Pacific Oak Strategic Opportunity REIT (PCOK) 10-Q 6 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 04, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'KBS Strategic Opportunity REIT, Inc.	'
Entity Central Index Key	'0001452936	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	59,716,153

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Real estate assets, net of accumulated depreciation and amortization	$850,763	$638,159
Real estate loan receivable, net	22,000	21,893
Real estate securities	0	333
Total real estate and real estate-related investments, net	872,763	660,385
Cash and cash equivalents	20,965	57,996
Investments in unconsolidated joint ventures	74,219	16,338
Rents and other receivables, net	14,827	8,603
Above-market leases, net	2,523	2,935
Prepaid expenses and other assets	27,759	29,881
Total assets	1,013,056	776,138
Liabilities and equity	'	'
Notes and bond payable, net	510,283	257,420
Accounts payable and accrued liabilities	15,309	15,558
Below-market leases, net	5,531	4,420
Other liabilities	8,463	6,481
Total liabilities	539,586	283,879
Commitments and contingencies (Note 13)	'	'
Redeemable common stock	18,147	17,573
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, 59,751,364 and 59,619,000 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively	597	596
Additional paid-in capital	512,968	512,036
Cumulative distributions and net losses	-74,029	-52,801
Accumulated other comprehensive loss	0	-9
Total KBS Strategic Opportunity REIT, Inc. stockholders' equity	439,536	459,822
Noncontrolling interests	15,787	14,864
Total equity	455,323	474,686
Total Liabilities and Equity	$1,013,056	$776,138

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
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	59,751,364	59,619,000
Common stock, shares outstanding	59,751,364	59,619,000

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Rental income	$20,892	$9,630	$40,428	$17,279
Tenant reimbursements	3,822	2,216	7,624	3,167
Interest income from real estate loans receivable	717	2,198	1,429	3,726
Interest income from real estate securities	0	20	0	56
Other operating income	813	297	1,390	596
Total revenues	26,244	14,361	50,871	24,824
Expenses:	'	'	'	'
Operating, maintenance, and management	8,578	4,791	17,293	8,242
Real estate taxes and insurance	3,426	2,198	6,920	3,593
Asset management fees to affiliate	1,909	934	3,518	1,665
Real estate acquisition fees to affiliate	0	854	2,274	1,612
Real estate acquisition fees and expenses	4	214	2,180	487
General and administrative expenses	978	859	1,889	1,678
Depreciation and amortization	11,883	5,749	23,614	9,867
Interest expense	4,595	957	8,028	1,693
Total expenses	31,373	16,556	65,716	28,837
Other income (loss):	'	'	'	'
Other interest income	2	14	5	45
Equity in loss of unconsolidated joint venture	-333	0	-501	0
Total other (loss) income	-331	14	-496	45
Loss from continuing operations	-5,460	-2,181	-15,341	-3,968
Discontinued operations:	'	'	'	'
Gain on sale of real estate, net	0	0	0	4,225
Loss from discontinued operations	-20	-248	-33	-944
Total (loss) income from discontinued operations	-20	-248	-33	3,281
Net loss	-5,480	-2,429	-15,374	-687
Net loss (income) attributable to noncontrolling interests	149	86	426	-244
Net loss	($5,331)	($2,343)	($14,948)	($931)
Basic and diluted (loss) income per common share:	'	'	'	'
Continuing operations	($0.09)	($0.04)	($0.25)	($0.07)
Discontinued operations	$0	$0	$0	$0.05
Net loss per common share	($0.09)	($0.04)	($0.25)	($0.02)
Weighted-average number of common shares outstanding, basic and diluted	59,642,831	58,338,103	59,618,518	58,232,276

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net loss	($5,480)	($2,429)	($15,374)	($687)
Other comprehensive income:	'	'	'	'
Unrealized (loss) gain on real estate securities	0	-2	9	4
Total other comprehensive income	0	-2	9	4
Total comprehensive loss	-5,480	-2,431	-15,365	-683
Total comprehensive loss (income) attributable to noncontrolling interests	149	86	426	-244
Total comprehensive loss attributable to common stockholders	($5,331)	($2,345)	($14,939)	($927)

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERSb EQUITY (Unaudited) (USD $)	Total	Total Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions and Net Losses [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
In Thousands, except Share data, unless otherwise specified
Balance, value at Nov. 19, 2009	'	'	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'
Issuance of common stock, shares	'	'	56,584,976	'	'	'	'
Issuance of common stock, value	$561,700	'	'	'	'	'	'
Redemptions of common stock, shares	'	'	-586,091	'	'	'	'
Redemptions of common stock, value	-5,700	'	'	'	'	'	'
Balance, value at Jun. 30, 2014	455,323	'	597	'	'	'	'
Balance, shares at Jun. 30, 2014	59,751,364	'	59,751,364	'	'	'	'
Balance, value at Dec. 31, 2012	483,652	467,860	581	505,907	-38,615	-13	15,792
Balance, shares at Dec. 31, 2012	'	'	58,127,627	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'
Net income (loss)	11,589	11,493	'	'	11,493	'	96
Other comprehensive income	4	4	'	'	'	4	'
Issuance of common stock, shares	'	'	1,751,478	'	'	'	'
Issuance of common stock, value	16,641	16,641	18	16,623	'	'	'
Transfers from/ (to) redeemable common stock	-7,922	-7,922	'	-7,922	'	'	'
Redemptions of common stock, shares	'	'	-260,105	'	'	'	'
Redemptions of common stock, value	-2,450	-2,450	-3	-2,447	'	'	'
Distributions declared	-25,679	-25,679	'	'	-25,679	'	'
Other offering costs	-125	-125	'	-125	'	'	'
Noncontrolling interests contributions	1,213	'	'	'	'	'	1,213
Distributions to noncontrolling interest	-2,237	'	'	'	'	'	-2,237
Balance, value at Dec. 31, 2013	474,686	459,822	596	512,036	-52,801	-9	14,864
Balance, shares at Dec. 31, 2013	59,619,000	'	59,619,000	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'
Net income (loss)	-15,374	-14,948	'	'	-14,948	'	-426
Other comprehensive income	9	9	'	'	'	9	'
Issuance of common stock, shares	'	'	375,406	'	'	'	'
Issuance of common stock, value	4,020	4,020	4	4,016	'	'	'
Transfers from/ (to) redeemable common stock	-574	-574	'	-574	'	'	'
Redemptions of common stock, shares	'	'	-243,042	'	'	'	'
Redemptions of common stock, value	-2,511	-2,511	-3	-2,508	'	'	'
Distributions declared	-6,280	-6,280	'	'	-6,280	'	'
Other offering costs	-2	-2	'	-2	'	'	'
Noncontrolling interests contributions	1,506	'	'	'	'	'	1,506
Distributions to noncontrolling interest	-157	'	'	'	'	'	-157
Balance, value at Jun. 30, 2014	$455,323	$439,536	$597	$512,968	($74,029)	$0	$15,787
Balance, shares at Jun. 30, 2014	59,751,364	'	59,751,364	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash Flows from Operating Activities:	'	'
Net loss	($15,374)	($687)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:	'	'
Loss due to property damages	730	0
Equity in loss of unconsolidated joint venture	501	0
Depreciation and amortization: Continuing operations	23,614	9,867
Depreciation and amortization: Discontinued operations	0	729
Non-cash interest income on real estate-related investments	-203	-1,932
Gain on sale of real estate, net	0	-4,225
Deferred rent	-4,799	-2,024
Bad debt expense	108	171
Amortization of above- and below-market leases, net	-673	341
Amortization of deferred financing costs	1,575	324
Amortization of net premium/discount on bond and notes payable	-9	0
Changes in assets and liabilities:	'	'
Rents and other receivables	-1,718	-1,149
Prepaid expenses and other assets	-5,296	-1,878
Accounts payable and accrued liabilities	-1,928	3,074
Due to affiliates	0	-21
Other liabilities	1,982	2,091
Net cash (used in) provided by operating activities	-1,490	4,681
Cash Flows from Investing Activities:	'	'
Acquisitions of real estate	-182,736	-159,028
Improvements to real estate	-15,893	-6,472
Proceeds from sales of real estate, net	0	7,545
Investments in real estate loans receivable	0	-21,568
Principal repayments on real estate securities	333	2,235
Investment in unconsolidated joint venture	-58,382	0
Extension fee on real estate loans receivable	105	0
Net cash used in investing activities	-256,573	-177,288
Cash Flows from Financing Activities:	'	'
Proceeds from notes payable	261,146	154,494
Payments on notes payable	-33,067	-11,207
Payments of deferred financing costs	-3,623	-2,511
Payments to redeem common stock	-2,511	-330
Payments of other offering costs	-2	-184
Distributions paid	-2,260	-1,236
Noncontrolling interests contributions	1,506	593
Distributions to noncontrolling interest	-157	-224
Net cash provided by financing activities	221,032	139,395
Net decrease in cash and cash equivalents	-37,031	-33,212
Cash and cash equivalents, beginning of period	57,996	125,960
Cash and cash equivalents, end of period	20,965	92,748
Supplemental Disclosure of Cash Flow Information:	'	'
Interest paid, net of capitalized interest of $1,009 and $0 for the six months ended June 30, 2014 and 2013, respectively	5,989	1,396
Supplemental Disclosure of Noncash Transactions:	'	'
Increase in capital expenses payable	207	151
Mortgage debt assumed in connection with real estate acquisition at fair value	24,793	0
Application of escrow deposits to acquisition of real estate	13,000	0
Liabilities assumed in connection with foreclosure of real estate	1,727	0
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	4,020	2,340
Escrow deposits for future real estate due to affiliates	$0	$1,750

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'
Interest capitalized	$500	$1,009	$0

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
ORGANIZATION	'
	ORGANIZATION
	KBS Strategic Opportunity REIT, Inc. (the “Company”) was formed on October 8, 2008 as a Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2010. The Company conducts its business primarily through KBS Strategic Opportunity Limited Partnership (the “Operating Partnership”), a Delaware limited partnership formed on December 10, 2008. The Company is the sole general partner of, and owns a 0.1% partnership interest in, the Operating Partnership. KBS Strategic Opportunity Holdings LLC (“REIT Holdings”), a Delaware limited liability company formed on December 9, 2008, owns the remaining 99.9% interest in the Operating Partnership and is its sole limited partner. The Company is the sole member and manager of REIT Holdings.
	Subject to certain restrictions and limitations, the business of the Company is externally managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, pursuant to an advisory agreement the Company renewed with the Advisor on October 8, 2013 (the “Advisory Agreement”). The Advisor conducts the Company’s operations and manages its portfolio of real estate-related loans, opportunistic real estate, real estate-related debt securities and other real estate-related investments. The Advisor owns 20,000 shares of the Company’s common stock.
	On January 8, 2009, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a minimum of 250,000 shares and a maximum of 140,000,000 shares of common stock for sale to the public (the “Offering”), of which 100,000,000 shares were registered in a primary offering and 40,000,000 shares were registered to be sold under the Company’s dividend reinvestment plan. The SEC declared the Company’s registration statement effective on November 20, 2009. The Company ceased offering shares of common stock in its primary offering on November 14, 2012 and continues to offer shares under its dividend reinvestment plan.
	The Company sold 56,584,976 shares of common stock in its primary offering for gross offering proceeds of $561.7 million. As of June 30, 2014, the Company had sold 3,456,236 shares of common stock under its dividend reinvestment plan for gross offering proceeds of $33.3 million. Also, as of June 30, 2014, the Company had redeemed 586,091 shares sold in the Offering for $5.7 million. Additionally, on December 29, 2011 and October 23, 2012, the Company issued 220,994 shares and 55,249 shares of common stock, respectively, for $2.0 million and $0.5 million, respectively, in private transactions exempt from the registration requirements pursuant to Section 4(2) of the Securities Act of 1933.
	As of June 30, 2014, the Company owned 13 office properties, one office campus consisting of nine office buildings, one office portfolio consisting of four office buildings and 43 acres of undeveloped land, one office portfolio consisting of three office properties, one retail property, two apartment properties, two investments in undeveloped land encompassing an aggregate of 1,670 acres, one first mortgage loan and two investments in unconsolidated joint ventures.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	There have been no significant changes, except for the addition of an accounting policy with respect to insurance proceeds for property damages, 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, 2013. During the six months ended June 30, 2014, the Company adopted ASU No. 2014-08 (defined below), which impacts the Company’s reporting of discontinued operations. 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, 2013 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 FASB 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 six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries, and joint ventures in which the Company has a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation.
	Use of Estimates
	The preparation of the consolidated financial statements 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.
	Insurance Proceeds for Property Damages
	The Company maintains an insurance policy that provides coverage for property damages and business interruption.  Losses due to physical damages are recognized during the accounting period in which they occur, while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable.  Losses, which are reduced by the related insurance recoveries, are recorded as operating, maintenance and management expenses on the accompanying consolidated statements of operations.  Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved.  Anticipated recoveries for lost rental revenue due to property damages are also considered to be a gain contingency and recognized when the contingency related to the insurance claim has been resolved.
	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 the prior period.
	Segments
	The Company has invested in non-performing loans, opportunistic real estate and other real estate-related assets. In general, the Company intends to hold its investments in non-performing loans, opportunistic real estate and other real estate-related assets for capital appreciation. Traditional performance metrics of non-performing loans, opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company’s management views non-performing loans, opportunistic real estate and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from non-performing loans, opportunistic real estate and other real estate-related assets, and therefore, the Company currently aggregates its operating segments into one reportable business segment.
	Per Share Data
	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders 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 six months ended June 30, 2014 and 2013.
	Distributions declared per share were $0.056 and $0.105 during the three and six months ended June 30, 2014, respectively, and $0.062 during the six months ended June 30, 2013. No distributions were declared during the three months ended June 30, 2013.
	Recently Issued Accounting Standards Updates
	In May 2014, the Financial Accounting Standard Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”).  ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services.  ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification.  ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted.  The Company does not expect the adoption of ASU No. 2014-09 to have an impact on its financial statements.
	In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU No. 2014-08”).  ASU No. 2014-08 limits discontinued operations reporting to disposals of components of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: a) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; b) the component of an entity or group of components of an entity is disposed of by sale; and c) the component of an entity or group of components of an entity is disposed of other than by sale.  ASU No. 2014-08 also requires additional disclosures about discontinued operations.  ASU No. 2014-08 is effective for reporting periods beginning after December 15, 2014.  Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted ASU No. 2014-08 for the reporting period beginning January 1, 2014.  As a result of the adoption of ASU No. 2014-08, results of operations for properties that are classified as held for sale in the ordinary course of business on or subsequent to January 1, 2014 would generally be included in continuing operations on the Company’s consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation. Additionally, any gain or loss on sale of real estate that does not meet the criteria for classification as a discontinued operation would be included in income from continuing operations on the consolidated statements of operations.
	In January 2014, the FASB issued ASU No. 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (“ASU No. 2014-04”). ASU No. 2014-04 clarifies when the Company is considered to have obtained physical possession, from an in-substance possession or foreclosure, of a residential real estate property collateralizing a mortgage loan. Current guidance indicates that the Company should reclassify a collateralized mortgage loan such that the loan should be derecognized and the collateral asset recognized when it determines that there has been an in-substance repossession or foreclosure by the Company. This update defines the term “in-substance repossession or foreclosure” to reduce diversity in interpretation of when such an event occurs. The amendments in this update are effective for the first interim or annual period beginning after December 15, 2014. The Company does not expect that the adoption of ASU No. 2014-04 will have a material impact on its consolidated financial statements.

RECENT_ACQUISITIONS_OF_REAL_ES

RECENT ACQUISITIONS OF REAL ESTATE	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
RECENT ACQUISITIONS OF REAL ESTATE	'
	RECENT ACQUISITIONS OF REAL ESTATE
	During the six months ended June 30, 2014, the Company acquired the following properties (in thousands):
									Intangibles
	Property Name	City	State	Acquisition Date	Land		Building and Improvements		Tenant Origination		Above-Market Lease Assets		Below-			Other Intangible Assets			Total
									and Absorption				Market						Purchase
									Costs				Lease						Price
													Liabilities
	Plaza Buildings	Bellevue	WA	1/14/14	$	53,040	$	124,212	$	8,945	$	196	$	(2,392	)	$	—		$	184,001
	424 Bedford (1)	Brooklyn	NY	1/31/14	8,860		24,266		554		—		—			4,547		(2)	38,227
					$	61,900	$	148,478	$	9,499	$	196	$	(2,392	)	$	4,547		$	222,228
	_____________________
	(1) In connection with the acquisition of 424 Bedford, the Company assumed the 424 Bedford Mortgage Loan from the seller. The Company recorded the mortgage debt with a principal balance of $26.3 million assumed at an estimated fair value of $24.8 million, net of a discount on note payable of $1.5 million due to a below-market interest rate. The discount on note payable is amortized over the remaining life of the loan of 8.7 years. See Note 8, “Notes and Bond Payable” for more information.
	(2) The property is subject to a property tax abatement from the city’s department of housing preservation and development. The estimated fair value of the property tax abatement of $4.5 million is recorded as prepaid expenses and other assets on the Company’s consolidated balance sheet as of the acquisition date and amortized on a straight-line basis over the projected property tax abatement period of approximately 12.4 years. Amortization of the property tax abatement asset is included in depreciation and amortization expense on the accompanying consolidated statements of operations.
	The intangible assets and liabilities acquired in connection with these acquisitions have weighted-average amortization periods as of the dates of each acquisition as follows (in years):
		Tenant Origination and	Above-Market	Below-Market
		Absorption Costs	Lease Assets	Lease Liabilities
	Plaza Buildings	5.8	5.2	4.3
	424 Bedford	0.5	—	—
	The Company recorded each real estate acquisition as a business combination and expensed $4.4 million of total acquisition costs. For the six months ended June 30, 2014, the Company recognized $8.3 million of total revenues and $5.7 million of operating expenses from these properties.

REAL_ESTATE_HELD_FOR_INVESTMEN

REAL ESTATE HELD FOR INVESTMENT	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
REAL ESTATE FOR INVESTMENT	'
	REAL ESTATE HELD FOR INVESTMENT
	As of June 30, 2014, the Company owned 13 office properties, one office campus consisting of nine office buildings, one office portfolio consisting of four office buildings and 43 acres of undeveloped land, one office portfolio consisting of three office properties and one retail property encompassing, in the aggregate, approximately 4.6 million rentable square feet. As of June 30, 2014, these properties were 77% occupied. In addition, the Company owned two apartment properties, containing 383 units and encompassing approximately 0.3 million rentable square feet, which were 85% occupied. The Company also owned two investments in undeveloped land encompassing an aggregate of 1,670 acres. The following table summarizes the Company’s real estate investments as of June 30, 2014 and December 31, 2013, respectively (in thousands):
			June 30, 2014				31-Dec-13
	Land		$	223,406			$	159,918
	Buildings and improvements		621,214				460,088
	Tenant origination and absorption costs		53,653				48,012
	Total real estate, cost		898,273				668,018
	Accumulated depreciation and amortization		(47,510		)		(29,859		)
	Total real estate, net		$	850,763			$	638,159
	The following table provides summary information regarding the properties owned by the Company as of June 30, 2014 (in thousands):
	Property		Date		City		State		Property Type		Land		Building		Tenant Origination and Absorption		Total		Accumulated Depreciation and Amortization			Total		Ownership %
			Acquired or Foreclosed on										and Improvements				Real Estate at Cost (1)					Real Estate,
																						Net
	Village Overlook Buildings		8/2/10		Stockbridge		GA		Office		$	322	$	955	$	—	$	1,277	$	(48	)	$	1,229	100	%
	Academy Point Atrium I		11/3/10		Colorado Springs		CO		Office		1,291		2,007		—		3,298		(59		)	3,239		100	%
	Northridge Center I & II		3/25/11		Atlanta		GA		Office		2,234		5,955		—		8,189		(911		)	7,278		100	%
	Iron Point Business Park		6/21/11		Folsom		CA		Office		2,670		18,866		150		21,686		(2,337		)	19,349		100	%
	1635 N. Cahuenga Building		8/3/11		Los Angeles		CA		Office		3,112		4,627		149		7,888		(639		)	7,249		70	%
	Richardson Portfolio:
	Palisades Central I		11/23/11		Richardson		TX		Office		1,037		9,130		1,227		11,394		(1,939		)	9,455		90	%
	Palisades Central II		11/23/11		Richardson		TX		Office		810		16,875		1,728		19,413		(3,306		)	16,107		90	%
	Greenway I		11/23/11		Richardson		TX		Office		561		2,180		—		2,741		(307		)	2,434		90	%
	Greenway III		11/23/11		Richardson		TX		Office		702		3,785		895		5,382		(1,103		)	4,279		90	%
	Undeveloped Land		11/23/11		Richardson		TX		Undeveloped Land		6,948		—		—		6,948		—			6,948		90	%
	Total Richardson Portfolio										10,058		31,970		3,850		45,878		(6,655		)	39,223
	Park Highlands		12/30/11		North Las Vegas		NV		Undeveloped Land		27,136		—		—		27,136		—			27,136		50.1	%
	Bellevue Technology Center		7/31/12		Bellevue		WA		Office		25,506		51,484		3,813		80,803		(4,385		)	76,418		100	%
	Powers Ferry Landing East		9/24/12		Atlanta		GA		Office		1,642		7,518		204		9,364		(591		)	8,773		100	%
	1800 West Loop		12/4/12		Houston		TX		Office		8,360		57,930		5,594		71,884		(5,229		)	66,655		100	%
	West Loop I & II		12/7/12		Houston		TX		Office		7,300		28,631		3,240		39,171		(3,356		)	35,815		100	%
	Burbank Collection		12/12/12		Burbank		CA		Retail		4,175		7,851		1,076		13,102		(727		)	12,375		90	%
	Austin Suburban Portfolio		3/28/13		Austin		TX		Office		8,288		65,537		5,147		78,972		(6,049		)	72,923		100	%
	Westmoor Center		6/12/13		Westminster		CO		Office		10,058		64,288		10,094		84,440		(6,251		)	78,189		100	%
	Central Building		7/10/13		Seattle		WA		Office		7,015		24,249		2,306		33,570		(1,381		)	32,189		100	%
	50 Congress Street		7/11/13		Boston		MA		Office		9,876		40,163		3,598		53,637		(2,657		)	50,980		100	%
	1180 Raymond		8/20/13		Newark		NJ		Apartment		8,292		36,062		136		44,490		(1,006		)	43,484		100	%
	Park Highlands II		12/10/13		North Las Vegas		NV		Undeveloped Land		20,737		—		—		20,737		—			20,737		99.5	%
	Maitland Promenade II		12/18/13		Orlando		FL		Office		3,434		23,423		4,812		31,669		(1,092		)	30,577		100	%
	Plaza Buildings		1/14/14		Bellevue		WA		Office		53,040		125,331		8,930		187,301		(3,398		)	183,903		100	%
	424 Bedford		1/31/14		Brooklyn		NY		Apartment		8,860		24,367		554		33,781		(739		)	33,042		90	%
											$	223,406	$	621,214	$	53,653	$	898,273	$	(47,510	)	$	850,763
	_____________________
	(1) Amounts are net of impairment charges.
	Operating Leases
	Certain of the Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of June 30, 2014, the leases, excluding options to extend and apartment leases, which have terms that are generally one year or less, had remaining terms of up to 11.3 years with a weighted-average remaining term of 3.8 years. Some of the leases have provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. 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 tenants 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 leases and the creditworthiness of the tenant, but generally are not significant amounts. 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 and assumed in real estate acquisitions or foreclosures related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $4.7 million and $3.5 million as of June 30, 2014 and December 31, 2013, respectively.
	During the six months ended June 30, 2014 and 2013, the Company recognized deferred rent from tenants of $4.8 million and $1.9 million, respectively, net of lease incentive amortization. As of June 30, 2014 and December 31, 2013, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $13.1 million and $7.8 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $1.6 million and $1.2 million of unamortized lease incentives as of June 30, 2014 and December 31, 2013, 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.
	As of June 30, 2014, the future minimum rental income from the Company’s properties, excluding apartment leases, under non-cancelable operating leases was as follows (in thousands):
	July 1, 2014 through December 31, 2014	$	33,587
	2015	67,508
	2016	60,181
	2017	48,971
	2018	38,530
	Thereafter	77,162
		$	325,939
	As of June 30, 2014, the Company’s commercial real estate properties were leased to approximately 450 tenants over a diverse range of industries and geographic areas. The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows:
	Industry		Number of		Annualized				Percentage of
			Tenants		Base Rent (1)				Annualized
					(in thousands)				Base Rent
	Finance		48		$	11,451			15.6	%
	Computer System Design & Programming		36		8,430				11.5	%
	Insurance Carriers & Related Activities		26		7,855				10.7	%
					$	27,736			37.8	%
	_____________________
(1) Annualized base rent represents annualized contractual base rental income as of June 30, 2014, 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.
No other tenant industries accounted for more than 10% of annualized base rent. No material tenant credit issues have been identified at this time.
Geographic Concentration Risk
As of June 30, 2014, the Company’s real estate investments in Washington and Texas represented 28.9% and 21.2% of the Company’s total assets, respectively.  As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Washington and Texas real estate markets.  Any adverse economic or real estate developments in these markets, 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 and its ability to make distributions to stockholders.
Property Damage
During the six months ended June 30, 2014, two of the Company’s apartment properties suffered physical damages due to broken pipes. The Company’s insurance policy provides coverage for property damage and business interruption subject to a deductible of up to $25,000 per incident. Based on management’s estimates, the Company recognized an estimated aggregate loss due to damages of $0.8 million during the six months ended June 30, 2014, which was reduced by $0.8 million of estimated insurance recoveries related to such damages, which the Company determined were probable of collection. The aggregate net loss due to damages of $35,000 during the six months ended June 30, 2014 was classified as operating, maintenance and management expenses on the accompanying consolidated statements of operations and relates to the Company’s insurance deductible. Through June 30, 2014, the Company received insurance proceeds of $0.4 million related to these two incidents. As of June 30, 2014, the total estimated insurance proceeds to be collected of $0.4 million were classified as deferred financing costs, prepaid expenses and other assets on the accompanying consolidated balance sheets.

TENANT_ORIGINATION_AND_ABSORPT

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	6 Months Ended
	Jun. 30, 2014
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 June 30, 2014 and December 31, 2013, 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
		June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
		2014			2013			2014			2013			2014			2013
	Cost	$	53,653		$	48,012		$	3,904		$	4,394		$	(8,027	)	$	(5,955	)
	Accumulated Amortization	(15,288		)	(10,751		)	(1,381		)	(1,459		)	2,496			1,535
	Net Amount	$	38,365		$	37,261		$	2,523		$	2,935		$	(5,531	)	$	(4,420	)
	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 six months ended June 30, 2014 and 2013 were as follows (in thousands):
		Tenant Origination and						Above-Market						Below-Market
		Absorption Costs						Lease Assets						Lease Liabilities
		For the Three Months Ended						For the Three Months Ended						For the Three Months Ended
		June 30,						June 30,						June 30,
		2014			2013			2014			2013			2014			2013
	Amortization	$	(4,028	)	$	(2,050	)	$	(305	)	$	(394	)	$	624		$	342
		Tenant Origination and						Above-Market						Below-Market
		Absorption Costs						Lease Assets						Lease Liabilities
		For the Six Months Ended						For the Six Months Ended						For the Six Months Ended
		June 30,						June 30,						June 30,
		2014			2013			2014			2013			2014			2013
	Amortization	$	(8,396	)	$	(3,520	)	$	(608	)	$	(666	)	$	1,281		$	532
	Additionally, as of June 30, 2014 and December 31, 2013, the Company had recorded unamortized tax abatement intangible assets, which are included in prepaid expenses and other assets in the accompanying balance sheets, of $8.7 million and $4.6 million, respectively.  During the three and six months ended June 30, 2014, the Company recorded amortization expense of $0.2 million and $0.5 million related to tax abatement intangible assets, respectively.  The Company did not record any amortization expense related to tax abatement intangible assets during the three and six months ended June 30, 2013.

REAL_ESTATE_LOANS_RECEIVABLE

REAL ESTATE LOANS RECEIVABLE	6 Months Ended
	Jun. 30, 2014
Receivables [Abstract]	'
REAL ESTATE LOANS RECEIVABLE	'
	REAL ESTATE LOAN RECEIVABLE
	As of June 30, 2014, the Company owned one real estate loan receivable that it had originated. The information for that real estate loan receivable as of June 30, 2014 and December 31, 2013 is set forth below (in thousands):
	Loan Name		Date Acquired/ Originated		Property Type		Loan Type	Outstanding Principal Balance as of June 30, 2014 (1)			Book Value			Book Value as of December 31, 2013 (2)		Contractual Interest Rate (3)	Annualized Effective Interest Rate (3)	Maturity Date
	Location of Related Property or										as of June 30, 2014 (2)
	Collateral
	University House First Mortgage
	New York, New York		3/20/13		Student Housing		Mortgage	$	22,000		$	22,000		$	21,893	11.00%	13.00%	7/1/14	(4)
	_____________________
	(1) Outstanding principal balance as of June 30, 2014 represents original principal balance outstanding under the loan, increased for any subsequent fundings, including interest income deferred until maturity.
	(2) Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized acquisition discounts, origination fees and direct origination and acquisition costs and additional interest accretion.
	(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 2014, using the interest method annualized (if applicable) and divided by the average amortized cost basis of the investment. The annualized effective interest rates and contractual interest rates presented are as of June 30, 2014.
	(4) Subsequent to June 30, 2014, the Company and the borrower under the University House First Mortgage extended the maturity date to June 30, 2015. In connection with the extension, the Company advanced an additional $5.9 million to the borrower under the University House First Mortgage.
	The following summarizes the activity related to the real estate loan receivable for the six months ended June 30, 2014 (in thousands):
	Real estate loan receivable - December 31, 2013	$	21,893
	Extension fee on real estate loan receivable	(105		)
	Accretion of closing costs and origination fees on real estate loan receivable, net	212
	Real estate loan receivable - June 30, 2014	$	22,000
	For the three and six months ended June 30, 2014 and 2013, interest income from real estate loans receivable consisted of the following (in thousands):
		Three Months Ended June 30,							Six Months Ended June 30,
		2014				2013			2014			2013
	Contractual interest income (including deferred interest)	$	612			$	1,606		$	1,217		$	2,670
	Accretion of closing costs and origination fees, net	105				450			212			858
	Interest accretion	—				142			—			198
	Interest income from real estate loans receivable	$	717			$	2,198		$	1,429		$	3,726

REAL_ESTATE_HELD_FOR_SALE_AND_

REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS	'
	REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS
	The Company early adopted ASU 2014-08 for the reporting period beginning January 1, 2014. As a result of the adoption of ASU 2014-08, properties that are classified as held for sale in the ordinary course of business on or subsequent to January 1, 2014 would generally be included in continuing operations on the Company’s consolidated statements of operations. Properties that were classified as held for sale in financial statements previously issued will remain in discontinued operations on the Company’s consolidated statements of operations. Prior to the adoption of ASU 2014-08, 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. 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, 2013, the Company disposed of three office buildings and one industrial/flex property, all of which are included in discontinued operations on the Company’s consolidated statements of operations. During the six months ended June 30, 2014, the Company did not dispose of any real estate properties and no properties were classified as held for sale as of June 30, 2014. The following table summarizes operating income from discontinued operations for the three and six months ended June 30, 2014 and 2013 (in thousands):
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Total revenues and other income	$	—		$	464		$	—		$	971
	Total expenses	20			712			33			1,915
	Loss from discontinued operations before gain on sales of real estate	(20		)	(248		)	(33		)	(944		)
	Gain on sales of real estate, net	—			—			—			4,225
	Total (loss) income from discontinued operations	$	(20	)	$	(248	)	$	(33	)	$	3,281

NOTES_AND_BOND_PAYABLE

NOTES AND BOND PAYABLE	6 Months Ended
	Jun. 30, 2014
Notes and Bonds Payable [Abstract]	'
NOTES AND BOND PAYABLE	'
	NOTES AND BOND PAYABLE
	As of June 30, 2014 and December 31, 2013, the Company’s notes and bond payable consisted of the following (dollars in thousands):
		Book Value as of		Book Value as of December 31, 2013		Contractual Interest Rate as of June 30, 2014 (1)	Effective Interest Rate at June 30, 2014 (1)	Payment Type	Maturity
		30-Jun-14							Date (2)
	Richardson Portfolio Mortgage Loan (3)	$	38,000	$	31,566	One-Month LIBOR + 2.10%	2.25%	Interest Only	5/1/17
	Bellevue Technology Center Mortgage Loan (4)	48,128		47,408		One-Month LIBOR + 2.25%	2.40%	Interest Only	3/1/17
	Portfolio Revolving Loan Facility (5)	30,481		3,379		One-Month LIBOR + 2.25%	2.40%	Interest Only	5/1/17
	Portfolio Mortgage Loan (6)	88,584		82,766		One-Month LIBOR + 2.50%	2.65%	Interest Only	7/1/17
	1635 N. Cahuenga Mortgage Loan (7)	4,650		4,650		One-Month LIBOR + 2.35%	2.50%	Interest Only	8/1/16
	Burbank Collection Mortgage Loan (8)	8,200		8,200		One-Month LIBOR + 2.35%	2.54%	Interest Only	9/30/16
	50 Congress Mortgage Loan (9)	26,935		26,535		One-Month LIBOR + 1.90%	2.05%	Interest Only	10/1/17
	1180 Raymond Bond Payable	7,015		7,085		6.50%	6.50%	Principal	9/1/36
								& Interest
	Central Building Mortgage Loan (10)	24,100		24,100		One-Month LIBOR + 1.75%	1.90%	Interest Only	11/13/18
	Maitland Promenade II Mortgage Loan (11)	20,182		20,182		One-Month LIBOR + 2.90%	3.25%	Interest Only	1/1/17
	Westmoor Center Mortgage Loan (12)	54,880		—		One-Month LIBOR + 2.25%	2.40%	Interest Only	2/1/18
	Plaza Buildings Senior Loan (13)	108,000		—		One-Month LIBOR + 1.90%	2.05%	Interest Only	1/14/17
	Plaza Buildings Mezzanine Loan (14)	25,000		—		(14)	8.10%	Interest Only	1/14/17
	424 Bedford Mortgage Loan (15)	26,111		—		3.91%	3.91%	Principal	10/1/22
								& Interest
	Total Notes and Bond Payable principal outstanding	510,266		255,871
	Net Premium/Discount on Notes and Bond Payable (16)	17		1,549
	Total Notes and Bond Payable, net	$	510,283	$	257,420
	_____________________
	(1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2014. Effective interest rate is calculated as the actual interest rate in effect as of June 30, 2014 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at June 30, 2014, where applicable.
	(2) Represents the initial maturity date or the maturity date as extended as of June 30, 2014; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown.
	(3) On April 28, 2014, the Richardson Portfolio Mortgage Loan was refinanced, see “- Recent Transactions - Richardson Portfolio Mortgage Loan Finance.”
	(4) As of June 30, 2014, $48.1 million had been disbursed to the Company and the remaining $4.9 million is available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements, subject to certain conditions contained in the loan documents. Monthly payments are initially interest only. Beginning March 1, 2016, monthly payments also include principal amortization payments of up to $60,000 per month.
	(5) The Portfolio Revolving Loan Facility is secured by the 1800 West Loop Building and the Iron Point Business Park. The Portfolio Revolving Loan Facility is comprised of $59.5 million of revolving debt and $13.0 million of non-revolving debt available to be used for tenant improvements, leasing commissions and capital improvements, subject to certain terms and conditions contained in the loan documents. As of June 30, 2014, $25.0 million of revolving debt and $5.5 million of non-revolving debt had been disbursed to the Company and the remaining $34.5 million of revolving debt and $7.5 million of non-revolving debt is available for future disbursements, subject to certain conditions contained in the loan documents. Monthly payments are initially interest only. Beginning June 1, 2016, and to the extent that there are amounts outstanding under the non-revolving portion of the loan, monthly payments will include interest and principal amortization payments of up to $80,000 per month.
	(6) As of June 30, 2014, $88.6 million had been disbursed to the Company with $19.0 million of debt available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning July 1, 2016, monthly payments will include principal and interest with principal payments calculated using an amortization schedule of 30 years and an assumed annual interest rate of 6.0%.
	(7) The Company owns a 70% equity interest in the joint venture that owns the 1635 N. Cahuenga Building. As of June 30, 2014, $4.7 million had been disbursed and $2.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning August 1, 2015, monthly payments will also include principal amortization payments of $7,000 per month.
	(8) The Company owns a 90% equity interest in the joint venture that owns the Burbank Collection. As of June 30, 2014, $8.2 million had been disbursed and $3.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents.
	(9) As of June 30, 2014, $26.9 million of the 50 Congress Mortgage Loan was funded and $5.9 million remains available, $2.9 million of which is available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements at 50 Congress and $3.0 million of which is available through October 1, 2016, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning November 1, 2016, monthly payments will also include principal amortization payments of $32,000 per month.
	(10) As of June 30, 2014, $24.1 million of the Central Building Mortgage Loan was funded, and $3.5 million remains available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements, subject to certain terms and conditions contained in the loan documents.
	(11) As of June 30, 2014, $20.2 million of the Maitland Promenade II Mortgage Loan was funded and $2.8 million remains available for future disbursements to be used for tenant improvements, leasing commissions, capital improvements and interest shortfalls, subject to certain terms and conditions contained in the loan documents. Interest on the loan is calculated at a variable annual rate of 290 basis points over one-month LIBOR, but at no point shall the interest rate be less than 3.25%. Beginning February 1, 2016, monthly payments will include principal and interest with principal payments calculated using an amortization schedule of 30 years. Monthly payments are initially interest only.
	(12) As of June 30, 2014, $54.9 million had been disbursed and $7.1 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning March 1, 2017, monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years and an annual interest rate of 6.5%.
	(13) As of June 30, 2014, $108.0 million had been disbursed and $3.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning with the February 2016 payment, monthly payments may include principal and interest, with principal payments calculated using an amortization schedule of 30 years and an annual interest rate of 6.5%.
	(14) Interest on this loan is calculated as a floating rate of 785 basis points over one-month LIBOR, but at no point shall interest rate be less than 8.10%. As of June 30, 2014, $25.0 million had been disbursed and $5.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents.
	(15) The Company owns a 90% equity interest in the joint venture that owns 424 Bedford. Monthly payments includes principal and interest, with principal payments calculated using an amortization schedule of 30 years.
	(16) Represents the unamortized premium/discount on notes and bond payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bond payable.
	During the three and six months ended June 30, 2014, the Company incurred $4.6 million and $8.0 million of interest expense, respectively. Included in interest expense for the three and six months ended June 30, 2014 was $1.0 million and $1.6 million of amortization of deferred financing costs, respectively. Additionally, during the three and six months ended June 30, 2014, the Company capitalized $0.5 million and $1.0 million of interest to its investments in undeveloped land, respectively. During the three and six months ended June 30, 2013, the Company incurred $1.0 million and $1.7 million of interest expense, respectively. Included in interest expense for the three and six months ended June 30, 2013 was $0.1 million and $0.2 million of amortization of deferred financing costs, respectively. As of June 30, 2014 and December 31, 2013, the Company’s deferred financing costs were $6.9 million and $5.0 million, respectively, net of amortization, and are included in prepaid expenses and other assets on the accompanying consolidated balance sheets. As of June 30, 2014 and December 31, 2013, the Company’s interest payable was $1.2 million and $0.5 million, respectively.
	The following is a schedule of maturities, including principal amortization payments, for all notes and bond payable outstanding as of June 30, 2014 (in thousands):
	July 1, 2014 through December 31, 2014	$	832
	2015	2,005
	2016	18,188
	2017	383,533
	2018	80,176
	Thereafter	25,532
		$	510,266
	The Company’s notes payable contain financial debt covenants. As of June 30, 2014, the Company was in compliance with all of these debt covenants.
	Recent Transactions
	Richardson Portfolio Mortgage Loan Refinance
	On April 28, 2014, the joint venture that owns the Richardson Portfolio entered into a three-year secured mortgage loan with an unaffiliated lender for borrowings of up to $41.5 million secured by the Richardson Portfolio (the “Richardson Portfolio Mortgage Loan Refinance”). The Company owns a 90% equity interest in the joint venture that owns the Richardson Portfolio. As of June 30, 2014, $38.0 million had been disbursed to the joint venture with the remaining $3.5 million available for future disbursements during the first 24 months of the loan term, subject to certain terms and conditions contained in the loan documents. The Richardson Portfolio Mortgage Loan Refinance matures on May 1, 2017, with two one-year extension options, subject to certain conditions contained in the loan documents and the payment of an extension fee. The Richardson Portfolio Mortgage Loan Refinance bears interest at a floating rate of 2.1% over one-month LIBOR. Monthly payments are initially interest only. Beginning June 2015, monthly payments include principal and interest with principal payments of up to approximately $64,000 per month. The joint venture has the right to prepay the loan in whole or in part at any time on or after May 1, 2015, subject to certain conditions and the payment of a prepayment premium for any prepayment made before May 1, 2016 and certain expenses potentially incurred by the lender as a result of the prepayment as described in the loan documents. At closing, the Company used a portion of the proceeds from the Richardson Portfolio Mortgage Loan Refinance to repay the outstanding principal balance of $32.8 million due under an existing mortgage loan secured by the Richardson Portfolio.
	KBS SOR Properties, LLC, a wholly owned subsidiary of the Company through which the Company owns all of its real estate assets (“KBS SOR Properties”), provided a limited guaranty of the Richardson Portfolio Mortgage Loan Refinance with respect to certain potential deficiencies, losses or damages suffered by the lender resulting from certain intentional acts committed by the joint venture that owns the Richardson Portfolio, KBS SOR Properties, the Company or its affiliates in violation of the loan documents. KBS SOR Properties also provided a guaranty of the principal balance and any interest or other sums outstanding under the Richardson Portfolio Mortgage Loan Refinance in the event of certain bankruptcy or insolvency proceedings involving the joint venture or KBS SOR Properties.

FAIR_VALUE_DISCLOSURES

FAIR VALUE DISCLOSURES

6 Months Ended

Jun. 30, 2014

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 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 financial instruments for which it is practicable to estimate the fair value:

Cash and cash equivalents, rent and other receivables, and accounts payable and accrued liabilities: These balances     approximate their fair values due to the short maturities of these items.

Real estate loan receivable: The Company’s real estate loan receivable is presented in the accompanying consolidated balance sheets at its amortized cost net of recorded loan loss reserves and not at fair value. The fair values of real estate loans receivable are estimated using an internal valuation model that considers 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.

Notes and bond payable: The fair values of the Company’s notes and bond 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 or 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 financial instruments as of June 30, 2014 and December 31, 2013, which carrying amounts do not approximate the fair values (in thousands):

30-Jun-14

31-Dec-13

Face Value

Carrying Amount

Fair Value

Face Value

Carrying Amount

Fair Value

Financial assets:

Real estate loans receivable

$

22,000

$

22,000

$

22,000

$

22,000

$

21,893

$

22,000

Financial liabilities:

Notes and bond payable

$

510,266

$

510,283

$

512,948

$

255,871

$

257,420

$

258,876

Disclosure of the fair value of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different.

Assets and Liabilities Recorded at Fair Value

During the six months ended June 30, 2014, the Company measured the following liability at fair value (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 (1):

424 Bedford Mortgage Loan

$

(24,793

)

$

—

$

—

$

(24,793

)

_____________________

(1) Amounts reflect the fair values of the assets and liabilities at the time each event occurred.

The Company estimated the fair value of the 424 Bedford Mortgage Loan by performing a discounted cash flow analysis and the discount rate applied to future estimated debt payments was 4.80%.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	RELATED PARTY TRANSACTIONS
	The Advisory Agreement entitles the Advisor to specified fees upon the provision of certain services with regard to the investment of funds in real estate and real estate-related investments and the disposition of real estate and real estate-related investments (including the discounted payoff of non-performing loans) among other services, as well as reimbursement of certain costs incurred by the Advisor in providing services to the Company. The Company also entered into a fee reimbursement agreement (the “AIP Reimbursement Agreement”) with KBS Capital Markets Group LLC, the dealer manager for the Company’s initial public offering (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 Depository Trust & Clearing Corporation 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, Inc. (“KBS REIT I”), KBS Real Estate Investment Trust II, Inc. (“KBS REIT II”), KBS Real Estate Investment Trust III, Inc. (“KBS REIT III”), KBS Legacy Partners Apartment REIT, Inc. (“KBS Legacy Partners Apartment REIT”) and KBS Strategic Opportunity REIT II, Inc. (“KBS Strategic Opportunity REIT II”).
	On January 6, 2014, the Company, together with KBS REIT I, KBS REIT II, KBS REIT III, KBS Legacy Partners Apartment REIT, KBS Strategic Opportunity REIT II, 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 coverage are shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each of the various entities covered by the plan, and is billed directly to each entity. The allocation of these shared coverage costs is 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.
	During the three and six months ended June 30, 2014 and 2013, no other transactions occurred between the Company and these other KBS-sponsored programs.
	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2014 and 2013, respectively, and any related amounts payable as of June 30, 2014 and December 31, 2013 (in thousands):
		Incurred								Payable as of
		Three Months Ended June 30,				Six Months Ended June 30,				June 30,		December 31,
		2014		2013		2014		2013		2014		2013
	Expensed
	Asset management fees (1)	$	1,909	$	966	$	3,518	$	1,730	$	—	$	—
	Real estate acquisition fees	—		854		2,274		1,612		—		—
	Reimbursable operating expenses (2)	42		33		73		58		—		—
	Disposition fees (3)	—		—		—		77		—		—
	Capitalized
	Acquisition and origination fees on real estate loans receivable	—		—		—		220		—		—
	Acquisition fee on investment in unconsolidated joint venture	1,573		—		1,573		—		—		—
	Escrow deposit for future real estate	—		1,750		—		1,750		—		—
		$	3,524	$	3,603	$	7,438	$	5,447	—		$	—
	_____________________
	(1) Amounts include asset management fees from discontinued operations.
	(2) The Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. The Company has reimbursed 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 $42,000 and $33,000 for the three months ended June 30, 2014 and 2013, respectively, and $73,000 and $58,000 for the six months ended June 30, 2014 and 2013, respectively, and were the only employee costs reimbursed under the Advisory Agreement during these periods. 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.

INVESTMENT_IN_UNCONSOLIDATED_J

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6 Months Ended
	Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	'
	INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
	As of June 30, 2014 and December 31, 2013, the Company’s investments in unconsolidated joint ventures were composed of the following (dollars in thousands):
							Investment Balance at
	Joint Venture	Number of Properties		Location	Ownership %		June 30,		31-Dec-13
							2014
	NIP Joint Venture	23		Various	Less than 5.0%		$	7,484	$	7,484
	110 William Joint Venture	1		New York, New York	60.00%		66,735		8,854
							$	74,219	$	16,338
	Investment in National Industrial Portfolio Joint Venture
	On May 18, 2012, the Company, through an indirect wholly owned subsidiary, entered into a joint venture (the “NIP Joint Venture”) with OCM NIP JV Holdings, L.P. and HC KBS NIP JV, LLC (“HC-KBS”). The NIP Joint Venture owns 23 industrial properties and a master lease with respect to another industrial property encompassing 11.4 million square feet. The Company made an initial capital contribution of $8.0 million which represents less than a 5.0% ownership interest in the NIP Joint Venture as of June 30, 2014. The Company has virtually no influence over the NIP Joint Venture’s operations, financial policies or decision making. Accordingly, the Company has accounted for its investment in the NIP Joint Venture under the cost method of accounting. Income, losses and distributions from the NIP Joint Venture are generally allocated among the members based on their respective equity interests.
	KBS REIT I, an affiliate of the Advisor, is a member of HC-KBS and has a participation interest in certain future potential profits generated by the NIP Joint Venture.  However, KBS REIT I does not have any equity interest in the NIP Joint Venture. None of the other joint venture partners are affiliated with the Company or the Advisor.
	As of June 30, 2014 and December 31, 2013, the book value of the Company’s investment in the NIP Joint Venture was $7.5 million. During the six months ended June 30, 2014 and 2013, the Company did not receive any distributions related to its investment in the NIP Joint Venture.
	Investment in 110 William Joint Venture
	On December 23, 2013, the Company, through an indirect wholly owned subsidiary, entered into an agreement with SREF III 110 William JV, LLC (the “110 William JV Partner”) to form a joint venture (the “110 William Joint Venture”). On May 2, 2014, the 110 William Joint Venture acquired an office property containing 928,157 rentable square feet located on approximately 0.8 acres of land in New York, New York (“110 William Street”). At acquisition, 110 William Street was 97% leased to 33 tenants. Each of the Company and the 110 William JV Partner hold a 60% and 40% ownership interest in the 110 William Joint Venture, respectively. The Company exercises significant influence over the operations, financial policies and decision making with respect to the 110 William Joint Venture but significant decisions require approval from both members. Accordingly, the Company has accounted for its investment in the 110 William Joint Venture under the equity method of accounting. Income, losses and distributions are generally allocated based on the members’ respective equity interests.
	The contractual purchase price of 110 William Street was $261.1 million plus closing costs. The 110 William Joint Venture funded the purchase of 110 William Street through (i) the assumption of an existing first mortgage loan from an unaffiliated lender with a face amount of $141.5 million bearing interest at a fixed rate of 4.8% per annum and maturing on July 6, 2017, (ii) the assumption of an existing mezzanine loan from an unaffiliated lender with a face amount of $20.0 million bearing interest at a fixed rate of 9.5% per annum and maturing on July 6, 2017 and (iii) contributions from the Company and the 110 William JV Partner to the 110 William Joint Venture.
	As of June 30, 2014 and December 31, 2013, the book value of the Company’s investment in the 110 William Joint Venture was $66.7 million and $8.9 million, respectively. During the three and six months ended June 30, 2014, the Company recognized an equity in loss of unconsolidated joint venture of $0.3 million and $0.5 million, respectively, related to the Company's share of income and expenses incurred by the 110 William Joint Venture.
	Summarized financial information for the 110 William Joint Venture follows (in thousands):
		30-Jun-14			31-Dec-13
	Assets:
	Real estate assets, net of accumulated depreciation and amortization	$	278,938		$	—
	Other assets	16,181			15,000
	Total assets	295,119			15,000
	Liabilities and Equity:
	Notes payable, net	170,500			—
	Other liabilities	16,098			243
	Partners' capital	108,521			14,757
	Total Liabilities and Equity	$	295,119		$	15,000
		Three Months ended			Six Months ended
		30-Jun-14			30-Jun-14
	Revenues	$	5,448		$	5,448
	Expenses:
	Operating, maintenance, and management	1,389			1,389
	Real estate taxes and insurance	849			849
	Real estate acquisition fees and expenses	711			991
	Depreciation and amortization	2,056			2,056
	Interest expense	1,031			1,031
	Total expenses	6,036			6,316
	Total other income	33			33
	Net loss	(555		)	(835		)
	Equity in loss of unconsolidated joint venture	$	(333	)	$	(501	)

UNAUDITED_PRO_FORMA_FINANCIAL_

UNAUDITED PRO FORMA FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2014
Business Acquisition, Pro Forma Information [Abstract]	'
UNAUDITED PRO FORMA FINANCIAL INFORMATION	'
	UNAUDITED PRO FORMA FINANCIAL INFORMATION
	The following unaudited pro forma information for the three and six months ended June 30, 2014 and 2013 has been prepared to give effect to the acquisition of the Plaza Buildings as if the acquisition had occurred on January 1, 2013. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had the acquisition occurred on this date, nor does it purport to predict the results of operations for future periods (in thousands, except share and per share amounts).
		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2014			2013			2014			2013
	Revenues	$	26,244		$	18,668		$	51,398		$	31,660
	Depreciation and amortization	$	11,883		$	7,110		$	23,861		$	12,589
	Net (loss) income attributable to common stockholders	$	(5,331	)	$	(2,913	)	$	(12,838	)	$	(2,072	)
	Net (loss) income per common share, basic and diluted	$	(0.09	)	$	(0.05	)	$	(0.21	)	$	(0.04	)
	Weighted-average number of common shares outstanding, basic and diluted	59,751,364			58,339,185			59,751,364			58,339,185
	The unaudited pro forma information for the three and six months ended June 30, 2014 was adjusted to exclude $2.1 million of acquisition costs incurred in 2014 in connection with the acquisitions of the above properties.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2014
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 identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that the Advisor is unable to provide 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 as of June 30, 2014. 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.
	Legal Matters
	From time to time, the Company is a party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome 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 the 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.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
EARNINGS PER SHARE	'
	EARNINGS PER SHARE
	The following table presents the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Numerator
	Loss from continuing operations	$	(5,460	)	$	(2,181	)	$	(15,341	)	$	(3,968	)
	Loss from continuing operations attributable to noncontrolling interests	149			86			426			154
	Loss from continuing operations attributable to common stockholders	(5,311		)	(2,095		)	(14,915		)	(3,814		)
	Total (loss) income from discontinued operations	(20		)	(248		)	(33		)	3,281
	Total income from discontinued operations attributable to noncontrolling interests	—			—			—			(398		)
	Total (loss) income from discontinued operations attributable to common stockholders	(20		)	(248		)	(33		)	2,883
	Net loss attributable to common stockholders	$	(5,331	)	$	(2,343	)	$	(14,948	)	$	(931	)
	Denominator
	Weighted-average number of common shares outstanding, basic and diluted	59,642,831			58,338,103			59,618,518			58,232,276
	Basic and diluted (loss) income per common share:
	Continuing operations	$	(0.09	)	$	(0.04	)	$	(0.25	)	$	(0.07	)
	Discontinued operations	—			—			—			0.05
	Net loss per common share	$	(0.09	)	$	(0.04	)	$	(0.25	)	$	(0.02	)

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS
	The Company evaluates subsequent events up until the date the consolidated financial statements are issued.
	Distribution Declared
	On August 4, 2014, the Company’s board of directors authorized a distribution in the amount of $0.069315 per share of common stock to stockholders of record as of the close of business on September 15, 2014. The Company expects to pay this distribution on September 24, 2014. The distribution will be paid in cash or, for investors enrolled in the Company’s dividend reinvestment plan, reinvested in additional shares. The board of directors will declare distributions from time to time based on the Company’s income, cash flow and investing and financing activities. As such, the Company can give no assurances as to the timing, amount or notice with respect to any future distribution declarations.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2014
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 FASB 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 six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries, and joint ventures in which the Company has a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	'
	The preparation of the consolidated financial statements 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.
Insurance Proceeds for Property Damages	'
	The Company maintains an insurance policy that provides coverage for property damages and business interruption.  Losses due to physical damages are recognized during the accounting period in which they occur, while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable.  Losses, which are reduced by the related insurance recoveries, are recorded as operating, maintenance and management expenses on the accompanying consolidated statements of operations.  Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved.  Anticipated recoveries for lost rental revenue due to property damages are also considered to be a gain contingency and recognized when the contingency related to the insurance claim has been resolved.
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 the prior period.
Segments	'
	The Company has invested in non-performing loans, opportunistic real estate and other real estate-related assets. In general, the Company intends to hold its investments in non-performing loans, opportunistic real estate and other real estate-related assets for capital appreciation. Traditional performance metrics of non-performing loans, opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company’s management views non-performing loans, opportunistic real estate and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from non-performing loans, opportunistic real estate and other real estate-related assets, and therefore, the Company currently aggregates its operating segments into one reportable business segment.
Per Share Data	'
	Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders 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 six months ended June 30, 2014 and 2013.
	Distributions declared per share were $0.056 and $0.105 during the three and six months ended June 30, 2014, respectively, and $0.062 during the six months ended June 30, 2013. No distributions were declared during the three months ended June 30, 2013.
Recently Issued Accounting Standards Updates	'
	In May 2014, the Financial Accounting Standard Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”).  ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services.  ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification.  ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted.  The Company does not expect the adoption of ASU No. 2014-09 to have an impact on its financial statements.
	In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU No. 2014-08”).  ASU No. 2014-08 limits discontinued operations reporting to disposals of components of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: a) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; b) the component of an entity or group of components of an entity is disposed of by sale; and c) the component of an entity or group of components of an entity is disposed of other than by sale.  ASU No. 2014-08 also requires additional disclosures about discontinued operations.  ASU No. 2014-08 is effective for reporting periods beginning after December 15, 2014.  Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted ASU No. 2014-08 for the reporting period beginning January 1, 2014.  As a result of the adoption of ASU No. 2014-08, results of operations for properties that are classified as held for sale in the ordinary course of business on or subsequent to January 1, 2014 would generally be included in continuing operations on the Company’s consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation. Additionally, any gain or loss on sale of real estate that does not meet the criteria for classification as a discontinued operation would be included in income from continuing operations on the consolidated statements of operations.
	In January 2014, the FASB issued ASU No. 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (“ASU No. 2014-04”). ASU No. 2014-04 clarifies when the Company is considered to have obtained physical possession, from an in-substance possession or foreclosure, of a residential real estate property collateralizing a mortgage loan. Current guidance indicates that the Company should reclassify a collateralized mortgage loan such that the loan should be derecognized and the collateral asset recognized when it determines that there has been an in-substance repossession or foreclosure by the Company. This update defines the term “in-substance repossession or foreclosure” to reduce diversity in interpretation of when such an event occurs. The amendments in this update are effective for the first interim or annual period beginning after December 15, 2014. The Company does not expect that the adoption of ASU No. 2014-04 will have a material impact on its consolidated financial statements.

RECENT_ACQUISITIONS_OF_REAL_ES1

RECENT ACQUISITIONS OF REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2014
Business Acquisition [Line Items]	'
Schedule of Business Acquisitions, Properties Acquired	'
	During the six months ended June 30, 2014, the Company acquired the following properties (in thousands):
									Intangibles
	Property Name	City	State	Acquisition Date	Land		Building and Improvements		Tenant Origination		Above-Market Lease Assets		Below-			Other Intangible Assets			Total
									and Absorption				Market						Purchase
									Costs				Lease						Price
													Liabilities
	Plaza Buildings	Bellevue	WA	1/14/14	$	53,040	$	124,212	$	8,945	$	196	$	(2,392	)	$	—		$	184,001
	424 Bedford (1)	Brooklyn	NY	1/31/14	8,860		24,266		554		—		—			4,547		(2)	38,227
					$	61,900	$	148,478	$	9,499	$	196	$	(2,392	)	$	4,547		$	222,228
	_____________________
	(1) In connection with the acquisition of 424 Bedford, the Company assumed the 424 Bedford Mortgage Loan from the seller. The Company recorded the mortgage debt with a principal balance of $26.3 million assumed at an estimated fair value of $24.8 million, net of a discount on note payable of $1.5 million due to a below-market interest rate. The discount on note payable is amortized over the remaining life of the loan of 8.7 years. See Note 8, “Notes and Bond Payable” for more information.
	(2) The property is subject to a property tax abatement from the city’s department of housing preservation and development. The estimated fair value of the property tax abatement of $4.5 million is recorded as prepaid expenses and other assets on the Company’s consolidated balance sheet as of the acquisition date and amortized on a straight-line basis over the projected property tax abatement period of approximately 12.4 years. Amortization of the property tax abatement asset is included in depreciation and amortization expense on the accompanying consolidated statements of operations.
Schedule of Finite-Lived Intangible Assets and Liabilities Acquired, Weighted-Average Amortization Periods	'
	The intangible assets and liabilities acquired in connection with these acquisitions have weighted-average amortization periods as of the dates of each acquisition as follows (in years):
		Tenant Origination and	Above-Market	Below-Market
		Absorption Costs	Lease Assets	Lease Liabilities
	Plaza Buildings	5.8	5.2	4.3
	424 Bedford	0.5	—	—

REAL_ESTATE_HELD_FOR_INVESTMEN1

REAL ESTATE HELD FOR INVESTMENT (Tables)	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
Schedule of Real Estate Investments	'
	The following table summarizes the Company’s real estate investments as of June 30, 2014 and December 31, 2013, respectively (in thousands):
			June 30, 2014				31-Dec-13
	Land		$	223,406			$	159,918
	Buildings and improvements		621,214				460,088
	Tenant origination and absorption costs		53,653				48,012
	Total real estate, cost		898,273				668,018
	Accumulated depreciation and amortization		(47,510		)		(29,859		)
	Total real estate, net		$	850,763			$	638,159
	The following table provides summary information regarding the properties owned by the Company as of June 30, 2014 (in thousands):
	Property		Date		City		State		Property Type		Land		Building		Tenant Origination and Absorption		Total		Accumulated Depreciation and Amortization			Total		Ownership %
			Acquired or Foreclosed on										and Improvements				Real Estate at Cost (1)					Real Estate,
																						Net
	Village Overlook Buildings		8/2/10		Stockbridge		GA		Office		$	322	$	955	$	—	$	1,277	$	(48	)	$	1,229	100	%
	Academy Point Atrium I		11/3/10		Colorado Springs		CO		Office		1,291		2,007		—		3,298		(59		)	3,239		100	%
	Northridge Center I & II		3/25/11		Atlanta		GA		Office		2,234		5,955		—		8,189		(911		)	7,278		100	%
	Iron Point Business Park		6/21/11		Folsom		CA		Office		2,670		18,866		150		21,686		(2,337		)	19,349		100	%
	1635 N. Cahuenga Building		8/3/11		Los Angeles		CA		Office		3,112		4,627		149		7,888		(639		)	7,249		70	%
	Richardson Portfolio:
	Palisades Central I		11/23/11		Richardson		TX		Office		1,037		9,130		1,227		11,394		(1,939		)	9,455		90	%
	Palisades Central II		11/23/11		Richardson		TX		Office		810		16,875		1,728		19,413		(3,306		)	16,107		90	%
	Greenway I		11/23/11		Richardson		TX		Office		561		2,180		—		2,741		(307		)	2,434		90	%
	Greenway III		11/23/11		Richardson		TX		Office		702		3,785		895		5,382		(1,103		)	4,279		90	%
	Undeveloped Land		11/23/11		Richardson		TX		Undeveloped Land		6,948		—		—		6,948		—			6,948		90	%
	Total Richardson Portfolio										10,058		31,970		3,850		45,878		(6,655		)	39,223
	Park Highlands		12/30/11		North Las Vegas		NV		Undeveloped Land		27,136		—		—		27,136		—			27,136		50.1	%
	Bellevue Technology Center		7/31/12		Bellevue		WA		Office		25,506		51,484		3,813		80,803		(4,385		)	76,418		100	%
	Powers Ferry Landing East		9/24/12		Atlanta		GA		Office		1,642		7,518		204		9,364		(591		)	8,773		100	%
	1800 West Loop		12/4/12		Houston		TX		Office		8,360		57,930		5,594		71,884		(5,229		)	66,655		100	%
	West Loop I & II		12/7/12		Houston		TX		Office		7,300		28,631		3,240		39,171		(3,356		)	35,815		100	%
	Burbank Collection		12/12/12		Burbank		CA		Retail		4,175		7,851		1,076		13,102		(727		)	12,375		90	%
	Austin Suburban Portfolio		3/28/13		Austin		TX		Office		8,288		65,537		5,147		78,972		(6,049		)	72,923		100	%
	Westmoor Center		6/12/13		Westminster		CO		Office		10,058		64,288		10,094		84,440		(6,251		)	78,189		100	%
	Central Building		7/10/13		Seattle		WA		Office		7,015		24,249		2,306		33,570		(1,381		)	32,189		100	%
	50 Congress Street		7/11/13		Boston		MA		Office		9,876		40,163		3,598		53,637		(2,657		)	50,980		100	%
	1180 Raymond		8/20/13		Newark		NJ		Apartment		8,292		36,062		136		44,490		(1,006		)	43,484		100	%
	Park Highlands II		12/10/13		North Las Vegas		NV		Undeveloped Land		20,737		—		—		20,737		—			20,737		99.5	%
	Maitland Promenade II		12/18/13		Orlando		FL		Office		3,434		23,423		4,812		31,669		(1,092		)	30,577		100	%
	Plaza Buildings		1/14/14		Bellevue		WA		Office		53,040		125,331		8,930		187,301		(3,398		)	183,903		100	%
	424 Bedford		1/31/14		Brooklyn		NY		Apartment		8,860		24,367		554		33,781		(739		)	33,042		90	%
											$	223,406	$	621,214	$	53,653	$	898,273	$	(47,510	)	$	850,763
	_____________________
	(1) Amounts are net of impairment charges.
Schedule of Future Minimum Rental Income for Company's Properties	'
	As of June 30, 2014, the future minimum rental income from the Company’s properties, excluding apartment leases, under non-cancelable operating leases was as follows (in thousands):
	July 1, 2014 through December 31, 2014	$	33,587
	2015	67,508
	2016	60,181
	2017	48,971
	2018	38,530
	Thereafter	77,162
		$	325,939
Schedules of Concentration of Risk, by Risk Factor	'
	As of June 30, 2014, the Company’s commercial real estate properties were leased to approximately 450 tenants over a diverse range of industries and geographic areas. The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows:
	Industry		Number of		Annualized				Percentage of
			Tenants		Base Rent (1)				Annualized
					(in thousands)				Base Rent
	Finance		48		$	11,451			15.6	%
	Computer System Design & Programming		36		8,430				11.5	%
	Insurance Carriers & Related Activities		26		7,855				10.7	%
					$	27,736			37.8	%
	_____________________
	(1) Annualized base rent represents annualized contractual base rental income as of June 30, 2014, 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.

TENANT_ORIGINATION_AND_ABSORPT1

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2014
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	'
	As of June 30, 2014 and December 31, 2013, 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
		June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
		2014			2013			2014			2013			2014			2013
	Cost	$	53,653		$	48,012		$	3,904		$	4,394		$	(8,027	)	$	(5,955	)
	Accumulated Amortization	(15,288		)	(10,751		)	(1,381		)	(1,459		)	2,496			1,535
	Net Amount	$	38,365		$	37,261		$	2,523		$	2,935		$	(5,531	)	$	(4,420	)
Amortization of Tenant Origination and Absorption 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 six months ended June 30, 2014 and 2013 were as follows (in thousands):
		Tenant Origination and						Above-Market						Below-Market
		Absorption Costs						Lease Assets						Lease Liabilities
		For the Three Months Ended						For the Three Months Ended						For the Three Months Ended
		June 30,						June 30,						June 30,
		2014			2013			2014			2013			2014			2013
	Amortization	$	(4,028	)	$	(2,050	)	$	(305	)	$	(394	)	$	624		$	342

REAL_ESTATE_LOANS_RECEIVABLE_T

REAL ESTATE LOANS RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2014
Receivables [Abstract]	'
Schedule of Real Estate Loans Receivable	'
	As of June 30, 2014, the Company owned one real estate loan receivable that it had originated. The information for that real estate loan receivable as of June 30, 2014 and December 31, 2013 is set forth below (in thousands):
	Loan Name		Date Acquired/ Originated		Property Type		Loan Type	Outstanding Principal Balance as of June 30, 2014 (1)			Book Value			Book Value as of December 31, 2013 (2)		Contractual Interest Rate (3)	Annualized Effective Interest Rate (3)	Maturity Date
	Location of Related Property or										as of June 30, 2014 (2)
	Collateral
	University House First Mortgage
	New York, New York		3/20/13		Student Housing		Mortgage	$	22,000		$	22,000		$	21,893	11.00%	13.00%	7/1/14	(4)
	_____________________
	(1) Outstanding principal balance as of June 30, 2014 represents original principal balance outstanding under the loan, increased for any subsequent fundings, including interest income deferred until maturity.
	(2) Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized acquisition discounts, origination fees and direct origination and acquisition costs and additional interest accretion.
	(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 2014, using the interest method annualized (if applicable) and divided by the average amortized cost basis of the investment. The annualized effective interest rates and contractual interest rates presented are as of June 30, 2014.
	(4) Subsequent to June 30, 2014, the Company and the borrower under the University House First Mortgage extended the maturity date to June 30, 2015. In connection with the extension, the Company advanced an additional $5.9 million to the borrower under the University House First Mortgage.
Schedule of Activity Related to Real Estate Loans Receivable	'
	The following summarizes the activity related to the real estate loan receivable for the six months ended June 30, 2014 (in thousands):
	Real estate loan receivable - December 31, 2013	$	21,893
	Extension fee on real estate loan receivable	(105		)
	Accretion of closing costs and origination fees on real estate loan receivable, net	212
	Real estate loan receivable - June 30, 2014	$	22,000
Schedule of Interest Income from Real Estate Loans Receivable	'
	For the three and six months ended June 30, 2014 and 2013, interest income from real estate loans receivable consisted of the following (in thousands):
		Three Months Ended June 30,							Six Months Ended June 30,
		2014				2013			2014			2013
	Contractual interest income (including deferred interest)	$	612			$	1,606		$	1,217		$	2,670
	Accretion of closing costs and origination fees, net	105				450			212			858
	Interest accretion	—				142			—			198
	Interest income from real estate loans receivable	$	717			$	2,198		$	1,429		$	3,726

REAL_ESTATE_HELD_FOR_SALE_AND_1

REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2014
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 six months ended June 30, 2014 and 2013 (in thousands):
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Total revenues and other income	$	—		$	464		$	—		$	971
	Total expenses	20			712			33			1,915
	Loss from discontinued operations before gain on sales of real estate	(20		)	(248		)	(33		)	(944		)
	Gain on sales of real estate, net	—			—			—			4,225
	Total (loss) income from discontinued operations	$	(20	)	$	(248	)	$	(33	)	$	3,281

NOTES_AND_BOND_PAYABLE_Tables

NOTES AND BOND PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2014
Notes and Bonds Payable [Abstract]	'
Schedule of Long-term Debt Instruments	'
	As of June 30, 2014 and December 31, 2013, the Company’s notes and bond payable consisted of the following (dollars in thousands):
		Book Value as of		Book Value as of December 31, 2013		Contractual Interest Rate as of June 30, 2014 (1)	Effective Interest Rate at June 30, 2014 (1)	Payment Type	Maturity
		30-Jun-14							Date (2)
	Richardson Portfolio Mortgage Loan (3)	$	38,000	$	31,566	One-Month LIBOR + 2.10%	2.25%	Interest Only	5/1/17
	Bellevue Technology Center Mortgage Loan (4)	48,128		47,408		One-Month LIBOR + 2.25%	2.40%	Interest Only	3/1/17
	Portfolio Revolving Loan Facility (5)	30,481		3,379		One-Month LIBOR + 2.25%	2.40%	Interest Only	5/1/17
	Portfolio Mortgage Loan (6)	88,584		82,766		One-Month LIBOR + 2.50%	2.65%	Interest Only	7/1/17
	1635 N. Cahuenga Mortgage Loan (7)	4,650		4,650		One-Month LIBOR + 2.35%	2.50%	Interest Only	8/1/16
	Burbank Collection Mortgage Loan (8)	8,200		8,200		One-Month LIBOR + 2.35%	2.54%	Interest Only	9/30/16
	50 Congress Mortgage Loan (9)	26,935		26,535		One-Month LIBOR + 1.90%	2.05%	Interest Only	10/1/17
	1180 Raymond Bond Payable	7,015		7,085		6.50%	6.50%	Principal	9/1/36
								& Interest
	Central Building Mortgage Loan (10)	24,100		24,100		One-Month LIBOR + 1.75%	1.90%	Interest Only	11/13/18
	Maitland Promenade II Mortgage Loan (11)	20,182		20,182		One-Month LIBOR + 2.90%	3.25%	Interest Only	1/1/17
	Westmoor Center Mortgage Loan (12)	54,880		—		One-Month LIBOR + 2.25%	2.40%	Interest Only	2/1/18
	Plaza Buildings Senior Loan (13)	108,000		—		One-Month LIBOR + 1.90%	2.05%	Interest Only	1/14/17
	Plaza Buildings Mezzanine Loan (14)	25,000		—		(14)	8.10%	Interest Only	1/14/17
	424 Bedford Mortgage Loan (15)	26,111		—		3.91%	3.91%	Principal	10/1/22
								& Interest
	Total Notes and Bond Payable principal outstanding	510,266		255,871
	Net Premium/Discount on Notes and Bond Payable (16)	17		1,549
	Total Notes and Bond Payable, net	$	510,283	$	257,420
	_____________________
	(1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2014. Effective interest rate is calculated as the actual interest rate in effect as of June 30, 2014 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at June 30, 2014, where applicable.
	(2) Represents the initial maturity date or the maturity date as extended as of June 30, 2014; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown.
	(3) On April 28, 2014, the Richardson Portfolio Mortgage Loan was refinanced, see “- Recent Transactions - Richardson Portfolio Mortgage Loan Finance.”
	(4) As of June 30, 2014, $48.1 million had been disbursed to the Company and the remaining $4.9 million is available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements, subject to certain conditions contained in the loan documents. Monthly payments are initially interest only. Beginning March 1, 2016, monthly payments also include principal amortization payments of up to $60,000 per month.
	(5) The Portfolio Revolving Loan Facility is secured by the 1800 West Loop Building and the Iron Point Business Park. The Portfolio Revolving Loan Facility is comprised of $59.5 million of revolving debt and $13.0 million of non-revolving debt available to be used for tenant improvements, leasing commissions and capital improvements, subject to certain terms and conditions contained in the loan documents. As of June 30, 2014, $25.0 million of revolving debt and $5.5 million of non-revolving debt had been disbursed to the Company and the remaining $34.5 million of revolving debt and $7.5 million of non-revolving debt is available for future disbursements, subject to certain conditions contained in the loan documents. Monthly payments are initially interest only. Beginning June 1, 2016, and to the extent that there are amounts outstanding under the non-revolving portion of the loan, monthly payments will include interest and principal amortization payments of up to $80,000 per month.
	(6) As of June 30, 2014, $88.6 million had been disbursed to the Company with $19.0 million of debt available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning July 1, 2016, monthly payments will include principal and interest with principal payments calculated using an amortization schedule of 30 years and an assumed annual interest rate of 6.0%.
	(7) The Company owns a 70% equity interest in the joint venture that owns the 1635 N. Cahuenga Building. As of June 30, 2014, $4.7 million had been disbursed and $2.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning August 1, 2015, monthly payments will also include principal amortization payments of $7,000 per month.
	(8) The Company owns a 90% equity interest in the joint venture that owns the Burbank Collection. As of June 30, 2014, $8.2 million had been disbursed and $3.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents.
	(9) As of June 30, 2014, $26.9 million of the 50 Congress Mortgage Loan was funded and $5.9 million remains available, $2.9 million of which is available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements at 50 Congress and $3.0 million of which is available through October 1, 2016, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning November 1, 2016, monthly payments will also include principal amortization payments of $32,000 per month.
	(10) As of June 30, 2014, $24.1 million of the Central Building Mortgage Loan was funded, and $3.5 million remains available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements, subject to certain terms and conditions contained in the loan documents.
	(11) As of June 30, 2014, $20.2 million of the Maitland Promenade II Mortgage Loan was funded and $2.8 million remains available for future disbursements to be used for tenant improvements, leasing commissions, capital improvements and interest shortfalls, subject to certain terms and conditions contained in the loan documents. Interest on the loan is calculated at a variable annual rate of 290 basis points over one-month LIBOR, but at no point shall the interest rate be less than 3.25%. Beginning February 1, 2016, monthly payments will include principal and interest with principal payments calculated using an amortization schedule of 30 years. Monthly payments are initially interest only.
	(12) As of June 30, 2014, $54.9 million had been disbursed and $7.1 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning March 1, 2017, monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years and an annual interest rate of 6.5%.
	(13) As of June 30, 2014, $108.0 million had been disbursed and $3.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning with the February 2016 payment, monthly payments may include principal and interest, with principal payments calculated using an amortization schedule of 30 years and an annual interest rate of 6.5%.
	(14) Interest on this loan is calculated as a floating rate of 785 basis points over one-month LIBOR, but at no point shall interest rate be less than 8.10%. As of June 30, 2014, $25.0 million had been disbursed and $5.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents.
	(15) The Company owns a 90% equity interest in the joint venture that owns 424 Bedford. Monthly payments includes principal and interest, with principal payments calculated using an amortization schedule of 30 years.
	(16) Represents the unamortized premium/discount on notes and bond payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bond payable.
Schedule of Maturities of Long-term Debt	'
	The following is a schedule of maturities, including principal amortization payments, for all notes and bond payable outstanding as of June 30, 2014 (in thousands):
	July 1, 2014 through December 31, 2014	$	832
	2015	2,005
	2016	18,188
	2017	383,533
	2018	80,176
	Thereafter	25,532
		$	510,266

FAIR_VALUE_DISCLOSURES_Tables

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2014
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 financial instruments as of June 30, 2014 and December 31, 2013, which carrying amounts do not approximate the fair values (in thousands):
			30-Jun-14									31-Dec-13
			Face Value			Carrying Amount			Fair Value			Face Value		Carrying Amount		Fair Value
	Financial assets:
	Real estate loans receivable		$	22,000		$	22,000		$	22,000		$	22,000	$	21,893	$	22,000
	Financial liabilities:
	Notes and bond payable		$	510,266		$	510,283		$	512,948		$	255,871	$	257,420	$	258,876
Schedule of Assets and Liabilities at Fair Value	'
	During the six months ended June 30, 2014, the Company measured the following liability at fair value (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 (1):
	424 Bedford Mortgage Loan	$	(24,793	)	$	—		$	—		$	(24,793	)
	_____________________
	(1) Amounts reflect the fair values of the assets and liabilities at the time each event occurred.

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Schedule of Related Party Costs	'
	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2014 and 2013, respectively, and any related amounts payable as of June 30, 2014 and December 31, 2013 (in thousands):
		Incurred								Payable as of
		Three Months Ended June 30,				Six Months Ended June 30,				June 30,		December 31,
		2014		2013		2014		2013		2014		2013
	Expensed
	Asset management fees (1)	$	1,909	$	966	$	3,518	$	1,730	$	—	$	—
	Real estate acquisition fees	—		854		2,274		1,612		—		—
	Reimbursable operating expenses (2)	42		33		73		58		—		—
	Disposition fees (3)	—		—		—		77		—		—
	Capitalized
	Acquisition and origination fees on real estate loans receivable	—		—		—		220		—		—
	Acquisition fee on investment in unconsolidated joint venture	1,573		—		1,573		—		—		—
	Escrow deposit for future real estate	—		1,750		—		1,750		—		—
		$	3,524	$	3,603	$	7,438	$	5,447	—		$	—
	_____________________
	(1) Amounts include asset management fees from discontinued operations.
	(2) The Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. The Company has reimbursed 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 $42,000 and $33,000 for the three months ended June 30, 2014 and 2013, respectively, and $73,000 and $58,000 for the six months ended June 30, 2014 and 2013, respectively, and were the only employee costs reimbursed under the Advisory Agreement during these periods. 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.

INVESTMENT_IN_UNCONSOLIDATED_J1

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	6 Months Ended
	Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Schedule of Investments in Unconsolidated Joint Ventures	'
	Summarized financial information for the 110 William Joint Venture follows (in thousands):
		30-Jun-14			31-Dec-13
	Assets:
	Real estate assets, net of accumulated depreciation and amortization	$	278,938		$	—
	Other assets	16,181			15,000
	Total assets	295,119			15,000
	Liabilities and Equity:
	Notes payable, net	170,500			—
	Other liabilities	16,098			243
	Partners' capital	108,521			14,757
	Total Liabilities and Equity	$	295,119		$	15,000
		Three Months ended			Six Months ended
		30-Jun-14			30-Jun-14
	Revenues	$	5,448		$	5,448
	Expenses:
	Operating, maintenance, and management	1,389			1,389
	Real estate taxes and insurance	849			849
	Real estate acquisition fees and expenses	711			991
	Depreciation and amortization	2,056			2,056
	Interest expense	1,031			1,031
	Total expenses	6,036			6,316
	Total other income	33			33
	Net loss	(555		)	(835		)
	Equity in loss of unconsolidated joint venture	$	(333	)	$	(501	)
	As of June 30, 2014 and December 31, 2013, the Company’s investments in unconsolidated joint ventures were composed of the following (dollars in thousands):
							Investment Balance at
	Joint Venture	Number of Properties		Location	Ownership %		June 30,		31-Dec-13
							2014
	NIP Joint Venture	23		Various	Less than 5.0%		$	7,484	$	7,484
	110 William Joint Venture	1		New York, New York	60.00%		66,735		8,854
							$	74,219	$	16,338

UNAUDITED_PRO_FORMA_FINANCIAL_1

UNAUDITED PRO FORMA FINANCIAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2014
Business Acquisition, Pro Forma Information [Abstract]	'
Business Acquisition, Pro Forma Information	'
	This pro forma information does not purport to represent what the actual results of operations of the Company would have been had the acquisition occurred on this date, nor does it purport to predict the results of operations for future periods (in thousands, except share and per share amounts).
		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2014			2013			2014			2013
	Revenues	$	26,244		$	18,668		$	51,398		$	31,660
	Depreciation and amortization	$	11,883		$	7,110		$	23,861		$	12,589
	Net (loss) income attributable to common stockholders	$	(5,331	)	$	(2,913	)	$	(12,838	)	$	(2,072	)
	Net (loss) income per common share, basic and diluted	$	(0.09	)	$	(0.05	)	$	(0.21	)	$	(0.04	)
	Weighted-average number of common shares outstanding, basic and diluted	59,751,364			58,339,185			59,751,364			58,339,185

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share	'
	The following table presents the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Numerator
	Loss from continuing operations	$	(5,460	)	$	(2,181	)	$	(15,341	)	$	(3,968	)
	Loss from continuing operations attributable to noncontrolling interests	149			86			426			154
	Loss from continuing operations attributable to common stockholders	(5,311		)	(2,095		)	(14,915		)	(3,814		)
	Total (loss) income from discontinued operations	(20		)	(248		)	(33		)	3,281
	Total income from discontinued operations attributable to noncontrolling interests	—			—			—			(398		)
	Total (loss) income from discontinued operations attributable to common stockholders	(20		)	(248		)	(33		)	2,883
	Net loss attributable to common stockholders	$	(5,331	)	$	(2,343	)	$	(14,948	)	$	(931	)
	Denominator
	Weighted-average number of common shares outstanding, basic and diluted	59,642,831			58,338,103			59,618,518			58,232,276
	Basic and diluted (loss) income per common share:
	Continuing operations	$	(0.09	)	$	(0.04	)	$	(0.25	)	$	(0.07	)
	Discontinued operations	—			—			—			0.05
	Net loss per common share	$	(0.09	)	$	(0.04	)	$	(0.25	)	$	(0.02	)

ORGANIZATION_Details

ORGANIZATION (Details) (USD $)

6 Months Ended

12 Months Ended

55 Months Ended

6 Months Ended

12 Months Ended

55 Months Ended

6 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Oct. 23, 2012

Dec. 29, 2011

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jan. 08, 2009

Jan. 08, 2009

Jan. 08, 2009

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Investments

Investments

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Minimum [Member]

Maximum [Member]

Office Properties [Member]

Office Campus [Member]

Office Portfolio [Member]

Office Portfolio [Member]

Office Buildings, Portfolio [Member]

Office Property, Portfolio [Member]

Office Property, Portfolio [Member]

Retail Properties [Member]

Apartment Property [Member]

Office Property [Member]

KBS Capital Advisors LLC [Member]

acre

acre

Common Stock [Member]

Common Stock [Member]

properties

properties

Portfolios

Austin Suburban Portfolio [Member]

properties

properties

Austin Suburban Portfolio [Member]

properties

properties

Portfolios

Portfolios

acre

properties

Organizational Structure [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Partnership interest in Operating Partnership

0.10%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

99.90%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares held by affiliate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000

Number of real estate properties

'

'

'

'

'

'

'

'

'

'

'

13

1

1

'

4

'

'

1

2

'

'

Real estate area of undeveloped land

1,670

'

1,670

'

'

'

'

'

'

'

'

'

'

'

'

43

'

'

'

'

'

'

Number of real estate properties acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

9

3

'

'

'

'

Number of Investments in Unconsolidated Joint Venture

2

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of first mortgage loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

Stock offering, shares authorized for issuance

'

'

'

'

'

'

'

'

'

250,000

140,000,000

'

'

'

'

'

'

'

'

'

'

'

Shares registered in primary offering

'

'

'

'

'

'

'

'

100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares registered for sale under dividend reinvestment plan

'

'

'

'

'

'

'

'

40,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

'

'

375,406

1,751,478

56,584,976

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, value

$4,020,000

$16,641,000

$561,700,000

'

'

$4,000

$18,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares of common stock sold under dividend reinvestment plan, shares

'

'

'

'

'

'

'

3,456,236

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares of common stock sold under dividend reinvestment plan, value

'

'

33,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Redemptions of common stock, shares

'

'

'

'

'

243,042

260,105

586,091

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Redemptions of common stock, value

2,511,000

2,450,000

5,700,000

'

'

3,000

3,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares issued

59,751,364

59,619,000

59,751,364

55,249

220,994

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, value, issued

$597,000

$596,000

$597,000

$500,000

$2,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accounting Policies [Abstract]	'	'	'	'
Distributions declared per share	$0.06	$0	$0.11	$0.06

RECENT_ACQUISITIONS_OF_REAL_ES2

RECENT ACQUISITIONS OF REAL ESTATE (Narrative) (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
Business Combinations [Abstract]	'
Business combination and acquisition cost expensed	$4.40
Total revenues recognized from business combination	8.3
Operating expense recognized from business combination	$5.70

RECENT_ACQUISITIONS_OF_REAL_ES3

RECENT ACQUISITIONS OF REAL ESTATE (Schedule of Business Acquisitions, Properties Acquired) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Business Acquisition [Line Items]	'
Land	$61,900,000
Building and Improvements	148,478,000
Tenant Origination and Absorption Costs	9,499,000
Above-Market Lease Assets	196,000
Below-Market Lease Liabilities	-2,392,000
Other Intangible Assets	4,547,000
Total Purchase Price	222,228,000
424 Bedford [Member] | Mortgages [Member]	'
Business Acquisition [Line Items]	'
Notes payable	26,300,000
Debt, fair value	24,800,000
Discount on notes payable	1,500,000
Loan, remaining life	'8 years 8 months 12 days
424 Bedford [Member]	'
Business Acquisition [Line Items]	'
Property tax abatement, period	'12 years 4 months 24 days
Office [Member] | Plaza Buildings [Member]	'
Business Acquisition [Line Items]	'
Acquisition Date	14-Jan-14
Land	53,040,000
Building and Improvements	124,212,000
Tenant Origination and Absorption Costs	8,945,000
Above-Market Lease Assets	196,000
Below-Market Lease Liabilities	-2,392,000
Other Intangible Assets	0
Total Purchase Price	184,001,000
Office [Member] | 424 Bedford [Member]	'
Business Acquisition [Line Items]	'
Acquisition Date	31-Jan-14	[1]
Land	8,860,000	[1]
Building and Improvements	24,266,000	[1]
Tenant Origination and Absorption Costs	554,000	[1]
Above-Market Lease Assets	0	[1]
Below-Market Lease Liabilities	0	[1]
Other Intangible Assets	4,547,000	[1],[2]
Total Purchase Price	$38,227,000	[1]
[1]	In connection with the acquisition of 424 Bedford, the Company assumed the 424 Bedford Mortgage Loan from the seller. The Company recorded the mortgage debt with a principal balance of $26.3 million assumed at an estimated fair value of $24.8 million, net of a discount on note payable of $1.5 million due to a below-market interest rate. The discount on note payable is amortized over the remaining life of the loan of 8.7 years. See Note 8, bNotes and Bond Payableb for more information.
[2]	The property is subject to a property tax abatement from the citybs department of housing preservation and development. The estimated fair value of the property tax abatement of $4.5 million is recorded as prepaid expenses and other assets on the Companybs consolidated balance sheet as of the acquisition date and amortized on a straight-line basis over the projected property tax abatement period of approximately 12.4 years. Amortization of the property tax abatement asset is included in depreciation and amortization expense on the accompanying consolidated statements of operations.

RECENT_ACQUISITIONS_OF_REAL_ES4

RECENT ACQUISITIONS OF REAL ESTATE (Schedule of Finite-Lived Intangible Assets and Liabilities Acquired, Weighted-Average Amortization Periods) (Details)	6 Months Ended
	Jun. 30, 2014
Tenant Origination and Absorption Costs [Member] | Plaza Buildings [Member]	'
Business Acquisition [Line Items]	'
Weighted-average amortization periods	'5 years 9 months 18 days
Tenant Origination and Absorption Costs [Member] | 424 Bedford [Member]	'
Business Acquisition [Line Items]	'
Weighted-average amortization periods	'6 months
Above-Market Lease Assets [Member] | Plaza Buildings [Member]	'
Business Acquisition [Line Items]	'
Weighted-average amortization periods	'5 years 2 months 12 days
Below-Market Lease Liabilities [Member] | Plaza Buildings [Member]	'
Business Acquisition [Line Items]	'
Weighted-average amortization periods	'4 years 3 months 18 days

REAL_ESTATE_HELD_FOR_INVESTMEN2

REAL ESTATE HELD FOR INVESTMENT (Narrative) (Details)	Jun. 30, 2014
	acre
	sqft
Real Estate Properties [Line Items]	'
Real estate area of undeveloped land	1,670
Rentable square feet	4,600,000
Percentage of portfolio occupied	77.00%
Office Properties [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	13
Office Campus [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	1
Office Portfolio [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	1
Office Portfolio [Member] | Austin Suburban Portfolio [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties acquired	1
Office Buildings, Portfolio [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	4
Real estate area of undeveloped land	43
Office Property, Portfolio [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties acquired	9
Office Property, Portfolio [Member] | Austin Suburban Portfolio [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties acquired	3
Retail Properties [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	1
Apartment Property [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	2
Rentable square feet	300,000
Percentage of portfolio occupied	85.00%
Apartment Property [Member] | 1180 Raymond [Member] | Multifamily Tower [Member]	'
Real Estate Properties [Line Items]	'
Number of units in real estate property	383
Undeveloped Land [Member]	'
Real Estate Properties [Line Items]	'
Number of investments in real estate	2

REAL_ESTATE_HELD_FOR_INVESTMEN3

REAL ESTATE HELD FOR INVESTMENT (Schedule of Real Estate Investments) (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

In Thousands, unless otherwise specified

Village Overlook Buildings [Member]

Academy Point Atrium I [Member]

Northridge Center I & II [Member]

Iron Point Business Park [Member]

1635 N. Cahuenga Building [Member]

Palisades Central I [Member]

Palisades Central II [Member]

Greenway I [Member]

Greenway III [Member]

Undeveloped Land [Member]

Richardson Portfolio [Member]

Park Highlands [Member]

Bellevue Technology Center [Member]

Powers Ferry Landing East [Member]

1800 West Loop [Member]

West Loop I and II [Member]

Burbank Collection [Member]

Austin Suburban Portfolio [Member]

Westmoor Center [Member]

Central Building [Member]

50 Congress Street [Member]

1180 Raymond [Member]

Park Highlands II [Member]

Maitland Promenade II [Member]

Plaza Buildings [Member]

424 Bedford [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Land [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Buildings and Improvements [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Tenant Origination and Absorption Costs [Member]

Village Overlook Buildings [Member]

Academy Point Atrium I [Member]

Northridge Center I & II [Member]

Iron Point Business Park [Member]

1635 N. Cahuenga Building [Member]

Palisades Central I [Member]

Palisades Central II [Member]

Greenway I [Member]

Greenway III [Member]

Undeveloped Land [Member]

Richardson Portfolio [Member]

Park Highlands [Member]

Bellevue Technology Center [Member]

Powers Ferry Landing East [Member]

1800 West Loop [Member]

West Loop I and II [Member]

Burbank Collection [Member]

Austin Suburban Portfolio [Member]

Westmoor Center [Member]

Central Building [Member]

50 Congress Street [Member]

1180 Raymond [Member]

Park Highlands II [Member]

Maitland Promenade II [Member]

Plaza Buildings [Member]

424 Bedford [Member]

Village Overlook Buildings [Member]

Academy Point Atrium I [Member]

Northridge Center I & II [Member]

Iron Point Business Park [Member]

1635 N. Cahuenga Building [Member]

Palisades Central I [Member]

Palisades Central II [Member]

Greenway I [Member]

Greenway III [Member]

Undeveloped Land [Member]

Richardson Portfolio [Member]

Park Highlands [Member]

Bellevue Technology Center [Member]

Powers Ferry Landing East [Member]

1800 West Loop [Member]

West Loop I and II [Member]

Burbank Collection [Member]

Austin Suburban Portfolio [Member]

Westmoor Center [Member]

Central Building [Member]

50 Congress Street [Member]

1180 Raymond [Member]

Park Highlands II [Member]

Maitland Promenade II [Member]

Plaza Buildings [Member]

424 Bedford [Member]

Village Overlook Buildings [Member]

Academy Point Atrium I [Member]

Northridge Center I & II [Member]

Iron Point Business Park [Member]

1635 N. Cahuenga Building [Member]

Palisades Central I [Member]

Palisades Central II [Member]

Greenway I [Member]

Greenway III [Member]

Undeveloped Land [Member]

Richardson Portfolio [Member]

Park Highlands [Member]

Bellevue Technology Center [Member]

Powers Ferry Landing East [Member]

1800 West Loop [Member]

West Loop I and II [Member]

Burbank Collection [Member]

Austin Suburban Portfolio [Member]

Westmoor Center [Member]

Central Building [Member]

50 Congress Street [Member]

1180 Raymond [Member]

Park Highlands II [Member]

Maitland Promenade II [Member]

Plaza Buildings [Member]

424 Bedford [Member]

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Date Acquired or Foreclosed on

'

'

2-Aug-10

3-Nov-10

25-Mar-11

21-Jun-11

3-Aug-11

23-Nov-11

23-Nov-11

23-Nov-11

23-Nov-11

23-Nov-11

'

30-Dec-11

31-Jul-12

24-Sep-12

4-Dec-12

7-Dec-12

12-Dec-12

28-Mar-13

12-Jun-13

10-Jul-13

11-Jul-13

20-Aug-13

10-Dec-13

18-Dec-13

14-Jan-14

31-Jan-14

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total real estate, cost

$898,273

[1]

$668,018

$1,277

[1]

$3,298

[1]

$8,189

[1]

$21,686

[1]

$7,888

[1]

$11,394

[1]

$19,413

[1]

$2,741

[1]

$5,382

[1]

$6,948

[1]

$45,878

[1]

$27,136

[1]

$80,803

[1]

$9,364

[1]

$71,884

[1]

$39,171

[1]

$13,102

[1]

$78,972

[1]

$84,440

[1]

$33,570

[1]

$53,637

[1]

$44,490

[1]

$20,737

[1]

$31,669

[1]

$187,301

[1]

$33,781

[1]

$223,406

$159,918

$322

$1,291

$2,234

$2,670

$3,112

$1,037

$810

$561

$702

$6,948

$10,058

$27,136

$25,506

$1,642

$8,360

$7,300

$4,175

$8,288

$10,058

$7,015

$9,876

$8,292

$20,737

$3,434

$53,040

$8,860

$621,214

$460,088

$955

$2,007

$5,955

$18,866

$4,627

$9,130

$16,875

$2,180

$3,785

$0

$31,970

$0

$51,484

$7,518

$57,930

$28,631

$7,851

$65,537

$64,288

$24,249

$40,163

$36,062

$0

$23,423

$125,331

$24,367

$53,653

$48,012

$0

$0

$0

$150

$149

$1,227

$1,728

$0

$895

$0

$3,850

$0

$3,813

$204

$5,594

$3,240

$1,076

$5,147

$10,094

$2,306

$3,598

$136

$0

$4,812

$8,930

$554

Accumulated depreciation and amortization

-47,510

-29,859

-48

-59

-911

-2,337

-639

-1,939

-3,306

-307

-1,103

0

-6,655

0

-4,385

-591

-5,229

-3,356

-727

-6,049

-6,251

-1,381

-2,657

-1,006

0

-1,092

-3,398

-739

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total real estate, net

$850,763

$638,159

$1,229

$3,239

$7,278

$19,349

$7,249

$9,455

$16,107

$2,434

$4,279

$6,948

$39,223

$27,136

$76,418

$8,773

$66,655

$35,815

$12,375

$72,923

$78,189

$32,189

$50,980

$43,484

$20,737

$30,577

$183,903

$33,042

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership %

'

'

100.00%

100.00%

100.00%

100.00%

70.00%

90.00%

90.00%

90.00%

90.00%

90.00%

'

50.10%

100.00%

100.00%

100.00%

100.00%

90.00%

100.00%

100.00%

100.00%

100.00%

100.00%

99.50%

100.00%

100.00%

90.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Amounts are net of impairment charges.

REAL_ESTATE_HELD_FOR_INVESTMEN4

REAL ESTATE HELD FOR INVESTMENT (Operating Leases) (Narrative) (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
	Tenants
Operating Leased Assets [Line Items]	'	'	'
Deferred rent recognized	$4.80	$1.90	'
Deferred rent receivables	13.1	'	7.8
Incentive to Lessee	1.6	'	1.2
Number of tenants	450	'	'
Maximum [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Operating lease, term	'11 years 3 months 18 days	'	'
Weighted Average [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Operating lease, term	'3 years 9 months 18 days	'	'
Other Liabilities [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Security deposit liability	$4.70	'	$3.50
Apartment Building [Member]	'	'	'
Operating Leased Assets [Line Items]	'	'	'
Operating lease, term	'1 year	'	'

REAL_ESTATE_HELD_FOR_INVESTMEN5

REAL ESTATE HELD FOR INVESTMENT (Future Minimum Rental Income) (Details) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Real Estate [Abstract]	'
July 1, 2014 through December 31, 2014	$33,587
2015	67,508
2016	60,181
2017	48,971
2018	38,530
Thereafter	77,162
Future minimum rental income	$325,939

REAL_ESTATE_HELD_FOR_INVESTMEN6

REAL ESTATE HELD FOR INVESTMENT (Highest Tenant Industry Concentrations- Greater than 10% of Annual Base Rent) (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
	Tenants
Concentration Risk [Line Items]	'
Number of tenants	450
Annualized Base Rent	$27,736
Percentage of Annualized Base Rent	37.80%
Industry - Finance [Member]	'
Concentration Risk [Line Items]	'
Number of tenants	48
Annualized Base Rent	11,451
Percentage of Annualized Base Rent	15.60%
Industry - Computer System Design & Programming [Member]	'
Concentration Risk [Line Items]	'
Number of tenants	36
Annualized Base Rent	8,430
Percentage of Annualized Base Rent	11.50%
Industry - Insurance Carriers & Related Activities [Member]	'
Concentration Risk [Line Items]	'
Number of tenants	26
Annualized Base Rent	$7,855
Percentage of Annualized Base Rent	10.70%

REAL_ESTATE_HELD_FOR_INVESTMEN7

REAL ESTATE HELD FOR INVESTMENT (Geographic Concentration Risk) (Details)	6 Months Ended
	Jun. 30, 2014
Concentration Risk [Line Items]	'
Concentration risk, percentage	37.80%
Texas [Member] | Assets, Total [Member]	'
Concentration Risk [Line Items]	'
Concentration risk, percentage	21.20%
Washington [Member] | Assets, Total [Member]	'
Concentration Risk [Line Items]	'
Concentration risk, percentage	28.90%

REAL_ESTATE_HELD_FOR_INVESTMEN8

REAL ESTATE HELD FOR INVESTMENT (Property Damages) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Real Estate Properties [Line Items]	'	'	'	'
Maximum deductible per incident	'	'	$25,000	'
Property damages	'	'	800,000	'
Estimated insurance recoveries	800,000	'	800,000	'
Operating, maintenance, and management	8,578,000	4,791,000	17,293,000	8,242,000
Proceeds from property damage insurance policies	'	'	400,000	'
Estimated insurance recoveries to be collected	400,000	'	400,000	'
Damaged Properties [Member]	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'
Operating, maintenance, and management	'	'	$35,000	'

TENANT_ORIGINATION_AND_ABSORPT2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]	'	'	'	'	'
Tenant Origination And Absorption Costs, Cost	$53,653	'	$53,653	'	$48,012
Tenant Origination and Absorption Costs, Accumulated Amortization	-15,288	'	-15,288	'	-10,751
Tenant Origination and Absorption Costs, Net Amount	38,365	'	38,365	'	37,261
Tenant Origination and Absorption Costs, Amortization expense	-4,028	-2,050	-8,396	-3,520	'
Above-Market Lease Assets, Cost	3,904	'	3,904	'	4,394
Above-Market Lease Assets, Accumulated Amortization	-1,381	'	-1,381	'	-1,459
Above-Market Lease Assets, Net Amount	2,523	'	2,523	'	2,935
Above-Market Lease Assets, Amortization expense	-305	-394	-608	-666	'
Below-Market Lease Liabilities, Cost	-8,027	'	-8,027	'	-5,955
Below-Market Lease Liabilities, Accumulated Amortization	2,496	'	2,496	'	1,535
Below-Market Lease Liabilities, Net Amount	-5,531	'	-5,531	'	-4,420
Below-Market Lease Liabilities, Amortization expense	$624	$342	$1,281	$532	'

TENANT_ORIGINATION_AND_ABSORPT3

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]	'	'	'	'	'
Tax abatement asset	$8,700,000	'	$8,700,000	'	$4,600,000
Depreciation and amortization	11,883,000	5,749,000	23,614,000	9,867,000	'
Property Tax Abatement Intangible Asset [Member]	'	'	'	'	'
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]	'	'	'	'	'
Depreciation and amortization	$200,000	$0	$500,000	$0	'

REAL_ESTATE_LOANS_RECEIVABLE_S

REAL ESTATE LOANS RECEIVABLE (Schedule of Real Estate Loans Receivable) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014		Dec. 31, 2013		Aug. 05, 2014
	LoansReceivables		Mortgages [Member]		Mortgages [Member]		Mortgages [Member]
			University House First Mortgage [Member]		University House First Mortgage [Member]		University House First Mortgage [Member]
							Subsequent Event [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'		'		'
Number of real estate loans receivable	1	'	'		'		'
Date Acquired	'	'	20-Mar-13		'		'
Outstanding Principal Balance	'	'	$22,000,000	[1]	'		'
Book Value	22,000,000	21,893,000	22,000,000	[2]	21,893,000	[2]	'
Contractual Interest Rate	'	'	11.00%	[3]	'		'
Annualized Effective Interest Rate	'	'	13.00%	[3]	'		'
Maturity Date	'	'	1-Jul-14	[4]	'		'
Additional mortgage lending	'	'	'		'		$5,900,000
[1]	Outstanding principal balance as of JuneB 30, 2014 represents original principal balance outstanding under the loan, increased for any subsequent fundings, including interest income deferred until maturity.
[2]	Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized acquisition discounts, origination fees and direct origination and acquisition costs and additional interest accretion.
[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 2014, using the interest method annualized (if applicable) and divided by the average amortized cost basis of the investment. The annualized effective interest rates and contractual interest rates presented are as of JuneB 30, 2014.
[4]	Subsequent to JuneB 30, 2014, the Company and the borrower under the University House First Mortgage extended the maturity date to June 30, 2015. In connection with the extension, the Company advanced an additional $5.9 million to the borrower under the University House First Mortgage.

REAL_ESTATE_LOANS_RECEIVABLE_S1

REAL ESTATE LOANS RECEIVABLE (Schedule of Activity Related to Real Estate Loans Receivable) (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Real Estate Loans Receivable [Roll Forward]	'
Real estate loan receivable - December 31, 2013	$21,893
Extension fee on real estate loan receivable	-105
Accretion of closing costs and origination fees on real estate loan receivable, net	212
Real estate loan receivable - June 30, 2014	$22,000

REAL_ESTATE_LOANS_RECEIVABLE_S2

REAL ESTATE LOANS RECEIVABLE (Schedule of Interest Income from Real Estate Loans Receivable) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Receivables [Abstract]	'	'	'	'
Contractual interest income (including deferred interest)	$612	$1,606	$1,217	$2,670
Accretion of closing costs and origination fees, net	105	450	212	858
Interest accretion	0	142	0	198
Interest income from real estate loans receivable	$717	$2,198	$1,429	$3,726

REAL_ESTATE_HELD_FOR_SALE_AND_2

REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS (Narrative) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Real estate held-for-sale	$0	$0
Office Building [Member]	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Number of real estate properties disposed	'	3
Industrial/Flex Property [Member]	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Number of real estate properties disposed	'	1

REAL_ESTATE_HELD_FOR_SALE_AND_3

REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'	'	'	'
Total revenues and other income	$0	$464	$0	$971
Total expenses	20	712	33	1,915
Loss from discontinued operations before gain on sales of real estate	-20	-248	-33	-944
Gain on sales of real estate, net	0	0	0	4,225
Total (loss) income from discontinued operations	($20)	($248)	($33)	$3,281

NOTES_AND_BOND_PAYABLE_Narrati

NOTES AND BOND PAYABLE (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Notes and Bonds Payable [Abstract]	'	'	'	'	'
Interest expense	$4,595,000	$957,000	$8,028,000	$1,693,000	'
Amortization of deferred financing costs, net of discontinued operations	1,000,000	100,000	1,600,000	200,000	'
Interest capitalized	500,000	'	1,009,000	0	'
Deferred finance costs	6,900,000	'	6,900,000	'	5,000,000
Interest payable	$1,200,000	'	$1,200,000	'	$500,000

NOTES_AND_BOND_PAYABLE_Schedul

NOTES AND BOND PAYABLE (Schedule of Long-term Debt Instruments) (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Apr. 28, 2014

Jun. 30, 2014

Apr. 28, 2014

Apr. 28, 2014

Jun. 30, 2014

Dec. 31, 2013

Feb. 22, 2013

Feb. 22, 2013

Jun. 30, 2014

1-May-13

Jun. 30, 2014

Dec. 31, 2013

1-May-13

1-May-13

Jun. 30, 2014

1-May-13

Jun. 30, 2014

Jun. 30, 2014

1-May-13

Jun. 26, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 26, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 26, 2013

Jun. 26, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jul. 24, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Aug. 02, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Feb. 27, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Feb. 27, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jan. 14, 2014

Jun. 30, 2014

Jan. 14, 2014

Nov. 12, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Joint Venture that Owns Burbank Collection [Member]

Three-month LIBOR [Member]

Richardson Portfolio [Member]

Richardson Portfolio [Member]

Richardson Portfolio [Member]

Richardson Portfolio [Member]

Richardson Portfolio [Member]

Richardson Portfolio [Member]

Bellevue Technology Center [Member]

Bellevue Technology Center [Member]

Bellevue Technology Center [Member]

Bellevue Technology Center [Member]

Bellevue Technology Center [Member]

Portfolio Revolving Loan Facility [Member]

Portfolio Revolving Loan Facility [Member]

Portfolio Revolving Loan Facility [Member]

Portfolio Revolving Loan Facility [Member]

Portfolio Revolving Loan Facility [Member]

Portfolio Revolving Loan Facility [Member]

Portfolio Revolving Loan Facility [Member]

Portfolio Revolving Loan Facility [Member]

Portfolio Revolving Loan Facility [Member]

Portfolio Revolving Loan Facility [Member]

Portfolio Mortgage Loan [Member]

Portfolio Mortgage Loan [Member]

Portfolio Mortgage Loan [Member]

Portfolio Mortgage Loan [Member]

Portfolio Mortgage Loan [Member]

Portfolio Mortgage Loan [Member]

Portfolio Mortgage Loan [Member]

Portfolio Mortgage Loan [Member]

1635 N. Cahuenga Building [Member]

1635 N. Cahuenga Building [Member]

1635 N. Cahuenga Building [Member]

1635 N. Cahuenga Building [Member]

1635 N. Cahuenga Mortgage Loan [Member]

1635 N. Cahuenga Mortgage Loan [Member]

1635 N. Cahuenga Mortgage Loan [Member]

1635 N. Cahuenga Mortgage Loan [Member]

Burbank Collection Mortgage Loan [Member]

Burbank Collection Mortgage Loan [Member]

Burbank Collection Mortgage Loan [Member]

Burbank Collection Mortgage Loan [Member]

Burbank Collection Mortgage Loan [Member]

50 Congress Mortgage Loan [Member]

50 Congress Mortgage Loan [Member]

50 Congress Mortgage Loan [Member]

50 Congress Mortgage Loan [Member]

50 Congress Mortgage Loan [Member]

Central Building [Member]

1180 Raymond Bond [Member]

1180 Raymond Bond [Member]

Central Building Mortgage Loan [Member]

Central Building Mortgage Loan [Member]

Central Building Mortgage Loan [Member]

Maitland Promenade II Mortgage Loan [Member]

Maitland Promenade II Mortgage Loan [Member]

Maitland Promenade II Mortgage Loan [Member]

Maitland Promenade II Mortgage Loan [Member]

Westmoor Center Mortgage Loan [Member]

Westmoor Center Mortgage Loan [Member]

Westmoor Center Mortgage Loan [Member]

Westmoor Center Mortgage Loan [Member]

Westmoor Center Mortgage Loan [Member]

Plaza Buildings Senior Loan [Member]

Plaza Buildings Senior Loan [Member]

Plaza Buildings Senior Loan [Member]

Plaza Buildings Senior Loan [Member]

Plaza Buildings Senior Loan [Member]

Plaza Buildings Mezzanine Loan [Member]

Plaza Buildings Mezzanine Loan [Member]

Plaza Buildings Mezzanine Loan [Member]

Plaza Buildings Mezzanine Loan [Member]

Plaza Buildings Mezzanine Loan [Member]

424 Bedford Mortgage Loan [Member]

424 Bedford Mortgage Loan [Member]

424 Bedford Mortgage Loan [Member]

Available for Future Disbursements [Member]

Available through October 1, 2016 [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Secured Debt [Member]

Secured Debt [Member]

Secured Debt [Member]

One-month LIBOR [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

One-month LIBOR [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Secured Debt [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Non-Revolving Credit Facility [Member]

Non-Revolving Credit Facility [Member]

One-month LIBOR [Member]

One-month LIBOR [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Secured Debt [Member]

Secured Debt [Member]

One-month LIBOR [Member]

One-month LIBOR [Member]

One-month LIBOR [Member]

Secured Debt [Member]

Secured Debt [Member]

Secured Debt [Member]

Mortgages [Member]

Mortgages [Member]

One-month LIBOR [Member]

One-month LIBOR [Member]

Mortgages [Member]

Mortgages [Member]

Secured Debt [Member]

Secured Debt [Member]

One-month LIBOR [Member]

Mortgages [Member]

Mortgages [Member]

Secured Debt [Member]

Secured Debt [Member]

One-month LIBOR [Member]

Secured Debt [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

One-month LIBOR [Member]

Mortgages [Member]

Mortgages [Member]

Secured Debt [Member]

One-month LIBOR [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

One-month LIBOR [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

One-month LIBOR [Member]

Mortgages [Member]

Mortgages [Member]

Secured Debt [Member]

One-month LIBOR [Member]

One-month LIBOR [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

50 Congress Mortgage Loan [Member]

50 Congress Mortgage Loan [Member]

Richardson Joint Venture [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Beginning March 1, 2016 [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Secured Debt [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Secured Debt [Member]

Secured Debt [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Secured Debt [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Beginning March 1, 2017 [Member]

Beginning March 1, 2017 [Member]

Mortgages [Member]

Beginning February 1, 2016 [Member]

Beginning February 1, 2016 [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Secured Debt [Member]

Secured Debt [Member]

Secured Debt [Member]

Beginning June 1, 2016 [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Beginning August 1, 2015 [Member]

Mortgages [Member]

Beginning November 1, 2016 [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Debt Service Coverage Ratio of at Least 1.25 [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes payable

'

'

'

'

$38,000,000

[1]

$31,566,000

[1]

'

'

'

'

$48,128,000

[2]

$47,408,000

[2]

'

'

'

'

$30,481,000

[3]

$3,379,000

[3]

'

'

'

'

'

'

'

'

$88,584,000

[4]

$82,766,000

[4]

'

'

'

'

'

'

'

'

'

$4,650,000

[5]

$4,650,000

[5]

'

'

$8,200,000

[6]

$8,200,000

[6]

'

'

'

$26,935,000

[7]

$26,535,000

[7]

'

'

'

'

'

'

$24,100,000

[8]

$24,100,000

[8]

'

$20,182,000

[9]

$20,182,000

[9]

'

'

$54,880,000

[10]

$0

[10]

'

'

'

$108,000,000

[11]

$0

[11]

'

'

'

$25,000,000

[12]

$0

[12]

'

'

'

'

$26,111,000

[13]

$0

[13]

'

'

Bonds payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,015,000

7,085,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Notes and Bond Payable principal outstanding

510,266,000

255,871,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Premium on Bond Payable, net

17,000

[14]

1,549,000

[14]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total notes and bond payable, net

510,283,000

257,420,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis spread on variable rate

'

'

'

4.00%

[1],[15]

'

'

'

'

'

2.10%

'

'

'

'

2.25%

[15],[2]

'

'

'

'

'

'

'

'

2.25%

[15],[3]

2.25%

'

'

'

'

'

2.50%

[15],[4]

2.50%

2.25%

'

'

'

'

'

'

2.35%

[15],[5]

2.35%

'

'

'

'

2.35%

[15],[6]

'

'

'

'

1.90%

[15],[7]

'

'

'

'

'

1.75%

[15],[8]

'

'

'

2.90%

[15],[9]

'

'

'

'

2.50%

[10],[15]

'

'

'

'

1.90%

[11],[15]

'

'

'

7.85%

[12],[15]

7.85%

'

'

'

'

'

Contractual interest rate, percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.91%

[13]

'

'

'

Interest rate, effective percentage

'

'

'

'

2.25%

[1],[15]

'

'

'

'

'

2.40%

[15],[2]

'

'

'

'

'

2.40%

[15],[3]

'

'

'

'

'

'

'

'

'

2.65%

[15],[4]

'

'

'

'

'

'

'

'

'

'

2.50%

[15],[5]

'

'

'

2.54%

[15],[6]

'

'

'

'

2.05%

[15],[7]

'

'

'

'

'

6.50%

[15]

'

1.90%

[15],[8]

'

'

3.25%

[15],[9]

'

3.25%

'

2.40%

[10],[15]

'

'

'

'

2.05%

[11],[15]

'

'

'

'

8.10%

[12],[15]

'

'

'

'

'

3.91%

[13],[15]

'

'

'

Payment terms

'

'

'

'

'Interest Only

[1]

'

'

'

'

'

'Interest Only

[2]

'

'

'

'

'

'Interest Only

[3]

'

'

'

'

'

'

'

'

'

'Interest Only

[4]

'

'

'

'

'

'

'

'

'

'

'Interest Only

[5]

'

'

'

'Interest Only

[6]

'

'

'

'

'Interest Only

[7]

'

'

'

'

'

'Principal & Interest

[7]

'

'Interest Only

[8]

'

'

'Interest Only

[9]

'

'

'

'Interest Only

[10]

'

'principal and interest

'

'

'Interest Only

[11]

'

'principal and interest

'

'

'Interest Only

[12]

'

'

'

'

'

'Principal & Interest

[13]

'

'

'

Maturity date

'

'

'

'

1-May-17

[1],[16]

'

'

'

'

'

1-Mar-17

[16],[2]

'

'

'

'

'

1-May-17

[16],[3]

'

'

'

'

'

'

'

'

'

1-Jul-17

[16],[4]

'

'

'

'

'

'

'

'

'

'

1-Aug-16

[16],[5]

'

'

'

30-Sep-16

[16],[6]

'

'

'

'

1-Oct-17

[16],[7]

'

'

'

'

'

1-Sep-36

[16],[7]

'

13-Nov-18

[16],[8]

'

'

1-Jan-17

[16],[9]

'

'

'

1-Feb-18

[10],[16]

'

'

'

'

14-Jan-17

[11],[16]

'

'

'

'

14-Jan-17

[12],[16]

'

'

'

'

'

1-Oct-22

[13],[16]

'

'

'

Term of credit facility

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount outstanding

'

'

'

'

'

'

'

38,000,000

'

'

'

'

48,100,000

'

'

'

'

'

'

'

25,000,000

'

5,500,000

'

'

'

'

'

'

88,600,000

'

'

'

'

4,700,000

'

'

'

'

'

'

'

'

8,200,000

'

'

'

'

26,900,000

'

'

24,100,000

'

'

'

'

'

'

'

20,200,000

'

54,900,000

'

'

'

'

108,000,000

'

'

'

'

'

'

25,000,000

'

'

'

'

'

'

'

Unused borrowing capacity, amount

'

'

'

'

'

'

'

3,500,000

'

'

'

'

4,900,000

'

'

'

'

'

'

'

34,500,000

'

7,500,000

'

'

'

'

'

'

19,000,000

'

'

'

'

'

2,000,000

'

'

'

'

'

'

'

'

3,000,000

'

'

'

5,900,000

'

'

3,500,000

'

'

'

'

'

'

'

2,800,000

'

7,100,000

'

'

'

'

3,000,000

'

'

'

'

'

'

5,000,000

'

'

'

'

'

'

'

Principal amortization payment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,000

'

'

'

'

'

'

'

'

'

'

'

'

32,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Frequency of periodic payment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'monthly

'

'

'

'

'

'

'

'

'

'Monthly

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'Monthly

'

'

'

'

'

'

'monthly

'

'

'

'

'monthly

'

'

'

'

'

'

'Monthly

'

'

'

'

Periodic payment

'

'

'

'

'

'

64,000

'

'

'

'

'

'

60,000

'

'

'

'

80,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization schedule of mortgage loans on real estate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

'

'

'

'

'30 years

'

'

'

'

'30 years

'

'

'

'

'

'

'30 years

'

'

'

'

Current capacity

'

'

'

'

'

'

'

'

41,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,900,000

3,000,000

Maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$59,500,000

'

$13,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate during period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.50%

'

'

'

'

6.50%

'

'

'

8.10%

'

'

'

'

'

'

'

Ownership percentage

'

'

90.00%

'

'

'

'

'

90.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

70.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

90.00%

'

'

'

'

[1]

On April 28, 2014, the Richardson Portfolio Mortgage Loan was refinanced, see b- Recent Transactions - Richardson Portfolio Mortgage Loan Finance.b

[2]

As of JuneB 30, 2014, $48.1 million had been disbursed to the Company and the remaining $4.9 million is available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements, subject to certain conditions contained in the loan documents. Monthly payments are initially interest only. Beginning March 1, 2016, monthly payments also include principal amortization payments of up to $60,000 per month.

[3]

The Portfolio Revolving Loan Facility is secured by the 1800 West Loop Building and the Iron Point Business Park. The Portfolio Revolving Loan Facility is comprised of $59.5 million of revolving debt and $13.0 million of non-revolving debt available to be used for tenant improvements, leasing commissions and capital improvements, subject to certain terms and conditions contained in the loan documents. As of JuneB 30, 2014, $25.0 million of revolving debt and $5.5 million of non-revolving debt had been disbursed to the Company and the remaining $34.5 million of revolving debt and $7.5 million of non-revolving debt is available for future disbursements, subject to certain conditions contained in the loan documents. Monthly payments are initially interest only. Beginning June 1, 2016, and to the extent that there are amounts outstanding under the non-revolving portion of the loan, monthly payments will include interest and principal amortization payments of up to $80,000 per month.

[4]

As of JuneB 30, 2014, $88.6 million had been disbursed to the Company with $19.0 million of debt available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning July 1, 2016, monthly payments will include principal and interest with principal payments calculated using an amortization schedule of 30 years and an assumed annual interest rate of 6.0%.

[5]

The Company owns a 70% equity interest in the joint venture that owns the 1635 N. Cahuenga Building. As of JuneB 30, 2014, $4.7 million had been disbursed and $2.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning August 1, 2015, monthly payments will also include principal amortization payments of $7,000 per month

[6]

The Company owns a 90% equity interest in the joint venture that owns the Burbank Collection. As of JuneB 30, 2014, $8.2 million had been disbursed and $3.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents.

[7]

) As of JuneB 30, 2014, $26.9 million of the 50 Congress Mortgage Loan was funded and $5.9 million remains available, $2.9 million of which is available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements at 50 Congress and $3.0 million of which is available through October 1, 2016, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning November 1, 2016, monthly payments will also include principal amortization payments of $32,000 per month

[8]

As of JuneB 30, 2014, $24.1 million of the Central Building Mortgage Loan was funded, and $3.5 million remains available for future disbursements to be used for tenant improvements, leasing commissions and capital improvements, subject to certain terms and conditions contained in the loan documents.

[9]

As of JuneB 30, 2014, $20.2 million of the Maitland Promenade II Mortgage Loan was funded and $2.8 million remains available for future disbursements to be used for tenant improvements, leasing commissions, capital improvements and interest shortfalls, subject to certain terms and conditions contained in the loan documents. Interest on the loan is calculated at a variable annual rate of 290 basis points over one-month LIBOR, but at no point shall the interest rate be less than 3.25%. Beginning February 1, 2016, monthly payments will include principal and interest with principal payments calculated using an amortization schedule of 30 years. Monthly payments are initially interest only.

[10]

As of JuneB 30, 2014, $54.9 million had been disbursed and $7.1 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning March 1, 2017, monthly payments include principal and interest with principal payments calculated using an amortization schedule of 30 years and an annual interest rate of 6.5%.

[11]

As of JuneB 30, 2014, $108.0 million had been disbursed and $3.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents. Monthly payments are initially interest only. Beginning with the February 2016 payment, monthly payments may include principal and interest, with principal payments calculated using an amortization schedule of 30 years and an annual interest rate of 6.5%.

[12]

Interest on this loan is calculated as a floating rate of 785 basis points over one-month LIBOR, but at no point shall interest rate be less than 8.10%. As of JuneB 30, 2014, $25.0 million had been disbursed and $5.0 million remains available for future disbursements, subject to certain terms and conditions contained in the loan documents.

[13]

The Company owns a 90% equity interest in the joint venture that owns 424 Bedford. Monthly payments includes principal and interest, with principal payments calculated using an amortization schedule of 30 years.

[14]

Represents the unamortized premium/discount on notes and bond payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bond payable.

[15]

Contractual interest rate represents the interest rate in effect under the loan as of JuneB 30, 2014. Effective interest rate is calculated as the actual interest rate in effect as of JuneB 30, 2014 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at JuneB 30, 2014, where applicable.

[16]

Represents the initial maturity date or the maturity date as extended as of JuneB 30, 2014; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown.

NOTES_AND_BOND_PAYABLE_Schedul1

NOTES AND BOND PAYABLE (Schedule of Maturities of Long-term Debt) (Details) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Notes and Bonds Payable [Abstract]	'
July 1, 2014 through December 31, 2014	$832
2015	2,005
2016	18,188
2017	383,533
2018	80,176
Thereafter	25,532
Notes and bond payable outstanding	$510,266

NOTES_AND_BOND_PAYABLE_Richard

NOTES AND BOND PAYABLE (Richardson Portfolio Mortgage Loan Refinance) (Details) (Richardson Portfolio [Member], Mortgages [Member], USD $)	0 Months Ended	6 Months Ended
	Apr. 28, 2014	Jun. 30, 2014
	extension
Debt Instrument [Line Items]	'	'
Extinguishment of debt, amount	$32,800,000	'
Number of extensions	2	'
Extension period	'1 year	'
Payment terms	'	'Interest Only	[1]
Beginning June 1, 2015 [Member]	'	'
Debt Instrument [Line Items]	'	'
Frequency of periodic payment	'monthly	'
Payment terms	'principal and interest	'
Secured Debt [Member]	'	'
Debt Instrument [Line Items]	'	'
Term of credit facility	'3 years	'
Amount outstanding	'	38,000,000
Unused borrowing capacity, amount	'	3,500,000
Periodic payment	$64,000	'
One-month LIBOR [Member]	'	'
Debt Instrument [Line Items]	'	'
Basis spread on variable rate	2.10%	'
[1]	On April 28, 2014, the Richardson Portfolio Mortgage Loan was refinanced, see b- Recent Transactions - Richardson Portfolio Mortgage Loan Finance.b

FAIR_VALUE_DISCLOSURES_Schedul

FAIR VALUE DISCLOSURES (Schedule of Face Value, Carrying Amounts and Fair Value) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Real estate loans receivable, Face Value	$22,000	$22,000
Real estate loans receivable, Value	22,000	22,000
Notes and bond payable, Face Value	510,266	255,871
Notes and bond payable, Value	512,948	258,876
Carrying Amount [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Real estate loans receivable, Value	22,000	21,893
Notes and bond payable, Value	$510,283	$257,420

FAIR_VALUE_DISCLOSURES_Schedul1

FAIR VALUE DISCLOSURES (Schedule of Assets and Liabilities at Fair Value) (Details) (Nonrecurring Basis [Member], Notes Payable [Member], USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Liabilities, fair value	($24,793)	[1]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Liabilities, fair value	0	[1]
Significant Other Observable Inputs (Level 2) [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Liabilities, fair value	0	[1]
Significant Unobservable Inputs (Level 3) [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Liabilities, fair value	($24,793)	[1]
[1]	Amounts reflect the fair values of the assets and liabilities at the time each event occurred.

FAIR_VALUE_DISCLOSURES_Fair_Va

FAIR VALUE DISCLOSURES (Fair Value Inputs) (Details) (424 Bedford [Member], Discounted Cash Flow [Member])	6 Months Ended
	Jun. 30, 2014
424 Bedford [Member] | Discounted Cash Flow [Member]	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Discount rate	4.80%

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended				6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013		Dec. 31, 2013
Related Party Transaction [Line Items]	'		'		'		'		'
Payment for administrative fees	$42		$33		$73		$58		'
Advisor and Dealer Manager [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Incurred	3,524		3,603		7,438		5,447		'
Payable as of	0		'		0		'		0
Advisor and Dealer Manager [Member] | Acquisition and Origination Fees on Real Estate Loans Receivable [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Incurred	0		0		0		220		'
Payable as of	0		'		0		'		0
Advisor and Dealer Manager [Member] | Acquisition Fee on Investment in Unconsolidated Joint Venture [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Incurred	1,573		0		1,573		0		'
Payable as of	0		'		0		'		0
Advisor and Dealer Manager [Member] | Escrow Deposit for Future Real Estate [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Incurred	0		1,750		0		1,750		'
Payable as of	0		'		0		'		0
Advisor and Dealer Manager [Member] | Expensed [Member] | Asset Management Fees [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Expenses	1,909	[1]	966	[1]	3,518	[1]	1,730	[1]	'
Payable as of	0	[1]	'		0	[1]	'		0	[1]
Advisor and Dealer Manager [Member] | Expensed [Member] | Real Estate Acquisition Fee [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Expenses	0		854		2,274		1,612		'
Payable as of	0		'		0		'		0
Advisor and Dealer Manager [Member] | Expensed [Member] | Reimbursement of Operating Expenses [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Expenses	42	[2]	33	[2]	73	[2]	58	[2]	'
Payable as of	0	[2]	'		0	[2]	'		0	[2]
Advisor and Dealer Manager [Member] | Expensed [Member] | Dispositon Fees [Member]	'		'		'		'		'
Related Party Transaction [Line Items]	'		'		'		'		'
Expenses	0	[3]	0	[3]	0	[3]	77	[3]	'
Payable as of	$0	[3]	'		$0	[3]	'		$0	[3]
[1]	Amounts include asset management fees from discontinued operations.
[2]	The Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. The Company has reimbursed the Advisor for the Companybs allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $42,000 and $33,000 for the three months ended JuneB 30, 2014 and 2013, respectively, and $73,000 and $58,000 for the six months ended JuneB 30, 2014 and 2013, respectively, and were the only employee costs reimbursed under the Advisory Agreement during these periods. 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 Companybs 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.

INVESTMENT_IN_UNCONSOLIDATED_J2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Narrative) (Details) (USD $)

3 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Dec. 23, 2013

Dec. 23, 2013

Dec. 23, 2013

18-May-12

Jun. 30, 2014

Dec. 31, 2013

18-May-12

18-May-12

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Dec. 23, 2013

Dec. 23, 2013

Tenants

Tenants

110 William Street [Member]

110 William Street [Member]

110 William Street [Member]

NIP Joint Venture [Member]

NIP Joint Venture [Member]

NIP Joint Venture [Member]

NIP Joint Venture [Member]

NIP Joint Venture [Member]

110 William Joint Venture [Member]

110 William Joint Venture [Member]

110 William Joint Venture [Member]

110 William Joint Venture [Member]

110 William Joint Venture [Member]

sqft

sqft

First Mortgage [Member]

Mezzanine Loan [Member]

sqft

properties

Maximum [Member]

Industrial [Member]

properties

properties

sqft

110 William JV Partner [Member]

properties

Tenants

Schedule of Equity Method Investments [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate properties

'

'

'

'

'

'

'

'

'

23

'

'

23

1

1

'

'

'

Rentable square feet

4,600,000

'

4,600,000

'

'

'

'

'

11,400,000

'

'

'

'

'

'

'

928,157

'

Initial capital contribution

'

'

$58,382,000

$0

'

'

'

'

$8,000,000

'

'

'

'

'

'

'

'

'

Ownership interest

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

60.00%

60.00%

'

'

60.00%

Investments in unconsolidated joint ventures

74,219,000

'

74,219,000

'

16,338,000

'

'

'

'

7,484,000

7,484,000

'

'

66,735,000

66,735,000

8,854,000

'

'

Area of land

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.8

'

Percent of property leased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

97.00%

Number of tenants

450

'

450

'

'

'

'

'

'

'

'

'

'

'

'

'

'

33

Noncontrolling interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40.00%

Purchase price

'

'

'

'

'

261,100,000

'

'

'

'

'

'

'

'

'

'

'

'

Face amount of debt

510,266,000

'

510,266,000

'

255,871,000

'

141,500,000

20,000,000

'

'

'

'

'

'

'

'

'

'

Contractual interest rate, percentage

'

'

'

'

'

'

4.80%

9.50%

'

'

'

'

'

'

'

'

'

'

Equity in loss of unconsolidated joint venture

($333,000)

$0

($501,000)

$0

'

'

'

'

'

'

'

'

'

($333,000)

($501,000)

'

'

'

INVESTMENT_IN_UNCONSOLIDATED_J3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Investments in Unconsolidated Joint Ventures) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	18-May-12	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified			OCM NIP JV Holdings, L.P. and HC KBS NIP JV, LLC (bHC-KBSb) [Member]	OCM NIP JV Holdings, L.P. and HC KBS NIP JV, LLC (bHC-KBSb) [Member]	OCM NIP JV Holdings, L.P. and HC KBS NIP JV, LLC (bHC-KBSb) [Member]	110 William Joint Venture [Member]	110 William Joint Venture [Member]
			properties		Maximum [Member]	properties
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'
Number of Properties	'	'	23	'	'	1	'
Ownership %	'	'	'	'	5.00%	60.00%	'
Investment Balance	$74,219	$16,338	$7,484	$7,484	'	$66,735	$8,854

INVESTMENT_IN_UNCONSOLIDATED_J4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Summarized Financial Information - 110 William Joint Venture) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Balance Sheet Related Disclosures [Abstract]	'	'	'	'	'
Real estate assets, net of accumulated depreciation and amortization	$850,763	'	$850,763	'	$638,159
Total assets	1,013,056	'	1,013,056	'	776,138
Other liabilities	8,463	'	8,463	'	6,481
Total Liabilities and Equity	1,013,056	'	1,013,056	'	776,138
Income Statement [Abstract]	'	'	'	'	'
Revenues	26,244	14,361	50,871	24,824	'
Operating, maintenance, and management	8,578	4,791	17,293	8,242	'
Real estate taxes and insurance	3,426	2,198	6,920	3,593	'
Real estate acquisition fees and expenses	4	214	2,180	487	'
Depreciation and amortization	11,883	5,749	23,614	9,867	'
Interest expense	4,595	957	8,028	1,693	'
Total expenses	31,373	16,556	65,716	28,837	'
Total other income	-331	14	-496	45	'
Net loss	-5,331	-2,343	-14,948	-931	'
Equity in loss of unconsolidated joint venture	-333	0	-501	0	'
110 William Joint Venture [Member]	'	'	'	'	'
Balance Sheet Related Disclosures [Abstract]	'	'	'	'	'
Real estate assets, net of accumulated depreciation and amortization	278,938	'	278,938	'	0
Other assets	16,181	'	16,181	'	15,000
Total assets	295,119	'	295,119	'	15,000
Notes payable, net	170,500	'	170,500	'	0
Other liabilities	16,098	'	16,098	'	243
Partners' capital	108,521	'	108,521	'	14,757
Total Liabilities and Equity	295,119	'	295,119	'	15,000
Income Statement [Abstract]	'	'	'	'	'
Revenues	5,448	'	5,448	'	'
Operating, maintenance, and management	1,389	'	1,389	'	'
Real estate taxes and insurance	849	'	849	'	'
Real estate acquisition fees and expenses	711	'	991	'	'
Depreciation and amortization	2,056	'	2,056	'	'
Interest expense	1,031	'	1,031	'	'
Total expenses	6,036	'	6,316	'	'
Total other income	33	'	33	'	'
Net loss	-555	'	-835	'	'
Equity in loss of unconsolidated joint venture	($333)	'	($501)	'	'

UNAUDITED_PRO_FORMA_FINANCIAL_2

UNAUDITED PRO FORMA FINANCIAL INFORMATION (Narrative) (Details) (USD $)	3 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014
Business Acquisition [Line Items]	'	'
Business combination and acquisition cost expensed	'	$4.40
Plaza Buildings [Member]	'	'
Business Acquisition [Line Items]	'	'
Business combination and acquisition cost expensed	$2.10	$2.10

UNAUDITED_PRO_FORMA_FINANCIAL_3

UNAUDITED PRO FORMA FINANCIAL INFORMATION (Unaudited Pro Forma Basis) (Details) (Plaza Buildings [Member], USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Plaza Buildings [Member]	'	'	'	'
Business Acquisition [Line Items]	'	'	'	'
Revenues	$26,244	$18,668	$51,398	$31,660
Depreciation and amortization	11,883	7,110	23,861	12,589
Net (loss) income attributable to common stockholders	($5,331)	($2,913)	($12,838)	($2,072)
Net (loss) income per common share, basic and diluted	($0.09)	($0.05)	($0.21)	($0.04)
Weighted-average number of common shares outstanding, basic and diluted	59,751,364	58,339,185	59,751,364	58,339,185

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Loss from continuing operations	($5,460)	($2,181)	($15,341)	($3,968)
Loss from continuing operations attributable to noncontrolling interests	149	86	426	154
Loss from continuing operations attributable to common stockholders	-5,311	-2,095	-14,915	-3,814
Total (loss) income from discontinued operations	-20	-248	-33	3,281
Total income from discontinued operations attributable to noncontrolling interests	0	0	0	-398
Total (loss) income from discontinued operations attributable to common stockholders	-20	-248	-33	2,883
Net loss	($5,331)	($2,343)	($14,948)	($931)
Weighted-average number of common shares outstanding, basic and diluted	59,642,831	58,338,103	59,618,518	58,232,276
Basic and diluted (loss) income per common share:	'	'	'	'
Continuing operations	($0.09)	($0.04)	($0.25)	($0.07)
Discontinued operations	$0	$0	$0	$0.05
Net loss per common share	($0.09)	($0.04)	($0.25)	($0.02)

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], Dividend Declared [Member], USD $)	0 Months Ended
	Aug. 04, 2014
Subsequent Event [Member] | Dividend Declared [Member]	'
Subsequent Event [Line Items]	'
Distribution rate per share per day, declared	$0.07