Nuveen Global Cities REIT (NUVEEN) 10-Q 10 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 10, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	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 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	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001711799
Current Fiscal Year End Date	--12-31
Class T shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,529,623
Class S shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		462,060
Class D shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		790,419
Class I shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,281,199
Class N shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,730,608

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Investments in real estate, net	$ 364,768	$ 373,088
Investments in international affiliated funds	49,230	37,734
Investments in real estate-related securities, at fair value	35,465	35,240
Investment in commercial mortgage loan, at fair value	13,668	12,733
Intangible assets, net	25,459	28,769
Cash and cash equivalents	4,109	5,584
Restricted cash	5,341	10,087
Other assets	9,249	4,262
Total assets	507,289	507,497
Liabilities and Equity
Credit facility	68,777	107,777
Mortgage payable, net	47,556	47,502
Due to affiliates	8,697	6,059
Intangible liabilities, net	8,355	8,907
Accounts payable, accrued expenses, and other liabilities	7,620	5,798
Subscriptions received in advance	5,341	10,087
Distributions payable	1,955	5,102
Total liabilities	148,301	191,232
Equity
Series A Preferred Stock	129	125
Additional paid-in capital	397,481	336,147
Accumulated deficit and cumulative distributions	(39,969)	(19,974)
Accumulated other comprehensive income (loss)	949	(370)
Total equity	358,988	316,265
Total liabilities and equity	507,289	507,497
Class T shares
Equity
Common stock	30	14
Class S shares
Equity
Common stock	22	1
Class D shares
Equity
Common stock	11	5
Class I shares
Equity
Common stock	38	20
Class N shares
Equity
Common stock	$ 297	$ 297

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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)	2,970,731	1,377,526
Common stock, shares outstanding (in shares)	2,970,731	1,377,526
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)	2,162,414	70,151
Common stock, shares outstanding (in shares)	2,162,414	70,151
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)	1,168,583	572,675
Common stock, shares outstanding (in shares)	1,168,583	572,675
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)	3,757,046	1,965,962
Common stock, shares outstanding (in shares)	3,757,046	1,965,962
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 (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Rental revenue	$ 9,447	$ 7,939	$ 28,467	$ 22,313
Income from commercial mortgage loan	252	259	743	1,119
Total revenues	9,699	8,198	29,210	23,432
Expenses
Rental property operating expenses	2,950	2,543	8,615	7,169
General and administrative	830	811	2,782	2,842
Advisory fee due to affiliate	868	527	2,395	1,490
Depreciation and amortization	4,746	3,351	12,976	10,530
Total expenses	9,394	7,232	26,768	22,031
Other income (expense)
Realized and unrealized income (loss) from real estate-related securities	636	2,561	(3,602)	7,666
Income (loss) from equity investment in unconsolidated international affiliated funds	965	(85)	1,038	(85)
Interest income	39	31	109	82
Interest expense	(791)	(1,262)	(2,885)	(3,352)
Total other income (expense)	849	1,245	(5,340)	4,311
Net income (loss)	1,154	2,211	(2,898)	5,712
Net income attributable to Series A preferred stock	4	4	11	11
Net income (loss) attributable to common stockholders	$ 1,150	$ 2,207	$ (2,909)	$ 5,701
Net (loss) income per share of common stock - basic and diluted (in dollars per share)	$ 0.03	$ 0.07	$ (0.08)	$ 0.19
Weighted-average shares of common stock outstanding, basic and diluted (in shares)	39,723,129	31,361,717	38,058,926	30,597,512

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,154	$ 2,211	$ (2,898)	$ 5,712
Other comprehensive income (loss):
Foreign currency translation adjustment	1,257	(1,070)	1,319	(1,212)
Comprehensive income (loss)	2,411	1,141	(1,579)	4,500
Comprehensive income attributable to Series A preferred stock	4	4	11	11
Comprehensive income (loss) attributable to common stockholders	$ 2,407	$ 1,137	$ (1,590)	$ 4,489

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Preferred Stock	Par Value Common Stock	Par Value Common StockClass T shares		Par Value Common StockClass S shares		Par Value Common StockClass D shares		Par Value Common StockClass I shares		Par Value Common StockClass N shares	Additional Paid-in Capital	Accumulated Deficit and Cumulative Distributions	Accumulated Other Comprehensive (Loss) Income
Beginning balance at Dec. 31, 2018	$ 288,876	$ 0		$ 0				$ 0		$ 2		$ 297	$ 298,419	$ (9,884)	$ 42
Issuance of shares, net of offering costs		125	$ 20,996	4				4		13			20,975
Distribution reinvestment	64			0	[1]			0	[1]	0	[1]		64
Common stock repurchased	(104)												(104)
Amortization of restricted stock grants	51												51
Net (loss) income	5,712	11												5,701
Distributions declared on common stock	(10,677)													(10,677)
Distribution to Series A preferred stock	(7)	(7)
Foreign currency translation adjustment	(1,212)														(1,212)
Ending balance at Sep. 30, 2019	303,824	129		4				4		15		297	319,405	(14,860)	(1,170)
Beginning balance at Jun. 30, 2019	292,157	125		2				1		6		297	304,720	(12,894)	(100)
Issuance of shares, net of offering costs	14,744			2				3		9			14,730
Distribution reinvestment	42			0	[2]			0	[2]	0	[2]		42
Common stock repurchased	(104)												(104)
Amortization of restricted stock grants	17												17
Net (loss) income	2,211	4												2,207
Distributions declared on common stock	(4,173)													(4,173)
Foreign currency translation adjustment	(1,070)														(1,070)
Ending balance at Sep. 30, 2019	303,824	129		4				4		15		297	319,405	(14,860)	(1,170)
Beginning balance at Dec. 31, 2019	316,265	125		14		$ 1		5		20		297	336,147	(19,974)	(370)
Issuance of shares, net of offering costs			$ 61,761	16	[3]	21	[3]	6	[3]	19	[3]		61,699
Distribution reinvestment	1,365			0	[3]	0	[3]	0	[3]	0	[3]		1,365
Common stock repurchased	(1,782)			0	[3]	0	[3]	0	[3]	(1)			(1,781)
Amortization of restricted stock grants	51												51
Net (loss) income	(2,898)	11												(2,909)
Distributions declared on common stock	(17,086)													(17,086)
Distribution to Series A preferred stock	(7)	(7)
Foreign currency translation adjustment	1,319														1,319
Ending balance at Sep. 30, 2020	358,988	129		30		22		11		38		297	397,481	(39,969)	949
Beginning balance at Jun. 30, 2020	352,074	125		28		16		10		35		297	387,137	(35,266)	(308)
Issuance of shares, net of offering costs	10,892			2		6		1	[4]	3			10,880
Distribution reinvestment	578			0	[4]	0	[4]	0	[4]	0	[4]		578
Common stock repurchased	(1,131)			0				0	[4]	0	[4]		(1,131)
Amortization of restricted stock grants	17												17
Net (loss) income	1,154	4												1,150
Distributions declared on common stock	(5,853)													(5,853)
Foreign currency translation adjustment	1,257														1,257
Ending balance at Sep. 30, 2020	$ 358,988	$ 129		$ 30		$ 22		$ 11		$ 38		$ 297	$ 397,481	$ (39,969)	$ 949
[1]	Amount is not presented due to rounding; see Note 14.
[2]	Amount is not presented due to rounding; see Note 14.
[3]	Amount is not presented due to rounding; see Note 14.
[4]	Amount is not presented due to rounding; see Note 14.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net of offering costs	$ 138	$ 212	$ 479	$ 613
Par Value Common Stock
Issuance of common stock (in shares)	1,054,463	1,459,507	6,072,460	2,123,497

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (2,898)	$ 5,712
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	12,976	10,530
Unrealized loss (gain) on changes in fair value of real estate-related securities	828	(4,859)
Realized loss (gain) on sale of real estate-related securities	3,639	(1,969)
(Income) loss from equity investment in unconsolidated international affiliated funds	(1,038)	85
Income distribution from equity investment in unconsolidated international affiliated funds	715	207
Straight line rent adjustment	(1,453)	(952)
Amortization of below-market lease intangibles	(552)	(370)
Amortization of above-market lease intangibles	13	13
Amortization of loan closing costs	385	306
Amortization of restricted stock grants	51	51
Change in assets and liabilities:
Increase in other assets	(958)	(1,382)
Increase in due to affiliates	0	697
Increase in accounts payable, accrued expenses, and other liabilities	1,883	762
Net cash provided by operating activities	13,591	8,831
Cash flows from investing activities:
Acquisitions of real estate	0	(44,095)
Origination and fundings of commercial mortgage loan	(935)	(46,619)
Proceeds from sale of commercial mortgage loan	0	34,264
Funding for investment in international affiliated funds	(9,855)	(9,890)
Capital improvements to real estate	(1,423)	(708)
Deposits on real estate property	(2,900)	0
Purchase of real estate-related securities	(22,350)	(22,043)
Proceeds from sale of real estate-related securities	17,658	22,151
Net cash used in investing activities	(19,805)	(66,940)
Cash flows from financing activities:
Proceeds from issuance of common stock	56,137	22,366
Repurchase of common stock	(1,782)	(104)
Offering costs paid	(463)	(613)
Borrowings from credit facility	20,000	86,277
Repayments on credit facility	(59,000)	(38,000)
Deposit on mortgage note	0	(528)
Payment of deferred financing costs	0	(393)
Proceeds from issuance of Series A preferred stock	0	125
Distributions to Series A preferred stock	(7)	(7)
Subscriptions received in advance	5,341	4,529
Distributions to common stockholders	(20,233)	(8,988)
Net cash (used in) provided by financing activities	(7)	64,664
Net (decrease) increase in cash and cash equivalents and restricted cash during the period	(6,221)	6,555
Cash and cash equivalents and restricted cash, beginning of period	15,671	5,699
Cash and cash equivalents and restricted cash, end of period	9,450	12,254
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents	4,109	7,725
Restricted cash	5,341	4,529
Total cash and cash equivalents and restricted cash	9,450	12,254
Supplemental disclosures:
Interest paid	3,029	2,947
Series A preferred stock costs	0	15
Non-cash investing activities:
Assumption of other liabilities in conjunction with acquisitions of real estate	0	327
Accrued capital expenditures	(64)	219
Non-cash financing activities:
Accrued distributions	3,147	4,173
Accrued stockholder servicing fees	2,638	651
Distribution reinvestments	1,365	64
Accrued offering costs	16	0
Accrued offering costs due to affiliate	$ 0	$ 4,101

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 2020
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 elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2018. The Company’s sponsor is Nuveen, LLC (the “Sponsor”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). The Company is the sole general partner of Nuveen Global Cities REIT OP, LP, a Delaware limited partnership (“Nuveen OP”). Nuveen OP has issued a limited partner interest to Nuveen Global Cities REIT LP, LLC (the “Limited Partner”), a wholly owned subsidiary of the Company. The Company was organized to invest primarily in stabilized income-oriented commercial real estate in the United States and 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 and an investment advisory affiliate of Nuveen Real Estate. Pursuant to a Registration Statement on Form S-11 (file No. 333-222231, the “Registration Statement”), 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 offering to the public 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	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s consolidated financial statements as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed from this report pursuant to the rules of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements prepared in accordance with GAAP, and the related notes thereto, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as filed with the SEC. The year-end balance sheet was derived from those audited financial statements. 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 assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. 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 will be considered business combinations, the Company will evaluate the existence of goodwill or a gain from a bargain purchase. The Company would expense 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 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 adjustments, 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 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 on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the period presented, no such impairment occurred. Impact of COVID-19 – Impairment Analysis If the effects of the COVID-19 pandemic cause economic and market conditions to deteriorate or if the Company’s expected holding period for assets changes, subsequent tests for impairment could result in impairment charges in the future. The Company can provide no assurance that material impairment charges with respect to the Company’s investments in real estate will not occur during the remaining quarters in 2020 or future periods. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether any impairment charges are warranted. As of September 30, 2020, we had not recorded an impairment on any investments in our real estate portfolio. Despite revisions to future cash flows as a result of the anticipated impacts of COVID-19, as of September 30, 2020, the undiscounted cash flows of our real estate investments exceeded carrying value. Due to the rapidly evolving environment, we will continue to evaluate the feasibility of our cash flow assumptions, which may result in impairments to certain of our investments in future periods. 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 realized and unrealized gains and losses are recorded as a component of Realized and Unrealized Income from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations. Investments in International Affiliated Funds The Company reports its investment in European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA (the “International Affiliated Funds”), under the equity method of accounting as it has significant influence over these investments. 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 or loss, 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) and is reported as Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statement 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. Changes in fair value are recorded in the current period earnings and are a component of Unrealized Gain (Loss) on commercial mortgage loan on the Company’s Consolidated Statements of Operations. Income earned from the 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. Unrealized gains and losses are recorded as a component of Unrealized Gain on 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 on a straight-line basis over the term of the Credit Facility. Unamortized costs are charged to interest expense 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 on a straight-line basis 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 Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2—quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3—pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. As of September 30, 2020, the Company’s $35.5 million of Investments in Real Estate-Related Securities consisted of shares of common stock of publicly-traded REITs and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. As of September 30, 2020, the Company’s $13.7 million Investment in Commercial Mortgage Loan consisted of a mezzanine loan the Company originated and was classified as Level 3. The commercial mortgage loan is carried at fair value based on significant unobservable inputs. The following is a reconciliation of the beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2020 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of December 31, 2019 $ 12,733 Additional Fundings 935 Balance as of September 30, 2020 $ 13,668 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 September 30, 2020: Type Asset Class Valuation Technique(s) Unobservable Inputs Market Equivalent Rate Commercial Mortgage Loan Industrial Cash Equivalency Method Discount Rate LIBOR (1) + 6.00% (1) LIBOR as of September 30, 2020 was 0.1%. As of September 30, 2020 and December 31, 2019, the carrying value of the Company's Credit Facility approximated fair value. The fair value of the Company's mortgage payable was $47.4 million and $48.0 million, respectively, as of September 30, 2020 and December 31, 2019. 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 which consists of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs as defined 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 payments are received until the loans are returned to accrual status. As of September 30, 2020, 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 represent cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk. Restricted Cash As of September 30, 2020, restricted cash consisted of $5.3 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 elected 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 U.S. federal corporate income tax. The Cayman Islands TRSs are not subject to federal corporate income tax or Cayman Islands taxes. As of September 30, 2020, the Company had 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 reduced the U.S. federal corporate income tax rate from 35% to 21% and created new taxes on certain foreign-sourced earnings. Federal legislation intended to ameliorate the economic impact of the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), was enacted on March 27, 2020, which, among other things, makes technical corrections to, or modifies on a temporary basis, certain of the provisions of the TCJA. Management has evaluated the effects of TCJA, as modified by the CARES Act, and concluded that the TCJA will not materially impact its consolidated financial statements. The Company also estimates that the taxes on foreign-sourced earnings imposed under the TCJA 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 advanced 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 September 30, 2020, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf of $4.6 million, consisting of offering costs of $3.5 million and organization costs of $1.1 million. Such costs became the Company’s liability on January 31, 2018, the date on which the Offering was declared effective. These organization and offering costs are recorded as due to affiliates on the Company’s Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019. Offering costs are currently charged to equity as such amounts are incurred. For the three months ended September 30, 2020 and 2019, the Company charged $0.1 million and $0.2 million, respectively, in offering costs to equity. For the nine months ended September 30, 2020 and 2019, the Company charged $0.5 million and $0.6 million, respectively, 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 and 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 income (loss) of approximately $1.3 million and $(1.1) million, for the three months ended September 30, 2020 and 2019, respectively. Foreign currency translation adjustments resulted in other comprehensive income (loss) of approximately $1.3 million and $(1.2) million, for the nine months ended September 30, 2020 and 2019, respectively. The financial position and results of operations of APCF is measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF. Earnings per Share Basic net income/(loss) per share of common stock is determined by dividing net income/(loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share. Recent Accounting Pronouncements Pending Adoption: In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, (“ASU 2019-12”). The guidance removes certain exceptions to the general principles of ASC 740 in order to reduce the cost and complexity of its application. The guidance is effective for annual and interim periods beginning after December 15, 2020. Management is assessing the impact of the guidance and does not expect the guidance to materially impact the Company. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. Management is assessing the impact and does not expect the guidance to materially impact the Company. Recently Adopted: 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”). 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 adopted ASU 2018-13 and concluded that the adoption did not have a material impact on its 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”) which 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. The guidance is not applicable to fair-valued receivables or operating lease receivables. The guidance is effective for annual and interim periods beginning after December 15, 2019. The Company adopted ASU 2016-13 and concluded that the adoption did not have a material impact to its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) which supersedes Topic 840, Leases and 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, Revenue from Contracts with Customers (Topic 606), 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. These practical expedients permit 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. The Company concluded that the adoption of ASU 2016-02 did not have a material impact on its consolidated financial statements. 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. Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in Accounting Standards Codification (“ASC”) Topic 842 (“Topic 842”) addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in Real Estate, Net consisted of the following ($ in thousands): September 30, 2020 December 31, 2019 Building and building improvements $ 323,365 $ 323,162 Land and land improvements 61,098 61,098 Furniture, fixtures and equipment 3,658 3,474 Total 388,121 387,734 Accumulated depreciation (23,353) (14,646) Investments in real estate, net $ 364,768 $ 373,088 For the three and nine months ended September 30, 2020, depreciation expense was $3.3 million and $9.2 million, respectively. The Company did not have any property acquisitions during the three and nine months ended September 30, 2020. During the year ended December 31, 2019, the Company acquired interests in three real property investments, which were comprised of one office, one industrial, and one other, which is representative of a medical office property. These property acquisitions were accounted for as asset acquisitions.

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate-Related Securities	Investments in Real Estate-Related SecuritiesAs of September 30, 2020 and December 31, 2019, 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 (Loss) from Real Estate-Related Securities during the three and nine months ended September 30, 2020 and 2019 ($ in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Unrealized gains (losses) $ 897 $ 2,047 $ (828) $ 4,859 Realized (losses) gains (550) 218 (3,639) 1,969 Dividend income 289 296 865 838 Total $ 636 $ 2,561 $ (3,602) $ 7,666

Investment in International Aff

Investment in International Affiliated Funds	9 Months Ended
	Sep. 30, 2020
Schedule of Investments [Abstract]
Investment in International Affiliated Fund	Investment in International Affiliated Funds 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 $29.3 million (€25.0 million) into ECF. As of September 30, 2020, the Company has fully satisfied its commitment. As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While ECF has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner. The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from ECF as of September 30, 2020 ($ in thousands): Investment in ECF Balance as of December 31, 2019 $ 28,144 Income distribution (546) Income from equity investment in unconsolidated international affiliated fund 70 Foreign currency translation adjustment 1,319 Balance as of September 30, 2020 $ 28,987 (Loss) Income from Equity Investments in Unconsolidated International Affiliated Funds from ECF for the three and nine months ended September 30, 2020 was $0.3 million and $0.1 million, respectively. 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 $20.0 million, raising the total commitment to $30.0 million. As of September 30, 2020, the Company has funded $19.9 million of its total $30.0 million commitment. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets. The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from APCF as of September 30, 2020 ($ in thousands): Investment in APCF Balance as of December 31, 2019 $ 9,590 Contributions 9,855 Income distribution (169) Income from equity investment in unconsolidated international affiliated fund 967 Balance as of September 30, 2020 $ 20,243 Income (Loss) from Equity Investments in Unconsolidated International Affiliated Funds from APCF for the three and nine months ended September 30, 2020 was $0.7 million and $1.0 million, respectively.

Investment in Commercial Mortga

Investment in Commercial Mortgage Loan	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Investment in Commercial Mortgage Loan	Investment in Commercial Mortgage Loan On March 28, 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 $13.7 million and $12.7 million as of September 30, 2020 and December 31, 2019, respectively, which equaled its par value. The Company recognized interest income from its investment in commercial mortgage loan of $0.3 million and $0.7 million, respectively, for the three and nine months ending September 30, 2020. Loan terms for the subordinate mortgage as of September 30, 2020 are summarized below ($ in thousands): Investment Asset Type Location Interest Rate Origination Maturity Date Periodic Commitment Unfunded Principal Fair Value 55 Grand Ave Mezzanine Loan Maspeth, NY Libor + 570 bps March 28, 2019 March 29, 2022 Interest Only $14,375 $707 $13,668 $13,668 The estimated fair value of the commercial mortgage loan is based on models developed by an independent valuation advisor with additional oversight being performed by the Advisor’s internal valuation department that primarily use market based or independently sourced market data, including interest rate yield curves and market spreads. Valuation adjustments may be made to reflect credit quality, liquidity, and other observable and unobservable data that are applied consistently over time. For the three and nine months ended September 30, 2020 and 2019, the Company did not record any unrealized gains or losses on its commercial mortgage loan.

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 2020
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 ($ in thousands): September 30, December 31, Intangible assets: In-place lease intangibles $ 25,965 $ 26,408 Above-market lease intangibles 154 154 Leasing commissions 11,127 10,853 Other intangibles 819 824 Total Intangible assets 38,065 38,239 Accumulated amortization: In-place lease intangibles (9,638) (7,623) Above-market lease intangibles (33) (21) Leasing commissions (2,710) (1,696) Other intangibles (225) (130) Total accumulated amortization (12,606) (9,470) Intangible assets, net $ 25,459 $ 28,769 Intangible liabilities: Below-market lease intangibles $ (9,414) $ (9,414) Accumulated amortization 1,059 507 Intangible liabilities, net $ (8,355) $ (8,907) Amortization expense relating to intangible assets was $1.5 million and $3.8 million, respectively, for the three and nine months ended September 30, 2020. Income from the amortization of intangible liabilities was $0.2 million and $0.5 million, respectively, for the three and nine months ended September 30, 2020. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows ($ in thousands): In-place Lease Above-market Lease Intangibles Leasing Commissions Other Below-market 2020 (remaining) $ 647 $ 4 $ 321 $ 33 $ (196) 2021 2,529 17 1,264 127 (724) 2022 2,248 17 1,189 110 (695) 2023 1,948 17 1,066 98 (681) 2024 1,859 17 1,015 90 (677) 2025 1,697 17 888 67 (639) Thereafter 5,399 32 2,674 69 (4,743) $ 16,327 $ 121 $ 8,417 $ 594 $ (8,355) The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, leasing commissions, other intangibles and below-market lease intangibles of the properties acquired were 6, 7, 8, 6, and 13 years, respectively.

Credit Facility and Mortgage Pa

Credit Facility and Mortgage Payable	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Credit Facility and Mortgage Payable	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 Agreement 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, the Company amended the Credit Agreement to increase the Credit Facility to $150.0 million and $210.0 million in aggregate commitments, respectively, with all other terms remaining the same. In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Financing Rate ("SOFR") is the rate that represents best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR. The consequence of these developments cannot be entirely predicted but could include an increase in the cost of our variable rate indebtedness. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size September 30, 2020 December 31, 2019 Credit facility L+applicable margin (1) October 24, 2021 $ 210,000 $ 68,777 $ 107,777 (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 September 30, 2020, the Company had $68.8 million in borrowings and had outstanding accrued interest of $0.1 million. For the three and nine months ended September 30, 2020, the Company incurred $0.3 million and $1.3 million, respectively, in Interest Expense. As of September 30, 2020, the Company was 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 September 30, 2020 December 31, 2019 Mortgage payable 3.15% December 1, 2026 $ 48,000 $ 48,000 $ 48,000 Deferred financing costs, net (444) (499) Mortgage payable, net $ 47,556 $ 47,501 As of September 30, 2020, the Company had $48.0 million in borrowings and $0.1 million in accrued interest outstanding under the Mortgage Payable. For the three and nine months ended September 30, 2020, the Company incurred $0.4 million and $1.1 million, respectively, in Interest Expense. The following table presents the future principal payments due under the Credit Facility and Mortgage Payable as of September 30, 2020 ($ in thousands): Amount Year Credit Facility Mortgage Payable 2020 (remaining) $ — $ — 2021 68,777 — 2022 — — 2023 — — 2024 — — Thereafter — 48,000 Total $ 68,777 $ 48,000

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 30, 2020
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): September 30, 2020 December 31, 2019 Straight-line rent receivable $ 3,788 $ 2,336 Deposits on property acquisitions 2,900 — Receivables 1,190 736 Prepaid expenses 793 329 Deferred financing costs on credit facility, net 483 779 Other 95 82 Total $ 9,249 $ 4,262 The following table summarizes the components of Accounts Payable, Accrued Expenses, and Other Liabilities ($ in thousands): September 30, 2020 December 31, 2019 Real estate taxes payable $ 3,409 $ 1,742 Accounts payable and accrued expenses 2,077 1,700 Tenant security deposits 992 1,044 Prepaid rental income 888 608 Accrued interest expense 190 334 Other 64 370 Total $ 7,620 $ 5,798

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
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% As of September 30, 2020, the Company had accrued advisory fees of approximately $0.2 million, which has been included in Accounts Payable, Accrued Expenses, and Other Liabilities on the Company’s Consolidated Balance Sheets. For the three and nine months ended September 30, 2020, the Company had incurred advisory fee expense of $0.8 million and $2.1 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 September 30, 2020, the Company had 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 September 30, 2020, the Company has accrued approximately $4.0 million of stockholder servicing fees with respect to the outstanding Class T, Class S 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 stockholder servicing fee with respect to Class I shares. If not already converted into Class I shares upon a determination that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such shares would exceed the applicable limit as described above, each Class T share, Class S share, Class D share and Class N share held in a stockholder’s account will automatically and without any action on the part of the holder thereof convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share on the earliest of (i) a listing of Class I shares, (ii) the Company’s merger or consolidation with or into another entity or the sale or other disposition of all or substantially all of the Company’s assets, in each case in a transaction in which stockholders receive cash and/or listed securities or (iii) after termination of the primary portion of the offering in which such Class T shares, Class S shares and Class D shares were sold, the end of the month in which the Company, with the assistance of the dealer manager, determines that all underwriting compensation from all sources in connection with the Offering, including upfront selling commissions, the stockholder servicing fee and other underwriting compensation, is equal to 10% of the gross proceeds of the primary portion of the Offering. In addition, immediately before any liquidation, dissolution or winding up, each Class T share, Class S share, Class D share and Class N shares will automatically convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share. Due to Affiliates The following table summarizes the components of Due to Affiliates ($ in thousands): September 30, December 31, Accrued stockholder servicing fees (1) $ 4,049 $ 1,411 Advanced organization and offering 4,648 4,648 Total $ 8,697 $ 6,059 (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 September 30, 2020, the Company accrued approximately $4.0 million of stockholder servicing fees payable to the Dealer Manager related to Class T and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among 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 June 2055 in connection with those Class T 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	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Economic Dependency	Economic DependencyThe Company depends on the Advisor and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Advisor and its affiliates are unable to provide such services, the Company would be required to find alternative service providers.

Risks and Contingencies

Risks and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Risks and Contingencies	Risks and Contingencies The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the first half of 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. At this time, tenants have requested certain rent relief and lease modifications from this unprecedented event; however, such requests have not been significant as of September 30, 2020 for the Company's direct real estate investments. Requests have generally been comprised of deferrals, with payments postponed for a brief period (i.e., less than twelve months) and then repaid over the remaining duration of the contract. As of September 30, 2020, the Company has not had material exposure to rent concessions, tenant defaults or loan defaults. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of the COVID-19 pandemic and the extent to which the COVID-19 pandemic impacts the Company’s business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Concentrations of risk may arise when a number of properties are located in a similar geographic region such that the economic conditions of that region could impact tenants’ obligations to meet their contractual obligations or cause the values of individual properties to decline. Additionally, concentrations of risk may arise if any one tenant comprises a significant amount of the Company's rent, or if tenants are concentrated in a particular industry. As of September 30, 2020, the Company had no significant concentrations of tenants as no single tenant had annual contract rent that made up more than 4% of the rental income of the Company. Moreover, the Company's tenants have no notable concentration present in any one industry. There are no significant lease expirations scheduled to occur over the next twelve months. The Company's investment in the International Affiliated Funds have been similarly and negatively impacted by COVID-19 in the foreign countries where their investments are located. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Company will depend on future developments. The Company's investments in real estate-related securities may also be negatively impacted by uncertainty surrounding the COVID-19 pandemic. Market volatility and economic uncertainty surrounding COVID-19 may lead to fluctuations in market pricing, which has the ability to adversely impact the fair value of the Company’s investments in real estate-related securities. The the duration and extent to which the COVID-19 pandemic impacts the Company's investments in real estate-related securities cannot be reasonably estimated at this time. From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2020, the Company was not involved in any material legal proceedings. In the normal course of business the Advisor, on behalf of the Company, enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Advisor expects the risk of loss to be remote.

Tenant Leases

Tenant Leases	9 Months Ended
	Sep. 30, 2020
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 three and nine months ended September 30, 2020 was $9.4 million and $28.5 million, respectively. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily investments are as follows ($ in thousands): Year September 30, 2020 2020 (remaining) $ 5,075 2021 20,350 2022 20,042 2023 18,689 2024 18,021 2025 16,139 Thereafter 64,128 Total $ 162,444 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity	Equity Authorized Capital On January 24, 2018, the Company filed Articles of Amendment and Restatement (the “charter”) with the State Department of Assessments and Taxation of Maryland pursuant to which the Company’s undesignated common stock became Class N shares of common stock and the Class T, Class S, Class D and Class I shares offered in the Offering were authorized. As of September 30, 2020, the Company had authority to issue a total of 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 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 September 30, 2020, the Company had issued and outstanding 2,970,731 shares of Class T common stock, 2,162,414 shares of Class S common stock, 1,168,583 shares of Class D common stock, 3,757,046 shares of Class I common stock, and 29,730,608 shares of Class N common stock. During the nine months ended September 30, 2020, the Company sold the following shares of common stock (in thousands): Class T Class S Class D Class I Class N Total December 31, 2019 1,377 70 573 1,966 29,731 33,717 Common Stock Issued 1,557 2,078 590 1,887 — 6,112 Distribution Reinvestment 47 17 26 41 — 131 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (10) (3) (20) (143) — (176) September 30, 2020 2,971 2,162 1,169 3,757 29,731 39,790 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 recognized $16,875 and $50,625, respectively, of expense for the three and nine months ended September 30, 2020, in connection with restricted stock portion of director compensation, which is included in Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby holders of Class T, Class S, Class D and Class I shares (other than investors in certain states or who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan) have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Holders of Class N shares are not eligible to participate in the distribution reinvestment plan and receive their distributions in cash. Investors who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan or are residents of those states that do not allow automatic enrollment receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan 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 30 days following quarter end. 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. Based on the monthly record dates established by the board of directors, the Company accrues for distribution on a monthly basis. As of September 30, 2020, the Company has accrued $2.0 million in Distributions Payable on the Consolidated Balance Sheets for the September distributions. For the three and nine months ended September 30, 2020, the Company declared and paid distributions in the amount of $5.8 million and $20.2 million, respectively, which covers a quarterly distribution for Q4 2019 and monthly distributions for the current year. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable advisory fee and stockholder servicing fee, which is deducted from the monthly distribution per share. The following table details the aggregate distribution declared for each of our share classes for the nine months ended September 30, 2020: Class T Common Stock Class S Common Stock Class D Common Stock Class I Common Stock Class N Common Stock Gross distribution per share of common stock $ 0.5130 $ 0.5130 $ 0.5130 $ 0.5130 $ 0.5130 Advisory fee per share of common stock (0.0873) (0.0871) (0.0881) (0.0886) (0.0466) Stockholder servicing fee per share of common stock (0.0668) (0.0668) (0.0198) — — Net distribution per share of common stock $ 0.3589 $ 0.3591 $ 0.4051 $ 0.4244 $ 0.4664 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. During the nine months ended September 30, 2020, the Company repurchased shares of our common stock in the following amounts, which represented all of the share repurchase requests received for the same period. 1 Month of: Total Number of Shares Repurchased Repurchases as a Percentage of NAV(1) Average Price Paid per Share Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Programs (2) April 2020 2,350 0.0061 % $ 10.51 2,350 — May 2020 63,458 0.1655 % $ 10.41 63,458 — July 2020 60,003 0.1534 % 10.40 60,003 — August 2020 13,402 0.0336 % 10.43 13,402 — September 2020 35,489 0.0888 % 10.47 35,489 — 174,702 N/M $ 10.42 174,702 — Month of: Total Number of Shares Repurchased Repurchases as a Percentage of NAV (1) Average Price Paid per Share April 2020 2,350 0.0061 % $ 10.51 May 2020 63,458 0.1655 % 10.41 July 2020 60,003 0.1534 % 10.40 August 2020 13,402 0.0336 % 10.43 September 2020 35,489 0.0888 % 10.47 174,702 N/M $ 10.42 (1) Represents aggregate NAV of shares repurchased under our share repurchase plan over aggregate NAV of all shares outstanding, in each case, based on the NAV as of the last calendar day of the prior month.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingThe 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 September 30, 2020 and December 31, 2019 ($ in thousands): September 30, December 31, Industrial $ 103,925 $ 106,417 Multifamily 92,425 94,039 Retail 86,442 88,217 Office 73,647 76,603 Other 39,171 39,634 International Affiliated Funds 49,230 37,734 Real Estate-Related Securities 35,465 35,240 Commercial Mortgage Loan 13,722 12,733 Other (Corporate) 13,262 16,880 Total assets $ 507,289 $ 507,497 The following table sets forth the financial results by segment for the three and nine months ended September 30, 2020 and 2019 ($ in thousands): Three Months Ended 2020 v 2019 Nine Months Ended 2020 v 2019 2020 2019 $ % 2020 2019 $ % Rental revenues Industrial $ 2,489 $ 2,169 $ 320 15 % $ 7,358 $ 6,081 $ 1,277 21 % Multifamily 2,336 2,378 (42) (2) % 7,000 6,921 79 1 % Retail 1,656 1,560 96 6 % 4,927 5,175 (248) (5) % Office 1,785 1,832 (47) (3) % 5,729 4,136 1,593 39 % Other 1,181 — 1,181 100 % 3,453 — 3,453 100 % Total rental revenues 9,447 7,939 1,508 19 % 28,467 22,313 6,154 28 % Rental property operating expenses Industrial 746 667 79 12 % 2,113 1,857 256 14 % Multifamily 1,144 1,129 15 1 % 3,393 3,295 98 3 % Retail 286 319 (33) (10) % 746 956 (210) (22) % Office 495 428 67 16 % 1,501 1,061 440 41 % Other 279 — 279 100 % 862 — 862 100 % Total rental property operating expenses 2,950 2,543 407 16 % 8,615 7,169 1,446 20 % Depreciation and amortization Industrial (1,126) (953) (173) 18 % (3,501) (3,127) (374) 12 % Multifamily (764) (754) (10) 1 % (2,290) (3,129) 839 (27) % Retail (790) (786) (4) 1 % (2,423) (2,470) 47 (2) % Office (1,582) (858) (724) 84 % (3,316) (1,804) (1,512) 84 % Other (484) — (484) 100 % (1,446) — (1,446) 100 % Total depreciation and amortization (4,746) (3,351) (1,395) 42 % (12,976) (10,530) (2,446) 23 % Income from commercial mortgage loan 252 259 (7) (3) % 743 1,119 (376) (34) % Realized and unrealized income (loss) from real estate-related securities 636 2,561 (1,925) (75) % (3,602) 7,666 (11,268) (147) % Income (loss) from equity investment in unconsolidated international affiliated funds 965 (85) 1,050 (1,235) % 1,038 (85) 1,123 (1,321) % General and administrative expenses (830) (811) (19) 2 % (2,782) (2,842) 60 (2) % Advisory fee due to affiliate (868) (527) (341) 65 % (2,395) (1,490) (905) 61 % Interest income 39 31 8 26 % 109 82 27 33 % Interest expense (791) (1,262) 471 (37) % (2,885) (3,352) 467 (14) % Net income (loss) 1,154 2,211 (1,057) (48) % (2,898) 5,712 (8,610) (151) % Net income attributable to Series A preferred 4 4 — — % 11 11 — — % Net income (loss) attributable to common stockholders $ 1,150 $ 2,207 $ (1,057) (48) % $ (2,909) $ 5,701 $ (8,610) (151) %

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions The Company's board of directors declared distributions amounting to $2.0 million on all outstanding shares of common stock as of the close of business on the record date of September 26, 2020 and the Company paid these distributions on October 29, 2020. Status of the Offering On October 1, 2020 the Company sold approximately $5.1 million of common stock (92,279 Class T shares, 105,116 Class S shares, 165,072 Class D shares and 129,485 Class I shares) at a purchase price of $10.37 for Class T, $10.36 for Class S, $10.45 for Class D, and $10.48 for Class I. On November 1, 2020 the Company sold approximately $4.7 million of common stock (60,344 Class T shares, 286,944 Class S shares, 54,889 Class D shares and 190,440 Class I shares) at a purchase price of $10.35 for Class T, $10.34 for Class S, $10.43 for Class D, and $10.46 for Class I. On October 31, 2020, the Company repurchased 2,542 Class D shares at $10.43 per share and 4,726 Class I shares at $10.46 per share. The Company sold 125 shares of Series A preferred stock at a purchase price of $1,000 per share in a private placement exempt from registration to effectuate the formation of a REIT established to hold our upcoming Massachusetts property for tax management purposes. On November 4, 2020, the Company completed the acquisition of the property known as Locust Grove from an unaffiliated third party for a total cost of $10.2 million, including purchase price adjustments and transaction costs. Locust Grove is a newly constructed medical office building totaling 40,000 square feet located in the Atlanta market. The property is 100% leased to a single tenant through November 2026. The Company engaged in an affiliated transaction with NexCore Companies LLC to provide property management, accounting and leasing services for its investments in medical office properties. Affiliated Transactions On November 5, 2020, the Company’s board of directors approved the renewal of the advisory agreement for an additional year from January 31, 2021 to January 31, 2022. All other terms of the advisory agreement remain the same.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s consolidated financial statements as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed from this report pursuant to the rules of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements prepared in accordance with GAAP, and the related notes thereto, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as filed with the SEC. The year-end balance sheet was derived from those audited financial statements. 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 assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. 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 will be considered business combinations, the Company will evaluate the existence of goodwill or a gain from a bargain purchase. The Company would expense 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 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 adjustments, 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 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 on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the period presented, no such impairment occurred.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities The Company has elected the fair market value option for accounting for real estate-related securities and changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with realized and unrealized gains and losses are recorded as a component of Realized and Unrealized Income from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations.
Investments in International Affiliated Funds	Investments in International Affiliated Funds The Company reports its investment in European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA (the “International Affiliated Funds”), under the equity method of accounting as it has significant influence over these investments. 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 or loss, 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) and is reported as Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statement 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. Changes in fair value are recorded in the current period earnings and are a component of Unrealized Gain (Loss) on commercial mortgage loan on the Company’s Consolidated Statements of Operations. Income earned from the 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. Unrealized gains and losses are recorded as a component of Unrealized Gain on 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	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 on a straight-line basis over the term of the Credit Facility. Unamortized costs are charged to interest expense upon early repayment or significant modification of the Credit Facility and fully amortized deferred financing costs are removed from the books upon
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2—quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3—pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. As of September 30, 2020, the Company’s $35.5 million of Investments in Real Estate-Related Securities consisted of shares of common stock of publicly-traded REITs and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. As of September 30, 2020, the Company’s $13.7 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.
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 which consists of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs as defined 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 payments are received until the loans are returned to accrual status. As of September 30, 2020, 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).
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent 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 CashAs of September 30, 2020, restricted cash consisted of $5.3 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 elected 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 U.S. federal corporate income tax. The Cayman Islands TRSs are not subject to federal corporate income tax or Cayman Islands taxes. As of September 30, 2020, the Company had 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 reduced the U.S. federal corporate income tax rate from 35% to 21% and created new taxes on certain foreign-sourced earnings. Federal legislation intended to ameliorate the economic impact of the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), was enacted on March 27, 2020, which, among other things, makes technical corrections to, or modifies on a temporary basis, certain of the provisions of the TCJA. Management has evaluated the effects of TCJA, as modified by the CARES Act, and concluded that the TCJA will not materially impact its consolidated financial statements. The Company also estimates that the taxes on foreign-sourced earnings imposed under the TCJA are not likely to apply to its foreign investments. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under ASC 740, Income Taxes. Though the Company believes that the impacts of the TCJA will be immaterial to its financial results, the Company continues to analyze certain aspects of the TCJA, therefore its estimates may change as additional information becomes available. Many of the provisions of the TCJA will require guidance through the issuance of Treasury regulations in order to assess their effect. There may be a substantial delay before such regulations are promulgated, increasing the uncertainty as to the ultimate effect of the statutory amendments on the Company. It is also likely that there will be technical corrections legislation proposed with respect to the TCJA this year, the effect of which cannot be predicted and may be adverse to the Company or its stockholders.
Organization and Offering Expenses	Organization and Offering Expenses The Advisor advanced 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 September 30, 2020, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf of $4.6 million, consisting of offering costs of $3.5 million and organization costs of $1.1 million. Such costs became the Company’s liability on January 31, 2018, the date on which the Offering was declared effective. These organization and offering costs are recorded as due to affiliates on the Company’s Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019.
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 and 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 income (loss) of approximately $1.3 million and $(1.1) million, for the three months ended September 30, 2020 and 2019, respectively. Foreign currency translation adjustments resulted in other comprehensive income (loss) of approximately $1.3 million and $(1.2) million, for the nine months ended September 30, 2020 and 2019, respectively.
Earnings per Share	Earnings per Share Basic net income/(loss) per share of common stock is determined by dividing net income/(loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pending Adoption: In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, (“ASU 2019-12”). The guidance removes certain exceptions to the general principles of ASC 740 in order to reduce the cost and complexity of its application. The guidance is effective for annual and interim periods beginning after December 15, 2020. Management is assessing the impact of the guidance and does not expect the guidance to materially impact the Company. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. Management is assessing the impact and does not expect the guidance to materially impact the Company. Recently Adopted: 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”). 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 adopted ASU 2018-13 and concluded that the adoption did not have a material impact on its 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”) which 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. The guidance is not applicable to fair-valued receivables or operating lease receivables. The guidance is effective for annual and interim periods beginning after December 15, 2019. The Company adopted ASU 2016-13 and concluded that the adoption did not have a material impact to its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) which supersedes Topic 840, Leases and 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, Revenue from Contracts with Customers (Topic 606), 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. These practical expedients permit 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. The Company concluded that the adoption of ASU 2016-02 did not have a material impact on its consolidated financial statements. 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. Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in Accounting Standards Codification (“ASC”) Topic 842 (“Topic 842”) addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from the COVID-19 pandemic. In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief to avoid performing a lease by lease analysis for the lease concessions that (i) were granted as relief due to the COVID-19 pandemic and (ii) result in the cash flows remaining to be substantially the same or less. The Lease Modification Q&A has no material impact on the Company’s consolidated financial statements as of and for the nine months ended September 30, 2020. However, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. It is not possible at this time to accurately project the nature or extent of any such possible concessions.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Estimated Useful Life of Assets	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 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 assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2020 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of December 31, 2019 $ 12,733 Additional Fundings 935 Balance as of September 30, 2020 $ 13,668
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 September 30, 2020: Type Asset Class Valuation Technique(s) Unobservable Inputs Market Equivalent Rate Commercial Mortgage Loan Industrial Cash Equivalency Method Discount Rate LIBOR (1) + 6.00% (1) LIBOR as of September 30, 2020 was 0.1%.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in Real Estate, Net consisted of the following ($ in thousands): September 30, 2020 December 31, 2019 Building and building improvements $ 323,365 $ 323,162 Land and land improvements 61,098 61,098 Furniture, fixtures and equipment 3,658 3,474 Total 388,121 387,734 Accumulated depreciation (23,353) (14,646) Investments in real estate, net $ 364,768 $ 373,088

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	9 Months Ended
	Sep. 30, 2020
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 (Loss) from Real Estate-Related Securities during the three and nine months ended September 30, 2020 and 2019 ($ in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Unrealized gains (losses) $ 897 $ 2,047 $ (828) $ 4,859 Realized (losses) gains (550) 218 (3,639) 1,969 Dividend income 289 296 865 838 Total $ 636 $ 2,561 $ (3,602) $ 7,666

Investment in International A_2

Investment in International Affiliated Funds (Tables)	9 Months Ended
	Sep. 30, 2020
Schedule of Investments [Abstract]
Equity Method Investments	The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from ECF as of September 30, 2020 ($ in thousands): Investment in ECF Balance as of December 31, 2019 $ 28,144 Income distribution (546) Income from equity investment in unconsolidated international affiliated fund 70 Foreign currency translation adjustment 1,319 Balance as of September 30, 2020 $ 28,987 The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from APCF as of September 30, 2020 ($ in thousands): Investment in APCF Balance as of December 31, 2019 $ 9,590 Contributions 9,855 Income distribution (169) Income from equity investment in unconsolidated international affiliated fund 967 Balance as of September 30, 2020 $ 20,243

Investment in Commercial Mort_2

Investment in Commercial Mortgage Loan (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of Loan Terms	Loan terms for the subordinate mortgage as of September 30, 2020 are summarized below ($ in thousands): Investment Asset Type Location Interest Rate Origination Maturity Date Periodic Commitment Unfunded Principal Fair Value 55 Grand Ave Mezzanine Loan Maspeth, NY Libor + 570 bps March 28, 2019 March 29, 2022 Interest Only $14,375 $707 $13,668 $13,668

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): September 30, December 31, Intangible assets: In-place lease intangibles $ 25,965 $ 26,408 Above-market lease intangibles 154 154 Leasing commissions 11,127 10,853 Other intangibles 819 824 Total Intangible assets 38,065 38,239 Accumulated amortization: In-place lease intangibles (9,638) (7,623) Above-market lease intangibles (33) (21) Leasing commissions (2,710) (1,696) Other intangibles (225) (130) Total accumulated amortization (12,606) (9,470) Intangible assets, net $ 25,459 $ 28,769 Intangible liabilities: Below-market lease intangibles $ (9,414) $ (9,414) Accumulated amortization 1,059 507 Intangible liabilities, net $ (8,355) $ (8,907)
Estimated Future Amortization	The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows ($ in thousands): In-place Lease Above-market Lease Intangibles Leasing Commissions Other Below-market 2020 (remaining) $ 647 $ 4 $ 321 $ 33 $ (196) 2021 2,529 17 1,264 127 (724) 2022 2,248 17 1,189 110 (695) 2023 1,948 17 1,066 98 (681) 2024 1,859 17 1,015 90 (677) 2025 1,697 17 888 67 (639) Thereafter 5,399 32 2,674 69 (4,743) $ 16,327 $ 121 $ 8,417 $ 594 $ (8,355)

Credit Facility and Mortgage _2

Credit Facility and Mortgage Payable (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 December 31, 2019 Credit facility L+applicable margin (1) October 24, 2021 $ 210,000 $ 68,777 $ 107,777 (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 September 30, 2020 December 31, 2019 Mortgage payable 3.15% December 1, 2026 $ 48,000 $ 48,000 $ 48,000 Deferred financing costs, net (444) (499) Mortgage payable, net $ 47,556 $ 47,501
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 September 30, 2020 ($ in thousands): Amount Year Credit Facility Mortgage Payable 2020 (remaining) $ — $ — 2021 68,777 — 2022 — — 2023 — — 2024 — — Thereafter — 48,000 Total $ 68,777 $ 48,000

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
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): September 30, 2020 December 31, 2019 Straight-line rent receivable $ 3,788 $ 2,336 Deposits on property acquisitions 2,900 — Receivables 1,190 736 Prepaid expenses 793 329 Deferred financing costs on credit facility, net 483 779 Other 95 82 Total $ 9,249 $ 4,262
Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities	The following table summarizes the components of Accounts Payable, Accrued Expenses, and Other Liabilities ($ in thousands): September 30, 2020 December 31, 2019 Real estate taxes payable $ 3,409 $ 1,742 Accounts payable and accrued expenses 2,077 1,700 Tenant security deposits 992 1,044 Prepaid rental income 888 608 Accrued interest expense 190 334 Other 64 370 Total $ 7,620 $ 5,798

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2020
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% — (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares.
Schedule of Components of Due to Affiliates	The following table summarizes the components of Due to Affiliates ($ in thousands): September 30, December 31, Accrued stockholder servicing fees (1) $ 4,049 $ 1,411 Advanced organization and offering 4,648 4,648 Total $ 8,697 $ 6,059 (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 September 30, 2020, the Company accrued approximately $4.0 million of stockholder servicing fees payable to the Dealer Manager related to Class T and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among 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 June 2055 in connection with those Class T 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)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Future Minimum Rent Expected	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 September 30, 2020 2020 (remaining) $ 5,075 2021 20,350 2022 20,042 2023 18,689 2024 18,021 2025 16,139 Thereafter 64,128 Total $ 162,444

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Common Stock	During the nine months ended September 30, 2020, the Company sold the following shares of common stock (in thousands): Class T Class S Class D Class I Class N Total December 31, 2019 1,377 70 573 1,966 29,731 33,717 Common Stock Issued 1,557 2,078 590 1,887 — 6,112 Distribution Reinvestment 47 17 26 41 — 131 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (10) (3) (20) (143) — (176) September 30, 2020 2,971 2,162 1,169 3,757 29,731 39,790
Summary of Declared Distributions	The net distribution varies for each class based on the applicable advisory fee and stockholder servicing fee, which is deducted from the monthly distribution per share. The following table details the aggregate distribution declared for each of our share classes for the nine months ended September 30, 2020: Class T Common Stock Class S Common Stock Class D Common Stock Class I Common Stock Class N Common Stock Gross distribution per share of common stock $ 0.5130 $ 0.5130 $ 0.5130 $ 0.5130 $ 0.5130 Advisory fee per share of common stock (0.0873) (0.0871) (0.0881) (0.0886) (0.0466) Stockholder servicing fee per share of common stock (0.0668) (0.0668) (0.0198) — — Net distribution per share of common stock $ 0.3589 $ 0.3591 $ 0.4051 $ 0.4244 $ 0.4664
Class of Treasury Stock	During the nine months ended September 30, 2020, the Company repurchased shares of our common stock in the following amounts, which represented all of the share repurchase requests received for the same period. 1 Month of: Total Number of Shares Repurchased Repurchases as a Percentage of NAV(1) Average Price Paid per Share Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Programs (2) April 2020 2,350 0.0061 % $ 10.51 2,350 — May 2020 63,458 0.1655 % $ 10.41 63,458 — July 2020 60,003 0.1534 % 10.40 60,003 — August 2020 13,402 0.0336 % 10.43 13,402 — September 2020 35,489 0.0888 % 10.47 35,489 — 174,702 N/M $ 10.42 174,702 — Month of: Total Number of Shares Repurchased Repurchases as a Percentage of NAV (1) Average Price Paid per Share April 2020 2,350 0.0061 % $ 10.51 May 2020 63,458 0.1655 % 10.41 July 2020 60,003 0.1534 % 10.40 August 2020 13,402 0.0336 % 10.43 September 2020 35,489 0.0888 % 10.47 174,702 N/M $ 10.42 (1) Represents aggregate NAV of shares repurchased under our share repurchase plan over aggregate NAV of all shares outstanding, in each case, based on the NAV as of the last calendar day of the prior month.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment as of September 30, 2020 and December 31, 2019 ($ in thousands): September 30, December 31, Industrial $ 103,925 $ 106,417 Multifamily 92,425 94,039 Retail 86,442 88,217 Office 73,647 76,603 Other 39,171 39,634 International Affiliated Funds 49,230 37,734 Real Estate-Related Securities 35,465 35,240 Commercial Mortgage Loan 13,722 12,733 Other (Corporate) 13,262 16,880 Total assets $ 507,289 $ 507,497
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the three and nine months ended September 30, 2020 and 2019 ($ in thousands): Three Months Ended 2020 v 2019 Nine Months Ended 2020 v 2019 2020 2019 $ % 2020 2019 $ % Rental revenues Industrial $ 2,489 $ 2,169 $ 320 15 % $ 7,358 $ 6,081 $ 1,277 21 % Multifamily 2,336 2,378 (42) (2) % 7,000 6,921 79 1 % Retail 1,656 1,560 96 6 % 4,927 5,175 (248) (5) % Office 1,785 1,832 (47) (3) % 5,729 4,136 1,593 39 % Other 1,181 — 1,181 100 % 3,453 — 3,453 100 % Total rental revenues 9,447 7,939 1,508 19 % 28,467 22,313 6,154 28 % Rental property operating expenses Industrial 746 667 79 12 % 2,113 1,857 256 14 % Multifamily 1,144 1,129 15 1 % 3,393 3,295 98 3 % Retail 286 319 (33) (10) % 746 956 (210) (22) % Office 495 428 67 16 % 1,501 1,061 440 41 % Other 279 — 279 100 % 862 — 862 100 % Total rental property operating expenses 2,950 2,543 407 16 % 8,615 7,169 1,446 20 % Depreciation and amortization Industrial (1,126) (953) (173) 18 % (3,501) (3,127) (374) 12 % Multifamily (764) (754) (10) 1 % (2,290) (3,129) 839 (27) % Retail (790) (786) (4) 1 % (2,423) (2,470) 47 (2) % Office (1,582) (858) (724) 84 % (3,316) (1,804) (1,512) 84 % Other (484) — (484) 100 % (1,446) — (1,446) 100 % Total depreciation and amortization (4,746) (3,351) (1,395) 42 % (12,976) (10,530) (2,446) 23 % Income from commercial mortgage loan 252 259 (7) (3) % 743 1,119 (376) (34) % Realized and unrealized income (loss) from real estate-related securities 636 2,561 (1,925) (75) % (3,602) 7,666 (11,268) (147) % Income (loss) from equity investment in unconsolidated international affiliated funds 965 (85) 1,050 (1,235) % 1,038 (85) 1,123 (1,321) % General and administrative expenses (830) (811) (19) 2 % (2,782) (2,842) 60 (2) % Advisory fee due to affiliate (868) (527) (341) 65 % (2,395) (1,490) (905) 61 % Interest income 39 31 8 26 % 109 82 27 33 % Interest expense (791) (1,262) 471 (37) % (2,885) (3,352) 467 (14) % Net income (loss) 1,154 2,211 (1,057) (48) % (2,898) 5,712 (8,610) (151) % Net income attributable to Series A preferred 4 4 — — % 11 11 — — % Net income (loss) attributable to common stockholders $ 1,150 $ 2,207 $ (1,057) (48) % $ (2,909) $ 5,701 $ (8,610) (151) %

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Detail)	Sep. 30, 2020USD ($)class
Organization And Business Activities [Line Items]
Common stock, value, authorized	$ 5,000,000,000
Number of classes of common stock | class	4
Primary Offering
Organization And Business Activities [Line Items]
Common stock, value, authorized	$ 4,000,000,000
Dividend Reinvestment Plan
Organization And Business Activities [Line Items]
Common stock, value, authorized	$ 1,000,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Detail)	9 Months Ended
	Sep. 30, 2020
Building
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 - Fair Value, Recurring $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 12,733
Additional Fundings	935
Ending balance	$ 13,668

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Fair Value Measurements Quantitative Information (Details)	9 Months Ended
	Sep. 30, 2020
London Interbank Offered Rate (LIBOR)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivable, reference rate	0.10%
Mortgages | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Discount Rate | Valuation Technique, Cash Equivalency Method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.0600

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)subsidiary	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Significant Of Accounting Policies [Line Items]
Restricted cash	$ 5,341,000		$ 5,341,000		$ 10,087,000
Number of active TRSs | subsidiary			3
Investments in and advances to affiliates, advanced expenses reimbursement NAV threshold	1,000,000,000		$ 1,000,000,000
Net of offering costs	138,000	$ 212,000	479,000	$ 613,000
Foreign currency translation adjustment	1,257,000	$ (1,070,000)	1,319,000	$ (1,212,000)
Fair Value, Inputs, Level 1
Significant Of Accounting Policies [Line Items]
Investments in real estate-related securities	35,500,000		$ 35,500,000
Advisor
Significant Of Accounting Policies [Line Items]
Period for reimbursement of advance expenses			60 months
Organizational and offering costs			$ 4,600,000
Offering cost			3,500,000
Organization costs			1,100,000
Secured Debt
Significant Of Accounting Policies [Line Items]
Long-term debt, fair value	47,400,000		47,400,000		48,000,000
Commercial Mortgage Loan
Significant Of Accounting Policies [Line Items]
Loan receivable, fair value	$ 13,668,000		$ 13,668,000		$ 12,700,000

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2019property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Depreciation | $	$ 3.3	$ 9.2
Number of properties acquired | property	0	0	3

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Building and building improvements	$ 323,365	$ 323,162
Land and land improvements	61,098	61,098
Furniture, fixtures and equipment	3,658	3,474
Total	388,121	387,734
Accumulated depreciation	(23,353)	(14,646)
Investments in real estate, net	$ 364,768	$ 373,088

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Summary of Components of Realized and Unrealized Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses)	$ 897	$ 2,047	$ (828)	$ 4,859
Realized (losses) gains	(550)	218	(3,639)	1,969
Dividend income	289	296	865	838
Realized and unrealized income (loss) from real estate-related securities	$ 636	$ 2,561	$ (3,602)	$ 7,666

Investment in International A_3

Investment in International Affiliated Funds - Additional Information (Detail) $ in Thousands, € in Millions	Sep. 11, 2019USD ($)	Nov. 09, 2018USD ($)	Dec. 22, 2017USD ($)	Dec. 22, 2017EUR (€)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)
Schedule Of Investments [Line Items]
Income (loss) from equity investment in unconsolidated international affiliated funds					$ 965	$ (85)	$ 1,038	$ (85)
European Cities Fund
Schedule Of Investments [Line Items]
Equity method investment, investment commitment amount			$ 29,300	€ 25
Income (loss) from equity investment in unconsolidated international affiliated funds					300		70
Asia Pacific Cities Fund
Schedule Of Investments [Line Items]
Equity method investment, investment commitment amount	$ 30,000	$ 10,000
Income (loss) from equity investment in unconsolidated international affiliated funds					$ 700		967
Equity method investment, additional investment commitment amount	$ 20,000
Contributions							$ 9,855		$ 19,900

Investment in International A_4

Investment in International Affiliated Funds - Summary of Components of Income from Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		22 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020
Schedule of Equity Method Investments [Roll Forward]
Income distribution			$ (715)	$ (207)
Income from equity investment in unconsolidated international affiliated fund	$ 965	$ (85)	1,038	$ (85)
European Cities Fund
Schedule of Equity Method Investments [Roll Forward]
Beginning balance			28,144
Income distribution			(546)
Income from equity investment in unconsolidated international affiliated fund	300		70
Foreign currency translation adjustment			1,319
Ending balance	28,987		28,987		$ 28,987
Asia Pacific Cities Fund
Schedule of Equity Method Investments [Roll Forward]
Beginning balance			9,590
Contributions			9,855		19,900
Income distribution			(169)
Income from equity investment in unconsolidated international affiliated fund	700		967
Ending balance	$ 20,243		$ 20,243		$ 20,243

Investment in Commercial Mort_3

Investment in Commercial Mortgage Loan - Additional information (Detail) - USD ($)	Jun. 06, 2019	Mar. 28, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Payments to originate and fund commercial mortgage loan					$ 935,000	$ 46,619,000
Income from commercial mortgage loan			$ 252,000	$ 259,000	743,000	1,119,000
Unrealized gain from commercial mortgage loan			0	$ 0	0	$ 0
Commercial Mortgage Loan
Payments to originate and fund commercial mortgage loan		$ 46,000,000
Loan to cost percentage		60.00%
Proceeds from sale of loans held-for-investment, gross	$ 34,300,000
Proceeds from sale of loans held-for-investment	$ 34,000,000
Loan receivable, fair value			$ 13,668,000		$ 13,668,000		$ 12,700,000

Investment in Commercial Mort_4

Investment in Commercial Mortgage Loan - Summary of Loan Terms (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
London Interbank Offered Rate (LIBOR)
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable, basis spread on variable rate	5.70%
Commercial Mortgage Loan
Loans and Leases Receivable Disclosure [Line Items]
Commitment Amount	$ 14,375
Unfunded Amount	707
Principal Receivable	13,668
Fair Value	$ 13,668	$ 12,700

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Intangible assets:
Total Intangible assets	$ 38,065	$ 38,239
Accumulated amortization:
Total accumulated amortization	(12,606)	(9,470)
Intangible assets, net	25,459	28,769
Intangible liabilities:
Intangible liabilities, net	(8,355)	(8,907)
In-place lease intangibles
Intangible assets:
Total Intangible assets	25,965	26,408
Accumulated amortization:
Total accumulated amortization	(9,638)	(7,623)
Intangible assets, net	16,327
Above-market lease intangibles
Intangible assets:
Total Intangible assets	154	154
Accumulated amortization:
Total accumulated amortization	(33)	(21)
Intangible assets, net	121
Leasing Commissions
Intangible assets:
Total Intangible assets	11,127	10,853
Accumulated amortization:
Total accumulated amortization	(2,710)	(1,696)
Intangible assets, net	8,417
Other intangibles
Intangible assets:
Total Intangible assets	819	824
Accumulated amortization:
Total accumulated amortization	(225)	(130)
Intangible assets, net	594
Below-market lease intangibles
Intangible liabilities:
Below-market lease intangibles	(9,414)	(9,414)
Accumulated amortization	1,059	507
Intangible liabilities, net	$ (8,355)	$ (8,907)

Intangibles - Additional Inform

Intangibles - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 1.5	$ 3.8
Income from amortization of intangible liabilities	$ 0.2	$ 0.5
In-place lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	6 years
Above-market lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	7 years
Leasing Commissions
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	8 years
Other intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	6 years
Below-market lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	13 years

Intangibles - Estimated Future

Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
In-place Lease Intangibles and Other Intangibles
Intangible assets, net	$ 25,459	$ 28,769
Below-market Lease Intangibles
Intangible liabilities, net	(8,355)	(8,907)
In-place lease intangibles
In-place Lease Intangibles and Other Intangibles
2020 (remaining)	647
2021	2,529
2022	2,248
2023	1,948
2024	1,859
2025	1,697
Thereafter	5,399
Intangible assets, net	16,327
Above-market lease intangibles
In-place Lease Intangibles and Other Intangibles
2020 (remaining)	4
2021	17
2022	17
2023	17
2024	17
2025	17
Thereafter	32
Intangible assets, net	121
Leasing Commissions
In-place Lease Intangibles and Other Intangibles
2020 (remaining)	321
2021	1,264
2022	1,189
2023	1,066
2024	1,015
2025	888
Thereafter	2,674
Intangible assets, net	8,417
Other intangibles
In-place Lease Intangibles and Other Intangibles
2020 (remaining)	33
2021	127
2022	110
2023	98
2024	90
2025	67
Thereafter	69
Intangible assets, net	594
Below-market lease intangibles
Below-market Lease Intangibles
2020 (remaining)	(196)
2021	(724)
2022	(695)
2023	(681)
2024	(677)
2025	(639)
Thereafter	(4,743)
Intangible liabilities, net	$ (8,355)	$ (8,907)

Credit Facility and Mortgage _3

Credit Facility and Mortgage Payable - Additional Information (Detail) - USD ($)	Nov. 08, 2019	Oct. 24, 2018	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019	Jun. 11, 2019	Dec. 17, 2018
Amended Credit Agreement
Line of Credit Facility [Line Items]
Aggregate commitments amount			$ 210,000,000	$ 210,000,000		$ 210,000,000	$ 150,000,000
Long-term debt			68,777,000	68,777,000	$ 107,777,000
Outstanding accrued interest			100,000	100,000
Interest expense			300,000	1,300,000
Mortgages Payable
Line of Credit Facility [Line Items]
Long-term debt			47,556,000	47,556,000	47,501,000
Outstanding accrued interest			100,000	100,000
Interest expense			400,000	1,100,000
Debt instrument, face amount	$ 48,000,000		$ 48,000,000	$ 48,000,000
Debt instrument, term	7 years
Interest rate	3.15%		3.15%	3.15%
Mortgage payable			$ 48,000,000	$ 48,000,000	$ 48,000,000
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) - USD ($)	Oct. 24, 2018	Sep. 30, 2020	Dec. 31, 2019	Jun. 11, 2019	Dec. 17, 2018
Unsecured Revolving Loans
Debt Instrument [Line Items]
Aggregate commitments amount	$ 60,000,000
Minimum | Unsecured Revolving Loans | Adjusted LIBOR
Debt Instrument [Line Items]
LIBOR rate	1.30%
Maximum | Unsecured Revolving Loans | Adjusted LIBOR
Debt Instrument [Line Items]
LIBOR rate	1.90%
Amended Credit Agreement
Debt Instrument [Line Items]
Aggregate commitments amount		$ 210,000,000		$ 210,000,000	$ 150,000,000
Long-term debt		$ 68,777,000	$ 107,777,000

Credit Facility and Mortgage _5

Credit Facility and Mortgage Payable - Summary of Mortgage Payable (Details) - Mortgages Payable - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Nov. 08, 2019
Debt Instrument [Line Items]
Interest rate	3.15%		3.15%
Debt instrument, face amount	$ 48,000,000		$ 48,000,000
Mortgage payable	48,000,000	$ 48,000,000
Deferred financing costs, net	(444,000)	(499,000)
Total	$ 47,556,000	$ 47,501,000

Credit Facility and Mortgage _6

Credit Facility and Mortgage Payable - Long-term Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amended Credit Agreement
Debt Instrument [Line Items]
2020 (remaining)	$ 0
2021	68,777
2022	0
2023	0
2024	0
Thereafter	0
Total	68,777	$ 107,777
Mortgages Payable
Debt Instrument [Line Items]
2020 (remaining)	0
2021	0
2022	0
2023	0
2024	0
Thereafter	48,000
Total	47,556	47,501
Total	$ 48,000	$ 48,000

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivable	$ 3,788	$ 2,336
Deposits on property acquisitions	2,900	0
Receivables	1,190	736
Prepaid expenses	793	329
Deferred financing costs on credit facility, net	483	779
Other	95	82
Total	$ 9,249	$ 4,262

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Real estate taxes payable	$ 3,409	$ 1,742
Accounts payable and accrued expenses	2,077	1,700
Tenant security deposits	992	1,044
Prepaid rental income	888	608
Accrued interest expense	190	334
Other	64	370
Total	$ 7,620	$ 5,798

Related Party Transactions - Su

Related Party Transactions - Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets (Detail)	9 Months Ended
	Sep. 30, 2020
Class T shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class S shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class D shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class I shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	1.25%
Class N shares
Related Party Transaction [Line Items]
Advisory fee as a percentage of NAV	0.65%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Accrued management fees	$ 200	$ 200
Due to affiliates	8,697	$ 8,697	$ 6,059
Percent of gross proceeds from primary portion of public offering		10.00%
Advisory fees
Related Party Transaction [Line Items]
Advisory fee expense	800	$ 2,100
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	4,049	$ 4,049	$ 1,411
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	$ 4,000	$ 4,000
Class T shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares		8.75%

Related Party Transactions - Up

Related Party Transactions - Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV (Detail)	Sep. 30, 2020
Class T shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	3.00%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.50%
Stockholder Servicing Fee as a % of NAV	0.85%
Class T shares | Advisor
Related Party Transaction [Line Items]
Stockholder Servicing Fee as a % of NAV	0.65%
Class T shares | Dealer
Related Party Transaction [Line Items]
Stockholder Servicing Fee as a % of NAV	0.20%
Class S shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	3.50%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.00%
Stockholder Servicing Fee as a % of NAV	0.85%
Class D shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	0.00%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.00%
Stockholder Servicing Fee as a % of NAV	0.25%
Class I shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions as a % of Transaction Price	0.00%
Maximum Upfront Dealer Manager Fees as a % of Transaction Price	0.00%
Stockholder Servicing Fee as a % of NAV	0.00%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to affiliates	$ 8,697	$ 6,059
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%
Class D shares
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Due to affiliates	$ 4,049	1,411
Threshold percent of gross proceeds	10.00%
Accrued stockholder servicing fees | Class D shares
Related Party Transaction [Line Items]
Due to affiliates	$ 4,000
Period from date of issuance for future shares issued	35 years
Accrued stockholder servicing fees | Class T and S
Related Party Transaction [Line Items]
Period from date of issuance for future shares issued	7 years
Advanced Organization And Offering
Related Party Transaction [Line Items]
Due to affiliates	$ 4,648	$ 4,648

Tenant Leases - Schedule of Min

Tenant Leases - Schedule of Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Rental revenue	$ 9,447	$ 7,939	$ 28,467	$ 22,313
2020 (remaining)	5,075		5,075
2021	20,350		20,350
2022	20,042		20,042
2023	18,689		18,689
2024	18,021		18,021
2025	16,139		16,139
Thereafter	64,128		64,128
Total	$ 162,444		$ 162,444

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	Jan. 04, 2019	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 26, 2020	Dec. 31, 2019	Jan. 02, 2019
Equity [Line Items]
Number of shares, authorized to issue (in shares)		2,200,000,000	2,200,000,000
Common stock, shares authorized (in shares)		2,100,000,000	2,100,000,000
Common stock, par or stated value per share (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Preferred stock preference percentage							12.00%
Quarterly distribution payable period			30 days
Dividends payable		$ 1,955,000	$ 1,955,000		$ 2,000,000	$ 5,102,000
Distributions to common stockholders		5,800,000	$ 20,233,000	$ 8,988,000
Repurchase fulfillment term			24 months
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		$ 16,875	$ 50,625
Class T shares
Equity [Line Items]
Common stock, shares authorized (in shares)		500,000,000	500,000,000			500,000,000
Common stock, par or stated value per share (in dollars per share)		$ 0.01	$ 0.01			$ 0.01
Common stock, shares issued (in shares)		2,970,731	2,970,731			1,377,526
Common stock, shares outstanding (in shares)		2,970,731	2,970,731			1,377,526
Class S shares
Equity [Line Items]
Common stock, shares authorized (in shares)		500,000,000	500,000,000			500,000,000
Common stock, par or stated value per share (in dollars per share)		$ 0.01	$ 0.01			$ 0.01
Common stock, shares issued (in shares)		2,162,414	2,162,414			70,151
Common stock, shares outstanding (in shares)		2,162,414	2,162,414			70,151
Class D shares
Equity [Line Items]
Common stock, shares authorized (in shares)		500,000,000	500,000,000			500,000,000
Common stock, par or stated value per share (in dollars per share)		$ 0.01	$ 0.01			$ 0.01
Common stock, shares issued (in shares)		1,168,583	1,168,583			572,675
Common stock, shares outstanding (in shares)		1,168,583	1,168,583			572,675
Class I shares
Equity [Line Items]
Common stock, shares authorized (in shares)		500,000,000	500,000,000			500,000,000
Common stock, par or stated value per share (in dollars per share)		$ 0.01	$ 0.01			$ 0.01
Common stock, shares issued (in shares)		3,757,046	3,757,046			1,965,962
Common stock, shares outstanding (in shares)		3,757,046	3,757,046			1,965,962
Class N shares
Equity [Line Items]
Common stock, shares authorized (in shares)		100,000,000	100,000,000			100,000,000
Common stock, par or stated value per share (in dollars per share)		$ 0.01	$ 0.01			$ 0.01
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Common stock, shares issued (in shares)		29,730,608	29,730,608			29,730,608
Common stock, shares outstanding (in shares)		29,730,608	29,730,608			29,730,608
Class N shares | TIAA
Equity [Line Items]
Common stock value under purchase agreement		$ 300,000,000	$ 300,000,000
Initial investment threshold		$ 200,000	$ 200,000
Series A Preferred Stock
Equity [Line Items]
Issuance of common stock (in shares)	125
Purchase 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%

Equity - Summary of Sales of Co

Equity - Summary of Sales of Common Stock (Detail) - shares	1 Months Ended					3 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	May 31, 2020	Apr. 30, 2020	Sep. 30, 2020	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)							33,717,000
Issuance of common stock (in shares)							6,112,000
Distribution reinvestment (in shares)							131,000
Vested stock (in shares)							6,000
Shares repurchased (in shares)	(35,489)	(13,402)	(60,003)	(63,458)	(2,350)	(174,702)	(176,000)
Ending balance (in shares)	39,790,000					39,790,000	39,790,000
Class T shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)							1,377,000
Issuance of common stock (in shares)							1,557,000
Distribution reinvestment (in shares)							47,000
Shares repurchased (in shares)							(10,000)
Ending balance (in shares)	2,971,000					2,971,000	2,971,000
Class S shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)							70,000
Issuance of common stock (in shares)							2,078,000
Distribution reinvestment (in shares)							17,000
Shares repurchased (in shares)							(3,000)
Ending balance (in shares)	2,162,000					2,162,000	2,162,000
Class D shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)							573,000
Issuance of common stock (in shares)							590,000
Distribution reinvestment (in shares)							26,000
Shares repurchased (in shares)							(20,000)
Ending balance (in shares)	1,169,000					1,169,000	1,169,000
Class I shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)							1,966,000
Issuance of common stock (in shares)							1,887,000
Distribution reinvestment (in shares)							41,000
Vested stock (in shares)							6,000
Shares repurchased (in shares)							(143,000)
Ending balance (in shares)	3,757,000					3,757,000	3,757,000
Class N shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)							29,731,000
Ending balance (in shares)	29,731,000					29,731,000	29,731,000

Equity - Summary of Declared Di

Equity - Summary of Declared Distributions (Detail)	Sep. 30, 2020$ / shares
Class T shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	$ 0.3589
Class T shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.5130
Class T shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0873
Class T shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0668
Class S shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.3591
Class S shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.5130
Class S shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0871
Class S shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0668
Class D shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.4051
Class D shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.5130
Class D shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0881
Class D shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0198
Class I shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.4244
Class I shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.5130
Class I shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0886
Class I shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0
Class N shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.4664
Class N shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.5130
Class N shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0466
Class N shares | Stockholder servicing fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	$ 0

Equity - Repurchased Shares of

Equity - Repurchased Shares of Common Stock (Details) - $ / shares	1 Months Ended					3 Months Ended	9 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	May 31, 2020	Apr. 30, 2020	Sep. 30, 2020	Sep. 30, 2020
Equity [Abstract]
Total Number of Shares Repurchased (in shares)	35,489	13,402	60,003	63,458	2,350	174,702	176,000
Repurchases as a Percentage of NAV	0.0888%	0.0336%	0.1534%	0.1655%	0.0061%
Average Price Paid per Share (in dollars per share)	$ 10.47	$ 10.43	$ 10.40	$ 10.41	$ 10.51	$ 10.42
Maximum number of shares pending repurchase pursuant to publicly announced plans or programs (in shares)	0	0	0	0	0	0	0

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	8

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 507,289	$ 507,497
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total assets	103,925	106,417
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Total assets	92,425	94,039
Operating Segments | Retail
Segment Reporting Information [Line Items]
Total assets	86,442	88,217
Operating Segments | Office
Segment Reporting Information [Line Items]
Total assets	73,647	76,603
Operating Segments | Other
Segment Reporting Information [Line Items]
Total assets	39,171	39,634
Operating Segments | International Affiliated Funds
Segment Reporting Information [Line Items]
Total assets	49,230	37,734
Operating Segments | Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total assets	35,465	35,240
Operating Segments | Commercial Mortgage Loan
Segment Reporting Information [Line Items]
Total assets	13,722	12,733
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 13,262	$ 16,880

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental revenue	$ 9,447	$ 7,939	$ 28,467	$ 22,313
Expenses:
Rental property operating expenses	2,950	2,543	8,615	7,169
Depreciation and amortization	(4,746)	(3,351)	(12,976)	(10,530)
Income from commercial mortgage loan	252	259	743	1,119
Realized and unrealized income (loss) from real estate-related securities	636	2,561	(3,602)	7,666
Income (loss) from equity investment in unconsolidated international affiliated funds	965	(85)	1,038	(85)
General and administrative expenses	(830)	(811)	(2,782)	(2,842)
Advisory fee due to affiliate	(868)	(527)	(2,395)	(1,490)
Interest income	39	31	109	82
Interest expense	(791)	(1,262)	(2,885)	(3,352)
Interest expense	1,154	2,211	(2,898)	5,712
Net income (loss)	4	4	11	11
Net income (loss) attributable to common stockholders	1,150	2,207	(2,909)	5,701
Change in $
Change in rental revenue	1,508		6,154
Change in property operating expenses	407		1,446
Change in depreciation and amortization	(1,395)		(2,446)
Change in interest income from commercial loan	(7)		(376)
Change in realized and unrealized (loss) income from real estate	(1,925)		(11,268)
Change in gain (loss) on equity method investments	1,050		1,123
Change in general administrative expenses	(19)		60
Change in advisory fee due to affiliate	(341)		(905)
Change in interest income	8		27
Change in interest expense	471		467
Change in net income (loss)	(1,057)		(8,610)
Change in net income attributable to Series A preferred stock	0		0
Change in net (loss) income attributable to common stockholders	$ (1,057)		$ (8,610)
Change in %
Percentage of change in rental revenue	19.00%		28.00%
Percentage change in property operating expenses	16.00%		20.00%
Percentage change in depreciation and amortization	42.00%		23.00%
Percentage change in interest income from commercial loan	(3.00%)		(34.00%)
Percentage change in realized and unrealized income (loss) from real estate	(75.00%)		(147.00%)
Percentage change in income (loss) on equity method investments	(1235.00%)		(1321.00%)
Percentage change in general and administrative expenses	2.00%		(2.00%)
Percentage change In advisory fee due to affiliate	65.00%		61.00%
Percentage change in interest income	26.00%		33.00%
Percentage change in interest expense	(37.00%)		(14.00%)
Percentage change in net income (loss)	(48.00%)		(151.00%)
Percentage change in net income attributable to Series A preferred stock	0.00%		0.00%
Percentage change in net income (loss) attributable to common stockholders	(48.00%)		(151.00%)
Operating Segments | Industrial
Revenues:
Rental revenue	$ 2,489	2,169	$ 7,358	6,081
Expenses:
Rental property operating expenses	746	667	2,113	1,857
Depreciation and amortization	(1,126)	(953)	(3,501)	(3,127)
Change in $
Change in rental revenue	320		1,277
Change in property operating expenses	79		256
Change in depreciation and amortization	$ (173)		$ (374)
Change in %
Percentage of change in rental revenue	15.00%		21.00%
Percentage change in property operating expenses	12.00%		14.00%
Percentage change in depreciation and amortization	18.00%		12.00%
Operating Segments | Multifamily
Revenues:
Rental revenue	$ 2,336	2,378	$ 7,000	6,921
Expenses:
Rental property operating expenses	1,144	1,129	3,393	3,295
Depreciation and amortization	(764)	(754)	(2,290)	(3,129)
Change in $
Change in rental revenue	(42)		79
Change in property operating expenses	15		98
Change in depreciation and amortization	$ (10)		$ 839
Change in %
Percentage of change in rental revenue	(2.00%)		1.00%
Percentage change in property operating expenses	1.00%		3.00%
Percentage change in depreciation and amortization	1.00%		(27.00%)
Operating Segments | Retail
Revenues:
Rental revenue	$ 1,656	1,560	$ 4,927	5,175
Expenses:
Rental property operating expenses	286	319	746	956
Depreciation and amortization	(790)	(786)	(2,423)	(2,470)
Change in $
Change in rental revenue	96		(248)
Change in property operating expenses	(33)		(210)
Change in depreciation and amortization	$ (4)		$ 47
Change in %
Percentage of change in rental revenue	6.00%		(5.00%)
Percentage change in property operating expenses	(10.00%)		(22.00%)
Percentage change in depreciation and amortization	1.00%		(2.00%)
Operating Segments | Office
Revenues:
Rental revenue	$ 1,785	1,832	$ 5,729	4,136
Expenses:
Rental property operating expenses	495	428	1,501	1,061
Depreciation and amortization	(1,582)	(858)	(3,316)	(1,804)
Change in $
Change in rental revenue	(47)		1,593
Change in property operating expenses	67		440
Change in depreciation and amortization	$ (724)		$ (1,512)
Change in %
Percentage of change in rental revenue	(3.00%)		39.00%
Percentage change in property operating expenses	16.00%		41.00%
Percentage change in depreciation and amortization	84.00%		84.00%
Operating Segments | Other
Revenues:
Rental revenue	$ 1,181	0	$ 3,453	0
Expenses:
Rental property operating expenses	279	0	862	0
Depreciation and amortization	(484)	$ 0	(1,446)	$ 0
Change in $
Change in rental revenue	1,181		3,453
Change in property operating expenses	279		862
Change in depreciation and amortization	$ (484)		$ (1,446)
Change in %
Percentage of change in rental revenue	100.00%		100.00%
Percentage change in property operating expenses	100.00%		100.00%
Percentage change in depreciation and amortization	100.00%		100.00%

Subsequent Events - Additional

Subsequent Events - Additional information (Detail) $ / shares in Units, ft² in Thousands, $ in Thousands	Nov. 04, 2020USD ($)ft²	Nov. 01, 2020USD ($)$ / sharesshares	Oct. 31, 2020$ / sharesshares	Oct. 29, 2020USD ($)	Oct. 01, 2020USD ($)$ / sharesshares	Jan. 04, 2019$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Aug. 31, 2020$ / sharesshares	Jul. 31, 2020$ / sharesshares	May 31, 2020$ / sharesshares	Apr. 30, 2020$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)shares	Sep. 26, 2020USD ($)	Dec. 31, 2019USD ($)
Subsequent Event [Line Items]
Dividends payable | $							$ 1,955					$ 1,955		$ 1,955	$ 2,000	$ 5,102
Issuance of shares | $												$ 10,892	$ 14,744
Shares repurchased (in shares)							35,489	13,402	60,003	63,458	2,350	174,702		176,000
Shares repurchased (in dollars per share) | $ / shares							$ 10.47	$ 10.43	$ 10.40	$ 10.41	$ 10.51	$ 10.42
Class T shares
Subsequent Event [Line Items]
Shares repurchased (in shares)														10,000
Class S shares
Subsequent Event [Line Items]
Shares repurchased (in shares)														3,000
Class D shares
Subsequent Event [Line Items]
Shares repurchased (in shares)														20,000
Class I shares
Subsequent Event [Line Items]
Shares repurchased (in shares)														143,000
Series A Preferred Stock
Subsequent Event [Line Items]
Issuance of common stock (in shares)						125
Purchase price per share (in dollars per share) | $ / shares						$ 1,000
Subsequent Event
Subsequent Event [Line Items]
Payments of dividends | $				$ 2,000
Issuance of shares | $		$ 4,700			$ 5,100
Subsequent Event | Locust Grove
Subsequent Event [Line Items]
Payments to acquire real estate | $	$ 10,200
Area of real estate property (in square feet) | ft²	40
Lessor, percentage of property leased	100.00%
Subsequent Event | Class T shares
Subsequent Event [Line Items]
Issuance of common stock (in shares)		60,344			92,279
Purchase price per share (in dollars per share) | $ / shares		$ 10.35			$ 10.37
Subsequent Event | Class S shares
Subsequent Event [Line Items]
Issuance of common stock (in shares)		286,944			105,116
Purchase price per share (in dollars per share) | $ / shares		$ 10.34			$ 10.36
Subsequent Event | Class D shares
Subsequent Event [Line Items]
Issuance of common stock (in shares)		54,889			165,072
Purchase price per share (in dollars per share) | $ / shares		$ 10.43			$ 10.45
Shares repurchased (in shares)			2,542
Shares repurchased (in dollars per share) | $ / shares			$ 10.43
Subsequent Event | Class I shares
Subsequent Event [Line Items]
Issuance of common stock (in shares)		190,440			129,485
Purchase price per share (in dollars per share) | $ / shares		$ 10.46			$ 10.48
Shares repurchased (in shares)			4,726
Shares repurchased (in dollars per share) | $ / shares			$ 10.46
Subsequent Event | Series A Preferred Stock | Private Placement
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			125
Sale of stock, price per share (in dollars per share) | $ / shares			$ 1,000