Nuveen Global Cities REIT (NUVEEN) 10-K 30 Mar 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 30, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	333-222231
Entity Registrant Name	Nuveen Global Cities REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-1419222
Entity Address, Address Line One	730 Third Avenue, 3rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	490-9000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001711799
Current Fiscal Year End Date	--12-31
Entity Public Float			$ 0
Class T shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,358,705
Class S shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,255,756
Class D shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,115,622
Class I shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,210,463
Class N shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,730,608

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Assets
Investments in real estate, net		$ 373,088	$ 294,374
Investments in international affiliated funds		37,734	28,594
Investments in real estate-related securities, at fair value		35,240	29,228
Intangible assets, net		28,769	16,367
Investment in commercial mortgage loan, at fair value		12,733	0
Restricted cash		10,087	56
Cash and cash equivalents		5,584	5,643
Other assets		4,262	2,584
Total assets		507,497	376,846
Liabilities and Equity
Credit facility		107,777	70,000
Mortgage payable, net		47,502	0
Subscriptions received in advance		10,087	55
Intangible liabilities, net		8,907	5,759
Due to affiliates		6,059	4,602
Accounts payable, accrued expenses, and other liabilities		5,798	5,070
Distributions payable		5,102	2,484
Total liabilities		191,232	87,970
Equity
Series A Preferred Stock		125	0
Additional paid-in capital		336,147	298,419
Accumulated deficit and cumulative distributions		(19,974)	(9,884)
Accumulated other comprehensive (loss) income		(370)	42
Total equity		316,265	288,876
Total liabilities and equity		507,497	376,846
Class T shares
Equity
Common stock		14	0
Class S shares
Equity
Common stock		1	0
Class D shares
Equity
Common stock	[1]	5	0
Class I shares
Equity
Common stock		20	2
Class N shares
Equity
Common stock		$ 297	$ 297
[1]	The Class D shares amount is not presented due to rounding; see Note 14.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Common stock, par value (in dollars per share)	$ 0.01
Common stock shares authorized (in shares)	2,100,000,000
Class T shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	1,377,526	0
Common stock, shares outstanding (in shares)	1,377,526	0
Class S shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	70,151	0
Common stock, shares outstanding (in shares)	70,151	0
Class D shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	572,675	25,839
Common stock, shares outstanding (in shares)	572,675	25,839
Class I shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	1,965,962	186,474
Common stock, shares outstanding (in shares)	1,965,962	186,474
Class N shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	29,730,608	29,730,608
Common stock, shares outstanding (in shares)	29,730,608	29,730,608

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Revenues
Rental revenue		$ 30,808
Rental revenue	$ 390		$ 15,878
Income from commercial mortgage loan	0	1,455	0
Total revenues	390	32,263	15,878
Expenses
Rental property operating	175	9,979	5,652
General and administrative	238	3,502	3,950
Advisory fee due to affiliate	44	2,100	1,485
Depreciation and amortization	261	14,171	9,798
Total expenses	718	29,752	20,885
Other income (expense)
Realized and unrealized income from real estate-related securities	0	7,296	120
Income from equity investment in unconsolidated international affiliated funds	0	270	34
Interest income	0	161	120
Interest expense	0	(4,534)	(434)
Total other income (expense)	0	3,193	(160)
Net income (loss)	(328)	5,704	(5,167)
Net income attributable to Series A preferred stock	0	15	0
Net income (loss) attributable to common stockholders	$ (328)	$ 5,689	$ (5,167)
Net income (loss) per share of common stock - basic and diluted (in dollars per share)	$ (0.30)	$ 0.18	$ (0.23)
Weighted-average shares of common stock outstanding, basic and diluted (in shares)	1,099,405	31,231,622	22,551,833

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income and (Loss) - USD ($)	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (328,000)	$ 5,704,000	$ (5,167,000)
Other comprehensive (loss) income:
Foreign currency translation adjustment	0	(412,005)	42,000
Comprehensive income (loss)	(328,000)	5,292,000	(5,125,000)
Comprehensive income attributable to Series A preferred stock	0	15,000	0
Comprehensive income (loss) attributable to common stockholders	$ (328,000)	$ 5,277,000	$ (5,125,000)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($)	Total	Series A Preferred Stock	Common StockClass T shares		Common StockClass S shares	Common StockClass D shares		Common StockClass I shares		Common StockClass N shares		Additional Paid-in Capital	Accumulated Deficit and Cumulative Distributions	Accumulated Other Comprehensive Income
Beginning balance at May. 18, 2017	$ 200,000	$ 0	$ 0		$ 0	$ 0		$ 0		$ 0	[1]	$ 200,000	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares of Common Stock	124,050,000									124,000		123,926,000
Net income (loss)	(328,000)												(328,000)
Foreign currency translation adjustment	0
Ending balance at Dec. 31, 2017	123,922,000	0	0		0	0		0		124,000		124,126,000	(328,000)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares of Common Stock	174,406,000					0	[1]	2,000		173,000		174,231,000
Distributions Reinvested	0					0	[2]	0	[2]
Amortization of restricted stock grants	62,000											62,000	0
Net income (loss)	(5,167,000)												(5,167,000)
Distributions on common stock	(4,389,000)												(4,389,000)
Foreign currency translation adjustment	42,000													42,000
Ending balance at Dec. 31, 2018	288,876,000	0	0		0	0		2,000		297,000		298,419,000	(9,884,000)	42,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares of Common Stock	37,660,000		14,000		1,000	5,000		18,000		0		37,622,000
Distributions Reinvested	142,000		0	[2]		0	[2]	0	[2]			142,000
Common stock repurchased	(104,000)											(104,000)
Amortization of restricted stock grants	68,000											68,000	0
Net income (loss)	5,704,000	15,000											5,689,000
Distributions on common stock	(15,779,000)												(15,779,000)	0
Contribution from Series A preferred stock	125,000	125,000
Distribution to Series A preferred stock	(15,000)	(15,000)
Foreign currency translation adjustment	(412,005)													(412,000)
Ending balance at Dec. 31, 2019	$ 316,265,000	$ 125,000	$ 14,000		$ 1,000	$ 5,000		$ 20,000		$ 297,000		$ 336,147,000	$ (19,974,000)	$ (370,000)
[1]	Shares amount is not presented due to rounding: see Note 14.
[2]	Share distribution reinvestment amount is not presented due to rounding: see Note 14.

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Issuance of common stock (in shares)	3,774,001	17,537,921
Net of offering costs	$ 772	$ 3,488

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended					7 Months Ended	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	May 19, 2017
Cash flows from operating activities:
Net income (loss)	$ (8)	$ 3,748	$ (3,090)	$ (1,515)	$ (328)	$ (328)	$ 5,704	$ (5,167)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization						261	14,171	9,798
Unrealized (gain) loss on changes in fair value of real estate-related securities						0	(3,440)	1,272
Realized gain on sale of real estate-related securities						0	(2,740)	(606)
Income from equity investment in unconsolidated international affiliated funds						0	(270)	(34)
Income distribution from equity investment in unconsolidated international affiliated funds						0	573	0
Straight line rent adjustment						(14)	(1,217)	(1,105)
Amortization of below-market lease intangibles						0	(495)	(116)
Amortization of above-market lease intangibles						0	17	0
Amortization of loan closing costs						0	394	30
Amortization of restricted stock grants						0	68	62
Change in assets and liabilities:
Increase in other assets						(78)	(516)	(616)
Increase in due to affiliates						0	0	1,091
(Decrease) increase in accounts payable, accrued expenses, and other liabilities						159	(173)	1,726
Net cash provided by operating activities						0	12,076	6,335
Cash flows from investing activities:
Acquisitions of real estate						(120,569)	(99,650)	(191,035)
Deposit on loan assets						0	0	150
Origination and fundings of commercial mortgage loan						0	(46,997)	0
Proceeds from sale of commercial mortgage loan						0	34,264	0
Fundings for investment in international affiliated funds						0	(9,890)	(28,519)
Capital improvements to real estate						0	(1,139)	(285)
Return of capital from real estate-related securities						0	49	0
Purchases of real estate-related securities						0	(29,117)	(39,515)
Proceeds from sale of real estate-related securities						0	29,236	9,621
Net cash used in investing activities						(120,569)	(123,244)	(249,583)
Cash flows from financing activities:
Proceeds from issuance of common stock						124,250	40,018	177,917
Repurchase of common stock						0	(104)	0
Offering costs paid						0	(687)	0
Borrowings from credit facility						0	148,277	95,000
Repayments on credit facility						0	(110,500)	(25,000)
Borrowings from mortgage payable						0	48,000	0
Payment of deferred financing costs						0	(900)	(801)
Proceeds from issuance of Series A preferred stock						0	125	0
Distributions to Series A preferred stock						0	(15)	0
Subscriptions received in advance						0	10,087	55
Distributions to common stockholders						0	(13,161)	(1,905)
Net cash provided by financing activities						124,250	121,140	245,266
Net increase in cash and cash equivalents and restricted cash during the period						3,681	9,972	2,018
Cash and cash equivalents and restricted cash, beginning of period		5,699		3,681			5,699	3,681
Cash and cash equivalents and restricted cash, end of period	15,671		5,699		3,681	3,681	15,671	5,699	$ 3,681
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents	5,584		5,643		3,681	3,681	5,584	5,643	3,681
Restricted cash										$ 10,087	$ 56	$ 0
Total cash and cash equivalents and restricted cash	$ 15,671	$ 5,699	$ 5,699	$ 3,681	$ 3,681	3,681	15,671	3,681	3,681	$ 15,671	$ 5,699	$ 3,681	$ 0
Supplemental disclosures:
Interest paid						0	4,533	270
Series A preferred stock costs						4	15	0
Non-cash investing activities:
Assumption of other liabilities in conjunction with acquisitions of real estate						2	(715)	1,452
Accrued capital expenditures						0	121	14
Non-cash financing activities:
Accrued distributions							2,618	2,484	0
Accrued stockholder servicing fees							1,388	23	$ 0
Distribution reinvestments						0	135	7
Accrued offering costs due to affiliate						$ 0	$ 1,160	$ 3,488

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	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 and intends to continue to qualify as a REIT. 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, the Company has registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Offering”). The registration statement was declared effective on January 31, 2018. The Company is publicly selling any combination of four classes of shares of its common stock, Class T shares, Class S shares, Class D shares, and Class I shares, with a dollar value up to the maximum offering amount. The publicly offered share classes have different upfront selling commissions and ongoing stockholder servicing fees. The purchase price per share for each class of common stock in the Offering varies and will generally equal the Company’s prior month’s net asset value (“NAV”) per share, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying 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. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the SEC. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisitions. All property acquisitions to date have been accounted for as asset acquisitions. 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 interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. 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 leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. 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 leases that may have a customer relationship intangible value, including but not limited to the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. 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 lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded as separate components on the Company's Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization Expense on the Company’s Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 40 years Building, land and site improvements 15- 40 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 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 and the resulting dividend income, along with gains and losses, is recorded as a component of realized and unrealized income from real estate-related securities on the Consolidated Statements of Operations. Investments in International Affiliated Funds The Company reports its investment in the European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA, (the “International Affiliated Funds”) under the equity method of accounting. The equity method income (loss) from the investments in the International Affiliated Funds represents the Company’s allocable share of each fund’s 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), for the years ended December 31, 2019 and 2018, and is reported as Income from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements of Operations. 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 was 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 origination fee income, which is reported as income from commercial mortgage loan on the Company’s Consolidated Statements of Operations. In the event of a partial or whole sale of the commercial mortgage loan, the Company derecognizes the corresponding asset and 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 Charges The Company's deferred charges include financing and leasing costs. Financing costs include legal, structuring, and other loan costs incurred by the Company for its financing arrangements. Deferred financing costs related to the credit facility are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are being amortized over the term of the credit facility. Unamortized costs are charged to expenses upon early repayment or significant modification of the credit facility and fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility. Deferred financing costs related to the Company’s mortgage payable are recorded as an offset to the related liability and amortized over the term of the financing instrument. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Investments in Real Estate, net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Fair Value Measurements 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 December 31, 2019, the Company’s $35.2 million of investments in real-estate related securities consisted of shares of common stock of publicly-traded real estate investment trusts and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. As of December 31, 2019, and subsequent to the sale of the senior portion of the commercial mortgage loan, the Company’s $12.7 million investment in commercial mortgage loan consisted of a mezzanine loan the Company originated and was classified as Level 3. The commercial mortgage loan is carried at fair value based on significant unobservable inputs. The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2019 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of January 1, 2019 $ — Loan Originations 45,564 Sale of Senior Note (34,264) Additional fundings 1,433 Net Unrealized Gain (Loss) — Balance as of December 31, 2019 $ 12,733 The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investment in commercial mortgage loan as of December 31, 2019. Type Asset Class Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Commercial Mortgage Loan Industrial Cash Equivalency Method Discount Rate LIBOR (1) + 3.50% - LIBOR (1) + 5.70% (1) LIBOR as of December 31, 2019 was 1.8% As of December 31, 2019, the carrying value of the Company's Mortgage Payable and Credit Facility approximates fair value. As of December 31, 2018 the the carrying value of the Company's Credit Facility approximates fair value. Fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to present value using the appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3. Revenue Recognition The Company’s sources of revenue arising from leasing arrangements and the related revenue recognition policies are as follows: Rental Revenue — consists primarily of base rent arising from tenant operating leases at the Company’s office, industrial, multifamily, retail, and other 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 included in lease agreements. Income from Commercial Mortgage Loan — consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payment are received until the loans are returned to accrual status. As of December 31, 2019, the Company did not have any mortgage loans on nonaccrual status. Leases The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether: • The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or • All other leases that do not meet the criteria as sales-type or direct financing leases (operating). The Company's leases are classified as operating leases in accordance with relevant accounting guidelines, and the related revenue is recognized on a straight-line basis. 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 December 31, 2019, restricted cash consists of 10.1 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 qualified to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”) commencing with its taxable year ending December 31, 2018 and intends to continue to qualify as a REIT. 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 estate-related business other than management or operation of a lodging facility or a health care facility. A domestic TRS is subject to US corporate federal income tax. The Cayman Islands TRSs are not subject to US corporate federal income tax or Cayman Islands taxes. As of December 31, 2019, the Company has three active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds and used one domestic TRS to hold the senior portion of the commercial mortgage loan, which has since been sold. Tax legislation commonly referred to as the Tax Cuts & Jobs Act (the “TCJA”) was enacted on December 22, 2017. Among other things, the TCJA reduces the U.S. federal corporate income tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings. Management has evaluated the effects of TCJA and concluded that the TCJA will not materially impact its Consolidated Financial Statements. The Company also estimates that the new taxes on foreign-sourced earnings are not likely to apply to its foreign investments. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under ASC 740, Income Taxes. Though the Company believes that the impacts of the TCJA will be immaterial to its financial results, the Company continues to analyze certain aspects of the TCJA, therefore its estimates may change as additional information becomes available. Many of the provisions of the TCJA will require guidance through the issuance of Treasury regulations in order to assess their effect. There may be a substantial delay before such regulations are promulgated, increasing the uncertainty as to the ultimate effect of the statutory amendments on the Company. It is also likely that there will be technical corrections legislation proposed with respect to the TCJA this year, the effect of which cannot be predicted and may be adverse to the Company or its stockholders. Organization and Offering Expenses The Advisor 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 $1.0 billion or January 31, 2023. As of December 31, 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 as of which the Offering was declared effective. These organization and offering costs are recorded as Due to Affiliates on the Company’s Consolidated Balance Sheet as of December 31, 2019 and 2018. Offering costs are currently charged to equity as such amounts are incurred. For the year ended December 31, 2019, the Company incurred $0.8 million in offering costs to equity. 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 other comprehensive (losses) and income of $(412,005) and $42,000, respectively, for the years ended December 31, 2019 and 2018. The financial position and results of operations of APCF are 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 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 FASB issued ASU 2018-13, “Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements”. ASU 2018-13 modifies the disclosures required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. The Company does not expect the guidance to materially impact the Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”). The guidance changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (“ASU 2018-19”) to clarify certain aspects of ASU 2016-13, including that operating lease receivables recorded by lessors are explicitly excluded from the scope of ASU 2016-13. The Company must apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company does not expect the guidance to materially impact the Consolidated Financial Statements. Recently Adopted: In February 2016, the FASB issued Accounting Standards Update 2016-02 Leases (Topic 842) (“ASU 2016-02”) which supersedes Topic 840, Leases. This guidance applies to all entities that enter into leases. Lessees are required to report assets and liabilities that arise from leases. Lessor accounting has largely remained unchanged; however, certain refinements were made to conform with revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. ASU 2016-02 contains certain practical expedients, which the Company has elected. 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 components within a contract if certain criteria are met. The lessor’s practical expedient election is limited to circumstances in which (i) the timing and pattern of revenue recognition are the same for the non-lease component and the related lease component and (ii) the combined single lease component would be classified as an operating lease. This practical expedient allows the Company the ability to combine the lease and non-lease components if the underlying asset meets the two criteria above. In February 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements (“ASU 2019-01”). ASU 2019-01 addresses two lessor implementation issues and clarifies an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the new lease accounting standard. One exemption applicable to the Company would exempt the Company from having to provide certain interim disclosures in the fiscal year in which a company adopts the new lease accounting standard. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company early adopted ASU 2019-01 and concluded that the adoption did not have a material impact on its Consolidated Financial Statements. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606).” Beginning January 1, 2018, the Company was required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and has included additional disclosure requirements. The majority of the Company’s revenue is derived from tenant leases at multifamily, office, and industrial properties and the Company has concluded that the adoption of ASU 2014-09 did not have an impact on both the rental revenue and tenant reimbursement income revenue streams. The Company has adopted this standard on January 1, 2018 using the modified retrospective method, and the cumulative impact did not have an impact on equity. In May 2017, the FASB issued ASU 2017-09 “Compensation – Stock Compensation (Topic 718)—Scope of Modification Accounting,” which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update will be applied prospectively to an award modified on or after the adoption date. This standard is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this standard on January 1, 2018 with no material impact on the Company’s consolidated financial statements and related disclosures. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows (Topic 230)—Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 clarifies the presentation of certain cash receipts and cash payments in the statement of cash flows. The primary updates include additions and clarifications of the classification of cash flows related to certain debt repayment activities, contingent consideration payments related to business combinations, proceeds from insurance policies,distributions from equity method investees, and cash flows related to securitized receivables. This update is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of this ASU is permitted, including in interim periods. The ASU requires retrospective application to all prior periods presented upon adoption. The Company adopted this standard on January 1, 2018 with no material impact on the Company’s Consolidated Financial Statements and related disclosures. In November 2016, FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. GAAP currently does not include specific guidance on the cash flow classification and presentation of changes in restricted cash. This update is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of this ASU is permitted, including in interim periods. The ASU requires retrospective application to all prior periods presented upon adoption. The Company adopted this standard on January 1, 2018 with no material impact on the Company’s Consolidated Financial Statements and related disclosures.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): December 31, 2019 December 31, 2018 Building and building improvements $ 323,162 $ 249,552 Land and land improvements 61,098 46,609 Furniture, fixtures and equipment 3,474 3,249 Total 387,734 299,410 Accumulated depreciation (14,646) (5,036) Investments in real estate, net $ 373,088 $ 294,374 Depreciation Expense was $9.6 million, $4.9 million, and $0.1 million for the years ended December 31, 2019, 2018 and for the period from May 19, 2017 (date of initial capitalization) through December 31, 2017, respectively. During the year ended December 31, 2019, the Company acquired interests in three real property investments, which were comprised of one office, industrial, and other, which is representative of a medical office property. These property acquisitions have been accounted for as asset acquisitions. The following table provides details of the properties acquired during the year ended December 31, 2019 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) East Sego Lily 100% 1 Salt Lake City, UT Office May 2019 $ 44,422 Globe Street Industrial 100% 1 Moreno Valley Industrial October 2019 19,442 9725 Datapoint 100% 1 San Antonio, TX Other December 2019 36,523 3 $ 100,387 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. During the year ended December 31, 2018, the Company acquired interests in four real property investments, which were comprised of one office, multifamily, retail, and industrial property. These property acquisitions have been accounted for as asset acquisitions. The following table provides details of the properties acquired during the year ended December 31, 2018 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) Defoor Hills 100% 1 Atlanta, GA Office June 2018 $ 33,808 Tacara at Steiner Ranch 100% 1 Austin, TX Multifamily June 2018 47,909 Main Street at Kingwood 100% 1 Houston, TX Retail October 2018 85,696 Henderson Interchange 100% 1 Henderson, NV Industrial December 2018 25,074 4 $ 192,487 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. For the period from May 19, 2017 (date of initial capitalization) through December 31, 2017, the Company acquired interests in three real property investments, which were comprised of one multifamily and two industrial properties. These property acquisitions have been accounted for as asset acquisitions. The following table provides details of the properties acquired during the period from May 19, 2017 (date of initial capitalization) through December 31, 2017 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) Kirkland Crossing 100% 1 Aurora, IL Multifamily December 2017 $ 54,218 West Phoenix Industrial 100% 1 Phoenix, AX Industrial December 2017 $ 16,785 Denver Industrial 100% 3 Denver & Golden, CO Industrial December 2017 $ 51,135 5 $ 122,138 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2019 ($ in thousands): East Sego Lily Globe Street Industrial 9725 Datapoint Total Building and building improvements $ 33,396 $ 13,154 $ 26,336 $ 72,886 Land and land improvements 3,964 4,376 6,124 14,464 In-place lease intangibles 5,077 1,579 5,095 11,751 Other intangibles 1,985 333 (1,032) 1,286 Total purchase price $ 44,422 $ 19,442 $ 36,523 $ 100,387 The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2018 ($ in thousands): Defoor Hills Tacara at Steiner Ranch Main Street at Kingwood Henderson Interchange Total Building and building improvements $ 25,600 $ 37,717 $ 74,501 $ 18,316 $ 156,134 Land and land improvements 4,472 8,385 10,708 4,475 28,040 In-place lease intangibles 1,965 1,807 3,624 1,475 8,871 Other intangibles 1,771 — (3,137) 808 (558) Total purchase price $ 33,808 $ 47,909 $ 85,696 $ 25,074 $ 192,487 The following table summarizes the purchase price allocation for the properties acquired during the period from May 19, 2017 (date of initial capitalization) through December 31, 2017 ($ in thousands): Kirkland Crossing West Phoenix Industrial Denver Industrial Total Building and building improvements $ 46,555 $ 11,337 $ 38,495 $ 96,387 Land and land improvements 5,894 3,891 8,773 18,558 In-place lease intangibles 1,769 933 3,106 5,808 Other intangibles — 624 761 1,385 Total purchase price $ 54,218 $ 16,785 $ 51,135 $ 122,138

Investment in International Aff

Investment in International Affiliated Fund	12 Months Ended
	Dec. 31, 2019
Schedule of Investments [Abstract]
Investment in International Affiliated Fund	Investment in International Affiliated Fund Investment in ECF: ECF was formed in March 2016 as an open-end, Euro-denominated fund that seeks to build a diversified portfolio of high quality and stabilized commercial real estate with good fundamentals (i.e., core real estate) located in or around certain investment cities in Europe selected for their resilience, potential for long-term structural performance and ability to deliver an attractive and stable distribution yield. On December 22, 2017, the Company entered into a subscription agreement to invest approximately $28.0 million (€25.0 million) into ECF. As of December 31, 2019, the Company has fully satisfied its commitment. 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 years ended December 31, 2019 and 2018, the Company recorded net income of approximately $0.5 million consisting of operating income of $0.8 million, partially offset by $0.3 million in unrealized losses, and $0, respectively, based on its allocable share from ECF that is reflected on the Company’s Consolidated Statements of Operations. Investment in APCF: APCF was launched in November 2018 as an open-end, U.S. dollar-denominated fund that seeks durable income and capital appreciation from a balanced and diversified portfolio of real estate investments in a defined list of investment cities in the Asia-Pacific region. On November 9, 2018 the Company entered into a subscription agreement to invest $10.0 million into APCF. Subsequently, on September 11, 2019 the Company increased its commitment by $20 million. As of December 31, 2019, the Company has funded $10.0 million of its total commitment of $30.0 million. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets. For the years ended December 31, 2019 and 2018, the Company recorded net loss of $0.3 million consisting of operating income of $0.1 million, partially offset by $0.4 million in unrealized losses and $0, respectively, based on its allocable share from APCF that is reflected on the Company’s Consolidated Statements of Operations.

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities As of December 31, 2019 and 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 years ended December 31, 2019, 2018 and for the period from May 19, 2017 (period of initial capitalization) through December 31, 2017 ($ in thousands): For the Year Ended December 31, May 19, 2017 (period of initial capitalization) through December 31, 2017 2019 2018 Unrealized gain (loss) $ 3,440 $ (1,272) $ — Realized gains 2,740 606 — Dividend income 1,116 786 — Realized and unrealized income from real estate-related securities $ 7,296 $ 120 $ —

Investment in Commercial Mortga

Investment in Commercial Mortgage Loan	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Investment In Commercial Mortgage Loan	Investment in Commercial Mortgage Loan During the year ended December 31, 2019, the Company originated a loan to finance the acquisition and renovation of an industrial property in Maspeth, New York for $46.0 million. The 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 portion of the loan for $34.3 million to an unaffiliated party and retained the subordinate mortgage, receiving proceeds of $34.0 million, which is net of disposition fees. The fair value of the subordinate mortgage was $12.7 million as of December 31, 2019. The Company recognized interest income and origination fees from its investment in commercial mortgage loan of approximately $1.5 million and $0, for the years ended December 31, 2019 and 2018, respectively. Loan terms for the subordinate mortgage as of December 31, 2019 are summarized below ($ in thousands): Investment Name Asset Type Location Interest Rate Origination Date Maturity Date Periodic Payment Terms Commitment Amount Unfunded Amount Principal Receivable Fair Value 55 Grand Ave Mezzanine Loan Masbeth, NY LIBOR + 570 bps March 28, 2019 March 29, 2022 Interest Only $14,375 $1,642 $12,733 $12,733

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following for years ended December 31, 2019 and 2018 ($ in thousands): December 31, 2019 December 31, 2018 Intangible assets: In-place lease intangibles $ 26,408 $ 14,679 Above-market lease intangibles 154 154 Other intangibles 11,677 6,557 Total intangible assets 38,239 21,390 Accumulated amortization: In-place lease intangibles (7,623) (4,396) Above-market lease intangibles (21) (3) Other intangibles (1,826) (624) Total accumulated amortization (9,470) (5,023) Intangible assets, net 28,769 16,367 Intangible liabilities: Below-market lease intangibles (9,414) (5,876) Accumulated amortization 507 117 Intangible liabilities, net $ (8,907) $ (5,759) Amortization expense relating to intangible assets was $4.4 million, $4.9 million, and $0.1 million for the years ended December 31, 2019, 2018, and for the period from May 19, 2017 (period of initial capitalization) through December 31, 2017, respectively. Income from the amortization of intangible liabilities was $0.5 million and $0.1 million for the years ended December 31, 2019 and 2018, respectively. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows ($ in thousands): In-Place Above-Market Lease Intangibles Other Intangibles Below-Market 2020 $ 2,830 $ 17 $ 1,523 $ (635) 2021 2,610 17 1,347 (655) 2022 2,328 17 1,235 (640) 2023 1,998 17 1,072 (639) 2024 1,892 17 1,005 (635) Thereafter 7,127 48 3,669 (5,703) $ 18,785 $ 133 $ 9,851 $ (8,907) The weighted-average amortization periods for the acquired in-place lease intangibles, other intangibles and below-market lease intangibles of the properties acquired were 7, 9 and 16 years, respectively.

Credit Facility and Mortgage Pa

Credit Facility and Mortgage Payable	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Credit Facility	Credit Facility and Mortgage Payable 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 $60.0 million for unsecured revolving loans, with an accordion feature that may increase the aggregate commitments to up to $500.0 million (the "Credit Facility"). Loans outstanding under the Credit Facility bear interest, at Nuveen OP's option, at either an adjusted base rate or an adjusted 30-day LIBOR rate, in each case, plus an applicable margin. The applicable margin ranges from 1.30% to 1.90% for borrowings at the adjusted LIBOR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. Loans under the Credit Facility will mature three years from October 24, 2018, with an option to extend twice for an additional year pursuant to the terms of the Credit Agreement. On December 17, 2018 and June 11, 2019, we amended the Credit Agreement to increase the Credit Facility to $150 million and $210 million in aggregate commitments, respectively, with all other terms remaining the same. In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Financing Rate ("SOFR") is the rate that represents best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR. The consequence of these developments cannot be entirely predicted but could include an increase in the cost of our variable rate indebtedness. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size December 31, 2019 December 31, 2018 Credit facility L+applicable margin (1) October 24, 2021 $ 210,000 $ 107,777 $ 70,000 (1) The applicable margin ranges from 1.30% to 1.90% for borrowings at the adjusted LIBOR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. As of December 31, 2019 and December 31, 2018, the Company had $107.8 million and $70.0 million, respectively, in borrowings and had an outstanding accrued interest of $0.2 million. For the years ended December 31, 2019 and 2018, the Company incurred $3.9 million and $0.4 million, respectively, in Interest Expense. As of December 31, 2019, the Company is in compliance with all loan covenants. Mortgage Payable On November 8, 2019, NR Main Street at Kingwood LLC, a wholly owned subsidiary of the Company, entered into a loan agreement (“Mortgage Payable”) with Nationwide Life Insurance Company (“Lender”). The Mortgage Payable provides a secured loan of $48.0 million, interest only, for seven years with a fixed rate of 3.15% per annum and matures in December 2026 with unpaid principal balance on the Mortgage Payable due and payable in full on the maturity date. The following is a summary of the Mortgage Payable secured by the Company's retail property ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size December 31, 2019 December 31, 2018 Mortgage payable 3.15% December 1, 2026 $ 48,000 $ 48,000 $ — Deferred financing costs, net (499) — Mortgage payable, net $ 47,501 $ — As of December 31, 2019, the Company had $48.0 million in borrowings and $0.1 million in accrued interest outstanding under the Mortgage Payable. For the year ended December 31, 2019, the Company incurred $0.2 million in interest expense. The following table presents the future principal payments due under the Credit Facility and Mortgage Payable as of December 31, 2019 ($ in thousands): Amount Year Credit Facility Mortgage Payable 2020 $ — $ — 2021 107,777 — 2022 — — 2023 — — 2024 — — Thereafter — 48,000 Total $ 107,777 $ 48,000

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities The following table summarizes the components of Other Assets ($ in thousands): December 31, 2019 December 31, 2018 Straight-line rent receivable $ 2,336 $ 1,119 Deferred financing costs on credit facility, net 779 771 Receivables 736 353 Prepaid expenses 329 288 Other 82 53 Total $ 4,262 $ 2,584 The following table summarizes the components of Accounts Payable, Accrued Expenses, and Other Liabilities for the years ended December 31, 2019 and December ($ in thousands): December 31, 2019 December 31, 2018 Real estate taxes payable $ 1,742 $ 2,099 Accounts payable and accrued expenses 1,700 1,420 Tenant security deposits 1,044 587 Prepaid rental income 608 386 Accrued interest expense 334 164 Other 370 414 Total $ 5,798 $ 5,070

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Fees Due to Related Party Pursuant to the advisory agreement between the Company, Nuveen OP, 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 offering and ongoing management of the assets of the Company, as follows: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Advisory Fee (% of NAV) 1.25% 1.25% 1.25% 1.25% 0.65% For the years ended December 31, 2019 and 2018, the Company has accrued management fees of approximately $0.2 million, respectively, which has been included in accounts payable, accrued expenses, and other liabilities on the Company’s Consolidated Balance Sheets. For the years ended December 31, 2019, 2018 and for the period from May 19, 2017 (date of initial capitalization) through December 31, 2017, the Company has incurred advisory fee expense of $2.1 million, $1.5 million, and $0.1 million, respectively. 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 December 31, 2019 and 2018, 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 or converted into Class I shares. As of December 31, 2019, the Company has accrued $1.4 million of stockholder servicing fees with respect to the outstanding Class T common shares, Class S common shares, 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: Class T Shares Class S Shares Class D Shares Class I Shares Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0% up to 3.5% — — Maximum Upfront Dealer Manager Fees (% of Transaction Price) 0.50% — — — Stockholder Servicing Fee (% of NAV) 0.85% (1) 0.85% 0.25% — (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 stock holder 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 share will automatically convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share. Due to Affiliates The following table summarizes the components of Due to Affiliates ($ in thousands): December 31, 2019 December 31, 2018 Accrued stockholder servicing fees (1) $ 1,411 $ 23 Advanced organization and offering costs 4,648 4,579 Total $ 6,059 $ 4,602 (1) 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 December 31, 2019, the Company accrued approximately $1.4 million of stockholder servicing fees payable to the Dealer Manager related to Class T, Class S 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 of the full amount of the selling commissions and the dealer manager fee and all or a portion of stockholder servicing fees received by the Dealer Manager to such selected dealers. The Company will no longer incur the stockholder servicing fee after September 2054 in connection with those Class T, Class S and Class D shares currently outstanding; the fees may end sooner if the total underwriting compensation paid in respect of the Offering reaches 10.0% of the gross offering proceeds or if the Company completes a liquidity event. The Company will incur stockholder servicing fees in connection with future issuances of Class D shares for a 35-year period from the date of issuance and seven years for Class T shares and Class S shares from date of issuance.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Economic Dependency	Economic DependencyThe Company will be dependent on the Advisor and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Advisor and its affiliates are unable to provide such services, the Company would be required to find alternative service providers.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesFrom time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. For the years ended December 31, 2019 and 2018, 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	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Tenant Leases	Tenant Leases The Company’s real estate properties are leased to tenants under operating lease agreements which expire on various dates. 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. 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. Rental income for the years ended December 31, 2019, 2018 and for the period from May 19, 2017 (date of initial capitalization) through December 31, 2017, was $30.8 million, $15.9 million,and $0.4 million, respectively. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily investments are as follows ($ in thousands): Year Future Minimum Rent 2020 $ 20,700 2021 20,176 2022 19,409 2023 18,025 2024 16,938 Thereafter 79,046 Total $ 174,294 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	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Equity	Equity Authorized Capital On January 24, 2018, the Company filed Articles of Amendment and Restatement with the State Department of Assessments and Taxation of Maryland and 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 sold in the Offering were authorized. As of December 31, 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 preferred stock (“Series A Preferred Stock”). On January 4, 2019, the Company sold 125 shares of its Series A Preferred Stock at a purchase price of $1,000 per share in a private placement exempt from registration. The offering of Series A Preferred Stock was effected for the purpose of the Company having at least 100 stockholders to satisfy one of the qualifications required in order to qualify as a REIT under the Code. Common Stock As of December 31, 2019, the Company has issued and outstanding 1,377,526 shares of Class T common stock, 70,151 shares of Class S common stock, 572,675 shares of Class D common stock, 1,965,962 shares of Class I common stock, and 29,730,608 shares of Class N common stock. The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands) for the years ended December 31, 2019 and 2018: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total December 31, 2017 — — — — 12,405 12,405 Common Stock Issued — — 26 186 17,326 17,538 Distribution Reinvestment — — — (a) — (a) — — Vested Stock — — — — — — Common Stock Repurchased — — — — — — December 31, 2018 — — 26 186 29,731 29,943 Common Stock Issued 1,375 70 544 1,774 — 3,763 Distribution Reinvestment 2 — 3 9 — 14 Vested Stock — — — 7 — 7 Common Stock Repurchased — — — (10) — (10) December 31, 2019 1,377 70 573 1,966 29,731 33,717 (a) The Class D and Class I Shares amount is not presented due to rounding TIAA has purchased $300.0 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 in February 2019. The Company accrued approximately $68,000 and $62,000 of expense for years ended December 31, 2019 and 2018, respectively, 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 will 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 will 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 will be equal to the transaction price at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders do not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Beginning September 30, 2018, the Company established a monthly record date for a quarterly distribution to stockholders on record as of the last day of each applicable month typically payable within 25 days following quarter end. Based on the monthly record dates established by the board of directors, the Company accrues for distribution on a monthly basis. The Company accrued $5.1 million for October, November and December 2019 in Distribution payable on the Consolidated Balance Sheets. For the years ended December 31, 2019 and 2018, the Company declared and paid distributions in the amount of $13.2 million and $1.9 million, respectively. The distribution for the fourth quarter of 2019 was declared and paid in January 2020, thus no distributions were made for Class S shares prior to December 31, 2019. The distribution for the fourth quarter of 2018 was declared and paid in January 2019, thus no distributions were made for Class T and Class T shares prior to such date. The table below details the net distribution paid for each of our share classes for the years ended December 31, 2019 and 2018 ($ in thousands). Class T Shares Class D Shares Class I Shares Class N Shares Total 2019 Net Distribution Amount $ 47 $ 41 $ 218 $ 12,855 $ 13,161 2018 Net Distribution Amount $ — $ 2 $ 2 $ 9 $ 1,894 $ 1,905 The following table outlines the estimated tax character of the Company's distributions paid in 2019 and 2018 as a percentage of total distributions. The distributions for the fourth quarter of 2019 and 2018, were declared and paid in January 2020 and January 2019, respectively, and are excluded from the analysis below: Ordinary Capital Return of 2019 Tax Year 47.99 % (1) 0.95 % (2) 51.06 % 2018 Tax Year 60.02 % (3) — % 39.98 % (1) 99.12% and 0.88% of the distributions paid in 2019 are non-qualified and qualified, respectively. (2) A portion of the capital gain in 2019 is unrecaptured 1250 Gain. (3) 100% of the distributions paid in 2018 are non-qualified dividend 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 will be 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 period, the Company does not have at least one month in which the Company fully satisfies 100% of properly submitted repurchase requests or accepts all properly submitted tenders in a self-tender offer for the Company’s shares, the Company will not make any new investments (excluding short-term cash management investments under 30 days in duration) and will use all available investable assets to satisfy repurchase requests (subject to the limitations under this program) until all outstanding repurchase requests have been satisfied. Shares would be 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 would be 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. For the year ended December 31, 2019, the Company repurchased 9,843 of Class I shares at a price of $10.59 per share.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company currently operates in eight reportable segments: industrial properties, multifamily properties, retail properties, office properties, other properties, which consists of a medical office building, 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 December 31, 2019 and 2018 ($ in thousands): December 31, 2019 December 31, 2018 Industrial $ 106,417 $ 89,963 Multifamily 94,039 97,448 Retail 88,217 90,881 Office 76,603 34,134 Other 39,634 — International Affiliated Funds 37,734 28,594 Real Estate-Related Securities 35,240 29,228 Commercial Mortgage Loan 12,733 — Other (Corporate) 16,880 6,598 Total assets $ 507,497 $ 376,846 The following table sets forth the financial results by segment for the years ended December 31, 2019, 2018 and for the period from May 19, 2017 (date of initial capitalization) through December 31, 2017 ($ in thousands): For the Year Ended May 19, 2017 (date of initial capitalization) through December 31, 2017 December 31, 2019 2018 Rental revenues Multifamily $ 9,215 $ 7,197 303 Office 6,071 1,483 — Industrial 8,464 6,081 87 Retail 6,912 1,117 — Other 146 — — Total rental revenues 30,808 15,878 390 Property operating expenses Multifamily 4,555 3,395 154 Office 1,585 274 — Industrial 2,578 1,821 21 Retail 1,238 162 — Other 23 — — Total property operating expenses 9,979 5,652 175 Depreciation and amortization Multifamily 3,885 4,924 214 Office 2,682 605 — Industrial 4,284 3,687 47 Retail 3,259 582 — Other 61 — — Total depreciation and amortization 14,171 9,798 261 Interest income from commercial loan 1,455 — — Realized and unrealized income from real estate-related securities 7,296 120 — Income from equity investment in unconsolidated international affiliated funds 270 34 — General and administrative expenses (3,502) (3,950) (238) Advisory fee due to affiliate (2,100) (1,485) (44) Interest Income 161 120 — Interest expense (4,534) (434) — Net income (loss) $ 5,704 $ (5,167) $ (328) Net income attributable to Series A preferred stock $ 15 $ — $ — Net income (loss) attributable to common stockholders $ 5,689 $ (5,167) $ (328)

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited) The following tables present the Company’s quarterly results ($ in thousands, except per share data): 2019 Quarter Ended March 31 Quarter Ended June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ 6,766 $ 8,475 $ 8,198 $ 8,824 Net income (loss) $ 3,748 $ (247) $ 2,211 $ (8) Net income (loss) attributable to stockholders $ 3,744 $ (250) $ 2,207 $ (12) Net income (loss) per share $ 0.12 $ (0.01) $ 0.07 $ — 2018 Quarter Ended March 31 Quarter Ended June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ 2,822 $ 3,015 $ 4,536 $ 5,505 Net (loss) income $ (1,515) $ 287 $ (849) $ (3,090) Net (loss) income attributable to stockholders $ (1,515) $ 287 $ (849) $ (3,090) Net (loss) income per share $ (0.08) $ 0.01 $ (0.04) $ 0.11 2017 Quarter Ended March 31 May 19, 2017 (date of initial capitalization) through June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ — $ — $ — $ 390 Net loss $ — $ — $ — $ (328) Net loss attributable to stockholders $ — $ — $ — $ (328) Net loss per share $ — $ — $ — $ (0.30)

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Market Development On January 30, 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. As the result of rising infections in U.S., on March 13, 2020, the President of the United States declared COVID-19 a national emergency and many other world leaders have made similar declarations. This has created increased short term market volatility and adverse impacts on U.S. and world economies. Resulting business closures and individual restrictions may adversely impact the Company’s investments both in the U.S. and the International Affiliated Funds. At this time, the Company is unable to estimate the impact of this event on its investments and its operations. Distributions Our 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, 2019, November 30, 2019 and December 31, 2019. The Company paid these distributions amounting to $5.1 million on January 29, 2020. On January 17, 2020, the Company’s board of directors amended the Company’s distribution policy to reflect that the Company intends to pay distributions monthly rather than quarterly going forward, subject to the discretion of the board of directors. Our board of directors declared distributions amounting to $1.8 million each on all outstanding shares of common stock as of the close of business on the record date of January 31, 2020 and February 29, 2020 and the Company paid these distributions on February 27, 2020 and March 26, 2020, respectively. Status of the Offering On January 1, 2020 the Company sold approximately $10,087,060 of common stock (310,327 Class T shares, 260,338 Class S shares, 164,119 Class D shares & 209,963 Class I shares) at a purchase price of $10.64 for Class T, $10.64 for Class S, $10.73 for Class D, and $10.74 for Class I. On February 1, 2020 the Company sold approximately $12,753,454 of common stock (3,087,278 Class T shares, 4,200,141 Class S shares, 1,174,421 Class D shares & 4,291,614 Class I shares) at a purchase price of $10.70 for Class T, $10.69 for Class S, $10.79 for Class D, and $10.81 for Class I. On March 1, 2020 the Company sold approximately $19,468,472 of common stock (4,091,021 Class T shares, 5,674,518 Class S shares, 2,913,380 Class D shares & 6,789,554 Class I shares) at a purchase price of $10.70 for Class T, $10.66 for Class S, $10.79 for Class D, and $10.81 for Class I. Other Items On February 20, 2020, the Company funded an additional $6.4 million towards its $30.0 million commitment to APCF.

SCHEDULE III - Real Estate and

SCHEDULE III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - Real Estate and Accumulated Depreciation	Schedule III Initial Costs Gross Amount at Which Carried at Close of Period (a) Property Location Property Type Year Built Year Acquired Related Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation Depreciable Lives Aurora, IL Multi-family 2003 2017 $ 5,894 $ 44,713 $ 385 $ 5,932 $ 45,061 $ 50,993 $ 2,620 15 - 40 years Phoenix, AZ Industrial 1998 2017 3,891 11,337 149 3,891 11,486 15,377 731 15 - 40 years Denver & Golden, CO Industrial Various 2017 8,773 38,496 113 8,772 38,609 47,381 2,587 15 - 40 years Austin, TX Multi-family 2017 2018 8,385 36,319 157 8,385 36,476 44,861 1,612 15 - 40 years Atlanta, GA Office 1970 2018 4,472 25,598 118 4,472 25,716 30,188 1,211 15 - 40 years Houston, TX Retail 2016 2018 $ 48,000 4,475 18,316 — 4,475 18,315 22,790 653 15 - 40 years Henderson, NV Industrial 2018 2018 10,708 74,447 137 10,708 74,585 85,293 2,976 15 - 40 years Salt Lake City, UT Office 2017 2019 3,964 33,398 26 3,963 33,423 37,386 892 15 - 40 years Moreno Valley, CA Industrial 1993 2019 4,376 10,611 2,544 4,376 13,155 17,531 107 15 - 40 years San Antonio, TX Retail 1972; renovated 2019 2019 6,124 25,417 919 6,124 26,336 32,460 42 15 - 40 years $ 48,000 $ 61,062 $ 318,652 $ 4,548 $ 61,098 $ 323,162 $ 384,260 $ 13,431 (a) The aggregate cost for federal income tax purposes at December 31, 2019 was approximately $405.1 million. The total included on Schedule III does not include Furniture, Fixtures and Equipment totaling $3.5 million. Accumulated Depreciation does not include $1.2 million of accumulated depreciation related to Furniture, Fixtures and Equipment. Changes in rental properties and accumulated depreciation for the periods ended December 31, 2019, 2018 and for the period from May 19, 2017 (date of initial capitalization) through December 31, 2017 , are as follows ($ in thousands): Rental Properties 2019 2018 2017 Balance at beginning of period $ 296,073 $ 113,103 $ — Additions 88,187 182,970 113,103 Balance at end of period $ 384,260 $ 296,073 $ 113,103 Accumulated Depreciation 2019 2018 2017 Balance at beginning of period $ 4,498 $ 123 $ — Additions 8,933 4,375 123 Balance at end of period $ 13,431 $ 4,498 $ 123

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying 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. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the SEC. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisitions. All property acquisitions to date have been accounted for as asset acquisitions. 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 interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. 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 leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. 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 leases that may have a customer relationship intangible value, including but not limited to the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. 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 lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded as separate components on the Company's Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization Expense on the Company’s Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 40 years Building, land and site improvements 15- 40 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 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 and the resulting dividend income,
Investments in International Affiliated Funds	Investments in International Affiliated Funds The Company reports its investment in the European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA, (the “International Affiliated Funds”) under the equity method of accounting. The equity method income (loss) from the investments in the International Affiliated Funds represents the Company’s allocable share of each fund’s 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), for the years ended December 31, 2019 and 2018, and is reported as Income from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements of Operations. 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 was 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 origination fee income, which is reported as income from commercial mortgage loan on the Company’s Consolidated Statements of Operations. In the event of a partial or whole sale of the commercial mortgage loan, the Company derecognizes the corresponding asset and 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 Charges The Company's deferred charges include financing and leasing costs. Financing costs include legal, structuring, and other loan costs incurred by the Company for its financing arrangements. Deferred financing costs related to the credit facility are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are being amortized over the term of the credit facility. Unamortized costs are charged to expenses upon early repayment or significant modification of the credit facility and fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility. Deferred financing costs related to the Company’s mortgage payable are recorded as an offset to the related liability and amortized over the term of the financing instrument. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Investments in Real Estate, net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease.
Fair Value Measurements	Fair Value Measurements 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 December 31, 2019, the Company’s $35.2 million of investments in real-estate related securities consisted of shares of common stock of publicly-traded real estate investment trusts and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. As of December 31, 2019, and subsequent to the sale of the senior portion of the commercial mortgage loan, the Company’s $12.7 million investment in commercial mortgage loan consisted of a mezzanine loan the Company originated and was classified as Level 3. The commercial mortgage loan is carried at fair value based on significant unobservable inputs. The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2019 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of January 1, 2019 $ — Loan Originations 45,564 Sale of Senior Note (34,264) Additional fundings 1,433 Net Unrealized Gain (Loss) — Balance as of December 31, 2019 $ 12,733 The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investment in commercial mortgage loan as of December 31, 2019. Type Asset Class Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Commercial Mortgage Loan Industrial Cash Equivalency Method Discount Rate LIBOR (1) + 3.50% - LIBOR (1) + 5.70% (1) LIBOR as of December 31, 2019 was 1.8% As of December 31, 2019, the carrying value of the Company's Mortgage Payable and Credit Facility approximates fair value. As of December 31, 2018 the the carrying value of the Company's Credit Facility approximates fair value. Fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to present value using the appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3.
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 primarily of base rent arising from tenant operating leases at the Company’s office, industrial, multifamily, retail, and other 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 included in lease agreements. Income from Commercial Mortgage Loan — consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payment are received until the loans are returned to accrual status. As of December 31, 2019, the Company did not have any mortgage loans on nonaccrual status.
Leases	Leases The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether: • The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or • All other leases that do not meet the criteria as sales-type or direct financing leases (operating).
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 December 31, 2019, restricted cash consists of 10.1 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 qualified to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”) commencing with its taxable year ending December 31, 2018 and intends to continue to qualify as a REIT. 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 estate-related business other than management or operation of a lodging facility or a health care facility. A domestic TRS is subject to US corporate federal income tax. The Cayman Islands TRSs are not subject to US corporate federal income tax or Cayman Islands taxes. As of December 31, 2019, the Company has three active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds and used one domestic TRS to hold the senior portion of the commercial mortgage loan, which has since been sold. Tax legislation commonly referred to as the Tax Cuts & Jobs Act (the “TCJA”) was enacted on December 22, 2017. Among other things, the TCJA reduces the U.S. federal corporate income tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings. Management has evaluated the effects of TCJA and concluded that the TCJA will not materially impact its Consolidated Financial Statements. The Company also estimates that the new taxes on foreign-sourced earnings are not likely to apply to its foreign investments.
Organization and Offering Expenses	Organization and Offering Expenses The Advisor 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 $1.0 billion or January 31, 2023. As of December 31, 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 as of which the Offering was declared effective. These organization and offering costs are recorded as Due to Affiliates on the Company’s Consolidated Balance Sheet as of December 31, 2019 and 2018. Offering costs are currently charged to equity as such amounts are incurred. For the year ended December 31, 2019, the Company incurred $0.8 million in offering costs to equity.
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 other comprehensive (losses) and income of $(412,005) and $42,000, respectively, for the years ended December 31, 2019 and 2018. The financial position and results of operations of APCF are 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 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 FASB issued ASU 2018-13, “Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements”. ASU 2018-13 modifies the disclosures required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. The Company does not expect the guidance to materially impact the Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”). The guidance changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (“ASU 2018-19”) to clarify certain aspects of ASU 2016-13, including that operating lease receivables recorded by lessors are explicitly excluded from the scope of ASU 2016-13. The Company must apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company does not expect the guidance to materially impact the Consolidated Financial Statements. Recently Adopted: In February 2016, the FASB issued Accounting Standards Update 2016-02 Leases (Topic 842) (“ASU 2016-02”) which supersedes Topic 840, Leases. This guidance applies to all entities that enter into leases. Lessees are required to report assets and liabilities that arise from leases. Lessor accounting has largely remained unchanged; however, certain refinements were made to conform with revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. ASU 2016-02 contains certain practical expedients, which the Company has elected. 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 components within a contract if certain criteria are met. The lessor’s practical expedient election is limited to circumstances in which (i) the timing and pattern of revenue recognition are the same for the non-lease component and the related lease component and (ii) the combined single lease component would be classified as an operating lease. This practical expedient allows the Company the ability to combine the lease and non-lease components if the underlying asset meets the two criteria above. In February 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements (“ASU 2019-01”). ASU 2019-01 addresses two lessor implementation issues and clarifies an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the new lease accounting standard. One exemption applicable to the Company would exempt the Company from having to provide certain interim disclosures in the fiscal year in which a company adopts the new lease accounting standard. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company early adopted ASU 2019-01 and concluded that the adoption did not have a material impact on its Consolidated Financial Statements. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606).” Beginning January 1, 2018, the Company was required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and has included additional disclosure requirements. The majority of the Company’s revenue is derived from tenant leases at multifamily, office, and industrial properties and the Company has concluded that the adoption of ASU 2014-09 did not have an impact on both the rental revenue and tenant reimbursement income revenue streams. The Company has adopted this standard on January 1, 2018 using the modified retrospective method, and the cumulative impact did not have an impact on equity. In May 2017, the FASB issued ASU 2017-09 “Compensation – Stock Compensation (Topic 718)—Scope of Modification Accounting,” which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update will be applied prospectively to an award modified on or after the adoption date. This standard is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this standard on January 1, 2018 with no material impact on the Company’s consolidated financial statements and related disclosures. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows (Topic 230)—Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 clarifies the presentation of certain cash receipts and cash payments in the statement of cash flows. The primary updates include additions and clarifications of the classification of cash flows related to certain debt repayment activities, contingent consideration payments related to business combinations, proceeds from insurance policies,distributions from equity method investees, and cash flows related to securitized receivables. This update is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of this ASU is permitted, including in interim periods. The ASU requires retrospective application to all prior periods presented upon adoption. The Company adopted this standard on January 1, 2018 with no material impact on the Company’s Consolidated Financial Statements and related disclosures. In November 2016, FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. GAAP currently does not include specific guidance on the cash flow classification and presentation of changes in restricted cash. This update is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of this ASU is permitted, including in interim periods. The ASU requires retrospective application to all prior periods presented upon adoption. The Company adopted this standard on January 1, 2018 with no material impact on the Company’s Consolidated Financial Statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Estimated Useful Life of Assets	Description Depreciable Life Building 40 years Building, land and site improvements 15- 40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2019 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of January 1, 2019 $ — Loan Originations 45,564 Sale of Senior Note (34,264) Additional fundings 1,433 Net Unrealized Gain (Loss) — Balance as of December 31, 2019 $ 12,733
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques	The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investment in commercial mortgage loan as of December 31, 2019. Type Asset Class Valuation Technique(s) Unobservable Inputs Range (Weighted Average) Commercial Mortgage Loan Industrial Cash Equivalency Method Discount Rate LIBOR (1) + 3.50% - LIBOR (1) + 5.70% (1) LIBOR as of December 31, 2019 was 1.8%

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): December 31, 2019 December 31, 2018 Building and building improvements $ 323,162 $ 249,552 Land and land improvements 61,098 46,609 Furniture, fixtures and equipment 3,474 3,249 Total 387,734 299,410 Accumulated depreciation (14,646) (5,036) Investments in real estate, net $ 373,088 $ 294,374
Summary of Properties Acquired	The following table provides details of the properties acquired during the year ended December 31, 2019 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) East Sego Lily 100% 1 Salt Lake City, UT Office May 2019 $ 44,422 Globe Street Industrial 100% 1 Moreno Valley Industrial October 2019 19,442 9725 Datapoint 100% 1 San Antonio, TX Other December 2019 36,523 3 $ 100,387 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. The following table provides details of the properties acquired during the year ended December 31, 2018 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) Defoor Hills 100% 1 Atlanta, GA Office June 2018 $ 33,808 Tacara at Steiner Ranch 100% 1 Austin, TX Multifamily June 2018 47,909 Main Street at Kingwood 100% 1 Houston, TX Retail October 2018 85,696 Henderson Interchange 100% 1 Henderson, NV Industrial December 2018 25,074 4 $ 192,487 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. The following table provides details of the properties acquired during the period from May 19, 2017 (date of initial capitalization) through December 31, 2017 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) Kirkland Crossing 100% 1 Aurora, IL Multifamily December 2017 $ 54,218 West Phoenix Industrial 100% 1 Phoenix, AX Industrial December 2017 $ 16,785 Denver Industrial 100% 3 Denver & Golden, CO Industrial December 2017 $ 51,135 5 $ 122,138 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2019 ($ in thousands): East Sego Lily Globe Street Industrial 9725 Datapoint Total Building and building improvements $ 33,396 $ 13,154 $ 26,336 $ 72,886 Land and land improvements 3,964 4,376 6,124 14,464 In-place lease intangibles 5,077 1,579 5,095 11,751 Other intangibles 1,985 333 (1,032) 1,286 Total purchase price $ 44,422 $ 19,442 $ 36,523 $ 100,387 The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2018 ($ in thousands): Defoor Hills Tacara at Steiner Ranch Main Street at Kingwood Henderson Interchange Total Building and building improvements $ 25,600 $ 37,717 $ 74,501 $ 18,316 $ 156,134 Land and land improvements 4,472 8,385 10,708 4,475 28,040 In-place lease intangibles 1,965 1,807 3,624 1,475 8,871 Other intangibles 1,771 — (3,137) 808 (558) Total purchase price $ 33,808 $ 47,909 $ 85,696 $ 25,074 $ 192,487 The following table summarizes the purchase price allocation for the properties acquired during the period from May 19, 2017 (date of initial capitalization) through December 31, 2017 ($ in thousands): Kirkland Crossing West Phoenix Industrial Denver Industrial Total Building and building improvements $ 46,555 $ 11,337 $ 38,495 $ 96,387 Land and land improvements 5,894 3,891 8,773 18,558 In-place lease intangibles 1,769 933 3,106 5,808 Other intangibles — 624 761 1,385 Total purchase price $ 54,218 $ 16,785 $ 51,135 $ 122,138

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [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 years ended December 31, 2019, 2018 and for the period from May 19, 2017 (period of initial capitalization) through December 31, 2017 ($ in thousands): For the Year Ended December 31, May 19, 2017 (period of initial capitalization) through December 31, 2017 2019 2018 Unrealized gain (loss) $ 3,440 $ (1,272) $ — Realized gains 2,740 606 — Dividend income 1,116 786 — Realized and unrealized income from real estate-related securities $ 7,296 $ 120 $ —

Investment in Commercial Mort_2

Investment in Commercial Mortgage Loan (Tables)	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of Participating Mortgage Loans	Loan terms for the subordinate mortgage as of December 31, 2019 are summarized below ($ in thousands): Investment Name Asset Type Location Interest Rate Origination Date Maturity Date Periodic Payment Terms Commitment Amount Unfunded Amount Principal Receivable Fair Value 55 Grand Ave Mezzanine Loan Masbeth, NY LIBOR + 570 bps March 28, 2019 March 29, 2022 Interest Only $14,375 $1,642 $12,733 $12,733

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 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 for years ended December 31, 2019 and 2018 ($ in thousands): December 31, 2019 December 31, 2018 Intangible assets: In-place lease intangibles $ 26,408 $ 14,679 Above-market lease intangibles 154 154 Other intangibles 11,677 6,557 Total intangible assets 38,239 21,390 Accumulated amortization: In-place lease intangibles (7,623) (4,396) Above-market lease intangibles (21) (3) Other intangibles (1,826) (624) Total accumulated amortization (9,470) (5,023) Intangible assets, net 28,769 16,367 Intangible liabilities: Below-market lease intangibles (9,414) (5,876) Accumulated amortization 507 117 Intangible liabilities, net $ (8,907) $ (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 Above-Market Lease Intangibles Other Intangibles Below-Market 2020 $ 2,830 $ 17 $ 1,523 $ (635) 2021 2,610 17 1,347 (655) 2022 2,328 17 1,235 (640) 2023 1,998 17 1,072 (639) 2024 1,892 17 1,005 (635) Thereafter 7,127 48 3,669 (5,703) $ 18,785 $ 133 $ 9,851 $ (8,907)

Credit Facility and Mortgage _2

Credit Facility and Mortgage Payable (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size December 31, 2019 December 31, 2018 Credit facility L+applicable margin (1) October 24, 2021 $ 210,000 $ 107,777 $ 70,000 (1) The applicable margin ranges from 1.30% to 1.90% for borrowings at the adjusted LIBOR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The following is a summary of the Mortgage Payable secured by the Company's retail property ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size December 31, 2019 December 31, 2018 Mortgage payable 3.15% December 1, 2026 $ 48,000 $ 48,000 $ — Deferred financing costs, net (499) — Mortgage payable, net $ 47,501 $ — As of December 31, 2019, the Company had $48.0 million in borrowings and $0.1 million in accrued interest outstanding under the Mortgage Payable. For the year ended December 31, 2019, the Company incurred $0.2 million in interest expense.
Schedule of Maturities of Long-term Debt	The following table presents the future principal payments due under the Credit Facility and Mortgage Payable as of December 31, 2019 ($ in thousands): Amount Year Credit Facility Mortgage Payable 2020 $ — $ — 2021 107,777 — 2022 — — 2023 — — 2024 — — Thereafter — 48,000 Total $ 107,777 $ 48,000

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Components of Other Assets	The following table summarizes the components of Other Assets ($ in thousands): December 31, 2019 December 31, 2018 Straight-line rent receivable $ 2,336 $ 1,119 Deferred financing costs on credit facility, net 779 771 Receivables 736 353 Prepaid expenses 329 288 Other 82 53 Total $ 4,262 $ 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 for the years ended December 31, 2019 and December ($ in thousands): December 31, 2019 December 31, 2018 Real estate taxes payable $ 1,742 $ 2,099 Accounts payable and accrued expenses 1,700 1,420 Tenant security deposits 1,044 587 Prepaid rental income 608 386 Accrued interest expense 334 164 Other 370 414 Total $ 5,798 $ 5,070

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 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 offering and ongoing management of the assets of the Company, as follows: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Advisory Fee (% 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: Class T Shares Class S Shares Class D Shares Class I Shares Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0% up to 3.5% — — Maximum Upfront Dealer Manager Fees (% of Transaction Price) 0.50% — — — Stockholder Servicing Fee (% of NAV) 0.85% (1) 0.85% 0.25% —
Schedule of Components of Due to Affiliates	Due to Affiliates The following table summarizes the components of Due to Affiliates ($ in thousands): December 31, 2019 December 31, 2018 Accrued stockholder servicing fees (1) $ 1,411 $ 23 Advanced organization and offering costs 4,648 4,579 Total $ 6,059 $ 4,602 (1) 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 December 31, 2019, the Company accrued approximately $1.4 million of stockholder servicing fees payable to the Dealer Manager related to Class T, Class S 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 of the full amount of the selling commissions and the dealer manager fee and all or a portion of stockholder servicing fees received by the Dealer Manager to such selected dealers. The Company will no longer incur the stockholder servicing fee after September 2054 in connection with those Class T, Class S and Class D shares currently outstanding; the fees may end sooner if the total underwriting compensation paid in respect of the Offering reaches 10.0% of the gross offering proceeds or if the Company completes a liquidity event. The Company will incur stockholder servicing fees in connection with future issuances of Class D shares for a 35-year period from the date of issuance and seven years for Class T shares and Class S shares from date of issuance.

Tenant Leases (Tables)

Tenant Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Lessor, Operating Lease, Payments to be Received, Maturity	Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily investments are as follows ($ in thousands): Year Future Minimum Rent 2020 $ 20,700 2021 20,176 2022 19,409 2023 18,025 2024 16,938 Thereafter 79,046 Total $ 174,294

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Common Stock	The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands) for the years ended December 31, 2019 and 2018: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total December 31, 2017 — — — — 12,405 12,405 Common Stock Issued — — 26 186 17,326 17,538 Distribution Reinvestment — — — (a) — (a) — — Vested Stock — — — — — — Common Stock Repurchased — — — — — — December 31, 2018 — — 26 186 29,731 29,943 Common Stock Issued 1,375 70 544 1,774 — 3,763 Distribution Reinvestment 2 — 3 9 — 14 Vested Stock — — — 7 — 7 Common Stock Repurchased — — — (10) — (10) December 31, 2019 1,377 70 573 1,966 29,731 33,717 (a) The Class D and Class I Shares amount is not presented due to rounding
Summary of Declared Distributions	The table below details the net distribution paid for each of our share classes for the years ended December 31, 2019 and 2018 ($ in thousands). Class T Shares Class D Shares Class I Shares Class N Shares Total 2019 Net Distribution Amount $ 47 $ 41 $ 218 $ 12,855 $ 13,161 2018 Net Distribution Amount $ — $ 2 $ 2 $ 9 $ 1,894 $ 1,905
Schedule of Tax Character Distribution of Dividend Paid	The distributions for the fourth quarter of 2019 and 2018, were declared and paid in January 2020 and January 2019, respectively, and are excluded from the analysis below: Ordinary Capital Return of 2019 Tax Year 47.99 % (1) 0.95 % (2) 51.06 % 2018 Tax Year 60.02 % (3) — % 39.98 % (1) 99.12% and 0.88% of the distributions paid in 2019 are non-qualified and qualified, respectively. (2) A portion of the capital gain in 2019 is unrecaptured 1250 Gain.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment as of December 31, 2019 and 2018 ($ in thousands): December 31, 2019 December 31, 2018 Industrial $ 106,417 $ 89,963 Multifamily 94,039 97,448 Retail 88,217 90,881 Office 76,603 34,134 Other 39,634 — International Affiliated Funds 37,734 28,594 Real Estate-Related Securities 35,240 29,228 Commercial Mortgage Loan 12,733 — Other (Corporate) 16,880 6,598 Total assets $ 507,497 $ 376,846
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the years ended December 31, 2019, 2018 and for the period from May 19, 2017 (date of initial capitalization) through December 31, 2017 ($ in thousands): For the Year Ended May 19, 2017 (date of initial capitalization) through December 31, 2017 December 31, 2019 2018 Rental revenues Multifamily $ 9,215 $ 7,197 303 Office 6,071 1,483 — Industrial 8,464 6,081 87 Retail 6,912 1,117 — Other 146 — — Total rental revenues 30,808 15,878 390 Property operating expenses Multifamily 4,555 3,395 154 Office 1,585 274 — Industrial 2,578 1,821 21 Retail 1,238 162 — Other 23 — — Total property operating expenses 9,979 5,652 175 Depreciation and amortization Multifamily 3,885 4,924 214 Office 2,682 605 — Industrial 4,284 3,687 47 Retail 3,259 582 — Other 61 — — Total depreciation and amortization 14,171 9,798 261 Interest income from commercial loan 1,455 — — Realized and unrealized income from real estate-related securities 7,296 120 — Income from equity investment in unconsolidated international affiliated funds 270 34 — General and administrative expenses (3,502) (3,950) (238) Advisory fee due to affiliate (2,100) (1,485) (44) Interest Income 161 120 — Interest expense (4,534) (434) — Net income (loss) $ 5,704 $ (5,167) $ (328) Net income attributable to Series A preferred stock $ 15 $ — $ — Net income (loss) attributable to common stockholders $ 5,689 $ (5,167) $ (328)

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following tables present the Company’s quarterly results ($ in thousands, except per share data): 2019 Quarter Ended March 31 Quarter Ended June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ 6,766 $ 8,475 $ 8,198 $ 8,824 Net income (loss) $ 3,748 $ (247) $ 2,211 $ (8) Net income (loss) attributable to stockholders $ 3,744 $ (250) $ 2,207 $ (12) Net income (loss) per share $ 0.12 $ (0.01) $ 0.07 $ — 2018 Quarter Ended March 31 Quarter Ended June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ 2,822 $ 3,015 $ 4,536 $ 5,505 Net (loss) income $ (1,515) $ 287 $ (849) $ (3,090) Net (loss) income attributable to stockholders $ (1,515) $ 287 $ (849) $ (3,090) Net (loss) income per share $ (0.08) $ 0.01 $ (0.04) $ 0.11 2017 Quarter Ended March 31 May 19, 2017 (date of initial capitalization) through June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ — $ — $ — $ 390 Net loss $ — $ — $ — $ (328) Net loss attributable to stockholders $ — $ — $ — $ (328) Net loss per share $ — $ — $ — $ (0.30)

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019USD ($)class
Organization And Business Activities [Line Items]
Sale of stock, consideration received on transaction	$ 5,000,000,000
Number of classes of common stock | class	4
Primary Offering
Organization And Business Activities [Line Items]
Sale of stock, consideration received on transaction	$ 4,000,000,000
Dividend Reinvestment Plan
Organization And Business Activities [Line Items]
Sale of stock, consideration received on transaction	$ 1,000,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Detail)	12 Months Ended
	Dec. 31, 2019
Building | Maximum
Real Estate Properties [Line Items]
Estimated useful life of asset	40 years
Building, land and site improvements | Minimum
Real Estate Properties [Line Items]
Estimated useful life of asset	15 years
Building, land and site improvements | Maximum
Real Estate Properties [Line Items]
Estimated useful life of asset	40 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 - Recurring Liabilities Measured at Fair Value (Details) - Fair Value, Inputs, Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0
Loan Originations	45,564
Sale of Senior Note	(34,264)
Additional fundings	1,433
Net Unrealized Gain (Loss)	0
Ending balance	$ 12,733

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Fair Value Measurements Quantitative Information (Details)	12 Months Ended
	Dec. 31, 2019
London Interbank Offered Rate (LIBOR)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Reference rate (in percent)	1.80%
Minimum | Mortgages | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Discount Rate | Cash Equivalency Method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.0350
Maximum | Mortgages | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Discount Rate | Cash Equivalency Method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.0570

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Additional Information (Detail)	7 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2019USD ($)subsidiary	Dec. 31, 2018USD ($)
Significant Of Accounting Policies [Line Items]
Investments in real estate-related securities, at fair value		$ 35,240,000	$ 29,228,000
Investment in commercial mortgage loan, at fair value		12,733,000	0
Restricted cash	$ 0	$ 10,087,000	56,000
Number of active TRSs | subsidiary		3
Deferred offering costs		$ 800,000
Foreign currency translation adjustments gain (loss)	$ 0	$ (412,005)	$ 42,000
Advisor
Significant Of Accounting Policies [Line Items]
Period for reimbursement of advance expenses		60 months
Investments in and advances to affiliates, advanced expenses reimbursement NAV threshold		$ 1,000,000,000
Organizational and offering costs		4,600,000
Offering cost		3,500,000
Organization costs		$ 1,100,000

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Building and building improvements	$ 323,162	$ 249,552
Land and land improvements	61,098	46,609
Furniture, fixtures and equipment	3,474	3,249
Total	387,734	299,410
Accumulated depreciation	(14,646)	(5,036)
Investments in real estate, net	$ 373,088	$ 294,374

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Millions	7 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Depreciation expense | $	$ 0.1	$ 9.6	$ 4.9
Number of properties acquired | property	5	3	4

Investments in Real Estate - Su

Investments in Real Estate - Summary of Properties Acquired (Detail) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Real Estate Properties [Line Items]
Number of Properties	5	3	4
Purchase price | $	$ 122,138	$ 100,387	$ 192,487
Number of real estate properties acquired	3
East Sego Lily
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties		1
Purchase price | $		$ 44,422
Globe Street Industrial
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties		1
Purchase price | $		$ 19,442
9725 Datapoint
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties		1
Purchase price | $		$ 36,523
Defoor Hills
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties			1
Purchase price | $			$ 33,808
Tacara at Steiner Ranch
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties			1
Purchase price | $			$ 47,909
Main Street at Kingwood
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties			1
Purchase price | $			$ 85,696
Henderson Interchange
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties			1
Purchase price | $			$ 25,074
Kirkland Crossing
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties	1
Purchase price | $	$ 54,218
West Phoenix Industrial
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties	1
Purchase price | $	$ 16,785
Denver Industrial
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties	3
Purchase price | $	$ 51,135

Investments in Real Estate - Pu

Investments in Real Estate - Purchase Price Allocation (Detail) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Building and building improvements		$ 72,886	$ 156,134
Land and land improvements		14,464	28,040
In-place lease intangibles		11,751	8,871
Other intangibles		1,286	(558)
Total purchase price		100,387	192,487
East Sego Lily
Business Acquisition [Line Items]
Building and building improvements		33,396
Land and land improvements		3,964
In-place lease intangibles		5,077
Other intangibles		1,985
Total purchase price		44,422
Globe Street Industrial
Business Acquisition [Line Items]
Building and building improvements		13,154
Land and land improvements		4,376
In-place lease intangibles		1,579
Other intangibles		333
Total purchase price		19,442
9725 Datapoint
Business Acquisition [Line Items]
Building and building improvements	96,387	26,336
Land and land improvements	18,558	6,124
In-place lease intangibles	5,808	5,095
Other intangibles	1,385	(1,032)
Total purchase price	122,138	$ 36,523
Defoor Hills
Business Acquisition [Line Items]
Building and building improvements			25,600
Land and land improvements			4,472
In-place lease intangibles			1,965
Other intangibles			1,771
Total purchase price			33,808
Tacara at Steiner Ranch
Business Acquisition [Line Items]
Building and building improvements			37,717
Land and land improvements			8,385
In-place lease intangibles			1,807
Other intangibles			0
Total purchase price			47,909
Main Street at Kingwood
Business Acquisition [Line Items]
Building and building improvements			74,501
Land and land improvements			10,708
In-place lease intangibles			3,624
Other intangibles			(3,137)
Total purchase price			85,696
Henderson Interchange
Business Acquisition [Line Items]
Building and building improvements			18,316
Land and land improvements			4,475
In-place lease intangibles			1,475
Other intangibles			808
Total purchase price			$ 25,074
Kirkland Crossing
Business Acquisition [Line Items]
Building and building improvements	46,555
Land and land improvements	5,894
In-place lease intangibles	1,769
Other intangibles	0
Total purchase price	54,218
West Phoenix Industrial
Business Acquisition [Line Items]
Building and building improvements	11,337
Land and land improvements	3,891
In-place lease intangibles	933
Other intangibles	624
Total purchase price	16,785
Denver Industrial
Business Acquisition [Line Items]
Building and building improvements	38,495
Land and land improvements	8,773
In-place lease intangibles	3,106
Other intangibles	761
Total purchase price	$ 51,135

Investment in International A_2

Investment in International Affiliated Fund - Additional Information (Detail) € in Millions	Sep. 11, 2019USD ($)	Nov. 09, 2018USD ($)	Dec. 22, 2017USD ($)	Dec. 22, 2017EUR (€)	Dec. 31, 2017USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Schedule Of Investments [Line Items]
Income from equity investment in unconsolidated international affiliated funds					$ 0	$ 270,000	$ 34,000
ECF
Schedule Of Investments [Line Items]
Subscription agreement investment amount			$ 28,000,000	€ 25
Income from equity investment in unconsolidated international affiliated funds						500,000	0
Operating income (loss)						800,000
Unrealized gain (loss) on investments						(300,000)
APCF
Schedule Of Investments [Line Items]
Subscription agreement investment amount		$ 10,000,000
Income from equity investment in unconsolidated international affiliated funds						(300,000)	$ 0
Operating income (loss)						100,000
Unrealized gain (loss) on investments						(400,000)
Additional subscription agreement investment amount	$ 20,000,000
Payments to acquire equity method investments						10,000,000
Total subscription agreement investment amount						$ 30,000,000

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Summary of Components of Realized and Unrealized Income (Detail) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Unrealized gain (loss)	$ 0	$ 3,440	$ (1,272)
Realized gains	0	2,740	606
Dividend income	0	1,116	786
Realized and unrealized income from real estate-related securities	$ 0	$ 7,296	$ 120

Investment in Commercial Mort_3

Investment in Commercial Mortgage Loan - Narrative (Details) - USD ($)	Jun. 06, 2019	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Investment Holdings [Line Items]
Payments to originate and fund commercial mortgage loan		$ 0	$ 46,997,000	$ 0
Senior Loans
Investment Holdings [Line Items]
Payments to originate and fund commercial mortgage loan			$ 46,000,000
Loan to cost percentage			60.00%
Long-term debt	$ 34,300,000
Proceeds from sale of loans held-for-investment	$ 34,000,000
Mezzanine Loan
Investment Holdings [Line Items]
Long-term debt			$ 12,733,000
Long-term debt, fair value			12,733,000
Realized and unrealized income from real estate-related securities			$ 1,500,000	$ 0

Investment in Commercial Mort_4

Investment in Commercial Mortgage Loan - Summary of Mezzanine Loan Terms (Details) - Mezzanine Loan $ in Thousands	Dec. 31, 2019USD ($)
Investment Holdings [Line Items]
Commitment Amount	$ 14,375
Unfunded Amount	1,642
Principal Receivable	12,733
Fair Value	$ 12,733

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Intangible assets:
Total intangible assets	$ 38,239	$ 21,390
Accumulated amortization:
Total accumulated amortization	(9,470)	(5,023)
Intangible assets, net	28,769	16,367
Intangible liabilities:
Intangible liabilities, net	(8,907)	(5,759)
In-place lease intangibles
Intangible assets:
Total intangible assets	26,408	14,679
Accumulated amortization:
Total accumulated amortization	(7,623)	(4,396)
Intangible assets, net	18,785
Above-market lease intangibles
Intangible assets:
Total intangible assets	154	154
Accumulated amortization:
Total accumulated amortization	(21)	(3)
Intangible assets, net	133
Other intangibles
Intangible assets:
Total intangible assets	11,677	6,557
Accumulated amortization:
Total accumulated amortization	(1,826)	(624)
Intangible assets, net	9,851
Below-market lease intangibles
Intangible liabilities:
Below-market lease intangibles	(9,414)	(5,876)
Accumulated amortization	507	117
Intangible liabilities, net	$ (8,907)	$ (5,759)

Intangibles - Additional Inform

Intangibles - Additional Information (Detail) - USD ($) $ in Millions	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 0.1	$ 4.4	$ 4.9
Income from amortization of intangible liabilities		$ 0.5	$ 0.1
In-place lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life		7 years
Other intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life		9 years
Below-market lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life		16 years

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
In-place Lease Intangibles and Other Intangibles
Intangible assets, net	$ 28,769	$ 16,367
Below-Market Lease Intangibles
Intangible liabilities, net	(8,907)	(5,759)
In-place lease intangibles
In-place Lease Intangibles and Other Intangibles
2020	2,830
2021	2,610
2022	2,328
2023	1,998
2024	1,892
Thereafter	7,127
Intangible assets, net	18,785
Above-market lease intangibles
In-place Lease Intangibles and Other Intangibles
2020	17
2021	17
2022	17
2023	17
2024	17
Thereafter	48
Intangible assets, net	133
Other intangibles
In-place Lease Intangibles and Other Intangibles
2020	1,523
2021	1,347
2022	1,235
2023	1,072
2024	1,005
Thereafter	3,669
Intangible assets, net	9,851
Below-market lease intangibles
Below-Market Lease Intangibles
2020	(635)
2021	(655)
2022	(640)
2023	(639)
2024	(635)
Thereafter	(5,703)
Intangible liabilities, net	$ (8,907)	$ (5,759)

Credit Facility and Mortgage _3

Credit Facility and Mortgage Payable - Additional Information (Detail) - USD ($)	Nov. 08, 2019	Oct. 24, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 11, 2019	Dec. 17, 2018
Line of Credit Facility [Line Items]
Credit facility			$ 107,777,000	$ 70,000,000
Amended Credit Agreement
Line of Credit Facility [Line Items]
Aggregate commitments amount			210,000,000		$ 210,000,000	$ 150,000,000
Credit facility			107,800,000	70,000,000
Outstanding accrued interest			200,000	200,000
Interest expense, debt			3,900,000	400,000
Long-term debt			107,777,000	70,000,000
Mortgages Payable
Line of Credit Facility [Line Items]
Outstanding accrued interest			100,000
Interest expense, debt			$ 200,000
Debt instrument, face amount	$ 48,000,000
Debt instrument, term	7 years
Interest rate	3.15%		3.15%
Long-term debt	$ 48,000,000		$ 47,501,000	$ 0
Unsecured Revolving Loans
Line of Credit Facility [Line Items]
Aggregate commitments amount		$ 60,000,000
Credit facility maturity period			3 years
Unsecured Revolving Loans | Adjusted LIBOR | Minimum
Line of Credit Facility [Line Items]
LIBOR rate		1.30%
Unsecured Revolving Loans | Adjusted LIBOR | Maximum
Line of Credit Facility [Line Items]
LIBOR rate		1.90%
Unsecured Revolving Loans | Credit Agreement With Accordion Feature
Line of Credit Facility [Line Items]
Aggregate commitments amount		$ 500,000,000

Credit Facility and Mortgage _4

Credit Facility and Mortgage Payable - Summary of Credit Facility (Details) - Amended Credit Agreement - USD ($)	Dec. 31, 2019	Jun. 11, 2019	Dec. 31, 2018	Dec. 17, 2018
Debt Instrument [Line Items]
Maximum Facility Size	$ 210,000,000	$ 210,000,000		$ 150,000,000
Credit facility	$ 107,777,000		$ 70,000,000

Credit Facility and Mortgage _5

Credit Facility and Mortgage Payable - Summary of Mortgage Payable (Details) - Mortgages Payable - USD ($) $ in Thousands	Dec. 31, 2019	Nov. 08, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Interest rate	3.15%	3.15%
Mortgage payable	$ 48,000		$ 0
Deferred financing costs, net	(499)		0
Total	$ 47,501	$ 48,000	$ 0

Credit Facility and Mortgage _6

Credit Facility and Mortgage Payable - Long-term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Nov. 08, 2019	Dec. 31, 2018
Amended Credit Agreement
Debt Instrument [Line Items]
2020	$ 0
2021	107,777
2022	0
2023	0
2024	0
Thereafter	0
Total	107,777		$ 70,000
Mortgages Payable
Debt Instrument [Line Items]
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	48,000
Total	47,501	$ 48,000	0
Total	$ 48,000		$ 0

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivable	$ 2,336	$ 1,119
Deferred financing costs on credit facility, net	779	771
Receivables	736	353
Prepaid expenses	329	288
Other	82	53
Total	$ 4,262	$ 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	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Real estate taxes payable	$ 1,742	$ 2,099
Accounts payable and accrued expenses	1,700	1,420
Tenant security deposits	1,044	587
Prepaid rental income	608	386
Accrued interest expense	334	164
Other	370	414
Total	$ 5,798	$ 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)	12 Months Ended
	Dec. 31, 2019
Class T shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class S shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class D shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class I shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class N shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	0.65%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to affiliates		$ 6,059	$ 4,602
Percent of gross proceeds from primary portion of public offering		10.00%
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates		$ 1,411	23
Percent of gross proceeds from primary portion of public offering		10.00%
Advisory Fees [Member]
Related Party Transaction [Line Items]
Advisory fee expense	$ 100	$ 2,100	1,500
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		$ 1,400
Accounts Payable, Accrued Expenses and Other Liabilities
Related Party Transaction [Line Items]
Accrued management fees		$ 200	$ 200

Related Party Transactions - Up

Related Party Transactions - Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV (Detail)	Dec. 31, 2019
Class T shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.50%
Stockholder Servicing Fee (% of NAV)	0.85%
Class S shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.50%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% of NAV)	0.85%
Class D shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% of NAV)	0.25%
Class I shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% of NAV)	0.00%
Advisor | Class T shares
Related Party Transaction [Line Items]
Stockholder Servicing Fee (% of NAV)	0.65%
Dealer | Class T shares
Related Party Transaction [Line Items]
Stockholder Servicing Fee (% of NAV)	0.20%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to affiliates	$ 6,059	$ 4,602
Percent of gross proceeds from primary portion of public offering	10.00%
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 1,411	23
Percent of gross proceeds from primary portion of public offering	10.00%
Advanced Organization And Offering Costs
Related Party Transaction [Line Items]
Due to affiliates	$ 4,648	$ 4,579
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	$ 1,400
Period from date of issuance for future shares issued	35 years
Class T shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Class S shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Common Class T and S | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Period from date of issuance for future shares issued	7 years

Tenant Leases - Narrative (Deta

Tenant Leases - Narrative (Details) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Rental revenue		$ 30,808
Rental revenue	$ 390		$ 15,878

Tenant Leases - Schedule of Fut

Tenant Leases - Schedule of Future Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses (Detail) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 20,700
2021	20,176
2022	19,409
2023	18,025
2024	16,938
Thereafter	79,046
Total	$ 174,294

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 26, 2020	Mar. 01, 2020	Feb. 27, 2020	Feb. 01, 2020	Jan. 29, 2020	Jan. 01, 2020	Jan. 04, 2019	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Jan. 02, 2019
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 (in shares)								2,100,000,000		2,100,000,000		2,100,000,000
Common stock, par value (in dollars per share)								$ 0.01		$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)								100,000,000		100,000,000		100,000,000
Preferred stock, par value per share (in dollars per share)								$ 0.01		$ 0.01		$ 0.01
Issuance of common stock (in shares)									12,405,000	3,774,001	17,537,921
Preferred stock preference percentage													12.00%
Quarterly distribution payable period												25 days
Accrued distributions								$ 5,102		$ 5,102	$ 2,484	$ 5,102
Dividend declared and paid								$ 5,100		$ 13,161	1,905
Repurchase fulfillment term										24 years
TIAA
Equity [Line Items]
Restricted stock, vesting period										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
Non-employee Directors | Restricted Stock Grants | Accounts Payable, Accrued Expenses and Other Liabilities
Equity [Line Items]
Accrued compensation expense										$ 68,000	$ 62,000
Class T shares
Equity [Line Items]
Common stock shares authorized (in shares)								500,000,000		500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)								$ 0.01		$ 0.01	$ 0.01	$ 0.01
Common stock, shares issued (in shares)								1,377,526		1,377,526	0	1,377,526
Common stock, shares outstanding (in shares)								1,377,526		1,377,526	0	1,377,526
Dividend declared and paid										$ 47	$ 0
Class S shares
Equity [Line Items]
Common stock shares authorized (in shares)								500,000,000		500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)								$ 0.01		$ 0.01	$ 0.01	$ 0.01
Common stock, shares issued (in shares)								70,151		70,151	0	70,151
Common stock, shares outstanding (in shares)								70,151		70,151	0	70,151
Class D shares
Equity [Line Items]
Common stock shares authorized (in shares)								500,000,000		500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)								$ 0.01		$ 0.01	$ 0.01	$ 0.01
Common stock, shares issued (in shares)								572,675		572,675	25,839	572,675
Common stock, shares outstanding (in shares)								572,675		572,675	25,839	572,675
Dividend declared and paid										$ 41	$ 2
Class I shares
Equity [Line Items]
Common stock shares authorized (in shares)								500,000,000		500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)								$ 0.01		$ 0.01	$ 0.01	$ 0.01
Common stock, shares issued (in shares)								1,965,962		1,965,962	186,474	1,965,962
Common stock, shares outstanding (in shares)								1,965,962		1,965,962	186,474	1,965,962
Dividend declared and paid										$ 218	$ 9
Repurchase of common stock (in shares)										9,843
Average cost per share of common stock repurchased (in dollars per share)										$ 10.59
Class N shares
Equity [Line Items]
Common stock shares authorized (in shares)								100,000,000		100,000,000	100,000,000	100,000,000
Common stock, par value (in dollars per share)								$ 0.01		$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)								100,000,000		100,000,000		100,000,000
Common stock, shares issued (in shares)								29,730,608		29,730,608	29,730,608	29,730,608
Common stock, shares outstanding (in shares)								29,730,608		29,730,608	29,730,608	29,730,608
Dividend declared and paid										$ 12,855	$ 1,894
Class N shares | TIAA
Equity [Line Items]
Common stock value under purchase agreement								$ 300,000		300,000		$ 300,000
Initial investment threshold								$ 200		$ 200		$ 200
Series A Preferred Stock
Equity [Line Items]
Issuance of common stock (in shares)							125			125
Shares issued, price per share (in dollars per share)							$ 1,000
Class D and Class S and Class T and Class I | TIAA | Maximum
Equity [Line Items]
Percentage of repurchase plan limits per month										2.00%
Percentage of repurchase plan limits per quarter										5.00%
Subsequent Event
Equity [Line Items]
Dividend declared and paid	$ 1,800		$ 1,800		$ 5,100
Subsequent Event | Class T shares
Equity [Line Items]
Issuance of common stock (in shares)		4,091,021		3,087,278		310,327
Shares issued, price per share (in dollars per share)		$ 10.70		$ 10.70		$ 10.64
Subsequent Event | Class S shares
Equity [Line Items]
Issuance of common stock (in shares)		5,674,518		4,200,141		260,338
Shares issued, price per share (in dollars per share)		$ 10.66		$ 10.69		$ 10.64
Subsequent Event | Class D shares
Equity [Line Items]
Issuance of common stock (in shares)		2,913,380		1,174,421		164,119
Shares issued, price per share (in dollars per share)		$ 10.79		$ 10.79		$ 10.73
Subsequent Event | Class I shares
Equity [Line Items]
Issuance of common stock (in shares)		6,789,554		4,291,614		209,963
Shares issued, price per share (in dollars per share)		$ 10.81		$ 10.81		$ 10.74

Equity - Summary of Outstanding

Equity - Summary of Outstanding Shares of Common Stock (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	29,943	12,405
Issue of common stock (in shares)	3,763	17,538
Distribution reinvestment (in shares)	14	0
Vested Stock (in shares)	7	0
Common Stock Repurchased (in shares)	(10)	0
Ending balance (in shares)	33,717	29,943
Class T shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0
Issue of common stock (in shares)	1,375
Distribution reinvestment (in shares)	2
Ending balance (in shares)	1,377	0
Class S shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0
Issue of common stock (in shares)	70
Ending balance (in shares)	70	0
Class D shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	26	0
Issue of common stock (in shares)	544	26
Distribution reinvestment (in shares)	3
Ending balance (in shares)	573	26
Class I shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	186	0
Issue of common stock (in shares)	1,774	186
Distribution reinvestment (in shares)	9
Vested Stock (in shares)	7
Common Stock Repurchased (in shares)	(10)
Ending balance (in shares)	1,966	186
Class N shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	29,731	12,405
Issue of common stock (in shares)		17,326
Ending balance (in shares)	29,731	29,731

Equity - Summary of Declared Di

Equity - Summary of Declared Distributions (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Dividends Payable [Line Items]
Dividend declared and paid	$ 5,100	$ 13,161	$ 1,905
Class T shares
Dividends Payable [Line Items]
Dividend declared and paid		47	0
Class D shares
Dividends Payable [Line Items]
Dividend declared and paid		41	2
Class I shares
Dividends Payable [Line Items]
Dividend declared and paid		218	9
Class N shares
Dividends Payable [Line Items]
Dividend declared and paid		$ 12,855	$ 1,894

Equity - Schedule of Tax Charac

Equity - Schedule of Tax Characterization of Dividends Paid (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Distribution [Line Items]
Percentage of non-qualified distributions paid	99.12%	100.00%
Percentage of qualified distributions paid	0.88%
Ordinary Income
Distribution [Line Items]
Percentage of dividend paid when declared	47.99%	60.02%
Capital Gains
Distribution [Line Items]
Percentage of dividend paid when declared	0.95%	0.00%
Return of Capital
Distribution [Line Items]
Percentage of dividend paid when declared	51.06%	39.98%

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	8

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 507,497	$ 376,846
Commercial Mortgage Loan
Segment Reporting Information [Line Items]
Total assets	12,733	0
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total assets	106,417	89,963
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Total assets	94,039	97,448
Operating Segments | Retail
Segment Reporting Information [Line Items]
Total assets	88,217	90,881
Operating Segments | Office
Segment Reporting Information [Line Items]
Total assets	76,603	34,134
Operating Segments | Other
Segment Reporting Information [Line Items]
Total assets	39,634	0
Operating Segments | International Affiliated Funds
Segment Reporting Information [Line Items]
Total assets	37,734	29,228
Operating Segments | Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total assets	35,240	28,594
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 16,880	$ 6,598

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended											7 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental revenue														$ 30,808
Rental revenue													$ 390		$ 15,878
Expenses:
Rental property operating													175	9,979	5,652
Depreciation and amortization													261	14,171	9,798
Interest income from commercial loan													0	1,455	0
Realized and unrealized income from real estate-related securities													0	7,296	120
Income from equity investment in unconsolidated international affiliated funds													0	270	34
General and administrative expenses													(238)	(3,502)	(3,950)
Advisory fee due to affiliate													(44)	(2,100)	(1,485)
Interest Income													0	161	120
Interest expense													0	(4,534)	(434)
Net income (loss)													(328)	5,704	(5,167)
Net income attributable to Series A preferred stock													0	15	0
Net income (loss) attributable to common stockholders	$ 0	$ (12)	$ 2,207	$ (250)	$ 3,744	$ (3,090)	$ (849)	$ 287	$ (1,515)	$ (328)	$ 0	$ 0	(328)	5,689	(5,167)
Multifamily
Revenues:
Rental revenue														9,215
Rental revenue													303		7,197
Office
Revenues:
Rental revenue														6,071
Rental revenue													0		1,483
Industrial
Revenues:
Rental revenue														8,464
Rental revenue													87		6,081
Retail
Revenues:
Rental revenue														6,912
Rental revenue													0		1,117
Other
Revenues:
Rental revenue														146
Rental revenue													0		0
Operating Segments | Multifamily
Expenses:
Rental property operating													154	4,555	3,395
Depreciation and amortization													214	3,885	4,924
Operating Segments | Office
Expenses:
Rental property operating													0	1,585	274
Depreciation and amortization													0	2,682	605
Operating Segments | Industrial
Expenses:
Rental property operating													21	2,578	1,821
Depreciation and amortization													47	4,284	3,687
Operating Segments | Retail
Expenses:
Rental property operating													0	1,238	162
Depreciation and amortization													0	3,259	582
Operating Segments | Other
Expenses:
Rental property operating													0	23	0
Depreciation and amortization													$ 0	$ 61	$ 0

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended											7 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 0	$ 8,824	$ 8,198	$ 8,475	$ 6,766	$ 5,505	$ 4,536	$ 3,015	$ 2,822	$ 390	$ 0	$ 0	$ 390	$ 32,263	$ 15,878
Net income (loss)	0	(8)	2,211	(247)	3,748	(3,090)	(849)	287	(1,515)	(328)	0	0	(328)	5,704	(5,167)
Net income (loss) attributable to stockholders	$ 0	$ (12)	$ 2,207	$ (250)	$ 3,744	$ (3,090)	$ (849)	$ 287	$ (1,515)	$ (328)	$ 0	$ 0	$ (328)	$ 5,689	$ (5,167)
Net income (loss) per share (in dollars per share)	$ 0	$ 0	$ 0.07	$ (0.01)	$ 0.12	$ 0.11	$ (0.04)	$ 0.01	$ (0.08)	$ (0.30)	$ 0	$ 0	$ (0.30)	$ 0.18	$ (0.23)

Subsequent Event - Additional i

Subsequent Event - Additional information (Detail) - USD ($)	Mar. 26, 2020	Mar. 01, 2020	Feb. 27, 2020	Feb. 20, 2020	Feb. 01, 2020	Jan. 29, 2020	Jan. 01, 2020	Sep. 11, 2019	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Dividend declared and paid									$ 5,100,000		$ 13,161,000	$ 1,905,000
Issuance of shares of Common Stock										$ 124,050,000	$ 37,660,000	$ 174,406,000
Issuance of common stock (in shares)										12,405,000	3,774,001	17,537,921
APCF
Subsequent Event [Line Items]
Additional subscription agreement investment amount								$ 20,000,000
Total subscription agreement investment amount											$ 30,000,000
Class T shares
Subsequent Event [Line Items]
Dividend declared and paid											47,000	$ 0
Class D shares
Subsequent Event [Line Items]
Dividend declared and paid											41,000	2,000
Class I shares
Subsequent Event [Line Items]
Dividend declared and paid											$ 218,000	$ 9,000
Subsequent Event
Subsequent Event [Line Items]
Dividend declared and paid	$ 1,800,000		$ 1,800,000			$ 5,100,000
Issuance of shares of Common Stock		$ 19,468,472			$ 12,753,454		$ 10,087,060
Subsequent Event | APCF
Subsequent Event [Line Items]
Additional subscription agreement investment amount				$ 6,400,000
Total subscription agreement investment amount				$ 30,000,000
Subsequent Event | Class T shares
Subsequent Event [Line Items]
Issuance of common stock (in shares)		4,091,021			3,087,278		310,327
Shares issued, price per share (in dollars per share)		$ 10.70			$ 10.70		$ 10.64
Subsequent Event | Class S shares
Subsequent Event [Line Items]
Issuance of common stock (in shares)		5,674,518			4,200,141		260,338
Shares issued, price per share (in dollars per share)		$ 10.66			$ 10.69		$ 10.64
Subsequent Event | Class D shares
Subsequent Event [Line Items]
Issuance of common stock (in shares)		2,913,380			1,174,421		164,119
Shares issued, price per share (in dollars per share)		$ 10.79			$ 10.79		$ 10.73
Subsequent Event | Class I shares
Subsequent Event [Line Items]
Issuance of common stock (in shares)		6,789,554			4,291,614		209,963
Shares issued, price per share (in dollars per share)		$ 10.81			$ 10.81		$ 10.74

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances	$ 48,000
Initial Cost of Land	61,062
Initial Cost of Building and Improvements	318,652
Costs Capitalized Subsequent to Acquisition	4,548
Gross Amount at Which Carried at Close of Period, Land	61,098
Gross Amount at Which Carried at Close of Period, Building and Improvements	323,162
Total	384,260	$ 296,073	$ 113,103	$ 0
Accumulated Depreciation	13,431	$ 4,498	$ 123	$ 0
Federal income tax cost	405,100
Aurora, IL | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	5,894
Initial Cost of Building and Improvements	44,713
Costs Capitalized Subsequent to Acquisition	385
Gross Amount at Which Carried at Close of Period, Land	5,932
Gross Amount at Which Carried at Close of Period, Building and Improvements	45,061
Total	50,993
Accumulated Depreciation	$ 2,620
Aurora, IL | Minimum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Aurora, IL | Maximum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Phoenix, AZ | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	3,891
Initial Cost of Building and Improvements	11,337
Costs Capitalized Subsequent to Acquisition	149
Gross Amount at Which Carried at Close of Period, Land	3,891
Gross Amount at Which Carried at Close of Period, Building and Improvements	11,486
Total	15,377
Accumulated Depreciation	$ 731
Phoenix, AZ | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Phoenix, AZ | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Denver & Golden, CO | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	8,773
Initial Cost of Building and Improvements	38,496
Costs Capitalized Subsequent to Acquisition	113
Gross Amount at Which Carried at Close of Period, Land	8,772
Gross Amount at Which Carried at Close of Period, Building and Improvements	38,609
Total	47,381
Accumulated Depreciation	$ 2,587
Denver & Golden, CO | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Denver & Golden, CO | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Austin, TX | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	8,385
Initial Cost of Building and Improvements	36,319
Costs Capitalized Subsequent to Acquisition	157
Gross Amount at Which Carried at Close of Period, Land	8,385
Gross Amount at Which Carried at Close of Period, Building and Improvements	36,476
Total	44,861
Accumulated Depreciation	$ 1,612
Austin, TX | Minimum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Austin, TX | Maximum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Atlanta, GA | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	4,472
Initial Cost of Building and Improvements	25,598
Costs Capitalized Subsequent to Acquisition	118
Gross Amount at Which Carried at Close of Period, Land	4,472
Gross Amount at Which Carried at Close of Period, Building and Improvements	25,716
Total	30,188
Accumulated Depreciation	$ 1,211
Atlanta, GA | Minimum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Atlanta, GA | Maximum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Houston, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances	$ 48,000
Initial Cost of Land	4,475
Initial Cost of Building and Improvements	18,316
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	4,475
Gross Amount at Which Carried at Close of Period, Building and Improvements	18,315
Total	22,790
Accumulated Depreciation	$ 653
Houston, TX | Minimum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Houston, TX | Maximum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Henderson, NV | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	10,708
Initial Cost of Building and Improvements	74,447
Costs Capitalized Subsequent to Acquisition	137
Gross Amount at Which Carried at Close of Period, Land	10,708
Gross Amount at Which Carried at Close of Period, Building and Improvements	74,585
Total	85,293
Accumulated Depreciation	$ 2,976
Henderson, NV | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Henderson, NV | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Salt Lake City, UT | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	3,964
Initial Cost of Building and Improvements	33,398
Costs Capitalized Subsequent to Acquisition	26
Gross Amount at Which Carried at Close of Period, Land	3,963
Gross Amount at Which Carried at Close of Period, Building and Improvements	33,423
Total	37,386
Accumulated Depreciation	$ 892
Salt Lake City, UT | Minimum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Salt Lake City, UT | Maximum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Moreno Valley, CA | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	4,376
Initial Cost of Building and Improvements	10,611
Costs Capitalized Subsequent to Acquisition	2,544
Gross Amount at Which Carried at Close of Period, Land	4,376
Gross Amount at Which Carried at Close of Period, Building and Improvements	13,155
Total	17,531
Accumulated Depreciation	$ 107
Moreno Valley, CA | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Moreno Valley, CA | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
San Antonio, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	6,124
Initial Cost of Building and Improvements	25,417
Costs Capitalized Subsequent to Acquisition	919
Gross Amount at Which Carried at Close of Period, Land	6,124
Gross Amount at Which Carried at Close of Period, Building and Improvements	26,336
Total	32,460
Accumulated Depreciation	$ 42
San Antonio, TX | Minimum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
San Antonio, TX | Maximum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total	$ 384,260	$ 296,073	$ 113,103	$ 0
Accumulated Depreciation	13,431	$ 4,498	$ 123	$ 0
Furniture, fixtures and equipment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Total	3,500
Accumulated Depreciation	$ 1,200

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Rental Properties and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	$ 296,073	$ 113,103	$ 0
Additions	88,187	182,970	113,103
Balance at end of period	384,260	296,073	113,103
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of period	4,498	123	0
Additions	8,933	4,375	123
Balance at end of period	$ 13,431	$ 4,498	$ 123