Nuveen Global Cities REIT (NUVEEN) 10-K 26 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 26, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	333-222231
Entity Registrant Name	Nuveen Global Cities REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-1419222
Entity Address, Address Line One	730 Third Avenue, 3rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	490-9000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001711799
Entity Public Float			$ 0
Class T Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,746,553
Class S Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,726,702
Class D Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,683,058
Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,016,219
Class N Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,730,608

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Investments in real estate, net	$ 439,927	$ 373,088
Investments in international affiliated funds	51,008	37,734
Investments in real estate-related securities, at fair value	40,052	35,240
Intangible assets, net	32,728	28,769
Investment in commercial mortgage loan, at fair value	0	12,733
Cash and cash equivalents	9,726	5,584
Other assets	7,137	4,262
Restricted cash	5,945	10,087
Total assets	586,523	507,497
Liabilities and Equity
Credit facility	129,277	107,777
Mortgage payable, net	47,574	47,502
Due to affiliates	9,374	6,059
Intangible liabilities, net	8,501	8,907
Accounts payable, accrued expenses, and other liabilities	7,010	5,798
Subscriptions received in advance	5,945	10,087
Distributions payable	2,065	5,102
Total liabilities	209,746	191,232
Equity
Preferred Stock	250	125
Additional paid-in capital	416,348	336,147
Accumulated deficit and cumulative distributions	(42,406)	(19,974)
Accumulated other comprehensive (loss) income	2,168	(370)
Total equity	376,777	316,265
Total liabilities and equity	586,523	507,497
Class T Shares
Equity
Common stock	33	14
Class S Shares
Equity
Common stock	28	5
Class D Shares
Equity
Common stock	13	1
Class I Shares
Equity
Common stock	46	20
Class N Shares
Equity
Common stock	$ 297	$ 297

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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)	3,248,104	1,377,526
Common stock, shares outstanding (in shares)	3,248,104	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)	2,832,107	70,151
Common stock, shares outstanding (in shares)	2,832,107	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)	1,405,968	572,675
Common stock, shares outstanding (in shares)	1,405,968	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)	4,461,507	1,965,962
Common stock, shares outstanding (in shares)	4,461,507	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 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Rental revenue	$ 38,357	$ 30,808
Rental revenue			$ 15,878
Income from commercial mortgage loan	890	1,455	0
Total revenues	39,247	32,263	15,878
Expenses
Rental property operating	11,923	9,979	5,652
General and administrative	3,538	3,502	3,950
Advisory fee due to affiliate	3,326	2,100	1,485
Depreciation and amortization	17,478	14,171	9,798
Total expenses	36,265	29,752	20,885
Other (expense) income
Realized and unrealized (loss) income from real estate-related securities	(485)	7,296	120
Income from equity investment in unconsolidated international affiliated funds	1,851	270	34
Interest income	155	161	120
Interest expense	(3,778)	(4,534)	(434)
Total other (expense) income	(2,257)	3,193	(160)
Net income (loss)	725	5,704	(5,167)
Net income attributable to preferred stock	18	15	0
Net income (loss) attributable to common stockholders	$ 707	$ 5,689	$ (5,167)
Net income (loss) per share of common stock - basic and diluted (in dollars per share)	$ 0.02	$ 0.18	$ (0.23)
Weighted-average shares of common stock outstanding, basic and diluted (in shares)	38,834,536	31,231,622	22,551,833

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income and (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 725	$ 5,704	$ (5,167)
Other comprehensive income (loss):
Foreign currency translation adjustment	2,538	(412)	42
Comprehensive income (loss)	3,263	5,292	(5,125)
Comprehensive income attributable to preferred stock	18	15	0
Comprehensive income (loss) attributable to common stockholders	$ 3,245	$ 5,277	$ (5,125)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common StockClass T Shares		Common StockClass S Shares	Common StockClass D Shares		Common StockClass I Shares		Common StockClass N Shares	Additional Paid-in Capital	Accumulated Deficit and Cumulative Distributions	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2017	$ 123,922	$ 0	$ 0		$ 0	$ 0		$ 0		$ 124	$ 124,126	$ (328)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares of common stock	174,406					0	[1]	2		173	174,231
Distribution reinvestment	0					0	[2]	0	[2]
Amortization of restricted stock grants	62										62	0
Net income (loss)	(5,167)											(5,167)
Distributions on common stock	(4,389)											(4,389)
Foreign currency translation adjustment	42												42
Ending balance at Dec. 31, 2018	288,876	0	0		0	0		2		297	298,419	(9,884)	42
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares of common stock	37,660		14		1	5		18		0	37,622
Distribution reinvestment	142		0	[2]		0	[2]	0	[2]		142
Common stock repurchased	(104)										(104)
Amortization of restricted stock grants	68										68	0
Net income (loss)	5,704	15										5,689
Distributions on common stock	(15,779)											(15,779)	0
Contribution from preferred stock	125	125
Distribution to preferred stock	(15)	(15)
Foreign currency translation adjustment	(412)												(412)
Ending balance at Dec. 31, 2019	316,265	125	14		1	5		20		297	336,147	(19,974)	(370)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares of common stock	80,090		18		27	8		26		0	80,011
Distribution reinvestment	2,029		1			0	[2]	1			2,027
Common stock repurchased	(1,906)							(1)			(1,905)
Amortization of restricted stock grants	68										68
Net income (loss)	725	18										707
Distributions on common stock	(23,139)											(23,139)
Contribution from preferred stock	125	125
Distribution to preferred stock	(18)	(18)
Foreign currency translation adjustment	2,538												2,538
Ending balance at Dec. 31, 2020	$ 376,777	$ 250	$ 33		$ 28	$ 13		$ 46		$ 297	$ 416,348	$ (42,406)	$ 2,168
[1]	Shares amount is not presented due to rounding: see Note 14.
[2]	Share distribution reinvestment amount is not presented due to rounding: see Note 14.

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Issuance of common stock (in shares)	7,961,372	3,774,001	17,537,921
Net of offering costs	$ 594	$ 772	$ 3,488

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ 725	$ 5,704	$ (5,167)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	17,478	14,171	9,798
Unrealized (gain) loss on changes in fair value of real estate-related securities	(2,246)	(3,440)	1,272
Realized loss (gain) on sale of real estate-related securities	3,933	(2,740)	(606)
Income from equity investment in unconsolidated international affiliated funds	(1,851)	(270)	(34)
Income distribution from equity investment in unconsolidated international affiliated funds	970	573	0
Straight line rent adjustment	(1,861)	(1,217)	(1,105)
Amortization of below-market lease intangibles	(742)	(495)	(116)
Amortization of above-market lease intangibles	18	17	0
Amortization of loan closing costs	518	394	30
Amortization of restricted stock grants	68	68	62
Change in assets and liabilities:
Increase in other assets	(1,413)	(516)	(616)
Increase in due to affiliates	0	0	1,091
Increase (decrease) in accounts payable, accrued expenses, and other liabilities	948	(173)	1,726
Net cash provided by operating activities	16,545	12,076	6,335
Cash flows from investing activities:
Acquisitions of real estate	(85,127)	(99,650)	(191,035)
Deposit on loan assets	0	0	150
Origination and fundings of commercial mortgage loan	(1,642)	(46,997)	0
Proceeds from sale of commercial mortgage loan	0	34,264	0
Proceeds from payoff of commercial mortgage loan	14,375	0	0
Fundings for investment in international affiliated funds	(9,855)	(9,890)	(28,519)
Capital improvements to real estate	(2,567)	(1,139)	(285)
Return of capital from real estate-related securities	0	49	0
Purchases of real estate-related securities	(29,722)	(29,117)	(39,515)
Proceeds from sale of real estate-related securities	23,223	29,236	9,621
Net cash used in investing activities	(91,315)	(123,244)	(249,583)
Cash flows from financing activities:
Proceeds from issuance of common stock	75,908	40,018	177,917
Repurchase of common stock	(1,906)	(104)	0
Offering costs paid	(574)	(687)	0
Borrowings from credit facility	103,500	148,277	95,000
Repayments on credit facility	(82,000)	(110,500)	(25,000)
Borrowings from mortgage payable	0	48,000	0
Payment of deferred financing costs	(34)	(900)	(801)
Proceeds from issuance of preferred stock	125	125	0
Distributions to preferred stock	(18)	(15)	0
Subscriptions received in advance	5,945	10,087	55
Distributions to common stockholders	(26,176)	(13,161)	(1,905)
Net cash provided by financing activities	74,770	121,140	245,266
Net increase in cash and cash equivalents and restricted cash during the period	0	9,972	2,018
Cash and cash equivalents and restricted cash, beginning of period	15,671	5,699	3,681
Cash and cash equivalents and restricted cash, end of period	15,671	15,671	5,699
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period:
Cash and cash equivalents	9,726	5,584	5,643
Total cash and cash equivalents and restricted cash	15,671	5,699	5,699
Supplemental disclosures:
Interest paid	3,296	4,533	270
Preferred stock costs	3	15	0
Non-cash investing activities:
Assumption of other (liabilities) and assets in conjunction with acquisitions of real estate	(378)	(715)
Assumption of other (liabilities) and assets in conjunction with acquisitions of real estate			1,452
Accrued capital expenditures	(114)	121	14
Non-cash financing activities:
Accrued distributions	3,037	2,618	2,484
Accrued stockholder servicing fees	4,726	1,388	23
Distribution reinvestments	2,027	135	7
Accrued offering costs due to affiliate	$ 0	$ 1,160	$ 3,488

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 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 and intends to continue to qualify as a REIT. The Company’s sponsor is Nuveen, LLC (the “Sponsor”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). The Company is the sole general partner of Nuveen Global Cities REIT OP, LP, a Delaware limited partnership (“Nuveen OP”). Nuveen OP has issued a limited partner interest to Nuveen Global Cities REIT LP, LLC (the “Limited Partner”), a wholly owned subsidiary of the Company. The Company was organized to invest primarily in stabilized income-oriented commercial real estate in the United States and 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 ("Nuveen Real Estate"). Pursuant to a registration statement on Form S-11, the Company has registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Offering”). The registration statement was declared effective on January 31, 2018. The Company is publicly selling any combination of four classes of shares of its common stock, Class T shares, Class S shares, Class D shares, and Class I shares, with a dollar value up to the maximum offering amount. The publicly offered share classes have different upfront selling commissions and ongoing stockholder servicing fees. The purchase price per share for each class of common stock in the Offering varies and will generally equal the Company’s prior month’s net asset value (“NAV”) per share, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s Consolidated Financial Statements. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the SEC. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset 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 Expense on the Company’s Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related 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 years Building, land and site improvements 15- 40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating Expense on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the period presented, no such impairment occurred. 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 did not have any impairment charges with respect to the Company’s investments in real estate. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether any impairment charges are warranted. As of December 31, 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 December 31, 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 reports it investment in real estate-related securities at fair value and any changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with gains and losses, are recorded as a component of Realized and Unrealized Income from Real Estate-Related Securities on the Consolidated Statements of Operations. Investments in International Affiliated Funds The Company reports its investment in the European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA (the “International Affiliated Funds”), under the equity method of accounting. The equity method income (loss) from the investments in the International Affiliated Funds represents the Company’s allocable share of each fund’s net income 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), for the years ended December 31, 2020, 2019 and 2018, and is reported as Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements of Operations. All contributions to or distributions from the investment in the International Affiliated Funds are 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 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 was stated at fair value and was initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loan was 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 was based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), and the credit quality of the borrower. The income from 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. 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 expenses upon early repayment or significant modification of the credit facility and fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility. Deferred financing costs related to the Company’s mortgage payable are recorded as an offset to the related liability and amortized 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 Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. As of December 31, 2020, the Company’s $40.1 million of investments in real-estate related securities consisted of shares of common stock of publicly-traded real estate investment trusts and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. As of December 31, 2020, and subsequent to the sale of the senior portion of the commercial mortgage loan and the payoff of the subordinate loan, the Company did not have any investment in commercial mortgage loan. The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2020 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of January 1, 2020 $ 12,733 Additional fundings 1,642 Payoff of Mezzanine Loan (14,375) Balance as of December 31, 2020 $ — As of December 31, 2020 and 2019, the carrying value of the Company's Mortgage Payable and Credit Facility approximated fair value. The fair value of the Company's mortgage payable was $47.6 million and $48.0 million, respectively, as of December 31, 2020 and 2019. The fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to present value using the appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3. Revenue Recognition The Company’s sources of revenue arising from leasing arrangements and the related revenue recognition policies are as follows: Rental Revenue — consists primarily of base rent arising from tenant operating leases at the Company’s office, industrial, multifamily, retail, and other properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. The Company includes its tenant reimbursement income in rental revenue that consist of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs included in lease agreements. Income from Commercial Mortgage Loan — consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payment are received until the loans are returned to accrual status. As of December 31, 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. Upon the termination or vacation of a tenant lease, the associated straight-line rent receivable is written off. 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 December 31, 2020, restricted cash consisted of $5.9 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 US corporate federal income tax. The Cayman Islands TRSs are not subject to US corporate federal income tax or Cayman Islands taxes. As of December 31, 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 reduces the U.S. federal corporate income tax rate from 35% to 21% and creates 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 new taxes on foreign-sourced earnings imposed under the TCJA are not likely to apply to its foreign investments. 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 December 31, 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 as of which the Offering was declared effective. These organization and offering costs are recorded as Due to Affiliates on the Company’s Consolidated Balance Sheet as of December 31, 2020 and 2019. Offering costs are currently charged to equity as such amounts are incurred. For the years ended December 31, 2020, 2019 and 2018, the Company incurred $0.6 million, $0.8 million and $3.5 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 (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 $2.5 million and $(0.4) million and $42,000, respectively, for the years ended December 31, 2020, 2019 and 2018. The financial position and results of operations of APCF are measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF. Earnings Per Share Basic net income/(loss) per share of common stock is determined by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share. The Company does not have any dilutive securities outstanding that would cause basic earnings per share and diluted earnings per share to differ. Recent Accounting Pronouncements Pending Adoption: 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 expedients and exceptions are effective for the period from March 12, 2020 to December 31, 2022. Management is assessing the impact and does not expect the guidance to materially impact the Company. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management is assessing the impact and does not expect the guidance to materially impact the Company. Recently Adopted 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 has assessed the impact of the guidance and has determined that the guidance does not have a material impact the Company. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. There were no material exposures to rent concessions or lease defaults for tenants impacted by the COVID-19 pandemic for the year ended December 31, 2020. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements”. ASU 2018-13 modifies the disclosures required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. The Company concluded that the adoption did not have a material impact on the Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”). The guidance changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (“ASU 2018-19”) to clarify certain aspects of ASU 2016-13, including that operating lease receivables recorded by lessors are explicitly excluded from the scope of ASU 2016-13. The Company must apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company concluded that the adoption did not have a material impact on the Consolidated Financial Statements. In February 2016, the FASB issued Accounting Standards Update 2016-02 Leases (Topic 842) (“ASU 2016-02”) which supersedes Topic 840, Leases. This guidance applies to all entities that enter into leases. Lessees are required to report assets and liabilities that arise from leases. Lessor accounting has largely remained unchanged; however, certain refinements were made to conform with revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. ASU 2016-02 contains certain practical expedients, which the Company has elected. The Company has elected the transition package of practical expedients permitted within the new standard. This practical expedient permits the Company to carryforward the historical lease classification and not to reassess initial direct costs for any existing leases. In addition, the Company has elected the practical expedient that allows lessors to avoid separating lease and non-lease components within a contract if certain criteria are met. The lessor’s practical expedient election is limited to circumstances in which (i) the timing and pattern of revenue recognition are the same for the non-lease component and the related lease component and (ii) the combined single lease component would be classified as an operating lease. This practical expedient allows the Company the ability to combine the lease and non-lease components if the underlying asset meets the two criteria above. In February 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements (“ASU 2019-01”). ASU 2019-01 addresses two lessor implementation issues and clarifies an exemption for lessors and lessees from a certain interim

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): December 31, 2020 December 31, 2019 Building and building improvements $ 383,093 $ 323,162 Land and land improvements 79,813 61,098 Furniture, fixtures and equipment 3,692 3,474 Total 466,598 387,734 Accumulated depreciation (26,671) (14,646) Investments in real estate, net $ 439,927 $ 373,088 For the years ended December 31, 2020, 2019 and 2018, Depreciation Expense was $12.0 million, $9.6 million and $4.9 million, respectively. During the year ended December 31, 2020, the Company acquired interests in four real property investments, which were comprised of two industrial investments and two other investments, which are representative of medical office investments. These property acquisitions have been accounted for as asset acquisitions. The following table provides details of the properties acquired during the year ended December 31, 2020 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) National Street 100% 1 Boston, MA Industrial November 2020 $ 52,880 Locust Grove 100% 1 Atlanta, GA Other November 2020 10,157 Linden Oaks 100% 1 Chicago, IL Other November 2020 11,299 Rittiman West 6 and 7 100% 2 San Antonio, TX Industrial December 2020 11,171 5 $ 85,507 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. During the year ended December 31, 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 have been accounted for as asset acquisitions. The following table provides details of the properties acquired during the year ended December 31, 2019 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) East Sego Lily 100% 1 Salt Lake City, UT Office May 2019 $ 44,422 Globe Street Industrial 100% 1 Moreno Valley, CA Industrial October 2019 19,442 9725 Datapoint 100% 1 San Antonio, TX Other December 2019 36,523 3 $ 100,387 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. During the year ended December 31, 2018, the Company acquired interests in four real property investments, which were comprised of one multifamily, one office, one retail and one industrial property. These property acquisitions have been accounted for as asset acquisitions. The following table provides details of the properties acquired during the year ended December 31, 2018 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) Defoor Hills 100% 1 Atlanta, GA Office June 2018 $ 33,808 Tacara at Steiner Ranch 100% 1 Austin, TX Multifamily June 2018 47,909 Main Street at Kingwood 100% 1 Houston, TX Retail October 2018 85,696 Henderson Interchange 100% 1 Henderson, NV Industrial December 2018 25,074 4 $ 192,487 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2020 ($ in thousands): National Street Locust Grove Linden Oaks Rittiman West 6 and 7 Total Building and building improvements $ 36,842 $ 7,795 $ 6,903 $ 7,129 $ 58,669 Land and land improvements 11,612 1,422 2,867 2,815 18,716 In-place lease intangibles 3,041 476 836 1,076 5,429 Leasing commissions 916 393 321 119 1,749 Other intangibles 469 71 372 32 944 Total purchase price $ 52,880 $ 10,157 $ 11,299 $ 11,171 $ 85,507 The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2019 ($ in thousands): East Sego Lily Globe Street Industrial 9725 Datapoint Total Building and building improvements $ 33,396 $ 13,154 $ 26,336 $ 72,886 Land and land improvements 3,964 4,376 6,124 14,464 In-place lease intangibles 5,077 1,579 5,095 11,751 Leasing commissions 1,928 473 2,102 4,503 Other intangibles 57 (140) (3,134) (3,217) Total purchase price $ 44,422 $ 19,442 $ 36,523 $ 100,387 The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2018 ($ in thousands): Defoor Hills Tacara at Steiner Ranch Main Street at Kingwood Henderson Interchange Total Building and building improvements $ 25,600 $ 37,717 $ 74,501 $ 18,316 $ 156,134 Land and land improvements 4,472 8,385 10,708 4,475 28,040 In-place lease intangibles 1,965 1,807 3,624 1,475 8,871 Leasing commissions 1,750 — 2,100 787 4,637 Other intangibles 21 — (5,237) 21 (5,195) Total purchase price $ 33,808 $ 47,909 $ 85,696 $ 25,074 $ 192,487

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities As of December 31, 2020 and 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 (Loss) Income from Real Estate-Related Securities during the years ended December 31, 2020, 2019 and 2018 ($ in thousands): For the Year Ended December 31, 2020 2019 2018 Unrealized gains (losses) $ 2,246 $ 3,440 $ (1,272) Realized (losses) gains (3,933) 2,740 606 Dividend income 1,202 1,116 786 Realized and unrealized (loss) income from real estate-related securities $ (485) $ 7,296 $ 120

Investment in International Aff

Investment in International Affiliated Fund	12 Months Ended
	Dec. 31, 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 $28.4 million (€25.0 million) into ECF. As of December 31, 2020, the Company has fully satisfied its commitment. As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While ECF has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner. The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from ECF as of December 31, 2020 ($ in thousands): Investment in ECF Balance as of December 31, 2019 $ 28,144 Income distribution (699) Loss from equity investment in unconsolidated international affiliated fund (180) Foreign currency translation adjustment 2,538 Balance as of December 31, 2020 $ 29,803 (Loss) Income from Equity Investments in Unconsolidated International Affiliated Funds from ECF for the years ended December 31, 2020, 2019 and 2018, was ($0.2) million, $0.5 million, and $34,000, 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. As of December 31, 2020, the Company has funded $19.9 million of its total commitment of $30.0 million. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets. The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from APCF as of December 31, 2020 ($ in thousands): Investment in APCF Balance as of December 31, 2019 $ 9,590 Contributions 9,855 Income distribution (271) Income from equity investment in unconsolidated international affiliated fund 2,031 Balance as of December 31, 2020 $ 21,205 Income (Loss) from Equity Investments in Unconsolidated International Affiliated Funds from APCF for the years ended December 31, 2020 and 2019 was $2.0 million and ($0.3) million, respectively. There was no such income for the year ended December 31, 2018.

Investment in Commercial Mortga

Investment in Commercial Mortgage Loan	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investment In Commercial Mortgage Loan	Investment in Commercial Mortgage LoanOn 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. Subsequently, in November 2020, the outstanding balance of the subordinate mortgage loan was paid off in full, and the Company received $14.4 million. The following is a reconciliation of the beginning and ending balances for the Company's investment in commercial mortgage loan for the year ended December 31, 2020 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of January 1, 2020 $ 12,733 Additional fundings 1,642 Payoff of Mezzanine Loan (14,375) Balance as of December 31, 2020 $ — The Company recognized interest income and origination fees from its investment in commercial mortgage loan of approximately $0.9 million and $1.5 million, for the years ended December 31, 2020 and 2019, respectively. 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 years ended December 31, 2020 and 2019, the Company did not record any unrealized gains or losses on its commercial mortgage loan.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 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 for years ended December 31, 2020 and 2019 ($ in thousands): December 31, 2020 December 31, 2019 Intangible assets: In-place lease intangibles $ 31,393 $ 26,408 Above-market lease intangibles 167 154 Leasing commissions 12,877 10,852 Other intangibles 2,085 825 Total intangible assets 46,522 38,239 Accumulated amortization: In-place lease intangibles (10,402) (7,623) Above-market lease intangibles (38) (21) Leasing commissions (3,070) (1,696) Other intangibles (284) (130) Total accumulated amortization (13,794) (9,470) Intangible assets, net $ 32,728 $ 28,769 Intangible liabilities: Below-market lease intangibles $ (9,750) $ (9,414) Accumulated amortization 1,249 507 Intangible liabilities, net $ (8,501) $ (8,907) Amortization expense relating to intangible assets was $4.3 million, $4.4 million and $4.9 million, respectively, for the years ended December 31, 2020, 2019, and 2018. Income from the amortization of intangibles was $0.7 million, $0.5 million, and $0.1 million, respectively, for the years ended December 31, 2020, 2019, and 2018. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows ($ in thousands): In-Place Above-Market Lease Intangibles Leasing Commissions Other Below-Market 2021 $ 3,782 $ 27 $ 1,580 $ 344 $ (789) 2022 3,289 21 1,496 315 (756) 2023 2,865 17 1,364 294 (738) 2024 2,729 17 1,308 281 (730) 2025 2,380 17 1,132 233 (683) Thereafter 5,946 30 2,927 334 (4,805) $ 20,991 $ 129 $ 9,807 $ 1,801 $ (8,501) 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 7, 6 7, 6 and 13 years, respectively.

Credit Facility and Mortgage Pa

Credit Facility and Mortgage Payable	12 Months Ended
	Dec. 31, 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. Interest under the Credit Facility is determined based on a one-month U.S. dollar-denominated LIBOR, which was 0.1% and 1.8% as of December 31, 2020 and 2019, respectively. Loans under the Credit Facility will mature three years from October 24, 2018, with an option to extend twice for an additional year pursuant to the terms of the Credit Agreement. On December 17, 2018 and June 11, 2019, 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 December 31, 2020 December 31, 2019 Credit facility L+applicable margin (1) October 24, 2021 $ 210,000 $ 129,277 $ 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 weighted-average interest rate for the years ended December 31, 2020 and 2019, was 1.9% and 3.0%, respectively. As of December 31, 2020 and 2019, the Company had $129.3 million and $107.8 million, respectively, in borrowings and had an outstanding accrued interest of $0.1 million. For the years ended December 31, 2020, 2019 and 2018, the Company incurred $1.7 million, $3.9 million and $0.4 million, respectively, in Interest Expense. As of December 31, 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 December 31, 2020 December 31, 2019 Mortgage payable 3.15% December 1, 2026 $ 48,000 $ 48,000 $ 48,000 Deferred financing costs, net (426) (499) Mortgage payable, net $ 47,574 $ 47,501 As of December 31, 2020 and 2019, the Company had $48.0 million in borrowings and $0.1 million in accrued interest outstanding under the Mortgage Payable. For the years ended December 31, 2020 and 2019, the Company incurred $1.5 million and $0.2 million, respectively, in Interest Expense. The following table presents the future principal payments due under the Credit Facility and Mortgage Payable as of December 31, 2020 ($ in thousands): Amount Year Credit Facility Mortgage Payable 2021 (1) $ 129,277 $ — 2022 — — 2023 — — 2024 — — 2025 — — Thereafter — 48,000 Total $ 129,277 $ 48,000 (1) Loans under the Credit Facility will mature on October 24, 2021, with an option to extend twice for an additional year pursuant to the terms of the Credit Agreement, which the Company intends to exercise.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 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): December 31, December 31, Straight-line rent receivable $ 4,196 $ 2,336 Receivables 2,072 736 Prepaid expenses 407 329 Deferred financing costs on credit facility, net 368 779 Other 94 82 Total $ 7,137 $ 4,262 The following table summarizes the components of Accounts Payable, Accrued Expenses, and Other Liabilities for the years ended December 31, 2020 and 2019 ($ in thousands): December 31, December 31, Accounts payable and accrued expenses $ 1,598 $ 1,700 Real estate taxes payable 1,996 1,742 Prepaid rental income 1,440 608 Tenant security deposits 1,117 1,044 Other 612 370 Accrued interest expense 247 334 Total $ 7,010 $ 5,798

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019, the Company had accrued advisory fees of approximately $0.3 million and $0.2 million, respectively, which has been included in Accounts Payable, Accrued Expenses, and Other Liabilities on the Company’s Consolidated Balance Sheets. For the years ended December 31, 2020, 2019 and 2018, the Company had incurred advisory fee expense of $2.9 million, $2.1 million and $1.5 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. During the year ended December 31, 2020, the Company engaged NexCore Companies LLC, an affiliate of TIAA, to provide property management, accounting and leasing services for its investments in medical office properties. As of December 31, 2019, 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 December 31, 2020 and 2019, the Company had accrued $4.7 million and $1.4 million, respectively, 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 stock holder servicing fee with respect to Class I shares. If not already converted into Class I shares upon a determination that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such shares would exceed the applicable limit as described above, each Class T share, Class S share, Class D share and Class N share held in a stockholder’s account will automatically and without any action on the part of the holder thereof convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share on the earliest of (i) a listing of Class I shares, (ii) the Company’s merger or consolidation with or into another entity or the sale or other disposition of all or substantially all of the Company’s assets, in each case in a transaction in which stockholders receive cash and/or listed securities or (iii) after termination of the primary portion of the Offering in which such Class T shares, Class S shares and Class D shares were sold, the end of the month in which the Company, with the assistance of the dealer manager, determines that all underwriting compensation from all sources in connection with the Offering, including upfront selling commissions, the stockholder servicing fee and other underwriting compensation, is equal to 10% of the gross proceeds of the primary portion of the Offering. In addition, immediately before any liquidation, dissolution or winding up, each Class T share, Class S share, Class D share and Class N share will automatically convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share. Due to Affiliates The following table summarizes the components of Due to Affiliates for the years ended December 31, 2020 and 2019 ($ in thousands): December 31, December 31, Accrued stockholder servicing fees (1) $ 4,726 $ 1,411 Advanced organization and offering costs 4,648 4,648 Total $ 9,374 $ 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 December 31, 2020, the Company accrued approximately $4.7 million of stockholder servicing fees payable to the Dealer Manager related to Class T, Class S and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, amount other things, for the re-allowance of the full amount of the selling commissions and the dealer manager fee and all or a portion of stockholder servicing fees received by the Dealer Manager to such selected dealers. The Company will no longer incur the stockholder servicing fee after September 2054 in connection with those Class T, Class S and Class D shares currently outstanding; the fees may end sooner if the total underwriting compensation paid in respect of the Offering reaches 10.0% of the gross offering proceeds or if the Company completes a liquidity event. The Company will incur stockholder servicing fees in connection with future issuances of Class D shares for a 35-year period from the date of issuance and seven years for Class T shares and Class S shares from date of issuance.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Economic Dependency	Economic DependencyThe Company will be dependent on the Advisor and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Advisor and its affiliates are unable to provide such services, the Company would be required to find alternative service providers.

Risks and Contingencies

Risks and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 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 December 31, 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. Based on the Company's assessment, no triggers have been met for the impairment of its investments as of December 31, 2020. 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. For the years ended December 31, 2020 and 2019, the Company was not involved in any material legal proceedings. In the normal course of business the Advisor, on behalf of the Company, enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Advisor expects the risk of loss to be remote.

Tenant Leases

Tenant Leases	12 Months Ended
	Dec. 31, 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 years ended December 31, 2020, 2019 and 2018, was $38.4 million, $30.8 million and $15.9 million, respectively. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily investments are as follows ($ in thousands): Year Future Minimum Rent 2021 $ 24,362 2022 24,063 2023 22,665 2024 22,046 2025 19,693 Thereafter 69,864 Total $ 182,693 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. The Company has not had material exposure to rent concessions or lease defaults for tenants impacted by the COVID-19 pandemic for the year ended December 31, 2020.

Equity

Equity	12 Months Ended
	Dec. 31, 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 December 31, 2020, the Company had authority to issue a total of 2,200,000,000 shares of capital stock, consisting of the following: Classification Number of Shares Par Value Class T Shares 500,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Class N Shares 100,000 $ 0.01 Preferred Stock 100,000 $ 0.01 Total 2,200,000 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. On October 8, 2020, a subsidiary of the Operating Partnership sold 125 shares of preferred stock in a private placement to effectuate the formation of a REIT established to hold our industrial property located in Massachusetts for tax management purposes. Common Stock As of December 31, 2020, the Company had issued and outstanding 3,248,104 shares of Class T common stock, 2,832,107 shares of Class S common stock, 1,405,968 shares of Class D common stock, 4,461,507 shares of Class I common stock, and 29,730,608 shares of Class N common stock. The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands) for the years ended December 31, 2020 and 2019: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total January 1, 2017 — — — — 12,405 12,405 Common Stock Issued — — 26 186 17,326 17,538 Distribution Reinvestment — — — (a) — (a) — — Vested Stock — — — — — — Common Stock Repurchased — — — — — — December 31, 2018 — — 26 186 29,731 29,943 Common Stock Issued 1,375 70 544 1,774 — 3,763 Distribution Reinvestment 2 — 3 9 — 14 Vested Stock — — — 7 — 7 Common Stock Repurchased — — — (10) — (10) December 31, 2019 1,377 70 573 1,966 29,731 33,717 Common Stock Issued 1,818 2,734 819 2,578 — 7,949 Distribution Reinvestment 68 30 36 60 — 194 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (15) (2) (22) (148) — (187) December 31, 2020 3,248 2,832 1,406 4,462 29,731 41,679 (a) The Class D and Class I Shares amount is not presented due to rounding TIAA has purchased $300.0 million of the Company’s Class N shares of common stock through its wholly owned subsidiary. Per the terms of the agreement between the Company and TIAA, all shares held by TIAA are not eligible to be repurchased until January 31, 2023; provided that TIAA must continue to maintain ownership of the $200,000 initial investment in the Company’s shares for so long as the Advisor or its affiliate serves as the Company’s advisor. Restricted Stock Grants The Company’s independent directors are compensated with an annual retainer, of which 25.0% is paid in the form of an annual grant of restricted stock based on the most recent transaction price. The restricted stock generally vests one year from the date of grant,which, in connection with the directors’ first annual grant, occurred in February 2019. The Company accrued approximately $61,875 and $68,000 of expense for years ended December 31, 2020 and 2019, respectively, in connection with restricted stock portion of director compensation, which is included in Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby holders of Class T, Class S, Class D and Class I shares (other than investors in certain states or who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan) have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Holders of Class N shares are not eligible to participate in the distribution reinvestment plan and will receive their distributions in cash. Investors who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan or are residents of those states that do not allow automatic enrollment will receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the transaction price at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders do not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Beginning September 30, 2018, the Company established a monthly record date for a quarterly distribution to stockholders on record as of the last day of each applicable month typically payable within 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 December 31, 2020, the Company has accrued $2.1 million in Distribution Payable on the Consolidated Balance Sheets for the December distributions. Each class of common stock receives the same gross distribution per share, which was $0.6840 per share for the year ended December 31, 2020. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable recipient of such stockholder servicing fee. The following table details the net distribution for each of our share classes for the year ended December 31, 2020: Year Ended December 31, 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 $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 Advisory fee per share of common stock (0.1143) (0.1214) (0.1120) (0.1081) (0.0569) Stockholder servicing fee per share of common stock (0.0919) (0.0845) (0.0324) — — Net distribution per share of common stock $ 0.4778 $ 0.4781 $ 0.5396 $ 0.5759 $ 0.6271 The following table details the net distribution for each of our share classes for the year ended December 31, 2019: Year Ended December 31, 2019 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 (1) $ 0.5689 $ 0.0579 $ 0.5689 $ 0.5689 $ 0.5689 Advisory fee per share of common stock (0.1190) (0.0102) (0.1200) (0.1202) (0.0632) Stockholder servicing fee per share of common stock (0.0898) (0.0078) (0.0265) — — Net distribution per share of common stock $ 0.3601 $ 0.0399 $ 0.4224 $ 0.4487 $ 0.5057 (1) The Company did not sell any Class T or Class S shares prior to January 2019 and December 2019, respectively, thus no distributions were declared for Class T or Class S prior to such date. The following table details the net distribution for each of our share classes for the year ended December 31, 2018: Year Ended December 31, 2018 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 (1) $ — $ — $ 0.1974 $ 0.1952 $ 0.1902 Advisory fee per share of common stock — — (0.0414) (0.0414) (0.0216) Stockholder servicing fee per share of common stock — — (0.0086) — — Net distribution per share of common stock $ — $ — $ 0.1474 $ 0.1538 $ 0.1686 (1) The Company did not sell any Class I or Class D shares prior to May 2018 and June 2018, respectively, thus no distributions were declared for Class I or Class D prior to such date. Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of Class T, Class S, Class D, and Class I shares will be limited to 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter. In addition, if during any consecutive 24-month period, the Company does not have at least one month in which the Company fully satisfies 100% of properly submitted repurchase requests or accepts all properly submitted tenders in a self-tender offer for the Company’s shares, the Company will not make any new investments (excluding short-term cash management investments under 30 days in duration) and will use all available investable assets to satisfy repurchase requests (subject to the limitations under this program) until all outstanding repurchase requests have been satisfied. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year would be repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan. For year ended December 31, 2020, the Company repurchased shares for $1.9 million. The company had no unfulfilled repurchase requests during the year ended December 31, 2020.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in eight reportable segments: industrial properties, multifamily properties, retail properties, office properties, other properties (which consists of medical office buildings), real estate-related securities, International Affiliated Funds, and commercial mortgage loan. These are operating segments that are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers in deciding how to allocate resources and in assessing performance. The Company’s chief executive officer, chief financial officer and head of portfolio management have been identified as the chief operating decision-makers. The Company’s chief operating decision-makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company believes that Segment Net Operating Income is the performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment as of December 31, 2020 and 2019 ($ in thousands): December 31, December 31, Industrial $ 167,518 $ 106,417 Multifamily 91,355 94,039 Retail 86,154 88,217 Office 72,810 76,603 Other 61,397 39,634 International Affiliated Funds 51,008 37,734 Real Estate-Related Securities 40,052 35,240 Commercial Mortgage Loan — 12,733 Other (Corporate) 16,229 16,880 Total assets $ 586,523 $ 507,497 The following table sets forth the financial results by segment for the years ended December 31, 2020, 2019 and 2018 ($ in thousands): For the Year Ended December 31, 2020 2019 2018 Rental revenues Industrial 10,381 8,464 6,081 Multifamily $ 9,351 $ 9,215 $ 7,197 Office 7,470 6,071 1,483 Retail 6,783 6,912 1,117 Other 4,372 146 — Total rental revenues 38,357 30,808 15,878 Property operating expenses Industrial 2,915 2,578 1,821 Multifamily 4,520 4,555 3,395 Office 2,123 1,585 274 Retail 1,355 1,238 162 Other 1,010 23 — Total property operating expenses 11,923 9,979 5,652 Depreciation and amortization 17,478 14,171 9,798 Interest income from commercial loan 890 1,455 — Realized and unrealized income from real estate-related securities (485) 7,296 120 Income from equity investment in unconsolidated international affiliated funds 1,851 270 34 General and administrative expenses (3,538) (3,502) (3,950) Advisory fee due to affiliate (3,326) (2,100) (1,485) Interest income 155 161 120 Interest expense (3,778) (4,534) (434) Net income (loss) $ 725 $ 5,704 $ (5,167) Net income attributable to preferred stock $ 18 $ 15 $ — Net income (loss) attributable to common stockholders $ 707 $ 5,689 $ (5,167)

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited) The following tables present the Company’s quarterly results ($ in thousands, except per share data): 2020 Quarter Ended March 31 Quarter Ended June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ 9,703 $ 9,808 $ 9,699 $ 10,037 Net (loss) income (6,626) 2,574 1,154 3,623 Net (loss) income attributable to common stockholders (6,630) 2,571 1,150 3,616 Net (loss) income per share (0.18) 0.07 0.03 0.10 2019 Quarter Ended March 31 Quarter Ended June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ 6,766 $ 8,475 $ 8,198 $ 8,824 Net income (loss) 3,748 (247) 2,211 (8) Net income (loss) attributable to common stockholders 3,744 (250) 2,207 (12) Net income (loss) per share 0.12 (0.01) 0.07 — 2018 Quarter Ended March 31 Quarter Ended June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ 2,822 $ 3,015 $ 4,536 $ 5,505 Net (loss) income (1,515) 287 (849) (3,090) Net (loss) income attributable to common stockholders (1,515) 287 (849) (3,090) Net (loss) income per share (0.08) 0.01 (0.04) 0.11

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions The Company's board of directors declared distributions on all outstanding shares of common stock as of the close of business on the record date of December 30, 2020. The Company paid these distributions amounting to $2.1 million on January 26, 2021. The Company's board of directors declared distributions on all outstanding shares of common stock as of the close of business on the record date of January 30, 2021. The Company paid these distributions amounting to $2.1 million on February 26, 2021. The Company's board of directors declared distributions on all outstanding shares of common stock as of the close of business on the record date of February 28, 2021. The Company paid these distributions amounting to $2.1 million on March 24, 2021. Status of the Offering On January 1, 2021 the Company sold approximately $5,944,630 of common stock (73,276 Class T shares, 200,705 Class S shares, 61,682 Class D shares & 231,223 Class I shares) at a purchase price of $10.44 for Class T, $10.42 for Class S, $10.52 for Class D, and $10.55 for Class I. On February 1, 2021 the Company sold approximately $8,983,575 of common stock (185,339 Class T shares, 377,404 Class S shares, 56,066 Class D shares & 232,772 Class I shares) at a purchase price of $10.53 for Class T, $10.50 for Class S, $10.61 for Class D, and $10.63 for Class I. On March 1, 2021 the Company sold approximately $30,859,587 of common stock (317,388 Class T shares, 1,362,114 Class S shares, 187,503 Class D shares & 1,026,119 Class I shares) at a purchase price of $10.64 for Class T, $10.61 for Class S, $10.72 for Class D, and $10.74 for Class I. On January 31, 2021, the Company repurchased 9,963 Class D shares at $10.61 per share. On February 28, 2021, the Company repurchased 2,336 Class D shares at $10.72 per share. Other Items On January 22, 2021, the Company completed the acquisition of the property known as 2945 Wilderness Place, a life science building located in the Denver-Boulder submarket, from an unaffiliated third party for a total cost of $12.9 million, including purchase price adjustments and transaction costs. The property is a 30,887 square foot life science building located in Boulder, Colorado. At the time of acquisition, 2945 Wilderness place was 100% leased to a single tenant on a long-term triple net lease with an average remaining lease term of over five years.

SCHEDULE III - Real Estate and

SCHEDULE III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - Real Estate and Accumulated Depreciation	Schedule III Initial Costs Gross Amount at Which Carried at Close of Period (a) Property Location Property Type Year Built Year Acquired Related Encumbrances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation Depreciable Lives Aurora, IL Multi-family 2003 2017 $ 5,894 $ 44,713 $ 473 $ 5,932 $ 45,148 $ 51,080 $ 3,897 15 - 40 years Phoenix, AZ Industrial 1998 2017 3,891 11,337 202 3,891 11,539 15,430 1,081 15 - 40 years Denver & Golden, CO Industrial Various 2017 8,773 38,496 333 8,773 38,829 47,602 3,819 15 - 40 years Austin, TX Multi-family 2017 2018 4,472 25,598 118 4,472 25,716 30,188 1,997 15 - 40 years Atlanta, GA Office 1970 2018 8,385 36,319 212 8,385 36,531 44,916 2,678 15 - 40 years Houston, TX Retail 2016 2018 $ 48,000 10,708 74,419 230 10,708 74,649 85,357 5,498 15 - 40 years Henderson, NV Industrial 2017 2018 4,475 18,316 — 4,475 18,316 22,791 1,282 15 - 40 years Salt Lake City, UT Office 2017 2019 3,964 32,945 57 3,964 33,002 36,966 2,084 15 - 40 years Moreno Valley, CA Industrial 1993 2019 4,376 13,157 320 4,376 13,477 17,853 636 15 - 40 years San Antonio, TX Other 1972; renovated 2019 2019 6,124 26,338 819 6,124 27,157 33,281 1,468 15 - 40 years Boston, MA Industrial 1973 2020 11,612 36,842 — 11,612 36,842 48,454 176 15 - 40 years Atlanta, GA Other 2017 2020 1,422 7,795 — 1,422 7,795 9,217 55 15 - 40 years Chicago, IL Other 1986 2020 2,867 6,903 — 2,867 6,903 9,770 59 15 - 40 years San Antonio, TX Industrial 1983 2020 2,815 7,129 — 2,815 7,129 9,944 7 15 - 40 years $ 48,000 $ 79,778 $ 380,307 $ 2,764 $ 79,816 $ 383,033 $ 462,849 $ 24,737 (a) The aggregate cost for federal income tax purposes at December 31, 2020 was approximately $489.6 million. The total included on Schedule III does not include Furniture, Fixtures and Equipment totaling $3.7 million. Accumulated Depreciation does not include $1.9 million of accumulated depreciation related to Furniture, Fixtures and Equipment. Changes in rental properties and accumulated depreciation for the periods ended December 31, 2020, 2019 and 2018, are as follows ($ in thousands): Rental Properties 2020 2019 2018 Balance at beginning of period $ 384,260 $ 296,073 $ 113,103 Additions 78,589 88,187 182,970 Balance at end of period $ 462,849 $ 384,260 $ 296,073 Accumulated Depreciation 2020 2019 2018 Balance at beginning of period $ 13,431 $ 4,498 $ 123 Additions 11,306 8,933 4,375 Balance at end of period $ 24,737 $ 13,431 $ 4,498

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s Consolidated Financial Statements. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the SEC. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset 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 Expense on the Company’s Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related 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 years Building, land and site improvements 15- 40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating Expense on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the period presented, no such impairment occurred. 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 did not have any impairment charges with respect to the Company’s investments in real estate. Accordingly, the Company will continue to monitor circumstances and events in future periods to determine whether any impairment charges are warranted. As of December 31, 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 December 31, 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	Investments in Real Estate-Related Securities The Company reports it investment in real estate-related securities at fair value and any changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with gains and losses, are recorded as a component of Realized and Unrealized Income from Real Estate-Related Securities on the Consolidated Statements of Operations.
Investments in International Affiliated Funds	Investments in International Affiliated Funds The Company reports its investment in the European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA (the “International Affiliated Funds”), under the equity method of accounting. The equity method income (loss) from the investments in the International Affiliated Funds represents the Company’s allocable share of each fund’s net income 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), for the years ended December 31, 2020, 2019 and 2018, and is reported as Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statements of Operations. All contributions to or distributions from the investment in the International Affiliated Funds are 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	Investment in Commercial Mortgage Loan 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 was stated at fair value and was initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loan was 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 was based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), and the credit quality of the borrower. The income from 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. In the event of a partial or whole sale of the commercial mortgage loan, the Company derecognizes the corresponding asset and fees paid as part of the partial or whole sale are recognized as expense in General and Administrative Expenses on the Company’s Consolidated Statements of Operations.
Deferred Financing Costs	Deferred Charges The Company's deferred charges include financing and leasing costs. Financing costs include legal, structuring, and other loan costs incurred by the Company for its financing arrangements. Deferred financing costs related to the credit facility are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are being amortized on a straight-line basis over the term of the credit facility. Unamortized costs are charged to expenses upon early repayment or significant modification of the credit facility and fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility. Deferred financing costs related to the Company’s mortgage payable are recorded as an offset to the related liability and amortized 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 Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. As of December 31, 2020, the Company’s $40.1 million of investments in real-estate related securities consisted of shares of common stock of publicly-traded real estate investment trusts and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. As of December 31, 2020, and subsequent to the sale of the senior portion of the commercial mortgage loan and the payoff of the subordinate loan, the Company did not have any investment in commercial mortgage loan. The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2020 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of January 1, 2020 $ 12,733 Additional fundings 1,642 Payoff of Mezzanine Loan (14,375) Balance as of December 31, 2020 $ — As of December 31, 2020 and 2019, the carrying value of the Company's Mortgage Payable and Credit Facility approximated fair value. The fair value of the Company's mortgage payable was $47.6 million and $48.0 million, respectively, as of December 31, 2020 and 2019. The fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to present value using the appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3.
Revenue Recognition	Revenue Recognition The Company’s sources of revenue arising from leasing arrangements and the related revenue recognition policies are as follows: Rental Revenue — consists primarily of base rent arising from tenant operating leases at the Company’s office, industrial, multifamily, retail, and other properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. The Company includes its tenant reimbursement income in rental revenue that consist of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs included in lease agreements. Income from Commercial Mortgage Loan — consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payment are received until the loans are returned to accrual status. As of December 31, 2020, the Company did not have any mortgage loans on nonaccrual status.
Leases	Leases The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether: • The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or • All other leases that do not meet the criteria as sales-type or direct financing leases (operating). 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. Upon the termination or vacation of a tenant lease, the associated straight-line rent receivable is written off.
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 Cash As of December 31, 2020, restricted cash consisted of $5.9 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 US corporate federal income tax. The Cayman Islands TRSs are not subject to US corporate federal income tax or Cayman Islands taxes. As of December 31, 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 reduces the U.S. federal corporate income tax rate from 35% to 21% and creates 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 new taxes on foreign-sourced earnings imposed under the TCJA are not likely to apply to its foreign investments.
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 December 31, 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 as of which the Offering was declared effective. These organization and offering costs are recorded as Due to Affiliates on the Company’s Consolidated Balance Sheet as of December 31, 2020 and 2019. Offering costs are currently charged to equity as such amounts are incurred. For the years ended December 31, 2020, 2019 and 2018, the Company incurred $0.6 million, $0.8 million and $3.5 million, respectively, in offering costs to equity.
Foreign Currency	Foreign Currency The financial position and results of operations of ECF is measured using the local currency (Euro) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity under the equity method of accounting. Net income (loss), which includes the Company’s allocable share of the International Affiliated Funds income and expense, realized gains and losses and unrealized appreciation or depreciation, has been translated at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of accumulated other comprehensive income, unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in other comprehensive income (loss) of approximately $2.5 million and $(0.4) million and $42,000, respectively, for the years ended December 31, 2020, 2019 and 2018. The financial position and results of operations of APCF are measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF.
Earnings Per Share	Earnings Per Share Basic net income/(loss) per share of common stock is determined by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share. The Company does not have any dilutive securities outstanding that would cause basic earnings per share and diluted earnings per share to differ.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pending Adoption: 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 expedients and exceptions are effective for the period from March 12, 2020 to December 31, 2022. Management is assessing the impact and does not expect the guidance to materially impact the Company. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management is assessing the impact and does not expect the guidance to materially impact the Company. Recently Adopted 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 has assessed the impact of the guidance and has determined that the guidance does not have a material impact the Company. In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration. There were no material exposures to rent concessions or lease defaults for tenants impacted by the COVID-19 pandemic for the year ended December 31, 2020. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements”. ASU 2018-13 modifies the disclosures required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. The Company concluded that the adoption did not have a material impact on the Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”). The guidance changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (“ASU 2018-19”) to clarify certain aspects of ASU 2016-13, including that operating lease receivables recorded by lessors are explicitly excluded from the scope of ASU 2016-13. The Company must apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company concluded that the adoption did not have a material impact on the Consolidated Financial Statements. In February 2016, the FASB issued Accounting Standards Update 2016-02 Leases (Topic 842) (“ASU 2016-02”) which supersedes Topic 840, Leases. This guidance applies to all entities that enter into leases. Lessees are required to report assets and liabilities that arise from leases. Lessor accounting has largely remained unchanged; however, certain refinements were made to conform with revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. ASU 2016-02 contains certain practical expedients, which the Company has elected. The Company has elected the transition package of practical expedients permitted within the new standard. This practical expedient permits the Company to carryforward the historical lease classification and not to reassess initial direct costs for any existing leases. In addition, the Company has elected the practical expedient that allows lessors to avoid separating lease and non-lease components within a contract if certain criteria are met. The lessor’s practical expedient election is limited to circumstances in which (i) the timing and pattern of revenue recognition are the same for the non-lease component and the related lease component and (ii) the combined single lease component would be classified as an operating lease. This practical expedient allows the Company the ability to combine the lease and non-lease components if the underlying asset meets the two criteria above. In February 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements (“ASU 2019-01”). ASU 2019-01 addresses two lessor implementation issues and clarifies an exemption for lessors and lessees from a certain interim

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 years Building, land and site improvements 15- 40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2020 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of January 1, 2020 $ 12,733 Additional fundings 1,642 Payoff of Mezzanine Loan (14,375) Balance as of December 31, 2020 $ —

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): December 31, 2020 December 31, 2019 Building and building improvements $ 383,093 $ 323,162 Land and land improvements 79,813 61,098 Furniture, fixtures and equipment 3,692 3,474 Total 466,598 387,734 Accumulated depreciation (26,671) (14,646) Investments in real estate, net $ 439,927 $ 373,088
Summary of Properties Acquired	The following table provides details of the properties acquired during the year ended December 31, 2020 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) National Street 100% 1 Boston, MA Industrial November 2020 $ 52,880 Locust Grove 100% 1 Atlanta, GA Other November 2020 10,157 Linden Oaks 100% 1 Chicago, IL Other November 2020 11,299 Rittiman West 6 and 7 100% 2 San Antonio, TX Industrial December 2020 11,171 5 $ 85,507 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. The following table provides details of the properties acquired during the year ended December 31, 2019 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) East Sego Lily 100% 1 Salt Lake City, UT Office May 2019 $ 44,422 Globe Street Industrial 100% 1 Moreno Valley, CA Industrial October 2019 19,442 9725 Datapoint 100% 1 San Antonio, TX Other December 2019 36,523 3 $ 100,387 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed. The following table provides details of the properties acquired during the year ended December 31, 2018 ($ in thousands): Property Name Ownership Number of Location Sector Acquisition Acquisition Price (1) Defoor Hills 100% 1 Atlanta, GA Office June 2018 $ 33,808 Tacara at Steiner Ranch 100% 1 Austin, TX Multifamily June 2018 47,909 Main Street at Kingwood 100% 1 Houston, TX Retail October 2018 85,696 Henderson Interchange 100% 1 Henderson, NV Industrial December 2018 25,074 4 $ 192,487 (1) Acquisition price is inclusive of acquisition costs and other acquisition related adjustments. Acquisition price does not include any net liabilities assumed.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2020 ($ in thousands): National Street Locust Grove Linden Oaks Rittiman West 6 and 7 Total Building and building improvements $ 36,842 $ 7,795 $ 6,903 $ 7,129 $ 58,669 Land and land improvements 11,612 1,422 2,867 2,815 18,716 In-place lease intangibles 3,041 476 836 1,076 5,429 Leasing commissions 916 393 321 119 1,749 Other intangibles 469 71 372 32 944 Total purchase price $ 52,880 $ 10,157 $ 11,299 $ 11,171 $ 85,507 The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2019 ($ in thousands): East Sego Lily Globe Street Industrial 9725 Datapoint Total Building and building improvements $ 33,396 $ 13,154 $ 26,336 $ 72,886 Land and land improvements 3,964 4,376 6,124 14,464 In-place lease intangibles 5,077 1,579 5,095 11,751 Leasing commissions 1,928 473 2,102 4,503 Other intangibles 57 (140) (3,134) (3,217) Total purchase price $ 44,422 $ 19,442 $ 36,523 $ 100,387 The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2018 ($ in thousands): Defoor Hills Tacara at Steiner Ranch Main Street at Kingwood Henderson Interchange Total Building and building improvements $ 25,600 $ 37,717 $ 74,501 $ 18,316 $ 156,134 Land and land improvements 4,472 8,385 10,708 4,475 28,040 In-place lease intangibles 1,965 1,807 3,624 1,475 8,871 Leasing commissions 1,750 — 2,100 787 4,637 Other intangibles 21 — (5,237) 21 (5,195) Total purchase price $ 33,808 $ 47,909 $ 85,696 $ 25,074 $ 192,487

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	12 Months Ended
	Dec. 31, 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 (Loss) Income from Real Estate-Related Securities during the years ended December 31, 2020, 2019 and 2018 ($ in thousands): For the Year Ended December 31, 2020 2019 2018 Unrealized gains (losses) $ 2,246 $ 3,440 $ (1,272) Realized (losses) gains (3,933) 2,740 606 Dividend income 1,202 1,116 786 Realized and unrealized (loss) income from real estate-related securities $ (485) $ 7,296 $ 120

Investment Holdings (Tables)

Investment Holdings (Tables)	12 Months Ended
	Dec. 31, 2020
Schedule of Investments [Abstract]
Equity Method Investments	The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from ECF as of December 31, 2020 ($ in thousands): Investment in ECF Balance as of December 31, 2019 $ 28,144 Income distribution (699) Loss from equity investment in unconsolidated international affiliated fund (180) Foreign currency translation adjustment 2,538 Balance as of December 31, 2020 $ 29,803 The following table summarizes the Equity Investment in Unconsolidated International Affiliated Funds from APCF as of December 31, 2020 ($ in thousands): Investment in APCF Balance as of December 31, 2019 $ 9,590 Contributions 9,855 Income distribution (271) Income from equity investment in unconsolidated international affiliated fund 2,031 Balance as of December 31, 2020 $ 21,205

Investment in Commercial Mort_2

Investment in Commercial Mortgage Loan (Tables)	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Commercial Mortgage Loan Investment	The following is a reconciliation of the beginning and ending balances for the Company's investment in commercial mortgage loan for the year ended December 31, 2020 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of January 1, 2020 $ 12,733 Additional fundings 1,642 Payoff of Mezzanine Loan (14,375) Balance as of December 31, 2020 $ —

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 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 for years ended December 31, 2020 and 2019 ($ in thousands): December 31, 2020 December 31, 2019 Intangible assets: In-place lease intangibles $ 31,393 $ 26,408 Above-market lease intangibles 167 154 Leasing commissions 12,877 10,852 Other intangibles 2,085 825 Total intangible assets 46,522 38,239 Accumulated amortization: In-place lease intangibles (10,402) (7,623) Above-market lease intangibles (38) (21) Leasing commissions (3,070) (1,696) Other intangibles (284) (130) Total accumulated amortization (13,794) (9,470) Intangible assets, net $ 32,728 $ 28,769 Intangible liabilities: Below-market lease intangibles $ (9,750) $ (9,414) Accumulated amortization 1,249 507 Intangible liabilities, net $ (8,501) $ (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 Above-Market Lease Intangibles Leasing Commissions Other Below-Market 2021 $ 3,782 $ 27 $ 1,580 $ 344 $ (789) 2022 3,289 21 1,496 315 (756) 2023 2,865 17 1,364 294 (738) 2024 2,729 17 1,308 281 (730) 2025 2,380 17 1,132 233 (683) Thereafter 5,946 30 2,927 334 (4,805) $ 20,991 $ 129 $ 9,807 $ 1,801 $ (8,501)

Credit Facility and Mortgage _2

Credit Facility and Mortgage Payable (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 December 31, 2019 Credit facility L+applicable margin (1) October 24, 2021 $ 210,000 $ 129,277 $ 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 weighted-average interest rate for the years ended December 31, 2020 and 2019, was 1.9% and 3.0%, respectively. The following is a summary of the Mortgage Payable secured by the Company's retail property ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size December 31, 2020 December 31, 2019 Mortgage payable 3.15% December 1, 2026 $ 48,000 $ 48,000 $ 48,000 Deferred financing costs, net (426) (499) Mortgage payable, net $ 47,574 $ 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 December 31, 2020 ($ in thousands): Amount Year Credit Facility Mortgage Payable 2021 (1) $ 129,277 $ — 2022 — — 2023 — — 2024 — — 2025 — — Thereafter — 48,000 Total $ 129,277 $ 48,000 (1) Loans under the Credit Facility will mature on October 24, 2021, with an option to extend twice for an additional year pursuant to the terms of the Credit Agreement, which the Company intends to exercise.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 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): December 31, December 31, Straight-line rent receivable $ 4,196 $ 2,336 Receivables 2,072 736 Prepaid expenses 407 329 Deferred financing costs on credit facility, net 368 779 Other 94 82 Total $ 7,137 $ 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 for the years ended December 31, 2020 and 2019 ($ in thousands): December 31, December 31, Accounts payable and accrued expenses $ 1,598 $ 1,700 Real estate taxes payable 1,996 1,742 Prepaid rental income 1,440 608 Tenant security deposits 1,117 1,044 Other 612 370 Accrued interest expense 247 334 Total $ 7,010 $ 5,798

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 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 for the years ended December 31, 2020 and 2019 ($ in thousands): December 31, December 31, Accrued stockholder servicing fees (1) $ 4,726 $ 1,411 Advanced organization and offering costs 4,648 4,648 Total $ 9,374 $ 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 December 31, 2020, the Company accrued approximately $4.7 million of stockholder servicing fees payable to the Dealer Manager related to Class T, Class S and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, amount other things, for the re-allowance of the full amount of the selling commissions and the dealer manager fee and all or a portion of stockholder servicing fees received by the Dealer Manager to such selected dealers. The Company will no longer incur the stockholder servicing fee after September 2054 in connection with those Class T, Class S and Class D shares currently outstanding; the fees may end sooner if the total underwriting compensation paid in respect of the Offering reaches 10.0% of the gross offering proceeds or if the Company completes a liquidity event. The Company will incur stockholder servicing fees in connection with future issuances of Class D shares for a 35-year period from the date of issuance and seven years for Class T shares and Class S shares from date of issuance.

Tenant Leases (Tables)

Tenant Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lessor, Payments to be Received Under Operating Leases	Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily investments are as follows ($ in thousands): Year Future Minimum Rent 2021 $ 24,362 2022 24,063 2023 22,665 2024 22,046 2025 19,693 Thereafter 69,864 Total $ 182,693

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Capital Stock	As of December 31, 2020, the Company had authority to issue a total of 2,200,000,000 shares of capital stock, consisting of the following: Classification Number of Shares Par Value Class T Shares 500,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Class N Shares 100,000 $ 0.01 Preferred Stock 100,000 $ 0.01 Total 2,200,000
Schedule of Common Stock Outstanding Roll Forward	The following tables detail the movement in the Company’s outstanding shares of common stock (in thousands) for the years ended December 31, 2020 and 2019: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Total January 1, 2017 — — — — 12,405 12,405 Common Stock Issued — — 26 186 17,326 17,538 Distribution Reinvestment — — — (a) — (a) — — Vested Stock — — — — — — Common Stock Repurchased — — — — — — December 31, 2018 — — 26 186 29,731 29,943 Common Stock Issued 1,375 70 544 1,774 — 3,763 Distribution Reinvestment 2 — 3 9 — 14 Vested Stock — — — 7 — 7 Common Stock Repurchased — — — (10) — (10) December 31, 2019 1,377 70 573 1,966 29,731 33,717 Common Stock Issued 1,818 2,734 819 2,578 — 7,949 Distribution Reinvestment 68 30 36 60 — 194 Vested Stock Grant — — — 6 — 6 Common Stock Repurchased (15) (2) (22) (148) — (187) December 31, 2020 3,248 2,832 1,406 4,462 29,731 41,679 (a) The Class D and Class I Shares amount is not presented due to rounding
Summary of Declared Distributions	The following table details the net distribution for each of our share classes for the year ended December 31, 2020: Year Ended December 31, 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 $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 $ 0.6840 Advisory fee per share of common stock (0.1143) (0.1214) (0.1120) (0.1081) (0.0569) Stockholder servicing fee per share of common stock (0.0919) (0.0845) (0.0324) — — Net distribution per share of common stock $ 0.4778 $ 0.4781 $ 0.5396 $ 0.5759 $ 0.6271 The following table details the net distribution for each of our share classes for the year ended December 31, 2019: Year Ended December 31, 2019 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 (1) $ 0.5689 $ 0.0579 $ 0.5689 $ 0.5689 $ 0.5689 Advisory fee per share of common stock (0.1190) (0.0102) (0.1200) (0.1202) (0.0632) Stockholder servicing fee per share of common stock (0.0898) (0.0078) (0.0265) — — Net distribution per share of common stock $ 0.3601 $ 0.0399 $ 0.4224 $ 0.4487 $ 0.5057 (1) The Company did not sell any Class T or Class S shares prior to January 2019 and December 2019, respectively, thus no distributions were declared for Class T or Class S prior to such date. The following table details the net distribution for each of our share classes for the year ended December 31, 2018: Year Ended December 31, 2018 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 (1) $ — $ — $ 0.1974 $ 0.1952 $ 0.1902 Advisory fee per share of common stock — — (0.0414) (0.0414) (0.0216) Stockholder servicing fee per share of common stock — — (0.0086) — — Net distribution per share of common stock $ — $ — $ 0.1474 $ 0.1538 $ 0.1686 (1) The Company did not sell any Class I or Class D shares prior to May 2018 and June 2018, respectively, thus no distributions were declared for Class I or Class D prior to such date.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Summary of Total Assets by Segment	The following table sets forth the total assets by segment as of December 31, 2020 and 2019 ($ in thousands): December 31, December 31, Industrial $ 167,518 $ 106,417 Multifamily 91,355 94,039 Retail 86,154 88,217 Office 72,810 76,603 Other 61,397 39,634 International Affiliated Funds 51,008 37,734 Real Estate-Related Securities 40,052 35,240 Commercial Mortgage Loan — 12,733 Other (Corporate) 16,229 16,880 Total assets $ 586,523 $ 507,497
Summary of Financial Results by Segment	The following table sets forth the financial results by segment for the years ended December 31, 2020, 2019 and 2018 ($ in thousands): For the Year Ended December 31, 2020 2019 2018 Rental revenues Industrial 10,381 8,464 6,081 Multifamily $ 9,351 $ 9,215 $ 7,197 Office 7,470 6,071 1,483 Retail 6,783 6,912 1,117 Other 4,372 146 — Total rental revenues 38,357 30,808 15,878 Property operating expenses Industrial 2,915 2,578 1,821 Multifamily 4,520 4,555 3,395 Office 2,123 1,585 274 Retail 1,355 1,238 162 Other 1,010 23 — Total property operating expenses 11,923 9,979 5,652 Depreciation and amortization 17,478 14,171 9,798 Interest income from commercial loan 890 1,455 — Realized and unrealized income from real estate-related securities (485) 7,296 120 Income from equity investment in unconsolidated international affiliated funds 1,851 270 34 General and administrative expenses (3,538) (3,502) (3,950) Advisory fee due to affiliate (3,326) (2,100) (1,485) Interest income 155 161 120 Interest expense (3,778) (4,534) (434) Net income (loss) $ 725 $ 5,704 $ (5,167) Net income attributable to preferred stock $ 18 $ 15 $ — Net income (loss) attributable to common stockholders $ 707 $ 5,689 $ (5,167)

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following tables present the Company’s quarterly results ($ in thousands, except per share data): 2020 Quarter Ended March 31 Quarter Ended June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ 9,703 $ 9,808 $ 9,699 $ 10,037 Net (loss) income (6,626) 2,574 1,154 3,623 Net (loss) income attributable to common stockholders (6,630) 2,571 1,150 3,616 Net (loss) income per share (0.18) 0.07 0.03 0.10 2019 Quarter Ended March 31 Quarter Ended June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ 6,766 $ 8,475 $ 8,198 $ 8,824 Net income (loss) 3,748 (247) 2,211 (8) Net income (loss) attributable to common stockholders 3,744 (250) 2,207 (12) Net income (loss) per share 0.12 (0.01) 0.07 — 2018 Quarter Ended March 31 Quarter Ended June 30 Quarter Ended September 30 Quarter Ended December 31 Total revenues $ 2,822 $ 3,015 $ 4,536 $ 5,505 Net (loss) income (1,515) 287 (849) (3,090) Net (loss) income attributable to common stockholders (1,515) 287 (849) (3,090) Net (loss) income per share (0.08) 0.01 (0.04) 0.11

Organization and Business Pur_2

Organization and Business Purpose - Narrative (Details)	12 Months Ended
	Dec. 31, 2020USD ($)class
Organization And Business Activities [Line Items]
Sale of stock, consideration received on transaction	$ 5,000,000,000
Number of classes of common stock | class	4
Primary Offering
Organization And Business Activities [Line Items]
Sale of stock, consideration received on transaction	$ 4,000,000,000
Dividend Reinvestment Plan
Organization And Business Activities [Line Items]
Sale of stock, consideration received on transaction	$ 1,000,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2020
Building | Maximum
Real Estate Properties [Line Items]
Estimated useful life of asset	40 years
Building, land and site improvements | Minimum
Real Estate Properties [Line Items]
Estimated useful life of asset	15 years
Building, land and site improvements | Maximum
Real Estate Properties [Line Items]
Estimated useful life of asset	40 years
Furniture, fixtures and equipment | Minimum
Real Estate Properties [Line Items]
Estimated useful life of asset	3 years
Furniture, fixtures and equipment | Maximum
Real Estate Properties [Line Items]
Estimated useful life of asset	7 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2020USD ($)subsidiary	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Significant Of Accounting Policies [Line Items]
Restricted cash	$ 5,945,000	$ 10,087,000	$ 56,000
Number of active TRSs | subsidiary	3
Deferred offering costs	$ 600,000	800,000	3,500,000
Foreign currency translation adjustments gain (loss)	$ 2,538,000	(412,000)	$ 42,000
Advisor
Significant Of Accounting Policies [Line Items]
Period for reimbursement of advance expenses	60 months
Investments in and advances to affiliates, advanced expenses reimbursement NAV threshold	$ 1,000,000,000
Organizational and offering costs	4,600,000
Offering cost	3,500,000
Organization costs	1,100,000
Secured Debt
Significant Of Accounting Policies [Line Items]
Long-term debt, fair value	47,600,000	$ 48,000,000
Fair Value, Inputs, Level 1
Significant Of Accounting Policies [Line Items]
Investments in real estate-related securities	$ 40,100,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Recurring Liabilities Measured at Fair Value (Details) - Fair Value, Inputs, Level 3 - Fair Value, Measurements, Recurring $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of January 1, 2020	$ 12,733
Additional fundings	1,642
Payoff of Mezzanine Loan	14,375
Balance as of December 31, 2020	$ 0

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Building and building improvements	$ 383,093	$ 323,162
Land and land improvements	79,813	61,098
Furniture, fixtures and equipment	3,692	3,474
Total	466,598	387,734
Accumulated depreciation	(26,671)	(14,646)
Investments in real estate, net	$ 439,927	$ 373,088

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)
Real Estate [Abstract]
Depreciation expense | $	$ 12	$ 9.6	$ 4.9
Number of real property investments acquired | property	4	3

Investments in Real Estate - Su

Investments in Real Estate - Summary of Properties Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Real Estate Properties [Line Items]
Number of Properties | property	5	3	4
Purchase price | $	$ 85,507	$ 100,387	$ 192,487
National Street
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties | property	1
Purchase price | $	$ 52,880
Locust Grove
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties | property	1
Purchase price | $	$ 10,157
Linden Oaks
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties | property	1
Purchase price | $	$ 11,299
Rittiman West 6 and 7
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Number of Properties | property	2
Purchase price | $	$ 11,171
East Sego Lily
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Purchase price | $		$ 44,422
Globe Street Industrial
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Purchase price | $		$ 19,442
9725 Datapoint
Real Estate Properties [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Purchase price | $		$ 36,523
Defoor Hills
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties | property			1
Purchase price | $			$ 33,808
Tacara at Steiner Ranch
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties | property			1
Purchase price | $			$ 47,909
Main Street at Kingwood
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties | property			1
Purchase price | $			$ 85,696
Henderson Interchange
Real Estate Properties [Line Items]
Ownership Interest			100.00%
Number of Properties | property			1
Purchase price | $			$ 25,074

Investments in Real Estate - Pu

Investments in Real Estate - Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Building and building improvements	$ 58,669	$ 72,886	$ 156,134
Land and land improvements	18,716	14,464	28,040
In-place lease intangibles	5,429	11,751	8,871
Leasing commissions	1,749	4,503	4,637
Other intangibles	944	(3,217)	(5,195)
Total purchase price	85,507	100,387	192,487
National Street
Business Acquisition [Line Items]
Building and building improvements	36,842
Land and land improvements	11,612
In-place lease intangibles	3,041
Leasing commissions	916
Other intangibles	469
Total purchase price	52,880
Locust Grove
Business Acquisition [Line Items]
Building and building improvements	7,795
Land and land improvements	1,422
In-place lease intangibles	476
Leasing commissions	393
Other intangibles	71
Total purchase price	10,157
Linden Oaks
Business Acquisition [Line Items]
Building and building improvements	6,903
Land and land improvements	2,867
In-place lease intangibles	836
Leasing commissions	321
Other intangibles	372
Total purchase price	11,299
Rittiman West 6 and 7
Business Acquisition [Line Items]
Building and building improvements	7,129
Land and land improvements	2,815
In-place lease intangibles	1,076
Leasing commissions	119
Other intangibles	32
Total purchase price	$ 11,171
East Sego Lily
Business Acquisition [Line Items]
Building and building improvements		33,396
Land and land improvements		3,964
In-place lease intangibles		5,077
Leasing commissions		1,928
Other intangibles		57
Total purchase price		44,422
Globe Street Industrial
Business Acquisition [Line Items]
Building and building improvements		13,154
Land and land improvements		4,376
In-place lease intangibles		1,579
Leasing commissions		473
Other intangibles		(140)
Total purchase price		19,442
9725 Datapoint
Business Acquisition [Line Items]
Building and building improvements		26,336
Land and land improvements		6,124
In-place lease intangibles		5,095
Leasing commissions		2,102
Other intangibles		(3,134)
Total purchase price		$ 36,523
Defoor Hills
Business Acquisition [Line Items]
Building and building improvements			25,600
Land and land improvements			4,472
In-place lease intangibles			1,965
Leasing commissions			1,750
Other intangibles			21
Total purchase price			33,808
Tacara at Steiner Ranch
Business Acquisition [Line Items]
Building and building improvements			37,717
Land and land improvements			8,385
In-place lease intangibles			1,807
Leasing commissions			0
Other intangibles			0
Total purchase price			47,909
Main Street at Kingwood
Business Acquisition [Line Items]
Building and building improvements			74,501
Land and land improvements			10,708
In-place lease intangibles			3,624
Leasing commissions			2,100
Other intangibles			(5,237)
Total purchase price			85,696
Henderson Interchange
Business Acquisition [Line Items]
Building and building improvements			18,316
Land and land improvements			4,475
In-place lease intangibles			1,475
Leasing commissions			787
Other intangibles			21
Total purchase price			$ 25,074

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Summary of Components of Realized and Unrealized Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses)	$ 2,246	$ 3,440	$ (1,272)
Realized (losses) gains	(3,933)	2,740	606
Dividend income	1,202	1,116	786
Realized and unrealized (loss) income from real estate-related securities	$ (485)	$ 7,296	$ 120

Investment in International A_2

Investment in International Affiliated Fund - Narrative (Details) € in Millions	Sep. 11, 2019USD ($)	Nov. 09, 2018USD ($)	Dec. 22, 2017USD ($)	Dec. 22, 2017EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)
Schedule Of Investments [Line Items]
Income (loss) from equity investment in unconsolidated international affiliated funds					$ 1,851,000	$ 270,000	$ 34,000
ECF
Schedule Of Investments [Line Items]
Equity method investment, investment commitment amount			$ 28,400,000	€ 25
Income (loss) from equity investment in unconsolidated international affiliated funds					(180,000)	500,000	34,000
APCF
Schedule Of Investments [Line Items]
Equity method investment, investment commitment amount	$ 30,000,000	$ 10,000,000
Income (loss) from equity investment in unconsolidated international affiliated funds					2,031,000	$ (300,000)	$ 0
Equity method investment, additional investment commitment amount	$ 20,000,000
Contributions					$ 9,855,000			$ 19,900,000

Investment in International A_3

Investment in International Affiliated Fund - Summary of Components of Income from Equity Method Investment (Details) - USD ($)	12 Months Ended			26 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Schedule of Equity Method Investments [Roll Forward]
Income distribution	$ (970,000)	$ (573,000)	$ 0
Income (loss) from equity investment in unconsolidated international affiliated funds	1,851,000	270,000	34,000
ECF
Schedule of Equity Method Investments [Roll Forward]
Balance as of December 31, 2019	28,144,000
Income distribution	(699,000)
Income (loss) from equity investment in unconsolidated international affiliated funds	(180,000)	500,000	34,000
Foreign currency translation adjustment	2,538,000
Balance as of December 31, 2020	29,803,000	28,144,000		$ 29,803,000
APCF
Schedule of Equity Method Investments [Roll Forward]
Balance as of December 31, 2019	9,590,000
Contributions	9,855,000			19,900,000
Income distribution	(271,000)
Income (loss) from equity investment in unconsolidated international affiliated funds	2,031,000	(300,000)	$ 0
Balance as of December 31, 2020	$ 21,205,000	$ 9,590,000		$ 21,205,000

Investment in Commercial Mort_3

Investment in Commercial Mortgage Loan - Narrative (Details) - USD ($)	Jun. 06, 2019	Nov. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investment Holdings [Line Items]
Payments to originate and fund commercial mortgage loan			$ 1,642,000	$ 46,997,000	$ 0
Proceeds from payoff of commercial mortgage loan			14,375,000	0	$ 0
Commercial Mortgage Loan
Investment Holdings [Line Items]
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
Proceeds from payoff of commercial mortgage loan		$ 14,400,000	$ 14,375,000
Realized and unrealized (loss) income from real estate-related securities			$ 900,000	$ 1,500,000

Investment in Commercial Mort_4

Investment in Commercial Mortgage Loan - Summary of Mezzanine Loan Terms (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Payoff of Mezzanine Loan		$ (14,375)	$ 0	$ 0
Commercial Mortgage Loan
Financing Receivable, After Allowance For Credit Loss [Roll Forward]
Balance as of January 1, 2020		0	12,733
Additional fundings		1,642
Payoff of Mezzanine Loan	$ (14,400)	(14,375)
Balance as of December 31, 2020		$ 0	$ 12,733

Intangibles - Gross Carrying Am

Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Intangible assets:
Total intangible assets	$ 46,522	$ 38,239
Accumulated amortization:
Total accumulated amortization	(13,794)	(9,470)
Intangible assets, net	32,728	28,769
Intangible liabilities:
Intangible liabilities, net	(8,501)	(8,907)
In-place lease intangibles
Intangible assets:
Total intangible assets	31,393	26,408
Accumulated amortization:
Total accumulated amortization	(10,402)	(7,623)
Intangible assets, net	20,991
Above-market lease intangibles
Intangible assets:
Total intangible assets	167	154
Accumulated amortization:
Total accumulated amortization	(38)	(21)
Intangible assets, net	129
Leasing commissions
Intangible assets:
Total intangible assets	12,877	10,852
Accumulated amortization:
Total accumulated amortization	(3,070)	(1,696)
Intangible assets, net	9,807
Other intangibles
Intangible assets:
Total intangible assets	2,085	825
Accumulated amortization:
Total accumulated amortization	(284)	(130)
Intangible assets, net	1,801
Below-market lease intangibles
Intangible liabilities:
Below-market lease intangibles	(9,750)	(9,414)
Accumulated amortization	1,249	$ 507
Intangible liabilities, net	$ (8,501)

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense relating to intangible assets	$ 4.3	$ 4.4	$ 4.9
Income from amortization of intangible liabilities	$ 0.7	$ 0.5	$ 0.1
In-place lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	7 years
Above-market lease intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	6 years
Leasing commissions
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	7 years
Other intangibles
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items]
Weighted average amortization of useful life	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 (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
In-place Lease Intangibles and Other Intangibles
Intangible assets, net	$ 32,728	$ 28,769
Below-Market Lease Intangibles
Intangible liabilities, net	(8,501)	$ (8,907)
In-place lease intangibles
In-place Lease Intangibles and Other Intangibles
2021	3,782
2022	3,289
2023	2,865
2024	2,729
2025	2,380
Thereafter	5,946
Intangible assets, net	20,991
Above-market lease intangibles
In-place Lease Intangibles and Other Intangibles
2021	27
2022	21
2023	17
2024	17
2025	17
Thereafter	30
Intangible assets, net	129
Leasing commissions
In-place Lease Intangibles and Other Intangibles
2021	1,580
2022	1,496
2023	1,364
2024	1,308
2025	1,132
Thereafter	2,927
Intangible assets, net	9,807
Other intangibles
In-place Lease Intangibles and Other Intangibles
2021	344
2022	315
2023	294
2024	281
2025	233
Thereafter	334
Intangible assets, net	1,801
Below-market lease intangibles
Below-Market Lease Intangibles
2021	(789)
2022	(756)
2023	(738)
2024	(730)
2025	(683)
Thereafter	(4,805)
Intangible liabilities, net	$ (8,501)

Credit Facility and Mortgage _3

Credit Facility and Mortgage Payable - Narrative (Details) - USD ($)	Nov. 08, 2019	Oct. 24, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 11, 2019	Dec. 17, 2018
Amended Credit Agreement
Line of Credit Facility [Line Items]
Aggregate commitments amount			$ 210,000,000			$ 210,000,000	$ 150,000,000
Long-term debt			129,277,000	$ 107,777,000
Outstanding accrued interest			100,000	100,000
Interest expense, debt			1,700,000	3,900,000	$ 400,000
Mortgages Payable
Line of Credit Facility [Line Items]
Long-term debt			47,574,000	47,501,000
Outstanding accrued interest			100,000	100,000
Interest expense, debt			1,500,000	200,000
Debt instrument, face amount	$ 48,000,000		$ 48,000,000
Debt instrument, term	7 years
Interest rate	3.15%		3.15%
Mortgage payable			$ 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
Unsecured Revolving Loans | Amended Credit Agreement | LIBOR
Line of Credit Facility [Line Items]
LIBOR rate			0.10%	1.80%

Credit Facility and Mortgage _4

Credit Facility and Mortgage Payable - Summary of Credit Facility (Details) - USD ($)	Oct. 24, 2018	Dec. 31, 2020	Dec. 31, 2019	Jun. 11, 2019	Dec. 17, 2018
Unsecured Revolving Loans
Debt Instrument [Line Items]
Maximum Facility Size	$ 60,000,000
Weighted average interest rate		1.90%	3.00%
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]
Maximum Facility Size		$ 210,000,000		$ 210,000,000	$ 150,000,000
Credit facility		$ 129,277,000	$ 107,777,000

Credit Facility and Mortgage _5

Credit Facility and Mortgage Payable - Summary of Mortgage Payable (Details) - Mortgages Payable - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Nov. 08, 2019
Debt Instrument [Line Items]
Interest rate	3.15%		3.15%
Maximum facility size	$ 48,000,000		$ 48,000,000
Mortgage payable	48,000,000	$ 48,000,000
Deferred financing costs, net	(426,000)	(499,000)
Total	$ 47,574,000	$ 47,501,000

Credit Facility and Mortgage _6

Credit Facility and Mortgage Payable - Long-term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amended Credit Agreement
Debt Instrument [Line Items]
2021	$ 129,277
2022	0
2023	0
2024	0
2025	0
Thereafter	0
Total	129,277	$ 107,777
Mortgages Payable
Debt Instrument [Line Items]
2021	0
2022	0
2023	0
2024	0
2025	0
Thereafter	48,000
Total	47,574	47,501
Total	$ 48,000	$ 48,000

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivable	$ 4,196	$ 2,336
Receivables	2,072	736
Prepaid expenses	407	329
Deferred financing costs on credit facility, net	368	779
Other	94	82
Total	$ 7,137	$ 4,262

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accounts payable and accrued expenses	$ 1,598	$ 1,700
Real estate taxes payable	1,996	1,742
Prepaid rental income	1,440	608
Tenant security deposits	1,117	1,044
Other	612	370
Accrued interest expense	247	334
Total	$ 7,010	$ 5,798

Related Party Transactions - Su

Related Party Transactions - Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets (Details)	12 Months Ended
	Dec. 31, 2020
Class T Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class S Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class D Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class I Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	1.25%
Class N Shares
Related Party Transaction [Line Items]
Advisory Fee (% of NAV)	0.65%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to affiliates	$ 9,374	$ 6,059
Percent of gross proceeds from primary portion of public offering	10.00%
Common Class T, Class S And Class D
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Advisory fee per share of common stock
Related Party Transaction [Line Items]
Advisory fee expense	$ 2,900	2,100	$ 1,500
Stockholder servicing fee per share of common stock
Related Party Transaction [Line Items]
Due to affiliates	$ 4,726	1,411
Percent of gross proceeds from primary portion of public offering	10.00%
Stockholder servicing fee per share of common stock | Common Class T, Class S And Class D
Related Party Transaction [Line Items]
Due to affiliates	$ 4,700	1,400
Accounts Payable, Accrued Expenses and Other Liabilities
Related Party Transaction [Line Items]
Accrued management fees	$ 300	$ 200

Related Party Transactions - Up

Related Party Transactions - Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV (Details)	Dec. 31, 2020
Class T Shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.50%
Stockholder Servicing Fee (% of NAV)	0.85%
Class T Shares | Advisor
Related Party Transaction [Line Items]
Stockholder Servicing Fee (% of NAV)	0.65%
Class T Shares | Dealer
Related Party Transaction [Line Items]
Stockholder Servicing Fee (% of NAV)	0.20%
Class S Shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.50%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% of NAV)	0.85%
Class D Shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% of NAV)	0.25%
Class I Shares
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.00%
Stockholder Servicing Fee (% of NAV)	0.00%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Components of Due to Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to affiliates	$ 9,374	$ 6,059
Percent of gross proceeds from primary portion of public offering	10.00%
Stockholder servicing fee per share of common stock
Related Party Transaction [Line Items]
Due to affiliates	$ 4,726	1,411
Percent of gross proceeds from primary portion of public offering	10.00%
Advanced organization and offering costs
Related Party Transaction [Line Items]
Due to affiliates	$ 4,648	4,648
Common Class T, Class S And Class D
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares	8.75%
Common Class T, Class S And Class D | Stockholder servicing fee per share of common stock
Related Party Transaction [Line Items]
Due to affiliates	$ 4,700	$ 1,400
Class D Shares | Stockholder servicing fee per share of common stock
Related Party Transaction [Line Items]
Period from date of issuance for future shares issued	35 years
Common Class T and S | Stockholder servicing fee per share of common stock
Related Party Transaction [Line Items]
Period from date of issuance for future shares issued	7 years

Tenant Leases - Narrative (Deta

Tenant Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Rental income	$ 38,357	$ 30,808
Rental income			$ 15,878

Tenant Leases - Schedule of Min

Tenant Leases - Schedule of Minimum Annual Rentals for Wholly-Owned Real Estate Investments, Excluding Short-Term Multifamily Investments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 24,362
2022	24,063
2023	22,665
2024	22,046
2025	19,693
Thereafter	69,864
Total	$ 182,693

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	Oct. 08, 2020	Jan. 04, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2019	Jan. 02, 2019	Dec. 31, 2018
Equity [Line Items]
Number of shares, authorized to issue (in shares)			2,200,000,000
Preferred stock preference percentage						12.00%
Quarterly distribution payable period					30 days
Accrued distributions			$ 2,065,000	$ 5,102,000	$ 5,102,000
Repurchase fulfillment term			24 months
Percentage of shares to be repurchased at transaction price			95.00%
Shares repurchased, value			$ 1,900,000
Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)			$ 0.6840
TIAA
Equity [Line Items]
Restricted stock, vesting period			1 year
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			$ 61,875	$ 68,000
Series A Preferred Stock | Private Placement
Equity [Line Items]
Sale of stock (in shares)	125	125
Sale of stock (in USD per share)		$ 1,000
Class T Shares
Equity [Line Items]
Common stock, shares issued (in shares)			3,248,104	1,377,526	1,377,526
Common stock, shares outstanding (in shares)			3,248,104	1,377,526	1,377,526
Distributions per share of common stock (in USD per share)			$ 0.4778	$ 0.3601	$ 0.3601		$ 0
Class T Shares | Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)			$ 0.6840	$ 0.5689	$ 0.5689		0
Class S Shares
Equity [Line Items]
Common stock, shares issued (in shares)			2,832,107	70,151	70,151
Common stock, shares outstanding (in shares)			2,832,107	70,151	70,151
Distributions per share of common stock (in USD per share)			$ 0.4781	$ 0.0399	$ 0.0399		0
Class S Shares | Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)			$ 0.6840	$ 0.0579	$ 0.0579		0
Class D Shares
Equity [Line Items]
Common stock, shares issued (in shares)			1,405,968	572,675	572,675
Common stock, shares outstanding (in shares)			1,405,968	572,675	572,675
Distributions per share of common stock (in USD per share)			$ 0.5396	$ 0.4224	$ 0.4224		0.1474
Class D Shares | Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)			$ 0.6840	$ 0.5689	$ 0.5689		0.1974
Class I Shares
Equity [Line Items]
Common stock, shares issued (in shares)			4,461,507	1,965,962	1,965,962
Common stock, shares outstanding (in shares)			4,461,507	1,965,962	1,965,962
Distributions per share of common stock (in USD per share)			$ 0.5759	$ 0.4487	$ 0.4487		0.1538
Class I Shares | Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)			$ 0.6840	$ 0.5689	$ 0.5689		0.1952
Class N Shares
Equity [Line Items]
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
Distributions per share of common stock (in USD per share)			$ 0.6271	$ 0.5057	$ 0.5057		0.1686
Class N Shares | Gross distribution per share of common stock
Equity [Line Items]
Distributions per share of common stock (in USD per share)			$ 0.6840	$ 0.5689	$ 0.5689		$ 0.1902
Class N Shares | TIAA
Equity [Line Items]
Common stock value under purchase agreement			$ 300,000,000
Initial investment threshold			$ 200,000
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			0.05%

Equity - Summary of Capital Sto

Equity - Summary of Capital Stock Issuable (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	100,000,000
Preferred stock, par value per share (in dollars per share)	$ 0.01
Number of shares, authorized to issue (in shares)	2,200,000,000
Class T Shares
Class of Stock [Line Items]
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class S Shares
Class of Stock [Line Items]
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class D Shares
Class of Stock [Line Items]
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class I Shares
Class of Stock [Line Items]
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class N Shares
Class of Stock [Line Items]
Common stock shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Equity - Summary of Outstanding

Equity - Summary of Outstanding Shares of Common Stock (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	33,717	29,943	12,405
Issue of common stock (in shares)	7,949	3,763	17,538
Distribution reinvestment (in shares)	194	14	0
Vested Stock (in shares)	6	7	0
Common Stock Repurchased (in shares)	(187)	(10)	0
Ending balance (in shares)	41,679	33,717	29,943
Class T Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,377	0	0
Issue of common stock (in shares)	1,818	1,375	0
Distribution reinvestment (in shares)	68	2	0
Vested Stock (in shares)	0	0	0
Common Stock Repurchased (in shares)	(15)	0	0
Ending balance (in shares)	3,248	1,377	0
Class S Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	70	0	0
Issue of common stock (in shares)	2,734	70	0
Distribution reinvestment (in shares)	30	0	0
Vested Stock (in shares)	0	0	0
Common Stock Repurchased (in shares)	(2)	0	0
Ending balance (in shares)	2,832	70	0
Class D Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	573	26	0
Issue of common stock (in shares)	819	544	26
Distribution reinvestment (in shares)	36	3	0
Vested Stock (in shares)	0	0	0
Common Stock Repurchased (in shares)	(22)	0	0
Ending balance (in shares)	1,406	573	26
Class I Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,966	186	0
Issue of common stock (in shares)	2,578	1,774	186
Distribution reinvestment (in shares)	60	9	0
Vested Stock (in shares)	6	7	0
Common Stock Repurchased (in shares)	(148)	(10)	0
Ending balance (in shares)	4,462	1,966	186
Class N Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	29,731	29,731	12,405
Issue of common stock (in shares)	0	0	17,326
Distribution reinvestment (in shares)	0	0	0
Vested Stock (in shares)	0	0	0
Common Stock Repurchased (in shares)	0	0	0
Ending balance (in shares)	29,731	29,731	29,731

Equity - Summary of Declared Di

Equity - Summary of Declared Distributions (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	$ 0.6840
Class T Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.4778	$ 0.3601	$ 0
Class T Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.6840	0.5689	0
Class T Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1143	0.1190	0
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)	0.0919	0.0898	0
Class S Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.4781	0.0399	0
Class S Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.6840	0.0579	0
Class S Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1214	0.0102	0
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)	0.0845	0.0078	0
Class D Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.5396	0.4224	0.1474
Class D Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.6840	0.5689	0.1974
Class D Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1120	0.1200	0.0414
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)	0.0324	0.0265	0.0086
Class I Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.5759	0.4487	0.1538
Class I Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.6840	0.5689	0.1952
Class I Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.1081	0.1202	0.0414
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	0	0
Class N Shares
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.6271	0.5057	0.1686
Class N Shares | Gross distribution per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.6840	0.5689	0.1902
Class N Shares | Advisory fee per share of common stock
Distribution [Line Items]
Net distributions per share of common stock (in dollars per share)	0.0569	0.0632	0.0216
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	$ 0	$ 0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	12 Months Ended
	Dec. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	8

Segment Reporting - Summary of

Segment Reporting - Summary of Total Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 586,523	$ 507,497
Operating Segments | Industrial
Segment Reporting Information [Line Items]
Total assets	167,518	106,417
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Total assets	91,355	94,039
Operating Segments | Retail
Segment Reporting Information [Line Items]
Total assets	86,154	88,217
Operating Segments | Office
Segment Reporting Information [Line Items]
Total assets	72,810	76,603
Operating Segments | Other
Segment Reporting Information [Line Items]
Total assets	61,397	39,634
Operating Segments | International Affiliated Funds
Segment Reporting Information [Line Items]
Total assets	51,008	37,734
Operating Segments | Real Estate-Related Securities
Segment Reporting Information [Line Items]
Total assets	40,052	35,240
Operating Segments | Commercial Mortgage Loan
Segment Reporting Information [Line Items]
Total assets	0	12,733
Other (Corporate)
Segment Reporting Information [Line Items]
Total assets	$ 16,229	$ 16,880

Segment Reporting - Summary o_2

Segment Reporting - Summary of Financial Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental revenue													$ 38,357	$ 30,808
Rental revenue															$ 15,878
Expenses:
Rental property operating													11,923	9,979	5,652
Depreciation and amortization													17,478	14,171	9,798
Interest income from commercial loan													890	1,455	0
Realized and unrealized income from real estate-related securities													(485)	7,296	120
Income from equity investment in unconsolidated international affiliated funds													1,851	270	34
General and administrative expenses													(3,538)	(3,502)	(3,950)
Advisory fee due to affiliate													(3,326)	(2,100)	(1,485)
Interest income													155	161	120
Interest expense													(3,778)	(4,534)	(434)
Net income (loss)													725	5,704	(5,167)
Net income attributable to preferred stock													18	15	0
Net income (loss) attributable to common stockholders	$ 3,616	$ 1,150	$ 2,571	$ (6,630)	$ (12)	$ 2,207	$ (250)	$ 3,744	$ (3,090)	$ (849)	$ 287	$ (1,515)	707	5,689	(5,167)
Operating Segments | Industrial
Revenues:
Rental revenue													10,381	8,464
Rental revenue															6,081
Expenses:
Rental property operating													2,915	2,578	1,821
Operating Segments | Multifamily
Revenues:
Rental revenue													9,351	9,215
Rental revenue															7,197
Expenses:
Rental property operating													4,520	4,555	3,395
Operating Segments | Office
Revenues:
Rental revenue													7,470	6,071
Rental revenue															1,483
Expenses:
Rental property operating													2,123	1,585	274
Operating Segments | Retail
Revenues:
Rental revenue													6,783	6,912
Rental revenue															1,117
Expenses:
Rental property operating													1,355	1,238	162
Operating Segments | Other
Revenues:
Rental revenue													4,372	146
Rental revenue															0
Expenses:
Rental property operating													$ 1,010	$ 23	$ 0

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 10,037	$ 9,699	$ 9,808	$ 9,703	$ 8,824	$ 8,198	$ 8,475	$ 6,766	$ 5,505	$ 4,536	$ 3,015	$ 2,822	$ 39,247	$ 32,263	$ 15,878
Net income (loss)	3,623	1,154	2,574	(6,626)	(8)	2,211	(247)	3,748	(3,090)	(849)	287	(1,515)	725	5,704	(5,167)
Net (loss) income attributable to common stockholders	$ 3,616	$ 1,150	$ 2,571	$ (6,630)	$ (12)	$ 2,207	$ (250)	$ 3,744	$ (3,090)	$ (849)	$ 287	$ (1,515)	$ 707	$ 5,689	$ (5,167)
Net income (loss) per share (in dollars per share)	$ 0.10	$ 0.03	$ 0.07	$ (0.18)	$ 0	$ 0.07	$ (0.01)	$ 0.12	$ 0.11	$ (0.04)	$ 0.01	$ (0.08)	$ 0.02	$ 0.18	$ (0.23)

Subsequent Event (Details)

Subsequent Event (Details)	Mar. 24, 2021USD ($)	Mar. 01, 2021USD ($)$ / sharesshares	Feb. 28, 2021$ / sharesshares	Feb. 26, 2021USD ($)	Feb. 01, 2021USD ($)$ / sharesshares	Jan. 31, 2021$ / sharesshares	Jan. 26, 2021USD ($)	Jan. 22, 2021USD ($)ft²	Jan. 01, 2021USD ($)$ / sharesshares	Sep. 11, 2019USD ($)	Nov. 09, 2018USD ($)	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares
Subsequent Event [Line Items]
Issuance of shares of common stock													$ 80,090,000	$ 37,660,000	$ 174,406,000
Issuance of common stock (in shares) | shares													7,961,372	3,774,001	17,537,921
Payments to Acquire Real Estate													$ 85,127,000	$ 99,650,000	$ 191,035,000
APCF
Subsequent Event [Line Items]
Equity method investment, additional investment commitment amount										$ 20,000,000
Equity method investment, investment commitment amount										$ 30,000,000	$ 10,000,000
Subsequent Event
Subsequent Event [Line Items]
Payments of Dividends	$ 2,100,000			$ 2,100,000			$ 2,100,000
Issuance of shares of common stock		$ 30,859,587			$ 8,983,575				$ 5,944,630
Subsequent Event | APCF
Subsequent Event [Line Items]
Equity method investment, additional investment commitment amount												$ 20,000,000
Equity method investment, investment commitment amount												$ 50,000,000
Subsequent Event | 2945 Wilderness Place
Subsequent Event [Line Items]
Payments to Acquire Real Estate								$ 12,900,000
Area of Real Estate Property | ft²								30,887
Lessor, Percentage Of Property Leased								100.00%
Lessor, Operating Lease, Average Remaining Lease Term								5 years
Subsequent Event | Class T Shares
Subsequent Event [Line Items]
Issuance of common stock (in shares) | shares		317,388			185,339				73,276
Purchase price per share (in dollars per share) | $ / shares		$ 10.64			$ 10.53				$ 10.44
Subsequent Event | Class S Shares
Subsequent Event [Line Items]
Issuance of common stock (in shares) | shares		1,362,114			377,404				200,705
Purchase price per share (in dollars per share) | $ / shares		$ 10.61			$ 10.50				$ 10.42
Subsequent Event | Class D Shares
Subsequent Event [Line Items]
Issuance of common stock (in shares) | shares		187,503			56,066				61,682
Purchase price per share (in dollars per share) | $ / shares		$ 10.72			$ 10.61				$ 10.52
Repurchase of common stock (in shares) | shares			2,336			9,963
Repurchase of common stock (in USD per share) | $ / shares			$ 10.72			$ 10.61
Subsequent Event | Class I Shares
Subsequent Event [Line Items]
Issuance of common stock (in shares) | shares		1,026,119			232,772				231,223
Purchase price per share (in dollars per share) | $ / shares		$ 10.74			$ 10.63				$ 10.55

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances	$ 48,000
Initial Cost of Land	79,778
Initial Cost of Building and Improvements	380,307
Costs Capitalized Subsequent to Acquisition	2,764
Gross Amount at Which Carried at Close of Period, Land	79,816
Gross Amount at Which Carried at Close of Period, Building and Improvements	383,033
Total	462,849	$ 384,260	$ 296,073	$ 113,103
Accumulated Depreciation	24,737	$ 13,431	$ 4,498	$ 123
Federal income tax cost	489,600
Aurora, IL | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	5,894
Initial Cost of Building and Improvements	44,713
Costs Capitalized Subsequent to Acquisition	473
Gross Amount at Which Carried at Close of Period, Land	5,932
Gross Amount at Which Carried at Close of Period, Building and Improvements	45,148
Total	51,080
Accumulated Depreciation	$ 3,897
Aurora, IL | Minimum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Aurora, IL | Maximum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Phoenix, AZ | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	3,891
Initial Cost of Building and Improvements	11,337
Costs Capitalized Subsequent to Acquisition	202
Gross Amount at Which Carried at Close of Period, Land	3,891
Gross Amount at Which Carried at Close of Period, Building and Improvements	11,539
Total	15,430
Accumulated Depreciation	$ 1,081
Phoenix, AZ | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Phoenix, AZ | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Denver & Golden, CO | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	8,773
Initial Cost of Building and Improvements	38,496
Costs Capitalized Subsequent to Acquisition	333
Gross Amount at Which Carried at Close of Period, Land	8,773
Gross Amount at Which Carried at Close of Period, Building and Improvements	38,829
Total	47,602
Accumulated Depreciation	$ 3,819
Denver & Golden, CO | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Denver & Golden, CO | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Austin, TX | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	4,472
Initial Cost of Building and Improvements	25,598
Costs Capitalized Subsequent to Acquisition	118
Gross Amount at Which Carried at Close of Period, Land	4,472
Gross Amount at Which Carried at Close of Period, Building and Improvements	25,716
Total	30,188
Accumulated Depreciation	$ 1,997
Austin, TX | Minimum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Austin, TX | Maximum | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Atlanta, GA | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	8,385
Initial Cost of Building and Improvements	36,319
Costs Capitalized Subsequent to Acquisition	212
Gross Amount at Which Carried at Close of Period, Land	8,385
Gross Amount at Which Carried at Close of Period, Building and Improvements	36,531
Total	44,916
Accumulated Depreciation	2,678
Atlanta, GA | Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	1,422
Initial Cost of Building and Improvements	7,795
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	1,422
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,795
Total	9,217
Accumulated Depreciation	$ 55
Atlanta, GA | Minimum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Atlanta, GA | Minimum | Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Atlanta, GA | Maximum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Atlanta, GA | Maximum | Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Houston, TX | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances	$ 48,000
Initial Cost of Land	10,708
Initial Cost of Building and Improvements	74,419
Costs Capitalized Subsequent to Acquisition	230
Gross Amount at Which Carried at Close of Period, Land	10,708
Gross Amount at Which Carried at Close of Period, Building and Improvements	74,649
Total	85,357
Accumulated Depreciation	$ 5,498
Houston, TX | Minimum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Houston, TX | Maximum | Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Henderson, NV | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	4,475
Initial Cost of Building and Improvements	18,316
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	4,475
Gross Amount at Which Carried at Close of Period, Building and Improvements	18,316
Total	22,791
Accumulated Depreciation	$ 1,282
Henderson, NV | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Henderson, NV | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Salt Lake City, UT | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	3,964
Initial Cost of Building and Improvements	32,945
Costs Capitalized Subsequent to Acquisition	57
Gross Amount at Which Carried at Close of Period, Land	3,964
Gross Amount at Which Carried at Close of Period, Building and Improvements	33,002
Total	36,966
Accumulated Depreciation	$ 2,084
Salt Lake City, UT | Minimum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Salt Lake City, UT | Maximum | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Moreno Valley, CA | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	4,376
Initial Cost of Building and Improvements	13,157
Costs Capitalized Subsequent to Acquisition	320
Gross Amount at Which Carried at Close of Period, Land	4,376
Gross Amount at Which Carried at Close of Period, Building and Improvements	13,477
Total	17,853
Accumulated Depreciation	$ 636
Moreno Valley, CA | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Moreno Valley, CA | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
San Antonio, TX | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	2,815
Initial Cost of Building and Improvements	7,129
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	2,815
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,129
Total	9,944
Accumulated Depreciation	7
San Antonio, TX | Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	6,124
Initial Cost of Building and Improvements	26,338
Costs Capitalized Subsequent to Acquisition	819
Gross Amount at Which Carried at Close of Period, Land	6,124
Gross Amount at Which Carried at Close of Period, Building and Improvements	27,157
Total	33,281
Accumulated Depreciation	$ 1,468
San Antonio, TX | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
San Antonio, TX | Minimum | Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
San Antonio, TX | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
San Antonio, TX | Maximum | Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Boston, MA | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	11,612
Initial Cost of Building and Improvements	36,842
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	11,612
Gross Amount at Which Carried at Close of Period, Building and Improvements	36,842
Total	48,454
Accumulated Depreciation	$ 176
Boston, MA | Minimum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Boston, MA | Maximum | Industrial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years
Chicago, IL | Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Related Encumbrances
Initial Cost of Land	2,867
Initial Cost of Building and Improvements	6,903
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried at Close of Period, Land	2,867
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,903
Total	9,770
Accumulated Depreciation	$ 59
Chicago, IL | Minimum | Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	15 years
Chicago, IL | Maximum | Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable Lives	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Investment in real estate, gross	$ 462,849	$ 384,260	$ 296,073	$ 113,103
Accumulated Depreciation	24,737	$ 13,431	$ 4,498	$ 123
Furniture, fixtures and equipment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Investment in real estate, gross	3,700
Accumulated Depreciation	$ 1,900

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Summary of Changes in Rental Properties and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	$ 384,260	$ 296,073	$ 113,103
Additions	78,589	88,187	182,970
Balance at end of period	462,849	384,260	296,073
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of period	13,431	4,498	123
Additions	11,306	8,933	4,375
Balance at end of period	$ 24,737	$ 13,431	$ 4,498