible assets, net	7,409
Below-market Lease Intangibles
Intangible liabilities:
Below-market lease intangibles	(5,772)	(5,876)
Accumulated amortization	382	117
Intangible liabilities, net	(5,390)	(5,759)
Above Market Leases [Member]
Intangible assets:
Total Intangible assets	154	154
Accumulated amortization:
Total accumulated amortization	$ (16)	$ (3)

Intangibles - Additional Inform

Intangibles - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 0.9	$ 3.5
Income from amortization of intangible liabilities	$ 0.1	$ 0.4
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	Sep. 30, 2019	Dec. 31, 2018
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Intangible assets, net	$ 20,165	$ 16,367
Intangible liabilities, net	(5,390)	(5,759)
In-place Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining 2019	551
2020	2,187
2021	1,940
2022	1,658
2023	1,328
Thereafter	5,092
Intangible assets, net	12,756
Other Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining 2019	323
2020	1,226
2021	1,050
2022	938
2023	767
Thereafter	3,105
Intangible assets, net	7,409
Below-market Lease Intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining 2019	(71)
2020	(332)
2021	(322)
2022	(307)
2023	(306)
Thereafter	(4,052)
Intangible liabilities, net	$ (5,390)	$ (5,759)

Credit Facility - Additional In

Credit Facility - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 24, 2018	Sep. 30, 2019	Sep. 30, 2019	Jun. 11, 2019	Dec. 31, 2018	Dec. 17, 2018
Line of Credit Facility [Line Items]
Credit Facility		$ 118,277	$ 118,277		$ 70,000
Outstanding accrued interest		300	300
Interest expense		1,262	3,352
Amortisation of debt costs			306
Interest Expense [Member]
Line of Credit Facility [Line Items]
Amortisation of debt costs		$ 200	$ 300
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	Sep. 30, 2019	Dec. 31, 2018
Other Assets [Abstract]
Straight-line rent receivable	$ 2,071	$ 1,119
Deferred financing costs, net	888	771
Tenant receivables	795	353
Prepaid expenses	691	288
Other	604	53
Total	$ 5,049	$ 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	Sep. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Real estate taxes payable	$ 2,552	$ 2,099
Accounts payable and accrued expenses	2,080	1,420
Tenant security deposits	759	587
Prepaid rental income	419	386
Accrued interest expense	293	164
Other	275	414
Total	$ 6,378	$ 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)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2019USD ($)Affiliate	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)
Related Party Transaction [Line Items]
Number of retained affiliate of Advisor | Affiliate	0
Due to affiliates	$ 5,299,000	$ 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	$ 651,000	$ 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	$ 651,000
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	$ 651,000
Class N shares | TIAA
Related Party Transaction [Line Items]
Common stock value under purchase agreement	$ 300,000,000
Class S shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Accounts Payable, Accrued Expenses and Other Liabilities
Related Party Transaction [Line Items]
Accrued management fees	$ 200,000

Related Party Transactions - Up

Related Party Transactions - Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV (Detail)	Sep. 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	Sep. 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	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Related Party Transaction [Line Items]
Due to affiliates	$ 5,299	$ 4,602
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	651	23	$ 23
Advanced Organization And Offering
Related Party Transaction [Line Items]
Due to affiliates	$ 4,648	$ 4,579

Tenant Leases - Schedule of Min

Tenant Leases - Schedule of Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Remaining 2019	$ 4,185
Minimum Rent, 2020	16,759
Minimum Rent, 2021	16,045
Minimum Rent, 2022	15,179
Minimum Rent, 2023	13,695
Minimum Rent, Thereafter	65,260
Minimum Rent, Total	$ 131,123

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jan. 04, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 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					1,459,507	13,935,702	2,123,497	24,061,114
Accrued Dividends		$ 4,200	$ 4,200	$ 4,200
Percentage of repurchase requests to be fullfilled							100.00%
Period for complying with the repurchase request							24 months
Common Stock Repurchased							(10,000)
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		$ 51,000
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
Issuance of common stock, shares							429,000
Common stock, shares issued		429,471			429,471		429,471			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
Issuance of common stock, shares							399,000
Common stock, shares issued		426,344			426,344		426,344			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
Issuance of common stock, shares							1,283,000
Common stock, shares issued		1,470,148			1,470,148		1,470,148			186,474
Common Stock Repurchased							(10,000)
Class I shares | Share Repurchase Program
Equity [Line Items]
Common Stock Repurchased					(9,843)		(9,843)
Repurchase price per share		$ 10.59			$ 10.59		$ 10.59
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
Equity [Line Items]
Common stock value under purchase agreement		$ 300,000			$ 300,000		$ 300,000
Date of eligibility of share repurchase							Jan. 31, 2023
Initial investment threshold		$ 200,000			$ 200,000		$ 200,000
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) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule Of Common Stock [Line Items]
Shares, Outstanding			29,943,000
Common Stock Issued	1,459,507	13,935,702	2,123,497	24,061,114
Distribution Reinvestment			5,000
Vested Stock			7,000
Common Stock Repurchased			(10,000)
Shares, Outstanding	32,056,000		32,056,000
Class I shares
Schedule Of Common Stock [Line Items]
Shares, Outstanding			186,000
Common Stock Issued			1,283,000
Distribution Reinvestment			4,000
Vested Stock			7,000
Common Stock Repurchased			(10,000)
Shares, Outstanding	1,470,000		1,470,000
Class D shares
Schedule Of Common Stock [Line Items]
Shares, Outstanding			26,000
Common Stock Issued			399,000
Distribution Reinvestment			1,000
Shares, Outstanding	426,000		426,000
Class T shares
Schedule Of Common Stock [Line Items]
Shares, Outstanding
Common Stock Issued			429,000
Shares, Outstanding	429,000		429,000
Class N shares
Schedule Of Common Stock [Line Items]
Shares, Outstanding			29,731,000
Shares, Outstanding	29,731,000		29,731,000

Equity - Summary of Declared Di

Equity - Summary of Declared Distributions (Detail) - USD ($)	Sep. 30, 2019	Jul. 29, 2019	Apr. 29, 2019	Jan. 29, 2019	Dec. 31, 2018	Sep. 30, 2018
Distribution [Line Items]
Total Distributions Declared	$ 4,173,000				$ 2,484,000	$ 1,905,000
Class I shares
Distribution [Line Items]
Net Distribution	$ 0.09	$ 0.10	$ 0.07	$ 0.07
Total Distributions Declared	$ 132,168	$ 57,554	$ 15,116	$ 13,640
Class D shares
Distribution [Line Items]
Net Distribution	$ 0.06	$ 0.10	$ 0.05	$ 0.07
Total Distributions Declared	$ 25,997	$ 10,790	$ 2,563	$ 1,760
Class N shares
Distribution [Line Items]
Net Distribution	$ 0.13	$ 0.13	$ 0.09	$ 0.08
Total Distributions Declared	$ 3,984,987	$ 3,754,662	$ 2,646,139	$ 2,468,230
Class T shares
Distribution [Line Items]
Net Distribution	$ 0.07	$ 0.08	$ 0.04
Total Distributions Declared	$ 29,434	$ 15,065	$ 2,066

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 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	Sep. 30, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 447,870	$ 376,846
International Affiliated Funds
Segment Reporting Information [Line Items]
Total assets	36,991	28,594
Commercial Mortgage Loan Segment
Segment Reporting Information [Line Items]
Total assets	12,466
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Total assets	94,822	97,448
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total assets	87,561	89,963
Operating Segments | Office
Segment Reporting Information [Line Items]
Total assets	77,732	34,134
Operating Segments | Retail
Segment Reporting Information [Line Items]
Total assets	89,393	90,881
Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total assets	35,946	29,228
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 12,959	$ 6,598

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Total revenues	$ 8,198	$ 4,536	$ 23,432	$ 10,373
Expenses:
Rental property operating expenses	2,543	1,695	7,169	3,799
Depreciation and amortization	(3,351)	(2,855)	(10,530)	(6,484)
Realized and unrealized income from real estate-related securities	2,561	153	7,666	2,323
(Loss) income from equity investment in unconsolidated international affiliated funds	(85)	20	(85)	20
General and administrative expenses	(811)	(623)	(2,842)	(3,545)
Advisory fee due to affiliate	(527)	(397)	(1,490)	(1,038)
Interest Income	31	12	82	73
Interest expense	(1,262)		(3,352)
Net income (loss)	2,211	(849)	5,712	(2,077)
Net income attributable to series A preferred	4		11
Net income (loss) attributable to common stockholders	2,207	(849)	5,701	(2,077)
Rental Revenue
Revenues:
Total revenues	7,939	4,536	22,313	10,373
Operating Segments
Expenses:
Change in interest income from commercial loan	259		1,119
Change In realised and unrealised income from real estate Compared To Previous Year	2,408		5,343
Change In gain loss on investments	(105)		(105)
In general administrative expenses	(188)		703
Change in advisory fee due to affiliate	(130)		(452)
Change in interest income	19		9
Change in interest expense	(1,262)		(3,352)
Change in net income loss	3,060		7,789
Change in net income attributable to Series A preferred stock	4		11
Change in net loss income attributable to NREIT stockholders	$ 3,056		$ 7,778
Percentage change in interest income from commercial loan	100.00%		100.00%
Percentage change in realised and unrealised income	1574.00%		230.00%
Percentage change in gain loss on investments	(525.00%)		(525.00%)
Percentage change in general administrative	30.00%		(20.00%)
Percentage change in advisory fee due to affiliate	33.00%		44.00%
Percentage change in interest income	158.00%		12.00%
Percentage change in interest expense	100.00%		100.00%
Percentage Change In net income	(360.00%)		(375.00%)
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	(360.00%)		(375.00%)
Operating Segments | Property Operating Expenses [Member]
Expenses:
Rental property operating expenses	$ 2,543	1,695	$ 7,169	3,799
Change in property operating expenses	$ 848		$ 3,370
Percentage change in lease operating expense	50.00%		89.00%
Operating Segments | Depreciation And Amortization [Member]
Expenses:
Depreciation and amortization	$ (3,351)	(2,855)	$ (10,530)	(6,484)
Change In depreciation and amortization	$ (496)		$ (4,046)
Percentage Change in depreciation and amortization	17.00%		62.00%
Operating Segments | Multifamily | Property Operating Expenses [Member]
Expenses:
Rental property operating expenses	$ 1,129	1,122	$ 3,295	2,329
Change in property operating expenses	$ 7		$ 966
Percentage change in lease operating expense	1.00%		41.00%
Operating Segments | Multifamily | Depreciation And Amortization [Member]
Expenses:
Depreciation and amortization	$ (754)	(1,652)	$ (3,129)	(3,393)
Change In depreciation and amortization	$ 898		$ 264
Percentage Change in depreciation and amortization	(54.00%)		(8.00%)
Operating Segments | Industrial | Property Operating Expenses [Member]
Expenses:
Rental property operating expenses	$ 667	456	$ 1,857	1,326
Change in property operating expenses	$ 211		$ 531
Percentage change in lease operating expense	46.00%		40.00%
Operating Segments | Industrial | Depreciation And Amortization [Member]
Expenses:
Depreciation and amortization	$ (953)	(925)	$ (3,127)	(2,764)
Change In depreciation and amortization	$ (28)		$ (363)
Percentage Change in depreciation and amortization	3.00%		13.00%
Operating Segments | Office | Property Operating Expenses [Member]
Expenses:
Rental property operating expenses	$ 428	117	$ 1,061	144
Change in property operating expenses	$ 311		$ 917
Percentage change in lease operating expense	266.00%		637.00%
Operating Segments | Office | Depreciation And Amortization [Member]
Expenses:
Depreciation and amortization	$ (858)	(278)	$ (1,804)	(327)
Change In depreciation and amortization	$ (580)		$ (1,477)
Percentage Change in depreciation and amortization	209.00%		452.00%
Operating Segments | Retail | Property Operating Expenses [Member]
Expenses:
Rental property operating expenses	$ 319		$ 956
Change in property operating expenses	$ 319		$ 956
Percentage change in lease operating expense	100.00%		100.00%
Operating Segments | Retail | Depreciation And Amortization [Member]
Expenses:
Depreciation and amortization	$ (786)		$ (2,470)	0
Change In depreciation and amortization	$ (786)		$ (2,470)
Percentage Change in depreciation and amortization	100.00%		100.00%
Operating Segments | Rental Revenue
Revenues:
Total revenues	$ 7,939	4,536	$ 22,313	10,373
Change in rental revenue	$ 3,403		$ 11,940
Percentage change in rental revenue	75.00%		115.00%
Operating Segments | Rental Revenue | Multifamily
Revenues:
Total revenues	$ 2,378	2,336	$ 6,921	4,999
Change in rental revenue	$ 42		$ 1,922
Percentage change in rental revenue	2.00%		38.00%
Operating Segments | Rental Revenue | Industrial
Revenues:
Total revenues	$ 2,169	1,521	$ 6,081	4,578
Change in rental revenue	$ 648		$ 1,503
Percentage change in rental revenue	43.00%		33.00%
Operating Segments | Rental Revenue | Office
Revenues:
Total revenues	$ 1,832	$ 679	$ 4,136	$ 796
Change in rental revenue	$ 1,153		$ 3,340
Percentage change in rental revenue	170.00%		420.00%
Operating Segments | Rental Revenue | Retail
Revenues:
Total revenues	$ 1,560		$ 5,175
Change in rental revenue	$ 1,560		$ 5,175
Percentage change in rental revenue	100.00%		100.00%
Operating Segments | Commercial Mortgage Loan
Revenues:
Total revenues	$ 259		$ 1,119

Subsequent Events - Additional

Subsequent Events - Additional information (Detail) $ / shares in Units, $ in Thousands	Nov. 08, 2019USD ($)	Nov. 01, 2019USD ($)$ / sharesshares	Oct. 28, 2019USD ($)	Oct. 25, 2019USD ($)ft²	Oct. 01, 2019USD ($)$ / sharesshares	Sep. 30, 2019USD ($)shares	Sep. 30, 2018USD ($)shares	Sep. 30, 2019USD ($)shares	Sep. 30, 2018USD ($)shares
Subsequent Event [Line Items]
Distributions paid | $			$ 4,200
Total value of shares | $						$ 14,744	$ 15,292	$ 20,996	$ 113,683
Issuance of common stock, shares						1,459,507	13,935,702	2,123,497	24,061,114
Class T shares
Subsequent Event [Line Items]
Issuance of common stock, shares								429,000
Class D shares
Subsequent Event [Line Items]
Issuance of common stock, shares								399,000
Class I shares
Subsequent Event [Line Items]
Issuance of common stock, shares								1,283,000
Subsequent Event
Subsequent Event [Line Items]
Total value of shares | $		$ 7,100			$ 4,500
Subsequent Event | Nationwide Life Insurance [Member] | Kingwood LLC [Member]
Subsequent Event [Line Items]
Debt instrument face amount | $	$ 48,000
Debt instrument term	7 years
Debt instrument interest rate	3.15%
Debt instrument maturity date	Dec. 31, 2026
Subsequent Event | Globe Street [Member]
Subsequent Event [Line Items]
Total purchase price | $				$ 19,900
Area of real estate property | ft²				251,630
Weighted-average remaining lease term , property				6 years
Subsequent Event | Date One [Member]
Subsequent Event [Line Items]
Dividends declared, date of record			Jul. 31, 2019
Subsequent Event | Date Two [Member]
Subsequent Event [Line Items]
Dividends declared, date of record			Aug. 31, 2019
Subsequent Event | Date Three [Member]
Subsequent Event [Line Items]
Dividends declared, date of record			Sep. 30, 2019
Subsequent Event | Class T shares
Subsequent Event [Line Items]
Issuance of common stock, shares		469,507			181,609
Purchase price per share | $ / shares		$ 10.58			$ 10.60
Subsequent Event | Class D shares
Subsequent Event [Line Items]
Issuance of common stock, shares		22,808			44,528
Purchase price per share | $ / shares		$ 10.65			$ 10.69
Subsequent Event | Class I shares
Subsequent Event [Line Items]
Issuance of common stock, shares		178,759			193,820
Purchase price per share | $ / shares		$ 10.67			$ 10.68