Pacific Oak Strategic Opportunity REIT (PCOK) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 09, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	KBS Strategic Opportunity REIT, Inc.
Entity Central Index Key	1,452,936
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		58,555,669

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Real estate held for investment, net	$ 832,432	$ 845,134
Real estate held for sale, net	0	9,954
Real estate loan receivable, net	27,850	27,422
Total real estate and real estate-related investments, net	860,282	882,510
Cash and cash equivalents	25,361	19,093
Investments in unconsolidated joint ventures	74,619	72,045
Rents and other receivables, net	22,926	18,283
Above-market leases, net	1,341	2,061
Assets related to real estate held for sale	0	213
Prepaid expenses and other assets	37,811	28,309
Total assets	1,022,340	1,022,514
Notes and bond payable:
Notes and bond payable, net	551,149	525,613
Notes payable related to real estate held for sale	0	4,650
Total notes payable and bond payable, net	551,149	530,263
Accounts payable and accrued liabilities	22,006	18,609
Due to affiliates	1	0
Below-market leases, net	3,082	4,403
Other liabilities	14,036	9,192
Total liabilities	$ 590,274	$ 562,467
Commitments and contingencies (Note 11)
Redeemable common stock	$ 13,155	$ 9,911
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, 58,943,382 and 60,044,329 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	589	600
Additional paid-in capital	507,500	524,489
Cumulative distributions and net losses	(105,144)	(91,691)
Total KBS Strategic Opportunity REIT, Inc. stockholders’ equity	402,945	433,398
Noncontrolling interests	15,966	16,738
Total equity	418,911	450,136
Total Liabilities and Equity	$ 1,022,340	$ 1,022,514

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 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 (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	58,943,382	60,044,329
Common stock, shares outstanding	58,943,382	60,044,329

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental income	$ 22,337	$ 21,505	$ 66,315	$ 61,932
Tenant reimbursements	4,940	4,404	13,991	12,029
Interest income from real estate loan receivable	0	948	1,968	2,377
Other operating income	881	741	2,495	2,131
Total revenues	28,158	27,598	84,769	78,469
Expenses:
Operating, maintenance, and management	9,930	8,992	27,855	26,285
Real estate taxes and insurance	3,940	3,409	11,439	10,329
Asset management fees to affiliate	2,112	2,049	6,242	5,567
Real estate acquisition fees to affiliate	0	0	0	2,274
Real estate acquisition fees and expenses	0	0	0	2,178
General and administrative expenses	892	726	2,624	2,618
Depreciation and amortization	11,297	11,895	33,684	35,509
Interest expense	3,524	3,777	11,292	11,805
Total expenses	31,695	30,848	93,136	96,565
Other income (loss):
Other interest income	7	10	21	15
Other income	195	0	5,084	0
Equity in income (loss) of unconsolidated joint venture	150	(256)	(186)	(757)
Gain on sale of real estate, net	2,908	55	11,195	55
Total other income (loss)	3,260	(191)	16,114	(687)
(Loss) income from continuing operations	(277)	(3,441)	7,747	(18,783)
Income (loss) from discontinued operations	0	15	0	(18)
Net (loss) income	(277)	(3,426)	7,747	(18,801)
Net (income) loss attributable to noncontrolling interests	(185)	59	(4,448)	486
Net (loss) income attributable to common stockholders	$ (462)	$ (3,367)	$ 3,299	$ (18,315)
Basic and diluted (loss) income per common share:
Continuing operations (in dollars per share)	$ (0.01)	$ (0.06)	$ 0.05	$ (0.31)
Discontinued operations (in dollars per share)	0	0	0	0
Net (loss) income per common share (in dollars per share)	$ (0.01)	$ (0.06)	$ 0.05	$ (0.31)
Weighted-average number of common shares outstanding, basic and diluted	59,729,415	59,735,474	59,986,122	59,658,088

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (277)	$ (3,426)	$ 7,747	$ (18,801)
Other comprehensive income:
Unrealized gain on real estate securities	0	0	0	9
Total other comprehensive income	0	0	0	9
Total comprehensive (loss) income	(277)	(3,426)	7,747	(18,792)
Total comprehensive (income) loss attributable to noncontrolling interests	(185)	59	(4,448)	486
Total comprehensive (loss) income attributable to common stockholders	$ (462)	$ (3,367)	$ 3,299	$ (18,306)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	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]
Balance, shares at Dec. 31, 2013			59,619,000
Balance, value at Dec. 31, 2013	$ 474,686	$ 459,822	$ 596	$ 512,036	$ (52,801)	$ (9)	$ 14,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(23,748)	(23,194)			(23,194)		(554)
Other comprehensive income	9	9				9
Issuance of common stock, shares			901,146
Issuance of common stock, value	9,911	9,911	$ 9	9,902
Transfers from redeemable common stock	7,662	7,662		7,662
Redemptions of common stock, shares			(475,817)
Redemptions of common stock, value	(5,104)	(5,104)	$ (5)	(5,099)
Distributions declared	(15,696)	(15,696)			(15,696)
Other offering costs	(12)	(12)		(12)
Noncontrolling interests contributions	2,585						2,585
Distributions to noncontrolling interest	$ (157)						(157)
Balance, shares at Dec. 31, 2014	60,044,329		60,044,329
Balance, value at Dec. 31, 2014	$ 450,136	433,398	$ 600	524,489	(91,691)	0	16,738
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,747	3,299			3,299		4,448
Other comprehensive income	0
Issuance of common stock, shares			868,685
Issuance of common stock, value	10,269	10,269	$ 9	10,260
Transfers to redeemable common stock	(3,244)	(3,244)		(3,244)
Redemptions of common stock, shares			(1,969,632)
Redemptions of common stock, value	(24,025)	(24,025)	$ (20)	(24,005)
Distributions declared	(16,752)	(16,752)			(16,752)
Noncontrolling interests contributions	751						751
Distributions to noncontrolling interest	$ (5,971)						(5,971)
Balance, shares at Sep. 30, 2015	58,943,382		58,943,382
Balance, value at Sep. 30, 2015	$ 418,911	$ 402,945	$ 589	$ 507,500	$ (105,144)	$ 0	$ 15,966

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities:
Net income (loss)	$ 7,747	$ (18,801)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss due to property damages	2,260	730
Equity in loss of unconsolidated joint venture	186	757
Depreciation and amortization	33,684	35,509
Non-cash interest income on real estate-related investments	(428)	(399)
Gain on sale of real estate, net	(11,195)	(55)
Other income	(5,084)	0
Deferred rent	(3,708)	(6,884)
Bad debt expense	323	136
Amortization of above- and below-market leases, net	(601)	(1,013)
Amortization of deferred financing costs	2,118	2,166
Amortization of discount and (premium) on bond and notes payable, net	18	(6)
Changes in assets and liabilities:
Rents and other receivables	(1,021)	(1,587)
Prepaid expenses and other assets	(4,449)	(6,170)
Accounts payable and accrued liabilities	1,732	536
Due to affiliates	1	0
Other liabilities	201	2,392
Net cash provided by operating activities	21,784	7,311
Cash Flows from Investing Activities:
Acquisitions of real estate	0	(191,701)
Improvements to real estate	(24,209)	(22,829)
Proceeds from sales of real estate, net	25,045	1,393
Investments in real estate loans receivable	0	(5,850)
Proceeds from condemnation agreements	5,914	0
Insurance proceeds for property damages	294	0
Principal repayments on real estate securities	0	333
Investment in unconsolidated joint venture	(2,760)	(58,387)
Extension fee on real estate loans receivable	0	935
Funding of restricted cash for development obligations	(4,643)	0
Net cash used in investing activities	(359)	(276,106)
Cash Flows from Financing Activities:
Proceeds from notes payable	51,182	272,637
Principal payments on notes payable	(30,314)	(34,043)
Payments of deferred financing costs	(297)	(3,621)
Payments to redeem common stock	(24,025)	(3,487)
Payments of other offering costs	0	(2)
Distributions paid	(6,483)	(3,793)
Noncontrolling interests contributions	751	2,436
Distributions to noncontrolling interests	(5,971)	(157)
Net cash (used in) provided by financing activities	(15,157)	229,970
Net increase (decrease) in cash and cash equivalents	6,268	(38,825)
Cash and cash equivalents, beginning of period	19,093	57,996
Cash and cash equivalents, end of period	25,361	19,171
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $1,476 and $1,467 for the nine months ended September 30, 2015 and 2014, respectively	9,261	9,158
Supplemental Disclosure of Noncash Investing and Financing Activities:
Increase in accrued improvements to real estate	0	47
Increase in development obligations	4,643	0
Mortgage debt assumed in connection with real estate acquisition (at fair value)	0	24,793
Application of escrow deposits to acquisition of real estate	0	13,000
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	10,269	6,624
Liabilities assumed in connection with real estate acquisition	$ 0	$ 207

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Interest capitalized	$ 500	$ 500	$ 1,476	$ 1,467

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2015
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, 2015 (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 September 30, 2015 , the Company had sold 4,850,661 shares of common stock under its dividend reinvestment plan for gross offering proceeds of $ 49.4 million . Also, as of September 30, 2015 , the Company had redeemed 2,788,498 shares sold in the Offering for $ 32.4 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 September 30, 2015 , the Company owned 10 office properties, one office campus consisting of nine office buildings, one office portfolio consisting of four office buildings and 37 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 ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2014 , except for an update to an accounting policy related to revenue recognition on real estate loans receivable that are impaired. 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, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC. Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. 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. 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. During the nine months ended September 30, 2015, the Company sold two office properties. As a result, certain assets and liabilities were reclassified to held for sale on the consolidated balance sheets for all periods presented. Revenue Recognition Real Estate Loans Receivable Interest income on the Company’s real estate loans receivable is recognized on an accrual basis over the life of the investment using the interest method. Direct loan origination or acquisition fees and costs, as well as acquisition premiums or discounts, are amortized over the term of the loan as an adjustment to interest income. The Company places loans on nonaccrual status when any portion of principal or interest is 90 days past due, or earlier when concern exists as to the ultimate collection of principal or interest. When a loan is placed on non-accrual status, the Company reserves for any unpaid accrued interest and generally does not recognize subsequent interest income until cash is received, or the loan returns to accrual status. The Company will resume the accrual of interest if it determines the collection of interest, according to the contractual terms of the loan, is probable. The Company generally recognizes income on impaired loans on either a cash basis, where interest income is only recorded when received in cash, or on a cost-recovery basis, where all cash receipts are applied against the carrying value of the loan. The Company considers the collectibility of the loan’s principal balance in determining whether to recognize income on impaired loans on a cash basis or a cost-recovery basis. The Company will recognize interest income on loans purchased at discounts to face value where the Company expects to collect less than the contractual amounts due under the loan when that expectation is due, at least in part, to the credit quality of the borrower. Income is recognized at an interest rate equivalent to the estimated yield on the loan, as calculated using the carrying value of the loan and the expected cash flows. Changes in estimated cash flows are recognized through an adjustment to the yield on the loan on a prospective basis. Projecting cash flows for these types of loans requires a significant amount of assumptions and judgment, which may have a significant impact on the amount and timing of revenue recognized on these investments. The Company recognizes interest income on non-performing loans on a cash basis or cost-recovery basis since these loans generally do not have an estimated yield and collection of principal and interest is not assured. Amended Share Redemption Program On May 12, 2015, the Company’s board of directors adopted a fifth amended and restated share redemption program (the “Fifth Amended Share Redemption Program”). Pursuant to the Fifth Amended Share Redemption Program, all eligible shares were redeemed at a price equal to the most recent estimated value per share as of the applicable redemption date, regardless of how long such shares have been held or whether shares are being redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence.” There were no other changes to the Fifth Amended Share Redemption Program. The Fifth Amended Share Redemption Program was effective June 13, 2015. On July 27, 2015, the Company’s board of directors adopted a sixth amended and restated share redemption program (the “Sixth Amended Share Redemption Program”). Pursuant to the Sixth Amended Share Redemption Program, the board of directors approved an additional $10.0 million of funds available for the redemption of shares for calendar year 2015 provided, however, that this limit may be increased or decreased by the Company upon ten business days’ notice to the Company’s stockholders. To the extent that the Company redeems less than the number of shares that the Company can purchase in calendar year 2015, any excess capacity to redeem shares during calendar year 2015 will be added to the Company’s capacity to otherwise redeem shares during calendar year 2016. There were no other material changes to the Sixth Amended Share Redemption Program. The Sixth Amended Share Redemption Program became effective on August 10, 2015. On September 16, 2015, the board of directors approved, pursuant to Section 4(b) of the Sixth Amended Share Redemption Program, an additional $7.0 million of funds available for the redemption of shares for calendar year 2015. Amended Dividend Reinvestment Plan On May 12, 2015, the Company’s board of directors adopted a fifth amended and restated dividend reinvestment plan (the “Amended Dividend Reinvestment Plan”). Pursuant to the Amended Dividend Reinvestment Plan, shares may be purchased at a price equal to the estimated value per share most recently announced in a public filing. There were no other changes to the Amended Dividend Reinvestment Plan. The Amended Dividend Reinvestment Plan was effective July 1, 2015. 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 nine months ended September 30, 2015 and 2014. Distributions declared per share were $0.095 and $0.280 during the three and nine months ended September 30, 2015 , respectively and $0.069 and $0.174 during the three and nine months ended September 30, 2014, respectively. Recently Issued Accounting Standards Updates In May 2014, the 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 was to be 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU No. 2015-14”), which defers the effective date of ASU No. 2014-09 by one year. Early adoption is permitted but not before the original effective date. The Company is still evaluating the impact of adopting ASU No. 2014-09 on its financial statements, but does not expect the adoption of ASU No. 2014-09 to have a material impact on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”). The amendments in ASU No. 2014-15 require management to evaluate, for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued when applicable) and, if so, provide related disclosures. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect the adoption of ASU No. 2014-15 to have a significant impact on its financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU No. 2015-01”). The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendments will eliminate the requirements in Subtopic 225-20 for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU No. 2015-01 to have a significant impact on its financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU No. 2015-02”), which amended the existing accounting standards for consolidation under both the variable interest model and the voting model. ASU No. 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU No. 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments in ASU No. 2015-02 using: (a) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (b) by applying the amendments retrospectively. The Company is still evaluating the impact of adopting ASU No. 2015-02 on its financial statements, but does not expect the adoption of ASU No. 2015-02 to have a material impact on its financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs (“ASU No. 2015-03”). The amendments in ASU No. 2015-03 require debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU No. 2015-03 is limited to the presentation of debt issuance costs and does not affect the recognition and measurement of debt issuance costs. Given the absence of authoritative guidance within ASU No. 2015-03 for debt issuance costs related to line-of-credit arrangements, in August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU No. 2015-15”), which clarifies ASU No. 2015-03 by stating that the staff of the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU No. 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and is to be applied retrospectively. Early adoption is permitted for financial statements that have not been previously issued. The adoption of ASU No. 2015-03 would change the presentation of debt issuance costs, as the Company presents debt issuance costs as prepaid expenses and other assets on the accompanying consolidated balance sheets. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU No. 2015-16”). The amendments in ASU No. 2015-16 require that, in a business combination, an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU No. 2015-16 is effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years and is to be applied prospectively. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of ASU No. 2015-16 to have a significant impact on its financial statements.

REAL ESTATE HELD FOR INVESTMENT

REAL ESTATE HELD FOR INVESTMENT	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
REAL ESTATE FOR INVESTMENT	REAL ESTATE HELD FOR INVESTMENT As of September 30, 2015 , the Company owned 10 office properties, one office campus consisting of nine office buildings, one office portfolio consisting of four office buildings and 37 acres of undeveloped land, one office portfolio consisting of three office properties and one retail property encompassing, in the aggregate, approximately 4.4 million rentable square feet. As of September 30, 2015 , these properties were 84% occupied. In addition, the Company owned two apartment properties, containing 383 units and encompassing approximately 0.3 million rentable square feet, which were 95% 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 held for investment as of September 30, 2015 and December 31, 2014 , respectively (in thousands): September 30, 2015 December 31, 2014 Land $ 230,146 $ 229,053 Buildings and improvements 641,551 628,662 Tenant origination and absorption costs 45,554 50,807 Total real estate, cost 917,251 908,522 Accumulated depreciation and amortization (84,819 ) (63,388 ) Total real estate, net $ 832,432 $ 845,134 The following table provides summary information regarding the Company's real estate held for investment as of September 30, 2015 (in thousands): Property Date Acquired or Foreclosed on City State Property Type Land Building and Improvements Tenant Origination and Absorption Total Real Estate at Cost (1) Accumulated Depreciation and Amortization Total Real Estate, Net Ownership % Northridge Center I & II 03/25/2011 Atlanta GA Office $ 2,234 $ 7,013 $ — $ 9,247 $ (1,789 ) $ 7,458 100.0 % Iron Point Business Park 06/21/2011 Folsom CA Office 2,670 19,381 — 22,051 (3,505 ) 18,546 100.0 % Richardson Portfolio: Palisades Central I 11/23/2011 Richardson TX Office 1,037 9,759 832 11,628 (2,120 ) 9,508 90.0 % Palisades Central II 11/23/2011 Richardson TX Office 810 17,764 1,219 19,793 (4,318 ) 15,475 90.0 % Greenway I 11/23/2011 Richardson TX Office 561 2,156 — 2,717 (522 ) 2,195 90.0 % Greenway III 11/23/2011 Richardson TX Office 702 3,984 823 5,509 (1,546 ) 3,963 90.0 % Undeveloped Land 11/23/2011 Richardson TX Undeveloped Land 6,051 — — 6,051 — 6,051 90.0 % Total Richardson Portfolio 9,161 33,663 2,874 45,698 (8,506 ) 37,192 Park Highlands 12/30/2011 North Las Vegas NV Undeveloped Land 29,833 — — 29,833 — 29,833 50.1 % Bellevue Technology Center 07/31/2012 Bellevue WA Office 25,506 55,603 3,813 84,922 (7,360 ) 77,562 100.0 % Powers Ferry Landing East 09/24/2012 Atlanta GA Office 1,643 8,041 105 9,789 (1,404 ) 8,385 100.0 % 1800 West Loop 12/04/2012 Houston TX Office 8,360 59,758 5,521 73,639 (9,805 ) 63,834 100.0 % West Loop I & II 12/07/2012 Houston TX Office 7,300 30,162 2,513 39,975 (4,674 ) 35,301 100.0 % Burbank Collection 12/12/2012 Burbank CA Retail 4,175 9,366 789 14,330 (1,151 ) 13,179 90.0 % Austin Suburban Portfolio 03/28/2013 Austin TX Office 8,288 66,798 3,467 78,553 (8,777 ) 69,776 100.0 % Westmoor Center 06/12/2013 Westminster CO Office 10,058 65,971 8,809 84,838 (12,133 ) 72,705 100.0 % Central Building 07/10/2013 Seattle WA Office 7,015 25,841 2,228 35,084 (3,213 ) 31,871 100.0 % 50 Congress Street 07/11/2013 Boston MA Office 9,876 40,682 2,755 53,313 (4,544 ) 48,769 100.0 % 1180 Raymond 08/20/2013 Newark NJ Apartment 8,292 36,703 136 45,131 (2,468 ) 42,663 100.0 % Park Highlands II 12/10/2013 North Las Vegas NV Undeveloped Land 21,922 — — 21,922 — 21,922 99.5 % Maitland Promenade II 12/18/2013 Orlando FL Office 3,434 23,559 4,439 31,432 (3,381 ) 28,051 100.0 % Plaza Buildings 01/14/2014 Bellevue WA Office 53,040 133,885 8,105 195,030 (10,969 ) 184,061 100.0 % 424 Bedford 01/31/2014 Brooklyn NY Apartment 8,860 25,125 — 33,985 (1,140 ) 32,845 90.0 % Richardson Land II 09/04/2014 Richardson TX Undeveloped Land 8,479 — — 8,479 — 8,479 90.0 % $ 230,146 $ 641,551 $ 45,554 $ 917,251 $ (84,819 ) $ 832,432 _____________________ (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 September 30, 2015 , 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 12.5 years with a weighted-average remaining term of 3.7 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 $5.4 million and $5.0 million as of September 30, 2015 and December 31, 2014 , respectively. During the nine months ended September 30, 2015 and 2014, the Company recognized deferred rent from tenants of $3.7 million and $6.9 million , respectively, net of lease incentive amortization. As of September 30, 2015 and December 31, 2014 , the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $21.3 million and $16.8 million , respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $ 2.2 million and $1.6 million of unamortized lease incentives as of September 30, 2015 and December 31, 2014 , 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 September 30, 2015 , the future minimum rental income from the Company’s properties, excluding apartment leases, under non-cancelable operating leases was as follows (in thousands): October 1, 2015 through December 31, 2015 $ 18,810 2016 76,136 2017 70,105 2018 59,134 2019 46,288 Thereafter 108,623 $ 379,096 As of September 30, 2015 , the Company’s commercial real estate properties were leased to approximately 500 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 Tenants Annualized Base Rent (1) (in thousands) Percentage of Annualized Base Rent Finance 47 $ 10,728 13.6 % Computer System Design & Programming 43 10,474 13.3 % Insurance Carriers & Related Activities 28 8,720 11.1 % $ 29,922 38.0 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of September 30, 2015 , 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 September 30, 2015 , the Company’s real estate investments in Washington and Texas represented 28.7% and 21.0% 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. Condemnation Agreements During the nine months ended September 30, 2015, the Company received $5.9 million in proceeds from condemnation agreements. The carrying value of the condemned land was $0.8 million , resulting in a gain of $5.1 million (including amounts for noncontrolling interests of $1.2 million ), which is included in other income in the accompanying consolidated statements of operations. Property Damage During the nine months ended September 30, 2015, 1800 West Loop suffered physical damages due to floods. The Company’s insurance policy provides coverage for property damage and business interruption subject to a deductible of up to $100,000 per incident. Based on management’s estimates, the Company recognized an estimated aggregate loss due to damages of $2.2 million during the nine months ended September 30, 2015, which was reduced by $2.1 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 $0.1 million during the nine months ended September 30, 2015 was classified as operating, maintenance and management expenses on the accompanying consolidated statements of operations and relates to the Company’s insurance deductible. Through September 30, 2015, the Company had received $0.6 million of insurance proceeds related to this incident. As of September 30, 2015, the total estimated insurance proceeds to be collected of $1.5 million were classified as prepaid expenses and other assets on the accompanying consolidated balance sheets. Disposition of Richardson Portfolio Undeveloped Land During the nine months ended September 30, 2015, the Company sold an aggregate of 14.3 acres of undeveloped land in the Richardson Portfolio. In connection with the sale, the Company conveyed 11.7 acres of the non-developable land in the Richardson Portfolio and Richardson Land II and contributed $4.6 million for the funding of certain infrastructure development costs to a non-profit owners association. This disposition resulted in a gain of approximately $2.2 million (including amounts for noncontrolling interests of $0.2 million ).

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	9 Months Ended
	Sep. 30, 2015
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES As of September 30, 2015 and December 31, 2014 , 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 Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities September 30, December 31, September 30, December 31, September 30, December 31, Cost $ 45,926 $ 50,807 $ 3,051 $ 3,752 $ (6,235 ) $ (7,585 ) Accumulated Amortization (22,482 ) (19,113 ) (1,710 ) (1,691 ) 3,153 3,182 Net Amount $ 23,444 $ 31,694 $ 1,341 $ 2,061 $ (3,082 ) $ (4,403 ) Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Tenant Origination and Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities For the Three Months Ended September 30, For the Three Months Ended For the Three Months Ended 2015 2014 2015 2014 2015 2014 Amortization $ (2,617 ) $ (3,397 ) $ (189 ) $ (235 ) $ 382 $ 575 Tenant Origination and Above-Market Below-Market For the Nine Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 2015 2014 Amortization $ (8,256 ) $ (11,793 ) $ (720 ) $ (843 ) $ 1,321 $ 1,856 Additionally, as of September 30, 2015 and December 31, 2014 , the Company had recorded unamortized tax abatement intangible assets, which are included in prepaid expenses and other assets in the accompanying balance sheets, of $7.5 million and $8.2 million , respectively. During the three and nine months ended September 30, 2015 , the Company recorded amortization expense of $0.2 million and $0.7 million related to tax abatement intangible assets, respectively. During the three and nine months ended September 30, 2014, the Company recorded amortization expense of $0.2 million and $0.7 million related to tax abatement intangible assets, respectively.

REAL ESTATE LOAN RECEIVABLE

REAL ESTATE LOAN RECEIVABLE	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
REAL ESTATE LOAN RECEIVABLE	REAL ESTATE LOAN RECEIVABLE As of September 30, 2015 , the Company owned one real estate loan receivable that it had originated. The information for that real estate loan receivable as of September 30, 2015 and December 31, 2014 is set forth below (in thousands): Loan Name Location of Related Property or Collateral Date Originated Property Type Loan Type Outstanding Principal Balance as of September 30, 2015 (1) Book Value as of September 30, 2015 (2) Book Value as of December 31, 2014 (2) Contractual Interest Rate (3) Annualized Effective Interest Rate (3) Maturity Date University House First Mortgage New York, New York 3/20/2013 Student Housing Mortgage $ 27,850 $ 27,850 $ 27,422 16.0% 9.5% 06/30/2015 _____________________ (1) Outstanding principal balance as of September 30, 2015 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 rate is the stated default interest rate on the face of the loan. Annualized effective interest rate is calculated as the actual interest income recognized in 2015, using the interest method annualized (if applicable) and divided by the average amortized cost basis of the investment. The annualized effective interest rate and contractual interest rate presented are as of September 30, 2015 . On June 30, 2015, the University House First Mortgage matured without repayment. As a result, on July 1, 2015, the Company provided notice to the borrower of default and may commence foreclosure proceedings on, or otherwise take title to, the property securing the University House First Mortgage. As of July 1, 2015, the Company had determined the University House Mortgage to be impaired and will recognize income on a cash basis. The Company generally recognizes income on impaired loans on either a cash basis, where interest income is only recorded when received in cash, or on a cost-recovery basis, where all cash receipts are applied against the carrying value of the loan. The Company will resume the accrual of interest if it determines the collection of interest according to the contractual terms of the loan is probable. The Company considers the collectibility or recoverability of the loan’s principal balance in determining whether to recognize income on impaired loans. The Company did not record a provision for loan loss reserves during the nine months ended September 30, 2015 or 2014 as the Company believes the entire principal balance of $27.9 million related to the University House First Mortgage to be fully recoverable. The following summarizes the activity related to the real estate loan receivable for the nine months ended September 30, 2015 (in thousands): Real estate loan receivable - December 31, 2014 $ 27,422 Accretion of closing costs and origination fees on real estate loan receivable, net 428 Real estate loan receivable - September 30, 2015 $ 27,850 For the three and nine months ended September 30, 2015 and 2014, interest income from the real estate loan receivable consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Contractual interest income $ — $ 752 $ 1,540 $ 1,969 Accretion of closing costs, origination fees and extension fees, net — 196 428 408 Interest income from real estate loan receivable $ — $ 948 $ 1,968 $ 2,377

REAL ESTATE SALES

REAL ESTATE SALES	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
REAL ESTATE SALES	REAL ESTATE SALES In accordance with 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”), results of operations from 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. Results of operations from properties that were classified as held for sale in financial statements issued prior to January 1, 2014 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 were presented as discontinued operations in the accompanying consolidated statements of operations for all periods presented. During the nine months ended September 30, 2015 , the Company disposed of two office properties and no properties were classified as held for sale as of September 30, 2015 . During the year ended December 31, 2014, the Company sold one office property and during the nine months ended September 30, 2015, the Company sold two office properties, which were not classified as held for sale in financial statements issued for the reporting period prior to January 1, 2014. The operations of these properties and gain on sale are included in continuing operations on the accompanying statements of operations. The following table summarizes certain revenue and expenses related to these properties for the three and nine months ended September 30, 2015, and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total revenues $ — $ 306 $ 216 $ 883 Total expenses 71 507 636 1,477

NOTES AND BOND PAYABLE

NOTES AND BOND PAYABLE	9 Months Ended
	Sep. 30, 2015
Notes and Bonds Payable [Abstract]
NOTES AND BOND PAYABLE	NOTES AND BOND PAYABLE As of September 30, 2015 and December 31, 2014 , the Company’s notes and bond payable consisted of the following (dollars in thousands): Book Value as of September 30, 2015 Book Value as of December 31, 2014 Contractual Interest Rate as of September 30, 2015 (1) Effective Interest Rate at September 30, 2015 (1) Payment Type Maturity Date (2) Richardson Portfolio Mortgage Loan $ 41,321 $ 38,000 One-Month LIBOR + 2.10% 2.30% Principal 05/01/2017 Bellevue Technology Center Mortgage Loan 51,534 49,836 One-Month LIBOR + 2.25% 2.45% Interest Only (3) 03/01/2017 Portfolio Revolving Loan Facility (4) 49,587 12,447 One-Month LIBOR + 2.25% 2.45% Interest Only 05/01/2017 Portfolio Mortgage Loan 98,951 93,751 One-Month LIBOR + 2.25% 2.45% Interest Only (3) 07/01/2017 1635 N. Cahuenga Mortgage Loan (5) — 4,650 (5) (5) (5) (5) Burbank Collection Mortgage Loan 9,098 9,043 One-Month LIBOR + 2.35% 2.60% Interest Only 09/30/2016 50 Congress Mortgage Loan 28,075 26,935 One-Month LIBOR + 1.90% 2.10% Interest Only (3) 10/01/2017 1180 Raymond Bond Payable 6,838 6,945 6.50% 6.50% Principal 09/01/2036 Central Building Mortgage Loan 24,896 24,896 One-Month LIBOR + 1.75% 1.95% Interest Only 11/13/2018 Maitland Promenade II Mortgage Loan (6) 20,182 20,182 One-Month LIBOR + 2.90% 3.25% Interest Only (3) 01/01/2017 Westmoor Center Mortgage Loan 56,036 54,880 One-Month LIBOR + 2.25% 2.45% Interest Only (3) 02/01/2018 Plaza Buildings Senior Loan 111,000 109,707 One-Month LIBOR + 1.90% 2.10% Interest Only (3) 01/14/2017 Plaza Buildings Mezzanine Loan (7) — 25,000 (7) (7) (7) (7) 424 Bedford Mortgage Loan 25,488 25,866 3.91% 3.91% Principal 10/01/2022 1180 Raymond Mortgage Loan 28,100 28,100 One-Month LIBOR + 2.25% 2.45% Interest Only 12/01/2017 Total Notes and Bond Payable principal outstanding 551,106 530,238 Net Premium/Discount on Notes and Bond Payable (8) 43 25 Total Notes and Bond Payable, net $ 551,149 $ 530,263 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2015 . Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2015 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at September 30, 2015 , where applicable. (2) Represents the initial maturity date or the maturity date as extended as of September 30, 2015 ; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. (3) Represents the payment type required under the loan as of September 30, 2015. Certain future monthly payments due under this loan also include amortizing principal payments. For more information of the Company’s contractual obligations under its notes and bond payable, see five-year maturity table below. (4) 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 September 30, 2015 , $39.0 million of revolving debt and $10.6 million of non-revolving debt had been disbursed to the Company and the remaining $20.5 million of revolving debt and $ 2.4 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. (5) On March 11, 2015, in connection with the disposition of 1635 N. Cahuenga, the joint venture paid off the outstanding principal balance and all other sums due under this loan. (6) Interest on the Maitland Promenade II Mortgage 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% . (7) On April 1, 2015, the Company paid off the outstanding principal balance and all other sums due under this loan. (8) 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 nine months ended September 30, 2015 , the Company incurred $3.5 million and $11.3 million of interest expense, respectively. Included in interest expense for the three and nine months ended September 30, 2015 was $ 0.6 million and $ 2.1 million of amortization of deferred financing costs, respectively. Additionally, during the three and nine months ended September 30, 2015 , the Company capitalized $0.5 million and $1.5 million of interest to its investments in undeveloped land, respectively. During the three and nine months ended September 30, 2014, the Company incurred $3.8 million and $11.8 million of interest expense, respectively. Included in interest expense for the three and nine months ended September 30, 2014 was $0.6 million and $2.2 million of amortization of deferred financing costs, respectively. Additionally, during the three and nine months ended September 30, 2014, the Company capitalized $0.5 million and $1.5 million of interest to its investments in undeveloped land, respectively. As of September 30, 2015 and December 31, 2014 , the Company’s deferred financing costs were $ 4.4 million and $ 6.1 million , respectively, net of amortization, and are included in prepaid expenses and other assets on the accompanying consolidated balance sheets. As of September 30, 2015 and December 31, 2014 , the Company’s interest payable was $ 1.1 million and $ 1.2 million , respectively. The following is a schedule of maturities, including principal amortization payments, for all notes and bond payable outstanding as of September 30, 2015 (in thousands): October 1, 2015 through December 31, 2015 $ 305 2016 13,643 2017 426,038 2018 81,181 2019 812 Thereafter 29,127 $ 551,106 The Company’s notes payable contain financial debt covenants. As of September 30, 2015 , the Company was in compliance with all of these debt covenants.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2015
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, prepaid expenses and other assets 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 value of real estate loan receivable was 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 September 30, 2015 and December 31, 2014 , which carrying amounts do not approximate the fair values (in thousands): September 30, 2015 December 31, 2014 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial assets: Real estate loans receivable $ 27,850 $ 27,850 $ 27,850 $ 27,850 $ 27,422 $ 27,813 Financial liabilities: Notes and bond payable $ 551,106 $ 551,149 $ 554,185 $ 530,238 $ 530,263 $ 534,045 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. 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
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 Advisory Agreement may also entitle the Advisor to certain back-end cash flow participation fees. 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”), KBS Strategic Opportunity REIT II, Inc. (“KBS Strategic Opportunity REIT II”) and KBS Growth & Income REIT, Inc. (“KBS Growth & Income REIT”). 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. In June 2015, KBS Growth & Income REIT was added to the insurance program at terms similar to those described above. During the three and nine months ended September 30, 2015 and 2014, no other business 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 nine months ended September 30, 2015 and 2014, respectively, and any related amounts payable as of September 30, 2015 and December 31, 2014 (in thousands): Incurred Payable as of Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31, 2015 2014 2015 2014 2015 2014 Expensed Asset management fees $ 2,112 $ 2,049 $ 6,242 $ 5,567 $ — $ — Real estate acquisition fees — — — 2,274 — — Reimbursable operating expenses (1) 39 37 116 110 1 — Disposition fees (2) 78 — 180 — — — Capitalized Acquisition fee on investment in unconsolidated joint venture — — — 1,573 — — Acquisition fee on undeveloped land — 67 — 67 — — $ 2,229 $ 2,153 $ 6,538 $ 9,591 $ 1 $ — _____________________ (1) 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 $ 36,000 and $ 37,000 for the three months ended September 30, 2015 and 2014 , respectively, and $98,000 and $110,000 for the nine months ended September 30, 2015 and 2014, 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. (2) Disposition fees with respect to real estate sold are included in the gain on sale of real estate in the accompanying consolidated statements of operations.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of September 30, 2015 and December 31, 2014 , 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 % September 30, 2015 December 31, 2014 NIP Joint Venture 23 Various Less than 5.0% $ 5,305 $ 5,305 110 William Joint Venture 1 New York, New York 60.0% 69,314 66,740 $ 74,619 $ 72,045 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 September 30, 2015 . 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 September 30, 2015 and December 31, 2014 , the book value of the Company’s investment in the NIP Joint Venture was $5.3 million . During the three and nine months ended September 30, 2015 and 2014, 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”). 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, contributions and distributions are generally allocated based on the members’ respective equity interests. As of September 30, 2015 and December 31, 2014 , the book value of the Company’s investment in the 110 William Joint Venture was $69.3 million and $66.7 million , respectively. Summarized financial information for the 110 William Joint Venture follows (in thousands): (unaudited) September 30, 2015 December 31, 2014 Assets: Real estate assets, net of accumulated depreciation and amortization $ 270,523 $ 276,683 Other assets 20,687 15,858 Total assets $ 291,210 $ 292,541 Liabilities and Equity: Notes payable, net (1) $ 164,376 $ 168,178 Other liabilities 13,924 15,796 Partners’ capital 112,910 108,567 Total Liabilities and Equity $ 291,210 $ 292,541 _____________________ (1) Includes (i) a first mortgage loan with an outstanding principal balance of $139.1 million and $140.7 million as of September 30, 2015 and December 31, 2014 , respectively, bearing interest at a fixed rate of 4.8% per annum and maturing on July 6, 2017 and (ii) a mezzanine loan with an outstanding principal balance of $20.0 million as of September 30, 2015 and December 31, 2014 bearing interest at a fixed rate of 9.5% per annum and maturing on July 6, 2017. The amount presented includes a premium on notes payable of $5.3 million and $7.5 million as of September 30, 2015 and December 31, 2014 , respectively. (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 9,214 $ 8,428 $ 25,911 $ 13,876 Expenses: Operating, maintenance, and management 2,568 2,463 8,055 3,852 Real estate taxes and insurance 1,642 1,313 4,329 2,162 Real estate acquisition fees and expenses 1 24 1 1,016 Depreciation and amortization 3,194 3,441 9,476 5,497 Interest expense 1,552 1,585 4,627 2,616 Total expenses 8,957 8,826 26,488 15,143 Other income 11 1 319 34 Net income (loss) 268 (397 ) (258 ) (1,233 ) Company's equity in income (loss) of unconsolidated joint venture $ 150 $ (256 ) $ (186 ) $ (757 )

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
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 September 30, 2015 . 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	9 Months Ended
	Sep. 30, 2015
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator (Loss) income from continuing operations $ (277 ) $ (3,441 ) $ 7,747 $ (18,783 ) (Income) loss from continuing operations attributable to noncontrolling interests (185 ) 59 (4,448 ) 486 (Loss) income from continuing operations attributable to common stockholders (462 ) (3,382 ) 3,299 (18,297 ) Total income (loss) from discontinued operations — 15 — (18 ) Total income from discontinued operations attributable to noncontrolling interests — — — — Total income (loss) from discontinued operations attributable to common stockholders — 15 — (18 ) Net (loss) income attributable to common stockholders $ (462 ) $ (3,367 ) $ 3,299 $ (18,315 ) Denominator Weighted-average number of common shares outstanding, basic and diluted 59,729,415 59,735,474 59,986,122 59,658,088 Basic and diluted (loss) income per common share: Continuing operations $ (0.01 ) $ (0.06 ) $ 0.05 $ (0.31 ) Discontinued operations — — — — Net (loss) income per common share $ (0.01 ) $ (0.06 ) $ 0.05 $ (0.31 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2015
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 November 10, 2015, the Company’s board of directors authorized a distribution in the amount of $0.09452055 per share of common stock to stockholders of record as of the close of business on December 15, 2015. The Company expects to pay this distribution on December 22, 2015. 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. Sale of Richardson Land On November 2, 2015, the Company sold an aggregate of 11.6 acres of undeveloped land in the Richardson Portfolio and Richardson Land II for $14.3 million less credits and closing costs. The purchaser is not affiliated with the Company or the Advisor. Increased Funding of Share Redemption Program On October 15, 2015, the board of directors approved, pursuant to Section 4(b) of the Sixth Amended Share Redemption Program, an additional $3.0 million of funds available for the redemption of shares for calendar year 2015. To the extent that the Company redeems less than the number of shares that the Company can purchase in calendar year 2015, any excess capacity to redeem shares during calendar year 2015 will be added to the Company’s capacity to otherwise redeem shares during calendar year 2016. Amended Share Redemption Program On November 10, 2015, the Company’s board of directors adopted a seventh amended and restated share redemption program (the “Seventh Amended Share Redemption Program”). Pursuant to the Seventh Amended Share Redemption Program, shares purchased under the Company’s dividend reinvestment plan will be deemed to have been acquired on the same date as the initial share of common stock to which the dividend reinvestment plan shares relate. There were no other changes to the Seventh Amended Share Redemption Program. The Seventh Amended Share Redemption Program will be effective December 12, 2015.

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.
Principles of Consolidation	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.
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. During the nine months ended September 30, 2015, the Company sold two office properties. As a result, certain assets and liabilities were reclassified to held for sale on the consolidated balance sheets for all periods presented.
Revenue Recognition, Real Estate Loans Receivable	Real Estate Loans Receivable Interest income on the Company’s real estate loans receivable is recognized on an accrual basis over the life of the investment using the interest method. Direct loan origination or acquisition fees and costs, as well as acquisition premiums or discounts, are amortized over the term of the loan as an adjustment to interest income. The Company places loans on nonaccrual status when any portion of principal or interest is 90 days past due, or earlier when concern exists as to the ultimate collection of principal or interest. When a loan is placed on non-accrual status, the Company reserves for any unpaid accrued interest and generally does not recognize subsequent interest income until cash is received, or the loan returns to accrual status. The Company will resume the accrual of interest if it determines the collection of interest, according to the contractual terms of the loan, is probable. The Company generally recognizes income on impaired loans on either a cash basis, where interest income is only recorded when received in cash, or on a cost-recovery basis, where all cash receipts are applied against the carrying value of the loan. The Company considers the collectibility of the loan’s principal balance in determining whether to recognize income on impaired loans on a cash basis or a cost-recovery basis. The Company will recognize interest income on loans purchased at discounts to face value where the Company expects to collect less than the contractual amounts due under the loan when that expectation is due, at least in part, to the credit quality of the borrower. Income is recognized at an interest rate equivalent to the estimated yield on the loan, as calculated using the carrying value of the loan and the expected cash flows. Changes in estimated cash flows are recognized through an adjustment to the yield on the loan on a prospective basis. Projecting cash flows for these types of loans requires a significant amount of assumptions and judgment, which may have a significant impact on the amount and timing of revenue recognized on these investments. The Company recognizes interest income on non-performing loans on a cash basis or cost-recovery basis since these loans generally do not have an estimated yield and collection of principal and interest is not assured.
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 nine months ended September 30, 2015 and 2014. Distributions declared per share were $0.095 and $0.280 during the three and nine months ended September 30, 2015 , respectively and $0.069 and $0.174 during the three and nine months ended September 30, 2014, respectively.
Recently Issued Accounting Standards Updates	In May 2014, the 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 was to be 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU No. 2015-14”), which defers the effective date of ASU No. 2014-09 by one year. Early adoption is permitted but not before the original effective date. The Company is still evaluating the impact of adopting ASU No. 2014-09 on its financial statements, but does not expect the adoption of ASU No. 2014-09 to have a material impact on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”). The amendments in ASU No. 2014-15 require management to evaluate, for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued when applicable) and, if so, provide related disclosures. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company does not expect the adoption of ASU No. 2014-15 to have a significant impact on its financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU No. 2015-01”). The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendments will eliminate the requirements in Subtopic 225-20 for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU No. 2015-01 to have a significant impact on its financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU No. 2015-02”), which amended the existing accounting standards for consolidation under both the variable interest model and the voting model. ASU No. 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU No. 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments in ASU No. 2015-02 using: (a) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (b) by applying the amendments retrospectively. The Company is still evaluating the impact of adopting ASU No. 2015-02 on its financial statements, but does not expect the adoption of ASU No. 2015-02 to have a material impact on its financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs (“ASU No. 2015-03”). The amendments in ASU No. 2015-03 require debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU No. 2015-03 is limited to the presentation of debt issuance costs and does not affect the recognition and measurement of debt issuance costs. Given the absence of authoritative guidance within ASU No. 2015-03 for debt issuance costs related to line-of-credit arrangements, in August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU No. 2015-15”), which clarifies ASU No. 2015-03 by stating that the staff of the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU No. 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and is to be applied retrospectively. Early adoption is permitted for financial statements that have not been previously issued. The adoption of ASU No. 2015-03 would change the presentation of debt issuance costs, as the Company presents debt issuance costs as prepaid expenses and other assets on the accompanying consolidated balance sheets. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU No. 2015-16”). The amendments in ASU No. 2015-16 require that, in a business combination, an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU No. 2015-16 is effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years and is to be applied prospectively. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of ASU No. 2015-16 to have a significant impact on its financial statements.

REAL ESTATE HELD FOR INVESTME23

REAL ESTATE HELD FOR INVESTMENT (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table summarizes the Company’s real estate held for investment as of September 30, 2015 and December 31, 2014 , respectively (in thousands): September 30, 2015 December 31, 2014 Land $ 230,146 $ 229,053 Buildings and improvements 641,551 628,662 Tenant origination and absorption costs 45,554 50,807 Total real estate, cost 917,251 908,522 Accumulated depreciation and amortization (84,819 ) (63,388 ) Total real estate, net $ 832,432 $ 845,134 The following table provides summary information regarding the Company's real estate held for investment as of September 30, 2015 (in thousands): Property Date Acquired or Foreclosed on City State Property Type Land Building and Improvements Tenant Origination and Absorption Total Real Estate at Cost (1) Accumulated Depreciation and Amortization Total Real Estate, Net Ownership % Northridge Center I & II 03/25/2011 Atlanta GA Office $ 2,234 $ 7,013 $ — $ 9,247 $ (1,789 ) $ 7,458 100.0 % Iron Point Business Park 06/21/2011 Folsom CA Office 2,670 19,381 — 22,051 (3,505 ) 18,546 100.0 % Richardson Portfolio: Palisades Central I 11/23/2011 Richardson TX Office 1,037 9,759 832 11,628 (2,120 ) 9,508 90.0 % Palisades Central II 11/23/2011 Richardson TX Office 810 17,764 1,219 19,793 (4,318 ) 15,475 90.0 % Greenway I 11/23/2011 Richardson TX Office 561 2,156 — 2,717 (522 ) 2,195 90.0 % Greenway III 11/23/2011 Richardson TX Office 702 3,984 823 5,509 (1,546 ) 3,963 90.0 % Undeveloped Land 11/23/2011 Richardson TX Undeveloped Land 6,051 — — 6,051 — 6,051 90.0 % Total Richardson Portfolio 9,161 33,663 2,874 45,698 (8,506 ) 37,192 Park Highlands 12/30/2011 North Las Vegas NV Undeveloped Land 29,833 — — 29,833 — 29,833 50.1 % Bellevue Technology Center 07/31/2012 Bellevue WA Office 25,506 55,603 3,813 84,922 (7,360 ) 77,562 100.0 % Powers Ferry Landing East 09/24/2012 Atlanta GA Office 1,643 8,041 105 9,789 (1,404 ) 8,385 100.0 % 1800 West Loop 12/04/2012 Houston TX Office 8,360 59,758 5,521 73,639 (9,805 ) 63,834 100.0 % West Loop I & II 12/07/2012 Houston TX Office 7,300 30,162 2,513 39,975 (4,674 ) 35,301 100.0 % Burbank Collection 12/12/2012 Burbank CA Retail 4,175 9,366 789 14,330 (1,151 ) 13,179 90.0 % Austin Suburban Portfolio 03/28/2013 Austin TX Office 8,288 66,798 3,467 78,553 (8,777 ) 69,776 100.0 % Westmoor Center 06/12/2013 Westminster CO Office 10,058 65,971 8,809 84,838 (12,133 ) 72,705 100.0 % Central Building 07/10/2013 Seattle WA Office 7,015 25,841 2,228 35,084 (3,213 ) 31,871 100.0 % 50 Congress Street 07/11/2013 Boston MA Office 9,876 40,682 2,755 53,313 (4,544 ) 48,769 100.0 % 1180 Raymond 08/20/2013 Newark NJ Apartment 8,292 36,703 136 45,131 (2,468 ) 42,663 100.0 % Park Highlands II 12/10/2013 North Las Vegas NV Undeveloped Land 21,922 — — 21,922 — 21,922 99.5 % Maitland Promenade II 12/18/2013 Orlando FL Office 3,434 23,559 4,439 31,432 (3,381 ) 28,051 100.0 % Plaza Buildings 01/14/2014 Bellevue WA Office 53,040 133,885 8,105 195,030 (10,969 ) 184,061 100.0 % 424 Bedford 01/31/2014 Brooklyn NY Apartment 8,860 25,125 — 33,985 (1,140 ) 32,845 90.0 % Richardson Land II 09/04/2014 Richardson TX Undeveloped Land 8,479 — — 8,479 — 8,479 90.0 % $ 230,146 $ 641,551 $ 45,554 $ 917,251 $ (84,819 ) $ 832,432 _____________________ (1) Amounts are net of impairment charges.
Schedule of Future Minimum Rental Income for Company's Properties	As of September 30, 2015 , the future minimum rental income from the Company’s properties, excluding apartment leases, under non-cancelable operating leases was as follows (in thousands): October 1, 2015 through December 31, 2015 $ 18,810 2016 76,136 2017 70,105 2018 59,134 2019 46,288 Thereafter 108,623 $ 379,096
Schedules of Concentration of Risk, by Risk Factor	As of September 30, 2015 , the Company’s commercial real estate properties were leased to approximately 500 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 Tenants Annualized Base Rent (1) (in thousands) Percentage of Annualized Base Rent Finance 47 $ 10,728 13.6 % Computer System Design & Programming 43 10,474 13.3 % Insurance Carriers & Related Activities 28 8,720 11.1 % $ 29,922 38.0 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of September 30, 2015 , 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 ABSORP24

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2015
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 September 30, 2015 and December 31, 2014 , 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 Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities September 30, December 31, September 30, December 31, September 30, December 31, Cost $ 45,926 $ 50,807 $ 3,051 $ 3,752 $ (6,235 ) $ (7,585 ) Accumulated Amortization (22,482 ) (19,113 ) (1,710 ) (1,691 ) 3,153 3,182 Net Amount $ 23,444 $ 31,694 $ 1,341 $ 2,061 $ (3,082 ) $ (4,403 )
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 nine months ended September 30, 2015 and 2014 were as follows (in thousands): Tenant Origination and Absorption Costs Above-Market Lease Assets Below-Market Lease Liabilities For the Three Months Ended September 30, For the Three Months Ended For the Three Months Ended 2015 2014 2015 2014 2015 2014 Amortization $ (2,617 ) $ (3,397 ) $ (189 ) $ (235 ) $ 382 $ 575 Tenant Origination and Above-Market Below-Market For the Nine Months Ended September 30, For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 2015 2014 Amortization $ (8,256 ) $ (11,793 ) $ (720 ) $ (843 ) $ 1,321 $ 1,856

REAL ESTATE LOAN RECEIVABLE (Ta

REAL ESTATE LOAN RECEIVABLE (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Schedule of Real Estate Loans Receivable	As of September 30, 2015 , the Company owned one real estate loan receivable that it had originated. The information for that real estate loan receivable as of September 30, 2015 and December 31, 2014 is set forth below (in thousands): Loan Name Location of Related Property or Collateral Date Originated Property Type Loan Type Outstanding Principal Balance as of September 30, 2015 (1) Book Value as of September 30, 2015 (2) Book Value as of December 31, 2014 (2) Contractual Interest Rate (3) Annualized Effective Interest Rate (3) Maturity Date University House First Mortgage New York, New York 3/20/2013 Student Housing Mortgage $ 27,850 $ 27,850 $ 27,422 16.0% 9.5% 06/30/2015 _____________________ (1) Outstanding principal balance as of September 30, 2015 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 rate is the stated default interest rate on the face of the loan. Annualized effective interest rate is calculated as the actual interest income recognized in 2015, using the interest method annualized (if applicable) and divided by the average amortized cost basis of the investment. The annualized effective interest rate and contractual interest rate presented are as of September 30, 2015 .
Schedule of Activity Related to Real Estate Loans Receivable	The following summarizes the activity related to the real estate loan receivable for the nine months ended September 30, 2015 (in thousands): Real estate loan receivable - December 31, 2014 $ 27,422 Accretion of closing costs and origination fees on real estate loan receivable, net 428 Real estate loan receivable - September 30, 2015 $ 27,850
Schedule of Interest Income from Real Estate Loans Receivable	For the three and nine months ended September 30, 2015 and 2014, interest income from the real estate loan receivable consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Contractual interest income $ — $ 752 $ 1,540 $ 1,969 Accretion of closing costs, origination fees and extension fees, net — 196 428 408 Interest income from real estate loan receivable $ — $ 948 $ 1,968 $ 2,377

REAL ESTATE SALES (Tables)

REAL ESTATE SALES (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Revenue and Expenses of Real Estate Held-for-Sale	The following table summarizes certain revenue and expenses related to these properties for the three and nine months ended September 30, 2015, and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total revenues $ — $ 306 $ 216 $ 883 Total expenses 71 507 636 1,477

NOTES AND BOND PAYABLE (Tables)

NOTES AND BOND PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2015
Notes and Bonds Payable [Abstract]
Schedule of Long-term Debt Instruments	As of September 30, 2015 and December 31, 2014 , the Company’s notes and bond payable consisted of the following (dollars in thousands): Book Value as of September 30, 2015 Book Value as of December 31, 2014 Contractual Interest Rate as of September 30, 2015 (1) Effective Interest Rate at September 30, 2015 (1) Payment Type Maturity Date (2) Richardson Portfolio Mortgage Loan $ 41,321 $ 38,000 One-Month LIBOR + 2.10% 2.30% Principal 05/01/2017 Bellevue Technology Center Mortgage Loan 51,534 49,836 One-Month LIBOR + 2.25% 2.45% Interest Only (3) 03/01/2017 Portfolio Revolving Loan Facility (4) 49,587 12,447 One-Month LIBOR + 2.25% 2.45% Interest Only 05/01/2017 Portfolio Mortgage Loan 98,951 93,751 One-Month LIBOR + 2.25% 2.45% Interest Only (3) 07/01/2017 1635 N. Cahuenga Mortgage Loan (5) — 4,650 (5) (5) (5) (5) Burbank Collection Mortgage Loan 9,098 9,043 One-Month LIBOR + 2.35% 2.60% Interest Only 09/30/2016 50 Congress Mortgage Loan 28,075 26,935 One-Month LIBOR + 1.90% 2.10% Interest Only (3) 10/01/2017 1180 Raymond Bond Payable 6,838 6,945 6.50% 6.50% Principal 09/01/2036 Central Building Mortgage Loan 24,896 24,896 One-Month LIBOR + 1.75% 1.95% Interest Only 11/13/2018 Maitland Promenade II Mortgage Loan (6) 20,182 20,182 One-Month LIBOR + 2.90% 3.25% Interest Only (3) 01/01/2017 Westmoor Center Mortgage Loan 56,036 54,880 One-Month LIBOR + 2.25% 2.45% Interest Only (3) 02/01/2018 Plaza Buildings Senior Loan 111,000 109,707 One-Month LIBOR + 1.90% 2.10% Interest Only (3) 01/14/2017 Plaza Buildings Mezzanine Loan (7) — 25,000 (7) (7) (7) (7) 424 Bedford Mortgage Loan 25,488 25,866 3.91% 3.91% Principal 10/01/2022 1180 Raymond Mortgage Loan 28,100 28,100 One-Month LIBOR + 2.25% 2.45% Interest Only 12/01/2017 Total Notes and Bond Payable principal outstanding 551,106 530,238 Net Premium/Discount on Notes and Bond Payable (8) 43 25 Total Notes and Bond Payable, net $ 551,149 $ 530,263 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2015 . Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2015 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at September 30, 2015 , where applicable. (2) Represents the initial maturity date or the maturity date as extended as of September 30, 2015 ; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. (3) Represents the payment type required under the loan as of September 30, 2015. Certain future monthly payments due under this loan also include amortizing principal payments. For more information of the Company’s contractual obligations under its notes and bond payable, see five-year maturity table below. (4) 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 September 30, 2015 , $39.0 million of revolving debt and $10.6 million of non-revolving debt had been disbursed to the Company and the remaining $20.5 million of revolving debt and $ 2.4 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. (5) On March 11, 2015, in connection with the disposition of 1635 N. Cahuenga, the joint venture paid off the outstanding principal balance and all other sums due under this loan. (6) Interest on the Maitland Promenade II Mortgage 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% . (7) On April 1, 2015, the Company paid off the outstanding principal balance and all other sums due under this loan. (8) 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 September 30, 2015 (in thousands): October 1, 2015 through December 31, 2015 $ 305 2016 13,643 2017 426,038 2018 81,181 2019 812 Thereafter 29,127 $ 551,106

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2015
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 September 30, 2015 and December 31, 2014 , which carrying amounts do not approximate the fair values (in thousands): September 30, 2015 December 31, 2014 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial assets: Real estate loans receivable $ 27,850 $ 27,850 $ 27,850 $ 27,850 $ 27,422 $ 27,813 Financial liabilities: Notes and bond payable $ 551,106 $ 551,149 $ 554,185 $ 530,238 $ 530,263 $ 534,045

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2015
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 nine months ended September 30, 2015 and 2014, respectively, and any related amounts payable as of September 30, 2015 and December 31, 2014 (in thousands): Incurred Payable as of Three Months Ended September 30, Nine Months Ended September 30, September 30, December 31, 2015 2014 2015 2014 2015 2014 Expensed Asset management fees $ 2,112 $ 2,049 $ 6,242 $ 5,567 $ — $ — Real estate acquisition fees — — — 2,274 — — Reimbursable operating expenses (1) 39 37 116 110 1 — Disposition fees (2) 78 — 180 — — — Capitalized Acquisition fee on investment in unconsolidated joint venture — — — 1,573 — — Acquisition fee on undeveloped land — 67 — 67 — — $ 2,229 $ 2,153 $ 6,538 $ 9,591 $ 1 $ — _____________________ (1) 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 $ 36,000 and $ 37,000 for the three months ended September 30, 2015 and 2014 , respectively, and $98,000 and $110,000 for the nine months ended September 30, 2015 and 2014, 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. (2) Disposition fees with respect to real estate sold are included in the gain on sale of real estate in the accompanying consolidated statements of operations.

INVESTMENT IN UNCONSOLIDATED 30

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	9 Months Ended
	Sep. 30, 2015
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): (unaudited) September 30, 2015 December 31, 2014 Assets: Real estate assets, net of accumulated depreciation and amortization $ 270,523 $ 276,683 Other assets 20,687 15,858 Total assets $ 291,210 $ 292,541 Liabilities and Equity: Notes payable, net (1) $ 164,376 $ 168,178 Other liabilities 13,924 15,796 Partners’ capital 112,910 108,567 Total Liabilities and Equity $ 291,210 $ 292,541 _____________________ (1) Includes (i) a first mortgage loan with an outstanding principal balance of $139.1 million and $140.7 million as of September 30, 2015 and December 31, 2014 , respectively, bearing interest at a fixed rate of 4.8% per annum and maturing on July 6, 2017 and (ii) a mezzanine loan with an outstanding principal balance of $20.0 million as of September 30, 2015 and December 31, 2014 bearing interest at a fixed rate of 9.5% per annum and maturing on July 6, 2017. The amount presented includes a premium on notes payable of $5.3 million and $7.5 million as of September 30, 2015 and December 31, 2014 , respectively. (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 9,214 $ 8,428 $ 25,911 $ 13,876 Expenses: Operating, maintenance, and management 2,568 2,463 8,055 3,852 Real estate taxes and insurance 1,642 1,313 4,329 2,162 Real estate acquisition fees and expenses 1 24 1 1,016 Depreciation and amortization 3,194 3,441 9,476 5,497 Interest expense 1,552 1,585 4,627 2,616 Total expenses 8,957 8,826 26,488 15,143 Other income 11 1 319 34 Net income (loss) 268 (397 ) (258 ) (1,233 ) Company's equity in income (loss) of unconsolidated joint venture $ 150 $ (256 ) $ (186 ) $ (757 ) As of September 30, 2015 and December 31, 2014 , 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 % September 30, 2015 December 31, 2014 NIP Joint Venture 23 Various Less than 5.0% $ 5,305 $ 5,305 110 William Joint Venture 1 New York, New York 60.0% 69,314 66,740 $ 74,619 $ 72,045

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2015
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator (Loss) income from continuing operations $ (277 ) $ (3,441 ) $ 7,747 $ (18,783 ) (Income) loss from continuing operations attributable to noncontrolling interests (185 ) 59 (4,448 ) 486 (Loss) income from continuing operations attributable to common stockholders (462 ) (3,382 ) 3,299 (18,297 ) Total income (loss) from discontinued operations — 15 — (18 ) Total income from discontinued operations attributable to noncontrolling interests — — — — Total income (loss) from discontinued operations attributable to common stockholders — 15 — (18 ) Net (loss) income attributable to common stockholders $ (462 ) $ (3,367 ) $ 3,299 $ (18,315 ) Denominator Weighted-average number of common shares outstanding, basic and diluted 59,729,415 59,735,474 59,986,122 59,658,088 Basic and diluted (loss) income per common share: Continuing operations $ (0.01 ) $ (0.06 ) $ 0.05 $ (0.31 ) Discontinued operations — — — — Net (loss) income per common share $ (0.01 ) $ (0.06 ) $ 0.05 $ (0.31 )

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Thousands	9 Months Ended	12 Months Ended	70 Months Ended
	Sep. 30, 2015USD ($)aPortfoliospropertyInvestmentsshares	Dec. 31, 2014USD ($)shares	Sep. 30, 2015USD ($)aPortfoliospropertyInvestmentsshares	Oct. 23, 2012USD ($)shares	Dec. 29, 2011USD ($)shares	Jan. 08, 2009shares
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%
Issuance of common stock, value | $	$ 10,269	$ 9,911	$ 561,700
Shares of common stock sold under dividend reinvestment plan, value | $			49,400
Redemptions of common stock, value | $	$ 24,025	$ 5,104	$ 32,400
Common stock, shares issued	58,943,382	60,044,329	58,943,382	55,249	220,994
Common stock, value, issued | $	$ 589	$ 600	$ 589	$ 500	$ 2,000
Real estate area of undeveloped land | a	1,670		1,670
Number of Investments in Unconsolidated Joint Venture | Investments	2		2
Office Properties [Member]
Organizational Structure [Line Items]
Number of real estate properties | property	10		10
Office Campus [Member]
Organizational Structure [Line Items]
Number of real estate properties | property	1		1
Office Portfolio [Member]
Organizational Structure [Line Items]
Number of real estate properties | Portfolios	1		1
Office Portfolio [Member] | Austin Suburban Portfolio [Member]
Organizational Structure [Line Items]
Number of real estate properties acquired | Portfolios	1		1
Office Buildings, Portfolio [Member]
Organizational Structure [Line Items]
Number of real estate properties | property	4		4
Real estate area of undeveloped land | a	37		37
Office Property, Portfolio [Member]
Organizational Structure [Line Items]
Number of real estate properties acquired | property	9		9
Office Property, Portfolio [Member] | Austin Suburban Portfolio [Member]
Organizational Structure [Line Items]
Number of real estate properties acquired | property	3		3
Retail Properties [Member]
Organizational Structure [Line Items]
Number of real estate properties | property	1		1
Apartment Property [Member]
Organizational Structure [Line Items]
Number of real estate properties | property	2		2
Undeveloped Land [Member]
Organizational Structure [Line Items]
Number of investments in real estate properties | property	2		2
Office Property [Member]
Organizational Structure [Line Items]
Number of first mortgage loans | Portfolios	1
Common Stock [Member]
Organizational Structure [Line Items]
Shares registered in primary offering						100,000,000
Shares registered for sale under dividend reinvestment plan						40,000,000
Issuance of common stock, shares	868,685	901,146	56,584,976
Issuance of common stock, value | $	$ 9	$ 9
Shares of common stock sold under dividend reinvestment plan, shares			4,850,661
Redemptions of common stock, shares	1,969,632	475,817	2,788,498
Redemptions of common stock, value | $	$ 20	$ 5
Minimum [Member] | Common Stock [Member]
Organizational Structure [Line Items]
Stock offering, shares authorized for issuance						250,000
Maximum [Member] | Common Stock [Member]
Organizational Structure [Line Items]
Stock offering, shares authorized for issuance						140,000,000
KBS Capital Advisors LLC [Member]
Organizational Structure [Line Items]
Shares held by affiliate	20,000		20,000

SUMMARY OF SIGNIFICANT ACCOUN33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015$ / shares	Sep. 30, 2014$ / shares	Sep. 30, 2015property$ / shares	Sep. 30, 2014$ / shares	Dec. 31, 2014property	Dec. 31, 2013property	Sep. 16, 2015USD ($)	Jul. 27, 2015USD ($)
Summary of Significant Accounting Policies [Line Items]
Distributions declared per share | $ / shares	$ 0.095	$ 0.069	$ 0.28	$ 0.174
Sixth Amended and Restated Share Redemption Program [Member]
Summary of Significant Accounting Policies [Line Items]
Additional funds for share redemption							$ 7	$ 10
Office Building [Member]
Summary of Significant Accounting Policies [Line Items]
Number of real estate properties disposed | property			2		1	2

REAL ESTATE HELD FOR INVESTME34

REAL ESTATE HELD FOR INVESTMENT (Narrative) (Details) $ in Thousands, ft² in Millions	9 Months Ended
	Sep. 30, 2015USD ($)aft²PortfoliosUnitspropertyInvestments	Sep. 30, 2014USD ($)
Real Estate Properties [Line Items]
Real estate area of undeveloped land | a	1,670
Rentable square feet | ft²	4.4
Percentage of portfolio occupied	84.00%
Proceeds from condemnation agreements | $	$ 5,914	$ 0
Condemnation, at carrying value | $	800
Gain on condemnation | $	5,100
Noncontrolling Interests [Member]
Real Estate Properties [Line Items]
Gain on condemnation | $	$ 1,200
Office Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	10
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 | Portfolios	1
Office Portfolio [Member] | Austin Suburban Portfolio [Member]
Real Estate Properties [Line Items]
Number of real estate properties acquired | Portfolios	1
Office Buildings, Portfolio [Member]
Real Estate Properties [Line Items]
Number of real estate properties	4
Real estate area of undeveloped land | a	37
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 | ft²	0.3
Percentage of portfolio occupied	95.00%
Apartment Property [Member] | 1180 Raymond [Member] | Multifamily Tower [Member]
Real Estate Properties [Line Items]
Number of units in real estate property | Units	383
Undeveloped Land [Member]
Real Estate Properties [Line Items]
Number of investments in real estate | Investments	2

REAL ESTATE HELD FOR INVESTME35

REAL ESTATE HELD FOR INVESTMENT (Schedule of Real Estate Investments) (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015		Dec. 31, 2014
Real Estate Properties [Line Items]
Total real estate, cost		$ 917,251	[1]	$ 908,522
Accumulated depreciation and amortization		(84,819)		(63,388)
Total real estate, net		$ 832,432		845,134
Northridge Center I & II [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Mar. 25, 2011
Total real estate, cost	[1]	$ 9,247
Accumulated depreciation and amortization		(1,789)
Total real estate, net		$ 7,458
Ownership %		100.00%
Iron Point Business Park [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Jun. 21, 2011
Total real estate, cost	[1]	$ 22,051
Accumulated depreciation and amortization		(3,505)
Total real estate, net		$ 18,546
Ownership %		100.00%
Palisades Central I [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Nov. 23, 2011
Total real estate, cost	[1]	$ 11,628
Accumulated depreciation and amortization		(2,120)
Total real estate, net		$ 9,508
Ownership %		90.00%
Palisades Central II [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Nov. 23, 2011
Total real estate, cost	[1]	$ 19,793
Accumulated depreciation and amortization		(4,318)
Total real estate, net		$ 15,475
Ownership %		90.00%
Greenway I [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Nov. 23, 2011
Total real estate, cost	[1]	$ 2,717
Accumulated depreciation and amortization		(522)
Total real estate, net		$ 2,195
Ownership %		90.00%
Greenway III [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Nov. 23, 2011
Total real estate, cost	[1]	$ 5,509
Accumulated depreciation and amortization		(1,546)
Total real estate, net		$ 3,963
Ownership %		90.00%
Undeveloped Land [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Nov. 23, 2011
Total real estate, cost	[1]	$ 6,051
Accumulated depreciation and amortization		0
Total real estate, net		$ 6,051
Ownership %		90.00%
Richardson Portfolio [Member]
Real Estate Properties [Line Items]
Total real estate, cost	[1]	$ 45,698
Accumulated depreciation and amortization		(8,506)
Total real estate, net		$ 37,192
Park Highlands [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Dec. 30, 2011
Total real estate, cost	[1]	$ 29,833
Accumulated depreciation and amortization		0
Total real estate, net		$ 29,833
Ownership %		50.10%
Bellevue Technology Center [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Jul. 31, 2012
Total real estate, cost	[1]	$ 84,922
Accumulated depreciation and amortization		(7,360)
Total real estate, net		$ 77,562
Ownership %		100.00%
Powers Ferry Landing East [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Sep. 24, 2012
Total real estate, cost	[1]	$ 9,789
Accumulated depreciation and amortization		(1,404)
Total real estate, net		$ 8,385
Ownership %		100.00%
1800 West Loop [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Dec. 4, 2012
Total real estate, cost	[1]	$ 73,639
Accumulated depreciation and amortization		(9,805)
Total real estate, net		$ 63,834
Ownership %		100.00%
West Loop I and II [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Dec. 7, 2012
Total real estate, cost	[1]	$ 39,975
Accumulated depreciation and amortization		(4,674)
Total real estate, net		$ 35,301
Ownership %		100.00%
Burbank Collection [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Dec. 12, 2012
Total real estate, cost	[1]	$ 14,330
Accumulated depreciation and amortization		(1,151)
Total real estate, net		$ 13,179
Ownership %		90.00%
Austin Suburban Portfolio [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Mar. 28, 2013
Total real estate, cost	[1]	$ 78,553
Accumulated depreciation and amortization		(8,777)
Total real estate, net		$ 69,776
Ownership %		100.00%
Westmoor Center [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Jun. 12, 2013
Total real estate, cost	[1]	$ 84,838
Accumulated depreciation and amortization		(12,133)
Total real estate, net		$ 72,705
Ownership %		100.00%
Central Building [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Jul. 10, 2013
Total real estate, cost	[1]	$ 35,084
Accumulated depreciation and amortization		(3,213)
Total real estate, net		$ 31,871
Ownership %		100.00%
50 Congress Street [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Jul. 11, 2013
Total real estate, cost	[1]	$ 53,313
Accumulated depreciation and amortization		(4,544)
Total real estate, net		$ 48,769
Ownership %		100.00%
1180 Raymond [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Aug. 20, 2013
Total real estate, cost	[1]	$ 45,131
Accumulated depreciation and amortization		(2,468)
Total real estate, net		$ 42,663
Ownership %		100.00%
Park Highlands II [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Dec. 10, 2013
Total real estate, cost	[1]	$ 21,922
Accumulated depreciation and amortization		0
Total real estate, net		$ 21,922
Ownership %		99.50%
Maitland Promenade II [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Dec. 18, 2013
Total real estate, cost	[1]	$ 31,432
Accumulated depreciation and amortization		(3,381)
Total real estate, net		$ 28,051
Ownership %		100.00%
Plaza Buildings [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Jan. 14, 2014
Total real estate, cost	[1]	$ 195,030
Accumulated depreciation and amortization		(10,969)
Total real estate, net		$ 184,061
Ownership %		100.00%
424 Bedford [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Jan. 31, 2014
Total real estate, cost	[1]	$ 33,985
Accumulated depreciation and amortization		(1,140)
Total real estate, net		$ 32,845
Ownership %		90.00%
Richardson Land II [Member]
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on		Sep. 4, 2014
Total real estate, cost	[1]	$ 8,479
Accumulated depreciation and amortization		0
Total real estate, net		$ 8,479
Ownership %		90.00%
Land [Member]
Real Estate Properties [Line Items]
Total real estate, cost		$ 230,146		229,053
Land [Member] | Northridge Center I & II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		2,234
Land [Member] | Iron Point Business Park [Member]
Real Estate Properties [Line Items]
Total real estate, cost		2,670
Land [Member] | Palisades Central I [Member]
Real Estate Properties [Line Items]
Total real estate, cost		1,037
Land [Member] | Palisades Central II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		810
Land [Member] | Greenway I [Member]
Real Estate Properties [Line Items]
Total real estate, cost		561
Land [Member] | Greenway III [Member]
Real Estate Properties [Line Items]
Total real estate, cost		702
Land [Member] | Undeveloped Land [Member]
Real Estate Properties [Line Items]
Total real estate, cost		6,051
Land [Member] | Richardson Portfolio [Member]
Real Estate Properties [Line Items]
Total real estate, cost		9,161
Land [Member] | Park Highlands [Member]
Real Estate Properties [Line Items]
Total real estate, cost		29,833
Land [Member] | Bellevue Technology Center [Member]
Real Estate Properties [Line Items]
Total real estate, cost		25,506
Land [Member] | Powers Ferry Landing East [Member]
Real Estate Properties [Line Items]
Total real estate, cost		1,643
Land [Member] | 1800 West Loop [Member]
Real Estate Properties [Line Items]
Total real estate, cost		8,360
Land [Member] | West Loop I and II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		7,300
Land [Member] | Burbank Collection [Member]
Real Estate Properties [Line Items]
Total real estate, cost		4,175
Land [Member] | Austin Suburban Portfolio [Member]
Real Estate Properties [Line Items]
Total real estate, cost		8,288
Land [Member] | Westmoor Center [Member]
Real Estate Properties [Line Items]
Total real estate, cost		10,058
Land [Member] | Central Building [Member]
Real Estate Properties [Line Items]
Total real estate, cost		7,015
Land [Member] | 50 Congress Street [Member]
Real Estate Properties [Line Items]
Total real estate, cost		9,876
Land [Member] | 1180 Raymond [Member]
Real Estate Properties [Line Items]
Total real estate, cost		8,292
Land [Member] | Park Highlands II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		21,922
Land [Member] | Maitland Promenade II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		3,434
Land [Member] | Plaza Buildings [Member]
Real Estate Properties [Line Items]
Total real estate, cost		53,040
Land [Member] | 424 Bedford [Member]
Real Estate Properties [Line Items]
Total real estate, cost		8,860
Land [Member] | Richardson Land II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		8,479
Buildings and Improvements [Member]
Real Estate Properties [Line Items]
Total real estate, cost		641,551		628,662
Buildings and Improvements [Member] | Northridge Center I & II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		7,013
Buildings and Improvements [Member] | Iron Point Business Park [Member]
Real Estate Properties [Line Items]
Total real estate, cost		19,381
Buildings and Improvements [Member] | Palisades Central I [Member]
Real Estate Properties [Line Items]
Total real estate, cost		9,759
Buildings and Improvements [Member] | Palisades Central II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		17,764
Buildings and Improvements [Member] | Greenway I [Member]
Real Estate Properties [Line Items]
Total real estate, cost		2,156
Buildings and Improvements [Member] | Greenway III [Member]
Real Estate Properties [Line Items]
Total real estate, cost		3,984
Buildings and Improvements [Member] | Undeveloped Land [Member]
Real Estate Properties [Line Items]
Total real estate, cost		0
Buildings and Improvements [Member] | Richardson Portfolio [Member]
Real Estate Properties [Line Items]
Total real estate, cost		33,663
Buildings and Improvements [Member] | Park Highlands [Member]
Real Estate Properties [Line Items]
Total real estate, cost		0
Buildings and Improvements [Member] | Bellevue Technology Center [Member]
Real Estate Properties [Line Items]
Total real estate, cost		55,603
Buildings and Improvements [Member] | Powers Ferry Landing East [Member]
Real Estate Properties [Line Items]
Total real estate, cost		8,041
Buildings and Improvements [Member] | 1800 West Loop [Member]
Real Estate Properties [Line Items]
Total real estate, cost		59,758
Buildings and Improvements [Member] | West Loop I and II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		30,162
Buildings and Improvements [Member] | Burbank Collection [Member]
Real Estate Properties [Line Items]
Total real estate, cost		9,366
Buildings and Improvements [Member] | Austin Suburban Portfolio [Member]
Real Estate Properties [Line Items]
Total real estate, cost		66,798
Buildings and Improvements [Member] | Westmoor Center [Member]
Real Estate Properties [Line Items]
Total real estate, cost		65,971
Buildings and Improvements [Member] | Central Building [Member]
Real Estate Properties [Line Items]
Total real estate, cost		25,841
Buildings and Improvements [Member] | 50 Congress Street [Member]
Real Estate Properties [Line Items]
Total real estate, cost		40,682
Buildings and Improvements [Member] | 1180 Raymond [Member]
Real Estate Properties [Line Items]
Total real estate, cost		36,703
Buildings and Improvements [Member] | Park Highlands II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		0
Buildings and Improvements [Member] | Maitland Promenade II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		23,559
Buildings and Improvements [Member] | Plaza Buildings [Member]
Real Estate Properties [Line Items]
Total real estate, cost		133,885
Buildings and Improvements [Member] | 424 Bedford [Member]
Real Estate Properties [Line Items]
Total real estate, cost		25,125
Buildings and Improvements [Member] | Richardson Land II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		0
Tenant Origination and Absorption Costs [Member]
Real Estate Properties [Line Items]
Total real estate, cost		45,554		$ 50,807
Tenant Origination and Absorption Costs [Member] | Northridge Center I & II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		0
Tenant Origination and Absorption Costs [Member] | Iron Point Business Park [Member]
Real Estate Properties [Line Items]
Total real estate, cost		0
Tenant Origination and Absorption Costs [Member] | Palisades Central I [Member]
Real Estate Properties [Line Items]
Total real estate, cost		832
Tenant Origination and Absorption Costs [Member] | Palisades Central II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		1,219
Tenant Origination and Absorption Costs [Member] | Greenway I [Member]
Real Estate Properties [Line Items]
Total real estate, cost		0
Tenant Origination and Absorption Costs [Member] | Greenway III [Member]
Real Estate Properties [Line Items]
Total real estate, cost		823
Tenant Origination and Absorption Costs [Member] | Undeveloped Land [Member]
Real Estate Properties [Line Items]
Total real estate, cost		0
Tenant Origination and Absorption Costs [Member] | Richardson Portfolio [Member]
Real Estate Properties [Line Items]
Total real estate, cost		2,874
Tenant Origination and Absorption Costs [Member] | Park Highlands [Member]
Real Estate Properties [Line Items]
Total real estate, cost		0
Tenant Origination and Absorption Costs [Member] | Bellevue Technology Center [Member]
Real Estate Properties [Line Items]
Total real estate, cost		3,813
Tenant Origination and Absorption Costs [Member] | Powers Ferry Landing East [Member]
Real Estate Properties [Line Items]
Total real estate, cost		105
Tenant Origination and Absorption Costs [Member] | 1800 West Loop [Member]
Real Estate Properties [Line Items]
Total real estate, cost		5,521
Tenant Origination and Absorption Costs [Member] | West Loop I and II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		2,513
Tenant Origination and Absorption Costs [Member] | Burbank Collection [Member]
Real Estate Properties [Line Items]
Total real estate, cost		789
Tenant Origination and Absorption Costs [Member] | Austin Suburban Portfolio [Member]
Real Estate Properties [Line Items]
Total real estate, cost		3,467
Tenant Origination and Absorption Costs [Member] | Westmoor Center [Member]
Real Estate Properties [Line Items]
Total real estate, cost		8,809
Tenant Origination and Absorption Costs [Member] | Central Building [Member]
Real Estate Properties [Line Items]
Total real estate, cost		2,228
Tenant Origination and Absorption Costs [Member] | 50 Congress Street [Member]
Real Estate Properties [Line Items]
Total real estate, cost		2,755
Tenant Origination and Absorption Costs [Member] | 1180 Raymond [Member]
Real Estate Properties [Line Items]
Total real estate, cost		136
Tenant Origination and Absorption Costs [Member] | Park Highlands II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		0
Tenant Origination and Absorption Costs [Member] | Maitland Promenade II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		4,439
Tenant Origination and Absorption Costs [Member] | Plaza Buildings [Member]
Real Estate Properties [Line Items]
Total real estate, cost		8,105
Tenant Origination and Absorption Costs [Member] | 424 Bedford [Member]
Real Estate Properties [Line Items]
Total real estate, cost		0
Tenant Origination and Absorption Costs [Member] | Richardson Land II [Member]
Real Estate Properties [Line Items]
Total real estate, cost		$ 0
[1]	Amounts are net of impairment charges.

REAL ESTATE HELD FOR INVESTME36

REAL ESTATE HELD FOR INVESTMENT (Operating Leases) (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)Tenants	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Operating Leased Assets [Line Items]
Recognition of Deferred Revenue	$ 3,708	$ 6,884
Deferred rent receivables	21,300		$ 16,800
Incentive to Lessee	$ 2,200		1,600
Number of tenants | Tenants	500
Maximum [Member]
Operating Leased Assets [Line Items]
Operating lease, term	12 years 6 months
Weighted Average [Member]
Operating Leased Assets [Line Items]
Operating lease, term	3 years 8 months 12 days
Other Liabilities [Member]
Operating Leased Assets [Line Items]
Security deposit liability	$ 5,400		$ 5,000
Apartment Building [Member]
Operating Leased Assets [Line Items]
Operating lease, term	1 year

REAL ESTATE HELD FOR INVESTME37

REAL ESTATE HELD FOR INVESTMENT (Future Minimum Rental Income) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Real Estate [Abstract]
October 1, 2015 through December 31, 2015	$ 18,810
2,016	76,136
2,017	70,105
2,018	59,134
2,019	46,288
Thereafter	108,623
Future minimum rental income	$ 379,096

REAL ESTATE HELD FOR INVESTME38

REAL ESTATE HELD FOR INVESTMENT (Highest Tenant Industry Concentrations- Greater than 10% of Annual Base Rent) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)Tenants
Concentration Risk [Line Items]
Number of tenants	500
Annualized Base Rent | $	$ 29,922
Percentage of Annualized Base Rent	38.00%
Industry - Finance [Member]
Concentration Risk [Line Items]
Number of tenants	47
Annualized Base Rent | $	$ 10,728
Percentage of Annualized Base Rent	13.60%
Industry - Computer System Design & Programming [Member]
Concentration Risk [Line Items]
Number of tenants	43
Annualized Base Rent | $	$ 10,474
Percentage of Annualized Base Rent	13.30%
Industry - Insurance Carriers & Related Activities [Member]
Concentration Risk [Line Items]
Number of tenants	28
Annualized Base Rent | $	$ 8,720
Percentage of Annualized Base Rent	11.10%

REAL ESTATE HELD FOR INVESTME39

REAL ESTATE HELD FOR INVESTMENT (Geographic Concentration Risk) (Details)	9 Months Ended
	Sep. 30, 2015
Concentration Risk [Line Items]
Concentration risk, percentage	38.00%
Washington [Member] | Assets, Total [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	28.70%
Texas [Member] | Assets, Total [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	21.00%

REAL ESTATE HELD FOR INVESTME40

REAL ESTATE HELD FOR INVESTMENT (Property Damages) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate Properties [Line Items]
Maximum deductible per incident			$ 100,000
Property damages			2,200,000
Estimated insurance recoveries	$ 2,100,000		2,100,000
Operating, maintenance, and management	9,930,000	$ 8,992,000	27,855,000	$ 26,285,000
Proceeds from property damage insurance policies			600,000
Estimated insurance recoveries to be collected	$ 1,500,000		1,500,000
Damaged Properties [Member]
Real Estate Properties [Line Items]
Operating, maintenance, and management			$ 100,000

REAL ESTATE HELD FOR INVESTME41

REAL ESTATE HELD FOR INVESTMENT (Dispositions) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)a
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Infrastructure costs contributed to an HOA	$ 4.6
Undeveloped Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land sold | a	14.3
Area of land conveyed | a	11.7
Gain (loss) on sale of properties	$ 2.2
Undeveloped Land [Member] | Noncontrolling Interest [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of properties	$ 0.2

TENANT ORIGINATION AND ABSORP42

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination And Absorption Costs, Cost	$ 45,926		$ 45,926		$ 50,807
Tenant Origination and Absorption Costs, Accumulated Amortization	(22,482)		(22,482)		(19,113)
Tenant Origination and Absorption Costs, Net Amount	23,444		23,444		31,694
Tenant Origination and Absorption Costs, Amortization expense	(2,617)	$ (3,397)	(8,256)	$ (11,793)
Above-Market Lease Assets, Cost	3,051		3,051		3,752
Above-Market Lease Assets, Accumulated Amortization	(1,710)		(1,710)		(1,691)
Above-Market Lease Assets, Net Amount	1,341		1,341		2,061
Above-Market Lease Assets, Amortization expense	(189)	(235)	(720)	(843)
Below-Market Lease Liabilities, Cost	(6,235)		(6,235)		(7,585)
Below-Market Lease Liabilities, Accumulated Amortization	3,153		3,153		3,182
Below-Market Lease Liabilities, Net Amount	(3,082)		(3,082)		$ (4,403)
Below-Market Lease Liabilities, Amortization expense	$ 382	$ 575	$ 1,321	$ 1,856

TENANT ORIGINATION AND ABSORP43

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Tax abatement asset	$ 7,500		$ 7,500		$ 8,200
Depreciation and amortization	11,297	$ 11,895	33,684	$ 35,509
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	$ 200	$ 700	$ 700

REAL ESTATE LOAN RECEIVABLE (Lo

REAL ESTATE LOAN RECEIVABLE (Loans Receivables) (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2015USD ($)LoansReceivables	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Number of real estate loans and leases receivable | LoansReceivables		1
Book Value		$ 27,850	$ 27,422
Mortgages [Member] | University House First Mortgage [Member]
Real Estate Properties [Line Items]
Date Originated		Mar. 20, 2013
Outstanding Principal Balance	[1]	$ 27,850
Book Value	[2]	$ 27,850	$ 27,422
Contractual Interest Rate	[3]	16.00%
Annualized Effective Interest Rate	[3]	9.50%
Maturity Date		Jun. 30, 2015
[1]	Outstanding principal balance as of September 30, 2015 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 rate is the stated default interest rate on the face of the loan. Annualized effective interest rate is calculated as the actual interest income recognized in 2015, using the interest method annualized (if applicable) and divided by the average amortized cost basis of the investment. The annualized effective interest rate and contractual interest rate presented are as of September 30, 2015.

REAL ESTATE LOAN RECEIVABLE (Sc

REAL ESTATE LOAN RECEIVABLE (Schedule of Activity Related to Real Estate Loans Receivable) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Real Estate Loans Receivable [Roll Forward]
Real estate loan receivable - December 31, 2014	$ 27,422
Accretion of closing costs and origination fees on real estate loan receivable, net	428
Real estate loan receivable - September 30, 2015	$ 27,850

REAL ESTATE LOAN RECEIVABLE (46

REAL ESTATE LOAN RECEIVABLE (Schedule of Interest Income from Real Estate Loans Receivable) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Receivables [Abstract]
Contractual interest income	$ 0	$ 752	$ 1,540	$ 1,969
Accretion of closing costs, origination fees and extension fees, net	0	196	428	408
Interest income from real estate loan receivable	$ 0	$ 948	$ 1,968	$ 2,377

REAL ESTATE SALES (Narrative) (

REAL ESTATE SALES (Narrative) (Details) - property	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties classified as held for sale	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	2	1	2

REAL ESTATE SALES (Revenue and

REAL ESTATE SALES (Revenue and Expenses for Real Estate Held-for-Sale) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]
Total revenues	$ 0	$ 306	$ 216	$ 883
Total expenses	$ 71	$ 507	$ 636	$ 1,477

NOTES AND BOND PAYABLE (Narrati

NOTES AND BOND PAYABLE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Notes and Bonds Payable [Abstract]
Interest expense	$ 3,524	$ 3,777	$ 11,292	$ 11,805
Amortization of deferred financing costs	600	600	2,118	2,166
Interest capitalized	500	$ 500	1,476	$ 1,467
Deferred finance costs	4,400		4,400		$ 6,100
Interest payable	$ 1,100		$ 1,100		$ 1,200

NOTES AND BOND PAYABLE (Schedul

NOTES AND BOND PAYABLE (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total Notes and Bond Payable principal outstanding		$ 551,106	$ 530,238
Net Premium/Discount on Notes and Bond Payable	[1]	43	25
Total notes payable and bond payable, net		$ 551,149	530,263
One-month LIBOR [Member] | Mortgages [Member] | Richardson Joint Venture [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2],[3]	4.00%
Richardson Portfolio [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable		$ 41,321	38,000
Interest rate, effective percentage	[2]	2.30%
Payment terms	[3]	Principal & Interest
Maturity Date	[4]	May 1, 2017
Richardson Portfolio [Member] | One-month LIBOR [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	2.10%
Bellevue Technology Center [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable		$ 51,534	49,836
Interest rate, effective percentage	[2]	2.45%
Payment terms	[3]	Interest Only (3)
Maturity Date	[4]	Mar. 1, 2017
Bellevue Technology Center [Member] | One-month LIBOR [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	2.25%
Portfolio Revolving Loan Facility [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable	[5]	$ 49,587	12,447
Interest rate, effective percentage	[2],[5]	2.45%
Payment terms	[5]	Interest Only
Maturity Date	[4],[5]	May 1, 2017
Frequency of periodic payment		monthly
Portfolio Revolving Loan Facility [Member] | Secured Debt [Member] | Mortgages [Member] | Beginning June 1, 2016 [Member]
Debt Instrument [Line Items]
Principal amortization payment		$ 80
Portfolio Revolving Loan Facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		59,500
Portfolio Revolving Loan Facility [Member] | Revolving Credit Facility [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Amount outstanding		39,000
Unused borrowing capacity, amount		20,500
Portfolio Revolving Loan Facility [Member] | Non-Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		13,000
Portfolio Revolving Loan Facility [Member] | Non-Revolving Credit Facility [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Amount outstanding		10,600
Unused borrowing capacity, amount		$ 2,400
Portfolio Revolving Loan Facility [Member] | One-month LIBOR [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2],[5]	2.25%
Portfolio Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable		$ 98,951	93,751
Interest rate, effective percentage	[2]	2.45%
Payment terms	[3]	Interest Only (3)
Maturity Date	[4]	Jul. 1, 2017
Portfolio Mortgage Loan [Member] | One-month LIBOR [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	2.25%
1635 N. Cahuenga Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable	[6]	$ 0	4,650
Burbank Collection Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable		$ 9,098	9,043
Interest rate, effective percentage	[2]	2.60%
Payment terms		Interest Only
Maturity Date	[4]	Sep. 30, 2016
Burbank Collection Mortgage Loan [Member] | One-month LIBOR [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	2.35%
50 Congress Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable		$ 28,075	26,935
Interest rate, effective percentage	[2]	2.10%
Payment terms	[3]	Interest Only (3)
Maturity Date	[4]	Oct. 1, 2017
50 Congress Mortgage Loan [Member] | One-month LIBOR [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	1.90%
1180 Raymond Bond [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Bonds payable		$ 6,838	6,945
Contractual interest rate, percentage		6.50%
Interest rate, effective percentage	[2]	6.50%
Payment terms		Principal & Interest
Maturity Date	[4]	Sep. 1, 2036
Central Building Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable		$ 24,896	24,896
Interest rate, effective percentage	[2]	1.95%
Payment terms		Interest Only
Maturity Date	[4]	Nov. 13, 2018
Central Building Mortgage Loan [Member] | One-month LIBOR [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	1.75%
Maitland Promenade II Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable	[7]	$ 20,182	20,182
Interest rate, effective percentage	[2],[7]	3.25%
Payment terms	[3],[7]	Interest Only (3)
Maturity Date	[4],[7]	Jan. 1, 2017
Maitland Promenade II Mortgage Loan [Member] | Secured Debt [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Interest rate, effective percentage		3.25%
Maitland Promenade II Mortgage Loan [Member] | One-month LIBOR [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2],[7]	2.90%
Westmoor Center Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable		$ 56,036	54,880
Interest rate, effective percentage	[2]	2.45%
Payment terms	[3]	Interest Only (3)
Maturity Date	[4]	Feb. 1, 2018
Westmoor Center Mortgage Loan [Member] | One-month LIBOR [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	2.25%
Plaza Buildings Senior Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable		$ 111,000	109,707
Interest rate, effective percentage	[2]	2.10%
Payment terms	[3]	Interest Only (3)
Maturity Date	[4]	Jan. 14, 2017
Plaza Buildings Senior Loan [Member] | One-month LIBOR [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	[2]	1.90%
Plaza Buildings Mezzanine Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable	[8]	$ 0	25,000
424 Bedford Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable		$ 25,488	25,866
Contractual interest rate, percentage		3.91%
Interest rate, effective percentage	[2]	3.91%
Payment terms		Principal & Interest
Maturity Date	[4]	Oct. 1, 2022
1180 Raymond Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Notes payable		$ 28,100	$ 28,100
Basis spread on variable rate	[2]	2.25%
Interest rate, effective percentage	[2]	2.45%
Payment terms		Interest Only
Maturity Date	[4]	Dec. 1, 2017
[1]	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.
[2]	Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2015. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2015 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at September 30, 2015, where applicable.
[3]	Represents the payment type required under the loan as of September 30, 2015. Certain future monthly payments due under this loan also include amortizing principal payments. For more information of the Company’s contractual obligations under its notes and bond payable, see five-year maturity table below.
[4]	Represents the initial maturity date or the maturity date as extended as of September 30, 2015; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown.
[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 September 30, 2015, $39.0 million of revolving debt and $10.6 million of non-revolving debt had been disbursed to the Company and the remaining $20.5 million of revolving debt and $2.4 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]	On March 11, 2015, in connection with the disposition of 1635 N. Cahuenga, the joint venture paid off the outstanding principal balance and all other sums due under this loan.
[7]	Interest on the Maitland Promenade II Mortgage 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%.
[8]	On April 1, 2015, the Company paid off the outstanding principal balance and all other sums due under this loan.

NOTES AND BOND PAYABLE (Sched51

NOTES AND BOND PAYABLE (Schedule of Maturities of Long-term Debt) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Notes and Bonds Payable [Abstract]
October 1, 2015 through December 31, 2015	$ 305
2,016	13,643
2,017	426,038
2,018	81,181
2,019	812
Thereafter	29,127
Notes and bond payable outstanding	$ 551,106

FAIR VALUE DISCLOSURES (Schedul

FAIR VALUE DISCLOSURES (Schedule of Face Value, Carrying Amounts and Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans receivable, Face Value	$ 27,850	$ 27,850
Notes and bond payable, Face Value	551,106	530,238
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans receivable, Value	27,850	27,422
Notes and bond payable, Value	551,149	530,263
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate loans receivable, Value	27,850	27,813
Notes and bond payable, Value	$ 554,185	$ 534,045

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Payment for administrative fees		$ 36	$ 37	$ 98	$ 110
Advisor and Dealer Manager [Member]
Related Party Transaction [Line Items]
Incurred		2,229	2,153	6,538	9,591
Payable as of		1		1		$ 0
Advisor and Dealer Manager [Member] | Acquisition Fee on Investment in Unconsolidated Joint Venture [Member]
Related Party Transaction [Line Items]
Incurred		0	0	0	1,573
Payable as of		0		0		0
Advisor and Dealer Manager [Member] | Acquisition Fee on Undeveloped Land [Member]
Related Party Transaction [Line Items]
Incurred		0	67	0	67
Payable as of		0		0		0
Advisor and Dealer Manager [Member] | Expensed [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses		2,112	2,049	6,242	5,567
Payable as of		0		0		0
Advisor and Dealer Manager [Member] | Expensed [Member] | Real Estate Acquisition Fee [Member]
Related Party Transaction [Line Items]
Expenses		0	0	0	2,274
Payable as of		0		0		0
Advisor and Dealer Manager [Member] | Expensed [Member] | Reimbursement of Operating Expenses [Member]
Related Party Transaction [Line Items]
Expenses	[1]	39	37	116	110
Payable as of	[1]	1		1		0
Advisor and Dealer Manager [Member] | Expensed [Member] | Dispositon Fees [Member]
Related Party Transaction [Line Items]
Expenses	[2]	78	$ 0	180	$ 0
Payable as of	[2]	$ 0		$ 0		$ 0
[1]	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 $36,000 and $37,000 for the three months ended September 30, 2015 and 2014, respectively, and $98,000 and $110,000 for the nine months ended September 30, 2015 and 2014, 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.
[2]	Disposition fees with respect to real estate sold are included in the gain on sale of real estate in the accompanying consolidated statements of operations.

INVESTMENT IN UNCONSOLIDATED 54

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Narrative) (Details) $ in Thousands	May. 18, 2012USD ($)ft²property	Sep. 30, 2015USD ($)ft²property	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 23, 2013ft²
Schedule of Equity Method Investments [Line Items]
Rentable square feet | ft²		4,400,000
Initial capital contribution		$ 2,760	$ 58,387
Investments in unconsolidated joint ventures		$ 74,619		$ 72,045
NIP Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property		23
Rentable square feet | ft²	11,400,000
Initial capital contribution	$ 8,000
Investments in unconsolidated joint ventures		$ 5,305		5,305
NIP Joint Venture [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	5.00%	5.00%
NIP Joint Venture [Member] | Industrial [Member]
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	23
110 William Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property		1
Rentable square feet | ft²					928,157
Ownership interest		60.00%
Investments in unconsolidated joint ventures		$ 69,314		$ 66,740
Area of land | ft²					0.8
110 William Joint Venture [Member] | 110 William JV Partner [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest					60.00%
Noncontrolling interest					40.00%

INVESTMENT IN UNCONSOLIDATED 55

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Investments in Unconsolidated Joint Ventures) (Details) $ in Thousands	Sep. 30, 2015USD ($)property	Dec. 31, 2014USD ($)	May. 18, 2012
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 74,619	$ 72,045
OCM NIP JV Holdings, L.P. and HC KBS NIP JV, LLC (“HC-KBS”) [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	23
Investment Balance	$ 5,305	5,305
OCM NIP JV Holdings, L.P. and HC KBS NIP JV, LLC (“HC-KBS”) [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	5.00%		5.00%
110 William Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	1
Ownership %	60.00%
Investment Balance	$ 69,314	$ 66,740

INVESTMENT IN UNCONSOLIDATED 56

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Summarized Financial Information - 110 William Joint Venture) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Balance Sheet Related Disclosures [Abstract]
Real estate assets, net of accumulated depreciation and amortization		$ 832,432		$ 832,432		$ 845,134
Total assets		1,022,340		1,022,340		1,022,514
Other liabilities		14,036		14,036		9,192
Total Liabilities and Equity		1,022,340		1,022,340		1,022,514
Balance outstanding		551,106		551,106
Income Statement [Abstract]
Revenues		28,158	$ 27,598	84,769	$ 78,469
Operating, maintenance, and management		9,930	8,992	27,855	26,285
Real estate taxes and insurance		3,940	3,409	11,439	10,329
Real estate acquisition fees and expenses		0	0	0	2,178
Depreciation and amortization		11,297	11,895	33,684	35,509
Interest expense		3,524	3,777	11,292	11,805
Total expenses		31,695	30,848	93,136	96,565
Net (loss) income attributable to common stockholders		(462)	(3,367)	3,299	(18,315)
Company's equity in income (loss) of unconsolidated joint venture		150	(256)	(186)	(757)
Mortgages [Member] | Mezzanine Loan [Member]
Balance Sheet Related Disclosures [Abstract]
Balance outstanding						20,000
110 William Joint Venture [Member]
Balance Sheet Related Disclosures [Abstract]
Real estate assets, net of accumulated depreciation and amortization		270,523		270,523		276,683
Other assets		20,687		20,687		15,858
Total assets		291,210		291,210		292,541
Notes payable, net	[1]	164,376		164,376		168,178
Other liabilities		13,924		13,924		15,796
Partners’ capital		112,910		112,910		108,567
Total Liabilities and Equity		291,210		291,210		292,541
Income Statement [Abstract]
Revenues		9,214	8,428	25,911	13,876
Operating, maintenance, and management		2,568	2,463	8,055	3,852
Real estate taxes and insurance		1,642	1,313	4,329	2,162
Real estate acquisition fees and expenses		1	24	1	1,016
Depreciation and amortization		3,194	3,441	9,476	5,497
Interest expense		1,552	1,585	4,627	2,616
Total expenses		8,957	8,826	26,488	15,143
Other income		11	1	319	34
Net (loss) income attributable to common stockholders		268	(397)	(258)	(1,233)
Company's equity in income (loss) of unconsolidated joint venture		150	$ (256)	(186)	$ (757)
110 William Joint Venture [Member] | Mortgages [Member] | First Mortgage Loan [Member]
Balance Sheet Related Disclosures [Abstract]
Balance outstanding		139,100		$ 139,100		140,700
Basis spread on variable rate	[2],[3]			4.80%
110 William Joint Venture [Member] | Mortgages [Member] | Mezzanine Loan [Member]
Balance Sheet Related Disclosures [Abstract]
Balance outstanding		20,000		$ 20,000
Basis spread on variable rate	[2],[3]			9.50%
110 William Joint Venture [Member] | Notes Payable [Member]
Balance Sheet Related Disclosures [Abstract]
Unamortized premium		$ 5,300		$ 5,300		$ 7,500
[1]	Includes (i) a first mortgage loan with an outstanding principal balance of $139.1 million and $140.7 million as of September 30, 2015 and December 31, 2014, respectively, bearing interest at a fixed rate of 4.8% per annum and maturing on July 6, 2017 and (ii) a mezzanine loan with an outstanding principal balance of $20.0 million as of September 30, 2015 and December 31, 2014 bearing interest at a fixed rate of 9.5% per annum and maturing on July 6, 2017. The amount presented includes a premium on notes payable of $5.3 million and $7.5 million as of September 30, 2015 and December 31, 2014, respectively.
[2]	Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2015. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2015 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at September 30, 2015, where applicable.
[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 September 30, 2015, $39.0 million of revolving debt and $10.6 million of non-revolving debt had been disbursed to the Company and the remaining $20.5 million of revolving debt and $2.4 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.

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
(Loss) income from continuing operations	$ (277)	$ (3,441)	$ 7,747	$ (18,783)
(Income) loss from continuing operations attributable to noncontrolling interests	(185)	59	(4,448)	486
(Loss) income from continuing operations attributable to common stockholders	(462)	(3,382)	3,299	(18,297)
Total income (loss) from discontinued operations	0	15	0	(18)
Total income from discontinued operations attributable to noncontrolling interests	0	0	0	0
Total income (loss) from discontinued operations attributable to common stockholders	0	15	0	(18)
Net (loss) income attributable to common stockholders	$ (462)	$ (3,367)	$ 3,299	$ (18,315)
Weighted-average number of common shares outstanding, basic and diluted	59,729,415	59,735,474	59,986,122	59,658,088
Basic and diluted (loss) income per common share:
Continuing operations (in dollars per share)	$ (0.01)	$ (0.06)	$ 0.05	$ (0.31)
Discontinued operations (in dollars per share)	0	0	0	0
Net (loss) income per common share (in dollars per share)	$ (0.01)	$ (0.06)	$ 0.05	$ (0.31)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions	Nov. 10, 2015$ / shares	Nov. 02, 2015USD ($)a	Oct. 15, 2015USD ($)	Sep. 30, 2015a	Sep. 16, 2015USD ($)	Jul. 27, 2015USD ($)
Sixth Amended and Restated Share Redemption Program [Member]
Subsequent Event [Line Items]
Additional funds for share redemption					$ 7	$ 10
Undeveloped Land [Member]
Subsequent Event [Line Items]
Area of land sold | a				14.3
Subsequent Event [Member] | Sixth Amended and Restated Share Redemption Program [Member]
Subsequent Event [Line Items]
Additional funds for share redemption			$ 3
Subsequent Event [Member] | Undeveloped Land [Member]
Subsequent Event [Line Items]
Area of land sold | a		11.6
Proceeds from divestitures		$ 14.3
Subsequent Event [Member] | Dividend Declared [Member]
Subsequent Event [Line Items]
Distribution rate per share per day, declared | $ / shares	$ 0.09452055