KBS Real Estate Investment Trust 10-Q 8 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	9 Months Ended
	Sep. 30, 2013	Nov. 04, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'KBS Real Estate Investment Trust, Inc.	'
Entity Central Index Key	'0001330622	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	189,914,297

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Real estate held for investment:	'		'
Land	$309,108		$316,688
Buildings and improvements	1,021,378		1,061,721
Tenant origination and absorption costs	112,578		126,624
Total real estate held for investment, at cost and net of impairment charges	1,443,064	[1]	1,505,033
Less accumulated depreciation and amortization	-172,235		-163,121
Total real estate held for investment, net	1,270,829		1,341,912
Real estate held for sale, net	102,832		406,922
Foreclosed real estate held for sale	21,499		26,275
Total real estate, net	1,395,160		1,775,109
Real estate loans receivable, net	29,575	[2]	28,846	[2]
Real estate securities	19,261		16,411
Total real estate and real estate-related investments, net	1,443,996		1,820,366
Cash and cash equivalents	214,764		254,578
Restricted cash	105,284		112,916
Rents and other receivables, net	42,716		45,028
Above-market leases, net	28,360		31,743
Assets related to real estate held for sale	7,206		9,084
Deferred financing costs, prepaid expenses and other assets	26,768		29,840
Total assets	1,869,094		2,303,555
Notes payable:	'		'
Notes payable	944,535		1,010,868
Notes payable related to real estate held for sale	30,196		309,665
Total notes payable	974,731		1,320,533
Accounts payable and accrued liabilities	41,092		40,506
Due to affiliates	0		104
Below-market leases, net	56,963		66,874
Liabilities related to real estate held for sale	4,836		37,206
Other liabilities	53,432		56,917
Total liabilities	1,131,054		1,522,140
Commitments and contingencies (Note 14)	'		'
Redeemable common stock	4,885		10,000
Stockholders’ equity	'		'
Preferred stock, $.01 par value; 10,000,000 shares authorized, no shares issued and outstanding	0		0
Common stock, $.01 par value; 1,000,000,000 shares authorized, 190,073,507 and 191,061,016 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively	1,901		1,911
Additional paid-in capital	1,677,732		1,677,725
Cumulative distributions and net losses	-953,948		-909,401
Accumulated other comprehensive income	7,470		1,180
Total stockholders’ equity	733,155		771,415
Total liabilities and stockholders' equity	$1,869,094		$2,303,555
[1]	See “—Impairment of Real Estate.
[2]	Book value represents outstanding principal balance, adjusted for unamortized acquisition discounts, origination fees and direct origination and acquisition costs. Loan balances are presented gross of any asset-specific reserves.

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	190,073,507	191,061,016
Common stock, shares outstanding	190,073,507	191,061,016

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:	'	'	'	'
Rental income	$40,908	$40,200	$121,878	$120,029
Tenant reimbursements	12,134	13,817	38,489	41,035
Interest income from real estate loans receivable	824	736	2,445	2,291
Interest income from real estate securities	0	10	0	689
Parking revenues and other operating income	903	891	3,191	2,668
Total revenues	54,769	55,654	166,003	166,712
Expenses:	'	'	'	'
Operating, maintenance, and management	20,594	20,040	63,305	57,890
Real estate taxes, property-related taxes, and insurance	7,077	6,819	22,002	21,529
Asset management fees to affiliate	2,610	2,608	7,738	7,989
General and administrative expenses	4,099	5,521	12,661	16,210
Depreciation and amortization	19,264	20,123	58,487	62,210
Interest expense	15,949	16,792	46,471	52,557
Impairment charge on real estate held for investment	1,840	2,594	31,394	3,422
Provision for loan losses	0	0	0	142
Total expenses	71,433	74,497	242,058	221,949
Other income	'	'	'	'
Gain on sales of real estate securities (includes $25.2 million of unrealized gains on real estate securities reclassified from accumulated other comprehensive income during the nine months ended September 30, 2012)	2,626	0	2,793	25,456
Gain on sales of foreclosed real estate held for sale	0	0	161	127
Income from unconsolidated joint venture	0	0	0	750
Other interest income	127	9	495	20
Total other income	2,753	9	3,449	26,353
Loss from continuing operations	-13,911	-18,834	-72,606	-28,884
Discontinued operations:	'	'	'	'
Gain on sales of real estate, net	858	2,060	31,931	7,781
(Loss) income from discontinued operations	-443	569	1,525	761
Impairment charges on discontinued operations	-1,419	-11,487	-5,397	-28,569
Gain from extinguishment of debt	0	10,980	0	10,980
Total (loss) gain from discontinued operations	-1,004	2,122	28,059	-9,047
Net loss	($14,915)	($16,712)	($44,547)	($37,931)
Basic and diluted (loss) income per common share:	'	'	'	'
Continuing operations	($0.07)	($0.10)	($0.38)	($0.15)
Discontinued operations	($0.01)	$0.01	$0.15	($0.05)
Net loss per common share	($0.08)	($0.09)	($0.23)	($0.20)
Weighted-average number of common shares outstanding, basic and diluted	190,306,682	191,571,844	190,637,814	191,657,587

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2012
Income Statement [Abstract]	'
Unrealized gains on real estate securities reclassified from accumulated other comprehensive income	$25.20

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement of Other Comprehensive Income [Abstract]	'	'	'	'
Net loss	($14,915)	($16,712)	($44,547)	($37,931)
Other comprehensive (loss) income	'	'	'	'
Reclassification of realized gain on real estate securities	-2,663	0	-2,832	-25,240
Unrealized (loss) gain on real estate securities	-550	0	9,008	0
Unrealized gains on derivative instruments	0	197	114	1,169
Total other comprehensive (loss) income	-3,213	197	6,290	-24,071
Total comprehensive loss	($18,128)	($16,515)	($38,257)	($62,002)

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions and Net Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
In Thousands, except Share data, unless otherwise specified
Balance, value at Jan. 26, 2006	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'
Redemptions of common stock, shares	'	-9,362,073	'	'	'
Redemptions of common stock, value	'	($75,300)	'	'	'
Balance, value at Sep. 30, 2013	'	1,901	'	'	'
Balance, shares at Sep. 30, 2013	'	190,073,507	'	'	'
Balance, value at Dec. 31, 2011	814,881	1,907	1,639,228	-850,032	23,778
Balance, shares at Dec. 31, 2011	'	190,731,533	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'
Net loss	-43,142	'	'	-43,142	'
Other comprehensive income (loss)	-22,598	'	'	'	-22,598
Issuance of common stock, shares	'	1,713,996	'	'	'
Issuance of common stock, value	11,131	17	11,114	'	'
Redemptions of common stock, shares	'	-1,384,513	'	'	'
Redemptions of common stock, value	-7,728	-13	-7,715	'	'
Transfers from redeemable common stock	35,376	'	35,376	'	'
Distributions declared	-16,227	'	'	-16,227	'
Commissions on stock issuances to affiliate	-262	'	-262	'	'
Other offering costs	-16	'	-16	'	'
Balance, value at Dec. 31, 2012	771,415	1,911	1,677,725	-909,401	1,180
Balance, shares at Dec. 31, 2012	191,061,016	191,061,016	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'
Net loss	-44,547	'	'	-44,547	'
Other comprehensive income (loss)	6,290	'	'	'	6,290
Redemptions of common stock, shares	'	-987,509	'	'	'
Redemptions of common stock, value	-5,118	-10	-5,108	'	'
Transfers from redeemable common stock	5,115	'	5,115	'	'
Balance, value at Sep. 30, 2013	$733,155	$1,901	$1,677,732	($953,948)	$7,470
Balance, shares at Sep. 30, 2013	190,073,507	190,073,507	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash Flows from Operating Activities:	'	'
Net loss	($44,547)	($37,931)
Depreciation and amortization	'	'
Continuing operations	58,487	62,210
Discontinued operations	4,839	45,878
Impairment charges on real estate - continuing operations	31,394	3,422
Impairment charges on real estate - discontinued operations	5,397	28,569
Noncash interest income on real estate-related investments	-763	-276
Change in provision for loan losses	0	84
Deferred rent	-3,660	-5,167
Bad debt expense	1,271	-1
Amortization of deferred financing costs	709	6,024
Amortization of above- and below-market leases, net	-9,160	-13,988
Gain on sales of foreclosed real estate held for sale	-161	-127
Gain on sales of real estate, net	-31,931	-7,781
Gain on sales of real estate securities	-2,793	-25,456
Gain on extinguishment of debt	0	-10,980
Amortization of discount and premium on notes payable, net	3,563	512
Changes in operating assets and liabilities:	'	'
Restricted cash for operational expenditures	-382	-19,299
Rents and other receivables	5,137	537
Prepaid expenses and other assets	-3,459	-958
Accounts payable and accrued liabilities	2,657	7,212
Due to affiliates	-104	0
Other liabilities	-3,599	-10,069
Net cash provided by operating activities	12,895	22,415
Cash Flows from Investing Activities:	'	'
Improvements to real estate	-15,761	-15,599
Proceeds from sales of real estate, net	92,451	345,941
Proceeds from sales of foreclosed real estate held for sale	4,937	2,721
Proceeds from sale of real estate loans receivable	0	16,830
Principal repayments on real estate loans receivable	34	7
Extension fees related to real estate loans receivable	0	103
Proceeds from sale of real estate securities	6,119	46,214
Purchases of pledged securities	0	-1,833
Maturities of pledged securities	0	5,139
Net change in restricted cash for capital expenditures	3,320	-2,856
Net cash provided by investing activities	91,100	396,667
Cash Flows from Financing Activities:	'	'
Proceeds from notes payable	475	159,197
Principal payments on notes payable	-143,860	-363,246
Principal payments on repurchase agreements	0	-149,657
Net change in restricted cash for debt service obligations	4,694	-6,988
Payments of deferred financing costs	0	-2,636
Payments to redeem common stock	-5,118	-6,641
Payments of commissions on stock issuances and other offering costs	0	-278
Distributions paid to common stockholders	0	-13,594
Net cash used in financing activities	-143,809	-383,843
Net (decrease) increase in cash and cash equivalents	-39,814	35,239
Cash and cash equivalents, beginning of period	254,578	53,991
Cash and cash equivalents, end of period	$214,764	$89,230

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
ORGANIZATION	'
	ORGANIZATION
	KBS Real Estate Investment Trust, Inc. (the “Company”) was formed on June 13, 2005 as a Maryland corporation and has elected to be taxed as a real estate investment trust (“REIT”). Substantially all of the Company’s assets are held by, and the Company conducts substantially all of its operations through, KBS Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), and its subsidiaries. The Company is the sole general partner of and directly owns a 99% partnership interest in the Operating Partnership. The Company’s wholly owned subsidiary, KBS REIT Holdings LLC, a Delaware limited liability company (“KBS REIT Holdings”), owns the remaining 1% partnership interest in the Operating Partnership and is its sole limited partner.
	The Company owns a diverse portfolio of real estate and real estate-related investments. As of September 30, 2013, the Company owned 438 real estate properties (of which eight properties were held for non-sale disposition and 23 properties were held for sale), including the GKK Properties (defined below). In addition, as of September 30, 2013, the Company owned four real estate loans receivable, a participation interest with respect to a real estate joint venture and a 10-story condominium building with 62 units acquired through foreclosure, of which three condominium units and parking spaces were owned by the Company and are held for sale.
	On September 1, 2011, the Company, through indirect wholly owned subsidiaries (collectively, “KBS”), entered into a Collateral Transfer and Settlement Agreement (the “Settlement Agreement”) with, among other parties, GKK Stars Acquisition LLC (“GKK Stars”), the wholly owned subsidiary of Gramercy Property Trust, Inc. (“Gramercy”) that indirectly owned the Gramercy real estate portfolio, to effect the orderly transfer of certain assets and liabilities of the Gramercy real estate portfolio to KBS in satisfaction of certain debt obligations under a mezzanine loan owed by wholly owned subsidiaries of Gramercy to KBS (the “GKK Mezzanine Loan”). The Settlement Agreement resulted in the transfer of the equity interests in certain subsidiaries of Gramercy (the “Equity Interests”) that indirectly owned or, with respect to a limited number of properties, held a leasehold interest in, 867 properties (the “GKK Properties”), consisting of 576 bank branch properties and 291 office buildings, operations centers and other properties. As of December 15, 2011, GKK Stars had transferred all of the Equity Interests to the Company, giving the Company title to or, with respect to a limited number of GKK Properties, a leasehold interest in, 867 GKK Properties as of that date.
	Subject to certain restrictions and limitations, the business of the Company is managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, pursuant to an advisory agreement with the Company (the “Advisory Agreement”) in effect through November 8, 2014. The Advisory Agreement may be renewed for an unlimited number of one-year periods upon the mutual consent of the Advisor and the Company. Either party may terminate the Advisory Agreement upon 60 days written notice. The Advisor owns 20,000 shares of the Company’s common stock.
	Upon commencing its initial public offering (the “Offering”), the Company retained KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Advisor, to serve as the dealer manager of the Offering pursuant to a dealer manager agreement dated January 27, 2006 (the “Dealer Manager Agreement”). The Company ceased offering shares of common stock in its primary offering on May 30, 2008. The Company terminated its dividend reinvestment plan effective April 10, 2012.
	The Company sold 171,109,494 shares of common stock in its primary offering for gross offering proceeds of $1.7 billion. The Company sold 28,306,086 shares of common stock under its dividend reinvestment plan for gross offering proceeds of $233.7 million. As of September 30, 2013, the Company had redeemed 9,362,073 of the shares sold in the Offering for $75.3 million.
	Asset Management Services Agreement Related to the GKK Properties
	On March 30, 2012, the Company, through an indirect wholly owned subsidiary (“KBS Acquisition Sub”), entered into an Asset Management Services Agreement (the “Services Agreement”) with GKK Realty Advisors LLC (the “Property Manager”), an affiliate of Gramercy, with respect to the GKK Properties.  Pursuant to the Services Agreement, the Property Manager agreed to provide, among other services: standard asset management services, assistance related to dispositions, accounting services and budgeting and business plans for the GKK Properties (collectively, the “Services”).
	As compensation for the Services, the Company agreed to pay to the Property Manager: (i) an annual fee of $12.0 million plus all GKK Property-related expenses incurred by the Property Manager and (ii) subject to certain terms and conditions contained in the Services Agreement, participation interests in the amounts by which the net sales value of all of the Company’s properties sold plus the value of the Company’s remaining net assets exceed certain threshold amounts, which participation will equal not less than $3.5 million and not more than $12.0 million, measured on a date as determined pursuant to the terms of the Services Agreement.
	On August 17, 2012, the Company, through KBS Acquisition Sub, entered into an amendment to its Services Agreement (the “Amended Services Agreement”) with the Property Manager. Pursuant to the Amended Services Agreement, the annual fee to be paid for the Services was reduced to $9.0 million as of December 6, 2012. The Amended Services Agreement will terminate on December 31, 2015. The initial date on which either party can terminate the Amended Services Agreement was extended by six months as follows: on or after September 30, 2013, the Company may terminate the Amended Services Agreement with an effective termination date of March 31 (except for calendar year 2013) or September 30 of any calendar year (including September 30, 2013), on ninety days written notice to the Property Manager, with the payment of a termination fee of up to $5.0 million and subject to certain other terms contained in the agreement; and on or after June 30, 2013, the Property Manager may terminate the Amended Services Agreement on ninety days written notice to the Company, without the payment of a termination fee and subject to certain other terms contained in the agreement.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2012. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2012 included in the Company’s Annual Report on Form 10-K filed with the SEC.
	Principles of Consolidation and Basis of Presentation
	The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.
	The consolidated financial statements include the accounts of the Company, KBS REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
	Use of Estimates
	The preparation of the consolidated financial statements and condensed notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
	Reclassifications
	Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. As of December 31, 2012, the Company had classified 108 GKK Properties as held for sale and reclassified one property that was previously held for sale to held for investment. During the nine months ended September 30, 2013, the Company disposed of 101 properties (all of which were GKK Properties), some of which were held for sale as of December 31, 2012. As of September 30, 2013, the Company had classified 23 properties (of which 21 were GKK Properties) as held for sale. As a result, certain reclassifications were made to the consolidated balance sheets, statements of operations and footnote disclosures for all periods presented to reflect all properties sold or held for sale during the period ended September 30, 2013, as discontinued operations for all periods presented.
	Per Share Data
	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2013 and 2012, respectively.
	Distributions declared per common share were $0.085 for the nine months ended September 30, 2012. Distributions declared per common share assumed the share was issued and outstanding each day from January 1, 2012 through February 28, 2012. Distributions were based on daily record dates and calculated at a rate of $0.00143836 per share per day. Each day during the period from January 1, 2012 through February 28, 2012 was a record date for distributions. The Company’s board of directors did not declare distributions for the nine months ended September 30, 2013.
	Segments
	The Company’s segments are based on the Company’s method of internal reporting, which classifies its operations by investment type: (i) real estate, (ii) real estate-related and (iii) commercial properties primarily leased to financial institutions received under the Settlement Agreement, the GKK Properties. For financial data by segment, see Note 13, “Segment Information.”
	Recently Issued Accounting Standards Update
	In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU No. 2013-02”). ASU No. 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. An entity is also required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts, such as when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account instead of directly to income or expense in the same reporting period. ASU No. 2013-02 is effective for reporting periods beginning after December 31, 2012. The Company adopted ASU No. 2013-02 and elected to present reclassifications out of accumulated other comprehensive income and into net income on the face of the financial statements.

REAL_ESTATE_HELD_FOR_INVESTMEN

REAL ESTATE HELD FOR INVESTMENT	9 Months Ended
	Sep. 30, 2013
Real Estate Held for Investment [Abstract]	'
REAL ESTATE HELD FOR INVESTMENT	'
	REAL ESTATE HELD FOR INVESTMENT
	As of September 30, 2013, the Company’s portfolio of real estate held for investment, including the GKK Properties, was composed of approximately 10.6 million rentable square feet and was 85% occupied. These properties are located in 30 states and include office properties, industrial properties and bank branch properties. Included in the Company’s portfolio of real estate held for investment was 6.6 million rentable square feet related to the GKK Properties held for investment, which were 82% occupied as of September 30, 2013. In addition to the properties discussed in the preceding sentences, the Company owned one industrial property and seven GKK Properties encompassing approximately 0.8 million rentable square feet that were held for non-sale disposition as of September 30, 2013, see “—Real Estate Held for Non-Sale Disposition” below.
	The following table summarizes the Company’s investments in real estate as of September 30, 2013 and December 31, 2012 (in thousands), including real estate held for non-sale disposition:
			Land				Buildings and				Tenant				Total Real Estate
							Improvements				Origination and				Held for
											Absorption Costs				Investment
	As of September 30, 2013:
	Office		$	82,880			$	473,194			$	10,357			$	566,431
	Industrial		22,154				102,757				5,219				130,130
	GKK Properties		204,074				445,427				97,002				746,503
	Real estate held for investment, at cost and net of impairment charges (1)		$	309,108			$	1,021,378			$	112,578			$	1,443,064
	Accumulated depreciation/amortization		—				(132,517		)		(39,718		)		(172,235		)
	Real estate held for investment, net		$	309,108			$	888,861			$	72,860			$	1,270,829
	As of December 31, 2012:
	Office		$	88,389			$	506,492			$	19,241			$	614,122
	Industrial		24,194				109,695				5,261				139,150
	GKK Properties		204,105				445,534				102,122				751,761
	Real estate held for investment, at cost and net of impairment charges		$	316,688			$	1,061,721			$	126,624			$	1,505,033
	Accumulated depreciation/amortization		—				(124,057		)		(39,064		)		(163,121		)
	Real estate held for investment, net		$	316,688			$	937,664			$	87,560			$	1,341,912
	_____________________
	(1) See “—Impairment of Real Estate.”
	Operating Leases
	The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. As of September 30, 2013, the Company’s leases, excluding options to extend and leases on properties held for non-sale disposition, had remaining terms of up to 13.4 years with a weighted-average remaining term of 5.6 years. As of September 30, 2013, leases related to the GKK Properties, excluding options to extend and leases on properties held for non-sale disposition, had remaining terms of up to 13.4 years with a weighted-average remaining term of 6.0 years. Some of the leases have provisions to extend the term of the leases, options for early termination for all or a part of the leased premises after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. Additionally, the Company assumed several leases related to the GKK Properties which contain shedding rights provisions. As of September 30, 2013, these shedding rights totaled approximately 0.3 million square feet and can be exercised at various dates during the remainder of 2013 through 2016. As of September 30, 2013, the Company has already been notified that 33,000 square feet will be shed during the remainder of 2013, pursuant to these provisions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from the tenant in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective lease and the creditworthiness of the tenant, but generally is not a significant amount. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $3.6 million and $3.6 million as of September 30, 2013 and December 31, 2012, respectively.
	During the nine months ended September 30, 2013 and 2012, the Company recognized deferred rent from tenants of $3.7 million and $3.8 million, respectively. These excess amounts for the nine months ended September 30, 2013 and 2012 were net of $0.8 million and $0.3 million of lease incentive amortization, respectively. As of September 30, 2013 and December 31, 2012, the cumulative deferred rent balance was $29.8 million and $22.1 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $7.5 million and $5.0 million of unamortized lease incentives as of September 30, 2013 and December 31, 2012, respectively. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs in the period the related expenses are incurred.
	The future minimum rental income from the Company’s properties under non-cancelable operating leases, including leases subject to shedding rights, and excluding options to extend and leases on properties held for non-sale disposition, as of September 30, 2013 for the years ending December 31 is as follows (in thousands):
	October 1, 2013 through December 31, 2013	$	34,003
	2014	130,701
	2015	121,440
	2016	114,594
	2017	101,456
	Thereafter	323,050
		$	825,244
	As of September 30, 2013, the Company’s highest tenant industry concentration (greater than 10% of annualized base rent), excluding properties held for non-sale disposition, was as follows:
	Industry		Number of		Annualized				Percentage of
			Tenants (1)		Base Rent (1) (2)				Annualized Base Rent (1)
					(in thousands)
	Finance		68		$	63,051			44.7	%
	_____________________
	(1) Excludes properties held for non-sale disposition.
	(2) Annualized base rent represents annualized contractual base rental income as of September 30, 2013, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
	As of September 30, 2013, no other tenant industries accounted for more than 10% of the Company’s annualized base rent. Excluding properties held for non-sale disposition, the Company currently has approximately 400 tenants over a diverse range of industries and geographical regions. As of September 30, 2013, the Company had a bad debt expense reserve of $5.6 million, which represents approximately 4% of its annualized base rent. The Company’s bad debt expense reserve included $5.6 million related to the GKK Properties. During the nine months ended September 30, 2013, the Company recorded bad debt expense related to its tenant receivables of $0.8 million. During the nine months ended September 30, 2012, the Company reduced its bad debt expense reserve and recorded a net recovery of bad debt expense related to its tenant receivables of $0.1 million.
	As of September 30, 2013, the Company had a concentration of credit risk related to leases, excluding properties held for non-sale disposition, with the following tenant that represented more than 10% of the Company’s annualized base rent:
												Annualized Base Rent Statistics
	Tenant		Property		Tenant		Rentable Square Feet		% of			Annualized Base Rent (2)				% of Portfolio Annualized Base Rent (1)		Annualized Base Rent per Square Foot		Lease Expirations
					Industry				Portfolio Rentable Square Feet (1)			(in thousands)
	Bank of America, N.A.		Various		Finance		3,276,525		31	%		$	28,821			20.4	%	$	8.8	(3)
	_____________________
	(1) Excludes properties held for non-sale disposition.
	(2) Annualized base rent represents annualized contractual base rental income as of September 30, 2013, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
	(3) As of September 30, 2013, lease expiration dates ranged from the remainder of 2013 through 2026 with a weighted-average remaining term of 6.5 years. Additionally, as of September 30, 2013, some of Bank of America’s leases contained shedding rights provisions. These shedding rights totaled approximately 0.3 million square feet and can be exercised at various dates during the remainder of 2013 to 2016. The Company has already been notified that 33,000 square feet will be shed during the remainder of 2013, pursuant to these provisions.
	Bank of America Corporation is the guarantor of various leases that its subsidiary, Bank of America, N.A., has with the Company. The condensed consolidated financial information of Bank of America Corporation has been included herein because of the significant credit concentration the Company has with this guarantor. Bank of America Corporation currently files its financial statements in reports filed with the SEC, and the following unaudited summary financial data regarding Bank of America Corporation is taken from its previously filed public reports. For more detailed financial information regarding Bank of America Corporation, please refer to its financial statements, which are publicly available with the SEC at http:// www.sec.gov.
		Three Months Ended September 30,								Nine Months Ended September 30,
		2013				2012				2013				2012
	Consolidated Statements of Income (in millions)
	Total revenue, net of interest expense	$	21,530			$	20,428			$	67,454			$	64,674
	Income before income taxes	4,845				1,110				12,327				4,976
	Net income	2,497				340				7,992				3,456
		As of
		30-Sep-13				31-Dec-12
	Consolidated Balance Sheets (in millions)
	Total assets	$	2,126,653			$	2,209,974
	Total liabilities	1,894,371				1,973,018
Total shareholders’ equity	232,282				236,956
Geographic Concentration Risk
As of September 30, 2013, the Company’s net investments in real estate in North Carolina, excluding properties held for non-sale disposition, represented 11.3% of the Company’s total assets.  As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in North Carolina’s real estate market. Any adverse economic or real estate developments in this market, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for office space resulting from the local business climate, could adversely affect the Company’s operating results.
Impairment of Real Estate
Due to changes in cash flow estimates, the Company has recognized non-cash impairment charges to write-down the carrying value of certain of its real estate investments to their estimated fair values.  During the three and nine months ended September 30, 2013, the Company recorded impairment charges of $1.8 million with respect to one GKK Property and $31.4 million with respect to six properties (including two GKK Properties and one historical property held for non-sale disposition), respectively.  Included in Company’s impairment charges during the nine months ended September 30, 2013 was a $19.5 million impairment charge to reduce the carrying value of the Company’s investment in Tysons Dulles Plaza, an office property located in McLean, Virginia, to its estimated fair value. The Company revised its cash flow projections for Tysons Dulles Plaza primarily because of a decrease in demand in the Washington D.C. office rental market, resulting in lower projected revenues, and higher projected capital costs for tenant improvements and general building upgrades needed to attract additional tenants. The Company also revised its projections to address various deferred maintenance issues and other building system upgrades and replacements.  See Note 7, “Real Estate Held for Sale and Discontinued Operations,” for information regarding impairments of assets related to real estate held for sale.
Real Estate Held for Non-Sale Disposition
As of September 30, 2013, the Company owned one industrial property and seven GKK Properties that were held for non-sale disposition. These properties were security for the Bridgeway Technology Center Mortgage Loan, BOA Windsor Mortgage Portfolio Loan, the 801 Market Street Mortgage Loan and the Jenkins Court Mortgage Loan (each defined below), each of which was in default as of September 30, 2013.  In the event the Company relinquishes the assets that are security for these loans to the respective lenders, the Company would record a gain on extinguishment of debt equal to the difference between the carrying amount of the debt and the carrying amount of the collateral. For information with respect to the maturity defaults, rights of the lenders and subsequent developments, see Note 9, “Notes Payable”.  The following table summarizes the revenue and expenses related to properties held for non-sale disposition (in thousands):
	Three Months Ended September 30,								Nine Months Ended September 30,
	2013				2012				2013				2012
Revenues related to real estate held for non-sale disposition
Total revenues	$	3,343			$	3,326			$	10,394			$	10,316
Expenses related to real estate held for non-sale disposition
Operating expenses	4,050				3,061				11,669				8,606
Impairment charge	—				1,612				6,614				1,612
Depreciation and amortization	712				1,361				2,136				4,577
Total expenses related to real estate held for non-sale disposition	4,762				6,034				20,419				14,795
Net loss related to real estate held for non-sale disposition	$	(1,419	)		$	(2,708	)		$	(10,025	)		$	(4,479	)
The following table summarizes the assets and liabilities related to properties held for non-sale disposition as of September 30, 2013 and December 31, 2012 (in thousands):
	30-Sep-13				31-Dec-12
Assets related to real estate held for non-sale disposition
Total real estate, at cost and net of impairment charges	$	62,213			$	71,321
Accumulated depreciation and amortization	(4,937		)		(5,627		)
Real estate held for non-sale disposition, net	57,276				65,694
Restricted cash	10,752				7,033
Above-market leases, net	546				725
Other assets	4,293				3,887
Total assets	$	72,867			$	77,339
Liabilities related to real estate held for non-sale disposition
Notes payable	79,273				79,319
Accounts payable and accrued liabilities	7,870				2,523
Below-market leases, net	673				809
Other liabilities	697				642
Total liabilities	$	88,513			$	83,293

TENANT_ORIGINATION_AND_ABSORPT

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	9 Months Ended
	Sep. 30, 2013
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]	'
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	'
	TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES
	As of September 30, 2013 and December 31, 2012, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands):
		Tenant Origination and						Above-Market						Below-Market
		Absorption Costs						Lease Assets						Lease Liabilities
		September 30, 2013			December 31, 2012			September 30, 2013			December 31, 2012			September 30, 2013			December 31, 2012
	Cost, net of impairments	$	112,578		$	126,624		$	38,272		$	40,785		$	(84,773	)	$	(86,516	)
	Accumulated Amortization	(39,718		)	(39,064		)	(9,912		)	(9,042		)	27,810			19,642
	Net Amount	$	72,860		$	87,560		$	28,360		$	31,743		$	(56,963	)	$	(66,874	)
	Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands):
		Tenant Origination  and						Above-Market						Below-Market
		Absorption Costs						Lease Assets						Lease Liabilities
		For the Three Months Ended September 30,						For the Three Months Ended September 30,						For the Three Months Ended September 30,
		2013			2012			2013			2012			2013			2012
	Amortization	$	(4,694	)	$	(5,219	)	$	(1,080	)	$	(1,376	)	$	3,226		$	3,127
		Tenant Origination and						Above-Market						Below-Market
		Absorption Costs						Lease Assets						Lease Liabilities
		For the Nine Months Ended September 30,						For the Nine Months Ended September 30,						For the Nine Months Ended September 30,
		2013			2012			2013			2012			2013			2012
	Amortization	$	(14,622	)	$	(16,989	)	$	(3,376	)	$	(5,396	)	$	9,911		$	10,474

REAL_ESTATE_LOANS_RECEIVABLE

REAL ESTATE LOANS RECEIVABLE	9 Months Ended
	Sep. 30, 2013
Receivables [Abstract]	'
REAL ESTATE LOANS RECEIVABLE	'
	REAL ESTATE LOANS RECEIVABLE
	As of September 30, 2013 and December 31, 2012, the Company, through indirect wholly owned subsidiaries, had invested in or originated real estate loans receivable as follows (dollars in thousands):
	Loan Name		Date		Property		Loan	Outstanding			Book Value			Book Value			Contractual	Annualized		Maturity
	Location of Related Property or Collateral		Acquired/		Type		Type	Principal			as of			as of			Interest	Effective		Date
			Originated					Balance as of			September 30,			December 31,			Rate (3)	Interest
								September 30,			2013 (2)			2012 (2)				Rate (3)
								2013 (1)
	Sandmar Mezzanine Loan		1/9/07		Retail		Mezzanine	$	5,000		$	5,027		$	5,033		5.40%	7.89	%	1/1/17
	Southeast U.S. (4)
	Lawrence Village Plaza Loan Origination		8/6/07		Retail		Mortgage	6,920			6,920			6,850			8.00%	9.5	%	9/1/14
	New Castle, Pennsylvania
	San Diego Office Portfolio B-Note		10/26/07		Office		B-Note	20,000			16,536			16,048			5.78%	11.18	%	10/11/17
	San Diego, California (5)
	4929 Wilshire B-Note		11/19/07		Office		B-Note	3,948			3,216			3,137			6.05%	12.41	%	7/11/17
	Los Angeles, California
								$	35,868		$	31,699		$	31,068
	Reserve for Loan Losses (6)							—			(2,124		)	(2,222		)
								$	35,868		$	29,575		$	28,846
	_____________________
	(1) Outstanding principal balance as of September 30, 2013 represents original principal balance outstanding under the loan, increased for any subsequent fundings and reduced for any principal paydowns.
	(2) Book value represents outstanding principal balance, adjusted for unamortized acquisition discounts, origination fees and direct origination and acquisition costs. Loan balances are presented gross of any asset-specific reserves.
	(3) Contractual interest rates are the stated interest rates on the face of the loans. Annualized effective interest rates are calculated as the actual interest income recognized in 2013, using the interest method, divided by the average amortized cost basis of the investment during 2013. The contractual interest rates and annualized effective interest rates presented are as of September 30, 2013.
	(4) The Company had recorded an asset-specific loan loss reserve against this investment as of September 30, 2013. See “—Reserve for Loan Losses.”
	(5) The borrower under this note is a wholly owned subsidiary of the Irvine Company. Donald Bren, who is the brother of Peter Bren (one of the Company’s executive officers and sponsors), is the chairman of the Irvine Company. During the nine months ended September 30, 2013, the Company recognized $1.4 million of interest income related to its investment in this loan.
	(6) See “—Reserve for Loan Losses.”
	As of September 30, 2013, the Company had outstanding funding commitments of $1.4 million on its loans receivable, subject to the satisfaction of certain conditions by the borrowers.
	As of September 30, 2013 and December 31, 2012, interest receivable from real estate loans receivable was $0.5 million and $0.4 million, respectively, and is included in rents and other receivables.
	The following summarizes the activity related to real estate loans receivable for the nine months ended September 30, 2013 (in thousands):
	Real estate loans receivable, net - December 31, 2012	$	28,846
	Principal repayments received on real estate loan receivable	(34		)
	Accretion of discounts on purchased real estate loans receivable	620
	Amortization of origination fees and costs on purchased and originated real estate loans receivable	45
	Change in loan loss reserve	98
	Real estate loans receivable, net - September 30, 2013	$	29,575
	For the three and nine months ended September 30, 2013 and 2012, interest income from real estate loans receivable consisted of the following (in thousands):
		Three Months Ended September 30,							Nine Months Ended September 30,
		2013				2012			2013			2012
	Contractual interest income	$	600			$	599		$	1,780		$	1,764
	Accretion of purchase discounts	215				119			620			482
	Amortization of origination fees and costs and acquisition costs, net	9				18			45			45
	Interest income from real estate loans receivable	$	824			$	736		$	2,445		$	2,291
	The Company generally recognizes income on impaired loans on either a cash basis, where interest income is only recorded when received in cash, or on a cost-recovery basis, where all cash receipts are applied against the carrying value of the loan. The Company will resume the accrual of interest if it determines the collection of interest according to the contractual terms of the loan is probable. The Company considers the collectibility of the loan’s principal balance in determining whether to recognize income on impaired loans on a cash basis or a cost-recovery basis. During the nine months ended September 30, 2013, the Company recognized $0.3 million of interest income related to the Sandmar Mezzanine Loan with an asset-specific reserve. Additionally, as of September 30, 2013, the Company had interest income receivable of $0.3 million related to the Sandmar Mezzanine Loan.
	Reserve for Loan Losses
	Changes in the Company’s reserve for loan losses for the nine months ended September 30, 2013 were as follows (in thousands):
	Reserve for loan losses, December 31, 2012	$	2,222
	Charge-offs to reserve for loan losses	(98		)
	Reserve for loan losses, September 30, 2013	$	2,124
	As of September 30, 2013, the total reserve for loan losses consisted of $2.1 million of asset-specific reserves related to the Sandmar Mezzanine Loan, which had an amortized cost basis of $5.0 million.
	The Company did not record provision for loan loss reserves during the nine months ended September 30, 2013 and charged-off $98,000 of reserves for loan losses related to the Sandmar Mezzanine Loan. During the nine months ended September 30, 2012, the Company recorded provision for loan loss reserves of $0.1 million. During the nine months ended September 30, 2012, the Company also charged-off $72.0 million of reserves for loan losses related to the write-off of the Petra Subordinated Debt Tranche A and the Petra Subordinated Debt Tranche B and the sale of the 11 South LaSalle Loan. As of September 30, 2013, the Company did not record a portfolio-based loan loss reserve, as each loan was evaluated for an asset-specific reserve. As of September 30, 2013, the borrower under the Sandmar Mezzanine Loan was delinquent.

REAL_ESTATE_SECURITIES

REAL ESTATE SECURITIES	9 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]	'
REAL ESTATE SECURITIES	'
	REAL ESTATE SECURITIES
	As of September 30, 2013, the Company owned 2,705,898 shares of common stock of Gramercy with a par value of $0.001 per share (including the remaining unsold shares of common stock it received on December 6, 2012 and two million shares of common stock that were converted from Class B-1 non-voting common stock of Gramercy on September 11, 2013), and two million shares of Class B-2 non-voting common stock of Gramercy with a par value of $0.001 per share. The Company agreed not to sell, transfer or assign its shares of common stock until June 6, 2013 (the “Common Stock Lockout Period”).  The Company had the right to convert each share of Class B-1 common stock into one share of common stock of Gramercy at any time on or after September 6, 2013 (the “Class B-1 Lockout Period”), which the Company elected to do on September 11, 2013. The Company also has the right to convert each share of Class B-2 common stock into one share of common stock of Gramercy at any time on or after December 6, 2013 in the case of Class B-2 common stock (the “Class B-2 Lockout Period” and together with the Common Stock Lockout Period and the Class B-1 Lockout Period, the “Lockout Periods”). On March 6, 2014, each share of Class B-2 common stock that has not previously been converted and remains outstanding shall automatically convert into one share of common stock of Gramercy. The Company classified its investment in the Gramercy shares as available-for-sale as the Company did not or does not have the ability to sell the shares during the respective Lockout Period for those shares. As of September 30, 2013, the carrying value of the Gramercy shares was $19.3 million based on a share price of $4.15 per share of common stock and net of a $0.3 million adjustment for the lack of marketability during the Class B-2 Lockout Period.
	During the nine months ended September 30, 2013, the Company sold 1,294,102 shares of common stock of Gramercy for an aggregate sales price of $6.2 million. As a result, during the nine months ended September 30, 2013, the Company realized a gain on sale of its shares of common stock of Gramercy of $2.8 million. The following summarizes the activity related to real estate securities for the nine months ended September 30, 2013 (in thousands):
		Amortized			Unrealized			Total
		Cost Basis			Gains (Losses)
	Real estate securities - December 31, 2012	$	15,117		$	1,294		$	16,411
	Unrealized change in market value of real estate securities	—			9,008			9,008
	Sale of real estate securities	(3,326		)	(2,832		)	(6,158		)
	Real estate securities - September 30, 2013	$	11,791		$	7,470		$	19,261

REAL_ESTATE_HELD_FOR_SALE_AND_

REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS	'
	REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS
	The operations of properties held for sale or to be disposed of and the aggregate net gains recognized upon their disposition are presented as discontinued operations in the accompanying consolidated statements of operations for all periods presented. During the year ended December 31, 2012, the Company disposed of six office properties, three industrial properties, and 190 GKK Properties. During the nine months ended September 30, 2013, the Company disposed of 101 GKK Properties and classified 23 properties (of which 21 were GKK Properties) with an aggregate net book value of $102.8 million as held for sale. During the three and nine months ended September 30, 2013, the Company recorded impairment charges of $1.4 million and $5.4 million, respectively, related to discontinued operations. During the three and nine months ended September 30, 2012, the Company recorded impairment charges of $11.5 million and $28.6 million, respectively, related to discontinued operations. The impairment charges were primarily a result of a reduction in the estimated sales prices of certain properties held for sale.  The estimated sales prices were based on purchase and sale agreements the Company has entered into, offers received which the Company intends to accept or broker estimates of value. The following table summarizes operating income from discontinued operations for the three and nine months ended September 30, 2013 and 2012 (in thousands):
		Three Months Ended September 30,						Nine Months Ended September 30,
		2013			2012			2013			2012
	Total revenues and other income	$	3,754		$	49,722		$	20,519		$	158,991
	Total expenses	4,197			49,153			18,994			158,230
	(Loss) income from discontinued operations before gain on sales of real estate, net and impairment charge	(443		)	569			1,525			761
	Gain on sales of real estate, net	858			2,060			31,931			7,781
	Impairment charge	(1,419		)	(11,487		)	(5,397		)	(28,569		)
	Gain from extinguishment of debt	—			10,980			—			10,980
	(Loss) income from discontinued operations	$	(1,004	)	$	2,122		$	28,059		$	(9,047	)
	The following summary presents the major components of real estate held for sale and liabilities related to real estate held for sale as of September 30, 2013 and December 31, 2012 (in thousands):
		September 30, 2013			December 31, 2012
	Assets related to real estate held for sale
	Total real estate, at cost and net of impairment charges	$	119,959		$	448,582
	Accumulated depreciation and amortization	(17,127		)	(41,660		)
	Real estate held for sale, net	102,832			406,922
	Other assets	7,206			9,084
	Total assets related to real estate held for sale	$	110,038		$	416,006
	Liabilities related to real estate held for sale
	Notes payable	30,196			309,665
	Other liabilities	4,836			37,206
	Total liabilities related to real estate held for sale	$	35,032		$	346,871
	Significant Transactions
	PB Capital Properties
	On November 6, 2012, the Company, through an indirect wholly owned subsidiary that owned certain office properties, operations centers and bank branches (the “PB Capital Owner”), entered into various purchase and sale agreements (collectively, the “PB Capital Sale Agreement”) for the sale of 41 properties, containing 3.4 million rentable square feet (the “PB Capital Properties”), to National Financial Realty — WFB East Coast, LLC (the “PB Capital Buyer”), an unaffiliated entity. Pursuant to the PB Capital Sale Agreement, the purchase price for the PB Capital Properties was $250.0 million.  On March 8, 2013, the Company sold 40 of the PB Capital Properties to the PB Capital Buyer for an aggregate purchase price of $240.9 million, excluding closing costs.  The aggregate purchase price included the assumption by the PB Capital Buyer of a mortgage loan at the face amount secured by the PB Capital Properties. This mortgage loan had an outstanding principal balance of $210.5 million.
	Certain of the PB Capital Properties are leased to Wells Fargo under a master lease whereby Wells Fargo may exercise rights of first offer or rights of first refusal.  Wells Fargo exercised its right of first refusal with respect to one of the PB Capital Properties containing 111,898 rentable square feet and on January 10, 2013, Wells Fargo purchased that PB Capital Property from the PB Capital Owner for a purchase price of $9.1 million.

FORECLOSED_REAL_ESTATE_HELD_FO

FORECLOSED REAL ESTATE HELD FOR SALE	9 Months Ended
	Sep. 30, 2013
Foreclosed Real Estate Held for Sale [Abstract]	'
FORECLOSED REAL ESTATE HELD FOR SALE	'
	FORECLOSED REAL ESTATE HELD FOR SALE
	In 2006 and 2007, the Company originally made three debt investments (collectively, the “Tribeca Loans”) related to the conversion of an eight-story loft building into a 10-story condominium building with 62 units (the “Tribeca Building”) located at 415 Greenwich Street in New York, New York. On February 19, 2010, the borrowers under the Tribeca Loans defaulted and the Company foreclosed on the Tribeca Building by exercising its right to accept 100% of the ownership interest of the borrowers. The Company acquired the remaining unsold condominium units of the Tribeca Building and assumed the project liabilities. The Company recorded the Tribeca Building at fair value using a discounted cash flow valuation model based on the net realizable value (expected sales price less estimated costs to sell the unsold units) of the real estate.
	As of September 30, 2013, the Company’s investment in the Tribeca Building consisted of three condominium units and parking spaces with a carrying value of $21.5 million and is presented as foreclosed real estate held for sale on the consolidated balance sheet. During the nine months ended September 30, 2013, the Company sold two retail spaces and recognized a gain on sale of $0.2 million and recorded expenses of $1.2 million related to foreclosed real estate held for sale. During the nine months ended September 30, 2012, the Company sold one condominium unit of the Tribeca Building and recognized a gain on sale of $0.1 million and recorded expenses of $2.0 million related to foreclosed real estate held for sale.

NOTES_PAYABLE

NOTES PAYABLE	9 Months Ended
	Sep. 30, 2013
Notes Payable [Abstract]	'
NOTES PAYABLE	'
	NOTES PAYABLE
	As of September 30, 2013 and December 31, 2012, the Company’s notes payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands):
	Loan Type		Book Value as of			Book Value as of			Contractual	Weighted-Average	Weighted-Average
			September 30, 2013			December 31, 2012			Interest Rates as of	Interest Rates as of	Remaining Term
									September 30, 2013 (1)	September 30, 2013 (1)	in Years (2)
	Fixed Rate
	Mortgage loans		$	205,299		$	227,017		5.6% - 8.3%	6.10%	1.1
	GKK Properties mortgage loans		605,646			641,384			3.0% - 15.3%	6.60%	6.8
			810,945			868,401
	Variable Rate
	Mortgage loans		178,512			212,433			(3)	2.50%	1.8
	GKK Properties mortgage loans		—			259,476			N/A	N/A	N/A
			178,512			471,909
	Total notes payable principal outstanding		989,457			1,340,310
	Discount on notes payable, net (4)		(14,726		)	(19,777		)
	Total notes payable, net		$	974,731		$	1,320,533
	_____________________
	(1) Contractual interest rates as of September 30, 2013 represent the range of interest rates in effect under these loans as of September 30, 2013. Weighted-average interest rates as of September 30, 2013 are calculated as the actual interest rate in effect as of September 30, 2013 (consisting of the contractual interest rate and the effect of contractual floor rates), using interest rate indices as of September 30, 2013, where applicable.
	(2) Weighted-average remaining term in years represents the initial maturity dates or the maturity dates as extended as of September 30, 2013; subject to certain conditions, the maturity dates of certain loans may be further extended.
	(3) The contractual interest rates of these loans will vary based on one-month LIBOR plus a fixed spread. The spreads on the mortgage loans range from 2.1% to 2.8%.
	(4) Represents the unamortized discount and premium on notes payable due to the above- and below-market interest rates when the notes were assumed. The discount and premium are amortized over the remaining life of the respective loans.
	As of September 30, 2013 and December 31, 2012, the Company’s deferred financing costs were $1.1 million and $1.6 million, respectively, net of amortization. During the three and nine months ended September 30, 2013, the Company incurred interest expense, net of discontinued operations, of $15.9 million and $46.5 million, respectively. During the three and nine months ended September 30, 2012, the Company incurred interest expense, net of discontinued operations, of $16.8 million and $52.6 million, respectively. Included in interest expense were the amortization of deferred financing costs of $0.2 million and $0.5 million for the three and nine months ended September 30, 2013, respectively, and interest expense incurred as a result of the Company’s interest rate swap agreements of $0.1 million for the nine months ended September 30, 2013. Included in interest expense were the amortization of deferred financing costs of $1.8 million and $5.4 million for the three and nine months ended September 30, 2012, respectively, and interest expense incurred as a result of the Company’s interest rate swap agreements of $0.2 million and $0.9 million for the three and nine months ended September 30, 2012, respectively. Included in interest expense was the amortization of discount and premium on notes payable, which increased interest expense by $0.6 million and $1.9 million for the three and nine months ended September 30, 2013, respectively. Included in interest expense was the amortization of discount and premium on notes payable, which increased interest expense by $0.3 million and $2.0 million for the three and nine months ended September 30, 2012, respectively. As of September 30, 2013 and December 31, 2012, $10.3 million and $7.3 million of interest was payable, respectively.
	The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of September 30, 2013 (in thousands):
	October 1, 2013 through December 31, 2013	$	115,205
	2014	90,275
	2015	225,195
	2016	137,805
	2017	131,631
	Thereafter	289,346
		$	989,457
	The following summarizes the activity related to notes payable for the nine months ended September 30, 2013 (in thousands):
	Total Notes Payable, net  - December 31, 2012	$	1,320,533
	Proceeds from notes payable	475
	Deferred interest payable	3,077
	Mortgage debt transferred to buyer in connection with sale of the underlying real estate	(210,545		)
	Principal repayments	(143,860		)
	Amortization of discount on notes payable, net	3,563
	Write-off of premium on notes payable related to sale	1,488
	Total Notes Payable, net  - September 30, 2013	$	974,731
	Loan Maturities and Defaults
	As of September 30, 2013, one outstanding loan secured by one of the Company’s historical real estate investments and two outstanding loans the Company assumed pursuant to the Settlement Agreement had matured without repayment and remain outstanding.  The loans that matured without repayment had outstanding principal balances of $26.8 million (the “Bridgeway Technology Center Mortgage Loan”), $6.1 million (the “BOA Windsor Mortgage Portfolio Loan”) and $37.6 million (the “801 Market Street Mortgage Loan”).  Additionally, as of September 30, 2013, the Company did not meet the monthly debt service payment requirements with respect to one loan with an outstanding principal balance of $13.2 million (the “Jenkins Court Mortgage Loan”), which the Company assumed pursuant to the Settlement Agreement.
	Bridgeway Technology Center Mortgage Loan
	Beginning in June 2013, the Company failed to meet the monthly debt service payment requirements of the Bridgeway Technology Center Mortgage Loan and has defaulted on this loan. As a result of the default, on June 12, 2013, the lender declared the total outstanding principal amount of $26.8 million together with any accrued interest, applicable default interest and any other interest and late charges immediately due and payable. On September 23, 2013, the lender commenced proceedings to foreclose on the property securing the loan. The lender may also attempt to exercise certain of its other rights under the loan documents. The Bridgeway Technology Center Mortgage Loan matured on August 1, 2013. The carrying value of the property securing the Bridgeway Technology Center Mortgage Loan was $23.8 million as of September 30, 2013.
	BOA Windsor Mortgage Portfolio Loan
	The BOA Windsor Mortgage Portfolio Loan matured on October 31, 2012 and on February 14, 2013, proceedings relating to the foreclosure of the properties securing the loan were commenced. The Company expects the lender to attempt to exercise certain of its other rights under the loan and security documents, including without limitation, requiring the repayment of principal and all other sums outstanding under the loan. The carrying value of the properties securing the BOA Windsor Mortgage Portfolio Loan was $4.3 million as of September 30, 2013.
	801 Market Street Mortgage Loan
	The 801 Market Street Mortgage Loan matured on February 1, 2013 and as a result of the maturity, the lender has commenced foreclosure proceedings and is seeking a judgment against the Company in the amount of $35.3 million, together with additional interest, fees, charges and costs recoverable under the loan documents. Effective as of June 17, 2013, the Company and the lender agreed to the appointment of a receiver to manage the property during the foreclosure proceedings. The Company expects the lender to attempt to exercise certain of its other rights under the loan and security documents. The carrying value of the property securing the loan was $22.0 million as of September 30, 2013.
	Jenkins Court Mortgage Loan
	Beginning in June 2013, the Company failed to meet the monthly debt service payment requirements of the Jenkins Court Mortgage Loan and has defaulted on this loan. On or about August 20, 2013, the lender commenced foreclosure proceedings and is seeking a judgment against the Company in the amount of $13.2 million, together with additional interest, fees, charges and costs recoverable under the loan documents. Effective as of September 24, 2013, the Company and the lender agreed to the appointment of a receiver to manage the property during the foreclosure proceedings. The Company expects the lender to attempt to exercise certain of its other rights under the loan and security documents. The carrying value of the property securing the Jenkins Court Mortgage Loan was $7.0 million as of September 30, 2013.
	Debt Covenants
	The documents evidencing the Company’s debt obligations typically require that specified loan-to-value and debt service coverage ratios be maintained with respect to the financed properties. A breach of the financial covenants in these documents may result in the lender imposing additional restrictions on the Company’s operations, such as restrictions on the Company’s ability to incur additional debt, or may allow the lender to impose “cash traps” with respect to cash flow from the property securing the loan. In addition, such a breach may constitute an event of default and the lender could require the Company to repay the debt immediately. If the Company fails to make such repayment in a timely manner, the lender may be entitled to take possession of any property securing the loan.
	As of September 30, 2013, the borrower under the Jenkins Court Mortgage Loan was out of debt service compliance. Such non-compliance does not constitute an event of default under the applicable loan and security documents of the loan. However, as a result of such non-compliance, the servicer has also imposed a “cash trap” and has the right to replace the property manager of the property and on June 24, 2013, the lender under the Jenkins Court Mortgage Loan declared a default under the loan. For more information, see above under “– Loan Maturities and Defaults - Jenkins Court Mortgage Loan.”
	Additionally, as of September 30, 2013, the borrower under the BBD2 Loan, which the Company assumed pursuant to the Settlement Agreement, was alleged by the servicer to be out of debt service coverage compliance. The BBD2 Loan had an outstanding principal balance of $195.5 million. Such alleged non-compliance does not constitute an event of default under the applicable loan and security documents of the loan. However, as a result of such alleged non-compliance, the servicer has imposed a “cash trap” to restrict distributions to the Company to the budgeted property operating expenses and requires lender consent regarding the release of the properties securing the loan.

FAIR_VALUE_DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
FAIR VALUE DISCLOSURES	'
	FAIR VALUE DISCLOSURES
	Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:
	•	Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
	•	Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
	•	Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.
	The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value:
	Cash and cash equivalents, restricted cash, rent and other receivables, and accounts payable and accrued liabilities: These balances reasonably approximate their fair values due to the short maturities of these items.
	Real estate loans receivable: These instruments are presented in the accompanying consolidated balance sheets at their amortized cost net of recorded loan loss reserves and not at fair value. The fair values of real estate loans receivable were estimated using an internal valuation model that considered the expected cash flows for the loans, underlying collateral values (for collateral-dependent loans) and estimated yield requirements of institutional investors for loans with similar characteristics, including remaining loan term, loan-to-value, type of collateral and other credit enhancements. The Company classifies these inputs as Level 3 inputs.
	Real estate securities: As of September 30, 2013, the Company owned 2,705,898 shares of common stock of Gramercy with a par value of $0.001 per share and two million shares of Class B-2 non-voting common stock of Gramercy with a par value of $0.001 per share. These securities are classified as available-for-sale and presented at fair value as the Company did not or does not have the ability to sell the shares during the respective Lockout Period for those shares. The fair value measurement of these shares is based on a quoted price in an active market, adjusted for the lack of marketability during the Class B-2 Lockout Period. The Company utilized market-corroborated inputs, all of which were deemed to be significant, including the quoted stock price, risk-free rate and expected volatility, in determining the value of the shares and the Company notes that the most significant input in its valuation model is the quoted price in an active market. However, as the valuation of the stock is adjusted for the lack of marketability using market-corroborated inputs, the Company categorizes the measurement of such securities as Level 2 inputs.
	Notes payable: The fair values of the Company’s notes payable are estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs.
	The following were the face values, carrying amounts and fair values of the Company’s real estate loans receivable and notes payable as of September 30, 2013 and December 31, 2012, which carrying amounts do not approximate the fair values (in thousands):
		September 30, 2013							December 31, 2012
		Face Value			Carrying		Fair Value		Face Value			Carrying		Fair Value
					Amount							Amount
	Financial assets:
	Real estate loans receivable (1)	$	35,868		$	29,575	$	25,533	$	35,902		$	28,846	$	25,167
	Financial liabilities:
	Notes payable	$	989,457		$	974,731	$	981,732	$	1,340,310		$	1,320,533	$	1,315,923
	_____________________
	(1) Face value of real estate loans receivable is net of unfunded commitments. Carrying amount of real estate loans receivable includes loan loss reserves.
	Disclosure of the fair values of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. The actual value of these investments could be materially different from the Company’s estimate of value.
	Assets and Liabilities Recorded at Fair Value
	During the nine months ended September 30, 2013, the Company measured the following assets and liabilities at fair value on a recurring basis (in thousands):
					Fair Value Measurements Using
		Total			Quoted Prices in		Significant Other		Significant
					Active Markets for		Observable Inputs		Unobservable
					Identical Assets		(Level 2)		Inputs
					(Level 1)				(Level 3)
	Recurring Basis:
	Real estate securities	$	19,261		$	—	$	19,261	$	—
	GKK Properties - contingent liability (1)	$	(12,000	)	$	—	$	—	$	(12,000	)
	_____________________
	(1) The fair value of the Company’s contingent liability is equal to the maximum amount payable to the Property Manager for participation interests pursuant to the Amended Services Agreement.
	As of September 30, 2013, the Company measured the following assets at fair value on a nonrecurring basis (in thousands):
					Fair Value Measurements Using
		Total			Quoted Prices in		Significant Other		Significant
					Active Markets for		Observable Inputs		Unobservable
					Identical Assets		(Level 2)		Inputs
					(Level 1)				(Level 3)
	Nonrecurring Basis:
	Impaired real estate - continuing operations	$	422		$	—	$	—	$	422
	Impaired real estate - discontinued operations	$	3,598		$	—	$	—	$	3,598
	As of September 30, 2013, one of the Company’s real estate properties held for investment was measured at fair value as this property was impaired and the carrying value of the property was adjusted to fair value. The Company estimated the fair value for this property by performing a direct capitalization analysis. The estimated terminal capitalization rate used to estimate the fair value of this property was 8.25%.
	Also as of September 30, 2013, six of the Company’s real estate properties held for sale were measured at fair value as these properties were impaired and the carrying values of the properties were adjusted to fair value. The Company determined the fair value for three of its impaired real estate properties held for sale based on the estimated sales prices of each property less costs to sell. The estimated sales prices were based on purchase and sale agreements the Company has entered into or offers received, which offers the Company intends to accept.  The Company estimated the fair value for the other three impaired real estate properties held for sale by performing a direct capitalization analysis. The range of the terminal capitalization rates used to estimate the fair values of these properties was 8.75% to 10.0%.
	The capitalization rates selected by the Company vary on a property by property basis based upon several factors such as asset location, occupancy, lease terms and quality of the tenants in place.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	RELATED PARTY TRANSACTIONS
	The Company has entered into an Advisory Agreement with the Advisor that is in effect through November 8, 2014 and a Dealer Manager Agreement with the Dealer Manager. These agreements entitled the Advisor and/or the Dealer Manager to specified fees upon the provision of certain services with regard to the Offering and entitle the Advisor to specified fees for the management and disposition of investments, among other services, as well as reimbursement of organization and offering costs that were incurred by the Advisor, the Dealer Manager, and their affiliates on behalf of the Company in connection with the Company’s now terminated Offering and entitle the Advisor to reimbursement for certain costs incurred by the Advisor in providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as detailed in the Advisory Agreement. The Company has also entered into a fee reimbursement agreement (the “AIP Reimbursement Agreement”) with the Dealer Manager pursuant to which the Company agreed to reimburse the Dealer Manager for certain fees and expenses it incurs for administering the Company’s participation in the DTCC Alternative Investment Product Platform with respect to certain accounts of the Company’s investors serviced through the platform. The Advisor and Dealer Manager also serve as the advisor and dealer manager, respectively, for KBS Real Estate Investment Trust II, Inc., KBS Real Estate Investment Trust III, Inc., KBS Strategic Opportunity REIT, Inc., KBS Legacy Partners Apartment REIT, Inc. and a private program. During the nine months ended September 30, 2013 and 2012, no transactions occurred between the Company and these other KBS-sponsored programs, except that on May 18, 2012, KBS Strategic Opportunity REIT, Inc. made an $8.0 million investment in a joint venture in which the Company indirectly owns a participation interest through another joint venture investment.
	Pursuant to the terms of the Advisory Agreement, Dealer Manager Agreement and the AIP Reimbursement Agreement, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2013 and 2012, respectively, and any related amounts payable as of September 30, 2013 and December 31, 2012 (in thousands):
		Incurred								Payable
		Three Months Ended September 30,				Nine Months Ended September 30,				September 30,		December 31,
		2013		2012		2013		2012		2013		2012
	Expensed
	Asset management fees(1)	$	2,794	$	2,912	$	8,285	$	9,401	$	—	$	—
	Reimbursement of operating expenses(2)	44		46		102		111		—		104
	Disposition fees(3)	—		650		2,500		3,159		—		—
	Additional Paid-in Capital
	Selling commissions	—		—		—		262		—		—
		$	2,838	$	3,608	$	10,887	$	12,933	$	—	$	104
	_____________________
	(1) Amounts include asset management fees from discontinued operations totaling $0.2 million and $0.3 million for the three months ended September 30, 2013 and 2012, respectively, and $0.5 million and $1.4 million for the nine months ended September 30, 2013 and 2012, respectively.
	(2) The Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. The Company reimburses the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $44,000 and $46,000 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 million and $0.1 million for the nine months ended September 30, 2013 and 2012, respectively. These were the only employee costs reimbursed under the Advisory Agreement for the nine months ended September 30, 2013 and 2012, respectively. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition, origination or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers.
	(3) Disposition fees with respect to real estate sold are included in the gain on sales of real estate in the accompanying consolidated statements of operations. Disposition fees with respect to real estate loans receivable sold are reflected in the provision for loan losses in the accompanying consolidated statements of operations. Disposition fees with respect to real estate securities sold are included in the gain on sales of real estate securities in the accompanying consolidated statements of operations.

SUPPLEMENTAL_CASH_FLOW_AND_SIG

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES	9 Months Ended
	Sep. 30, 2013
Supplemental Cash Flow and Significant Noncash Transaction Disclosures [Abstract]	'
SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES	'
	SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES
	Supplemental cash flow and significant noncash transaction disclosures were as follows (in thousands):
		For the Nine Months Ended September 30,
		2013		2012
	Supplemental Disclosure of Cash Flow Information:
	Interest paid	$	43,421	$	85,174
	Supplemental Disclosure of Significant Noncash Transactions:
	Mortgage debt transferred to buyer in connection with sale of the underlying real estate	$	209,057	$	—
	Decrease in distributions payable	$	—	$	(8,498	)
	Increase in capital expenses payable	$	215	$	977
	Mortgage loan satisfied in connection with deed in lieu of foreclosure	$	—	$	43,500
	Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	$	—	$	11,131

SEGMENT_INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
SEGMENT INFORMATION	'
	SEGMENT INFORMATION
	The Company presently operates in three business segments based on its investment types: real estate, real estate-related and commercial properties primarily leased to financial institutions received under the Settlement Agreement, or the GKK Properties. Under the real estate segment, the Company has invested primarily in office and industrial properties located throughout the United States. The real estate segment excludes all real estate sold or held for sale as of September 30, 2013. Under the real estate-related segment, the Company has invested in or originated mortgage loans, mezzanine loans and other real estate-related assets, including preferred membership interest investments and real estate securities. The GKK Properties segment excludes GKK Properties sold or held for sale but includes the remaining GKK Properties held as a result of the indirect transfers under the Settlement Agreement. All revenues earned from the Company’s three reporting segments were from external customers and there were no intersegment sales or transfers. The Company does not allocate corporate-level accounts to its reporting segments. Corporate-level accounts include corporate general and administrative expenses, non-operating interest income and other corporate-level expenses. The accounting policies of the reporting segments are consistent with those described in Note 2, “Summary of Significant Accounting Policies.”
	The Company evaluates the performance of its segments based upon net operating income from continuing operations (“NOI”), which is a non-GAAP supplemental financial measure. The Company defines NOI for its real estate segment and the GKK Properties segment as operating revenues (rental income, tenant reimbursements and other operating income) less property and related expenses (property operating expenses, real estate taxes, insurance, asset management fees and provision for bad debt) less interest expense. The Company defines NOI for its real estate-related segment as interest income and income from its unconsolidated joint venture investment less loan servicing costs (if applicable), asset management fees and interest expense (if applicable). NOI excludes certain items that are not considered to be controllable in connection with the management of an asset such as non-property income and expenses, depreciation and amortization, and corporate general and administrative expenses. The Company uses NOI to evaluate the operating performance of the Company’s real estate investments, real estate-related investments and the GKK Properties and to make decisions about resource allocations. The Company believes that net income is the GAAP measure that is most directly comparable to NOI; however, NOI should not be considered as an alternative to net income as the primary indicator of operating performance as it excludes the items described above. Additionally, NOI as defined above may not be comparable to other REITs or companies as their definitions of NOI may differ from the Company’s definition.
	The following tables summarize total revenues, interest expense and NOI for each reportable segment for the three and nine months ended September 30, 2013 and 2012, and total assets and total liabilities for each reportable segment as of September 30, 2013 and December 31, 2012 (in thousands):
		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2013			2012			2013			2012
	Revenues:
	Real estate segment(1)	$	19,610		$	20,365		$	59,128		$	60,280
	Real estate-related segment	824			746			2,445			2,979
	GKK Properties segment(1)	34,335			34,543			104,430			103,453
	Total revenues	$	54,769		$	55,654		$	166,003		$	166,712
	Interest Expense:
	Real estate segment(1)	$	4,551		$	5,394		$	13,870		$	16,660
	Real estate-related segment	—			—			—			24
	GKK Properties segment(1)	11,398			11,398			32,601			35,873
	Total interest expense	$	15,949		$	16,792		$	46,471		$	52,557
	NOI:
	Real estate segment(1)	$	4,955		$	4,418		$	14,894		$	13,325
	Real estate-related segment	770			692			2,286			3,308
	GKK Properties segment(1)	2,814			4,285			9,307			10,864
	Total NOI	$	8,539		$	9,395		$	26,487		$	27,497
		As of September 30,			As of December 31,
		2013			2012
	Assets:
	Real estate segment	$	664,086		$	699,486
	Real estate-related segment	49,336			45,662
	GKK Properties segment	832,305			903,166
	Total segment assets	1,545,727			1,648,314
	Real estate held for sale	110,038			416,006
	Foreclosed real estate held for sale	21,499			26,275
	Corporate-level(2)	191,830			212,960
	Total assets	$	1,869,094		$	2,303,555
	Liabilities:
	Real estate segment	$	374,809		$	427,807
	Real estate-related segment	31			—
	GKK Properties segment	719,821			745,891
	Total segment liabilities	1,094,661			1,173,698
	Real estate held for sale	35,032			346,871
	Corporate-level(3)	1,361			1,571
	Total liabilities	$	1,131,054		$	1,522,140
	_____________________
	(1) Amounts include properties held for non-sale disposition but do not include properties held for sale and discontinued operations.
	(2) Total corporate-level assets consisted primarily of cash and cash equivalents of approximately $191.3 million and $212.4 million as of September 30, 2013 and December 31, 2012, respectively.
	(3) As of September 30, 2013 and December 31, 2012, corporate-level liabilities consisted primarily of accounts payable and accrued liabilities for general and administrative expenses.
	The following table reconciles the Company’s net loss to its NOI for the three and nine months ended September 30, 2013 and 2012 (amounts in thousands):
		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2013			2012			2013			2012
	Net loss	$	(14,915	)	$	(16,712	)	$	(44,547	)	$	(37,931	)
	General and administrative expenses	4,099			5,521			12,661			16,210
	Depreciation and amortization	19,264			20,123			58,487			62,210
	Gain on sale of foreclosed real estate held for sale	—			—			(161		)	(127		)
	Gain on sale of real estate securities	(2,626		)	—			(2,793		)	(25,456		)
	Other interest income	(127		)	(9		)	(495		)	(20		)
	Impairment charge on real estate held for investment	1,840			2,594			31,394			3,422
	Provision for loan losses	—			—			—			142
	Total (income) loss from discontinued operations	1,004			(2,122		)	(28,059		)	9,047
	NOI	$	8,539		$	9,395		$	26,487		$	27,497

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	COMMITMENTS AND CONTINGENCIES
	Lease Obligations
	Pursuant to the Settlement Agreement, the Company indirectly received leasehold interests in certain commercial properties. The property leases have expiration dates between 2014 and 2085 and are subject to ground leases that have expiration dates between 2014 and 2101. These lease obligations generally contain rent increases and renewal options. In certain instances, the rent owed by the Company to the owner of the property under the lease is greater than the revenue received by the Company from the tenants occupying the property.
	Future minimum lease payments owed by the Company under non-cancelable operating ground leases, excluding payments owed related to properties held for sale and properties held for non-sale disposition, as of September 30, 2013 were as follows (in thousands):
	October 1, 2013 through December 31, 2013	$	4,316
	2014	17,297
	2015	16,788
	2016	16,319
	2017	12,447
	Thereafter	35,917
		$	103,084
	Economic Dependency
	The Company is dependent on the Advisor for certain services that are essential to the Company, including the management of the Company’s real estate and real estate-related investment portfolio; the disposition of real estate and real estate-related investments; and other general and administrative responsibilities. In the event that the Advisor is unable to provide any of these services, the Company will be required to obtain such services from other sources. The Company is also dependent on the Property Manager for the Services under the Amended Services Agreement, including the operations, leasing and eventual dispositions of the GKK Properties.
	Environmental
	As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities.
	Under the Settlement Agreement, the Company indirectly took title to or, with respect to a limited number of the GKK Properties, indirectly took a leasehold interest in, the GKK Properties on an “as is” basis. As such, the Company was not able to inspect the GKK Properties or conduct standard due diligence on certain of the GKK Properties before the transfers of the properties. Additionally, the Company did not receive representations, warranties and indemnities relating to the GKK Properties from Gramercy and/or its affiliates. Thus, the value of the GKK Properties may decline if the Company subsequently discovers environmental problems with the GKK Properties.
	Legal Matters
	From time to time, the Company is party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceeding the outcome of which is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS
	Distribution Declared
	On November 6, 2013, the Company’s board of directors declared a distribution in the amount of $0.3950 per share of common stock, or an aggregate amount of $75.0 million, to stockholders of record as of the close of business on November 8, 2013. The Company expects to pay this distribution on December 5, 2013. This distribution will be funded from the Company’s proceeds from the sales of real estate and cash flow from operations.
	The Company expects that this special distribution will constitute a return of a portion of the stockholders’ invested capital for federal income tax purposes. Such distribution will also reduce the Company’s estimated value per share and this reduction will be reflected in the Company’s December 2013 updated estimated value per share.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Principles of Consolidation and Basis of Presentation	'
	The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.
	The consolidated financial statements include the accounts of the Company, KBS REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	'
	The preparation of the consolidated financial statements and condensed notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Reclassifications	'
	Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. As of December 31, 2012, the Company had classified 108 GKK Properties as held for sale and reclassified one property that was previously held for sale to held for investment. During the nine months ended September 30, 2013, the Company disposed of 101 properties (all of which were GKK Properties), some of which were held for sale as of December 31, 2012. As of September 30, 2013, the Company had classified 23 properties (of which 21 were GKK Properties) as held for sale. As a result, certain reclassifications were made to the consolidated balance sheets, statements of operations and footnote disclosures for all periods presented to reflect all properties sold or held for sale during the period ended September 30, 2013, as discontinued operations for all periods presented.
Per Share Data	'
	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2013 and 2012, respectively.
	Distributions declared per common share were $0.085 for the nine months ended September 30, 2012. Distributions declared per common share assumed the share was issued and outstanding each day from January 1, 2012 through February 28, 2012. Distributions were based on daily record dates and calculated at a rate of $0.00143836 per share per day.
Segments	'
	The Company’s segments are based on the Company’s method of internal reporting, which classifies its operations by investment type: (i) real estate, (ii) real estate-related and (iii) commercial properties primarily leased to financial institutions received under the Settlement Agreement, the GKK Properties.

REAL_ESTATE_HELD_FOR_INVESTMEN1

REAL ESTATE HELD FOR INVESTMENT (Tables)	9 Months Ended
	Sep. 30, 2013
Guarantor by Name [Line Items]	'
Schedule of Real Estate Investments	'
	The following table summarizes the Company’s investments in real estate as of September 30, 2013 and December 31, 2012 (in thousands), including real estate held for non-sale disposition:
			Land				Buildings and				Tenant				Total Real Estate
							Improvements				Origination and				Held for
											Absorption Costs				Investment
	As of September 30, 2013:
	Office		$	82,880			$	473,194			$	10,357			$	566,431
	Industrial		22,154				102,757				5,219				130,130
	GKK Properties		204,074				445,427				97,002				746,503
	Real estate held for investment, at cost and net of impairment charges (1)		$	309,108			$	1,021,378			$	112,578			$	1,443,064
	Accumulated depreciation/amortization		—				(132,517		)		(39,718		)		(172,235		)
	Real estate held for investment, net		$	309,108			$	888,861			$	72,860			$	1,270,829
	As of December 31, 2012:
	Office		$	88,389			$	506,492			$	19,241			$	614,122
	Industrial		24,194				109,695				5,261				139,150
	GKK Properties		204,105				445,534				102,122				751,761
	Real estate held for investment, at cost and net of impairment charges		$	316,688			$	1,061,721			$	126,624			$	1,505,033
	Accumulated depreciation/amortization		—				(124,057		)		(39,064		)		(163,121		)
	Real estate held for investment, net		$	316,688			$	937,664			$	87,560			$	1,341,912
	_____________________
	(1) See “—Impairment of Real Estate.”
Schedule of Future Minimum Rental Income Under Non-cancelable Operating Leases	'
	The future minimum rental income from the Company’s properties under non-cancelable operating leases, including leases subject to shedding rights, and excluding options to extend and leases on properties held for non-sale disposition, as of September 30, 2013 for the years ending December 31 is as follows (in thousands):
	October 1, 2013 through December 31, 2013	$	34,003
	2014	130,701
	2015	121,440
	2016	114,594
	2017	101,456
	Thereafter	323,050
		$	825,244
Schedules of Concentration of Risk, by Risk Factor	'
	As of September 30, 2013, the Company’s highest tenant industry concentration (greater than 10% of annualized base rent), excluding properties held for non-sale disposition, was as follows:
	Industry		Number of		Annualized				Percentage of
			Tenants (1)		Base Rent (1) (2)				Annualized Base Rent (1)
					(in thousands)
	Finance		68		$	63,051			44.7	%
	_____________________
	(1) Excludes properties held for non-sale disposition.
	(2) Annualized base rent represents annualized contractual base rental income as of September 30, 2013, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
	As of September 30, 2013, the Company had a concentration of credit risk related to leases, excluding properties held for non-sale disposition, with the following tenant that represented more than 10% of the Company’s annualized base rent:
												Annualized Base Rent Statistics
	Tenant		Property		Tenant		Rentable Square Feet		% of			Annualized Base Rent (2)				% of Portfolio Annualized Base Rent (1)		Annualized Base Rent per Square Foot		Lease Expirations
					Industry				Portfolio Rentable Square Feet (1)			(in thousands)
	Bank of America, N.A.		Various		Finance		3,276,525		31	%		$	28,821			20.4	%	$	8.8	(3)
	_____________________
	(1) Excludes properties held for non-sale disposition.
	(2) Annualized base rent represents annualized contractual base rental income as of September 30, 2013, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
	(3) As of September 30, 2013, lease expiration dates ranged from the remainder of 2013 through 2026 with a weighted-average remaining term of 6.5 years. Additionally, as of September 30, 2013, some of Bank of America’s leases contained shedding rights provisions. These shedding rights totaled approximately 0.3 million square feet and can be exercised at various dates during the remainder of 2013 to 2016. The Company has already been notified that 33,000 square feet will be shed during the remainder of 2013, pursuant to these provisions.
Schedule of Revenue and Expenses Related to Properties Held for Non-Sale Disposition	'
	The following table summarizes the revenue and expenses related to properties held for non-sale disposition (in thousands):
		Three Months Ended September 30,								Nine Months Ended September 30,
		2013				2012				2013				2012
	Revenues related to real estate held for non-sale disposition
	Total revenues	$	3,343			$	3,326			$	10,394			$	10,316
	Expenses related to real estate held for non-sale disposition
	Operating expenses	4,050				3,061				11,669				8,606
	Impairment charge	—				1,612				6,614				1,612
	Depreciation and amortization	712				1,361				2,136				4,577
	Total expenses related to real estate held for non-sale disposition	4,762				6,034				20,419				14,795
	Net loss related to real estate held for non-sale disposition	$	(1,419	)		$	(2,708	)		$	(10,025	)		$	(4,479	)
Schedule of Assets and Liabilities Related to Properties Held for Non-Sale Disposition	'
	The following table summarizes the assets and liabilities related to properties held for non-sale disposition as of September 30, 2013 and December 31, 2012 (in thousands):
		30-Sep-13				31-Dec-12
	Assets related to real estate held for non-sale disposition
	Total real estate, at cost and net of impairment charges	$	62,213			$	71,321
	Accumulated depreciation and amortization	(4,937		)		(5,627		)
	Real estate held for non-sale disposition, net	57,276				65,694
	Restricted cash	10,752				7,033
	Above-market leases, net	546				725
	Other assets	4,293				3,887
	Total assets	$	72,867			$	77,339
	Liabilities related to real estate held for non-sale disposition
	Notes payable	79,273				79,319
	Accounts payable and accrued liabilities	7,870				2,523
	Below-market leases, net	673				809
	Other liabilities	697				642
	Total liabilities	$	88,513			$	83,293
Bank of America Corporation [Member]	'
Guarantor by Name [Line Items]	'
Schedule of Condensed Consolidated Information	'
	Bank of America Corporation is the guarantor of various leases that its subsidiary, Bank of America, N.A., has with the Company. The condensed consolidated financial information of Bank of America Corporation has been included herein because of the significant credit concentration the Company has with this guarantor. Bank of America Corporation currently files its financial statements in reports filed with the SEC, and the following unaudited summary financial data regarding Bank of America Corporation is taken from its previously filed public reports. For more detailed financial information regarding Bank of America Corporation, please refer to its financial statements, which are publicly available with the SEC at http:// www.sec.gov.
		Three Months Ended September 30,								Nine Months Ended September 30,
		2013				2012				2013				2012
	Consolidated Statements of Income (in millions)
	Total revenue, net of interest expense	$	21,530			$	20,428			$	67,454			$	64,674
	Income before income taxes	4,845				1,110				12,327				4,976
	Net income	2,497				340				7,992				3,456
		As of
		30-Sep-13				31-Dec-12
	Consolidated Balance Sheets (in millions)
	Total assets	$	2,126,653			$	2,209,974
	Total liabilities	1,894,371				1,973,018
	Total shareholders’ equity	232,282				236,956

TENANT_ORIGINATION_AND_ABSORPT1

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2013
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]	'
Tenant Origination and Absorption Costs, Above-Market Lease Assests and Below-Market Lease Liabiities	'
	As of September 30, 2013 and December 31, 2012, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands):
		Tenant Origination and						Above-Market						Below-Market
		Absorption Costs						Lease Assets						Lease Liabilities
		September 30, 2013			December 31, 2012			September 30, 2013			December 31, 2012			September 30, 2013			December 31, 2012
	Cost, net of impairments	$	112,578		$	126,624		$	38,272		$	40,785		$	(84,773	)	$	(86,516	)
	Accumulated Amortization	(39,718		)	(39,064		)	(9,912		)	(9,042		)	27,810			19,642
	Net Amount	$	72,860		$	87,560		$	28,360		$	31,743		$	(56,963	)	$	(66,874	)
Amortization of Tenant Origination and Absorptoin Costs, Above-Market Leases and Below-Market Lease Liabilities	'
	Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2013 and 2012 were as follows (in thousands):
		Tenant Origination  and						Above-Market						Below-Market
		Absorption Costs						Lease Assets						Lease Liabilities
		For the Three Months Ended September 30,						For the Three Months Ended September 30,						For the Three Months Ended September 30,
		2013			2012			2013			2012			2013			2012
	Amortization	$	(4,694	)	$	(5,219	)	$	(1,080	)	$	(1,376	)	$	3,226		$	3,127
		Tenant Origination and						Above-Market						Below-Market
		Absorption Costs						Lease Assets						Lease Liabilities
		For the Nine Months Ended September 30,						For the Nine Months Ended September 30,						For the Nine Months Ended September 30,
		2013			2012			2013			2012			2013			2012
	Amortization	$	(14,622	)	$	(16,989	)	$	(3,376	)	$	(5,396	)	$	9,911		$	10,474

REAL_ESTATE_LOANS_RECEIVABLE_T

REAL ESTATE LOANS RECEIVABLE (Tables)	9 Months Ended
	Sep. 30, 2013
Receivables [Abstract]	'
Schedule of Real Estate Loans Receivable	'
	As of September 30, 2013 and December 31, 2012, the Company, through indirect wholly owned subsidiaries, had invested in or originated real estate loans receivable as follows (dollars in thousands):
	Loan Name		Date		Property		Loan	Outstanding			Book Value			Book Value			Contractual	Annualized		Maturity
	Location of Related Property or Collateral		Acquired/		Type		Type	Principal			as of			as of			Interest	Effective		Date
			Originated					Balance as of			September 30,			December 31,			Rate (3)	Interest
								September 30,			2013 (2)			2012 (2)				Rate (3)
								2013 (1)
	Sandmar Mezzanine Loan		1/9/07		Retail		Mezzanine	$	5,000		$	5,027		$	5,033		5.40%	7.89	%	1/1/17
	Southeast U.S. (4)
	Lawrence Village Plaza Loan Origination		8/6/07		Retail		Mortgage	6,920			6,920			6,850			8.00%	9.5	%	9/1/14
	New Castle, Pennsylvania
	San Diego Office Portfolio B-Note		10/26/07		Office		B-Note	20,000			16,536			16,048			5.78%	11.18	%	10/11/17
	San Diego, California (5)
	4929 Wilshire B-Note		11/19/07		Office		B-Note	3,948			3,216			3,137			6.05%	12.41	%	7/11/17
	Los Angeles, California
								$	35,868		$	31,699		$	31,068
	Reserve for Loan Losses (6)							—			(2,124		)	(2,222		)
								$	35,868		$	29,575		$	28,846
	_____________________
	(1) Outstanding principal balance as of September 30, 2013 represents original principal balance outstanding under the loan, increased for any subsequent fundings and reduced for any principal paydowns.
	(2) Book value represents outstanding principal balance, adjusted for unamortized acquisition discounts, origination fees and direct origination and acquisition costs. Loan balances are presented gross of any asset-specific reserves.
	(3) Contractual interest rates are the stated interest rates on the face of the loans. Annualized effective interest rates are calculated as the actual interest income recognized in 2013, using the interest method, divided by the average amortized cost basis of the investment during 2013. The contractual interest rates and annualized effective interest rates presented are as of September 30, 2013.
	(4) The Company had recorded an asset-specific loan loss reserve against this investment as of September 30, 2013. See “—Reserve for Loan Losses.”
	(5) The borrower under this note is a wholly owned subsidiary of the Irvine Company. Donald Bren, who is the brother of Peter Bren (one of the Company’s executive officers and sponsors), is the chairman of the Irvine Company. During the nine months ended September 30, 2013, the Company recognized $1.4 million of interest income related to its investment in this loan.
	(6) See “—Reserve for Loan Losses.”
Schedule of Activity Related to Real Estate Loans Receivable	'
	The following summarizes the activity related to real estate loans receivable for the nine months ended September 30, 2013 (in thousands):
	Real estate loans receivable, net - December 31, 2012	$	28,846
	Principal repayments received on real estate loan receivable	(34		)
	Accretion of discounts on purchased real estate loans receivable	620
	Amortization of origination fees and costs on purchased and originated real estate loans receivable	45
	Change in loan loss reserve	98
	Real estate loans receivable, net - September 30, 2013	$	29,575
Schedule of Interest Income from Real Estate Loans Receivable	'
	For the three and nine months ended September 30, 2013 and 2012, interest income from real estate loans receivable consisted of the following (in thousands):
		Three Months Ended September 30,							Nine Months Ended September 30,
		2013				2012			2013			2012
	Contractual interest income	$	600			$	599		$	1,780		$	1,764
	Accretion of purchase discounts	215				119			620			482
	Amortization of origination fees and costs and acquisition costs, net	9				18			45			45
	Interest income from real estate loans receivable	$	824			$	736		$	2,445		$	2,291
Schedule of Changes in Reserve for Loan Losses	'
	Changes in the Company’s reserve for loan losses for the nine months ended September 30, 2013 were as follows (in thousands):
	Reserve for loan losses, December 31, 2012	$	2,222
	Charge-offs to reserve for loan losses	(98		)
	Reserve for loan losses, September 30, 2013	$	2,124

REAL_ESTATE_SECURITIES_Tables

REAL ESTATE SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]	'
Summary of Activities of Real Estate Securities	'
	The following summarizes the activity related to real estate securities for the nine months ended September 30, 2013 (in thousands):
		Amortized			Unrealized			Total
		Cost Basis			Gains (Losses)
	Real estate securities - December 31, 2012	$	15,117		$	1,294		$	16,411
	Unrealized change in market value of real estate securities	—			9,008			9,008
	Sale of real estate securities	(3,326		)	(2,832		)	(6,158		)
	Real estate securities - September 30, 2013	$	11,791		$	7,470		$	19,261

REAL_ESTATE_HELD_FOR_SALE_AND_1

REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule of Operating Income from Discontinued Operations	'
	The following table summarizes operating income from discontinued operations for the three and nine months ended September 30, 2013 and 2012 (in thousands):
		Three Months Ended September 30,						Nine Months Ended September 30,
		2013			2012			2013			2012
	Total revenues and other income	$	3,754		$	49,722		$	20,519		$	158,991
	Total expenses	4,197			49,153			18,994			158,230
	(Loss) income from discontinued operations before gain on sales of real estate, net and impairment charge	(443		)	569			1,525			761
	Gain on sales of real estate, net	858			2,060			31,931			7,781
	Impairment charge	(1,419		)	(11,487		)	(5,397		)	(28,569		)
	Gain from extinguishment of debt	—			10,980			—			10,980
	(Loss) income from discontinued operations	$	(1,004	)	$	2,122		$	28,059		$	(9,047	)
Schedule of Major Components of Real Estate Held for Sale and Liabilities Related to Real Estate Held for Sale	'
	The following summary presents the major components of real estate held for sale and liabilities related to real estate held for sale as of September 30, 2013 and December 31, 2012 (in thousands):
		September 30, 2013			December 31, 2012
	Assets related to real estate held for sale
	Total real estate, at cost and net of impairment charges	$	119,959		$	448,582
	Accumulated depreciation and amortization	(17,127		)	(41,660		)
	Real estate held for sale, net	102,832			406,922
	Other assets	7,206			9,084
	Total assets related to real estate held for sale	$	110,038		$	416,006
	Liabilities related to real estate held for sale
	Notes payable	30,196			309,665
	Other liabilities	4,836			37,206
	Total liabilities related to real estate held for sale	$	35,032		$	346,871

NOTES_PAYABLE_Tables

NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2013
Notes Payable [Abstract]	'
Schedule of Long-term Debt Instruments	'
	As of September 30, 2013 and December 31, 2012, the Company’s notes payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands):
	Loan Type		Book Value as of			Book Value as of			Contractual	Weighted-Average	Weighted-Average
			September 30, 2013			December 31, 2012			Interest Rates as of	Interest Rates as of	Remaining Term
									September 30, 2013 (1)	September 30, 2013 (1)	in Years (2)
	Fixed Rate
	Mortgage loans		$	205,299		$	227,017		5.6% - 8.3%	6.10%	1.1
	GKK Properties mortgage loans		605,646			641,384			3.0% - 15.3%	6.60%	6.8
			810,945			868,401
	Variable Rate
	Mortgage loans		178,512			212,433			(3)	2.50%	1.8
	GKK Properties mortgage loans		—			259,476			N/A	N/A	N/A
			178,512			471,909
	Total notes payable principal outstanding		989,457			1,340,310
	Discount on notes payable, net (4)		(14,726		)	(19,777		)
	Total notes payable, net		$	974,731		$	1,320,533
	_____________________
	(1) Contractual interest rates as of September 30, 2013 represent the range of interest rates in effect under these loans as of September 30, 2013. Weighted-average interest rates as of September 30, 2013 are calculated as the actual interest rate in effect as of September 30, 2013 (consisting of the contractual interest rate and the effect of contractual floor rates), using interest rate indices as of September 30, 2013, where applicable.
	(2) Weighted-average remaining term in years represents the initial maturity dates or the maturity dates as extended as of September 30, 2013; subject to certain conditions, the maturity dates of certain loans may be further extended.
	(3) The contractual interest rates of these loans will vary based on one-month LIBOR plus a fixed spread. The spreads on the mortgage loans range from 2.1% to 2.8%.
	(4) Represents the unamortized discount and premium on notes payable due to the above- and below-market interest rates when the notes were assumed. The discount and premium are amortized over the remaining life of the respective loans.
Schedule of Maturities of Long-term Debt	'
	The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of September 30, 2013 (in thousands):
	October 1, 2013 through December 31, 2013	$	115,205
	2014	90,275
	2015	225,195
	2016	137,805
	2017	131,631
	Thereafter	289,346
		$	989,457
Schedule of Activity Related to Notes Payable and Repurchase Agreements	'
	The following summarizes the activity related to notes payable for the nine months ended September 30, 2013 (in thousands):
	Total Notes Payable, net  - December 31, 2012	$	1,320,533
	Proceeds from notes payable	475
	Deferred interest payable	3,077
	Mortgage debt transferred to buyer in connection with sale of the underlying real estate	(210,545		)
	Principal repayments	(143,860		)
	Amortization of discount on notes payable, net	3,563
	Write-off of premium on notes payable related to sale	1,488
	Total Notes Payable, net  - September 30, 2013	$	974,731

FAIR_VALUE_DISCLOSURES_Tables

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Schedule of Face Value, Carrying Amounts and Fair Value	'
	The following were the face values, carrying amounts and fair values of the Company’s real estate loans receivable and notes payable as of September 30, 2013 and December 31, 2012, which carrying amounts do not approximate the fair values (in thousands):
		September 30, 2013							December 31, 2012
		Face Value			Carrying		Fair Value		Face Value			Carrying		Fair Value
					Amount							Amount
	Financial assets:
	Real estate loans receivable (1)	$	35,868		$	29,575	$	25,533	$	35,902		$	28,846	$	25,167
	Financial liabilities:
	Notes payable	$	989,457		$	974,731	$	981,732	$	1,340,310		$	1,320,533	$	1,315,923
	_____________________
	(1) Face value of real estate loans receivable is net of unfunded commitments. Carrying amount of real estate loans receivable includes loan loss reserves.
Schedule of Assets and Liabilities at Fair Value	'
	During the nine months ended September 30, 2013, the Company measured the following assets and liabilities at fair value on a recurring basis (in thousands):
					Fair Value Measurements Using
		Total			Quoted Prices in		Significant Other		Significant
					Active Markets for		Observable Inputs		Unobservable
					Identical Assets		(Level 2)		Inputs
					(Level 1)				(Level 3)
	Recurring Basis:
	Real estate securities	$	19,261		$	—	$	19,261	$	—
	GKK Properties - contingent liability (1)	$	(12,000	)	$	—	$	—	$	(12,000	)
	_____________________
	(1) The fair value of the Company’s contingent liability is equal to the maximum amount payable to the Property Manager for participation interests pursuant to the Amended Services Agreement.
	As of September 30, 2013, the Company measured the following assets at fair value on a nonrecurring basis (in thousands):
					Fair Value Measurements Using
		Total			Quoted Prices in		Significant Other		Significant
					Active Markets for		Observable Inputs		Unobservable
					Identical Assets		(Level 2)		Inputs
					(Level 1)				(Level 3)
	Nonrecurring Basis:
	Impaired real estate - continuing operations	$	422		$	—	$	—	$	422
	Impaired real estate - discontinued operations	$	3,598		$	—	$	—	$	3,598

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Schedule of Related Party Costs	'
	Pursuant to the terms of the Advisory Agreement, Dealer Manager Agreement and the AIP Reimbursement Agreement, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2013 and 2012, respectively, and any related amounts payable as of September 30, 2013 and December 31, 2012 (in thousands):
		Incurred								Payable
		Three Months Ended September 30,				Nine Months Ended September 30,				September 30,		December 31,
		2013		2012		2013		2012		2013		2012
	Expensed
	Asset management fees(1)	$	2,794	$	2,912	$	8,285	$	9,401	$	—	$	—
	Reimbursement of operating expenses(2)	44		46		102		111		—		104
	Disposition fees(3)	—		650		2,500		3,159		—		—
	Additional Paid-in Capital
	Selling commissions	—		—		—		262		—		—
		$	2,838	$	3,608	$	10,887	$	12,933	$	—	$	104
	_____________________
	(1) Amounts include asset management fees from discontinued operations totaling $0.2 million and $0.3 million for the three months ended September 30, 2013 and 2012, respectively, and $0.5 million and $1.4 million for the nine months ended September 30, 2013 and 2012, respectively.
	(2) The Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. The Company reimburses the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $44,000 and $46,000 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 million and $0.1 million for the nine months ended September 30, 2013 and 2012, respectively. These were the only employee costs reimbursed under the Advisory Agreement for the nine months ended September 30, 2013 and 2012, respectively. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition, origination or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers.
	(3) Disposition fees with respect to real estate sold are included in the gain on sales of real estate in the accompanying consolidated statements of operations. Disposition fees with respect to real estate loans receivable sold are reflected in the provision for loan losses in the accompanying consolidated statements of operations. Disposition fees with respect to real estate securities sold are included in the gain on sales of real estate securities in the accompanying consolidated statements of operations.

SUPPLEMENTAL_CASH_FLOW_AND_SIG1

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2013
Supplemental Cash Flow and Significant Noncash Transaction Disclosures [Abstract]	'
Schedule of Cash Flow, Supplemental Disclosures	'
	Supplemental cash flow and significant noncash transaction disclosures were as follows (in thousands):
		For the Nine Months Ended September 30,
		2013		2012
	Supplemental Disclosure of Cash Flow Information:
	Interest paid	$	43,421	$	85,174
	Supplemental Disclosure of Significant Noncash Transactions:
	Mortgage debt transferred to buyer in connection with sale of the underlying real estate	$	209,057	$	—
	Decrease in distributions payable	$	—	$	(8,498	)
	Increase in capital expenses payable	$	215	$	977
	Mortgage loan satisfied in connection with deed in lieu of foreclosure	$	—	$	43,500
	Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	$	—	$	11,131

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment	'
	The following tables summarize total revenues, interest expense and NOI for each reportable segment for the three and nine months ended September 30, 2013 and 2012, and total assets and total liabilities for each reportable segment as of September 30, 2013 and December 31, 2012 (in thousands):
		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2013			2012			2013			2012
	Revenues:
	Real estate segment(1)	$	19,610		$	20,365		$	59,128		$	60,280
	Real estate-related segment	824			746			2,445			2,979
	GKK Properties segment(1)	34,335			34,543			104,430			103,453
	Total revenues	$	54,769		$	55,654		$	166,003		$	166,712
	Interest Expense:
	Real estate segment(1)	$	4,551		$	5,394		$	13,870		$	16,660
	Real estate-related segment	—			—			—			24
	GKK Properties segment(1)	11,398			11,398			32,601			35,873
	Total interest expense	$	15,949		$	16,792		$	46,471		$	52,557
	NOI:
	Real estate segment(1)	$	4,955		$	4,418		$	14,894		$	13,325
	Real estate-related segment	770			692			2,286			3,308
	GKK Properties segment(1)	2,814			4,285			9,307			10,864
	Total NOI	$	8,539		$	9,395		$	26,487		$	27,497
		As of September 30,			As of December 31,
		2013			2012
	Assets:
	Real estate segment	$	664,086		$	699,486
	Real estate-related segment	49,336			45,662
	GKK Properties segment	832,305			903,166
	Total segment assets	1,545,727			1,648,314
	Real estate held for sale	110,038			416,006
	Foreclosed real estate held for sale	21,499			26,275
	Corporate-level(2)	191,830			212,960
	Total assets	$	1,869,094		$	2,303,555
	Liabilities:
	Real estate segment	$	374,809		$	427,807
	Real estate-related segment	31			—
	GKK Properties segment	719,821			745,891
	Total segment liabilities	1,094,661			1,173,698
	Real estate held for sale	35,032			346,871
	Corporate-level(3)	1,361			1,571
	Total liabilities	$	1,131,054		$	1,522,140
	_____________________
	(1) Amounts include properties held for non-sale disposition but do not include properties held for sale and discontinued operations.
	(2) Total corporate-level assets consisted primarily of cash and cash equivalents of approximately $191.3 million and $212.4 million as of September 30, 2013 and December 31, 2012, respectively.
	(3) As of September 30, 2013 and December 31, 2012, corporate-level liabilities consisted primarily of accounts payable and accrued liabilities for general and administrative expenses.
Reconciliation of Net Income (Loss) to Net Operating Income (Loss)	'
	The following table reconciles the Company’s net loss to its NOI for the three and nine months ended September 30, 2013 and 2012 (amounts in thousands):
		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2013			2012			2013			2012
	Net loss	$	(14,915	)	$	(16,712	)	$	(44,547	)	$	(37,931	)
	General and administrative expenses	4,099			5,521			12,661			16,210
	Depreciation and amortization	19,264			20,123			58,487			62,210
	Gain on sale of foreclosed real estate held for sale	—			—			(161		)	(127		)
	Gain on sale of real estate securities	(2,626		)	—			(2,793		)	(25,456		)
	Other interest income	(127		)	(9		)	(495		)	(20		)
	Impairment charge on real estate held for investment	1,840			2,594			31,394			3,422
	Provision for loan losses	—			—			—			142
	Total (income) loss from discontinued operations	1,004			(2,122		)	(28,059		)	9,047
	NOI	$	8,539		$	9,395		$	26,487		$	27,497

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Future Minimum Lease Payments, Non-Cancelable Operating Leases	'
	Future minimum lease payments owed by the Company under non-cancelable operating ground leases, excluding payments owed related to properties held for sale and properties held for non-sale disposition, as of September 30, 2013 were as follows (in thousands):
	October 1, 2013 through December 31, 2013	$	4,316
	2014	17,297
	2015	16,788
	2016	16,319
	2017	12,447
	Thereafter	35,917
		$	103,084

ORGANIZATION_Details

ORGANIZATION (Details) (USD $)

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

28 Months Ended

80 Months Ended

92 Months Ended

9 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Aug. 17, 2012

Aug. 17, 2012

Sep. 30, 2013

Dec. 31, 2012

30-May-08

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 01, 2011

Sep. 30, 2013

Sep. 30, 2013

Sep. 01, 2011

Sep. 01, 2011

Units

properties

Maximum [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Condominium Units [Member]

KBS Capital Advisors LLC [Member]

GKK Properties [Member]

GKK Properties [Member]

GKK Properties [Member]

GKK Properties [Member]

GKK Properties [Member]

GKK Properties [Member]

properties

Portfolios

Common Stock [Member]

properties

Minimum [Member]

Maximum [Member]

Bank Branches [Member]

Office Building [Member]

properties

properties

Organizational Structure [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Partnership interest in the Operating Partnership and is its sole limited partner

99.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Partnership interest in Operating Partnership

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate properties

438

'

'

'

'

'

'

'

'

'

'

'

867

'

'

576

291

Number of real estate properties held for non-sale disposition

8

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate properties held for sale

23

108

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

Number of real estate loans receivable

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units in condominium building

62

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares held by affiliate

'

'

'

'

'

'

'

'

'

'

20,000

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

'

'

1,713,996

171,109,494

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, value

'

$11,131,000

'

'

'

$17,000

$1,700,000,000

'

'

'

'

'

'

'

'

'

'

Shares of common stock sold under dividend reinvestment plan, shares

'

'

'

'

'

'

'

28,306,086

'

'

'

'

'

'

'

'

'

Shares of common stock sold under dividend reinvestment plan, value

'

'

'

'

'

'

'

233,700,000

'

'

'

'

'

'

'

'

'

Redemptions of common stock, shares

'

'

'

'

987,509

1,384,513

'

'

9,362,073

'

'

'

'

'

'

'

'

Redemptions of common stock, value

5,118,000

7,728,000

'

'

10,000

13,000

'

'

75,300,000

'

'

'

'

'

'

'

'

Agreement for annual fee to be paid for real estate services, amount

'

'

'

'

'

'

'

'

'

'

'

12,000,000

'

'

'

'

'

Net sales value of properties sold and remaining net assets in excess of threshold amounts

'

'

'

'

'

'

'

'

'

'

'

'

'

3,500,000

12,000,000

'

'

Amended services agreement, annual fee

'

'

9,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Agreement termination fee

'

'

'

$5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	2 Months Ended	9 Months Ended
	Feb. 28, 2012	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 01, 2011	Sep. 30, 2013	Sep. 30, 2013
			properties	properties	GKK Properties [Member]	GKK Properties [Member]	GKK Properties [Member]	Assets Held-for-sale [Member]	Assets Held-for-sale [Member]
					properties	properties	properties	properties	GKK Properties [Member]
									properties
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'
Number of real estate properties held for sale	'	'	23	108	'	'	'	'	'
Number of real estate properties disposed	'	'	101	'	101	190	'	'	'
Number of real estate properties reclasified from held-for-sale to held for investment	'	'	'	1	'	'	'	'	'
Distributions declared per common share	'	$0.09	'	'	'	'	'	'	'
Distribution rate per share per day, declared	$0.00	'	'	'	'	'	'	'	'
Number of real estate properties	'	'	438	'	'	'	867	23	21

REAL_ESTATE_HELD_FOR_INVESTMEN2

REAL ESTATE HELD FOR INVESTMENT (Narrative) (Details)	Sep. 30, 2013	Sep. 01, 2011
	sqft	properties
Real Estate Properties [Line Items]	'	'
Rentable square feet	10,600,000	'
Percentage of real estate portfolio occupied	85.00%	'
Number of states in which entity operates	30	'
Number of real estate properties	438	'
Held for Non-Sale Disposition [Member] | Industrial [Member]	'	'
Real Estate Properties [Line Items]	'	'
Number of real estate properties	1	'
GKK Properties [Member]	'	'
Real Estate Properties [Line Items]	'	'
Rentable square feet	6,600,000	'
Percentage of real estate portfolio occupied	82.00%	'
Number of real estate properties	'	867
GKK Properties [Member] | Held for Non-Sale Disposition [Member]	'	'
Real Estate Properties [Line Items]	'	'
Rentable square feet	800,000	'
Number of real estate properties	7	'

REAL_ESTATE_HELD_FOR_INVESTMEN3

REAL ESTATE HELD FOR INVESTMENT (Schedule of Real Estate Investments) (Details) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	$1,443,064	[1]	$1,505,033
Accumulated depreciation/amortization	-172,235		-163,121
Total real estate held for investment, net	1,270,829		1,341,912
Office [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	566,431		614,122
Industrial [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	130,130		139,150
GKK Properties [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	746,503		751,761
Land [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	309,108	[1]	316,688
Accumulated depreciation/amortization	0		0
Total real estate held for investment, net	309,108		316,688
Land [Member] | Office [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	82,880		88,389
Land [Member] | Industrial [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	22,154		24,194
Land [Member] | GKK Properties [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	204,074		204,105
Buildings and Improvements [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	1,021,378	[1]	1,061,721
Accumulated depreciation/amortization	-132,517		-124,057
Total real estate held for investment, net	888,861		937,664
Buildings and Improvements [Member] | Office [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	473,194		506,492
Buildings and Improvements [Member] | Industrial [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	102,757		109,695
Buildings and Improvements [Member] | GKK Properties [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	445,427		445,534
Tenant Origination and Absorption Costs [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	112,578	[1]	126,624
Accumulated depreciation/amortization	-39,718		-39,064
Total real estate held for investment, net	72,860		87,560
Tenant Origination and Absorption Costs [Member] | Office [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	10,357		19,241
Tenant Origination and Absorption Costs [Member] | Industrial [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	5,219		5,261
Tenant Origination and Absorption Costs [Member] | GKK Properties [Member]	'		'
Real Estate Properties [Line Items]	'		'
Real estate held for investment, at cost and net of impairment charges	$97,002		$102,122
[1]	See “—Impairment of Real Estate.

REAL_ESTATE_HELD_FOR_INVESTMEN4

REAL ESTATE HELD FOR INVESTMENT (Operating Leases) (Narrative) (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
	Tenants
Operating Leased Assets [Line Items]	'	'	'
Recognition of deferred revenue, net of discontinued operations	$3.70	$3.80	'
Amortization of lease incentives	0.8	0.3	'
Deferred rent receivables	29.8	'	22.1
Unamortized lease incentives	7.5	'	5
Number of tenants	400	'	'
Bad debt reserve	5.6	'	'
Provision of doubtful accounts, net of discontinued operations	0.8	0.1	'
Maximum [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Operating lease, term	'13 years 4 months 24 days	'	'
Provision for doubtful accounts, percentage of base rent	4.00%	'	'
Weighted Average [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Operating lease, term	'5 years 7 months 6 days	'	'
GKK Properties [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Bad debt reserve	5.6	'	'
GKK Properties [Member] | Maximum [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Operating lease, term	'13 years 4 months 24 days	'	'
GKK Properties [Member] | Weighted Average [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Operating lease, term	'6 years	'	'
Other Liabilities [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Security deposit liability	$3.60	'	$3.60
Exercised at Various Dates (2013-2016) [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Area of land	300,000	'	'
Expected to Shed During the Remainder of 2013 [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Area of land	33,000	'	'

REAL_ESTATE_HELD_FOR_INVESTMEN5

REAL ESTATE HELD FOR INVESTMENT (Future Minimum Rental Income) (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Real Estate Held for Investment [Abstract]	'
October 1, 2013 through December 31, 2013	$34,003
2014	130,701
2015	121,440
2016	114,594
2017	101,456
Thereafter	323,050
Future minimum rental income	$825,244

REAL_ESTATE_HELD_FOR_INVESTMEN6

REAL ESTATE HELD FOR INVESTMENT (Highes Tenant Industry Concentrations- Grater than 10% of Annual Base Rent) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
	Tenants
Concentration Risk [Line Items]	'
Number of Tenants	400
Industry - Finance [Member]	'
Concentration Risk [Line Items]	'
Number of Tenants	68	[1]
Annualized Base Rent	$63,051	[1],[2]
Percentage of Annualized Base Rent	44.70%	[1]
[1]	Excludes properties held for non-sale disposition.
[2]	Annualized base rent represents annualized contractual base rental income as of September 30, 2013, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.

REAL_ESTATE_HELD_FOR_INVESTMEN7

REAL ESTATE HELD FOR INVESTMENT (Concentration of Credit Risk, Tenant Lease that Represents More than 10% of Annualized Base Rent) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Concentration Risk [Line Items]	'
Rentable Square Feet	10,600,000
Number of square feet shed in the remainder year	33,000
Weighted Average [Member]	'
Concentration Risk [Line Items]	'
Operating lease, term	'5 years 7 months 6 days
Tenant Lease - Bank of America, N.A. [Member]	'
Concentration Risk [Line Items]	'
Rentable Square Feet	3,276,525
Annualized Base Rent	28,821,000	[1]
Annualized Base Rent per Square Foot	8.8
Area of land	300,000
Tenant Lease - Bank of America, N.A. [Member] | Weighted Average [Member]	'
Concentration Risk [Line Items]	'
Operating lease, term	'6 years 6 months
Tenant Lease - Bank of America, N.A. [Member] | Rentable Square Feet [Member]	'
Concentration Risk [Line Items]	'
Percentage of Annualized Base Rent	31.00%	[2]
Tenant Lease - Bank of America, N.A. [Member] | Base Rent [Member]	'
Concentration Risk [Line Items]	'
Percentage of Annualized Base Rent	20.40%	[2]
[1]	Annualized base rent represents annualized contractual base rental income as of September 30, 2013, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
[2]	Excludes properties held for non-sale disposition.

REAL_ESTATE_HELD_FOR_INVESTMEN8

REAL ESTATE HELD FOR INVESTMENT (Condensed Financial Information of Bank of America Corporation) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Consolidated Statements of Income	'	'	'	'	'
Total revenue, net of interest expense	$54,769,000	$55,654,000	$166,003,000	$166,712,000	'
Consolidated Balance Sheets	'	'	'	'	'
Total assets	1,869,094,000	'	1,869,094,000	'	2,303,555,000
Total liabilities	1,131,054,000	'	1,131,054,000	'	1,522,140,000
Total stockholders’ equity	733,155,000	'	733,155,000	'	771,415,000
Bank of America Corporation [Member]	'	'	'	'	'
Consolidated Statements of Income	'	'	'	'	'
Total revenue, net of interest expense	21,530,000,000	20,428,000,000	67,454,000,000	64,674,000,000	'
Income before income taxes	4,845,000,000	1,110,000,000	12,327,000,000	4,976,000,000	'
Net income	2,497,000,000	340,000,000	7,992,000,000	3,456,000,000	'
Consolidated Balance Sheets	'	'	'	'	'
Total assets	2,126,653,000,000	'	2,126,653,000,000	'	2,209,974,000,000
Total liabilities	1,894,371,000,000	'	1,894,371,000,000	'	1,973,018,000,000
Total stockholders’ equity	$232,282,000,000	'	$232,282,000,000	'	$236,956,000,000

REAL_ESTATE_HELD_FOR_INVESTMEN9

REAL ESTATE HELD FOR INVESTMENT (Geographic Concentration Risk) (Details) (NORTH CAROLINA, Assets, Total [Member])	9 Months Ended
	Sep. 30, 2013
NORTH CAROLINA | Assets, Total [Member]	'
Concentration Risk [Line Items]	'
Concentration risk, percentage	11.30%

Recovered_Sheet1

REAL ESTATE HELD FOR INVESTMENT (Impairment of Real Estate) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Investment [Line Items]	'	'	'	'
Impairment charge	$1,840	$2,594	$31,394	$3,422
Held-for-Investment [Member]	'	'	'	'
Investment [Line Items]	'	'	'	'
Impairment losses on real estate, number of properties	'	'	6	'
Held for Non-Sale Disposition [Member]	'	'	'	'
Investment [Line Items]	'	'	'	'
Impairment charge	0	1,612	6,614	1,612
Real Estate [Member] | Held-for-Investment [Member]	'	'	'	'
Investment [Line Items]	'	'	'	'
Impairment charge	1,800	'	31,400	'
GKK Properties [Member]	'	'	'	'
Investment [Line Items]	'	'	'	'
Impairment losses on real estate, number of properties	'	'	6	'
GKK Properties [Member] | Held-for-Investment [Member]	'	'	'	'
Investment [Line Items]	'	'	'	'
Impairment losses on real estate, number of properties	1	'	2	'
GKK Properties [Member] | Held for Non-Sale Disposition [Member]	'	'	'	'
Investment [Line Items]	'	'	'	'
Impairment losses on real estate, number of properties	'	'	1	'
Tysons Dulles Plaza [Member]	'	'	'	'
Investment [Line Items]	'	'	'	'
Impairment charge	'	'	$19,500	'

Recovered_Sheet2

REAL ESTATE HELD FOR INVESTMENT (Real Estate Held for Non-Sale Disposition) (Details) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 01, 2011

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

properties

properties

GKK Properties [Member]

Held for Non-Sale Disposition [Member]

Held for Non-Sale Disposition [Member]

Held for Non-Sale Disposition [Member]

Held for Non-Sale Disposition [Member]

Held for Non-Sale Disposition [Member]

Held for Non-Sale Disposition [Member]

properties

GKK Properties [Member]

Industrial [Member]

properties

properties

Investment [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate properties

438

'

438

'

'

867

'

'

'

'

7

1

Total revenues

$54,769

$55,654

$166,003

$166,712

'

'

$3,343

$3,326

$10,394

$10,316

'

'

Operating expenses

20,594

20,040

63,305

57,890

'

'

4,050

3,061

11,669

8,606

'

'

Impairment charge

1,840

2,594

31,394

3,422

'

'

0

1,612

6,614

1,612

'

'

Depreciation and amortization

19,264

20,123

58,487

62,210

'

'

712

1,361

2,136

4,577

'

'

Total expenses

71,433

74,497

242,058

221,949

'

'

4,762

6,034

20,419

14,795

'

'

Net loss

($14,915)

($16,712)

($44,547)

($37,931)

($43,142)

'

($1,419)

($2,708)

($10,025)

($4,479)

'

'

Recovered_Sheet3

REAL ESTATE HELD FOR INVESTMENT (Assets and Liabilities Related to Properties Held for Non-Sale Disposition) (Details) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Assets related to real estate held for non-sale disposition	'		'
Total real estate, at cost and net of impairment charges	$1,443,064	[1]	$1,505,033
Accumulated depreciation/amortization	-172,235		-163,121
Total real estate, net	1,395,160		1,775,109
Restricted cash	105,284		112,916
Above-market leases, net	28,360		31,743
Total assets	1,869,094		2,303,555
Liabilities related to real estate held for non-sale disposition	'		'
Notes payable	974,731		1,320,533
Accounts payable and accrued liabilities	41,092		40,506
Below-market leases, net	56,963		66,874
Other liabilities	53,432		56,917
Total liabilities	1,131,054		1,522,140
Held for Non-Sale Disposition [Member]	'		'
Assets related to real estate held for non-sale disposition	'		'
Total real estate, at cost and net of impairment charges	62,213		71,321
Accumulated depreciation/amortization	-4,937		-5,627
Total real estate, net	57,276		65,694
Restricted cash	10,752		7,033
Above-market leases, net	546		725
Other assets	4,293		3,887
Total assets	72,867		77,339
Liabilities related to real estate held for non-sale disposition	'		'
Notes payable	79,273		79,319
Accounts payable and accrued liabilities	7,870		2,523
Below-market leases, net	673		809
Other liabilities	697		642
Total liabilities	$88,513		$83,293
[1]	See “—Impairment of Real Estate.

TENANT_ORIGINATION_AND_ABSORPT2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]	'	'	'	'	'
Tenant Origination and Absorption Costs, Cost, net of impairments	$112,578	'	$112,578	'	$126,624
Tenant Origination and Absorption Costs, Accumulated Amortization	-39,718	'	-39,718	'	-39,064
Tenant Origination and Absorption Costs, Net Amount	72,860	'	72,860	'	87,560
Tenant Origination and Absorption Costs, Amortization expense	-4,694	-5,219	-14,622	-16,989	'
Above-Market Lease Assets, Cost, net of impairments	38,272	'	38,272	'	40,785
Above-Market Lease Assets, Accumulated Amortization	-9,912	'	-9,912	'	-9,042
Above-Market Lease Assets, Net Amount	28,360	'	28,360	'	31,743
Above-Market Lease Assets, Amortization expense	-1,080	-1,376	-3,376	-5,396	'
Below-Market Lease Liabilities, Cost, net of impairments	-84,773	'	-84,773	'	-86,516
Below-Market Lease Liabilities, Accumulated Amortization	27,810	'	27,810	'	19,642
Below-Market Lease Liabilities, Net Amount	-56,963	'	-56,963	'	-66,874
Below-Market Lease Liabilities, Amortization expense	$3,226	$3,127	$9,911	$10,474	'

REAL_ESTATE_LOANS_RECEIVABLE_S

REAL ESTATE LOANS RECEIVABLE (Schedule of Real Estate Loans Receivable) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013		Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Outstanding Principal Balance	$35,868,000	[1]	'
Book Value	31,699,000	[2]	31,068,000	[2]
Reserve for Loan Losses	-2,124,000	[2],[3]	-2,222,000	[2],[3]
Book Value	29,575,000	[2]	28,846,000	[2]
Outstanding funding commitments to loan receivables	1,400,000		'
Interest receivable	500,000		400,000
Sandmar Mezzanine Loan Southeast U.S. [Member] | Mezzanine [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Date Acquired/ Originated	9-Jan-07	[4]	'
Outstanding Principal Balance	5,000,000	[1],[4]	'
Book Value	5,027,000	[2],[4]	5,033,000	[2],[4]
Contractual Interest Rate	5.40%	[4],[5]	'
Annualized Effective Interest Rate	7.89%	[4],[5]	'
Maturity Date	1-Jan-17	[4]	'
Lawrence Village Plaza Loan Origination New Castle, Pennsylvania [Member] | Mortgages [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Date Acquired/ Originated	6-Aug-07		'
Outstanding Principal Balance	6,920,000	[1]	'
Book Value	6,920,000	[2]	6,850,000	[2]
Contractual Interest Rate	8.00%	[5]	'
Annualized Effective Interest Rate	9.50%	[5]	'
Maturity Date	1-Sep-14		'
San Diego Office Portfolio B-Note San Diego, California [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Interest income	1,400,000		'
San Diego Office Portfolio B-Note San Diego, California [Member] | B-Note [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Date Acquired/ Originated	26-Oct-07	[6]	'
Outstanding Principal Balance	20,000,000	[1],[6]	'
Book Value	16,536,000	[2],[6]	16,048,000	[2],[6]
Contractual Interest Rate	5.78%	[5],[6]	'
Annualized Effective Interest Rate	11.18%	[5],[6]	'
Maturity Date	11-Oct-17	[6]	'
4929 Wilshire B-Note Los Angeles, California [Member] | B-Note [Member]	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Date Acquired/ Originated	19-Nov-07		'
Outstanding Principal Balance	3,948,000	[1]	'
Book Value	$3,216,000	[2]	$3,137,000	[2]
Contractual Interest Rate	6.05%	[5]	'
Annualized Effective Interest Rate	12.41%	[5]	'
Maturity Date	11-Jul-17		'
[1]	Outstanding principal balance as of September 30, 2013 represents original principal balance outstanding under the loan, increased for any subsequent fundings and reduced for any principal paydowns.
[2]	Book value represents outstanding principal balance, adjusted for unamortized acquisition discounts, origination fees and direct origination and acquisition costs. Loan balances are presented gross of any asset-specific reserves.
[3]	See “—Reserve for Loan Losses.”
[4]	The Company had recorded an asset-specific loan loss reserve against this investment as of September 30, 2013. See “—Reserve for Loan Losses.”
[5]	Contractual interest rates are the stated interest rates on the face of the loans. Annualized effective interest rates are calculated as the actual interest income recognized in 2013, using the interest method, divided by the average amortized cost basis of the investment during 2013. The contractual interest rates and annualized effective interest rates presented are as of September 30, 2013.
[6]	The borrower under this note is a wholly owned subsidiary of the Irvine Company. Donald Bren, who is the brother of Peter Bren (one of the Company’s executive officers and sponsors), is the chairman of the Irvine Company. During the nine months ended September 30, 2013, the Company recognized $1.4 million of interest income related to its investment in this loan.

REAL_ESTATE_LOANS_RECEIVABLE_S1

REAL ESTATE LOANS RECEIVABLE (Schedule of Activity Related to Real Estate Loans Receivable) (Details) (USD $)	3 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012	Sep. 30, 2013		Sep. 30, 2012
Real Estate Loans Receivable [Roll Forward]	'		'	'		'
Real estate loans receivables, Beginning Balance	'		'	$28,846	[1]	'
Principal repayments received on real estate loan receivable	'		'	-34		'
Accretion of discounts on purchased real estate loans receivable	'		'	620		'
Amortization of origination fees and costs on purchased and originated real estate loans receivable	9		18	45		45
Change in loan loss reserve	'		'	98		-100
Real estate loans receivables, Ending Balance	$29,575	[1]	'	$29,575	[1]	'
[1]	Book value represents outstanding principal balance, adjusted for unamortized acquisition discounts, origination fees and direct origination and acquisition costs. Loan balances are presented gross of any asset-specific reserves.

REAL_ESTATE_LOANS_RECEIVABLE_S2

REAL ESTATE LOANS RECEIVABLE (Schedule of Interest Income from Real Estate Loans Receivable) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Receivables [Abstract]	'	'	'	'
Contractual interest income	$600,000	$599,000	$1,780,000	$1,764,000
Accretion of purchase discounts	215,000	119,000	620,000	482,000
Amortization of origination fees and costs and acquisition costs, net	9,000	18,000	45,000	45,000
Interest income from real estate loans receivable	824,000	736,000	2,445,000	2,291,000
Interest income related to impaired loans	'	'	300,000	'
Interest receivable related to impaired loans	$300,000	'	$300,000	'

REAL_ESTATE_LOANS_RECEIVABLE_R

REAL ESTATE LOANS RECEIVABLE (Reserve for Loan Losses) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012
Mortgage Loans on Real Estate [Line Items]	'		'
Reserve for loan losses, Beginning Balance	$2,222,000	[1],[2]	'
Charge-offs to reserve for loan losses	-98,000		'
Reserve for loan losses, Ending Balance	2,124,000	[1],[2]	'
Reduction in provision for loan losses	98,000		-100,000
Sandmar Mezzanine Loan [Member]	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Charge-offs to reserve for loan losses	98,000		'
Reserve for loan losses, Ending Balance	2,100,000		'
Mortgage loans on real estate, amortized cost basis	5,000,000		'
Petra Subordinated Debt Tranche A and the Petra Subordinated Debt Tranche B and 11 South LaSalle Loan [Member]	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Charge-offs to reserve for loan losses	'		($72,000,000)
[1]	See “—Reserve for Loan Losses.”
[2]	Book value represents outstanding principal balance, adjusted for unamortized acquisition discounts, origination fees and direct origination and acquisition costs. Loan balances are presented gross of any asset-specific reserves.

REAL_ESTATE_SECURITIES_Narrati

REAL ESTATE SECURITIES (Narrative) (Details) (Gramercy Capital Corp [Member], USD $)	9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013
Schedule of Held-to-maturity Securities [Line Items]	'
Available-for-sale securities	$19.30
Common stock, price per share	$4.15
Adjustments for lack of marketability	0.3
Common Stock [Member]	'
Schedule of Held-to-maturity Securities [Line Items]	'
Divestiture of business, equity consideration received, number of shares	2,705,898
Divestiture of business, equity consideration received, per share	$0.00
Common Stock Class B-1 Non-Voting [Member]	'
Schedule of Held-to-maturity Securities [Line Items]	'
Divestiture of business, equity consideration received, number of shares	2,000,000
Common Stock Class B-2 Non-Voting [Member]	'
Schedule of Held-to-maturity Securities [Line Items]	'
Divestiture of business, equity consideration received, number of shares	2,000,000
Divestiture of business, equity consideration received, per share	$0.00
Common Stock [Member]	'
Schedule of Held-to-maturity Securities [Line Items]	'
Common stock sold on investment, shares	1,294,102
Common stock sold on investment, value	6.2
Gain on sale of common stock	$2.80

REAL_ESTATE_SECURITIES_Activit

REAL ESTATE SECURITIES (Activity of Real Estate Securities) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]	'
Amortized Cost Basis, Beginning Balance	$15,117
Unrealized Gains (Losses), Beginning Balance	1,294
Real Estate Securities, Beginning Balance	16,411
Unrealized change in market value of real estate securities	9,008
Sale of real estate securities, Amortized Cost Basis	-3,326
Sale of real estate securities, Unrealized Gains (Losses)	-2,832
Sale of real estate securities	-6,158
Amortized Cost Basis, Ending Balance	11,791
Unrealized Gains (Losses), Ending Balance	7,470
Real Estate Securities, Ending Balance	$19,261

REAL_ESTATE_HELD_FOR_SALE_AND_2

REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS (Narrative) (Details) (USD $)

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 01, 2011

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Dec. 31, 2012

properties

properties

GKK Properties [Member]

GKK Properties [Member]

GKK Properties [Member]

Assets Held-for-sale [Member]

Assets Held-for-sale [Member]

Office Properties [Member]

Industrial Properties [Member]

properties

properties

properties

properties

GKK Properties [Member]

properties

Portfolios

properties

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate properties disposed

101

'

101

'

'

101

190

'

'

'

6

3

Number of real estate properties

438

'

438

'

'

'

'

867

23

21

'

'

Real estate held for sale, net

$102,832

'

$102,832

'

$406,922

'

'

'

'

'

'

'

Impairment charges on discontinued operations

$1,419

$11,487

$5,397

$28,569

'

'

'

'

'

'

'

'

REAL_ESTATE_HELD_FOR_SALE_AND_3

REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS (Schedule of Operating Income from Discontinued Operations) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]	'	'	'	'
Total revenues and other income	$3,754	$49,722	$20,519	$158,991
Total expenses	4,197	49,153	18,994	158,230
(Loss) income from discontinued operations before gain on sales of real estate, net and impairment charge	-443	569	1,525	761
Gain on sales of real estate, net	858	2,060	31,931	7,781
Impairment charge	-1,419	-11,487	-5,397	-28,569
Gain from extinguishment of debt	0	10,980	0	10,980
Total (loss) gain from discontinued operations	($1,004)	$2,122	$28,059	($9,047)

REAL_ESTATE_HELD_FOR_SALE_AND_4

REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS (Schedule of Major Components of Real Estate Held for Sale and Liabilities Related to Real Estate Held for Sale) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Discontinued Operations and Disposal Groups [Abstract]	'	'
Total real estate, at cost and net of impairment charges	$119,959	$448,582
Accumulated depreciation and amortization	-17,127	-41,660
Real estate held for sale, net	102,832	406,922
Other assets	7,206	9,084
Total assets	110,038	416,006
Notes payable	30,196	309,665
Other liabilities	4,836	37,206
Total liabilities	$35,032	$346,871

REAL_ESTATE_HELD_FOR_SALE_AND_5

REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS (Significant Transactions - PB Capital Properties) (Details) (USD $)	Sep. 30, 2013		Mar. 08, 2013	Nov. 06, 2012	Jan. 10, 2013	Mar. 08, 2013
	properties		PB Capital Properties [Member]	PB Capital Properties [Member]	PB Capital Properties [Member]	Forty PB Capital Properties [Member]
			properties	properties	Wells Fargo [Member]
				sqft	properties
					sqft
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'		'	'	'	'
Number of real estate properties	438		'	41	1	'
Rentable square footage	'		'	3,400,000	111,898	'
Purchase price	'		'	$250,000,000	$9,100,000	$240,900,000
Number of real estate properties sold	'		40	'	'	'
Outstanding principal balance	$35,868,000	[1]	'	'	'	$210,500,000
[1]	Outstanding principal balance as of September 30, 2013 represents original principal balance outstanding under the loan, increased for any subsequent fundings and reduced for any principal paydowns.

FORECLOSED_REAL_ESTATE_HELD_FO1

FORECLOSED REAL ESTATE HELD FOR SALE (Details) (USD $)

3 Months Ended

9 Months Ended

24 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2007

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Feb. 19, 2010

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Units

Units

Investments

properties

Condominium Units [Member]

Tribeca Building [Member]

Tribeca Building [Member]

Tribeca Building [Member]

Tribeca Building [Member]

Tribeca Building [Member]

properties

properties

Portfolios

Units

Condominium Units [Member]

Condominium Units [Member]

Retail Space [Member]

properties

properties

properties

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Number of debt investments

'

'

'

'

3

'

'

'

'

'

'

'

Number of units in condominium building

62

'

62

'

'

'

'

62

'

'

'

'

Right of ownership interest after foreclosure, percentage

'

'

'

'

'

'

'

'

100.00%

'

'

'

Number of real estate properties held for sale

23

'

23

'

'

108

3

'

'

'

3

'

Foreclosed real estate held for sale

$21,499,000

'

$21,499,000

'

'

$26,275,000

'

$21,500,000

'

'

'

'

Number of real estate properties sold, classified as held-for-sale

'

'

'

'

'

'

'

'

'

1

'

2

Gain on sales of foreclosed real estate held for sale

0

0

161,000

127,000

'

'

'

'

'

100,000

'

200,000

Foreclosed real estate expense

'

'

'

'

'

'

'

'

'

'

'

1,200,000

Expense related to foreclosed real estate held-for-sale

'

'

'

'

'

'

'

'

'

$2,000,000

'

'

NOTES_PAYABLE_Narrative_Detail

NOTES PAYABLE (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Debt Instrument [Line Items]	'	'	'	'	'
Deferred financing costs	$1,100,000	'	$1,100,000	'	$1,600,000
Interest expense	15,949,000	16,792,000	46,471,000	52,557,000	'
Amortization of financing cost, net of discontinued operations	200,000	1,800,000	500,000	5,400,000	'
Amortization of discount on notes payable, net	'	'	3,563,000	512,000	'
Interest payable	10,300,000	'	10,300,000	'	7,300,000
Notes Payable [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Amortization of discount on notes payable, net	600,000	300,000	1,900,000	2,000,000	'
Interest Rate Swap [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Interest expense	'	$200,000	$100,000	$900,000	'

NOTES_PAYABLE_Schedule_of_Long

NOTES PAYABLE (Schedule of Long-term Debt Instruments) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Debt Instrument [Line Items]	'		'
Total notes payable principal outstanding	$989,457		'
Total notes payable, net	974,731		1,320,533
Notes Payable [Member]	'		'
Debt Instrument [Line Items]	'		'
Total notes payable principal outstanding	989,457		1,340,310
Discount on notes payable, net	-14,726	[1]	-19,777	[1]
Fixed Rate [Member]	'		'
Debt Instrument [Line Items]	'		'
Weighted-average interest rate	6.10%	[2]	'
Fixed Rate [Member] | Notes Payable [Member]	'		'
Debt Instrument [Line Items]	'		'
Total notes payable principal outstanding	810,945		868,401
Contractual interest rate, minimum	5.60%	[2]	'
Contractual interest rate, maximum	8.30%	[2]	'
Fixed Rate [Member] | GKK Properties [Member]	'		'
Debt Instrument [Line Items]	'		'
Weighted-average interest rate	6.60%	[2]	'
Fixed Rate [Member] | GKK Properties [Member] | Notes Payable [Member]	'		'
Debt Instrument [Line Items]	'		'
Total notes payable principal outstanding	605,646		641,384
Contractual interest rate, minimum	3.00%	[2]	'
Contractual interest rate, maximum	15.30%	[2]	'
Weighted-AverageRemaining Termin Years	'6 years 9 months 18 days	[3]	'
Variable Rate [Member]	'		'
Debt Instrument [Line Items]	'		'
Weighted-average interest rate	2.50%	[2]	'
Variable Rate [Member] | Notes Payable [Member]	'		'
Debt Instrument [Line Items]	'		'
Total notes payable principal outstanding	178,512		471,909
Variable Rate [Member] | Mortgages [Member]	'		'
Debt Instrument [Line Items]	'		'
Contractual interest rate, minimum	2.10%		'
Contractual interest rate, maximum	2.80%		'
Description of variable rate, basis	'one-month LIBOR		'
Variable Rate [Member] | GKK Properties [Member] | Notes Payable [Member]	'		'
Debt Instrument [Line Items]	'		'
Total notes payable principal outstanding	0		259,476
Mortgage Loans [Member] | Fixed Rate [Member] | Notes Payable [Member]	'		'
Debt Instrument [Line Items]	'		'
Total notes payable principal outstanding	205,299		227,017
Weighted-AverageRemaining Termin Years	'1 year 1 month 6 days	[3]	'
Mortgage Loans [Member] | Variable Rate [Member] | Notes Payable [Member]	'		'
Debt Instrument [Line Items]	'		'
Total notes payable principal outstanding	$178,512		$212,433
Weighted-AverageRemaining Termin Years	'1 year 9 months 18 days	[3]	'
[1]	Represents the unamortized discount and premium on notes payable due to the above- and below-market interest rates when the notes were assumed. The discount and premium are amortized over the remaining life of the respective loans.
[2]	Contractual interest rates as of September 30, 2013 represent the range of interest rates in effect under these loans as of September 30, 2013. Weighted-average interest rates as of September 30, 2013 are calculated as the actual interest rate in effect as of September 30, 2013 (consisting of the contractual interest rate and the effect of contractual floor rates), using interest rate indices as of September 30, 2013, where applicable.
[3]	Weighted-average remaining term in years represents the initial maturity dates or the maturity dates as extended as of September 30, 2013; subject to certain conditions, the maturity dates of certain loans may be further extended.

NOTES_PAYABLE_Schedule_of_Matu

NOTES PAYABLE (Schedule of Maturities of Long-Term Debt) (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Notes Payable [Abstract]	'
October 1, 2013 through December 31, 2013	$115,205
2014	90,275
2015	225,195
2016	137,805
2017	131,631
Thereafter	289,346
Notes payable outstanding	$989,457

NOTES_PAYABLE_Schedule_of_Acti

NOTES PAYABLE (Schedule of Activity Related to Notes Payable) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Activity Related to Notes Payable [Roll Forward]	'	'
Total notes payable, Beginning Balance	$1,320,533	'
Proceeds from notes payable	475	159,197
Deferred interest payable	3,077	'
Mortgage debt transferred to buyer in connection with sale of the underlying real estate	-210,545	'
Principal repayments	-143,860	'
Amortization of discount on notes payable, net	3,563	512
Write-off of premium on notes payable related to sale	1,488	'
Total notes payable, Ending Balance	$974,731	'

NOTES_PAYABLE_Loan_Maturity_De

NOTES PAYABLE (Loan Maturity) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Jun. 14, 2013	Sep. 30, 2013	Sep. 30, 2013	Feb. 01, 2013	Sep. 30, 2013	Jun. 24, 2013
			Bridgeway Technology Center Mortgage Loan [Member]	Bridgeway Technology Center Mortgage Loan [Member]	BOA Windsor Mortgage Portfolio [Member]	801 Market Street Mortgage Loan [Member]	801 Market Street Mortgage Loan [Member]	Jenkins Court Mortgage Loan [Member]	Jenkins Court Mortgage Loan [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Notes payable	$974,731,000	$1,320,533,000	$26,800,000	$26,800,000	$6,100,000	$37,600,000	'	$13,200,000	'
Real estate at carrying value	'	'	23,800,000	'	4,300,000	22,000,000	'	7,000,000	'
Estimated Litigation Liability	'	'	'	'	'	'	$35,300,000	'	$13,200,000

NOTES_PAYABLE_Debt_Covenant_De

NOTES PAYABLE (Debt Covenant) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Notes payable	$974,731	$1,320,533
BBD2 Loan [Member]	'	'
Debt Instrument [Line Items]	'	'
Notes payable	$195,500	'

FAIR_VALUE_DISCLOSURES_Narrati

FAIR VALUE DISCLOSURES (Narrative) (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
	properties	properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Terminal capitalization rate used to estimate fair values of properties	8.25%	8.25%
Minimum [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Terminal capitalization rate used to estimate fair values of properties	8.75%	8.75%
Maximum [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Terminal capitalization rate used to estimate fair values of properties	10.00%	10.00%
GKK Properties [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Impairment losses on real estate held-for-sale, number of properties	'	6
Held-for-Investment [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Impairment losses on real estate held-for-sale, number of properties	'	6
Held-for-Investment [Member] | GKK Properties [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Impairment losses on real estate held-for-sale, number of properties	1	2
Held-for-Investment [Member] | Estimated Sales Prices Less Costs to Sell [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Impairment losses on real estate held-for-investment, number of properties	'	1
Assets Held-for-sale [Member] | Estimated Sales Prices Less Costs to Sell [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Impairment losses on real estate held-for-sale, number of properties	'	3
Assets Held-for-sale [Member] | Obtaining and Reviewing Broker Estimated [Member] | GKK Properties [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Impairment losses on real estate held-for-sale, number of properties	'	3
Gramercy Capital Corp [Member] | Common Stock [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Divestiture of business, equity consideration received, number of shares	'	2,705,898
Divestiture of business, equity consideration received, per share	0.001	0.001
Gramercy Capital Corp [Member] | Common Stock Class B-1 Non-Voting [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Divestiture of business, equity consideration received, number of shares	'	2,000,000
Gramercy Capital Corp [Member] | Common Stock Class B-2 Non-Voting [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Divestiture of business, equity consideration received, number of shares	'	2,000,000
Divestiture of business, equity consideration received, per share	0.001	0.001

FAIR_VALUE_DISCLOSURES_Schedul

FAIR VALUE DISCLOSURES (Schedule of Face Value, Carrying Amounts and Fair Value) (Details) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate loans receivable, Face Value	$35,868	[1]	$35,902	[1]
Notes payable, Face Value	989,457		1,340,310
Notes payable, Value	974,731		1,320,533
Carrying Amount [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate loans receivable, Value	29,575	[1]	28,846	[1]
Notes payable, Value	974,731		1,320,533
Fair Value [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Real estate loans receivable, Value	25,533	[1]	25,167	[1]
Notes payable, Value	$981,732		$1,315,923
[1]	Face value of real estate loans receivable is net of unfunded commitments. Carrying amount of real estate loans receivable includes loan loss reserves.

FAIR_VALUE_DISCLOSURES_Schedul1

FAIR VALUE DISCLOSURES (Schedule of Assets and Liabilities at Fair Value) (Details) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

In Thousands, unless otherwise specified

Recurring Basis [Member]

Recurring Basis [Member]

Recurring Basis [Member]

Recurring Basis [Member]

Recurring Basis [Member]

Recurring Basis [Member]

Recurring Basis [Member]

Recurring Basis [Member]

Nonrecurring Basis [Member]

Nonrecurring Basis [Member]

Nonrecurring Basis [Member]

Nonrecurring Basis [Member]

Nonrecurring Basis [Member]

Nonrecurring Basis [Member]

Nonrecurring Basis [Member]

Nonrecurring Basis [Member]

GKK Properties [Member]

Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Significant Other Observable Inputs (Level 2) [Member]

Significant Other Observable Inputs (Level 2) [Member]

Significant Unobservable Inputs (Level 3) [Member]

Significant Unobservable Inputs (Level 3) [Member]

Impaired Real Estate - Continuing Operations [Member]

Impaired Real Estate - Discontinued Operations [Member]

Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Significant Other Observable Inputs (Level 2) [Member]

Significant Other Observable Inputs (Level 2) [Member]

Significant Unobservable Inputs (Level 3) [Member]

Significant Unobservable Inputs (Level 3) [Member]

GKK Properties [Member]

GKK Properties [Member]

GKK Properties [Member]

Impaired Real Estate - Continuing Operations [Member]

Impaired Real Estate - Discontinued Operations [Member]

Impaired Real Estate - Continuing Operations [Member]

Impaired Real Estate - Discontinued Operations [Member]

Impaired Real Estate - Continuing Operations [Member]

Impaired Real Estate - Discontinued Operations [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate securities

$19,261

$16,411

$19,261

'

$0

'

$19,261

'

$0

'

'

'

'

'

'

'

'

'

Contingent liability

'

'

'

-12,000

[1]

'

0

[1]

'

0

[1]

'

-12,000

[1]

'

'

'

'

'

'

'

'

Real estate investments, fair value

'

'

'

'

'

'

'

'

'

'

$422

$3,598

$0

$0

$0

$0

$422

$3,598

[1]

The fair value of the Company’s contingent liability is equal to the maximum amount payable to the Property Manager for participation interests pursuant to the Amended Services Agreement.

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

18-May-12

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

Advisor and Dealer Manager [Member]

KBS Strategic Opportunity REIT, Inc. [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Expensed [Member]

Additional Paid-in Capital [Member]

Additional Paid-in Capital [Member]

Additional Paid-in Capital [Member]

Additional Paid-in Capital [Member]

Additional Paid-in Capital [Member]

Asset Management Fees [Member]

Asset Management Fees [Member]

Asset Management Fees [Member]

Asset Management Fees [Member]

Asset Management Fees [Member]

Reimbursement of Operating Expenses [Member]

Reimbursement of Operating Expenses [Member]

Reimbursement of Operating Expenses [Member]

Reimbursement of Operating Expenses [Member]

Reimbursement of Operating Expenses [Member]

Dispositon Fees [Member]

Dispositon Fees [Member]

Dispositon Fees [Member]

Dispositon Fees [Member]

Dispositon Fees [Member]

Sales Commissions [Member]

Sales Commissions [Member]

Sales Commissions [Member]

Sales Commissions [Member]

Sales Commissions [Member]

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments in a joint ventures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$8,000,000

Expenses

'

'

'

'

'

'

'

'

'

'

2,794,000

[1]

2,912,000

[1]

8,285,000

[1]

9,401,000

[1]

'

44,000

[2]

46,000

[2]

102,000

[2]

111,000

[2]

'

0

[3]

650,000

[3]

2,500,000

[3]

3,159,000

[3]

'

'

'

'

'

'

'

Incurred

'

'

'

'

'

2,838,000

3,608,000

10,887,000

12,933,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

0

262,000

'

'

Payable

0

'

0

'

104,000

0

'

0

'

104,000

0

[1]

'

0

[1]

'

0

[1]

0

[2]

'

0

[2]

'

104,000

[2]

0

[3]

'

0

[3]

'

0

[3]

0

'

0

'

0

'

Asset management cost from discontinued operations

200,000

300,000

500,000

1,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Administrative fees, amount paid

$44,000

$46,000

$100,000

$100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Amounts include asset management fees from discontinued operations totaling $0.2 million and $0.3 million for the three months ended September 30, 2013 and 2012, respectively, and $0.5 million and $1.4 million for the nine months ended September 30, 2013 and 2012, respectively.

[2]

The Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. The Company reimburses the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $44,000 and $46,000 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 million and $0.1 million for the nine months ended September 30, 2013 and 2012, respectively. These were the only employee costs reimbursed under the Advisory Agreement for the nine months ended September 30, 2013 and 2012, respectively. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition, origination or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers.

[3]

Disposition fees with respect to real estate sold are included in the gain on sales of real estate in the accompanying consolidated statements of operations. Disposition fees with respect to real estate loans receivable sold are reflected in the provision for loan losses in the accompanying consolidated statements of operations. Disposition fees with respect to real estate securities sold are included in the gain on sales of real estate securities in the accompanying consolidated statements of operations.

SUPPLEMENTAL_CASH_FLOW_AND_SIG2

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Supplemental Disclosure of Cash Flow Information:	'	'
Interest paid	$43,421	$85,174
Supplemental Disclosure of Significant Noncash Transactions:	'	'
Mortgage debt transferred to buyer in connection with sale of the underlying real estate	209,057	0
Decrease in distributions payable	0	-8,498
Increase in capital expenses payable	215	977
Mortgage loan satisfied in connection with deed in lieu of foreclosure	0	43,500
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	$0	$11,131

SEGMENT_INFORMATION_Schedule_o

SEGMENT INFORMATION (Schedule of Segment Reporting Information, by Segment) (Details) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012		Dec. 31, 2012		Dec. 31, 2011
					segments
Segment Reporting Information [Line Items]	'		'		'		'		'		'
Number of reportable segments	'		'		3		'		'		'
Revenues	$54,769		$55,654		$166,003		$166,712		'		'
Interest expense	15,949		16,792		46,471		52,557		'		'
Total net operating income	8,539		9,395		26,487		27,497		'		'
Assets	1,869,094		'		1,869,094		'		2,303,555		'
Real estate held for sale	102,832		'		102,832		'		406,922		'
Foreclosed real estate held for sale	21,499		'		21,499		'		26,275		'
Liabilities	1,131,054		'		1,131,054		'		1,522,140		'
Liabilities related to real estate held for sale	4,836		'		4,836		'		37,206		'
Cash and cash equivalents	214,764		89,230		214,764		89,230		254,578		53,991
Real Estate Segment [Member]	'		'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'		'
Revenues	19,610	[1]	20,365	[1]	59,128	[1]	60,280	[1]	'		'
Interest expense	4,551	[1]	5,394	[1]	13,870	[1]	16,660	[1]	'		'
Total net operating income	4,955	[1]	4,418	[1]	14,894	[1]	13,325	[1]	'		'
Assets	664,086		'		664,086		'		699,486		'
Liabilities	374,809		'		374,809		'		427,807		'
Real Estate-Related Segment [Member]	'		'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'		'
Revenues	824		746		2,445		2,979		'		'
Interest expense	0		0		0		24		'		'
Total net operating income	770		692		2,286		3,308		'		'
Assets	49,336		'		49,336		'		45,662		'
Liabilities	31		'		31		'		0		'
GKK Properties Segment [Member]	'		'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'		'
Revenues	34,335	[1]	34,543	[1]	104,430	[1]	103,453	[1]	'		'
Interest expense	11,398	[1]	11,398	[1]	32,601	[1]	35,873	[1]	'		'
Total net operating income	2,814	[1]	4,285	[1]	9,307	[1]	10,864	[1]	'		'
Assets	832,305		'		832,305		'		903,166		'
Liabilities	719,821		'		719,821		'		745,891		'
Operating Segments [Member]	'		'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'		'
Assets	1,545,727		'		1,545,727		'		1,648,314		'
Real estate held for sale	110,038		'		110,038		'		416,006		'
Liabilities	1,094,661		'		1,094,661		'		1,173,698		'
Liabilities related to real estate held for sale	35,032		'		35,032		'		346,871		'
Corporate-Level [Member]	'		'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'		'
Assets	191,830	[2]	'		191,830	[2]	'		212,960	[2]	'
Liabilities	1,361	[3]	'		1,361	[3]	'		1,571	[3]	'
Cash and cash equivalents	$191,300		'		$191,300		'		$212,400		'
[1]	Amounts include properties held for non-sale disposition but do not include properties held for sale and discontinued operations.
[2]	Total corporate-level assets consisted primarily of cash and cash equivalents of approximately $191.3 million and $212.4 million as of September 30, 2013 and December 31, 2012, respectively.
[3]	As of September 30, 2013 and December 31, 2012, corporate-level liabilities consisted primarily of accounts payable and accrued liabilities for general and administrative expenses.

SEGMENT_INFORMATION_Reconcilia

SEGMENT INFORMATION (Reconciliation of Net Income (Loss) to Net Operating Income (Loss)) (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Segment Reporting [Abstract]	'	'	'	'	'
Net loss	($14,915)	($16,712)	($44,547)	($37,931)	($43,142)
General and administrative expenses	4,099	5,521	12,661	16,210	'
Depreciation and amortization	19,264	20,123	58,487	62,210	'
Gain on sales of foreclosed real estate held for sale	0	0	-161	-127	'
Gain on sale of real estate securities	-2,626	0	-2,793	-25,456	'
Other interest income	-127	-9	-495	-20	'
Impairment charge on real estate held for investment	1,840	2,594	31,394	3,422	'
Provision for loan losses	0	0	0	142	'
Total (income) loss from discontinued operations	1,004	-2,122	-28,059	9,047	'
NOI	$8,539	$9,395	$26,487	$27,497	'

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]	'
October 1, 2013 through December 31, 2013	$4,316
2014	17,297
2015	16,788
2016	16,319
2017	12,447
Thereafter	35,917
Total future minimum lease payments	$103,084

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	9 Months Ended	0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Sep. 30, 2012	Nov. 06, 2013
		Subsequent Event [Member]
Subsequent Event [Line Items]	'	'
Distributions declared per common share	$0.09	$0.40
Dividends declared, agregate amount	'	$75