Document and Entity Information
| Document and Entity Information Document - shares | 6 Months Ended | |
| Jun. 30, 2017 | Aug. 04, 2017 | |
| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | KBS Real Estate Investment Trust, Inc. | |
| Entity Central Index Key | 1,330,622 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Non-accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Jun. 30, 2017 | |
| Document Fiscal Year Focus | 2,017 | |
| Document Fiscal Period Focus | Q2 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 184,352,817 |
CONDENSED CONSOLIDATED STATEMEN
| CONDENSED CONSOLIDATED STATEMENT OF NET ASSETS $ in Thousands | Jun. 30, 2017USD ($) |
| Assets | |
| Real estate | $ 214,502 |
| Real estate loan receivable | 3,750 |
| Cash and cash equivalents | 233,747 |
| Restricted cash | 4,681 |
| Rents and other receivables, net | 1,063 |
| Other assets, net | 98 |
| Total assets | 457,841 |
| Liabilities | |
| Liabilities for estimated costs in excess of estimated receipts during liquidation | 2,796 |
| Accounts payable and accrued liabilities | 3,059 |
| Due to affiliates | 29 |
| Liabilities for estimated closing costs and disposition fees | 7,140 |
| Other liabilities | 2,004 |
| Total liabilities | 15,028 |
| Commitments and contingencies (Note 9) | |
| Net assets in liquidation | $ 442,813 |
CONDENSED CONSOLIDATED STATEME3
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS $ in Thousands | 6 Months Ended |
| Jun. 30, 2017USD ($) | |
| Changes in Net Assets in Liquidation [Roll Forward] | |
| Net assets in liquidation, beginning of period | $ 635,441 |
| Change in liquidation value of investments in real estate after closing costs/disposition fees | (8,965) |
| Redemptions | (1,616) |
| Other changes, net | 2,756 |
| Net decrease in liquidation value | (7,825) |
| Liquidating distribution to stockholders | (184,803) |
| Changes in net assets in liquidation | (192,628) |
| Net assets in liquidation, end of period | $ 442,813 |
ORGANIZATION
| ORGANIZATION | 6 Months Ended |
| Jun. 30, 2017 | |
| 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. As of June 30, 2017 , the Company owned or, with respect to one property, held a leasehold interest in, 11 real estate properties, including four bank branch, office and operations center properties the Company received title to pursuant to a settlement agreement related to a defaulted loan investment (the “GKK Properties”). In addition, as of June 30, 2017 , the Company owned one real estate loan receivable and a participation interest in a real estate joint venture. 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, 2017. 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. As of June 30, 2017 , the Company had 184,406,075 shares of common stock issued and outstanding. On January 27, 2016, the Company’s board of directors formed a special committee (the “Special Committee”) composed of all of its independent directors to explore the availability of strategic alternatives involving the Company. On October 5, 2016, in connection with a review of potential strategic alternatives available to the Company, the Special Committee and the board of directors unanimously approved the sale of all of the Company’s assets and the Company’s dissolution pursuant to the terms of the Company’s plan of complete liquidation and dissolution (the “Plan of Liquidation”). The principal purpose of the Plan of Liquidation is to maximize stockholder value by selling the Company’s assets, paying the Company’s debts and distributing the net proceeds from liquidation to the Company’s stockholders. On January 27, 2017, the Company’s stockholders approved the Plan of Liquidation. |
PLAN OF LIQUIDATION
| PLAN OF LIQUIDATION | 6 Months Ended |
| Jun. 30, 2017 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| PLAN OF LIQUIDATION | PLAN OF LIQUIDATION The Plan of Liquidation provides for an orderly sale of the Company’s assets, payment of the Company’s liabilities and other obligations, the winding down of operations and dissolution of the Company. The Company is permitted to provide for the payment of any known liabilities and liquidating expenses and estimated unascertained or contingent liabilities and expenses and may do so by purchasing insurance, establishing a reserve fund or in other ways. The Plan of Liquidation enables the Company to sell any and all of its assets without further approval of the stockholders and provides that liquidating distributions be made to the stockholders as determined by the Company’s board of directors. Pursuant to applicable REIT rules, in order to be able to deduct liquidating distributions as dividends, the Company must complete the disposition of its assets and the distribution of the net proceeds from liquidation within two years of the date the Plan of Liquidation was adopted by its stockholders. To the extent that all of the Company’s assets are not sold by such date, the Company may transfer and assign its remaining assets to a liquidating trust. Upon such transfer and assignment, its stockholders will receive interests in the liquidating trust. The liquidating trust will pay or provide for all of the Company’s liabilities and distribute any remaining net proceeds from the sale of its assets to the holders of interests in the liquidating trust. The liquidation process and the amount and timing of any future liquidating distributions paid to stockholders involves risks and uncertainties. Accordingly, it is not possible to predict the timing of any future liquidating distributions or the aggregate amount which will ultimately be distributed to stockholders and no assurance can be given that future liquidating distributions will equal or exceed the estimate of net assets in liquidation presented in the Condensed Consolidated Statement of Net Assets. The Company expects to comply with the requirements necessary to continue to qualify as a REIT through the completion of the liquidation process, or until such time as any remaining assets, if any, are transferred into a liquidating trust. The board of directors shall use commercially reasonable efforts to continue to cause the Company to maintain its REIT status, provided however, that the board of directors may elect to terminate the Company’s status as a REIT if it determines that such termination would be in the best interest of the stockholders. |
SUMMARY OF SIGNIFICANT ACCOUNTI
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
| Jun. 30, 2017 | |
| Accounting Policies [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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”) Subtopic 205-30, “Liquidation Basis of Accounting,” 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. The unaudited 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. Pursuant to the Company’s stockholders’ approval of the Plan of Liquidation, the Company adopted the liquidation basis of accounting as of January 1, 2017 (as liquidation became imminent within the first week of January 2017 based on the results of the Company’s solicitation of proxies from its stockholders for their approval of the Plan of Liquidation) and for the periods subsequent to January 1, 2017 in accordance with GAAP. Accordingly, on January 1, 2017, assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that the Company will collect on disposal of assets as it carries out its Plan of Liquidation. The liquidation values of the Company’s operating properties are presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Company accrues costs and income that it expects to incur and earn through the completion of its liquidation, including the estimated amount of cash the Company expects to collect on the disposal of its assets and the estimated costs to dispose of its assets, to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Condensed Consolidated Statement of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements because of the inherent uncertainty in estimating future events. These differences may be material. See Note 4, “Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation” for further discussion. Actual costs incurred but unpaid as of June 30, 2017 are included in accounts payable and accrued liabilities, due to affiliates and other liabilities on the Condensed Consolidated Statement of Net Assets. Net assets in liquidation represents the estimated liquidation value available to stockholders upon liquidation. Due to the uncertainty in the timing of the anticipated sale dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated. Use of Estimates The preparation of the unaudited 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 unaudited consolidated financial statements and condensed notes. Actual results could materially differ from those estimates. Real Estate As of January 1, 2017, the Company’s investments in real estate were adjusted to their estimated net realizable value, or liquidation value, to reflect the change to the liquidation basis of accounting. The liquidation value represents the estimated amount of cash that the Company will collect on disposal of its assets, including any residual value attributable to lease intangibles, as it carries out the Plan of Liquidation. The Company estimated the liquidation value of its investments in real estate based on purchase and sale agreements into which the Company had entered as of August 10, 2017, offers received which the Company intends to accept, brokers’ opinion of value or discounted cash flow analyses. The liquidation values of the Company’s investments in real estate are presented on an undiscounted basis and investments in real estate are no longer depreciated. Estimated costs to dispose of these investments are carried at their contractual amounts due or estimated settlement amounts and are presented separately from the related assets. Subsequent to January 1, 2017, all changes in the estimated liquidation value of the investments in real estate are reflected as a change to the Company’s net assets in liquidation. Real Estate Loan Receivable Under the liquidation basis of accounting, the Company carries its real estate loan receivable at its estimated net realizable value, or liquidation value, which represents the estimated amount of principal payments, including repayment of all principal at maturity or earlier disposition, the Company expects to receive over the remaining estimated holding period of the loan. The liquidation value of the Company’s real estate loan receivable is presented on an undiscounted basis. Interest payments that the Company expects to receive on its real estate loan receivable over the estimated remaining holding period of the loan are accrued and are classified as a reduction of liabilities for estimated costs in excess of estimated receipts during liquidation on the Condensed Consolidated Statement of Net Assets. The Company evaluates the collectibility of the interest and principal on its loan. Any changes in collectibility will be reflected as a change to the Company’s net assets in liquidation. Rents and Other Receivables In accordance with the liquidation basis of accounting, as of January 1, 2017, rents and other receivables were adjusted to their net realizable value. The Company periodically evaluates the collectibility of amounts due from tenants. Any changes in the collectibility of the receivables are reflected as a change to the Company’s net assets in liquidation. Revenue Recognition Under the liquidation basis of accounting, the Company has accrued all income that it expects to earn through the completion of its liquidation to the extent it has a reasonable basis for estimation. Revenue from tenants is estimated based on the contractual in-place leases through the anticipated disposition date of the property. These amounts are classified in liabilities for estimated costs in excess of estimated receipts during liquidation on the Condensed Consolidated Statement of Net Assets. Accrued Liquidation Costs The Company accrues for certain estimated liquidation costs to the extent it has a reasonable basis for estimation. These consist of legal fees, dissolution costs, final audit/tax costs, fees paid to financial advisors, insurance, and distribution processing costs. |
LIABILITY FOR ESTIMATED COSTS I
| LIABILITY FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION | 6 Months Ended |
| Jun. 30, 2017 | |
| Liability during Liquidation [Abstract] | |
| LIABILITY FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION | LIABILITIES FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Liquidation. The Company currently estimates that it will have costs in excess of estimated receipts during the liquidation process. These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs, the timing of property sales, direct costs incurred to complete the sales, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding down of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. Upon transition to the liquidation basis of accounting on January 1, 2017, the Company accrued the following revenues and expenses expected to be incurred during liquidation: As of January 1, 2017 Rental income $ 15,166 Tenant reimbursements 2,915 Interest income from real estate loans receivable 407 Parking revenues and other operating income 896 Operating, maintenance, and management (9,689 ) Real estate taxes, property-related taxes, and insurance (2,678 ) Asset management fees due to affiliates (2,162 ) General and administrative expenses (5,653 ) Other interest income 250 Liquidating transaction costs (3,068 ) Improvements to real estate (12,851 ) Liabilities for estimated costs in excess of estimated receipts during liquidation $ (16,467 ) The change in the liabilities for estimated costs in excess of estimated receipts during liquidation as of June 30, 2017 is as follows (in thousands): January 1, 2017 Cash Payments (Receipts) Remeasurement of Assets and Liabilities June 30, 2017 Assets: Estimated net inflows from investments in real estate $ 7,017 $ (6,692 ) $ 2,987 $ 3,312 7,017 (6,692 ) 2,987 3,312 Liabilities: Liquidation transaction costs (3,068 ) — 563 (2,505 ) Corporate expenditures (7,565 ) 6,152 (794 ) (2,207 ) Capital expenditures (12,851 ) 10,046 1,409 (1,396 ) (23,484 ) 16,198 1,178 (6,108 ) Total liabilities for estimated costs in excess of estimated receipts during liquidation $ (16,467 ) $ 9,506 $ 4,165 $ (2,796 ) |
NET ASSETS IN LIQUIDATION
| NET ASSETS IN LIQUIDATION | 6 Months Ended |
| Jun. 30, 2017 | |
| Net Assets In Liquidation [Abstract] | |
| NET ASSETS IN LIQUIDATION | NET ASSETS IN LIQUIDATION Net assets in liquidation decreased by approximately $192.6 million during the six months ended June 30, 2017 . Pursuant to the Plan of Liquidation, on March 10, 2017, the Company’s board of directors authorized an initial liquidating distribution in the amount of $1.00 per share of common stock to the Company’s stockholders of record as of the close of business on March 21, 2017, for an aggregate distribution of approximately $184.8 million , which was the primary reason for the decline in net assets in liquidation. The initial liquidating distribution was paid on March 24, 2017 and was funded from proceeds from asset sales. The net assets in liquidation as of June 30, 2017 would result in the payment of estimated liquidating distributions of approximately $2.40 per share of common stock to the Company’s stockholders of record as of June 30, 2017 . This estimate of liquidating distributions includes projections of costs and expenses to be incurred during the estimated period required to complete the Plan of Liquidation. There is inherent uncertainty with these estimates and projections, and they could change materially based on the timing of asset sales, the performance of the Company’s remaining assets and any changes in the underlying assumptions of the projected cash flows from such assets. |
REAL ESTATE
| REAL ESTATE | 6 Months Ended |
| Jun. 30, 2017 | |
| Real Estate [Abstract] | |
| REAL ESTATE | REAL ESTATE As of June 30, 2017 , the Company’s real estate investments consisted of 11 properties (of which four were GKK Properties), including a leasehold interest in one property, held for sale in accordance with the Plan of Liquidation. During the six months ended June 30, 2017 , the Company terminated the leasehold interest of a GKK Property located in downtown St. Petersburg, Florida and disposed of 78 real estate properties (of which 76 were GKK Properties) for an aggregate sales price of $246.3 million , net of closing credits, if applicable, and an aggregate liquidation value of $247.5 million based on the liquidation value of each property as of January 1, 2017. The real estate dispositions during the six months ended June 30, 2017 consisted of the following: Tysons Dulles Plaza On June 6, 2008, the Company, through an indirect wholly owned subsidiary, purchased three six-story office buildings containing 487,775 rentable square feet located on approximately 14.7 acres of land in McLean, Virginia (“Tysons Dulles Plaza”). On June 26, 2017, the Company sold Tysons Dulles Plaza to a seller, unaffiliated with the Company or the Advisor, for an aggregate sales price of $127.1 million , net of closing credits. The liquidation value of Tysons Dulles Plaza as of January 1, 2017 was $128.3 million . Bridgeway Technology Center On June 27, 2007, the Company, through an indirect wholly owned subsidiary, purchased two single-story office/research and development buildings containing a total of 187,268 rentable square feet located on approximately 13 acres of land in Newark, California (“Bridgeway Technology Center”). On June 1, 2017, the Company sold Bridgeway Technology Center to a seller, unaffiliated with the Company or the Advisor, for an aggregate sales price of $38.5 million , net of closing credits. The liquidation value of Bridgeway Technology Center as of January 1, 2017 was $38.5 million . GKK Properties During the six months ended June 30, 2017 , the Company disposed of 76 GKK Properties and terminated the leasehold interest of a GKK Property located in downtown St. Petersburg, Florida. The aggregate sales price of the 76 GKK Properties that were disposed of during the six months ended June 30, 2017 and the liquidation value as of January 1, 2017 were $80.7 million and $80.7 million , respectively. |
REAL ESTATE LOAN RECEIVABLE
| REAL ESTATE LOAN RECEIVABLE | 6 Months Ended |
| Jun. 30, 2017 | |
| Receivables [Abstract] | |
| REAL ESTATE LOAN RECEIVABLE | REAL ESTATE LOAN RECEIVABLE As of June 30, 2017 , the Company, through an indirect wholly owned subsidiary, owned one real estate loan receivable as follows (dollars in thousands): Loan Name Location of Related Property or Collateral Date Acquired/ Originated Property Type Loan Type Outstanding Principal Balance as of June 30, 2017 (1) Carrying Amount as of June 30, 2017 (2) Contractual Interest Rate Maturity Date 4929 Wilshire B-Note Los Angeles, California (3) 11/19/2007 Office B-Note $ 3,750 $ 3,750 6.1% 07/11/2017 _____________________ (1) Outstanding principal balance as of June 30, 2017 represents original principal balance outstanding under the loan, increased for any subsequent fundings and reduced for any principal paydowns. (2) Carrying amount represents the estimated amount expected to be collected at maturity. Amount does not include interest. (3) The loan was repaid in full on July 11, 2017. On April 14, 2017, the borrower under the San Diego Office Portfolio B-Note repaid the loan in full. The borrower under this note was 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. In addition, Charles J. Schreiber, Jr. (the Company’s Chief Executive Officer, one of the Company’s directors and one of the Company’s sponsors) has served as a member of the board of directors and executive committee of The Irvine Company since August 2016 and since December 2016, Mr. Schreiber has served on the board of trustees of The Irvine Company. During the six months ended June 30, 2017 , the Company recognized $1.1 million of interest income related to its investment in this loan. |
RELATED PARTY TRANSACTIONS
| RELATED PARTY TRANSACTIONS | 6 Months Ended |
| Jun. 30, 2017 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company has entered into an Advisory Agreement with the Advisor, which entitles the Advisor to specified fees for the management and disposition of investments, among other services, as well as to reimbursement for certain costs incurred by the Advisor in providing services to the Company. The Company has also entered into a fee reimbursement agreement (the “AIP Reimbursement Agreement”) with KBS Capital Markets Group LLC (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 also serves, and the Dealer Manager also serves or served, 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., KBS Strategic Opportunity REIT II, Inc. and KBS Growth & Income REIT, Inc. On January 6, 2014, the Company, together with 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., KBS Strategic Opportunity REIT II, Inc., the Dealer Manager, the Advisor and other KBS-affiliated entities, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage were shared. The cost of these lower tiers was allocated by the Advisor and its insurance broker among each of the various entities covered by the program, and was billed directly to each entity. The allocation of these shared coverage costs was proportionate to the pricing by the insurance marketplace for the first tiers of directors and officers liability coverage purchased individually by each REIT. The Advisor’s and the Dealer Manager’s portion of the shared lower tiers’ cost is proportionate to the respective entities’ prior cost for the errors and omissions insurance. In June 2015, KBS Growth & Income REIT, Inc. was added to the insurance program at terms similar to those described above. The insurance program was effective through June 30, 2017. In connection with the Company’s implementation of the Plan of Liquidation, the Company ceased participation in the program as of June 30, 2017 and obtained separate insurance. During the six months ended June 30, 2017 and 2016 , no other business transactions occurred between the Company and the other KBS-sponsored programs. 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 and the AIP Reimbursement Agreement, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2017 and 2016 , respectively, and any related amounts payable as of June 30, 2017 and December 31, 2016 (in thousands): Incurred Payable Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2017 2016 2017 2016 2017 2016 Expensed Asset management fees (1) $ 991 $ 2,097 $ 2,136 $ 4,446 $ — $ — Reimbursement of operating expenses (2) 68 101 136 165 29 188 Disposition fees (3) 1,802 3,062 2,444 3,480 — — $ 2,861 $ 5,260 $ 4,716 $ 8,091 $ 29 $ 188 _____________________ (1) Asset management fees presented are contractual amounts incurred during the three and six months ended June 30, 2017 and 2016 , respectively. Asset management fees accrued as of June 30, 2017 , as part of the liquidation basis of accounting, of $22,000 are included in liabilities for estimated costs in excess of estimated receipts during liquidation in the accompanying Condensed Consolidated Statement of Net Assets. (2) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cybersecurity related expenses incurred by the Advisor 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 $67,000 and $ 78,000 for the three months ended June 30, 2017 and 2016 , respectively, and $127,000 and $142,000 for the six months ended June 30, 2017 and 2016 , respectively. These were the only type of employee costs reimbursed under the Advisory Agreement for the six months ended June 30, 2017 and 2016 . The Company will not reimburse for employee costs in connection with services for which the Advisor earns 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. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. Under the Company’s charter, the Company is required to limit its total operating expenses to the greater of 2% of its average invested assets or 25% of its net income for the four most recently completed fiscal quarters, as these terms are defined in the Company’s charter, unless the conflicts committee of the Company’s board of directors has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expenses for the four fiscal quarters ended June 30, 2017 exceeded the charter-imposed limitation and the conflicts committee of the Company’s board of directors determined that these expenses were justified given the professional fees and expenses the Company incurred related to its exploration of the availability of strategic alternatives, the fees and expenses related to the preparation of proxy materials and the solicitation of proxies in connection with the Company’s stockholders’ approval of the Plan of Liquidation, the costs and expenses of liquidation and the Company’s decreasing asset size and revenues as a result of asset sales relative to certain general and administrative expenses that are fixed or do not decrease proportionately based on the Company’s asset size and revenues. (3) Disposition fees presented are contractual amounts incurred during the three and six months ended June 30, 2017 and 2016 , respectively. Disposition fees accrued as of June 30, 2017 , as part of the liquidation basis of accounting, of $2.2 million are included in liabilities for estimated closing costs and disposition fees in the accompanying Condensed Consolidated Statement of Net Assets. During the six months ended June 30, 2017 , the Advisor paid the Company a $31,000 property insurance rebate. |
COMMITMENTS AND CONTINGENCIES
| COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
| Jun. 30, 2017 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES 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; the execution of the Plan of Liquidation; 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. 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 a 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 the transferor 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 proceedings the outcome of which is probable or reasonably possible to have a material adverse effect on the Company’s 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 | 6 Months Ended |
| Jun. 30, 2017 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Disposition of Rivertech I and II Subsequent to June 30, 2017 On February 20, 2008, the Company, through an indirect wholly owned subsidiary, purchased two two-story research and development office buildings containing 285,772 rentable square feet located on approximately 24.9 acres of land in Billerica, Massachusetts (“Rivertech I & II”). On July 31, 2017, the Company sold Rivertech I & II to a seller, unaffiliated with the Company or the Advisor, for an aggregate sales price of $40.9 million , net of closing credits. The liquidation value of Rivertech I & II as of January 1, 2017 was $40.3 million . Termination of Share Redemption Program On August 8, 2017, in connection with the implementation of the Plan of Liquidation, the Company’s board of directors approved the termination of its share redemption program effective as of September 4, 2017. As such, the last redemption date under the share redemption program will be August 31, 2017. |
SUMMARY OF SIGNIFICANT ACCOUN14
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
| Jun. 30, 2017 | |
| Accounting Policies [Abstract] | |
| 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”) Subtopic 205-30, “Liquidation Basis of Accounting,” 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. |
| Principles of Consolidation | The unaudited 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. Pursuant to the Company’s stockholders’ approval of the Plan of Liquidation, the Company adopted the liquidation basis of accounting as of January 1, 2017 (as liquidation became imminent within the first week of January 2017 based on the results of the Company’s solicitation of proxies from its stockholders for their approval of the Plan of Liquidation) and for the periods subsequent to January 1, 2017 in accordance with GAAP. Accordingly, on January 1, 2017, assets were adjusted to their estimated net realizable value, or liquidation value, which represents the estimated amount of cash that the Company will collect on disposal of assets as it carries out its Plan of Liquidation. The liquidation values of the Company’s operating properties are presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Company accrues costs and income that it expects to incur and earn through the completion of its liquidation, including the estimated amount of cash the Company expects to collect on the disposal of its assets and the estimated costs to dispose of its assets, to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the Condensed Consolidated Statement of Net Assets. Actual costs and income may differ from amounts reflected in the financial statements because of the inherent uncertainty in estimating future events. These differences may be material. See Note 4, “Liabilities for Estimated Costs in Excess of Estimated Receipts During Liquidation” for further discussion. Actual costs incurred but unpaid as of June 30, 2017 are included in accounts payable and accrued liabilities, due to affiliates and other liabilities on the Condensed Consolidated Statement of Net Assets. Net assets in liquidation represents the estimated liquidation value available to stockholders upon liquidation. Due to the uncertainty in the timing of the anticipated sale dates and the estimated cash flows, actual operating results and sale proceeds may differ materially from the amounts estimated. |
| Use of Estimates | The preparation of the unaudited 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 unaudited consolidated financial statements and condensed notes. Actual results could materially differ from those estimates. |
| Real Estate | As of January 1, 2017, the Company’s investments in real estate were adjusted to their estimated net realizable value, or liquidation value, to reflect the change to the liquidation basis of accounting. The liquidation value represents the estimated amount of cash that the Company will collect on disposal of its assets, including any residual value attributable to lease intangibles, as it carries out the Plan of Liquidation. The Company estimated the liquidation value of its investments in real estate based on purchase and sale agreements into which the Company had entered as of August 10, 2017, offers received which the Company intends to accept, brokers’ opinion of value or discounted cash flow analyses. The liquidation values of the Company’s investments in real estate are presented on an undiscounted basis and investments in real estate are no longer depreciated. Estimated costs to dispose of these investments are carried at their contractual amounts due or estimated settlement amounts and are presented separately from the related assets. Subsequent to January 1, 2017, all changes in the estimated liquidation value of the investments in real estate are reflected as a change to the Company’s net assets in liquidation. |
| Real Estate Loan Receivable | Under the liquidation basis of accounting, the Company carries its real estate loan receivable at its estimated net realizable value, or liquidation value, which represents the estimated amount of principal payments, including repayment of all principal at maturity or earlier disposition, the Company expects to receive over the remaining estimated holding period of the loan. The liquidation value of the Company’s real estate loan receivable is presented on an undiscounted basis. Interest payments that the Company expects to receive on its real estate loan receivable over the estimated remaining holding period of the loan are accrued and are classified as a reduction of liabilities for estimated costs in excess of estimated receipts during liquidation on the Condensed Consolidated Statement of Net Assets. The Company evaluates the collectibility of the interest and principal on its loan. Any changes in collectibility will be reflected as a change to the Company’s net assets in liquidation. |
| Rents and Other Receivables | In accordance with the liquidation basis of accounting, as of January 1, 2017, rents and other receivables were adjusted to their net realizable value. The Company periodically evaluates the collectibility of amounts due from tenants. Any changes in the collectibility of the receivables are reflected as a change to the Company’s net assets in liquidation. |
| Revenue Recognition | Under the liquidation basis of accounting, the Company has accrued all income that it expects to earn through the completion of its liquidation to the extent it has a reasonable basis for estimation. Revenue from tenants is estimated based on the contractual in-place leases through the anticipated disposition date of the property. These amounts are classified in liabilities for estimated costs in excess of estimated receipts during liquidation on the Condensed Consolidated Statement of Net Assets. |
| Accrued Liquidation Costs | The Company accrues for certain estimated liquidation costs to the extent it has a reasonable basis for estimation. These consist of legal fees, dissolution costs, final audit/tax costs, fees paid to financial advisors, insurance, and distribution processing costs. |
LIABILITY FOR ESTIMATED COSTS15
| LIABILITY FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION (Tables) | 6 Months Ended |
| Jun. 30, 2017 | |
| Liability during Liquidation [Abstract] | |
| Schedule Liquidation Basis of Accounting | Upon transition to the liquidation basis of accounting on January 1, 2017, the Company accrued the following revenues and expenses expected to be incurred during liquidation: As of January 1, 2017 Rental income $ 15,166 Tenant reimbursements 2,915 Interest income from real estate loans receivable 407 Parking revenues and other operating income 896 Operating, maintenance, and management (9,689 ) Real estate taxes, property-related taxes, and insurance (2,678 ) Asset management fees due to affiliates (2,162 ) General and administrative expenses (5,653 ) Other interest income 250 Liquidating transaction costs (3,068 ) Improvements to real estate (12,851 ) Liabilities for estimated costs in excess of estimated receipts during liquidation $ (16,467 ) |
| Schedule of Changes in Liability during Liquidation | The change in the liabilities for estimated costs in excess of estimated receipts during liquidation as of June 30, 2017 is as follows (in thousands): January 1, 2017 Cash Payments (Receipts) Remeasurement of Assets and Liabilities June 30, 2017 Assets: Estimated net inflows from investments in real estate $ 7,017 $ (6,692 ) $ 2,987 $ 3,312 7,017 (6,692 ) 2,987 3,312 Liabilities: Liquidation transaction costs (3,068 ) — 563 (2,505 ) Corporate expenditures (7,565 ) 6,152 (794 ) (2,207 ) Capital expenditures (12,851 ) 10,046 1,409 (1,396 ) (23,484 ) 16,198 1,178 (6,108 ) Total liabilities for estimated costs in excess of estimated receipts during liquidation $ (16,467 ) $ 9,506 $ 4,165 $ (2,796 ) |
REAL ESTATE LOAN RECEIVABLE (Ta
| REAL ESTATE LOAN RECEIVABLE (Tables) | 6 Months Ended |
| Jun. 30, 2017 | |
| Receivables [Abstract] | |
| Schedule of Real Estate Loans Receivable | As of June 30, 2017 , the Company, through an indirect wholly owned subsidiary, owned one real estate loan receivable as follows (dollars in thousands): Loan Name Location of Related Property or Collateral Date Acquired/ Originated Property Type Loan Type Outstanding Principal Balance as of June 30, 2017 (1) Carrying Amount as of June 30, 2017 (2) Contractual Interest Rate Maturity Date 4929 Wilshire B-Note Los Angeles, California (3) 11/19/2007 Office B-Note $ 3,750 $ 3,750 6.1% 07/11/2017 _____________________ (1) Outstanding principal balance as of June 30, 2017 represents original principal balance outstanding under the loan, increased for any subsequent fundings and reduced for any principal paydowns. (2) Carrying amount represents the estimated amount expected to be collected at maturity. Amount does not include interest. (3) The loan was repaid in full on July 11, 2017. |
RELATED PARTY TRANSACTIONS (Tab
| RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
| Jun. 30, 2017 | |
| Related Party Transactions [Abstract] | |
| Schedule of Related Party Costs | Pursuant to the terms of the Advisory Agreement and the AIP Reimbursement Agreement, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2017 and 2016 , respectively, and any related amounts payable as of June 30, 2017 and December 31, 2016 (in thousands): Incurred Payable Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2017 2016 2017 2016 2017 2016 Expensed Asset management fees (1) $ 991 $ 2,097 $ 2,136 $ 4,446 $ — $ — Reimbursement of operating expenses (2) 68 101 136 165 29 188 Disposition fees (3) 1,802 3,062 2,444 3,480 — — $ 2,861 $ 5,260 $ 4,716 $ 8,091 $ 29 $ 188 _____________________ (1) Asset management fees presented are contractual amounts incurred during the three and six months ended June 30, 2017 and 2016 , respectively. Asset management fees accrued as of June 30, 2017 , as part of the liquidation basis of accounting, of $22,000 are included in liabilities for estimated costs in excess of estimated receipts during liquidation in the accompanying Condensed Consolidated Statement of Net Assets. (2) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cybersecurity related expenses incurred by the Advisor 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 $67,000 and $ 78,000 for the three months ended June 30, 2017 and 2016 , respectively, and $127,000 and $142,000 for the six months ended June 30, 2017 and 2016 , respectively. These were the only type of employee costs reimbursed under the Advisory Agreement for the six months ended June 30, 2017 and 2016 . The Company will not reimburse for employee costs in connection with services for which the Advisor earns 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. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. Under the Company’s charter, the Company is required to limit its total operating expenses to the greater of 2% of its average invested assets or 25% of its net income for the four most recently completed fiscal quarters, as these terms are defined in the Company’s charter, unless the conflicts committee of the Company’s board of directors has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expenses for the four fiscal quarters ended June 30, 2017 exceeded the charter-imposed limitation and the conflicts committee of the Company’s board of directors determined that these expenses were justified given the professional fees and expenses the Company incurred related to its exploration of the availability of strategic alternatives, the fees and expenses related to the preparation of proxy materials and the solicitation of proxies in connection with the Company’s stockholders’ approval of the Plan of Liquidation, the costs and expenses of liquidation and the Company’s decreasing asset size and revenues as a result of asset sales relative to certain general and administrative expenses that are fixed or do not decrease proportionately based on the Company’s asset size and revenues. (3) Disposition fees presented are contractual amounts incurred during the three and six months ended June 30, 2017 and 2016 , respectively. Disposition fees accrued as of June 30, 2017 , as part of the liquidation basis of accounting, of $2.2 million are included in liabilities for estimated closing costs and disposition fees in the accompanying Condensed Consolidated Statement of Net Assets. |
ORGANIZATION (Details)
| ORGANIZATION (Details) - 6 months ended Jun. 30, 2017 | loan | shares | property |
| Organizational Structure [Line Items] | |||
| Partnership interest in the Operating Partnership and is its sole limited partner | 99.00% | ||
| Partnership interest in Operating Partnership | 1.00% | ||
| Number of real estate properties with leasehold interest | property | 1 | ||
| Number of real estate properties | property | 11 | ||
| Number of real estate loans receivable | 1 | 1 | |
| Common stock, shares issued (in shares) | shares | 184,406,075 | ||
| Common stock, shares outstanding (in shares) | shares | 184,406,075 | ||
| KBS Capital Advisors LLC | |||
| Organizational Structure [Line Items] | |||
| Period of Advisory Agreement renewal | 1 year | ||
| Period of termination notice | 60 days | ||
| KBS Capital Advisors LLC | Common Stock | |||
| Organizational Structure [Line Items] | |||
| Shares held by affiliate | shares | 20,000 | ||
| GKK Properties | |||
| Organizational Structure [Line Items] | |||
| Number of real estate properties | property | 4 |
LIABILITY FOR ESTIMATED COSTS19
| LIABILITY FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION LIABILITY FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION (Accruals) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | $ (2,796) | $ (16,467) |
| Liquidation Basis of Accounting | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | (16,467) | |
| Liquidation Basis of Accounting | Accounting Standards Update 2013-07 | Rental income | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | 15,166 | |
| Liquidation Basis of Accounting | Accounting Standards Update 2013-07 | Tenant reimbursements | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | 2,915 | |
| Liquidation Basis of Accounting | Accounting Standards Update 2013-07 | Interest income from real estate loans receivable | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | 407 | |
| Liquidation Basis of Accounting | Accounting Standards Update 2013-07 | Parking revenues and other operating income | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | 896 | |
| Liquidation Basis of Accounting | Accounting Standards Update 2013-07 | Operating, maintenance, and management | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | (9,689) | |
| Liquidation Basis of Accounting | Accounting Standards Update 2013-07 | Real estate taxes, property-related taxes, and insurance | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | (2,678) | |
| Liquidation Basis of Accounting | Accounting Standards Update 2013-07 | Asset management fees due to affiliates | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | (2,162) | |
| Liquidation Basis of Accounting | Accounting Standards Update 2013-07 | General and administrative expenses | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | (5,653) | |
| Liquidation Basis of Accounting | Accounting Standards Update 2013-07 | Other interest income | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | 250 | |
| Liquidation Basis of Accounting | Accounting Standards Update 2013-07 | Liquidating transaction costs | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | (3,068) | |
| Liquidation Basis of Accounting | Accounting Standards Update 2013-07 | Improvements to real estate | ||
| Item Effected [Line Items] | ||
| Liabilities for estimated costs in excess of estimated receipts during liquidation | $ (12,851) |
LIABILITY FOR ESTIMATED COSTS20
| LIABILITY FOR ESTIMATED COSTS IN EXCESS OF ESTIMATED RECEIPTS DURING LIQUIDATION (Changes) (Details) $ in Thousands | 6 Months Ended |
| Jun. 30, 2017USD ($) | |
| Movement in Liquidation Accrual [Roll Forward] | |
| January 1, 2017 | $ (16,467) |
| Cash Payments (Receipts) | 9,506 |
| Remeasurement of Assets and Liabilities | 4,165 |
| 6/30/2017 | (2,796) |
| Assets | |
| Movement in Liquidation Accrual [Roll Forward] | |
| January 1, 2017 | 7,017 |
| Cash Payments (Receipts) | (6,692) |
| Remeasurement of Assets and Liabilities | 2,987 |
| 6/30/2017 | 3,312 |
| Estimated net inflows from investments in real estate | |
| Movement in Liquidation Accrual [Roll Forward] | |
| January 1, 2017 | 7,017 |
| Cash Payments (Receipts) | (6,692) |
| Remeasurement of Assets and Liabilities | 2,987 |
| 6/30/2017 | 3,312 |
| Liability | |
| Movement in Liquidation Accrual [Roll Forward] | |
| January 1, 2017 | (23,484) |
| Cash Payments (Receipts) | 16,198 |
| Remeasurement of Assets and Liabilities | 1,178 |
| 6/30/2017 | (6,108) |
| Liquidation transaction costs | |
| Movement in Liquidation Accrual [Roll Forward] | |
| January 1, 2017 | (3,068) |
| Cash Payments (Receipts) | 0 |
| Remeasurement of Assets and Liabilities | 563 |
| 6/30/2017 | (2,505) |
| Corporate expenditures | |
| Movement in Liquidation Accrual [Roll Forward] | |
| January 1, 2017 | (7,565) |
| Cash Payments (Receipts) | 6,152 |
| Remeasurement of Assets and Liabilities | (794) |
| 6/30/2017 | (2,207) |
| Capital expenditures | |
| Movement in Liquidation Accrual [Roll Forward] | |
| January 1, 2017 | (12,851) |
| Cash Payments (Receipts) | 10,046 |
| Remeasurement of Assets and Liabilities | 1,409 |
| 6/30/2017 | $ (1,396) |
NET ASSETS IN LIQUIDATION (Deta
| NET ASSETS IN LIQUIDATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
| Jun. 30, 2017 | Mar. 10, 2017 | |
| Net Assets In Liquidation [Abstract] | ||
| Decrease in assets, net | $ 192,600 | |
| Common stock, initial liquidation distribution per share | $ 1 | |
| Liquidating distributions to stockholders | $ 184,803 | |
| Common stock, estimated liquidation distribution per share | $ 2.40 |
REAL ESTATE (Details)
| REAL ESTATE (Details) $ in Millions | Jun. 06, 2008aft²property | Jun. 27, 2007aft²property | Jun. 30, 2017USD ($)property | Jun. 26, 2017USD ($) | Jun. 01, 2017USD ($) | Dec. 31, 2016USD ($) |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Number of real estate properties | property | 11 | |||||
| Number of real estate properties with leasehold interest | property | 1 | |||||
| Tysons Dulles Plaza | Office Building | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Number of real estate properties acquired | property | 3 | |||||
| Net rentable area | ft² | 487,775 | |||||
| Area of land | a | 14.7 | |||||
| Bridgeway Technology Center | Office/ Research and Development Buildings | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Number of real estate properties acquired | property | 2 | |||||
| Net rentable area | ft² | 187,268 | |||||
| Area of land | a | 13 | |||||
| Disposed of by Sale | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Number of real estate properties disposed | property | 78 | |||||
| Consideration | $ 246.3 | |||||
| Liquidation value | $ 247.5 | |||||
| Disposed of by Sale | Tysons Dulles Plaza | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Consideration | $ 127.1 | |||||
| Liquidation value | $ 128.3 | |||||
| Disposed of by Sale | Bridgeway Technology Center | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Consideration | $ 38.5 | |||||
| Liquidation value | $ 38.5 | |||||
| Disposed of by Sale | GKK Properties | Maximum | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Consideration | 80.7 | |||||
| Liquidation value | $ 80.7 | |||||
| GKK Properties | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Number of real estate properties | property | 4 | |||||
| GKK Properties | Disposed of by Sale | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Number of real estate properties disposed | property | 76 |
REAL ESTATE LOAN RECEIVABLE (De
| REAL ESTATE LOAN RECEIVABLE (Details) - 6 months ended Jun. 30, 2017 $ in Thousands | USD ($)loan | USD ($) | property |
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Number of real estate loans receivable | 1 | 1 | |
| B-Note | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Contractual interest income | $ 1,100 | ||
| 4929 Wilshire B-Note Los Angeles, California (3) | B-Note | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Date Acquired/ Originated | Nov. 19, 2007 | ||
| Outstanding Principal Balance | $ 3,750 | ||
| Carrying Amount | $ 3,750 | ||
| Contractual Interest Rate | 6.10% | ||
| Maturity Date | Jul. 11, 2017 |
RELATED PARTY TRANSACTIONS (Det
| RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | May 18, 2012 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
| Related Party Transaction [Line Items] | ||||||
| Payable | $ 29 | $ 29 | ||||
| Asset management fees | 22 | 22 | ||||
| Administrative fees, amount paid | 67 | $ 78 | 127 | $ 142 | ||
| Limit of total operating expenses as a percent of net income for the four most recently completed fiscal quarters | 2.00% | |||||
| Limit of total operating expenses as a percent of average invested assets | 25.00% | |||||
| Disposition fees accrued | 2,200 | 2,200 | ||||
| Advisor and Dealer Manager | ||||||
| Related Party Transaction [Line Items] | ||||||
| Incurred | 2,861 | 5,260 | 4,716 | 8,091 | ||
| Payable | 29 | 29 | $ 188 | |||
| Advisor and Dealer Manager | Asset management fees | ||||||
| Related Party Transaction [Line Items] | ||||||
| Incurred | 991 | 2,097 | 2,136 | 4,446 | ||
| Payable | 0 | 0 | 0 | |||
| Advisor and Dealer Manager | Reimbursement of operating expenses | ||||||
| Related Party Transaction [Line Items] | ||||||
| Incurred | 68 | 101 | 136 | 165 | ||
| Payable | 29 | 29 | 188 | |||
| Advisor and Dealer Manager | Disposition fees | ||||||
| Related Party Transaction [Line Items] | ||||||
| Incurred | 1,802 | $ 3,062 | 2,444 | $ 3,480 | ||
| Payable | $ 0 | 0 | $ 0 | |||
| KBS Capital Advisors LLC | Property insurance rebate | ||||||
| Related Party Transaction [Line Items] | ||||||
| Incurred | $ 31 | |||||
| KBS Strategic Opportunity REIT, Inc. | ||||||
| Related Party Transaction [Line Items] | ||||||
| Investment in joint venture | $ 8,000 |
SUBSEQUENT EVENTS (Details)
| SUBSEQUENT EVENTS (Details) $ in Millions | Jul. 31, 2017USD ($)property | Feb. 20, 2008aft²property | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
| Disposed of by Sale | ||||
| Subsequent Event [Line Items] | ||||
| Consideration | $ 246.3 | |||
| Liquidation value | $ 247.5 | |||
| Rivertech I & II | Disposed of by Sale | ||||
| Subsequent Event [Line Items] | ||||
| Liquidation value | $ 40.3 | |||
| Subsequent Event | Rivertech I & II | Disposed of by Sale | ||||
| Subsequent Event [Line Items] | ||||
| Number of real estate properties sold | property | 2 | |||
| Consideration | $ 40.9 | |||
| Rivertech I & II | ||||
| Subsequent Event [Line Items] | ||||
| Number of real estate properties acquired | property | 2 | |||
| Net rentable area | ft² | 285,772 | |||
| Area of land | a | 24.9 |