Pacific Oak Strategic Opportunity REIT (PCOK) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 05, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	000-54382
Entity Registrant Name	PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-3842535
Entity Address, Address Line One	11766 Wilshire Blvd., Suite 1670
Entity Address, City or Town	Los Angeles,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	424
Local Phone Number	208-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,225,016
Entity Central Index Key	0001452936
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Real estate held for investment, net	$ 768,414	$ 759,479
Real estate equity securities	76,664	81,439
Total real estate and real estate-related investments, net	845,078	840,918
Cash and cash equivalents	82,210	76,492
Restricted cash	12,262	12,002
Investments in unconsolidated entities	78,478	78,276
Rents and other receivables, net	18,120	16,593
Above-market leases, net	2,807	2,973
Prepaid expenses and other assets	26,900	13,988
Total assets	1,065,855	1,041,242
Liabilities, mezzanine equity and equity
Notes and bonds payable, net	716,703	673,663
Accounts payable and accrued liabilities	16,220	21,329
Due to affiliate	4,025	1,635
Below-market leases, net	2,698	3,180
Other liabilities	19,472	19,801
Redeemable common stock payable	267	829
Restricted stock payable	16,627	16,320
Total liabilities	776,012	736,757
Commitments and contingencies (Note 15)
Mezzanine equity
Restricted stock	12,089	12,089
Noncontrolling Series A Cumulative Convertible Redeemable Preferred Stock	15,233	15,008
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, 69,225,617 and 65,866,765 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	693	659
Additional paid-in capital	553,129	553,170
Cumulative distributions and net income	(292,096)	(277,196)
Total Pacific Oak Strategic Opportunity REIT, Inc. stockholders’ equity	261,726	276,633
Noncontrolling interests	795	755
Total equity	262,521	277,388
Total liabilities, mezzanine equity and equity	$ 1,065,855	$ 1,041,242

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	69,225,617	65,866,765
Common stock, shares outstanding (in shares)	69,225,617	65,866,765

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rental income	$ 21,846	$ 19,837	$ 43,937	$ 38,210
Other operating income	801	1,509	1,831	2,902
Interest income from real estate debt securities	0	0	0	369
Dividend income from real estate equity securities	874	343	2,353	2,119
Total revenues	23,521	21,689	48,121	43,600
Expenses:
Operating, maintenance, and management costs	6,799	6,826	14,370	13,098
Real estate taxes and insurance	3,351	3,301	6,779	6,279
Asset management fees to affiliate	2,336	1,971	4,441	3,861
General and administrative expenses	1,789	2,015	4,337	3,548
Foreign currency transaction loss (gain), net	2,213	2,474	(12,783)	5,290
Depreciation and amortization	8,964	8,357	17,947	16,037
Interest expense	5,985	7,249	12,781	14,417
Total expenses	31,437	32,193	47,872	62,530
Other income (loss):
Income from unconsolidated joint venture	0	0	52	0
Equity in income (loss) of unconsolidated entities	665	(215)	993	7,096
Casualty-related gain (loss)	51	(506)	51	(506)
Other interest income	7	636	277	1,327
Gain (loss) on real estate equity securities	11,360	4,294	(15,094)	15,459
Subordinated performance fee due upon termination to affiliate	(307)	0	(307)	0
(Loss) gain on sale of real estate	0	(6)	0	7,569
Loss on extinguishment of debt	0	0	0	(856)
Total other income (loss), net	11,776	4,203	(14,028)	30,089
Net income (loss)	3,860	(6,301)	(13,779)	11,159
Net loss (income) attributable to noncontrolling interests	40	52	72	(627)
Preferred stock dividends	(232)	0	(597)	0
Net income (loss) attributable to common stockholders	$ 3,668	$ (6,249)	$ (14,304)	$ 10,532
Net income (loss) per common share, basic and diluted (in dollars per share)	$ 0.05	$ (0.09)	$ (0.21)	$ 0.16
Weighted-average number of common shares outstanding, basic and diluted (in shares)	69,258,653	66,559,771	67,650,215	66,685,447

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Cumulative Distributions and Net Income (Loss)	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2018			66,822,861
Balance at Dec. 31, 2018	$ 293,964	$ 291,454	$ 668	$ 547,770	$ (256,984)	$ 2,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	11,159	10,532			10,532	627
Issuance of common stock (in shares)			56,814
Issuance of common stock	564	564	$ 1	563
Transfers from redeemable common stock	4,537	4,537		4,537
Redemptions of common stock (in shares)			(536,820)
Redemptions of common stock	(5,107)	(5,107)	$ (6)	(5,101)
Other offering costs	(2)	(2)		(2)
Distributions declared	(1,151)	(1,151)			(1,151)
Noncontrolling interests contributions	12	0				12
Distributions to noncontrolling interests	(1,824)	0				(1,824)
Balance (in shares) at Jun. 30, 2019			66,342,855
Balance at Jun. 30, 2019	302,152	300,827	$ 663	547,767	(247,603)	1,325
Balance (in shares) at Mar. 31, 2019			66,584,729
Balance at Mar. 31, 2019	309,122	307,660	$ 666	547,775	(240,781)	1,462
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(6,301)	(6,249)			(6,249)	(52)
Issuance of common stock (in shares)			28,030
Issuance of common stock	278	278		278
Transfers from redeemable common stock	2,279	2,279		2,279
Redemptions of common stock (in shares)			(269,904)
Redemptions of common stock	(2,568)	(2,568)	$ (3)	(2,565)
Distributions declared	(573)	(573)			(573)
Distributions to noncontrolling interests	(85)	0				(85)
Balance (in shares) at Jun. 30, 2019			66,342,855
Balance at Jun. 30, 2019	$ 302,152	300,827	$ 663	547,767	(247,603)	1,325
Balance (in shares) at Dec. 31, 2019	65,866,765		65,866,765
Balance at Dec. 31, 2019	$ 277,388	276,633	$ 659	553,170	(277,196)	755
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(14,376)	(14,304)			(14,304)	(72)
Issuance of common stock (in shares)			24,645
Issuance of common stock	262	262		262
Transfers from redeemable common stock	562	562		562
Redemptions of common stock (in shares)			(77,530)
Redemptions of common stock	(824)	(824)		(824)
Other offering costs	(7)	(7)		(7)
Distributions declared	(596)	(596)			(596)
Issuance of restricted stock (in shares)			3,411,737
Issuance of restricted stock	0	0	$ 34	(34)
Noncontrolling interests contributions	$ 112	0				112
Balance (in shares) at Jun. 30, 2020	69,225,617		69,225,617
Balance at Jun. 30, 2020	$ 262,521	261,726	$ 693	553,129	(292,096)	795
Balance (in shares) at Mar. 31, 2020			69,259,122
Balance at Mar. 31, 2020	258,900	258,065	$ 693	553,136	(295,764)	835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,628	3,668			3,668	(40)
Transfers from redeemable common stock	356	356		356
Redemptions of common stock (in shares)			(33,505)
Redemptions of common stock	(356)	(356)		(356)
Other offering costs	$ (7)	(7)		(7)
Balance (in shares) at Jun. 30, 2020	69,225,617		69,225,617
Balance at Jun. 30, 2020	$ 262,521	$ 261,726	$ 693	$ 553,129	$ (292,096)	$ 795

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities:
Net (loss) income	$ (13,779)	$ 11,159
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Casualty-related loss	0	506
Subordinated performance fee due upon termination to affiliate	307	0
Equity in income of unconsolidated entities	(993)	(7,096)
Depreciation and amortization	17,947	16,037
Loss (gain) on real estate equity securities	15,094	(15,459)
Gain on sale of real estate	0	(7,569)
Loss on extinguishment of debt	0	856
Unrealized (gain) loss on interest rate caps	(21)	37
Deferred rent	(1,657)	(2,230)
Amortization of above- and below-market leases, net	(316)	(536)
Amortization of deferred financing costs	1,677	1,709
Accretion of interest income on real estate debt securities	0	(13)
Amortization of premium on bond and notes payable	(51)	(46)
Foreign currency transaction (gain) loss, net	(12,783)	5,290
Changes in assets and liabilities:
Rents and other receivables	43	(1,517)
Prepaid expenses and other assets	(1,570)	(2,716)
Accounts payable and accrued liabilities	(2,102)	(1,462)
Due to affiliates	2,390	19
Other liabilities	(90)	(383)
Net cash provided by (used in) operating activities	4,096	(3,414)
Cash Flows from Investing Activities:
Acquisitions of real estate	(17,249)	(90,266)
Improvements to real estate	(11,532)	(18,207)
Proceeds from sales of real estate, net	0	17,894
Insurance proceeds received for property damages	0	438
Contributions to unconsolidated entities	(434)	(5,000)
Distributions of capital from unconsolidated entities	1,225	8,051
Purchase of interest rate cap	(6)	(28)
Investment in real estate equity securities	(21,283)	(15)
Proceeds from the sale of real estate equity securities	10,964	24,076
Proceeds from principal repayment on real estate debt securities	0	7,750
Funding of development obligations	0	(134)
Net cash used in investing activities	(38,315)	(55,441)
Cash Flows from Financing Activities:
Proceeds from notes and bonds payable	101,893	84,268
Principal payments on notes and bonds payable	(57,149)	(62,508)
Payments of deferred financing costs	(2,452)	(1,097)
Payments to redeem common stock	(824)	(5,107)
Payment of prepaid other offering costs	(547)	(2)
Distributions paid	(334)	(587)
Preferred dividends paid	(372)	0
Noncontrolling interests contributions	112	12
Distributions to noncontrolling interests	0	(1,824)
Other financing proceeds, net	0	1,822
Net cash provided by financing activities	40,327	14,977
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(130)	2,203
Net increase (decrease) in cash, cash equivalents and restricted cash	5,978	(41,675)
Cash, cash equivalents and restricted cash, beginning of period	88,494	162,727
Cash, cash equivalents and restricted cash, end of period	$ 94,472	$ 121,052

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Pacific Oak 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 Pacific Oak SOR (BVI) Holdings, Ltd. (“Pacific Oak SOR BVI”), a private company limited by shares according to the British Virgin Islands Business Companies Act, 2004, which was incorporated on December 18, 2015 and is authorized to issue a maximum of 50,000 common shares with no par value. Upon incorporation, Pacific Oak SOR BVI issued one certificate containing 10,000 common shares with no par value to Pacific Oak 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. Pacific Oak 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 was externally managed by KBS Capital Advisors LLC (“KBS Capital Advisors”), an affiliate of the Company, pursuant to an advisory agreement the Company renewed with KBS Capital Advisors on October 7, 2019. KBS Capital Advisors conducted the Company’s operations and managed its portfolio of real estate and other real estate-related investments. On October 31, 2019, KBS Capital Advisors ceased to serve as the Company’s advisor or have any advisory responsibility to the Company immediately following the filing of the Company’s Quarterly Report on Form 10-Q for the period ending September 30, 2019 (filed November 8, 2019) with the Securities and Exchange Commission (the “SEC”). On November 1, 2019, the Company entered into an advisory agreement with Pacific Oak Capital Advisors, LLC (the “Advisor”). The new advisory agreement is effective as of November 1, 2019 through November 1, 2020; however the Company may terminate the advisory agreement without cause or penalty upon providing 30 days’ written notice and the Advisor may terminate the new advisory agreement without cause or penalty upon providing 90 days’ written notice. The terms of the advisory agreement are consistent with those of the advisory agreement that was previously in effect with KBS Capital Advisors, except as discussed in Note 10. On February 19, 2020, the Company, Pacific Oak SOR II, LLC, an indirect subsidiary of the Company (“Merger Sub”), and Pacific Oak Strategic Opportunity REIT II, Inc. (“POSOR II”) entered into an Agreement and Plan of Merger (the “Merger Agreement”). Subject to the terms and conditions of the Merger Agreement, POSOR II will merge with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger (the “Surviving Entity”), such that following the Merger, the Surviving Entity will continue as an indirect subsidiary of the Company. In accordance with the applicable provisions of the Maryland General Corporation Law, the separate existence of POSOR II shall cease. At the effective time of the Merger and subject to the terms and conditions of the Merger Agreement, each issued and outstanding share of POSOR II’s common stock (or a fraction thereof), $0.01 par value per share, will be converted into the right to receive 0.9643 shares of the Company’s common stock, par value $0.01 per share. The combined company after the Merger will retain the name “Pacific Oak Strategic Opportunity REIT, Inc.” The Merger is intended to qualify as a “reorganization” under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended. On January 8, 2009, the Company filed a registration statement on Form S-11 with the SEC to offer a minimum of 250,000 shares and a maximum of 140,000,000 shares of common stock for sale to the public (the “Offering”), of which 100,000,000 shares were registered in a primary offering and 40,000,000 shares were registered to be sold under the Company’s dividend reinvestment plan. The SEC declared the Company’s registration statement effective on November 20, 2009. The Company ceased offering shares of common stock in its primary offering on November 14, 2012 and continues to offer shares under its dividend reinvestment plan. The Company sold 56,584,976 shares of common stock in its primary offering for gross offering proceeds of $561.7 million. As of June 30, 2020, the Company had sold 6,851,969 shares of common stock under its dividend reinvestment plan for gross offering proceeds of $76.5 million. Also, as of June 30, 2020, the Company had redeemed 23,896,605 shares for $286.2 million. As of June 30, 2020, the Company had issued 25,976,746 shares of common stock in connection with special dividends. 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. On March 27, 2020, the Company issued 3,411,737 restricted shares of its common stock (the “Restricted Stock”) to KBS Capital Advisors pursuant to a Restricted Stock Agreement, dated as of March 27, 2020 (the “Restricted Stock Agreement”). On March 2, 2016, Pacific Oak SOR BVI filed a final prospectus with the Israel Securities Authority for a proposed offering of up to 1,000,000,000 Israeli new Shekels of Series A debentures (the “Series A Debentures”) at an annual interest rate not to exceed 4.25%. On March 1, 2016, Pacific Oak SOR BVI commenced the institutional tender of the Series A Debentures and accepted application for 842.5 million Israeli new Shekels. On March 7, 2016, Pacific Oak SOR BVI commenced the public tender of the Series A Debentures and accepted 127.7 million Israeli new Shekels. In the aggregate, Pacific Oak SOR BVI accepted 970.2 million Israeli new Shekels (approximately $249.2 million as of March 8, 2016) in both the institutional and public tenders at an annual interest rate of 4.25%. Pacific Oak SOR BVI issued the Series A Debentures on March 8, 2016. In connection with the above-referenced offering, on March 8, 2016, the Operating Partnership assigned to Pacific Oak SOR BVI all of its interests in the subsidiaries through which the Company indirectly owns all of its real estate and real estate-related investments. The Operating Partnership owns all of the issued and outstanding equity of Pacific Oak SOR BVI. As a result of these transactions, the Company now holds all of its real estate and real estate-related investments indirectly through Pacific Oak SOR BVI. On February 16, 2020, Pacific Oak SOR BVI issued 254.1 million Israeli new Shekels (approximately $74.1 million as of February 16, 2020) of Series B debentures (the “Series B Debentures”) to Israeli investors pursuant to a public offering registered with the Israel Securities Authority. The Series B Debentures bears interest at the rate of 3.93% per year. The Series B Debentures have principal installment payments equal to 33.33% of the face amount of the Series B Debentures on January 31st of each year from 2024 to 2026.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThere 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, 2019. 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, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC. Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the FASB 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 six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership, Pacific Oak SOR BVI and their direct and indirect wholly owned subsidiaries, joint ventures in which the Company has a controlling interest and VIEs in which the Company is the primary beneficiary. 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. Restricted Cash Restricted cash is comprised of lender impound reserve accounts on the Company’s borrowings for security deposits, property taxes, insurance, debt service obligations and capital improvements and replacements. Redeemable Common Stock The Company limits the dollar value of shares that may be redeemed under the share redemption program. During the six months ended June 30, 2020, the Company had redeemed $0.8 million of common stock under the share redemption program. The Company processed all redemption requests received in good order and eligible for redemption through the June 2020 redemption date, except for 5,973,671 shares totaling $60.3 million due to the limitations under the share redemption program. The Company recorded $0.3 million and $0.8 million of redeemable common stock payable on the Company’s balance sheet as of June 30, 2020 and December 31, 2019, respectively, related to unfulfilled redemption requests received in good order under the share redemption program. Based on the eleventh amended and restated share redemption program, the Company has $6,000 available for redemptions in the remainder of 2020, including shares that are redeemed in connection with a stockholders’ death, “qualifying disability” or “determination of incompetence,” subject to the limitations under the share redemption program. Effective beginning with the month of February 2020, the Company suspended (a) redemptions requested under the share redemption program in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”, until the Company and POSOR II file with the SEC a registration statement on Form S-4 containing a Joint Proxy Statement/Prospectus for the proposed Merger, and (b) all other redemptions under the share redemption program until after the Merger closes. The Form S-4 was filed on June 15, 2020 with the SEC. Segments The Company has invested in opportunistic real estate, non-performing loans, other real estate-related assets and single-family homes. In general, the Company intends to hold its investments in opportunistic real estate, non-performing loans and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate, non-performing loans 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 opportunistic real estate, non-performing loans and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from opportunistic real estate, non-performing loans and other real estate-related assets, and therefore, the Company currently recognizes two reportable business segment consisting of strategic opportunity properties and related investments and single-family homes. The Company owns single-family homes in seven markets and are all aggregated into one reportable business segment due to the homes being stabilized, having high occupancy rates and have similar economic characteristics. Per Share Data The Company applies the two-class method when computing its earnings per share. Net income per share for each class of stock is calculated by assuming all of the Company’s net income (loss) is distributed to each class of stock based on their contractual rights. Unvested restricted stock that contains non-forfeitable rights to distributions (whether paid or unpaid) are considered participating securities and are included in the computation of earnings per share. Basic earnings (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 earnings (loss) per share of common stock is computed based on the weighted-average number of shares of common stock outstanding during each period, plus potential common shares considered outstanding during the period, as long as the inclusion of such awards is not anti-dilutive. Potential common shares consist of unvested restricted stock, using the more dilutive of either the two-class method or the treasury stock method. The noncontrolling PORT Series A convertible redeemable preferred shares are not included as the preferred shares are convertible contingent on the common stock of PORT being publicly traded. If PORT common stock becomes publicly traded, the per-share earnings of PORT will be included in the Company’s EPS computations based on the consolidated holdings of PORT. The Company’s unvested Restricted Stock have been included in the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2020, as the restriction is not contingent on any conditions except the passage of time. Distributions declared per share were $0.0086 during the three months ended March 31, 2020 and $0.0086 and $0.0172 during the three and six months ended June 30, 2019. There were no distributions declared for the three months ended June 30, 2020. Square Footage, Occupancy and Other Measures Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. Recently Issued Accounting Standards Updates In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses of Financial Instruments (“ASU No. 2016-13”). ASU No. 2016-13 affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The amendments in ASU No. 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. ASU No. 2016-13 also amends the impairment model for available-for-sale debt securities. An entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required. ASU No. 2016-13 also requires new disclosures. For financial assets measured at amortized cost, an entity will be required to disclose information about how it developed its allowance for credit losses, including changes in the factors that influenced management’s estimate of expected credit losses and the reasons for those changes. For financing receivables and net investments in leases measured at amortized cost, an entity will be required to further disaggregate the information it currently discloses about the credit quality of these assets by year of the asset’s origination for as many as five annual periods. For available-for-sale debt securities, an entity will be required to provide a roll-forward of the allowance for credit losses and an aging analysis for securities that are past due. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , which clarified that receivables from operating leases are not within the scope of Topic 326 and instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842. The Company adopted ASU No. 2016-13 on January 1, 2020 and it did not have a material effect on its financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) . ASU No. 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the six months ended June 30, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. For the period from January 1, 2020 (the earliest date the Company may elect to apply ASU No. 2020-04) through June 30, 2020, the Company did not have any contract modifications that meet the criteria described above, specifically contract modifications that have been modified from LIBOR to an alternative reference rate. The Company’s loan agreements, derivative instruments, and certain lease agreements use LIBOR as the current reference rate. For eligible contract modifications, the Company expects to adopt the temporary optional expedients described in ASU No. 2020-04. The optional expedients for hedging relationships described in ASU No. 2020-04 are not expected to have an impact to the Company, as the Company has elected to not designate its derivative instruments as a hedge. In April 2020, the FASB issued a FASB Staff Q&A related to Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic (the “Topic 842 Q&A”) which focused on the application of lease guidance for concessions related to the effects of the COVID-19 pandemic. In this Q&A document, the FASB staff will allow entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, Leases , ("Topic 842") as though enforceable rights and obligations for those qualifying concessions existed. The Company did not have any material lease concessions related to the effects of the COVID-19 pandemic that had a material impact to the Company’s consolidated balance sheet as of June 30, 2020 or consolidated statement of operations for the six months ended June 30, 2020.

REAL ESTATE HELD FOR INVESTMENT

REAL ESTATE HELD FOR INVESTMENT	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
REAL ESTATE HELD FOR INVESTMENT	REAL ESTATE HELD FOR INVESTMENT As of June 30, 2020, the Company owned six office properties and one office portfolio consisting of four office buildings and 14 acres of undeveloped land, encompassing, in the aggregate, approximately 3.0 million rentable square feet. As of June 30, 2020, these properties were 78% occupied. In addition, as of the June 30, 2020, the Company owned one residential home portfolio consisting of 1,190 single-family homes and encompassing approximately 1.6 million rental square feet and one apartment property, containing 317 units and encompassing approximately 0.3 million rentable square feet, which was 95% and 84% occupied, respectively. The Company also owned three investments in undeveloped land with approximately 1,000 developable acres. The following table summarizes the Company’s real estate held for investment as of June 30, 2020 and December 31, 2019, respectively (in thousands): June 30, 2020 December 31, 2019 Land $ 181,392 $ 175,317 Buildings and improvements 639,060 618,974 Tenant origination and absorption costs 28,778 30,569 Total real estate, cost 849,230 824,860 Accumulated depreciation and amortization (80,816) (65,381) Total real estate, net $ 768,414 $ 759,479 The following table provides summary information regarding the Company’s real estate held for investment as of June 30, 2020 (in thousands): Property Date Acquired or Foreclosed on City State Property Type Land Building Tenant Origination and Absorption Total Real Estate, at Cost Accumulated Depreciation and Amortization Total Real Estate, Net Ownership % Richardson Portfolio: Palisades Central I 11/23/2011 Richardson TX Office $ 1,037 $ 12,518 $ — $ 13,555 $ (3,991) $ 9,564 90.0 % Palisades Central II 11/23/2011 Richardson TX Office 810 21,412 — 22,222 (6,199) 16,023 90.0 % Greenway I 11/23/2011 Richardson TX Office 561 2,456 — 3,017 (1,147) 1,870 90.0 % Greenway III 11/23/2011 Richardson TX Office 702 3,896 — 4,598 (1,545) 3,053 90.0 % Undeveloped Land 11/23/2011 Richardson TX Undeveloped Land 3,134 — — 3,134 — 3,134 90.0 % Total Richardson Portfolio 6,244 40,282 — 46,526 (12,882) 33,644 Park Highlands (1) 12/30/2011 North Las Vegas NV Undeveloped Land 36,315 — — 36,315 — 36,315 100.0% (1) Park Centre 03/28/2013 Austin TX Office 3,251 34,766 — 38,017 (7,586) 30,431 100.0 % 1180 Raymond 8/20/2013 Newark NJ Apartment 8,292 39,194 — 47,486 (8,537) 38,949 100.0 % Park Highlands II (1) 12/10/2013 North Las Vegas NV Undeveloped Land 27,622 — — 27,622 — 27,622 100.0% (1) Richardson Land II 09/04/2014 Richardson TX Undeveloped Land 3,418 — — 3,418 — 3,418 90.0 % Crown Pointe 02/14/2017 Dunwoody GA Office 22,590 69,661 4,204 96,455 (13,487) 82,968 100.0 % The Marq 03/01/2018 Minneapolis MN Office 10,387 81,587 3,551 95,525 (8,612) 86,913 100.0 % City Tower 03/06/2018 Orange CA Office 13,930 136,184 7,299 157,413 (15,659) 141,754 100.0 % Eight & Nine Corporate Centre 06/08/2018 Franklin TN Office 17,401 57,920 4,518 79,839 (5,861) 73,978 100.0 % Georgia 400 Center 05/23/2019 Alpharetta GA Office 11,431 73,521 7,466 92,418 (5,347) 87,071 100.0 % Single-Family Homes Portfolio (2) : Birmingham Homes 11/04/2019 Birmingham AL Home 2,444 11,162 162 13,768 (292) 13,476 100.0 % Houston Homes 11/04/2019 Houston TX Home 6,154 22,823 432 29,409 (666) 28,743 100.0 % Jacksonville Homes 11/04/2019 Jacksonville FL Home 2,986 24,253 353 27,592 (647) 26,945 100.0 % Memphis Homes 11/04/2019 Memphis TN Home 2,679 15,809 266 18,754 (426) 18,328 100.0 % Atlanta Homes 11/04/2019 Atlanta GA Home 783 3,884 65 4,732 (120) 4,612 100.0 % Oklahoma Homes 11/04/2019 Oklahoma City OK Home 2,082 14,416 199 16,697 (411) 16,286 100.0 % Illinois Homes 05/28/2020 Chicago IL Home 3,383 13,598 263 17,244 (283) 16,961 100.0 % Total Single-Family Homes Portfolio 20,511 105,945 1,740 128,196 (2,845) 125,351 $ 181,392 $ 639,060 $ 28,778 $ 849,230 $ (80,816) $ 768,414 _____________________ (1) The Company owns 100% of the common members’ equity of Park Highlands and Park Highlands II. On September 7, 2016 and January 8, 2019, a subsidiary of the Company that owns a portion of Park Highlands and Park Highlands II, sold 820 units of 10% Class A non-voting preferred membership units for $0.8 million and 1,927 units of 10% Class A2 non-voting preferred membership units for $1.9 million, respectively, to accredited investors. The amount of the Class A and A2 non-voting preferred membership units raised, net of offering costs, is included in other liabilities on the accompanying consolidated balance sheets. (2) On July 1, 2020, the Company exchanged 4.5% of the outstanding common equity units of the subsidiary that owns the Company’s single family portfolio. See Note 16, “Subsequent Events - Battery Point Trust Inc. Acquisition” for more information. Operating Leases Certain of the Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of June 30, 2020, the leases, excluding options to extend and apartment leases and single family homes, which have terms that are generally one year or less, had remaining terms of up to 11.7 years with a weighted-average remaining term of 4.5 years. Some of the leases have provisions to extend the lease agreements, options for early termination after paying a specified penalty 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 related to tenant leases are included in other liabilities in the accompanying consolidated balance sheets were both $4.3 million as of June 30, 2020 and December 31, 2019. During the six months ended June 30, 2020 and 2019, the Company recognized deferred rent from tenants of $1.7 million and $2.2 million, respectively, net of lease incentive amortization. As of June 30, 2020 and December 31, 2019, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $15.5 million and $13.6 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $3.2 million and $3.1 million of unamortized lease incentives as of June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020, the future minimum rental income from the Company’s properties, excluding apartment leases and single family homes, under non-cancelable operating leases was as follows (in thousands): July 1, 2020 through December 31, 2020 $ 27,533 2021 55,750 2022 49,710 2023 41,525 2024 35,962 Thereafter 88,394 $ 298,874 As of June 30, 2020, the Company’s commercial real estate properties were leased to approximately 239 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 Computer Systems Design 26 $ 7,395 12.6 % Insurance 25 7,185 12.2 % Health Care and Social Assistance 15 6,769 11.5 % $ 21,349 36.3 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of June 30, 2020, 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. During the three and six months ended June 30, 2020, the Company recorded adjustments to rental income of $0.6 million and $0.8 million, respectively, for lease payments that were deemed not probable of collection. During the three and six months ended June 30, 2019, the Company recorded adjustments to rental income of $0.1 million and $0.2 million, respectively, for lease payments that were deemed not probable of collection. Geographic Concentration Risk As of June 30, 2020, the Company’s real estate investments in Georgia and California represented 16.4% and 13.3%, respectively, of the Company’s total assets. As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Georgia and California 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. Recent Acquisition On May 28, 2020, the Company acquired a single-family home portfolio consisting of 196 homes in Chicago, Illinois. The seller is not affiliated with the Company or the Advisor. The purchase price was $17.3 million, which includes $0.4 million of capitalized acquisition costs. The Company recorded this acquisition as an asset acquisition and recorded $3.4 million to land, $13.6 million to building and improvements and $0.3 million to tenant origination and absorption costs. Sale of Real Estate As of June 30, 2020 and December 31, 2019, the Company had recorded contract liabilities of $3.1 million related to deferred proceeds received from the buyers of the Park Highlands prior year land sales and another developer for the value of land that was contributed to a master association that is consolidated by the Company, which was included in other liabilities on the accompanying consolidated balance sheets.

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	6 Months Ended
	Jun. 30, 2020
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES As of June 30, 2020 and December 31, 2019, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Above-Market Below-Market June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Cost $ 28,778 $ 30,569 $ 3,499 $ 3,714 $ (4,322) $ (4,958) Accumulated Amortization (11,507) (10,223) (692) (741) 1,624 1,778 Net Amount $ 17,271 $ 20,346 $ 2,807 $ 2,973 $ (2,698) $ (3,180) Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and six months ended June 30, 2020 and 2019 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Three Months Ended June 30, For the Three Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 2020 2019 Amortization $ (1,604) $ (1,720) $ (74) $ (101) $ 213 $ 385 Tenant Origination and Above-Market Below-Market For the Six Months Ended June 30, For the Six Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 2020 2019 Amortization $ (3,340) $ (3,324) $ (166) $ (202) $ 482 $ 738 Additionally, as of June 30, 2020 and December 31, 2019, the Company had recorded tax abatement intangible assets, net of amortization, on real estate held for investment, which are included in prepaid expenses and other assets in the accompanying balance sheets, of $0.7 million and $1.0 million, respectively. During both of the three and six months ended June 30, 2020 and 2019, the Company recorded amortization expense of $0.1 million and $0.3 million, respectively, related to tax abatement intangible assets. As of June 30, 2020, the tax abatement intangible assets had a remaining amortization period of 1.2 years.

REAL ESTATE EQUITY SECURITIES

REAL ESTATE EQUITY SECURITIES	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE EQUITY SECURITIES	REAL ESTATE EQUITY SECURITIES As of June 30, 2020, the Company owned three investments in real estate equity securities. The following table sets forth the number of shares owned by the Company and the related carrying value of the shares as of June 30, 2020 and December 31, 2019 (dollars in thousands): June 30, 2020 December 31, 2019 Real Estate Equity Security Number of Shares Owned Total Carrying Value Number of Shares Owned Total Carrying Value Keppel Pacific Oak US REIT 64,165,352 $ 44,916 64,165,352 $ 50,049 Franklin Street Properties Corp. 5,211,021 26,524 2,773,729 23,743 Plymouth Industrial REIT, Inc. 408,148 5,224 415,841 7,647 69,784,521 $ 76,664 67,354,922 $ 81,439 During the six months ended June 30, 2020, the Company purchased 609,623 shares of common stock of Plymouth Industrial REIT, Inc. (NYSE Ticker: PLYM) for an aggregate purchase price of $7.3 million and also purchased 2,437,292 shares of Franklin Street Properties Corp., (NYSE Ticker: FSP) for an aggregate purchase price of $14.0 million. During the six months ended June 30, 2020, the Company sold 617,316 shares of common stock of Plymouth Industrial REIT for an aggregate sale price of $11.0 million. The following summarizes the portion of gain and loss for the period related to real estate equity securities held during the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net gain (loss) recognized during the period on real estate equity securities $ 11,360 $ 4,294 $ (15,094) $ 15,459 Less net gain recognized during the period on real estate equity securities sold during the period (347) — (711) (3,397) Unrealized gain (loss) recognized during the reporting period on real estate equity securities held at the end of the period $ 11,013 $ 4,294 $ (15,805) $ 12,062 During the three and six months ended June 30, 2020, the Company recognized $0.9 million and $2.4 million, respectively, of dividend income from real estate equity securities. During the three and six months ended June 30, 2019, the Company recognized $0.3 million and $2.1 million, respectively, of dividend income from real estate equity securities.

REAL ESTATE SOLD

REAL ESTATE SOLD	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
REAL ESTATE SOLD	REAL ESTATE SOLD During the year ended December 31, 2019, the Company disposed of one office building, one retail property and one apartment property. There were no dispositions during the six months ended June 30, 2020. On November 12, 2013, the Company, through an indirect wholly owned subsidiary, and EE 424 Bedford OM, LLC entered into an agreement to form a joint venture (the “424 Bedford Joint Venture”), and on January 31, 2014, the 424 Bedford Joint Venture acquired an apartment building containing 66 units in Brooklyn, New York (“424 Bedford”). On January 11, 2019, the 424 Bedford Joint Venture sold 424 Bedford to a purchaser unaffiliated with the Company or the Advisor, for $43.8 million before closing costs and credits. The carrying value of 424 Bedford as of the disposition date was $34.0 million, which was net of $5.3 million of accumulated depreciation and amortization. The Company recognized a gain on sale of $7.6 million related to the disposition of 424 Bedford. On December 12, 2012, the Company, through an indirect wholly owned subsidiary, and Goldstein Planting Partners, LLC and its affiliate entered into a joint venture agreement (the “Burbank Collection Joint Venture”), and on December 12, 2012, the Burbank Collection Joint Venture acquired a Class A retail property containing 39,428 rentable square feet located in Burbank, California (the “Burbank Collection”). On July 19, 2019, the Burbank Collection Joint Venture sold the Burbank Collection to a purchaser unaffiliated with the Company or the Advisor for $25.9 million before closing costs. The carrying value of the Burbank Collection as of the disposition date was $14.7 million, which was net of $2.6 million of accumulated depreciation and amortization. The Company recognized a gain on sale of $10.5 million related to the disposition of the Burbank Collection. On November 1, 2019, the Company, through an indirect wholly owned subsidiary, sold 125 John Carpenter to KORE 125 John Carpenter, LLC, a wholly owned subsidiary of the Keppel Pacific Oak US REIT, previously known as Keppel-KBS US REIT, a newly formed Singapore real estate investment trust (the “SREIT”). The sale price, net of closing credits, of 125 John Carpenter was $99.8 million, before third-party closing costs of approximately $0.2 million and excluding any disposition fees payable to the Company's then-current external advisor. Prior to the sale of 125 John Carpenter, the Company owned 56,979,352 common units of the SREIT, representing a 6.89% ownership interest. On October 29, 2019, the Company purchased 7,186,000 common units of the SREIT for $5.2 million in connection with a private placement to institutional and other investors, maintaining its 6.89% ownership interest. The Company recognized a gain on sale of $16.0 million related to the disposition of 125 John Carpenter. The operations of these properties and gain on sales 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 six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues Rental income $ 7 $ 3,545 $ 138 $ 7,123 Other operating income — 315 40 574 Total revenues $ 7 $ 3,860 $ 178 $ 7,697 Expenses Operating, maintenance, and management costs $ 15 $ 1,087 $ 64 $ 1,988 Real estate taxes and insurance — 784 — 1,400 Asset management fees to affiliate — 268 — 534 Depreciation and amortization — 1,228 — 2,601 Interest expense — 720 — 1,481 Total expenses $ 15 $ 4,087 $ 64 $ 8,004

NOTES AND BONDS PAYABLE

NOTES AND BONDS PAYABLE	6 Months Ended
	Jun. 30, 2020
Notes and Bonds Payable [Abstract]
NOTES AND BONDS PAYABLE	NOTES AND BONDS PAYABLE As of June 30, 2020 and December 31, 2019, the Company’s notes and bonds payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands): Book Value as of Book Value as of Contractual Interest Rate as of June 30, 2020 (1) Effective Interest Rate at June 30, 2020 (1) Payment Type (3) Maturity Date (2) Richardson Portfolio Mortgage Loan $ 36,000 $ 36,000 One-Month LIBOR + 2.50% 2.66% Interest Only (3) 11/01/2021 Park Centre Mortgage Loan 21,970 21,970 One-Month LIBOR + 1.75% 1.91% Interest Only 06/27/2022 1180 Raymond Mortgage Loan 30,048 30,250 One-Month LIBOR + 2.50% 3.50% Principal & Interest 12/01/2021 1180 Raymond Bond Payable 5,980 6,080 6.50% 6.50% Principal & Interest 09/01/2036 Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures (4) 168,039 224,746 4.25% 4.25% (4) 03/01/2023 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures (4) 73,335 — 3.93% 3.93% (4) 01/31/2026 Crown Pointe Mortgage Loan 53,435 51,171 One-Month LIBOR + 2.60% 2.76% Principal & Interest 02/13/2021 City Tower Mortgage Loan 94,167 89,000 One-Month LIBOR + 1.55% 1.71% Interest Only 03/05/2021 The Marq Mortgage Loan 58,331 53,408 One-Month LIBOR + 1.55% 1.71% Interest Only 06/06/2021 Eight & Nine Corporate Centre Mortgage Loan 47,066 43,880 One-Month LIBOR + 1.60% 1.76% Interest Only 06/08/2021 Georgia 400 Center Mortgage Loan 59,690 59,690 One-Month LIBOR + 1.55% 1.71% Interest Only 05/22/2023 PORT Mortgage Loan 1 51,362 51,362 4.74% 4.74% Interest Only 10/01/2025 PORT Mortgage Loan 2 10,523 10,523 4.72% 4.72% Interest Only 03/01/2026 PORT Mortgage Loan 3 12,000 — 5.00% (5) 5.00% Interest Only 03/31/2021 Total Notes and Bonds Payable principal outstanding 721,946 678,080 Premium on Notes and Bonds Payable (6) 732 783 Deferred financing costs, net (5,975) (5,200) Total Notes and Bonds Payable, net $ 716,703 $ 673,663 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2020. Effective interest rate is calculated as the actual interest rate in effect as of June 30, 2020 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at June 30, 2020, where applicable. (2) Represents the initial maturity date or the maturity date as extended as of June 30, 2020; 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 June 30, 2020. 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 bonds payable, see five-year maturity table below. (4) See “ – Israeli Bond Financing” below. (5) Contractual interest is 5.0% through November 30, 2020 and 6.5% from December 1, 2020 through March 31, 2021. (6) Represents the unamortized premium on notes and bonds payable due to the above-market interest rates when the debt was assumed. The premium is amortized over the remaining life of the notes and bonds payable. The Company plans to refinance or utilize available extension options for notes payable with maturities through the second quarter of 2021. There can be no assurance that the Company will be able to refinance or utilize extension options. During the three and six months ended June 30, 2020, the Company incurred $6.0 million and $12.8 million, respectively, of interest expense. Included in interest expense for the three and six months ended June 30, 2020 was $0.8 million and $1.7 million, respectively, of amortization of deferred financing costs. Additionally, during the three and six months ended June 30, 2020, the Company capitalized $0.8 million and $1.7 million, respectively of interest related to its investments in undeveloped land and an investment in unconsolidated entity. During the three and six months ended June 30, 2019, the Company incurred $7.2 million and $14.4 million, respectively, of interest expense. Included in interest expense for the three and six months ended June 30, 2019 was $0.8 million and $1.7 million, respectively, of amortization of deferred financing costs. Additionally, during the three and six months ended June 30, 2019, the Company capitalized $0.7 million and $1.4 million, respectively of interest related to its investments in undeveloped land. As of June 30, 2020 and December 31, 2019, the Company’s interest payable was $4.5 million and $4.8 million, respectively. The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of June 30, 2020 (in thousands): July 1, 2020 through December 31, 2020 $ 839 2021 386,551 2022 78,223 2023 115,958 2024 24,715 Thereafter 115,660 $ 721,946 The Company’s notes payable contain financial debt covenants. As of June 30, 2020, the Company was in compliance with all of these debt covenants. Israeli Bond Financing On March 2, 2016, Pacific Oak SOR BVI, a wholly owned subsidiary of the Company, filed a final prospectus with the Israel Securities Authority for a proposed offering of up to 1,000,000,000 Israeli new Shekels of the Series A Debentures at an annual interest rate not to exceed 4.25%. On March 1, 2016, Pacific Oak SOR BVI commenced the institutional tender of the Series A Debentures and accepted application for 842.5 million Israeli new Shekels. On March 7, 2016, Pacific Oak SOR BVI commenced the public tender of the Debentures and accepted 127.7 million Israeli new Shekels. In the aggregate, Pacific Oak SOR BVI accepted 970.2 million Israeli new Shekels (approximately $249.2 million as of March 8, 2016) in both the institutional and public tenders at an annual interest rate of 4.25%. Pacific Oak SOR BVI issued the Debentures on March 8, 2016. The terms of the Series A Debentures require five equal annual installment principal payments on March 1st of each year from 2019 to 2023. As of June 30, 2020, the Company had two foreign currency collars for an aggregate notional amount of 798.0 million Israeli new Shekels to hedge its exposure to foreign currency exchange rate movements. See Note 8, “Derivative Instruments” for a further discussion on the Company’s foreign currency collars. On February 16, 2020, Pacific Oak SOR BVI issued 254.1 million Israeli new Shekels (approximately $74.1 million as of February 16, 2020) of Series B Debentures to Israeli investors pursuant to a public offering registered with the Israel Securities Authority. The Series B Debentures will bear interest at the rate of 3.93% per year. The Series B Debentures have principal installment payments equal to 33.33% of the face amount of the Series B Debentures on January 31st of each year from 2024 to 2026. The deeds of trust that govern the Series A Debentures and Series B Debentures contain various financial covenants. As of June 30, 2020, the Company was in compliance with all of these financial debt covenants.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates and foreign currency exchange rate movements. The primary goal of the Company’s risk management practices related to interest rate risk is to prevent changes in interest rates from adversely impacting the Company’s ability to achieve its investment return objectives. The Company does not enter into derivatives for speculative purposes. The Company enters into foreign currency collars to mitigate its exposure to foreign currency exchange rate movements on its bonds payable outstanding denominated in Israeli new Shekels. A foreign currency collar consists of a purchased call option to buy and a sold put option to sell Israeli new Shekels. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. The following table summarizes the notional amount and other information related to the Company’s foreign currency collars as of June 30, 2020 and December 31, 2019. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (currency in thousands): June 30, 2020 December 31, 2019 Strike Price Trade Date Maturity Date Derivative Instruments Number of Instruments Notional Amount Number of Instruments Notional Amount Derivative instruments not designated as hedging instruments Foreign currency collar 1 380,000 ILS — — 3.70 - 3.82 ILS - USD 03/17/2020 9/16/2020 (1) Foreign currency collar 1 418,000 ILS — — 3.5875 - 3.725 ILS - USD 03/16/2020 9/16/2020 (1) Foreign currency collar — — 1 776,182 ILS 3.38 - 3.4991 ILS - USD 11/25/2019 02/26/2020 ____________________ (1) On July 29, 2020, the Company terminated the foreign currency collars and as a result received $14.1 million. The Company enters into interest rate caps to mitigate its exposure to rising interest rates on its variable rate notes payable. The values of interest rate caps are primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of interest rate caps. As the remaining life of an interest rate cap decreases, the value of the instrument will generally decrease towards zero. As of June 30, 2020, the Company had entered into three interest rate caps, which were not designated as a hedging instruments. The following table summarizes the notional amounts and other information related to the Company’s derivative instruments as of June 30, 2020. The notional amount is an indication of the extent of the Company’s involvement in the instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): Derivative Instrument Effective Date Maturity Date Notional Value Reference Rate Interest rate cap 04/02/2018 03/05/2021 $ 77,513 One-month LIBOR at 3.50% Interest rate cap 06/21/2019 05/22/2023 $ 51,252 One-month LIBOR at 4.00% Interest rate cap 02/12/2020 02/16/2021 $ 46,875 One-month LIBOR at 3.00% The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 (dollars in thousands): June 30, 2020 December 31, 2019 Derivative Instruments Balance Sheet Location Number of Instruments Fair Value Number of Instruments Fair Value Derivative instruments not designated as hedging instruments Interest rate caps Prepaid expenses and other assets 3 $ 39 3 $ 12 Foreign currency collars Prepaid expenses and other assets (Other liabilities) 2 $ 11,977 1 $ (179) The change in fair value of foreign currency collars that are not designated as cash flow hedges are recorded as foreign currency transaction gains or losses in the accompanying consolidated statements of operations. During the three months ended June 30, 2020, the Company recognized a $3.2 million gain related to the foreign currency collars, which is shown combined with $5.4 million of foreign currency transaction loss in the accompanying consolidated statements of operations as foreign currency transaction loss, net. During the six months ended June 30, 2020, the Company recognized a $12.2 million gain related to the foreign currency collars, which is shown combined with $0.6 million of foreign currency transaction gain in the accompanying consolidated statements of operations as foreign currency transaction gain, net. During the three months ended June 30, 2019, the Company recognized a $1.2 million gain related to the foreign currency collars, which is shown net against $3.7 million of foreign currency transaction loss in the accompanying consolidated statements of operations as foreign currency transaction loss, net. During the six months ended June 30, 2019, the Company recognized a $4.2 million gain related to the foreign currency collars, which is shown net against $9.5 million of foreign currency transaction loss in the accompanying consolidated statements of operations as foreign currency transaction loss, net.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES The following were the face values, carrying amounts and fair values of the Company’s financial instruments as of June 30, 2020 and December 31, 2019, which carrying amounts do not approximate the fair values (in thousands): June 30, 2020 December 31, 2019 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes and bond payable $ 480,572 $ 479,487 $ 481,617 $ 453,334 $ 451,743 $ 455,849 Financial liabilities (Level 1): Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures $ 168,039 $ 169,369 $ 142,133 $ 224,746 $ 221,920 $ 229,877 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures $ 73,335 $ 67,847 $ 55,994 $ — $ — $ — 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. As of June 30, 2020, the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 76,664 $ 76,664 $ — $ — Asset derivative - interest rate caps $ 39 $ — $ 39 $ — Asset derivative - foreign currency collars $ 11,977 $ — $ 11,977 $ — As of December 31, 2019, the Company measured the following assets and liabilities at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Basis: Real estate equity securities $ 81,439 $ 81,439 $ — $ — Asset derivative - interest rate caps $ 12 $ — $ 12 $ — Liability derivative - foreign currency collar $ (179) $ — $ (179) $ —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS As described further below, the Company has entered into agreements with certain affiliates pursuant to which they provide services to the Company. Keith D. Hall and Peter McMillan III control and indirectly own Pacific Oak Holding Group, LLC (“Pacific Oak Holding”), the Company’s sponsor since November 1, 2019. Pacific Oak Holding is the sole owner of the Advisor since November 1, 2019. Messrs. Hall and McMillan are also two of the Company’s executive officers and directors. In addition, along with Charles J. Schreiber, Jr., Keith D. Hall and Peter McMillan III control and indirectly own KBS Holdings LLC (“KBS Holdings”), the Company’s sponsor prior to November 1, 2019. KBS Holdings is the sole owner of KBS Capital Advisors, the Company’s advisor prior to November 1, 2019, and KBS Capital Markets Group LLC, the entity that acted as the dealer manager of the Company’s now-terminated primary initial public offering. From the Company’s inception through October 31, 2019, KBS Capital Advisors provided day-to-day management of the Company’s business. The advisory agreement with KBS Capital Advisors terminated on October 31, 2019, and the Company hired Pacific Oak Capital Advisors under substantially the same terms on November 1, 2019. The advisory agreement with Pacific Oak Capital Advisors has a one one Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2020 and 2019, respectively, and any related amounts payable as of June 30, 2020 and December 31, 2019 (in thousands): Incurred Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, 2020 December 31, 2019 Expensed 2020 2019 2020 2019 Asset management fees $ 2,336 $ 1,971 $ 4,441 $ 3,861 $ 4,008 $ 1,498 Reimbursable operating expenses (1) — 83 93 172 — — Disposition fees (2) — — — 394 — — Subordinated performance fee due upon termination to affiliate (3) 307 — 307 — (3) (3) Capitalized Acquisition fees on real estate equity securities 23 — 122 — 17 — Acquisition fee on real estate 171 897 171 897 — — Acquisition fee on investment in unconsolidated entities — 50 — 50 — 137 $ 2,837 $ 3,001 $ 5,134 $ 5,374 $ 4,025 $ 1,635 _____________________ (1) The relevant advisor may seek reimbursement for certain employee costs under the relevant advisory agreement. The Company has reimbursed the relevant 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 $62,000 and $133,000 for the three and six months ended June 30, 2019 and were the only employee costs reimbursed under the advisory agreement during these periods. There were no employee cost reimbursements during 2020. 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. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. (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. (3) Change in estimate of fees payable to KBS Capital Advisors due to the termination of the former advisory agreement with KBS Capital Advisors. See “Subordinated Performance Fee Due Upon Termination to KBS Capital Advisors”, below, for more details. Battery Point Restructuring On October 28, 2016, the Company, through an indirect wholly owned subsidiary, agreed to invest up to $25,000,000 in Battery Point Trust, LLC (“Battery Point LLC”) through the purchase of Series B Preferred Equity Units (the “Series B Preferred Units”). On May 12, 2017, the Company and Battery Point LLC agreed to limit the Company’s investment to $17,500,000 worth of Series B Preferred Units. The Company invested the full $17,500,000 in stages. During 2018, $4,500,000 was repaid to the Company. On June 29, 2018, Battery Point LLC was converted into Battery Point Trust, Inc. (“Battery Point”) and the Company’s Series B Preferred Units were converted into Series B Preferred Shares (the “Series B Preferred Shares”). The Series B Preferred Shares are entitled to the same rights and protections as were the Series B Preferred Units. The Series B Preferred Shares pay a quarterly dividend of 12% and had an outside maturity date of October 28, 2019. On March 20, 2019, the Company, through an indirect wholly owned subsidiary, entered into a redemption agreement for the Battery Point Series B Preferred Shares. The redemption agreement resulted in the redemption of 13,000 Series B Preferred Units with a per-unit price of $1,000. The Company received $8.6 million, of which $0.9 million relates to accrued interest and an exit fee. In addition, the Company received 210,000 Battery Point Series A-3 Preferred Units with a per-unit price of $25. On March 20, 2019, Pacific Oak Battery Point Holdings, LLC (“Pacific Oak BP”), a wholly owned subsidiary of the Advisor, a real estate asset management company formed in 2019, and its family of companies (collectively, “Pacific Oak”), acquired all the common equity interests in BPT Holdings, LLC (“Battery Point Holdings”). Battery Point Holdings owns (a) the common stock in Battery Point, (b) all the service entities that provide advisory, servicing and property management services to Battery Point Holdings generally named “DayMark”, and (c) 40% of additional DayMark entities that purchase, renovate, lease and sell single-family residential homes to Battery Point. As owner of Battery Point Holdings, Pacific Oak is responsible for funding the ongoing operations of Battery Point Holdings and its subsidiaries. The affiliated DayMark service entities are paid annual asset management fees equal to 1.5% of the gross asset value of Battery Point, annual property management fees equal to 8% of tenants’ rents received by Battery Point, and acquisition fees of 1% of the gross purchase price of properties acquired. The affiliated DayMark service entities also receive fees from tenants upon execution of leases and a 1% commission from sellers of properties into the program, if it acts as the broker for the seller. During the year ended December 31, 2019, the Company purchased additional 430,000 shares of Battery Point Series A-3 Preferred Units for an aggregate amount of $10.8 million. As of June 30, 2020, the Company had 640,000 Battery Point Series A-3 Preferred Units with a carrying value of $14.0 million. On July 1, 2020, the Company acquired Battery Point. As a result of this acquisition, the Company’s 640,000 shares of Battery Point Series A-3 Preferred Units will be eliminated in consolidation. See Note 16, "Subsequent Events - Battery Point Trust Inc. Acquisition" for more information. Pacific Oak Opportunity Zone Fund I During the year ended December 31, 2019, the Company acquired 91 Class A Units for $20.6 million in the Pacific Oak Opportunity Zone Fund I, LLC (“Pacific Oak Opportunity Zone Fund I”). Pacific Oak Opportunity Zone Fund I is sponsored by Pacific Oak Holding. Pacific Oak Capital Advisors is entitled to certain fees in connection with the fund. The fund will pay an acquisition fee equal to 1.5% of the purchase price of each asset (including any debt incurred or assumed and significant capital improvement costs budgeted as of the date of acquisition) with a purchase price less than or equal to $25.0 million plus 1.0% of the purchase price in excess of $25.0 million; a quarterly asset management fee equal to 0.25% of the total purchase price of all assets (including any debt incurred or assumed and significant capital improvement costs budgeted as of the date of acquisition) as of the end of the applicable quarter; and a financing fee equal to 0.5% of the original principal amount of any indebtedness they incur (reduced by any financing fee previously paid with respect to indebtedness being refinanced). In the case of investments made through joint ventures, the fees above will be determined based on the Company’s proportionate share of the investment. Pacific Oak is also entitled to certain distributions paid by the Pacific Oak Opportunity Zone Fund I after the Class A Members have received their preferred return. These fees and distributions have been waived for the Company’s $20.6 million investment. In addition, a side letter agreement between the Advisor and Pacific Oak Opportunity Zone Fund I was executed on February 28, 2020 and stipulates that any asset management fees allocable to the Company and waived by the Advisor for Pacific Oak Opportunity Zone Fund I shall be distributed to the Company. Subordinated Performance Fee Due Upon Termination to KBS Capital Advisors The Company and KBS Capital Advisors agreed to terminate their advisory agreement effective October 31, 2019. In connection with that agreement, the Company agreed to pay KBS Capital Advisors a subordinated performance fee due upon termination in the form of Restricted Stock, to be paid to KBS Capital Advisors upon the filing of its Annual Report on Form 10-K for the year ended December 31, 2019. The number of Restricted Stock to be awarded has been set at 3,411,737 shares and was issued on March 27, 2020. This termination payout value to KBS Capital Advisors (the “KBS Termination Fee Value”) was determined based on the Company’s performance from inception through September 30, 2018. In other words, it was based on the Company’s participation fee potential liability to KBS Capital Advisors calculated with respect to the November 12, 2018 estimated value per share. As a result, when the Company hired Pacific Oak Capital Advisors as the Company’s new advisor on November 1, 2019, the Company agreed to a participation fee that was based on the Company’s performance from September 30, 2018. The Restricted Stock vests on November 1, 2021. Within 60 days from vesting of the Restricted Stock, the Company will redeem 50% of the Restricted Stock, with the amount of the cash payment per share determined based on the then most recent net asset value of the shares (which shall not be more than six months old). The remaining vested Restricted Stock (the “Remaining Shares”) shall not be eligible for redemption under the Company’s share redemption program unless the Company has satisfied all outstanding redemption requests from other stockholders, provided that (a) this restriction may be waived in certain situations, such as upon a change of control of the Company and (b) notwithstanding the foregoing, within 60 days after November 1, 2024, the Company shall be required to redeem any Remaining Shares, separate and outside of any general stockholder share redemption program, at the then most recent net asset value per share (which shall not be more than six months old), provided that such outstanding shares are owned or controlled by Charles J. Schreiber, Jr. or the estate of Peter M. Bren, and provided further that pursuant to this clause (b) the Company will only be required to redeem that number Remaining Shares which, when added to any previously redeemed Remaining Shares owned or controlled by Charles J. Schreiber, Jr. or the estate of Peter M. Bren, does not exceed two-thirds of the total number of Remaining Shares. The Company also agreed with KBS Capital Advisors and Pacific Oak Capital Advisors that with respect to any fiscal quarter that any matter related to the award of Restricted Stock results in a company expense that falls within the definition of Total Operating Expenses (as defined in the Company’s charter), if Total Operating Expenses for the four consecutive fiscal quarters then ended exceed the 2%/25% Guidelines (as defined in the Company’s charter), then the Company’s conflicts committee will determine an Excess Amount (as defined in the Company’s charter) is justified, based on unusual and non-recurring factors that it deems sufficient, in an amount sufficient (a) to allow the portion of Total Operating Expenses for the four consecutive fiscal quarters then ended comprised of the Restricted Stock expenses to be paid or incurred by the Company without reimbursement by the Advisor (as defined in the Company’s charter) and (b) to allow any other portion of Total Operating Expenses for the four consecutive fiscal quarters then ended to be paid or incurred by the Company without reimbursement by the Advisor, to the extent such portion alone (i.e., that portion of Total Operating Expenses exclusive of the Restricted Stock expenses) would not have exceeded the 2%/25% Guidelines.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of June 30, 2020 and December 31, 2019, the Company’s investments in unconsolidated joint ventures were composed of the following (dollars in thousands): Number of Properties as of June 30, 2020 Investment Balance at Joint Venture Location Ownership % June 30, 2020 December 31, 2019 NIP Joint Venture — — — $ — $ 1,225 110 William Joint Venture 1 New York, New York 60.0% — — 353 Sacramento Joint Venture 1 San Francisco, California 55.0% 43,207 42,214 Battery Point Series A-3 Preferred Units N/A N/A N/A 13,991 13,991 Pacific Oak Opportunity Zone Fund I 2 Various N/A 21,280 20,846 $ 78,478 $ 78,276 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 has invested in a portfolio of industrial properties. The Company made an initial capital contribution of $8.0 million, which represents less than a 5.0% ownership interest in the NIP Joint Venture as of June 30, 2020. Prior to January 17, 2018, KBS REIT I, an affiliate of KBS Capital Advisors, was a member of HC-KBS and had a participation interest in certain future potential profits generated by the NIP Joint Venture. However, KBS REIT I did not have any equity interest in the NIP Joint Venture. On January 17, 2018, KBS REIT I assigned its participation interest in the NIP Joint Venture to one of the other joint venture partners in the NIP Joint Venture. None of the other joint venture partners are affiliated with the Company or the Advisor. During the six months ended June 30, 2020, the NIP Joint Venture sold the remaining properties. During the six months ended June 30, 2020, the Company received a distribution of $1.3 million related to its investment in the NIP Joint Venture and the Company recognized $0.1 million as income distribution and $1.2 million as a return of capital from the NIP Joint Venture. During the three and six months ended June 30, 2019, the Company received a distribution of $0.3 million related to its investment in the NIP Joint Venture, which is reflected as a return of capital from 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 June 30, 2020 and December 31, 2019, the book value of the Company’s investment in the 110 William Joint Venture was $0. During the six months ended June 30, 2019, the 110 William Joint Venture made a $7.8 million distribution to the Company and a $5.2 million distribution to the 110 William JV Partner funded with proceeds from the 110 William refinancing (discussed below). The distribution exceeded the book value of the Company’s investment in the 110 William Joint Venture, and the Company recorded the $7.8 million distribution as a gain included in equity in income of unconsolidated joint ventures during the six months ended June 30, 2019. This gain was recorded because the Company determined that the distribution is not refundable and it does not have an implicit or explicit commitment to fund the 110 William Joint Venture. During the six months ended June 30, 2019, the Company suspended the equity method of accounting and the Company will not record the Company's share of losses and will not record the Company's share of any subsequent income for the 110 William Joint Venture until the Company’s share of net income exceeds the gain recorded and the Company’s share of the net losses not recognized during the period the equity method was suspended. During the six months ended June 30, 2020, the Company did not record equity in income from the 110 William Joint venture. Summarized financial information for the 110 William Joint Venture follows (in thousands): June 30, 2020 December 31, 2019 Assets: Real estate assets, net of accumulated depreciation and amortization $ 247,301 $ 242,430 Other assets 39,971 35,747 Total assets $ 287,272 $ 278,177 Liabilities and equity: Notes payable, net $ 308,441 $ 292,221 Other liabilities 7,992 10,664 Partners’ deficit (29,161) (24,708) Total liabilities and equity $ 287,272 $ 278,177 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues $ 8,617 $ 9,442 $ 16,599 $ 17,701 Expenses: Operating, maintenance, and management 1,596 2,280 3,898 4,452 Real estate taxes and insurance 1,822 1,725 3,645 3,430 Depreciation and amortization 2,939 2,839 5,582 5,503 Interest expense 4,042 4,124 7,968 8,732 Total expenses 10,399 10,968 21,093 22,117 Total other income 16 39 38 71 Net loss $ (1,766) $ (1,487) $ (4,456) $ (4,345) Company’s share of net loss (1) $ (1,060) $ (892) $ (2,674) $ (2,607) _____________________ (1) During the three and six months ended June 30, 2019, the Company recorded $0 and $0.3 million of net losses in equity in income of unconsolidated joint ventures and suspended the recording of the Company’s remaining share of net losses. Investment in 353 Sacramento Joint Venture On July 6, 2017, the Company, through an indirect wholly owned subsidiary, entered into an agreement with the Migdal Members to form a joint venture (the “353 Sacramento Joint Venture”). On July 6, 2017, the Company sold a 45% equity interest in an entity that owns an office building containing 284,751 rentable square feet located on approximately 0.35 acres of land in San Francisco, California (“353 Sacramento”) to the Migdal Members. The sale resulted in 353 Sacramento being owned by the 353 Sacramento Joint Venture, in which the Company indirectly owns 55% of the equity interests and the Migdal Members indirectly own 45% in the aggregate of the equity interests. The Company exercises significant influence over the operations, financial policies and decision making with respect to the 353 Sacramento Joint Venture but significant decisions require approval from both members. Accordingly, the Company has accounted for its investment in the 353 Sacramento Joint Venture under the equity method of accounting. Income, losses, contributions and distributions are generally allocated based on the members’ respective equity interests. Summarized financial information for the 353 Sacramento Joint Venture follows (in thousands): June 30, 2020 December 31, 2019 Assets: Real estate assets, net of accumulated depreciation and amortization $ 184,980 $ 180,592 Other assets 18,850 21,822 Total assets $ 203,830 $ 202,414 Liabilities and equity: Notes payable, net $ 115,427 $ 115,280 Other liabilities 10,792 11,193 Partners’ capital 77,611 75,941 Total liabilities and equity $ 203,830 $ 202,414 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues $ 5,364 $ 4,187 $ 10,251 $ 8,345 Expenses: Operating, maintenance, and management 836 939 1,517 1,769 Real estate taxes and insurance 728 694 1,481 1,395 Depreciation and amortization 1,639 1,563 3,241 3,131 Interest expense 1,021 1,447 2,342 2,866 Total expenses 4,224 4,643 8,581 9,161 Net income (loss) $ 1,140 $ (456) 1,670 (816) Company’s equity in income (loss) of unconsolidated joint venture $ 665 $ (215) $ 993 $ (379) Battery Point Series A-3 Preferred Units Beginning October 28, 2016, the Company invested in Battery Point Series B Preferred Units and on March 20, 2019, the Company, through an indirect wholly owned subsidiary, entered into a redemption agreement for the Battery Point Series B Preferred Units. The redemption agreement resulted in the redemption of the Company’s entire investment of 13,000 Series B Preferred Units with a per-unit price of $1,000 with an aggregate outstanding principal balance of $13.0 million. The Company received a principal paydown of $7.7 million plus accrued interest and an exit fee. In addition, the Company received 210,000 shares of Battery Point Series A-3 Preferred Units with a per-unit price of $25 with an aggregate face amount of $5.3 million. The Battery Point Series A-3 Preferred Units are entitled to a monthly dividend based on an annual rate of 7.5%. The annual dividend rate increases to 10% for the Battery Point Series A-3 Preferred Units not redeemed by February 28, 2020 and to 11% for the Battery Point Series A-3 Preferred Units not redeemed by February 28, 2021. On each monthly dividend payment date, Battery Point has the obligation to use 20% of the net proceeds of any and all future equity capital raising to redeem the Series A-3 Preferred Units. The Battery Point Series A-3 Preferred Units are redeemable at any time by Battery Point and holders of Series A-3 Preferred Shares may elect to redeem their units beginning on February 28, 2021, subject to Battery Point’s board of directors’ determination that the company has sufficient cash. During the year ended December 31, 2019, the Company purchased additional 430,000 shares of Battery Point Series A-3 Preferred Units for an aggregate amount of $10.8 million. The Company does not have a unilateral right to redeem the Battery Point Series A-3 Preferred Units on a stated redemption date, therefore the Company classified the Series A-3 Preferred Units as an equity investment without a readily determinable fair value. In accordance with ASC 321, Investments - Equity Securities , the Company may elect to measure an equity investment without a readily determinable value that does not qualify for the practical expedient to estimate fair value using the net asset value per share, at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company elected to measure its investment in the Battery Point Series A-3 Preferred Units in accordance with the above accounting guidance and recorded its investment in the Battery Point Series A-3 Preferred Units as of June 30, 2020, at a carrying value of $14.0 million and with a total of 640,000 shares. During the six months ended June 30, 2020 and 2019, the Company received distributions of $0.7 million and $0.1 million, respectively, which were recognized as dividend income from real estate equity securities. On July 1, 2020, the Company acquired Battery Point. As a result of this acquisition, the Company’s 640,000 shares of Battery Point Series A-3 Preferred Units will be eliminated in consolidation. See Note 16, "Subsequent Events - Battery Point Trust Inc. Acquisition" for more information. Investment in Pacific Oak Opportunity Zone Fund I During the year ended December 31, 2019, the Company acquired 91 Class A Units for $20.6 million in Pacific Oak Opportunity Zone Fund I. As of December 31, 2019, the book value of the Company’s investment in Pacific Oak Opportunity Zone Fund I was $20.8 million, which includes $0.2 million of acquisition fees. As of June 30, 2020, Pacific Oak Opportunity Zone Fund I consolidated two joint ventures with real estate under development. As of June 30, 2020, the Company has concluded that Pacific Oak Opportunity Zone Fund I qualifies as a Variable Interest Entity (“VIE”) because there is insufficient equity at risk to finance the entity’s activities and the entity is structured with non-substantive voting rights. The Company concluded it is not the primary beneficiary of this VIE since it does not have the power to direct the activities that most significantly impact the entity’s economic performance and will account for its investment under the equity method of accounting. The Company’s maximum exposure to loss as a result of its involvement with this VIE is limited to the carrying value of the investment in Pacific Oak Opportunity Zone Fund I which totaled $21.3 million as of June 30, 2020.

SUPPLEMENTAL CASH FLOW AND SIGN

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow and Significant Noncash Transaction Disclosures [Abstract]
SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES	SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES Supplemental cash flow and significant noncash transaction disclosures were as follows (in thousands): Six Months Ended June 30, 2020 2019 Supplemental Disclosure of Cash Flow Information: Interest paid, net of capitalized interest of $1,656 and $1,389 for the six months ended June 30, 2020 and 2019, respectively $ 11,367 $ 13,156 Supplemental Disclosure of Significant Noncash Transactions: Accrued improvements to real estate 2,175 5,286 Mortgage loan assumed by buyer in connection with sale of real estate — 23,663 Redeemable common stock payable 267 5,463 Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan 262 564 Redemption of Series B Preferred Units in exchange for Series A-3 Preferred Units — 2,992 Accrued preferred dividends 225 —

REPORTING SEGMENTS

REPORTING SEGMENTS	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
REPORTING SEGMENTS	REPORTING SEGMENTS The Company recognizes two reporting segments for the three and six months ended June 30, 2020 and consists of strategic opportunistic properties and related investments and single-family homes. Corporate related costs are allocated to each respective segment. The selected financial information for the two reporting segments for the three months ended June 30, 2020 is as follows (in thousands): Three Months Ended June 30, 2020 Strategic Opportunistic Properties Single-Family Homes Total Total revenues $ 20,450 $ 3,071 $ 23,521 Total expenses (27,793) (3,644) (31,437) Total other income 11,776 — 11,776 Net income (loss) $ 4,433 $ (573) $ 3,860 Six Months Ended June 30, 2020 Strategic Opportunistic Properties Single-Family Homes Total Total revenues $ 42,201 $ 5,920 $ 48,121 Total expenses (40,688) (7,184) (47,872) Total other loss (14,028) — (14,028) Net loss $ (12,515) $ (1,264) $ (13,779) Total assets related to the two reporting segments as of June 30, 2020 and December 31, 2019 are as follows (in thousands): June 30, 2020 Strategic Opportunistic Properties Single-Family Homes Total Total assets $ 935,315 $ 130,540 $ 1,065,855 December 31, 2019 Strategic Opportunistic Properties Single-Family Homes Total Total assets $ 921,917 $ 119,325 $ 1,041,242

PORT PREFERRED STOCK

PORT PREFERRED STOCK	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
PORT PREFERRED STOCK	PORT PREFERRED STOCK A wholly owned subsidiary of the Company, Pacific Oak Residential Trust, Inc. (“PORT”), has authorized and issued preferred stock. The Company has elected to use the measurement method described under ASC 480-10-S99-3A, paragraph 15(b), resulting in the preferred stock being classified in mezzanine equity and measured based on the estimated future redemption value as of June 30, 2020. On November 6, 2019, PORT issued 15,000 shares out of its available 25,000,000 shares of Series A Cumulative Convertible Redeemable Preferred Stock for gross proceeds of $1,000 per share resulting in net proceeds of $15.0 million before issuance costs. The shares provide for an annual dividend of 6% payable quarterly, which increases to 12% if all shares are not redeemed by the Company immediately following the redemption date. However, the 12% dividend rate does not apply until the aggregate number of shares selected for redemption do not constitute 10% or more of all outstanding shares. The shares may be redeemed by the holders beginning on November 4, 2021 for $1,000 per share plus all accrued but unpaid dividends through the redemption date, or after November 4, 2022 for $1,120 per share plus all accrued but unpaid dividends through the redemption date. In addition, after November 4, 2020, the shares are redeemable at the Company’s option, at any time or from time to time, at a redemption price of $1,120 per share plus unpaid accrued dividends. Additionally, if the common shares of PORT are publicly traded, the holder may elect to convert its preferred shares into PORT common shares based on a value of the preferred shares of $1,120 per share plus unpaid accrued dividends, and a conversion price of the common shares as stated in the agreement. On November 22, 2019, PORT issued 125 shares of its Series B Cumulative Redeemable Preferred Stock for gross proceeds of $1,000 per share resulting in net proceeds of $0.1 million after issuance costs. The shares provide for an annual dividend of 12.5% payable semiannually. The shares may be redeemed by the holders for $1,050 per share until December 31, 2021 and for $1,000 per share thereafter. The following is a reconciliation of PORT’s noncontrolling cumulative convertible redeemable preferred stock for the six months ended June 30, 2020: Series A Preferred Stock Series B Preferred Stock Shares Amounts Shares Amounts Balance, December 31, 2019 15,000 $ 14,909 125 $ 99 Dividends Available Upon Redemption — 590 — 7 Dividends Paid — (365) — (7) Balance, June 30, 2020 15,000 $ 15,134 125 $ 99

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Economic Dependency The Company is dependent on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that the Advisor is unable to provide these services, the Company will be required to obtain such services from other sources. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations as of June 30, 2020. 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. COVID-19 During the first and second quarter of 2020 and subsequent periods, efforts to slow the spread of the COVID-19 virus have had a significant impact on the U.S. economy. The Company continues to follow the policies described in Note 2 to the Consolidated Financial Statements contained in our 2019 Annual Report on Form 10-K, including those related to impairments of real estate assets and investments in unconsolidated affiliates and collectability assessments on operating lease receivables. While our current analyses did not result in any material adjustments to amounts as of and during the six months ended June 30, 2020, circumstances related to the COVID-19 pandemic may result in recording impairments, lease modifications and changes to collectability assessments in future periods. Legal Matters

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Battery Point Trust Inc. Acquisition On July 1, 2020, the Company acquired, through its subsidiaries, Battery Point Trust Inc., a Maryland corporation (“Battery Point”). Battery Point is a real estate investment trust that owns 559 single-family rental homes throughout the Midwestern and Southeastern United States. Following this transaction, the Company now owns 1,749 single-family rental homes nationwide. All of these assets are held by the Company through its subsidiary, PORT OP LP (formerly known as Reven Housing REIT OP, L.P.), a Delaware limited partnership (“PORT OP”). The Company acquired Battery Point by acquiring all the 1,000,000 outstanding shares of Battery Point common stock from BPT Holdings, LLC (“BPT Holdings”), a wholly owned subsidiary of the Advisor. The Advisor is the Company’s external advisor and is owned and controlled by Keith D. Hall, the Company’s Chief Executive Officer and a director, and Peter M. McMillan, the Company’s President and Chairman of the Board. In exchange, BPT Holdings received 510,816 common equity units in PORT OP, approximately 4.5% of the outstanding common equity units. The value of the interests exchanged was estimated by the participants at approximately $3.0 million. As a result of the Battery Point acquisition, the Company’s 640,000 shares of Battery Point Series A-3 Preferred Units will be eliminated in consolidation. The Company is in process of assessing the fair value of the acquired tangible assets, liabilities assumed and any applicable intangible assets and liabilities for this business combination.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
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 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 six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
Principles of Consolidation	The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership, Pacific Oak SOR BVI and their direct and indirect wholly owned subsidiaries, joint ventures in which the Company has a controlling interest and VIEs in which the Company is the primary beneficiary. 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.
Restricted Cash	Restricted cash is comprised of lender impound reserve accounts on the Company’s borrowings for security deposits, property taxes, insurance, debt service obligations and capital improvements and replacements.
Redeemable Common Stock	The Company limits the dollar value of shares that may be redeemed under the share redemption program. During the six months ended June 30, 2020, the Company had redeemed $0.8 million of common stock under the share redemption program. The Company processed all redemption requests received in good order and eligible for redemption through the June 2020 redemption date, except for 5,973,671 shares totaling $60.3 million due to the limitations under the share redemption program. The Company recorded $0.3 million and $0.8 million of redeemable common stock payable on the Company’s balance sheet as of June 30, 2020 and December 31, 2019, respectively, related to unfulfilled redemption requests received in good order under the share redemption program. Based on the eleventh amended and restated share redemption program, the Company has $6,000 available for redemptions in the remainder of 2020, including shares that are redeemed in connection with a stockholders’ death, “qualifying disability” or “determination of incompetence,” subject to the limitations under the share redemption program. Effective beginning with the month of February 2020, the Company suspended (a) redemptions requested under the share redemption program in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence”, until the Company and POSOR II file with the SEC a registration statement on Form S-4 containing a Joint Proxy Statement/Prospectus for the proposed Merger, and (b) all other redemptions under the share redemption program until after the Merger closes. The Form S-4 was filed on June 15, 2020 with the SEC.
Segments	The Company has invested in opportunistic real estate, non-performing loans, other real estate-related assets and single-family homes. In general, the Company intends to hold its investments in opportunistic real estate, non-performing loans and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate, non-performing loans 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 opportunistic real estate, non-performing loans and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from opportunistic real estate, non-performing loans and other real estate-related assets, and therefore, the Company currently recognizes two reportable business segment consisting of strategic opportunity properties and related investments and single-family homes. The Company owns single-family homes in seven markets and are all aggregated into one reportable business segment due to the homes being stabilized, having high occupancy rates and have similar economic characteristics.
Per Share Data	The Company applies the two-class method when computing its earnings per share. Net income per share for each class of stock is calculated by assuming all of the Company’s net income (loss) is distributed to each class of stock based on their contractual rights. Unvested restricted stock that contains non-forfeitable rights to distributions (whether paid or unpaid) are considered participating securities and are included in the computation of earnings per share. Basic earnings (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 earnings (loss) per share of common stock is computed based on the weighted-average number of shares of common stock outstanding during each period, plus potential common shares considered outstanding during the period, as long as the inclusion of such awards is not anti-dilutive. Potential common shares consist of unvested restricted stock, using the more dilutive of either the two-class method or the treasury stock method. The noncontrolling PORT Series A convertible redeemable preferred shares are not included as the preferred shares are convertible contingent on the common stock of PORT being publicly traded. If PORT common stock becomes publicly traded, the per-share earnings of PORT will be included in the Company’s EPS computations based on the consolidated holdings of PORT. The Company’s unvested Restricted Stock have been included in the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2020, as the restriction is not contingent on any conditions except the passage of time.
Square Footage, Occupancy and Other Measures	Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Recently Issued Accounting Standards Updates	In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses of Financial Instruments (“ASU No. 2016-13”). ASU No. 2016-13 affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The amendments in ASU No. 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. ASU No. 2016-13 also amends the impairment model for available-for-sale debt securities. An entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required. ASU No. 2016-13 also requires new disclosures. For financial assets measured at amortized cost, an entity will be required to disclose information about how it developed its allowance for credit losses, including changes in the factors that influenced management’s estimate of expected credit losses and the reasons for those changes. For financing receivables and net investments in leases measured at amortized cost, an entity will be required to further disaggregate the information it currently discloses about the credit quality of these assets by year of the asset’s origination for as many as five annual periods. For available-for-sale debt securities, an entity will be required to provide a roll-forward of the allowance for credit losses and an aging analysis for securities that are past due. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , which clarified that receivables from operating leases are not within the scope of Topic 326 and instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842. The Company adopted ASU No. 2016-13 on January 1, 2020 and it did not have a material effect on its financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) . ASU No. 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the six months ended June 30, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. For the period from January 1, 2020 (the earliest date the Company may elect to apply ASU No. 2020-04) through June 30, 2020, the Company did not have any contract modifications that meet the criteria described above, specifically contract modifications that have been modified from LIBOR to an alternative reference rate. The Company’s loan agreements, derivative instruments, and certain lease agreements use LIBOR as the current reference rate. For eligible contract modifications, the Company expects to adopt the temporary optional expedients described in ASU No. 2020-04. The optional expedients for hedging relationships described in ASU No. 2020-04 are not expected to have an impact to the Company, as the Company has elected to not designate its derivative instruments as a hedge. In April 2020, the FASB issued a FASB Staff Q&A related to Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic (the “Topic 842 Q&A”) which focused on the application of lease guidance for concessions related to the effects of the COVID-19 pandemic. In this Q&A document, the FASB staff will allow entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, Leases , ("Topic 842") as though enforceable rights and obligations for those qualifying concessions existed. The Company did not have any material lease concessions related to the effects of the COVID-19 pandemic that had a material impact to the Company’s consolidated balance sheet as of June 30, 2020 or consolidated statement of operations for the six months ended June 30, 2020.
Fair Value Measurement	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.

REAL ESTATE HELD FOR INVESTME_2

REAL ESTATE HELD FOR INVESTMENT (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table summarizes the Company’s real estate held for investment as of June 30, 2020 and December 31, 2019, respectively (in thousands): June 30, 2020 December 31, 2019 Land $ 181,392 $ 175,317 Buildings and improvements 639,060 618,974 Tenant origination and absorption costs 28,778 30,569 Total real estate, cost 849,230 824,860 Accumulated depreciation and amortization (80,816) (65,381) Total real estate, net $ 768,414 $ 759,479 The following table provides summary information regarding the Company’s real estate held for investment as of June 30, 2020 (in thousands): Property Date Acquired or Foreclosed on City State Property Type Land Building Tenant Origination and Absorption Total Real Estate, at Cost Accumulated Depreciation and Amortization Total Real Estate, Net Ownership % Richardson Portfolio: Palisades Central I 11/23/2011 Richardson TX Office $ 1,037 $ 12,518 $ — $ 13,555 $ (3,991) $ 9,564 90.0 % Palisades Central II 11/23/2011 Richardson TX Office 810 21,412 — 22,222 (6,199) 16,023 90.0 % Greenway I 11/23/2011 Richardson TX Office 561 2,456 — 3,017 (1,147) 1,870 90.0 % Greenway III 11/23/2011 Richardson TX Office 702 3,896 — 4,598 (1,545) 3,053 90.0 % Undeveloped Land 11/23/2011 Richardson TX Undeveloped Land 3,134 — — 3,134 — 3,134 90.0 % Total Richardson Portfolio 6,244 40,282 — 46,526 (12,882) 33,644 Park Highlands (1) 12/30/2011 North Las Vegas NV Undeveloped Land 36,315 — — 36,315 — 36,315 100.0% (1) Park Centre 03/28/2013 Austin TX Office 3,251 34,766 — 38,017 (7,586) 30,431 100.0 % 1180 Raymond 8/20/2013 Newark NJ Apartment 8,292 39,194 — 47,486 (8,537) 38,949 100.0 % Park Highlands II (1) 12/10/2013 North Las Vegas NV Undeveloped Land 27,622 — — 27,622 — 27,622 100.0% (1) Richardson Land II 09/04/2014 Richardson TX Undeveloped Land 3,418 — — 3,418 — 3,418 90.0 % Crown Pointe 02/14/2017 Dunwoody GA Office 22,590 69,661 4,204 96,455 (13,487) 82,968 100.0 % The Marq 03/01/2018 Minneapolis MN Office 10,387 81,587 3,551 95,525 (8,612) 86,913 100.0 % City Tower 03/06/2018 Orange CA Office 13,930 136,184 7,299 157,413 (15,659) 141,754 100.0 % Eight & Nine Corporate Centre 06/08/2018 Franklin TN Office 17,401 57,920 4,518 79,839 (5,861) 73,978 100.0 % Georgia 400 Center 05/23/2019 Alpharetta GA Office 11,431 73,521 7,466 92,418 (5,347) 87,071 100.0 % Single-Family Homes Portfolio (2) : Birmingham Homes 11/04/2019 Birmingham AL Home 2,444 11,162 162 13,768 (292) 13,476 100.0 % Houston Homes 11/04/2019 Houston TX Home 6,154 22,823 432 29,409 (666) 28,743 100.0 % Jacksonville Homes 11/04/2019 Jacksonville FL Home 2,986 24,253 353 27,592 (647) 26,945 100.0 % Memphis Homes 11/04/2019 Memphis TN Home 2,679 15,809 266 18,754 (426) 18,328 100.0 % Atlanta Homes 11/04/2019 Atlanta GA Home 783 3,884 65 4,732 (120) 4,612 100.0 % Oklahoma Homes 11/04/2019 Oklahoma City OK Home 2,082 14,416 199 16,697 (411) 16,286 100.0 % Illinois Homes 05/28/2020 Chicago IL Home 3,383 13,598 263 17,244 (283) 16,961 100.0 % Total Single-Family Homes Portfolio 20,511 105,945 1,740 128,196 (2,845) 125,351 $ 181,392 $ 639,060 $ 28,778 $ 849,230 $ (80,816) $ 768,414 _____________________ (1) The Company owns 100% of the common members’ equity of Park Highlands and Park Highlands II. On September 7, 2016 and January 8, 2019, a subsidiary of the Company that owns a portion of Park Highlands and Park Highlands II, sold 820 units of 10% Class A non-voting preferred membership units for $0.8 million and 1,927 units of 10% Class A2 non-voting preferred membership units for $1.9 million, respectively, to accredited investors. The amount of the Class A and A2 non-voting preferred membership units raised, net of offering costs, is included in other liabilities on the accompanying consolidated balance sheets. (2) On July 1, 2020, the Company exchanged 4.5% of the outstanding common equity units of the subsidiary that owns the Company’s single family portfolio. See Note 16, “Subsequent Events - Battery Point Trust Inc. Acquisition” for more information.
Schedule of Future Minimum Rental Income for Company's Properties	As of June 30, 2020, the future minimum rental income from the Company’s properties, excluding apartment leases and single family homes, under non-cancelable operating leases was as follows (in thousands): July 1, 2020 through December 31, 2020 $ 27,533 2021 55,750 2022 49,710 2023 41,525 2024 35,962 Thereafter 88,394 $ 298,874
Schedule of Real Estate by Industry	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 Computer Systems Design 26 $ 7,395 12.6 % Insurance 25 7,185 12.2 % Health Care and Social Assistance 15 6,769 11.5 % $ 21,349 36.3 % _____________________

TENANT ORIGINATION AND ABSORP_2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities	As of June 30, 2020 and December 31, 2019, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): Tenant Origination and Above-Market Below-Market June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Cost $ 28,778 $ 30,569 $ 3,499 $ 3,714 $ (4,322) $ (4,958) Accumulated Amortization (11,507) (10,223) (692) (741) 1,624 1,778 Net Amount $ 17,271 $ 20,346 $ 2,807 $ 2,973 $ (2,698) $ (3,180)
Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities	Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and six months ended June 30, 2020 and 2019 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Three Months Ended June 30, For the Three Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 2020 2019 Amortization $ (1,604) $ (1,720) $ (74) $ (101) $ 213 $ 385 Tenant Origination and Above-Market Below-Market For the Six Months Ended June 30, For the Six Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 2020 2019 Amortization $ (3,340) $ (3,324) $ (166) $ (202) $ 482 $ 738

REAL ESTATE EQUITY SECURITIES (

REAL ESTATE EQUITY SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Real Estate Equity Securities	The following table sets forth the number of shares owned by the Company and the related carrying value of the shares as of June 30, 2020 and December 31, 2019 (dollars in thousands): June 30, 2020 December 31, 2019 Real Estate Equity Security Number of Shares Owned Total Carrying Value Number of Shares Owned Total Carrying Value Keppel Pacific Oak US REIT 64,165,352 $ 44,916 64,165,352 $ 50,049 Franklin Street Properties Corp. 5,211,021 26,524 2,773,729 23,743 Plymouth Industrial REIT, Inc. 408,148 5,224 415,841 7,647 69,784,521 $ 76,664 67,354,922 $ 81,439
Gain (Loss) on Investments	The following summarizes the portion of gain and loss for the period related to real estate equity securities held during the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net gain (loss) recognized during the period on real estate equity securities $ 11,360 $ 4,294 $ (15,094) $ 15,459 Less net gain recognized during the period on real estate equity securities sold during the period (347) — (711) (3,397) Unrealized gain (loss) recognized during the reporting period on real estate equity securities held at the end of the period $ 11,013 $ 4,294 $ (15,805) $ 12,062

REAL ESTATE SOLD (Tables)

REAL ESTATE SOLD (Tables)	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues Rental income $ 7 $ 3,545 $ 138 $ 7,123 Other operating income — 315 40 574 Total revenues $ 7 $ 3,860 $ 178 $ 7,697 Expenses Operating, maintenance, and management costs $ 15 $ 1,087 $ 64 $ 1,988 Real estate taxes and insurance — 784 — 1,400 Asset management fees to affiliate — 268 — 534 Depreciation and amortization — 1,228 — 2,601 Interest expense — 720 — 1,481 Total expenses $ 15 $ 4,087 $ 64 $ 8,004

NOTES AND BONDS PAYABLE (Tables

NOTES AND BONDS PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2020
Notes and Bonds Payable [Abstract]
Schedule of Long-term Debt Instruments	As of June 30, 2020 and December 31, 2019, the Company’s notes and bonds payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands): Book Value as of Book Value as of Contractual Interest Rate as of June 30, 2020 (1) Effective Interest Rate at June 30, 2020 (1) Payment Type (3) Maturity Date (2) Richardson Portfolio Mortgage Loan $ 36,000 $ 36,000 One-Month LIBOR + 2.50% 2.66% Interest Only (3) 11/01/2021 Park Centre Mortgage Loan 21,970 21,970 One-Month LIBOR + 1.75% 1.91% Interest Only 06/27/2022 1180 Raymond Mortgage Loan 30,048 30,250 One-Month LIBOR + 2.50% 3.50% Principal & Interest 12/01/2021 1180 Raymond Bond Payable 5,980 6,080 6.50% 6.50% Principal & Interest 09/01/2036 Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures (4) 168,039 224,746 4.25% 4.25% (4) 03/01/2023 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures (4) 73,335 — 3.93% 3.93% (4) 01/31/2026 Crown Pointe Mortgage Loan 53,435 51,171 One-Month LIBOR + 2.60% 2.76% Principal & Interest 02/13/2021 City Tower Mortgage Loan 94,167 89,000 One-Month LIBOR + 1.55% 1.71% Interest Only 03/05/2021 The Marq Mortgage Loan 58,331 53,408 One-Month LIBOR + 1.55% 1.71% Interest Only 06/06/2021 Eight & Nine Corporate Centre Mortgage Loan 47,066 43,880 One-Month LIBOR + 1.60% 1.76% Interest Only 06/08/2021 Georgia 400 Center Mortgage Loan 59,690 59,690 One-Month LIBOR + 1.55% 1.71% Interest Only 05/22/2023 PORT Mortgage Loan 1 51,362 51,362 4.74% 4.74% Interest Only 10/01/2025 PORT Mortgage Loan 2 10,523 10,523 4.72% 4.72% Interest Only 03/01/2026 PORT Mortgage Loan 3 12,000 — 5.00% (5) 5.00% Interest Only 03/31/2021 Total Notes and Bonds Payable principal outstanding 721,946 678,080 Premium on Notes and Bonds Payable (6) 732 783 Deferred financing costs, net (5,975) (5,200) Total Notes and Bonds Payable, net $ 716,703 $ 673,663 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of June 30, 2020. Effective interest rate is calculated as the actual interest rate in effect as of June 30, 2020 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at June 30, 2020, where applicable. (2) Represents the initial maturity date or the maturity date as extended as of June 30, 2020; 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 June 30, 2020. 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 bonds payable, see five-year maturity table below. (4) See “ – Israeli Bond Financing” below. (5) Contractual interest is 5.0% through November 30, 2020 and 6.5% from December 1, 2020 through March 31, 2021. (6) Represents the unamortized premium on notes and bonds payable due to the above-market interest rates when the debt was assumed. The premium is amortized over the remaining life of the notes and bonds payable.
Schedule of Maturities of Long-term Debt	The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of June 30, 2020 (in thousands): July 1, 2020 through December 31, 2020 $ 839 2021 386,551 2022 78,223 2023 115,958 2024 24,715 Thereafter 115,660 $ 721,946

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Currency Collar	The following table summarizes the notional amount and other information related to the Company’s foreign currency collars as of June 30, 2020 and December 31, 2019. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (currency in thousands): June 30, 2020 December 31, 2019 Strike Price Trade Date Maturity Date Derivative Instruments Number of Instruments Notional Amount Number of Instruments Notional Amount Derivative instruments not designated as hedging instruments Foreign currency collar 1 380,000 ILS — — 3.70 - 3.82 ILS - USD 03/17/2020 9/16/2020 (1) Foreign currency collar 1 418,000 ILS — — 3.5875 - 3.725 ILS - USD 03/16/2020 9/16/2020 (1) Foreign currency collar — — 1 776,182 ILS 3.38 - 3.4991 ILS - USD 11/25/2019 02/26/2020 ____________________ (1) On July 29, 2020, the Company terminated the foreign currency collars and as a result received $14.1 million.
Schedule of Interest Rate Derivatives	The following table summarizes the notional amounts and other information related to the Company’s derivative instruments as of June 30, 2020. The notional amount is an indication of the extent of the Company’s involvement in the instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands): Derivative Instrument Effective Date Maturity Date Notional Value Reference Rate Interest rate cap 04/02/2018 03/05/2021 $ 77,513 One-month LIBOR at 3.50% Interest rate cap 06/21/2019 05/22/2023 $ 51,252 One-month LIBOR at 4.00% Interest rate cap 02/12/2020 02/16/2021 $ 46,875 One-month LIBOR at 3.00%
Schedule of Derivative Instruments in Statement of Financial Position	The following table sets forth the fair value of the Company’s derivative instruments as well as their classification on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 (dollars in thousands): June 30, 2020 December 31, 2019 Derivative Instruments Balance Sheet Location Number of Instruments Fair Value Number of Instruments Fair Value Derivative instruments not designated as hedging instruments Interest rate caps Prepaid expenses and other assets 3 $ 39 3 $ 12 Foreign currency collars Prepaid expenses and other assets (Other liabilities) 2 $ 11,977 1 $ (179)

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Face Value, Carrying Amounts and Fair Value	The following were the face values, carrying amounts and fair values of the Company’s financial instruments as of June 30, 2020 and December 31, 2019, which carrying amounts do not approximate the fair values (in thousands): June 30, 2020 December 31, 2019 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes and bond payable $ 480,572 $ 479,487 $ 481,617 $ 453,334 $ 451,743 $ 455,849 Financial liabilities (Level 1): Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures $ 168,039 $ 169,369 $ 142,133 $ 224,746 $ 221,920 $ 229,877 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures $ 73,335 $ 67,847 $ 55,994 $ — $ — $ —
Fair Value, Assets Measured on Recurring Basis	As of June 30, 2020, the Company measured the following assets at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring Basis: Real estate equity securities $ 76,664 $ 76,664 $ — $ — Asset derivative - interest rate caps $ 39 $ — $ 39 $ — Asset derivative - foreign currency collars $ 11,977 $ — $ 11,977 $ — As of December 31, 2019, the Company measured the following assets and liabilities at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Basis: Real estate equity securities $ 81,439 $ 81,439 $ — $ — Asset derivative - interest rate caps $ 12 $ — $ 12 $ — Liability derivative - foreign currency collar $ (179) $ — $ (179) $ —

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2020 and 2019, respectively, and any related amounts payable as of June 30, 2020 and December 31, 2019 (in thousands): Incurred Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, 2020 December 31, 2019 Expensed 2020 2019 2020 2019 Asset management fees $ 2,336 $ 1,971 $ 4,441 $ 3,861 $ 4,008 $ 1,498 Reimbursable operating expenses (1) — 83 93 172 — — Disposition fees (2) — — — 394 — — Subordinated performance fee due upon termination to affiliate (3) 307 — 307 — (3) (3) Capitalized Acquisition fees on real estate equity securities 23 — 122 — 17 — Acquisition fee on real estate 171 897 171 897 — — Acquisition fee on investment in unconsolidated entities — 50 — 50 — 137 $ 2,837 $ 3,001 $ 5,134 $ 5,374 $ 4,025 $ 1,635 _____________________ (1) The relevant advisor may seek reimbursement for certain employee costs under the relevant advisory agreement. The Company has reimbursed the relevant 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 $62,000 and $133,000 for the three and six months ended June 30, 2019 and were the only employee costs reimbursed under the advisory agreement during these periods. There were no employee cost reimbursements during 2020. 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. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. (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. (3) Change in estimate of fees payable to KBS Capital Advisors due to the termination of the former advisory agreement with KBS Capital Advisors. See “Subordinated Performance Fee Due Upon Termination to KBS Capital Advisors”, below, for more details.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Unconsolidated Joint Ventures	As of June 30, 2020 and December 31, 2019, the Company’s investments in unconsolidated joint ventures were composed of the following (dollars in thousands): Number of Properties as of June 30, 2020 Investment Balance at Joint Venture Location Ownership % June 30, 2020 December 31, 2019 NIP Joint Venture — — — $ — $ 1,225 110 William Joint Venture 1 New York, New York 60.0% — — 353 Sacramento Joint Venture 1 San Francisco, California 55.0% 43,207 42,214 Battery Point Series A-3 Preferred Units N/A N/A N/A 13,991 13,991 Pacific Oak Opportunity Zone Fund I 2 Various N/A 21,280 20,846 $ 78,478 $ 78,276
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Unconsolidated Joint Ventures	Summarized financial information for the 110 William Joint Venture follows (in thousands): June 30, 2020 December 31, 2019 Assets: Real estate assets, net of accumulated depreciation and amortization $ 247,301 $ 242,430 Other assets 39,971 35,747 Total assets $ 287,272 $ 278,177 Liabilities and equity: Notes payable, net $ 308,441 $ 292,221 Other liabilities 7,992 10,664 Partners’ deficit (29,161) (24,708) Total liabilities and equity $ 287,272 $ 278,177 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues $ 8,617 $ 9,442 $ 16,599 $ 17,701 Expenses: Operating, maintenance, and management 1,596 2,280 3,898 4,452 Real estate taxes and insurance 1,822 1,725 3,645 3,430 Depreciation and amortization 2,939 2,839 5,582 5,503 Interest expense 4,042 4,124 7,968 8,732 Total expenses 10,399 10,968 21,093 22,117 Total other income 16 39 38 71 Net loss $ (1,766) $ (1,487) $ (4,456) $ (4,345) Company’s share of net loss (1) $ (1,060) $ (892) $ (2,674) $ (2,607) _____________________ (1) During the three and six months ended June 30, 2019, the Company recorded $0 and $0.3 million of net losses in equity in income of unconsolidated joint ventures and suspended the recording of the Company’s remaining share of net losses.
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Unconsolidated Joint Ventures	Summarized financial information for the 353 Sacramento Joint Venture follows (in thousands): June 30, 2020 December 31, 2019 Assets: Real estate assets, net of accumulated depreciation and amortization $ 184,980 $ 180,592 Other assets 18,850 21,822 Total assets $ 203,830 $ 202,414 Liabilities and equity: Notes payable, net $ 115,427 $ 115,280 Other liabilities 10,792 11,193 Partners’ capital 77,611 75,941 Total liabilities and equity $ 203,830 $ 202,414 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues $ 5,364 $ 4,187 $ 10,251 $ 8,345 Expenses: Operating, maintenance, and management 836 939 1,517 1,769 Real estate taxes and insurance 728 694 1,481 1,395 Depreciation and amortization 1,639 1,563 3,241 3,131 Interest expense 1,021 1,447 2,342 2,866 Total expenses 4,224 4,643 8,581 9,161 Net income (loss) $ 1,140 $ (456) 1,670 (816) Company’s equity in income (loss) of unconsolidated joint venture $ 665 $ (215) $ 993 $ (379)

SUPPLEMENTAL CASH FLOW AND SI_2

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow and Significant Noncash Transaction Disclosures [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow and significant noncash transaction disclosures were as follows (in thousands): Six Months Ended June 30, 2020 2019 Supplemental Disclosure of Cash Flow Information: Interest paid, net of capitalized interest of $1,656 and $1,389 for the six months ended June 30, 2020 and 2019, respectively $ 11,367 $ 13,156 Supplemental Disclosure of Significant Noncash Transactions: Accrued improvements to real estate 2,175 5,286 Mortgage loan assumed by buyer in connection with sale of real estate — 23,663 Redeemable common stock payable 267 5,463 Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan 262 564 Redemption of Series B Preferred Units in exchange for Series A-3 Preferred Units — 2,992 Accrued preferred dividends 225 —

REPORTING SEGMENTS (Tables)

REPORTING SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The selected financial information for the two reporting segments for the three months ended June 30, 2020 is as follows (in thousands): Three Months Ended June 30, 2020 Strategic Opportunistic Properties Single-Family Homes Total Total revenues $ 20,450 $ 3,071 $ 23,521 Total expenses (27,793) (3,644) (31,437) Total other income 11,776 — 11,776 Net income (loss) $ 4,433 $ (573) $ 3,860 Six Months Ended June 30, 2020 Strategic Opportunistic Properties Single-Family Homes Total Total revenues $ 42,201 $ 5,920 $ 48,121 Total expenses (40,688) (7,184) (47,872) Total other loss (14,028) — (14,028) Net loss $ (12,515) $ (1,264) $ (13,779) Total assets related to the two reporting segments as of June 30, 2020 and December 31, 2019 are as follows (in thousands): June 30, 2020 Strategic Opportunistic Properties Single-Family Homes Total Total assets $ 935,315 $ 130,540 $ 1,065,855 December 31, 2019 Strategic Opportunistic Properties Single-Family Homes Total Total assets $ 921,917 $ 119,325 $ 1,041,242

PORT PREFERRED STOCK (Tables)

PORT PREFERRED STOCK (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Stock by Class	The following is a reconciliation of PORT’s noncontrolling cumulative convertible redeemable preferred stock for the six months ended June 30, 2020: Series A Preferred Stock Series B Preferred Stock Shares Amounts Shares Amounts Balance, December 31, 2019 15,000 $ 14,909 125 $ 99 Dividends Available Upon Redemption — 590 — 7 Dividends Paid — (365) — (7) Balance, June 30, 2020 15,000 $ 15,134 125 $ 99

ORGANIZATION (Details)

ORGANIZATION (Details) $ / shares in Units, $ in Thousands

Feb. 16, 2020USD ($)

Nov. 01, 2019

Mar. 20, 2019USD ($)

Mar. 08, 2016USD ($)

Mar. 08, 2016ILS (₪)

Mar. 08, 2016ILS (₪)

Mar. 07, 2016ILS (₪)

Mar. 01, 2016ILS (₪)

Jun. 30, 2020USD ($)shares

Jun. 30, 2019USD ($)shares

Jun. 30, 2020USD ($)shares

Jun. 30, 2019USD ($)shares

Nov. 14, 2012USD ($)shares

Jun. 30, 2020USD ($)shares

Jun. 30, 2020$ / shares

Jun. 30, 2020USD ($)

Jun. 30, 2020property

Jun. 30, 2020portfolio

Jun. 30, 2020a

Jun. 30, 2020unit

Jun. 30, 2020investment

Mar. 27, 2020shares

Feb. 19, 2020$ / shares

Feb. 16, 2020ILS (₪)

Dec. 31, 2019USD ($)$ / sharesshares

Mar. 02, 2016ILS (₪)

Dec. 18, 2015shares

Oct. 23, 2012USD ($)shares

Dec. 29, 2011USD ($)shares

Jan. 08, 2009shares

Organizational Structure [Line Items]

Common stock, shares authorized (in shares)

1,000,000,000

1,000,000,000

1,000,000,000

1,000,000,000

Common stock, shares issued (in shares)

69,225,617

69,225,617

69,225,617

65,866,765

55,249

220,994

Period of termination of advisory agreement without cause or penalty

30 days

Period of termination of renewal of advisory agreement without cause or penalty

90 days

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

$ 0.01

Issuance of common stock | $

$ 278

$ 262

$ 564

$ 561,700

Shares of common stock sold under dividend reinvestment plan, value | $

$ 76,500

Redemptions of common stock | $

$ 8,600

$ 356

$ 2,568

$ 824

$ 5,107

$ 286,200

Common stock, value, issued | $

$ 693

$ 659

$ 500

$ 2,000

Preferred stock, shares issued (in shares)

0

0

0

0

Number of investments in unconsolidated joint venture | investment

5

Number of investments in equity securities | investment

3

Office Properties

Organizational Structure [Line Items]

Number of real estate properties consolidated | property

6

Number of real estate properties | property

6

Office Portfolio

Organizational Structure [Line Items]

Number of real estate properties consolidated | portfolio

1

Office Buildings, Portfolio

Organizational Structure [Line Items]

Number of real estate properties consolidated | property

4

Undeveloped Land, Portfolio

Organizational Structure [Line Items]

Real estate area of undeveloped land | a

14

Apartment Property

Organizational Structure [Line Items]

Number of real estate properties consolidated | property

1

Undeveloped Land

Organizational Structure [Line Items]

Real estate area of undeveloped land | a

1,000

Number of investments in real estate | investment

3

Residential Home Portfolio

Organizational Structure [Line Items]

Number of real estate properties

1

1

Number of units in real estate property | unit

1,190

Series A Debentures | Bonds Payable

Organizational Structure [Line Items]

Maximum borrowing capacity | ₪

₪ 1,000,000,000

Contractual interest rate, percentage

4.25%

Proceeds from issuance of debt

$ 249,200

₪ 970,200,000

₪ 970,200,000

₪ 127,700,000

₪ 842,500,000

Contractual Interest Rate

4.25%

Series B Debentures | Bonds Payable

Organizational Structure [Line Items]

Maximum borrowing capacity

$ 74,100

₪ 254,100,000

Contractual interest rate, percentage

3.93%

3.93%

Contractual Interest Rate

3.93%

3.93%

Principal of installment payments as percent of face amount

33.33%

Special Dividends

Organizational Structure [Line Items]

Common stock, shares issued (in shares)

25,976,746

25,976,746

25,976,746

Maximum | Series A Debentures | Bonds Payable

Organizational Structure [Line Items]

Contractual interest rate, percentage

4.25%

Contractual Interest Rate

4.25%

Common Stock

Organizational Structure [Line Items]

Shares registered in primary offering (in shares)

100,000,000

Shares registered for sale under dividend reinvestment plan (in shares)

40,000,000

Issuance of common stock (in shares)

28,030

24,645

56,814

56,584,976

Issuance of common stock | $

$ 1

Shares of common stock sold under dividend reinvestment plan, (in shares)

6,851,969

Redemptions of common stock (in shares)

33,505

269,904

77,530

536,820

23,896,605

Redemptions of common stock | $

$ 3

$ 6

Common Stock | Minimum

Organizational Structure [Line Items]

Stock offering, shares authorized for issuance (in shares)

250,000

Common Stock | Maximum

Organizational Structure [Line Items]

Stock offering, shares authorized for issuance (in shares)

140,000,000

POSOR II

Organizational Structure [Line Items]

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

Merger, common stock conversion ratio

96.43%

KBS Capital Advisors LLC

Organizational Structure [Line Items]

Preferred stock, shares issued (in shares)

3,411,737

Operating Partnership

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%

Pacific Oak Strategic Opportunity BVI

Organizational Structure [Line Items]

Common stock, shares authorized (in shares)

50,000

Pacific Oak Strategic Opportunity BVI | Operating Partnership

Organizational Structure [Line Items]

Common stock, shares issued (in shares)

10,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Common Stock and Reclassification (Details) - USD ($) $ in Thousands	Mar. 20, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock	$ 8,600	$ 356	$ 2,568	$ 824	$ 5,107	$ 286,200
Number of shares non-redeemable due to limitation (in shares)				5,973,671
Other liabilities		19,472		$ 19,472		19,472	$ 19,801
Remaining authorized repurchase amount		6		6		6
Unfulfilled Redemption Request
Summary of Significant Accounting Policies [Line Items]
Other liabilities		$ 300		300		$ 300	$ 800
Common Stock
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock			$ 3		$ 6
Number of shares non-redeemable due to limitation				60,300
Common Stock | Share Redemption Program
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock				$ 800

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segments and Per Share Data (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020numberOfMarkets$ / shares	Jun. 30, 2019$ / shares	Jun. 30, 2020segmentnumberOfMarkets$ / shares	Jun. 30, 2019$ / shares
Accounting Policies [Abstract]
Number of markets | numberOfMarkets	7		7
Segment Reporting Information [Line Items]
Number of reportable segments			2
Distributions declared per common share (in dollars per share) | $ / shares	$ 0.0086	$ 0.0086	$ 0.0086	$ 0.0172
Strategic Opportunistic Properties
Segment Reporting Information [Line Items]
Number of reportable segments			2

REAL ESTATE HELD FOR INVESTME_3

REAL ESTATE HELD FOR INVESTMENT - Additional Information (Details) ft² in Millions, $ in Millions	Jun. 30, 2020property	Jun. 30, 2020portfolio	Jun. 30, 2020a	Jun. 30, 2020unit	Jun. 30, 2020ft²	Jun. 30, 2020	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Percentage of portfolio occupied						78.00%
Park Highlands
Real Estate Properties [Line Items]
Contract liability | $							$ 3.1	$ 3.1
Office Properties
Real Estate Properties [Line Items]
Number of real estate properties	6
Number of real estate properties consolidated	6
Office Portfolio
Real Estate Properties [Line Items]
Number of real estate properties consolidated | portfolio		1
Office Buildings, Portfolio
Real Estate Properties [Line Items]
Number of real estate properties consolidated	4
Undeveloped Land, Portfolio
Real Estate Properties [Line Items]
Real estate area of undeveloped land | a			14
Rentable square feet | ft²					3
Residential Home Portfolio
Real Estate Properties [Line Items]
Number of real estate properties	1	1
Rentable square feet | ft²					1.6
Percentage of portfolio occupied						95.00%
Number of units in real estate property | unit				1,190
Apartment Property
Real Estate Properties [Line Items]
Number of real estate properties consolidated	1
Apartment Building
Real Estate Properties [Line Items]
Rentable square feet | ft²					0.3
Percentage of portfolio occupied						84.00%
Number of units in real estate property | unit				317

REAL ESTATE HELD FOR INVESTME_4

REAL ESTATE HELD FOR INVESTMENT - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Jan. 08, 2019	Sep. 07, 2016	Jun. 30, 2020	Jul. 01, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Total real estate, cost			$ 849,230		$ 824,860
Accumulated depreciation and amortization			(80,816)		(65,381)
Total real estate, net			768,414		759,479
PORT OP LP | Subsequent Event | Battery Point | BPT Holdings, LLC
Real Estate Properties [Line Items]
Percent of outstanding common equity units received in transaction				4.50%
Preferred Class A | Subsidiary of Common Parent
Real Estate Properties [Line Items]
Non-voting preferred membership units sold		820
Interest rate on Class A non-voting preferred membership units		10.00%
Proceeds from sale of units		$ 800
Preferred Class A-2 | Subsidiary of Common Parent
Real Estate Properties [Line Items]
Non-voting preferred membership units sold	1,927
Interest rate on Class A non-voting preferred membership units	10.00%
Proceeds from sale of units	$ 1,900
Total Richardson Portfolio
Real Estate Properties [Line Items]
Total real estate, cost			46,526
Accumulated depreciation and amortization			(12,882)
Total real estate, net			$ 33,644
Palisades Central I
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Nov. 23, 2011
Total real estate, cost			$ 13,555
Accumulated depreciation and amortization			(3,991)
Total real estate, net			$ 9,564
Ownership %			90.00%
Palisades Central II
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Nov. 23, 2011
Total real estate, cost			$ 22,222
Accumulated depreciation and amortization			(6,199)
Total real estate, net			$ 16,023
Ownership %			90.00%
Greenway I
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Nov. 23, 2011
Total real estate, cost			$ 3,017
Accumulated depreciation and amortization			(1,147)
Total real estate, net			$ 1,870
Ownership %			90.00%
Greenway III
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Nov. 23, 2011
Total real estate, cost			$ 4,598
Accumulated depreciation and amortization			(1,545)
Total real estate, net			$ 3,053
Ownership %			90.00%
Undeveloped Land
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Nov. 23, 2011
Total real estate, cost			$ 3,134
Accumulated depreciation and amortization			0
Total real estate, net			$ 3,134
Ownership %			90.00%
Park Highlands
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Dec. 30, 2011
Total real estate, cost			$ 36,315
Accumulated depreciation and amortization			0
Total real estate, net			$ 36,315
Ownership %			100.00%
Park Centre
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Mar. 28, 2013
Total real estate, cost			$ 38,017
Accumulated depreciation and amortization			(7,586)
Total real estate, net			$ 30,431
Ownership %			100.00%
1180 Raymond
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Aug. 20, 2013
Total real estate, cost			$ 47,486
Accumulated depreciation and amortization			(8,537)
Total real estate, net			$ 38,949
Ownership %			100.00%
Park Highlands II
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Dec. 10, 2013
Total real estate, cost			$ 27,622
Accumulated depreciation and amortization			0
Total real estate, net			$ 27,622
Ownership %			100.00%
Richardson Land II
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Sep. 4, 2014
Total real estate, cost			$ 3,418
Accumulated depreciation and amortization			0
Total real estate, net			$ 3,418
Ownership %			90.00%
Crown Pointe
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Feb. 14, 2017
Total real estate, cost			$ 96,455
Accumulated depreciation and amortization			(13,487)
Total real estate, net			$ 82,968
Ownership %			100.00%
The Marq
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Mar. 1, 2018
Total real estate, cost			$ 95,525
Accumulated depreciation and amortization			(8,612)
Total real estate, net			$ 86,913
Ownership %			100.00%
City Tower
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Mar. 6, 2018
Total real estate, cost			$ 157,413
Accumulated depreciation and amortization			(15,659)
Total real estate, net			$ 141,754
Ownership %			100.00%
Eight & Nine Corporate Centre
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Jun. 8, 2018
Total real estate, cost			$ 79,839
Accumulated depreciation and amortization			(5,861)
Total real estate, net			$ 73,978
Ownership %			100.00%
Georgia 400 Center
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			May 23, 2019
Total real estate, cost			$ 92,418
Accumulated depreciation and amortization			(5,347)
Total real estate, net			$ 87,071
Ownership %			100.00%
Birmingham Homes
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Nov. 4, 2019
Total real estate, cost			$ 13,768
Accumulated depreciation and amortization			(292)
Total real estate, net			$ 13,476
Ownership %			100.00%
Houston Homes
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Nov. 4, 2019
Total real estate, cost			$ 29,409
Accumulated depreciation and amortization			(666)
Total real estate, net			$ 28,743
Ownership %			100.00%
Jacksonville Homes
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Nov. 4, 2019
Total real estate, cost			$ 27,592
Accumulated depreciation and amortization			(647)
Total real estate, net			$ 26,945
Ownership %			100.00%
Memphis Homes
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Nov. 4, 2019
Total real estate, cost			$ 18,754
Accumulated depreciation and amortization			(426)
Total real estate, net			$ 18,328
Ownership %			100.00%
Atlanta Homes
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Nov. 4, 2019
Total real estate, cost			$ 4,732
Accumulated depreciation and amortization			(120)
Total real estate, net			$ 4,612
Ownership %			100.00%
Oklahoma Homes
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			Nov. 4, 2019
Total real estate, cost			$ 16,697
Accumulated depreciation and amortization			(411)
Total real estate, net			$ 16,286
Ownership %			100.00%
Illinois Homes
Real Estate Properties [Line Items]
Date Acquired or Foreclosed on			May 28, 2020
Total real estate, cost			$ 17,244
Accumulated depreciation and amortization			(283)
Total real estate, net			$ 16,961
Ownership %			100.00%
Single Family Home Portfolio
Real Estate Properties [Line Items]
Total real estate, cost			$ 128,196
Accumulated depreciation and amortization			(2,845)
Total real estate, net			125,351
Land
Real Estate Properties [Line Items]
Total real estate, cost			181,392		175,317
Land | Total Richardson Portfolio
Real Estate Properties [Line Items]
Total real estate, cost			6,244
Land | Palisades Central I
Real Estate Properties [Line Items]
Total real estate, cost			1,037
Land | Palisades Central II
Real Estate Properties [Line Items]
Total real estate, cost			810
Land | Greenway I
Real Estate Properties [Line Items]
Total real estate, cost			561
Land | Greenway III
Real Estate Properties [Line Items]
Total real estate, cost			702
Land | Undeveloped Land
Real Estate Properties [Line Items]
Total real estate, cost			3,134
Land | Park Highlands
Real Estate Properties [Line Items]
Total real estate, cost			36,315
Land | Park Centre
Real Estate Properties [Line Items]
Total real estate, cost			3,251
Land | 1180 Raymond
Real Estate Properties [Line Items]
Total real estate, cost			8,292
Land | Park Highlands II
Real Estate Properties [Line Items]
Total real estate, cost			27,622
Land | Richardson Land II
Real Estate Properties [Line Items]
Total real estate, cost			3,418
Land | Crown Pointe
Real Estate Properties [Line Items]
Total real estate, cost			22,590
Land | The Marq
Real Estate Properties [Line Items]
Total real estate, cost			10,387
Land | City Tower
Real Estate Properties [Line Items]
Total real estate, cost			13,930
Land | Eight & Nine Corporate Centre
Real Estate Properties [Line Items]
Total real estate, cost			17,401
Land | Georgia 400 Center
Real Estate Properties [Line Items]
Total real estate, cost			11,431
Land | Birmingham Homes
Real Estate Properties [Line Items]
Total real estate, cost			2,444
Land | Houston Homes
Real Estate Properties [Line Items]
Total real estate, cost			6,154
Land | Jacksonville Homes
Real Estate Properties [Line Items]
Total real estate, cost			2,986
Land | Memphis Homes
Real Estate Properties [Line Items]
Total real estate, cost			2,679
Land | Atlanta Homes
Real Estate Properties [Line Items]
Total real estate, cost			783
Land | Oklahoma Homes
Real Estate Properties [Line Items]
Total real estate, cost			2,082
Land | Illinois Homes
Real Estate Properties [Line Items]
Total real estate, cost			3,383
Land | Single Family Home Portfolio
Real Estate Properties [Line Items]
Total real estate, cost			20,511
Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost			639,060		618,974
Buildings and improvements | Total Richardson Portfolio
Real Estate Properties [Line Items]
Total real estate, cost			40,282
Buildings and improvements | Palisades Central I
Real Estate Properties [Line Items]
Total real estate, cost			12,518
Buildings and improvements | Palisades Central II
Real Estate Properties [Line Items]
Total real estate, cost			21,412
Buildings and improvements | Greenway I
Real Estate Properties [Line Items]
Total real estate, cost			2,456
Buildings and improvements | Greenway III
Real Estate Properties [Line Items]
Total real estate, cost			3,896
Buildings and improvements | Undeveloped Land
Real Estate Properties [Line Items]
Total real estate, cost			0
Buildings and improvements | Park Highlands
Real Estate Properties [Line Items]
Total real estate, cost			0
Buildings and improvements | Park Centre
Real Estate Properties [Line Items]
Total real estate, cost			34,766
Buildings and improvements | 1180 Raymond
Real Estate Properties [Line Items]
Total real estate, cost			39,194
Buildings and improvements | Park Highlands II
Real Estate Properties [Line Items]
Total real estate, cost			0
Buildings and improvements | Richardson Land II
Real Estate Properties [Line Items]
Total real estate, cost			0
Buildings and improvements | Crown Pointe
Real Estate Properties [Line Items]
Total real estate, cost			69,661
Buildings and improvements | The Marq
Real Estate Properties [Line Items]
Total real estate, cost			81,587
Buildings and improvements | City Tower
Real Estate Properties [Line Items]
Total real estate, cost			136,184
Buildings and improvements | Eight & Nine Corporate Centre
Real Estate Properties [Line Items]
Total real estate, cost			57,920
Buildings and improvements | Georgia 400 Center
Real Estate Properties [Line Items]
Total real estate, cost			73,521
Buildings and improvements | Birmingham Homes
Real Estate Properties [Line Items]
Total real estate, cost			11,162
Buildings and improvements | Houston Homes
Real Estate Properties [Line Items]
Total real estate, cost			22,823
Buildings and improvements | Jacksonville Homes
Real Estate Properties [Line Items]
Total real estate, cost			24,253
Buildings and improvements | Memphis Homes
Real Estate Properties [Line Items]
Total real estate, cost			15,809
Buildings and improvements | Atlanta Homes
Real Estate Properties [Line Items]
Total real estate, cost			3,884
Buildings and improvements | Oklahoma Homes
Real Estate Properties [Line Items]
Total real estate, cost			14,416
Buildings and improvements | Illinois Homes
Real Estate Properties [Line Items]
Total real estate, cost			13,598
Buildings and improvements | Single Family Home Portfolio
Real Estate Properties [Line Items]
Total real estate, cost			105,945
Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost			28,778		$ 30,569
Tenant origination and absorption costs | Total Richardson Portfolio
Real Estate Properties [Line Items]
Total real estate, cost			0
Tenant origination and absorption costs | Palisades Central I
Real Estate Properties [Line Items]
Total real estate, cost			0
Tenant origination and absorption costs | Palisades Central II
Real Estate Properties [Line Items]
Total real estate, cost			0
Tenant origination and absorption costs | Greenway I
Real Estate Properties [Line Items]
Total real estate, cost			0
Tenant origination and absorption costs | Greenway III
Real Estate Properties [Line Items]
Total real estate, cost			0
Tenant origination and absorption costs | Undeveloped Land
Real Estate Properties [Line Items]
Total real estate, cost			0
Tenant origination and absorption costs | Park Highlands
Real Estate Properties [Line Items]
Total real estate, cost			0
Tenant origination and absorption costs | Park Centre
Real Estate Properties [Line Items]
Total real estate, cost			0
Tenant origination and absorption costs | 1180 Raymond
Real Estate Properties [Line Items]
Total real estate, cost			0
Tenant origination and absorption costs | Park Highlands II
Real Estate Properties [Line Items]
Total real estate, cost			0
Tenant origination and absorption costs | Richardson Land II
Real Estate Properties [Line Items]
Total real estate, cost			0
Tenant origination and absorption costs | Crown Pointe
Real Estate Properties [Line Items]
Total real estate, cost			4,204
Tenant origination and absorption costs | The Marq
Real Estate Properties [Line Items]
Total real estate, cost			3,551
Tenant origination and absorption costs | City Tower
Real Estate Properties [Line Items]
Total real estate, cost			7,299
Tenant origination and absorption costs | Eight & Nine Corporate Centre
Real Estate Properties [Line Items]
Total real estate, cost			4,518
Tenant origination and absorption costs | Georgia 400 Center
Real Estate Properties [Line Items]
Total real estate, cost			7,466
Tenant origination and absorption costs | Birmingham Homes
Real Estate Properties [Line Items]
Total real estate, cost			162
Tenant origination and absorption costs | Houston Homes
Real Estate Properties [Line Items]
Total real estate, cost			432
Tenant origination and absorption costs | Jacksonville Homes
Real Estate Properties [Line Items]
Total real estate, cost			353
Tenant origination and absorption costs | Memphis Homes
Real Estate Properties [Line Items]
Total real estate, cost			266
Tenant origination and absorption costs | Atlanta Homes
Real Estate Properties [Line Items]
Total real estate, cost			65
Tenant origination and absorption costs | Oklahoma Homes
Real Estate Properties [Line Items]
Total real estate, cost			199
Tenant origination and absorption costs | Illinois Homes
Real Estate Properties [Line Items]
Total real estate, cost			263
Tenant origination and absorption costs | Single Family Home Portfolio
Real Estate Properties [Line Items]
Total real estate, cost			$ 1,740

REAL ESTATE HELD FOR INVESTME_5

REAL ESTATE HELD FOR INVESTMENT - Operating Leases, Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)tenant	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)tenant	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Operating Leased Assets [Line Items]
Recognition of deferred revenue, net of discontinued operations			$ 1,700	$ 2,200
Deferred rent receivables	$ 15,500		15,500		$ 13,600
Incentive to lessee	$ 3,200		$ 3,200		3,100
Number of tenants | tenant	239		239
Adjustments to rental income	$ 600	$ 100	$ 800	$ 200
Prepaid expenses and other assets (Other liabilities)
Operating Leased Assets [Line Items]
Security deposit liability	$ 4,300		$ 4,300		$ 4,300
Maximum
Operating Leased Assets [Line Items]
Operating lease, term	11 years 8 months 12 days		11 years 8 months 12 days
Weighted Average
Operating Leased Assets [Line Items]
Operating lease, term	4 years 6 months		4 years 6 months
Apartment Building
Operating Leased Assets [Line Items]
Operating lease, term	1 year		1 year

REAL ESTATE HELD FOR INVESTME_6

REAL ESTATE HELD FOR INVESTMENT - Future Minimum Rental Income (Details) $ in Thousands	Jun. 30, 2020USD ($)
Real Estate [Abstract]
July 1, 2020 through December 31, 2020	$ 27,533
2021	55,750
2022	49,710
2023	41,525
2024	35,962
Thereafter	88,394
Future minimum rental income	$ 298,874

REAL ESTATE HELD FOR INVESTME_7

REAL ESTATE HELD FOR INVESTMENT - Highest Tenant Industry Concentrations - Greater than 10% of Annual Base Rent (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)tenant
Concentration Risk [Line Items]
Number of tenants | tenant	239
Annualized Base Rent | $	$ 21,349
Percentage of Annualized Base Rent	36.30%
Computer Systems Design
Concentration Risk [Line Items]
Number of tenants | tenant	26
Annualized Base Rent | $	$ 7,395
Percentage of Annualized Base Rent	12.60%
Insurance
Concentration Risk [Line Items]
Number of tenants | tenant	25
Annualized Base Rent | $	$ 7,185
Percentage of Annualized Base Rent	12.20%
Health Care and Social Assistance
Concentration Risk [Line Items]
Number of tenants | tenant	15
Annualized Base Rent | $	$ 6,769
Percentage of Annualized Base Rent	11.50%

REAL ESTATE HELD FOR INVESTME_8

REAL ESTATE HELD FOR INVESTMENT - Geographic Concentration Risk (Details)	6 Months Ended
	Jun. 30, 2020
Concentration Risk [Line Items]
Concentration risk, percentage	36.30%
Georgia | Assets, Total
Concentration Risk [Line Items]
Concentration risk, percentage	16.40%
California | Assets, Total
Concentration Risk [Line Items]
Concentration risk, percentage	13.30%

REAL ESTATE HELD FOR INVESTME_9

REAL ESTATE HELD FOR INVESTMENT - Recent Real Estate Acquisition (Details) $ in Thousands	May 28, 2020USD ($)property	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Total real estate, cost		$ 849,230	$ 824,860
Land
Business Acquisition [Line Items]
Total real estate, cost		181,392	175,317
Buildings and improvements
Business Acquisition [Line Items]
Total real estate, cost		639,060	618,974
Tenant origination and absorption costs
Business Acquisition [Line Items]
Total real estate, cost		$ 28,778	$ 30,569
Single Family Home Portfolio | Single-family Home
Business Acquisition [Line Items]
Number of homes | property	196
Purchase price	$ 17,300
Capitalized acquisition costs	400
Single Family Home Portfolio | Single-family Home | Land
Business Acquisition [Line Items]
Total real estate, cost	3,400
Single Family Home Portfolio | Single-family Home | Buildings and improvements
Business Acquisition [Line Items]
Total real estate, cost	13,600
Single Family Home Portfolio | Single-family Home | Tenant origination and absorption costs
Business Acquisition [Line Items]
Total real estate, cost	$ 300

TENANT ORIGINATION AND ABSORP_3

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES - Cost and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination And Absorption Costs, Cost	$ 28,778		$ 28,778		$ 30,569
Tenant Origination and Absorption Costs, Accumulated Amortization	(11,507)		(11,507)		(10,223)
Tenant Origination and Absorption Costs, Net Amount	17,271		17,271		20,346
Tenant Origination and Absorption Costs, Amortization	(1,604)	$ (1,720)	(3,340)	$ (3,324)
Above-Market Lease Assets, Cost	3,499		3,499		3,714
Above-Market Lease Assets, Accumulated Amortization	(692)		(692)		(741)
Above-Market Lease Assets, Net Amount	2,807		2,807		2,973
Above-Market Lease Assets, Amortization	(74)	(101)	(166)	(202)
Below-Market Lease Liabilities, Cost	(4,322)		(4,322)		(4,958)
Below-Market Lease Liabilities, Accumulated Amortization	1,624		1,624		1,778
Below-Market Lease Liabilities, Net Amount	(2,698)		(2,698)		$ (3,180)
Below-Market Lease Liabilities, Amortization	$ 213	$ 385	$ 482	$ 738

TENANT ORIGINATION AND ABSORP_4

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Tax abatement asset	$ 700		$ 700		$ 1,000
Depreciation and amortization	8,964	$ 8,357	17,947	$ 16,037
Property Tax Abatement Intangible Asset
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Depreciation and amortization	$ 100	$ 100	$ 300	$ 300
Remaining amortization period			1 year 2 months 12 days

REAL ESTATE EQUITY SECURITIES -

REAL ESTATE EQUITY SECURITIES - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)investment	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)investmentshares	Jun. 30, 2019USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of investments in equity securities | investment	3		3
Purchase price			$ 10,964	$ 24,076
Dividend income from real estate equity securities	$ 900	$ 300	$ 2,400	$ 2,100
Plymouth Industrial REIT, Inc.
Debt Securities, Available-for-sale [Line Items]
Number of shares purchased (in shares) | shares			609,623
Payments to acquire investments			$ 7,300
Plymouth Industrial REIT, Inc. | Common Stock
Debt Securities, Available-for-sale [Line Items]
Issuance of common stock (in shares) | shares			617,316
Purchase price			$ 11,000
Franklin Street Properties Corp.
Debt Securities, Available-for-sale [Line Items]
Number of shares purchased (in shares) | shares			2,437,292
Payments to acquire investments			$ 14,000

REAL ESTATE EQUITY SECURITIES_2

REAL ESTATE EQUITY SECURITIES - Shares Owned (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Number of Shares Owned (in shares)	69,784,521	67,354,922
Total Carrying Value	$ 76,664	$ 81,439
Kepple Pacific Oak US REIT
Debt Securities, Available-for-sale [Line Items]
Number of Shares Owned (in shares)	64,165,352	64,165,352
Total Carrying Value	$ 44,916	$ 50,049
Franklin Street Properties Corp.
Debt Securities, Available-for-sale [Line Items]
Number of Shares Owned (in shares)	5,211,021	2,773,729
Total Carrying Value	$ 26,524	$ 23,743
Plymouth Industrial REIT, Inc.
Debt Securities, Available-for-sale [Line Items]
Number of Shares Owned (in shares)	408,148	415,841
Total Carrying Value	$ 5,224	$ 7,647

REAL ESTATE EQUITY SECURITIES_3

REAL ESTATE EQUITY SECURITIES - Portion of Gain and Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Net gain (loss) recognized during the period on real estate equity securities	$ 11,360	$ 4,294	$ (15,094)	$ 15,459
Less net gain recognized during the period on real estate equity securities sold during the period	(347)	0	(711)	(3,397)
Unrealized gain (loss) recognized during the reporting period on real estate equity securities held at the end of the period	$ 11,013	$ 4,294	$ (15,805)	$ 12,062

REAL ESTATE SOLD - Additional I

REAL ESTATE SOLD - Additional Information (Details) $ in Thousands	Nov. 01, 2019USD ($)shares	Oct. 29, 2019USD ($)shares	Jul. 19, 2019USD ($)	Jan. 11, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)property	Jan. 31, 2014unit	Dec. 12, 2012ft²
Real Estate Properties [Line Items]
Accumulated depreciation and amortization					$ 80,816		$ 80,816		$ 65,381
Gain on sale of real estate					0	$ (6)	$ 0	$ 7,569
424 Bedford
Real Estate Properties [Line Items]
Sale price				$ 43,800
Real estate held for sale, net				34,000
Accumulated depreciation and amortization				5,300
Gain on sale of real estate				$ 7,600
Burbank Collection
Real Estate Properties [Line Items]
Sale price			$ 25,900
Real estate held for sale, net			14,700
Accumulated depreciation and amortization			2,600
Gain on sale of real estate			$ 10,500
424 Bedford
Real Estate Properties [Line Items]
Number of real estate units | unit										66
Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties disposed | property							0
Total expenses					$ 15	$ 4,087	$ 64	$ 8,004
Disposed of by Sale | SREIT
Real Estate Properties [Line Items]
Ownership interest	6.89%	6.89%
Disposed of by Sale | SREIT
Real Estate Properties [Line Items]
Issuance of common stock (in shares) | shares	56,979,352
Shares acquired during period (in shares) | shares		7,186,000
Shares acquired during period		$ 5,200
Disposed of by Sale | 125 John Carpenter
Real Estate Properties [Line Items]
Sale price	$ 99,800
Gain on sale of real estate		$ 16,000
Total expenses	$ 200
Office Properties | Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties disposed | property									1
Retail Property | Burbank Collection
Real Estate Properties [Line Items]
Net rentable area | ft²											39,428
Retail Property | Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties disposed | property									1
Apartment Building | Disposed of by Sale
Real Estate Properties [Line Items]
Number of real estate properties disposed | property									1

REAL ESTATE SOLD - Schedule of

REAL ESTATE SOLD - Schedule of Certain Revenue and Expenses (Details) - Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Rental income	$ 7	$ 3,545	$ 138	$ 7,123
Other operating income	0	315	40	574
Total revenues	7	3,860	178	7,697
Expenses
Operating, maintenance, and management costs	15	1,087	64	1,988
Real estate taxes and insurance	0	784	0	1,400
Asset management fees to affiliate	0	268	0	534
Depreciation and amortization	0	1,228	0	2,601
Interest expense	0	720	0	1,481
Total expenses	$ 15	$ 4,087	$ 64	$ 8,004

NOTES AND BONDS PAYABLE - Sched

NOTES AND BONDS PAYABLE - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total Notes and Bonds Payable principal outstanding	$ 721,946	$ 678,080
Premium on Notes and Bonds Payable	732	783
Deferred financing costs, net	(5,975)	(5,200)
Notes and Bond Payable, Net	716,703	673,663
Mortgages | Richardson Portfolio Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 36,000	36,000
Interest rate, effective percentage	2.66%
Mortgages | Richardson Portfolio Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Mortgages | Park Centre Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 21,970	21,970
Interest rate, effective percentage	1.91%
Mortgages | Park Centre Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Mortgages | 1180 Raymond Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 30,048	30,250
Interest rate, effective percentage	3.50%
Mortgages | 1180 Raymond Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Mortgages | 1180 Raymond Bond Payable
Debt Instrument [Line Items]
Bonds payable	$ 5,980	6,080
Contractual interest rate, percentage	6.50%
Interest rate, effective percentage	6.50%
Mortgages | Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures
Debt Instrument [Line Items]
Notes payable, net	$ 168,039	224,746
Contractual interest rate, percentage	4.25%
Interest rate, effective percentage	4.25%
Mortgages | Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures
Debt Instrument [Line Items]
Notes payable, net	$ 73,335	0
Contractual interest rate, percentage	3.93%
Interest rate, effective percentage	3.93%
Mortgages | Crown Pointe Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 53,435	51,171
Interest rate, effective percentage	2.76%
Mortgages | Crown Pointe Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.60%
Mortgages | City Tower Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 94,167	89,000
Interest rate, effective percentage	1.71%
Mortgages | City Tower Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
Mortgages | The Marq Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 58,331	53,408
Interest rate, effective percentage	1.71%
Mortgages | The Marq Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
Mortgages | Eight & Nine Corporate Centre Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 47,066	43,880
Interest rate, effective percentage	1.76%
Mortgages | Eight & Nine Corporate Centre Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Mortgages | Georgia 400 Center Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 59,690	59,690
Interest rate, effective percentage	1.71%
Mortgages | Georgia 400 Center Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
Mortgages | PORT Mortgage Loan 1
Debt Instrument [Line Items]
Notes payable, net	$ 51,362	51,362
Contractual interest rate, percentage	4.74%
Interest rate, effective percentage	4.74%
Mortgages | PORT Mortgage Loan 2
Debt Instrument [Line Items]
Notes payable, net	$ 10,523	10,523
Contractual interest rate, percentage	4.72%
Interest rate, effective percentage	4.72%
Mortgages | PORT Mortgage Loan 3
Debt Instrument [Line Items]
Notes payable, net	$ 12,000	$ 0
Contractual interest rate, percentage	5.00%
Interest rate, effective percentage	5.00%
Mortgages | PORT Mortgage Loan 3 | From December 1, 2020 through March 31, 2021
Debt Instrument [Line Items]
Contractual interest rate, percentage	6.50%

NOTES AND BONDS PAYABLE - Addit

NOTES AND BONDS PAYABLE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Interest expense	$ 5,985	$ 7,249	$ 12,781	$ 14,417
Amortization of deferred financing costs	800	800	1,677	1,709
Interest capitalized			1,656	1,389
Interest payable	4,500		4,500		$ 4,800
Undeveloped Land
Debt Instrument [Line Items]
Interest capitalized	$ 800	$ 700	$ 1,700	$ 1,400

NOTES AND BONDS PAYABLE - Sch_2

NOTES AND BONDS PAYABLE - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Jun. 30, 2020USD ($)
Notes and Bonds Payable [Abstract]
July 1, 2020 through December 31, 2020	$ 839
2021	386,551
2022	78,223
2023	115,958
2024	24,715
Thereafter	115,660
Notes and bond payable outstanding	$ 721,946

NOTES AND BONDS PAYABLE - Recen

NOTES AND BONDS PAYABLE - Recent Bond Financing (Details) $ in Millions	Feb. 16, 2020ILS (₪)	Mar. 08, 2016ILS (₪)	Mar. 08, 2016ILS (₪)	Mar. 08, 2016USD ($)	Mar. 07, 2016ILS (₪)	Mar. 02, 2016ILS (₪)	Mar. 01, 2016ILS (₪)	Jun. 30, 2020ILS (₪)instrument	Feb. 16, 2020USD ($)
Foreign currency collars | Derivative instruments not designated as hedging instruments
Debt Instrument [Line Items]
Number of instruments | instrument								2
Notional amount								₪ 798,000,000
Bonds Payable | Series A Debentures
Debt Instrument [Line Items]
Maximum borrowing capacity						₪ 1,000,000,000
Interest rate during period			4.25%	4.25%
Proceeds from issuance of debt		₪ 970,200,000	₪ 970,200,000	$ 249.2	₪ 127,700,000		₪ 842,500,000
Contractual interest rate, percentage						4.25%
Bonds Payable | Series A Debentures | Maximum
Debt Instrument [Line Items]
Interest rate during period						4.25%
Contractual interest rate, percentage						4.25%
Bonds Payable | Series B Debentures
Debt Instrument [Line Items]
Maximum borrowing capacity	₪ 254,100,000								$ 74.1
Contractual interest rate, percentage	3.93%								3.93%
Principal of installment payments as percent of face amount	33.33%

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) ₪ in Millions	Jul. 29, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020ILS (₪)instrument	Jun. 30, 2020USD ($)instrument	Dec. 31, 2019USD ($)instrument
Subsequent Event
Derivative [Line Items]
Gain on terminated derivatives	$ 14,100,000
Foreign currency collars
Derivative [Line Items]
Gain (loss) recognized on derivatives		$ 3,200,000	$ 1,200,000	$ 12,200,000	$ 4,200,000
Foreign currency transaction gain (loss)		$ 5,400,000	$ (3,700,000)	$ 600,000	$ (9,500,000)
Derivative instruments not designated as hedging instruments | Foreign currency collar
Derivative [Line Items]
Number of Instruments | instrument						1	1	0
Notional Amount							$ 380,000,000	$ 0
Derivative instruments not designated as hedging instruments | Foreign currency collar | Minimum
Derivative [Line Items]
Exchange rate cap						3.70	3.70
Derivative instruments not designated as hedging instruments | Foreign currency collar | Maximum
Derivative [Line Items]
Exchange rate cap						3.82	3.82
Derivative instruments not designated as hedging instruments | Foreign currency collar
Derivative [Line Items]
Number of Instruments | instrument						1	1	0
Notional Amount							$ 418,000,000	$ 0
Derivative instruments not designated as hedging instruments | Foreign currency collar | Minimum
Derivative [Line Items]
Exchange rate cap						3.5875	3.5875
Derivative instruments not designated as hedging instruments | Foreign currency collar | Maximum
Derivative [Line Items]
Exchange rate cap						3.725	3.725
Derivative instruments not designated as hedging instruments | Foreign currency collar
Derivative [Line Items]
Number of Instruments | instrument						0	0	1
Notional Amount							$ 0	$ 776,182
Derivative instruments not designated as hedging instruments | Foreign currency collar | Minimum
Derivative [Line Items]
Exchange rate cap						3.38	3.38
Derivative instruments not designated as hedging instruments | Foreign currency collar | Maximum
Derivative [Line Items]
Exchange rate cap						3.4991	3.4991
Derivative instruments not designated as hedging instruments | Interest Rate Cap, Effective Date 4/2/18
Derivative [Line Items]
Notional Amount							$ 77,513,000
Derivative instruments not designated as hedging instruments | Interest Rate Cap, Effective Date 4/2/18 | One-month LIBOR
Derivative [Line Items]
Reference Rate						3.50%	3.50%
Derivative instruments not designated as hedging instruments | Interest Rate Cap, Effective Date 6/21/19
Derivative [Line Items]
Notional Amount							$ 51,252,000
Derivative instruments not designated as hedging instruments | Interest Rate Cap, Effective Date 6/21/19 | One-month LIBOR
Derivative [Line Items]
Reference Rate						4.00%	4.00%
Derivative instruments not designated as hedging instruments | Interest Rate Cap, Effective Date 2/12/2020
Derivative [Line Items]
Notional Amount							$ 46,875,000
Derivative instruments not designated as hedging instruments | Interest Rate Cap, Effective Date 2/12/2020 | One-month LIBOR
Derivative [Line Items]
Reference Rate						3.00%	3.00%
Derivative instruments not designated as hedging instruments | Interest rate caps
Derivative [Line Items]
Number of Instruments | instrument						3	3
Derivative instruments not designated as hedging instruments | Interest rate caps | Prepaid expenses and other assets
Derivative [Line Items]
Number of Instruments | instrument						3	3	3
Derivative Asset, Fair Value							$ 39,000	$ 12,000
Derivative instruments not designated as hedging instruments | Foreign currency collars
Derivative [Line Items]
Number of Instruments | instrument						2	2
Notional Amount | ₪						₪ 798
Derivative instruments not designated as hedging instruments | Foreign currency collars | Prepaid expenses and other assets (Other liabilities)
Derivative [Line Items]
Number of Instruments | instrument						2	2	1
Derivative Asset, Fair Value							$ 11,977,000
Derivative Liability, Fair Value								$ 179,000

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Face Value, Carrying Amounts and Fair Value (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Face Value	$ 480,572,000	$ 453,334,000
Series A Debentures | Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Face Value	168,039,000	224,746,000
Series B Debentures | Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Face Value	73,335,000	0
Carrying Amount | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	479,487,000	451,743,000
Carrying Amount | Series A Debentures | Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	169,369,000	221,920,000
Carrying Amount | Series B Debentures | Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	67,847,000	0
Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	481,617,000	455,849,000
Fair Value | Series A Debentures | Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	142,133,000	229,877,000
Fair Value | Series B Debentures | Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	$ 55,994,000	$ 0

FAIR VALUE DISCLOSURES - Sche_2

FAIR VALUE DISCLOSURES - Schedule of Assets and Liabilities at Fair Value (Details) - Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	$ 76,664	$ 81,439
Asset derivative		12
Liability derivative - foreign currency collar		(179)
Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	39
Foreign currency collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	11,977
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	76,664	81,439
Asset derivative		0
Liability derivative - foreign currency collar		0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign currency collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0	0
Asset derivative		12
Liability derivative - foreign currency collar		(179)
Significant Other Observable Inputs (Level 2) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	39
Significant Other Observable Inputs (Level 2) | Foreign currency collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	11,977
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	0	0
Asset derivative		0
Liability derivative - foreign currency collar		$ 0
Significant Unobservable Inputs (Level 3) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	0
Significant Unobservable Inputs (Level 3) | Foreign currency collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	$ 0

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Payable as of	$ 4,025,000		$ 4,025,000		$ 1,635,000
Payment for administrative fees	0	$ 62,000	0	$ 133,000
Pacific Oak Capital Advisors LLC
Related Party Transaction [Line Items]
Capitalized	2,837,000	3,001,000	5,134,000	5,374,000
Payable as of	4,025,000		4,025,000		1,635,000
Pacific Oak Capital Advisors LLC | Asset management fees
Related Party Transaction [Line Items]
Expensed	2,336,000	1,971,000	4,441,000	3,861,000
Payable as of	4,008,000		4,008,000		1,498,000
Pacific Oak Capital Advisors LLC | Reimbursable operating expenses
Related Party Transaction [Line Items]
Expensed	0	83,000	93,000	172,000
Payable as of	0		0		0
Pacific Oak Capital Advisors LLC | Disposition fees
Related Party Transaction [Line Items]
Expensed	0	0	0	394,000
Payable as of	0		0		0
Pacific Oak Capital Advisors LLC | Subordinated performance fee due upon termination to affiliate
Related Party Transaction [Line Items]
Expensed	307,000	0	307,000	0
Pacific Oak Capital Advisors LLC | Acquisition fees on real estate equity securities
Related Party Transaction [Line Items]
Capitalized	23,000	0	122,000	0
Payable as of	17,000		17,000		0
Pacific Oak Capital Advisors LLC | Acquisition fee on real estate
Related Party Transaction [Line Items]
Capitalized	171,000	897,000	171,000	897,000
Payable as of	0		0		0
Pacific Oak Capital Advisors LLC | Acquisition fee on investment in unconsolidated entities
Related Party Transaction [Line Items]
Capitalized	0	$ 50,000	0	$ 50,000
Payable as of	$ 0		$ 0		$ 137,000

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details)	Nov. 01, 2019	Oct. 29, 2019	Mar. 20, 2019USD ($)$ / sharesshares	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)unitshares	Jun. 30, 2020USD ($)shares	Jul. 01, 2020shares	Dec. 31, 2018USD ($)	May 12, 2017USD ($)	Oct. 28, 2016USD ($)
Related Party Transaction [Line Items]
Redemptions of common stock			$ 8,600,000	$ 356,000	$ 2,568,000	$ 824,000	$ 5,107,000		$ 286,200,000
Investments in unconsolidated entities				$ 78,478,000		$ 78,478,000		$ 78,276,000	$ 78,478,000
DayMark Service Entities
Related Party Transaction [Line Items]
Property management fee, percent of gross asset value fee			1.50%
Annual property management fee, percent of tenants rent received fee			8.00%
Acquisition fee, percent of purchase price fee			1.00%
Commission fee from sales as broker			1.00%
KBS Capital Advisors LLC | Subordinated Performance Fee Due Upon Termination
Related Party Transaction [Line Items]
Issuance of restricted stock (in shares) | shares						3,411,737
Period of redemption after vesting						60 days
Termination fee as percent of liquidation proceeds, percent				50.00%		50.00%			50.00%
Percent of total operating expenses in four consecutive quarters				2.00%		2.00%			2.00%
Percent of total operating expenses in four consecutive quarters, benchmark				25.00%		25.00%			25.00%
KBS Capital Advisors LLC | Subordinated Performance Fee Due Upon Termination | After November 1, 2024
Related Party Transaction [Line Items]
Period of redemption of remaining shares						60 days
DayMark | Battery Point Holdings
Related Party Transaction [Line Items]
Noncontrolling interest			40.00%
Point Trust LLC
Related Party Transaction [Line Items]
Investment acquired (in shares) | shares			210,000
Investment acquired (in dollars per shares) | $ / shares			$ 25
Series B Preferred Units | Point Trust LLC
Related Party Transaction [Line Items]
Redemptions of common stock (in shares) | shares			13,000
Redemptions of common stock (in dollars per shares) | $ / shares			$ 1,000
Principal paydown			$ 900,000
Point Trust LLC
Related Party Transaction [Line Items]
Investment acquired (in shares) | shares			210,000
Investment acquired (in dollars per shares) | $ / shares			$ 25
Number of shares purchased (in shares) | shares								430,000
Stock repurchased during period								$ 10,800,000
Point Trust LLC | Series B Preferred Units
Related Party Transaction [Line Items]
Investments to be made												$ 17,500,000
Investments											$ 4,500,000
Dividend rate, percentage		12.00%
Redemptions of common stock (in shares) | shares			13,000
Redemptions of common stock (in dollars per shares) | $ / shares			$ 1,000
Point Trust LLC | Series B Preferred Units | Maximum
Related Party Transaction [Line Items]
Investments to be made													$ 25,000,000
Point Trust LLC | Series A-3 Preferred Units
Related Party Transaction [Line Items]
Investments			$ 5,300,000
Principal paydown			$ 7,700,000
Investment acquired (in shares) | shares				640,000		640,000			640,000
Number of shares purchased (in shares) | shares								430,000
Stock repurchased during period								$ 10,800,000
Investments in unconsolidated entities				$ 14,000,000		$ 14,000,000			$ 14,000,000
Point Trust LLC | Series A-3 Preferred Units | Subsequent Event
Related Party Transaction [Line Items]
Shares eliminated in consolidation due to acquisition | shares										640,000
Pacific Oak Opportunity Zone Fund I
Related Party Transaction [Line Items]
Investments								$ 20,600,000
Acquisition fee, percent of purchase price fee								1.50%
Investments in unconsolidated entities				21,280,000		21,280,000		$ 20,846,000	21,280,000
Number of units in real estate property | unit								91
Investment, purchase price, benchmark								$ 25,000,000
Acquisition fee of purchase price fee in excess of benchmark purchase price								1.00%
Asset management fee, percent								0.25%
Financing fee as percent of original principal amount of any indebtedness								0.50%
Battery Point Series A-3 Preferred Units
Related Party Transaction [Line Items]
Investments in unconsolidated entities				13,991,000		13,991,000		$ 13,991,000	13,991,000
Battery Point Series A-3 Preferred Units | Series A-3 Preferred Units
Related Party Transaction [Line Items]
Investments in unconsolidated entities				$ 14,000,000		$ 14,000,000			$ 14,000,000
Pacific Oak Capital Advisors LLC
Related Party Transaction [Line Items]
Term of advisory agreement	1 year
Advisory agreement, renewal period	1 year

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	Jun. 30, 2020USD ($)property	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 78,478	$ 78,276
NIP Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	0
Ownership %	0.00%
Investment Balance	$ 0	1,225
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	1
Ownership %	60.00%
Investment Balance	$ 0	0
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	1
Ownership %	55.00%
Investment Balance	$ 43,207	42,214
Battery Point Series A-3 Preferred Units
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 13,991	13,991
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	2
Investment Balance	$ 21,280	$ 20,846

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments - Additional Information (Details)	May 18, 2012USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	May 02, 2014ft²
Schedule of Equity Method Investments [Line Items]
Contributions to joint venture				$ 434,000	$ 5,000,000
Income from unconsolidated joint venture		$ 0	$ 0	52,000	0
Investments in unconsolidated entities		78,478,000		78,478,000		$ 78,276,000
Equity in income of unconsolidated joint venture				993,000	7,096,000
Equity in income (loss) of unconsolidated entities		$ 665,000	(215,000)	993,000	7,096,000
110 William JV Partner
Schedule of Equity Method Investments [Line Items]
Income from unconsolidated joint venture				$ 0	5,200,000
NIP Joint Venture
Schedule of Equity Method Investments [Line Items]
Contributions to joint venture	$ 8,000,000
Ownership percentage		0.00%		0.00%
Distributions			$ 300,000	$ 1,300,000	300,000
Income from unconsolidated joint venture				100,000
Return of capital				1,200,000
Investments in unconsolidated entities		$ 0		$ 0		1,225,000
NIP Joint Venture | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage		5.00%		5.00%
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		60.00%		60.00%
Rentable square feet | ft²							928,157
Area of land | ft²							0.8
Investments in unconsolidated entities		$ 0		$ 0		$ 0
Equity in income of unconsolidated joint venture					7,800,000
Equity in income (loss) of unconsolidated entities					$ 7,800,000
110 William Joint Venture | 110 William JV Partner
Schedule of Equity Method Investments [Line Items]
Ownership percentage							60.00%
110 William Joint Venture | 110 William JV Partner | 110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest							40.00%

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Summarized Financial Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Real estate assets, net of accumulated depreciation and amortization	$ 768,414,000		$ 768,414,000		$ 759,479,000
Total assets	1,065,855,000		1,065,855,000		1,041,242,000
Other liabilities	19,472,000		19,472,000		19,801,000
Total liabilities, mezzanine equity and equity	1,065,855,000		1,065,855,000		1,041,242,000
Income Statement [Abstract]
Revenues	23,521,000	$ 21,689,000	48,121,000	$ 43,600,000
Real estate taxes and insurance	3,351,000	3,301,000	6,779,000	6,279,000
Depreciation and amortization	8,964,000	8,357,000	17,947,000	16,037,000
Interest expense	5,985,000	7,249,000	12,781,000	14,417,000
Total expenses	31,437,000	32,193,000	47,872,000	62,530,000
Net income (loss) attributable to common stockholders	3,668,000	(6,249,000)	(14,304,000)	10,532,000
Equity in income (loss) of unconsolidated entities	665,000	(215,000)	993,000	7,096,000
110 William Joint Venture
Balance Sheet Related Disclosures [Abstract]
Real estate assets, net of accumulated depreciation and amortization	247,301,000		247,301,000		242,430,000
Other assets	39,971,000		39,971,000		35,747,000
Total assets	287,272,000		287,272,000		278,177,000
Notes payable, net	308,441,000		308,441,000		292,221,000
Other liabilities	7,992,000		7,992,000		10,664,000
Partners’ deficit	(29,161,000)		(29,161,000)		(24,708,000)
Total liabilities, mezzanine equity and equity	287,272,000		287,272,000		278,177,000
Income Statement [Abstract]
Revenues	8,617,000	9,442,000	16,599,000	17,701,000
Real estate taxes and insurance	1,822,000	1,725,000	3,645,000	3,430,000
Depreciation and amortization	2,939,000	2,839,000	5,582,000	5,503,000
Interest expense	4,042,000	4,124,000	7,968,000	8,732,000
Total expenses	10,399,000	10,968,000	21,093,000	22,117,000
Total other income	16,000	39,000	38,000	71,000
Net income (loss) attributable to common stockholders	(1,766,000)	(1,487,000)	(4,456,000)	(4,345,000)
Company’s share of net loss	(1,060,000)	(892,000)	(2,674,000)	(2,607,000)
Loss from equity method investments		0		300,000
110 William Joint Venture | Operating, maintenance, and management costs
Income Statement [Abstract]
Expenses	1,596,000	2,280,000	3,898,000	4,452,000
353 Sacramento Joint Venture
Balance Sheet Related Disclosures [Abstract]
Real estate assets, net of accumulated depreciation and amortization	184,980,000		184,980,000		180,592,000
Other assets	18,850,000		18,850,000		21,822,000
Total assets	203,830,000		203,830,000		202,414,000
Notes payable, net	115,427,000		115,427,000		115,280,000
Other liabilities	10,792,000		10,792,000		11,193,000
Partners’ deficit	77,611,000		77,611,000		75,941,000
Total liabilities, mezzanine equity and equity	203,830,000		203,830,000		$ 202,414,000
Income Statement [Abstract]
Revenues	5,364,000	4,187,000	10,251,000	8,345,000
Real estate taxes and insurance	728,000	694,000	1,481,000	1,395,000
Depreciation and amortization	1,639,000	1,563,000	3,241,000	3,131,000
Interest expense	1,021,000	1,447,000	2,342,000	2,866,000
Total expenses	4,224,000	4,643,000	8,581,000	9,161,000
Net income (loss) attributable to common stockholders	1,140,000	(456,000)	1,670,000	(816,000)
Equity in income (loss) of unconsolidated entities	665,000	(215,000)	993,000	(379,000)
353 Sacramento Joint Venture | Operating, maintenance, and management costs
Income Statement [Abstract]
Expenses	$ 836,000	$ 939,000	$ 1,517,000	$ 1,769,000

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investment in 353 Sacramento Joint Venture (Details)	Jun. 30, 2020	Jul. 06, 2017aft²
Migdal Members
Schedule of Equity Method Investments [Line Items]
Ownership percentage		45.00%
Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		55.00%
353 Sacramento Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage	55.00%
353 Sacramento Joint Venture | Office Properties | Disposed of by Sale
Schedule of Equity Method Investments [Line Items]
Ownership percentage		45.00%
Net rentable area | ft²		284,751
Area of land | a		0.35

INVESTMENT IN UNCONSOLIDATED _7

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Battery Point Series A-3 Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 20, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jul. 01, 2020	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 78,478		$ 78,276
Number of shares owned (in shares)		69,784,521		67,354,922
Series A-3 Preferred Units | Battery Point Holdings
Schedule of Equity Method Investments [Line Items]
Obligation to use percent of net proceeds for future equity capital raising	20.00%
Battery Point Series A-3 Preferred Units
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 13,991		$ 13,991
Battery Point Series A-3 Preferred Units | Series A-3 Preferred Units
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 14,000
Number of shares owned (in shares)		640,000
Point Trust LLC
Schedule of Equity Method Investments [Line Items]
Investment acquired (in shares)	210,000
Investment acquired (in dollars per shares)	$ 25
Number of shares purchased (in shares)				430,000
Stock repurchased during period				$ 10,800
Point Trust LLC | Series B Preferred Units
Schedule of Equity Method Investments [Line Items]
Redemptions of common stock (in shares)	13,000
Redemptions of common stock (in dollars per shares)	$ 1,000
Aggregate principal balance	$ 13,000
Investments						$ 4,500
Point Trust LLC | Series A-3 Preferred Units
Schedule of Equity Method Investments [Line Items]
Principal paydown	7,700
Investment acquired (in shares)		640,000
Investments	$ 5,300
Dividends, annual rate	7.50%
Number of shares purchased (in shares)				430,000
Stock repurchased during period				$ 10,800
Investments in unconsolidated entities		$ 14,000
Distributions		$ 700	$ 100
Point Trust LLC | Series A-3 Preferred Units | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Shares eliminated in consolidation due to acquisition					640,000
Point Trust LLC | Series A-3 Preferred Units | Not Redeemed by February 28, 2020
Schedule of Equity Method Investments [Line Items]
Dividends, annual rate	10.00%
Point Trust LLC | Series A-3 Preferred Units | Not Redeemed by February 28, 2021
Schedule of Equity Method Investments [Line Items]
Dividends, annual rate	11.00%

INVESTMENT IN UNCONSOLIDATED _8

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investment in Pacific Oak Opportunity Zone Fund I (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)unit	Jun. 30, 2020USD ($)property
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 78,276	$ 78,478
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Number of units in real estate property | unit	91
Investments	$ 20,600
Investments in unconsolidated entities	20,846	$ 21,280
Acquisition related costs	$ 200
Number of joint ventures with real estate under development | property		2

SUPPLEMENTAL CASH FLOW AND SI_3

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $1,656 and $1,389 for the six months ended June 30, 2020 and 2019, respectively	$ 11,367	$ 13,156
Interest capitalized	1,656	1,389
Supplemental Disclosure of Significant Noncash Transactions:
Accrued improvements to real estate	2,175	5,286
Mortgage loan assumed by buyer in connection with sale of real estate	0	23,663
Redeemable common stock payable	267	5,463
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	262	564
Redemption of Series B Preferred Units in exchange for Series A-3 Preferred Units	0	2,992
Accrued preferred dividends	$ 225	$ 0

REPORTING SEGMENTS (Details)

REPORTING SEGMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			2
Income Statement [Abstract]
Revenues	$ 23,521	$ 21,689	$ 48,121	$ 43,600
Total expenses	(31,437)	(32,193)	(47,872)	(62,530)
Total other income (loss)	11,776	$ 4,203	(14,028)	$ 30,089
Net income (loss)	3,860		(13,779)
Assets and Liabilities held for Sale
Assets	1,065,855		$ 1,065,855		$ 1,041,242
Strategic Opportunistic Properties
Segment Reporting [Abstract]
Number of reportable segments | segment			2
Income Statement [Abstract]
Revenues	20,450		$ 42,201
Total expenses	(27,793)		(40,688)
Total other income (loss)	11,776		(14,028)
Net income (loss)	4,433		(12,515)
Assets and Liabilities held for Sale
Assets	935,315		935,315		921,917
Single-Family Homes
Income Statement [Abstract]
Revenues	3,071		5,920
Total expenses	(3,644)		(7,184)
Total other income (loss)	0		0
Net income (loss)	(573)		(1,264)
Assets and Liabilities held for Sale
Assets	$ 130,540		$ 130,540		$ 119,325

PORT PREFERRED STOCK - Addition

PORT PREFERRED STOCK - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands

Nov. 22, 2019

Nov. 06, 2019

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Nov. 14, 2012

Dec. 31, 2022

Nov. 04, 2022

Dec. 31, 2021

Nov. 04, 2021

Nov. 04, 2020

Dec. 31, 2019

Class of Stock [Line Items]

Preferred stock, shares authorized (in shares)

10,000,000

10,000,000

Issuance of common stock

$ 278

$ 262

$ 564

$ 561,700

Preferred Class A | Pacific Oak Residential Trust, Inc.

Class of Stock [Line Items]

Issuance of common stock (in shares)

15,000

Preferred stock, shares authorized (in shares)

25,000,000

Issuance of common stock (in dollars per share)

$ 1,000

Issuance of common stock

$ 15,000

Dividend rate, percentage

6.00%

Percent of outstanding shares as benchmark for redemption

10.00%

Conversion price of preferred stock into common stock (in dollars per share)

$ 1,120

Preferred Class A | Pacific Oak Residential Trust, Inc. | Forecast

Class of Stock [Line Items]

Issuance of common stock (in dollars per share)

$ 1,120

$ 1,000

Preferred stock, redemption price (in dollars per share)

$ 1,120

Preferred Class A | Pacific Oak Residential Trust, Inc. | If All Shares are Not Redeemed

Class of Stock [Line Items]

Dividend rate, percentage

12.00%

Preferred Class B | Pacific Oak Residential Trust, Inc.

Class of Stock [Line Items]

Issuance of common stock (in shares)

125

Issuance of common stock (in dollars per share)

$ 1,000

Issuance of common stock

$ 100

Dividend rate, percentage

12.50%

Preferred Class B | Pacific Oak Residential Trust, Inc. | Forecast

Class of Stock [Line Items]

Issuance of common stock (in dollars per share)

$ 1,000

$ 1,050

PORT PREFERRED STOCK - Schedule

PORT PREFERRED STOCK - Schedule (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Balance	$ 309,122	$ 277,388	$ 293,964
Balance	$ 302,152	$ 262,521	$ 302,152
Preferred Stock | Preferred Class A
Class of Stock [Line Items]
Issuance of common stock (in shares)		15,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Balance		$ 14,909
Dividends Available Upon Redemption		590
Dividends Paid		(365)
Balance		$ 15,134
Preferred Stock | Preferred Class B
Class of Stock [Line Items]
Issuance of common stock (in shares)		125
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Balance		$ 99
Dividends Available Upon Redemption		7
Dividends Paid		(7)
Balance		$ 99

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Millions	Jul. 01, 2020USD ($)propertyshares
Point Trust LLC | Series A-3 Preferred Units
Business Acquisition [Line Items]
Shares eliminated in consolidation due to acquisition	640,000
BPT Holdings, LLC | PORT OP LP | Battery Point
Business Acquisition [Line Items]
Common equity units received in transaction (in units)	510,816
Percent of outstanding common equity units received in transaction	4.50%
Common equity units received in transaction | $	$ 3
Single-family Home
Business Acquisition [Line Items]
Number of homes | property	1,749
Battery Point
Business Acquisition [Line Items]
Shares acquired during period (in shares)	1,000,000
Battery Point | Single-family Home
Business Acquisition [Line Items]
Number of homes | property	559