Pacific Oak Strategic Opportunity REIT (PCOK) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		97,949,906
Entity Central Index Key	0001452936
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Real estate held for investment, net	$ 1,404,347	$ 1,413,023
Real estate equity securities	94,217	97,903
Total real estate and real estate-related investments, net	1,498,564	1,510,926
Cash and cash equivalents	96,740	60,335
Restricted cash	17,371	13,984
Investments in unconsolidated entities	80,889	79,666
Rents and other receivables, net	26,605	25,911
Above-market leases, net	2,923	3,157
Prepaid expenses and other assets	22,619	21,344
Goodwill	16,342	16,342
Total assets	1,762,053	1,731,665
Liabilities, mezzanine equity and equity
Notes and bonds payable, net	1,125,027	1,099,068
Accounts payable and accrued liabilities	18,895	24,169
Due to affiliate	5,115	2,842
Below-market leases, net	5,902	6,462
Other liabilities	37,283	34,738
Redeemable common stock payable	11	864
Restricted stock payable	15,061	14,600
Total liabilities	1,207,294	1,182,743
Commitments and contingencies (Note 14)
Mezzanine equity
Restricted stock	11,009	11,009
Noncontrolling cumulative convertible redeemable preferred stock	15,233	15,233
Redeemable noncontrolling interest	2,936	2,968
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, 97,966,439 and 98,054,582 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	979	979
Additional paid-in capital	831,295	831,295
Cumulative distributions and net income	(319,208)	(325,720)
Total Pacific Oak Strategic Opportunity REIT, Inc. stockholders’ equity	513,066	506,554
Noncontrolling interests	12,515	13,158
Total equity	525,581	519,712
Total liabilities, mezzanine equity and equity	$ 1,762,053	$ 1,731,665

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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)	97,966,439	98,054,582
Common stock, shares outstanding (in shares)	97,966,439	98,054,582

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Rental income	$ 32,648	$ 22,151
Dividend income from real estate equity securities	2,753	1,479
Total revenues	38,944	24,601
Expenses:
Operating, maintenance, and management	10,433	7,572
Real estate taxes and insurance	5,289	3,428
Hotel expenses	3,390	0
Asset management fees to affiliate	3,852	2,106
General and administrative expenses	1,869	2,546
Foreign currency transaction gain, net	(8,346)	(14,996)
Depreciation and amortization	17,001	8,984
Interest expense	9,941	6,796
Total expenses	43,429	16,436
Other income (loss):
Income from unconsolidated joint venture	0	52
Equity in income of unconsolidated entities	169	328
Other interest income	45	270
Gain (loss) on real estate equity securities	10,753	(26,454)
Gain on sale of real estate	21	0
Change in subordinated performance fee due upon termination to affiliate	(461)	0
Total other income (loss), net	10,527	(25,804)
Net income (loss)	6,042	(17,639)
Net loss attributable to noncontrolling interests	663	32
Net loss attributable to redeemable noncontrolling interest	32	0
Preferred stock dividends	(225)	(365)
Net income (loss) attributable to common stockholders	$ 6,512	$ (17,972)
Net income (loss) per common share, basic (in dollars per share)	$ 0.07	$ (0.27)
Net income (loss) per common share, diluted (in dollars per share)	$ 0.07	$ (0.27)
Weighted-average number of common shares outstanding, basic (in shares)	98,036,134	66,041,776
Weighted-average number of common shares outstanding, diluted (in shares)	98,036,134	66,041,776
Hotel
Revenues:
Revenue	$ 2,575	$ 0
Other
Revenues:
Revenue	$ 968	$ 971

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, 2019			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)	(18,004)	(17,972)			(17,972)	(32)
Issuance of common stock (in shares)			24,645
Issuance of common stock	262	262	$ 0	262
Transfers from redeemable common stock	206	206		206
Redemptions of common stock (in shares)			(44,025)
Redemptions of common stock	(468)	(468)		(468)
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 Mar. 31, 2020			69,259,122
Balance at Mar. 31, 2020	258,900	258,065	$ 693	553,136	(295,764)	835
Balance (in shares) at Dec. 31, 2019			65,866,765
Balance at Dec. 31, 2019	$ 277,388	276,633	$ 659	553,170	(277,196)	755
Balance (in shares) at Dec. 31, 2020	98,054,582		98,054,582
Balance at Dec. 31, 2020	$ 519,712	506,554	$ 979	831,295	(325,720)	13,158
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,849	6,512			6,512	(663)
Transfers from redeemable common stock	853	853		853
Redemptions of common stock (in shares)			(88,143)
Redemptions of common stock	(853)	(853)	$ 0	(853)
Noncontrolling interests contributions	$ 20	0				20
Balance (in shares) at Mar. 31, 2021	97,966,439		97,966,439
Balance at Mar. 31, 2021	$ 525,581	$ 513,066	$ 979	$ 831,295	$ (319,208)	$ 12,515

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ 6,042	$ (17,639)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Change in subordinated performance fee due upon termination to affiliate	461	0
Equity in income of unconsolidated entities	(169)	(328)
Depreciation and amortization	17,001	8,984
(Gain) loss on real estate equity securities	(10,753)	26,454
Gain on sale of real estate	(21)	0
Unrealized loss (gain) on interest rate caps	13	(14)
Deferred rent	(1,085)	(1,027)
Amortization of above- and below-market leases, net	(326)	(177)
Amortization of deferred financing costs	813	885
Amortization of discount (premium) on bond and notes payable	482	(25)
Foreign currency transaction gain, net	(8,346)	(14,996)
Changes in assets and liabilities:
Rents and other receivables	349	(430)
Prepaid expenses and other assets	(1,857)	(2,010)
Accounts payable and accrued liabilities	(6,358)	(4,738)
Due to affiliates	2,223	1,926
Other liabilities	220	1,615
Net cash used in operating activities	(1,311)	(1,520)
Cash Flows from Investing Activities:
Acquisitions of real estate	(2,037)	0
Improvements to real estate	(4,434)	(7,779)
Proceed from sales of real estate, net	166	0
Investment in unconsolidated entities	(1,180)	(231)
Distributions of capital from unconsolidated entities	0	1,225
Purchase of interest rate caps	(18)	(6)
Investment in real estate equity securities	0	(16,789)
Proceeds from the sale of real estate equity securities	14,439	7,849
Net cash provided by (used in) investing activities	6,936	(15,731)
Cash Flows from Financing Activities:
Proceeds from notes and bonds payable	97,125	89,893
Principal payments on notes and bonds payable	(61,300)	(56,820)
Payments of deferred financing costs	(1,054)	(2,302)
Payments to redeem common stock	(853)	(468)
Payment of prepaid other offering costs	(32)	(182)
Distributions paid	0	(305)
Preferred dividends paid	(225)	(140)
Noncontrolling interests contributions	20	112
Other financing proceeds, net	2,367	0
Net cash provided by financing activities	36,048	29,788
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,881)	(528)
Net increase in cash, cash equivalents and restricted cash	39,792	12,009
Cash, cash equivalents and restricted cash, beginning of period	74,319	88,494	$ 88,494
Cash, cash equivalents and restricted cash, end of period	$ 114,111	$ 100,503	$ 74,319

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2021
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 is externally managed by Pacific Oak Advisors, LLC (the “Advisor”), an affiliate of the Company, pursuant to an advisory agreement the Company renewed with the Advisor on November 1, 2020 (the “Advisory Agreement”). The Advisory Agreement is currently effective through November 1, 2021; however the Company or the Advisor may terminate the Advisory Agreement without cause or penalty upon providing 60 days’ written notice. The Advisor conducts the Company’s operations and manages its portfolio of real estate and other real estate-related investments. 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 March 31, 2021, 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 March 31, 2021, the Company had redeemed 24,129,688 shares for $288.5 million. As of March 31, 2021, 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 its former external advisor, KBS Capital Advisors LLC (“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. On January 22, 2020, the Company filed a registration statement on Form S-11 with the SEC to offer up to $1 billion in additional shares of its common stock. This new registration statement contemplates a proposed conversion of the Company to a perpetual-life net asset value or “NAV” REIT that offers and sells shares of its common stock continuously through a number of distribution channels in ongoing public offerings, and seeks to provide increased liquidity to current and future stockholders through an expansion of the Company’s current share redemption program. On December 18, 2020, the Company filed Amendment No. 1 to the registration statement on Form S-11 with the SEC. On February 19, 2020, the Company, Pacific Oak SOR II, LLC, an indirect subsidiary of the Company’s (“Merger Sub”), and Pacific Oak Strategic Opportunity REIT II, Inc. (“POSOR II”) entered into an Agreement and Plan of Merger (the “Merger Agreement”). On October 5, 2020, pursuant to the Merger Agreement, POSOR II merged with and into Merger Sub, with Merger Sub surviving as an indirect subsidiary of the Company’s (the “Merger”). At such time, in accordance with the applicable provisions of the Maryland General Corporation Law and the Maryland Limited Liability Company Act, the separate existence of POSOR II ceased. At the effective time of the Merger, each issued and outstanding share of POSOR II’s common stock (or a fraction thereof), $0.01 par value per share, converted into 0.9643 shares of the Company’s common stock, $0.01 par value per share, or 28,973,905 shares of the Company’s common stock. The combined company after the Merger retained the name “Pacific Oak Strategic Opportunity REIT, Inc.” The Merger was intended to qualify as a “reorganization” under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended. As a result of the Merger, the Company acquired two hotel properties, three office properties, one apartment building, one consolidated joint venture to develop one office/retail property, two real estate equity securities and two investments in unconsolidated entities. Additionally, the Company assumed $331.8 million of loans related to the acquired properties. On March 4, 2021, Pacific Oak SOR BVI issued additional Series A Debentures in the amount of 250.0 million Israeli new Shekels par value through a private placement. The additional Series A Debentures were issued at a 1.9% discount resulting in total consideration of 245.3 million Israeli new Shekels ($74.2 million as of March 4, 2021). The additional Series A Debentures have an equal level of security, pari passu, amongst themselves and between them and the initial Series A Debentures, which were initially issued, without any right of precedence or preference between any of them. As of March 31, 2021, the Company consolidated nine office properties, one office portfolio consisting of four office buildings and 14 acres of undeveloped land, two apartment properties, two hotel properties, one residential home portfolio consisting of 1,786 single-family homes, three investments in undeveloped land with approximately 1,000 developable acres, and owned four investments in unconsolidated entities and three investments in real estate equity securities. Additionally, as of March 31, 2021, the Company had entered into a consolidated joint venture to develop one office/retail property.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
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, 2020. 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, 2020 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 months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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. Liquidity The Company generally finances its real estate investments using notes payable that are typically structured as non-course secured mortgages with maturities of approximately three to five years, with short term extension options available upon the Company meeting certain debt covenants. Each reporting period management evaluates the Company’s ability to continue as a going concern by evaluating conditions and events, including assessing the liquidity needs to satisfy upcoming debt obligations and the ability to satisfy debt covenant requirements. Through the normal course of operations and as further discussed in Note 6, the Company has $580.0 million of debt obligations coming due over the next 12-month period. In order to satisfy obligations as they mature, management will evaluate its options and may seek to utilize extension options available in the respective loan agreements, may make partial loan paydowns to meet debt covenant requirements, may seek to refinance certain debt instruments, may sell real estate equity securities to convert to cash to make principal payments, may market one or more properties for sale or may negotiate a turnover of one or more secured properties back to the related mortgage lender and remit payment for any associated loan guarantee. Historically, the Company has successfully refinanced debt instruments or utilized extension options in order to satisfy debt obligations as they come due and has not negotiated a turnover of a secured property back to a lender, though the Company may utilize such option if necessary. Based upon these plans, management believes it will have sufficient liquidity to satisfy its obligations as they come due and to continue as a going concern. There can be no assurance as to the certainty or timing of any of management’s plans. Refer to Note 6 for further discussion. 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 three months ended March 31, 2021, the Company had redeemed $0.9 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 March 2021 redemption date, except for 12,719,485 shares totaling $117.0 million due to the limitations under the share redemption program. The Company recorded $11,000 and $0.9 million of redeemable common stock payable on the Company’s balance sheet as of March 31, 2021 and December 31, 2020, respectively, related to unfulfilled redemption requests received in good order under the share redemption program. Based on the twelfth amended and restated share redemption program, the Company had $11,000 available for redemptions in the remainder of 2021, 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. Segments The Company operates in three reportable business segments: opportunistic real estate and real estate-related investments, single-family homes, and hotels, which is how the Company's management manages the business. In general, the Company intends to hold its investments in opportunistic real estate and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company’s management views opportunistic real estate and other real estate-related assets as similar investments and aggregated into one reportable business segment. The Company owns single-family homes in 17 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. Additionally, the Company owns two hotels and are aggregated into one reportable business segment due to the nature of the hotel business with short-term stays. 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 Series A convertible redeemable preferred shares of Pacific Oak Residential Trust, Inc. (“PORT”) 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 months ended March 31, 2021, as the restriction is not contingent on any conditions except the passage of time. Distributions declared per share were $0.008600 during the three months ended March 31, 2020. There were no distributions declared during the three months ended March 31, 2021. 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 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 three months ended March 31, 2021, 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 March 31, 2021, 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.

REAL ESTATE HELD FOR INVESTMENT

REAL ESTATE HELD FOR INVESTMENT	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
REAL ESTATE FOR INVESTMENT	REAL ESTATE HELD FOR INVESTMENT As of March 31, 2021, the Company owned nine office properties, one office portfolio consisting of four office buildings and 14 acres of undeveloped land, encompassing, in the aggregate, approximately 3.8 million rentable square feet. As of March 31, 2021, these properties were 76% occupied. In addition, the Company owned one residential home portfolio consisting of 1,786 single-family homes and encompassing approximately 2.5 million rental square feet and two apartment properties, containing 609 units and encompassing approximately 0.5 million rentable square feet, which was 94% and 89% occupied, respectively as of March 31, 2021. As of March 31, 2021, the Company also owned two hotel properties with an aggregate of 649 rooms and three investments in undeveloped land with approximately 1,000 developable acres. Additionally, as of March 31, 2021, the Company had entered into a consolidated joint venture to develop one office/retail property. The following table summarizes the Company’s real estate held for investment as of March 31, 2021 and December 31, 2020, respectively (in thousands): March 31, 2021 December 31, 2020 Land $ 303,645 $ 302,444 Buildings and improvements 1,163,659 1,157,397 Tenant origination and absorption costs 56,243 57,594 Total real estate, cost 1,523,547 1,517,435 Accumulated depreciation and amortization (119,200) (104,412) Total real estate, net $ 1,404,347 $ 1,413,023 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 March 31, 2021, the leases, excluding options to extend, apartment leases and single-family home leases, which have terms that are generally one year or less, had remaining terms of up to 14.4 years with a weighted-average remaining term of 4.1 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 totaled $5.8 million and $5.7 million as of March 31, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021 and 2020, the Company recognized deferred rent from tenants of $1.1 million and $1.0 million, respectively, net of lease incentive amortization. As of March 31, 2021 and December 31, 2020, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $20.9 million and $19.2 million, respectively, and is included in rents and other receivables on the accompanying consolidated balance sheets. The cumulative deferred rent balance included $5.1 million and $4.7 million of unamortized lease incentives as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, the future minimum rental income from the Company’s properties, excluding apartment leases, under non-cancelable operating leases was as follows (in thousands): April 1, 2021 through December 31, 2021 $ 59,224 2022 69,001 2023 57,401 2024 49,699 2025 39,294 Thereafter 90,444 $ 365,063 As of March 31, 2021, the Company’s commercial real estate properties were leased to approximately 300 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 Insurance 28 $ 8,456 12.3 % Computer Systems 31 7,689 11.2 % $ 16,145 23.5 % _____________________ (1) Annualized base rent represents annualized contractual base rental income as of March 31, 2021, 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 months ended March 31, 2021 and 2020, the Company recorded adjustments to rental income of $0.7 million and $0.2 million, respectively, for lease payments that were deemed not probable of collection. Hotel Properties The following table provides detailed information regarding the Company’s hotel revenues and expenses for its two hotel properties during the three months ended March 31, 2021 (in thousands): Hotel revenues: Room $ 1,673 Food, beverage and convention services 296 Campground 243 Other 363 Hotel revenues $ 2,575 Hotel expenses: Room $ 723 Food, beverage and convention services 320 General and administrative 502 Sales and marketing 369 Repairs and maintenance 445 Utilities 243 Property taxes and insurance 565 Other 223 Hotel expenses $ 3,390 Contract liabilities The following table summarizes the Company’s contract liabilities, which are comprised of hotel advanced deposits and deferred proceeds received from the buyers of the Park Highlands land sales and another developer for the value of land that was contributed to a master association that is consolidated by the Company, which are included in other liabilities in the accompanying consolidated balance sheets, as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Contract liability $ 3,526 $ 3,369 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 70 $ — Geographic Concentration Risk As of March 31, 2021, the Company’s real estate investments in California represented 29.0% 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 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 Real Estate Asset Acquisition On March 17, 2021, the Company, through a wholly owned subsidiary of PORT OP, LP (“PORT OP”), acquired a single-family home portfolio consisting of 21 homes in Chicago, Illinois for $2.0 million. The Company owns 96.1% of the equity of PORT OP as of March 31, 2021.

TENANT ORIGINATION AND ABSORPTI

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Cost $ 56,243 $ 57,594 $ 4,159 $ 4,159 $ (8,142) $ (8,732) Accumulated Amortization (20,927) (17,088) (1,236) (1,002) 2,240 2,270 Net Amount $ 35,316 $ 40,506 $ 2,923 $ 3,157 $ (5,902) $ (6,462) 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 months ended March 31, 2021 and 2020 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2021 2020 2021 2020 2021 2020 Amortization $ (5,222) $ (1,736) $ (234) $ (92) $ 560 $ 269 As of March 31, 2021 and December 31, 2020, the Company had recorded a housing subsidy intangible asset, net of amortization, which is included in prepaid expenses and other assets in the accompanying consolidated balance sheets, of $1.9 million and $2.0 million, respectively. As of March 31, 2021, the housing subsidy intangible asset has a remaining amortization period of 27.7 years. During the three months ended March 31, 2021, the Company recorded amortization expense of $18,000 related to the housing subsidy intangible asset. Additionally, as of March 31, 2021 and December 31, 2020, 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 consolidated balance sheets, of $1.3 million and $1.6 million, respectively. During the three months ended March 31, 2021 and 2020, the Company recorded amortization expense of $0.3 million and $0.1 million, respectively, related to tax abatement intangible assets. As of March 31, 2021, the tax abatement intangible assets had a remaining amortization period of 1.9 years.

REAL ESTATE EQUITY SECURITIES

REAL ESTATE EQUITY SECURITIES	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE EQUITY SECURITIES	REAL ESTATE EQUITY SECURITIES As of March 31, 2021, 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 March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 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 $ 46,200 64,165,352 $ 44,274 Franklin Street Properties Corp. 6,915,089 37,687 6,915,089 30,219 Plymouth Industrial REIT, Inc. 613,085 10,330 1,560,660 23,410 71,693,526 $ 94,217 72,641,101 $ 97,903 The following summarizes the portion of gain and loss for the period related to real estate equity securities held during the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Net gain (loss) recognized during the period on real estate equity securities $ 10,753 $ (26,454) Less net gain recognized during the period on real estate equity securities sold during the period (225) (364) Unrealized gain (loss) recognized during the reporting period on real estate equity securities held at the end of the period $ 10,528 $ (26,818) During the three months ended March 31, 2021 and 2020, the Company recognized $2.8 million and $1.1 million, respectively, of dividend income from real estate equity securities.

NOTES AND BOND PAYABLE

NOTES AND BOND PAYABLE	3 Months Ended
	Mar. 31, 2021
Notes and Bonds Payable [Abstract]
NOTES AND BOND PAYABLE	NOTES AND BONDS PAYABLE As of March 31, 2021 and December 31, 2020, the Company’s notes and bonds payable consisted of the following (dollars in thousands): Book Value as of Book Value as of Contractual Interest Rate as of March 31, 2021 Effective Interest Rate at March 31, 2021 (1) Payment Type (2) Maturity Date (3) Richardson Portfolio Mortgage Loan $ 35,573 $ 35,832 One-Month LIBOR + 2.50% 2.61% Principal & Interest 11/01/2021 Park Centre Mortgage Loan 26,185 26,185 One-Month LIBOR + 1.75% 1.86% Interest Only 06/27/2022 1180 Raymond Mortgage Loan (4) 29,748 29,848 One-Month LIBOR + 2.50% (5) 3.50% Principal & Interest 12/01/2021 1180 Raymond Bond Payable 5,815 5,870 6.50% 6.50% Principal & Interest 09/01/2036 Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures (6) 190,931 181,198 4.25% 4.25% (6) 03/01/2023 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures (6) 76,019 79,078 3.93% 3.93% (6) 01/31/2026 Crown Pointe Mortgage Loan (4) 52,886 53,072 One-Month LIBOR + 2.60% 2.71% Principal & Interest 02/13/2022 City Tower Mortgage Loan (4) 98,530 94,167 One-Month LIBOR + 1.55% 1.66% Interest Only 03/05/2021 (7) The Marq Mortgage Loan 62,257 62,257 One-Month LIBOR + 1.55% 1.66% Interest Only 06/06/2021 Eight & Nine Corporate Centre Mortgage Loan 48,845 47,066 One-Month LIBOR + 1.60% 1.71% Interest Only 06/08/2021 Georgia 400 Center Mortgage Loan 61,154 59,690 One-Month LIBOR + 1.55% 1.66% Interest Only 05/22/2023 PORT Mortgage Loan 1 51,304 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 12,000 6.50% 6.50% Interest Only 03/31/2021 (8) Battery Point Trust Mortgage Loan 38,485 38,608 One-Month LIBOR + 2.50% (5) 3.50% Interest Only 03/20/2022 (8) Springmaid Beach Resort Mortgage Loan 57,015 57,015 One-month LIBOR + 2.25% (9) 5.77% Principal & Interest 08/10/2022 Q&C Hotel Mortgage Loan 25,000 25,000 One-month LIBOR + 2.50% (10) 4.50% Principal & Interest 12/23/2022 Lincoln Court Mortgage Loan (4) 34,922 34,416 One-month LIBOR + 1.75% 1.86% Principal & Interest 06/01/2021 Lofts at NoHo Commons Mortgage Loan 74,536 74,536 One-month LIBOR + 2.18% (11) 3.93% Interest Only 09/09/2021 210 West 31st Street Mortgage Loan (4) 13,850 15,050 One-month LIBOR + 3.00% 3.11% Principal & Interest 06/16/2021 Oakland City Center Mortgage Loan 97,063 96,782 One-month LIBOR + 1.75% 1.86% Principal & Interest 09/01/2022 Madison Square Mortgage Loan 20,891 16,822 One-month LIBOR + 4.05% (12) 5.05% Interest Only 10/09/2021 Margin Loan (13) 10,000 — (13) 0.85% Interest Only (13) Total Notes and Bonds Payable principal outstanding 1,133,532 1,106,377 Discount on Notes and Bonds Payable, net (14) (3,806) (2,851) Deferred financing costs, net (4,699) (4,458) Total Notes and Bonds Payable, net $ 1,125,027 $ 1,099,068 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2021. Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2021 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at March 31, 2021, where applicable. (2) Represents the payment type required under the loan as of March 31, 2021. 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. (3) Represents the initial maturity date or the maturity date as extended as of March 31, 2021; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. (4) The Company’s notes and bond’s payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make guaranteed payments in the event that the Company turned the property over to the lender. The guarantees are typically 25% of the outstanding loan balance. As of March 31, 2021, the guaranteed amount in the aggregate was $67.9 million. (5) These mortgage loans have a LIBOR floor of 1%. (6) See “ – Israeli Bond Financing” below. (7) Subsequent to March 31, 2021, the Company extended the maturity of the City Tower Mortgage Loan to March 5, 2022. (8) Subsequent to March 31, 2021, the Company refinanced the PORT Mortgage Loan 3 and the Battery Point Trust loan. See Note 15, “Subsequent Events”. (9) The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.77%. (10) The interest rate is variable at the higher of one-month LIBOR + 2.5% or 4.5%. Principal payments will commence on January 1, 2022. (11) The LIBOR rate is variable at the higher of one-month LIBOR or 1.75%. (12) The Madison Square Mortgage Loan bears interest at a floating rate of 405 basis points over one-month LIBOR, but at no point shall the interest rate be less than 5.05%. (13) On February 19, 2021, the Company received a $10.0 million Margin Loan that is due on demand and is collateralized by the Company’s Franklin Street Properties Corp. real estate equity securities. The Company must maintain a coverage ratio of approximately 30%. The interest rate charged on the Margin Loan is the bank’s margin rate. (14) Represents the unamortized premium/discount on notes and bonds payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bonds payable. During the three months ended March 31, 2021 and 2020, the Company incurred $9.9 million and $6.8 million, respectively, of interest expense. Included in interest expense during the three months ended March 31, 2021 and 2020 was $0.8 million and $0.9 million, respectively of amortization of deferred financing costs. Additionally, during the three months ended March 31, 2021 and 2020, the Company capitalized $0.6 million and $0.9 million, respectively of interest related to its investments in undeveloped land. As of March 31, 2021 and December 31, 2020, the Company’s interest payable was $3.6 million and $6.2 million, respectively. The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of March 31, 2021 (in thousands): April 1, 2021 through December 31, 2021 $ 443,911 2022 389,746 2023 156,875 2024 25,610 2025 76,933 Thereafter 40,457 $ 1,133,532 As of May 7, 2021, the Company had a total of $580.0 million of debt obligations scheduled to mature over the next 12 months. The Company has extension options with respect to $340.5 million of the debt obligations outstanding that are scheduled to mature over the next 12 months; however, the Company cannot exercise these options if not then in compliance with certain financial covenants in the loans without making a cash payment and there is no assurance that we will be able to meet these requirements. All of the Company’s debt obligations are generally non-recourse, subject to certain limited guaranty payments, as outlined in the table above, except for the Company’s Series A Debentures and Series B Debentures. The Company plans to utilize available extension options or refinance the notes payable. The Company may also choose to market the properties for sale or may negotiate a turnover of the secured properties back to the related mortgage lender. The Company’s notes payable contain financial debt covenants, including minimum equity requirements and liquidity ratios. As of March 31, 2021, the Company was in compliance with all of these debt covenants except that the Madison Square Mortgage Loan not in compliance with the debt yield requirement. Such non-compliance does not constitute an event of default under the loan agreement. As a result of such non-compliance, the Company is required to maintain an interest shortfall reserve and provide cash sweeps. Additionally, the Company was not compliance with the debt service coverage requirement for the Lincoln Court Mortgage Loan. As a result of such non-compliance, the Company would be required to partially paydown the loan if the non-compliance continues for two consecutive quarters. Israeli Bond Financings 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 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 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. 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. On March 4, 2021, Pacific Oak SOR BVI issued additional Series A Debentures in the amount of 250.0 million Israeli new Shekels par value through a private placement. The additional Series A Debentures were issued at a 1.9% discount resulting in total consideration of 245.3 million Israeli new Shekels ($74.2 million as of March 4, 2021). The additional Series A Debentures have an equal level of security, pari passu, amongst themselves and between them and the initial Series A Debentures, which were initially issued, without any right of precedence or preference between any of them. The deeds of trust that governs the terms of the Series A Debentures and Series B Debentures contain various financial covenants. As of March 31, 2021, the Company was in compliance with all of these financial debt covenants.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS 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 term 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 March 31, 2021, the Company had entered into six 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 March 31, 2021. 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 07/25/2019 08/10/2021 $ 65,325 One-month LIBOR at 4.00% Interest rate cap 07/25/2019 08/10/2021 $ 1,675 One-month LIBOR at 4.00% Interest rate cap 08/30/2019 09/15/2021 $ 75,950 One-month LIBOR at 3.50% Interest rate cap 10/15/2020 10/15/2021 $ 26,200 One-month LIBOR at 3.00% Interest rate cap 02/12/2021 02/14/2022 $ 47,715 One-month LIBOR at 3.00% Interest rate cap 06/21/2019 05/22/2023 $ 51,252 One-month LIBOR at 4.00% 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 March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 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 6 $ 6 7 $ 1

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, which carrying amounts do not approximate the fair values (in thousands): March 31, 2021 December 31, 2020 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes and bond payable $ 866,582 $ 863,342 $ 869,876 $ 846,101 $ 842,112 $ 846,608 Financial liabilities (Level 1): Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures $ 190,931 $ 187,382 $ 191,553 $ 181,198 $ 179,786 $ 178,450 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures $ 76,019 $ 74,303 $ 71,355 $ 79,078 $ 77,170 $ 69,433 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 March 31, 2021, 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 $ 94,217 $ 94,217 $ — $ — Asset derivative - interest rate caps $ 6 $ — $ 6 $ — As of December 31, 2020, 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 $ 97,903 $ 97,903 $ — $ — Asset derivative - interest rate caps $ 1 $ — $ 1 $ —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
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, the Company’s advisor since November 1, 2019. Messrs. Hall and McMillan are also two of the Company’s executive officers and directors. Subject to certain restrictions and limitations, the business of the Company is externally managed by the Advisor pursuant to the Advisory Agreement. The Advisory Agreement is currently effective through November 1, 2021; however the Company or the Advisor may terminate the Advisory Agreement without cause or penalty upon providing 60 days’ written notice. The Advisor conducts the Company’s operations and manages its portfolio of real estate and other real estate-related investments. 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, LLC (“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. On March 27, 2020, the Company issued 3,411,737 shares of Restricted Stock to KBS Capital Advisors pursuant to the Restricted Stock Agreement. Pursuant to the terms of the Advisory Agreement, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2021 and 2020, respectively, and any related amounts payable as of March 31, 2021 and December 31, 2020 (in thousands): Incurred Payable as of 2021 2020 March 31, 2021 December 31, 2020 Expensed Asset management fees $ 3,852 $ 2,106 $ 5,061 $ 2,837 Property management fees (1) 120 — — — Reimbursable operating expenses (2) — 93 — — Change in subordinated performance fee due upon termination to affiliate (3) 461 — (3) (3) Capitalized Acquisition fees on real estate (4) 20 — 20 — Acquisition fees on real estate equity securities — 99 5 5 Acquisition fee on investment in unconsolidated entities 29 — 29 — $ 4,482 $ 2,298 $ 5,115 $ 2,842 _____________________ (1) Property management fees are for single-family homes under Battery Point and paid to DayMark. These fees are included in the line item “Operating, maintenance, and management cost” in the consolidated statement of operations. (2) The Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $71,000 for the three months ended March 31, 2020 and were the only employee costs reimbursed under the Advisory Agreement during these periods. There were no employee cost reimbursements during the three months ended March 31, 2021. 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. (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. (4) Acquisition fees associated with asset acquisitions are capitalized, while costs associated with business combinations expensed as incurred. 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”) and POSOR II (which was acquired by the Company pursuant to the Merger) acquired 13 Class A Units in Pacific Oak Opportunity Zone Fund I for $2.9 million, which are included in investments in unconsolidated entities on the consolidated balance sheets. When the Company acquired the additional 13 Class A Units through the Merger with POSOR II, it was recorded at its fair value of $3.0 million. Additionally, the Company acquired 7 Class A Units for $1.5 million during the year ended December 31, 2020. Pacific Oak Opportunity Zone Fund I is sponsored by Pacific Oak Holding. The Advisor is entitled to certain fees in connection with the fund. Pacific Oak Opportunity Zone Fund I 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. The Advisor 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 investment. In addition, side letter agreements between the Advisor and Pacific Oak Opportunity Zone Fund I were executed on February 28, 2020 and stipulate that any asset management fees allocable to the Company and waived by Pacific Oak Capital Advisors for Pacific Oak Opportunity Zone Fund I will distributed to the Company. During the three months ended March 31, 2021 the Company recorded $0.2 million of waived asset management fees recorded as equity in income of unconsolidated entities, of which $0.4 million was a receivable as of March 31, 2021. PORT II During the year ended December 31, 2020, the Company contributed $5.0 million in PORT II OP, LLC (“PORT II OP”), a wholly owned subsidiary of Pacific Oak Residential Trust II, Inc. ("PORT II"). On August 31, 2020, PORT II entered into an advisory agreement (as subsequently amended and restated on October 9, 2020, “PORT II Advisory Agreement”) with Pacific Oak Residential Advisors, LLC (“PORA”), an affiliate of the Advisor. Pursuant to the PORT II Advisory Agreement, PORT II has engaged PORA to act as its external advisor with respect to PORT II’s operations and assets. Because the Company has separately engaged the Advisor to manage its operations and assets, including its interests in PORT II, on November 12, 2020, the Company and the Advisor agreed to amend their advisory agreement to provide that PORT II’s operations and assets will be managed by PORA and not by the Advisor. In addition, the amendment provides that the Advisor will rebate or offset its fees under its advisory agreement with the Company to the extent of the Company’s indirect economic interest in fees paid by PORT II to PORA (which will be based on the Company’s indirect ownership of PORT II OP, which is the operating partnership of PORT II and the entity ultimately responsible for PORT II’s administrative expenses). On August 31, 2020, PORT II entered into a property management agreement with DMH Realty, LLC (“DMH”), an affiliate of the Advisor and PORA. Pursuant to the property management agreement, PORT II will pay to DMH a base fee equal to the following: (a) for all rent collections up to $50 million per year, 8%; (b) for all rent collections in excess of $50 million per year, but less than or equal to $75 million per year, 7%; and (c) for all rent collections in excess of $75 million per year, 6%. PORT II will also pay DMH market-based leasing fees that will depend on the type of tenant, shared fees equal to 100% of any application fees collected and 50% of any insufficient funds fees, late fees and certain other fees collected. DMH may also perform additional services at rates that would be payable to unrelated parties. PORT II is a Maryland corporation formed and sponsored by the Advisor to acquire, own and operate single family homes as rental properties as well as to acquire and own other interests, including mortgages on or securities related to single family homes. 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 was 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 the Advisor 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 vest 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 EN

INVESTMENT IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITIES	INVESTMENT IN UNCONSOLIDATED ENTITIES As of March 31, 2021 and December 31, 2020, the Company’s investments in unconsolidated entities were composed of the following (dollars in thousands): Number of Properties as of March 31, 2021 Investment Balance at Joint Venture Location Ownership % March 31, 2021 December 31, 2020 110 William Joint Venture 1 New York, New York 60.0% $ — — 353 Sacramento Joint Venture 1 San Francisco, California 55.0% 50,807 49,665 Pacific Oak Opportunity Zone Fund I 3 Various N/A 25,077 24,996 PORT II OP LP 7 Southaven, Mississippi N/A 5,005 5,005 $ 80,889 $ 79,666 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 March 31, 2021 and December 31, 2020, the book value of the Company’s investment in the 110 William Joint Venture was $0. During the three months ended March 31, 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 both of the three months ended March 31, 2021 and March 31, 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): March 31, 2021 December 31, 2020 Assets: Real estate assets, net of accumulated depreciation and amortization $ 244,042 $ 246,166 Other assets 44,101 44,004 Total assets $ 288,143 $ 290,170 Liabilities and equity: Notes payable, net $ 318,238 $ 316,421 Other liabilities 4,557 5,532 Partners’ deficit (34,652) (31,783) Total liabilities and equity $ 288,143 $ 290,170 Three Months Ended March 31, 2021 2020 Revenues $ 8,093 $ 7,982 Expenses: Operating, maintenance, and management 1,993 2,302 Real estate taxes and insurance 1,956 1,823 Depreciation and amortization 3,129 2,643 Interest expense 3,896 3,926 Total expenses 10,974 10,694 Total other income 12 22 Net loss $ (2,869) $ (2,690) Company’s share of net loss (1) $ (1,721) $ (1,614) _____________________ (1) The Company suspended the equity method of accounting and did not record the Company's share of losses for both of the three months ended March 31, 2021 and 2020. 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. During the three months ended March 31, 2021, the Company contributed an additional $0.9 million into the 353 Sacramento Joint Venture. 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): March 31, 2021 December 31, 2020 Assets: Real estate assets, net of accumulated depreciation and amortization $ 181,186 $ 182,318 Other assets 22,001 19,810 Total assets $ 203,187 $ 202,128 Liabilities and equity: Notes payable, net $ 109,856 $ 109,783 Other liabilities 7,345 7,639 Partners’ capital 85,986 84,706 Total liabilities and equity $ 203,187 $ 202,128 Three Months Ended March 31, 2021 2020 Revenues $ 4,639 $ 4,887 Expenses: Operating, maintenance, and management 772 680 Real estate taxes and insurance 759 753 Depreciation and amortization 1,867 1,603 Interest expense 869 1,321 Total expenses 4,267 4,357 Net income $ 372 $ 530 Company’s equity in income of unconsolidated joint venture $ 243 $ 328 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. Additionally, with the POSOR II Merger, the Company acquired an additional 13 Class A Units with a fair value of $3.0 million and also acquired 7 Class A Units for $1.5 million during the year ended December 31, 2020. As of March 31, 2021, the book value of the Company’s investment in Pacific Oak Opportunity Zone Fund I was $25.1 million, which includes $0.2 million of acquisition fees. As of March 31, 2021, Pacific Oak Opportunity Zone Fund I consolidated three joint ventures with real estate under development. As of March 31, 2021, 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. During the three months ended March 31, 2021, the Company recognized a $0.2 million loss related to this investment. 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 $25.1 million as of March 31, 2021. PORT II PORT II is a Maryland corporation formed and sponsored by the Advisor to acquire, own and operate single family homes as rental properties as well as to acquire and own other interests, including mortgages on or securities related to single family homes. As of March 31, 2021, the Company has contributed $5.0 million in capital to PORT II OP. The Company made its investment through PORT OP, of which the Company owns 96.1% of PORT II OP as of March 31, 2021. As of March 31, 2021, the Company has concluded that PORT II OP qualifies as a 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.

SUPPLEMENTAL CASH FLOW AND SIGN

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES	3 Months Ended
	Mar. 31, 2021
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): Three Months Ended March 31, 2021 2020 Supplemental Disclosure of Cash Flow Information: Interest paid, net of capitalized interest of $559 and $901 for the three months ended March 31, 2021 and 2020, respectively $ 11,227 $ 8,184 Supplemental Disclosure of Significant Noncash Transactions: Accrued improvements to real estate 3,906 2,699 Redeemable common stock payable 11 623 Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan — 262

REPORTING SEGMENTS

REPORTING SEGMENTS	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
REPORTING SEGMENTS	REPORTING SEGMENTS The Company recognizes three reporting segments for the three months ended March 31, 2021 and consists of strategic opportunistic properties, single-family homes and hotels. All corporate related costs are included in the strategic opportunistic properties segment to align with how financial information is presented to the chief operating decision maker. The Company recognized two reporting segments for the three months ended March 31, 2020. The selected financial information for reporting segments for the three months ended March 31, 2021 and 2020 are as follows (in thousands): Three Months Ended March 31, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 31,063 $ 5,306 $ 2,575 $ 38,944 Total expenses (31,594) (6,184) (5,651) (43,429) Total other income 10,504 23 — 10,527 Net income (loss) $ 9,973 $ (855) $ (3,076) $ 6,042 Three Months Ended March 31, 2020 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 21,752 $ 2,849 $ — $ 24,601 Total expenses (12,896) (3,540) — (16,436) Total other loss (25,804) — — (25,804) Net loss $ (16,948) $ (691) $ — $ (17,639) Total assets and goodwill related to the reporting segments as of March 31, 2021 and December 31, 2020 are as follows (in thousands): March 31, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total assets $ 1,420,296 $ 194,889 $ 146,868 $ 1,762,053 Goodwill 12,297 — 4,045 16,342 December 31, 2020 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total assets $ 1,404,509 $ 182,486 $ 144,670 $ 1,731,665 Goodwill 12,297 — 4,045 16,342

PORT MEZZANINE EQUITY

PORT MEZZANINE EQUITY	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
PORT MEZZANINE EQUITY	PORT MEZZANINE EQUITY The Company has authorized and issued preferred stock from a subsidiary. The Company has elected to use the measurement method described under ASC 480-10-S99-3A, paragraph 15(b), resulting in the common and preferred stock being classified in mezzanine equity and measured based on the estimated future redemption value as of March 31, 2021. 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 the Company’s noncontrolling cumulative convertible redeemable preferred stock for the three months ended March 31, 2021 and 2020 (dollars in thousands): Series A Preferred Stock Series B Preferred Stock Shares Amounts Shares Amounts Balance, December 31, 2020 15,000 $ 15,134 125 $ 99 Dividends Available Upon Redemption — 225 — — Dividends Paid — (225) — — Balance, March 31, 2021 15,000 $ 15,134 125 $ 99 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 — 365 — — Dividends Paid — (140) — — Balance, March 31, 2020 15,000 $ 15,134 125 $ 99 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 owned, at the time of acquisition, 559 single-family rental homes throughout the Midwestern and Southeastern United States. All of these assets are held by the Company through its subsidiary, PORT OP (formerly known as Reven Housing REIT OP, L.P.). 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 partially 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, as of July 1, 2020. The value of the interests exchanged was estimated by the participants at approximately $3.0 million. The common equity units issued to BPT Holdings are redeemable after one year at the request of BPT Holdings for all or a portion of the common equity units at a redemption price equal to and in the form of cash based on the unit price of PORT OP. The following table summarizes the redeemable non-controlling interest activity related to the PORT OP equity units held by BPT Holdings for the three months ended March 31, 2021 (in thousands): December 31, 2020 $ 2,968 Net loss attributable to redeemable noncontrolling interest (32) March 31, 2021 $ 2,936

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company owns two hotels, Springmaid Beach Resort and Q&C Hotel. The operation for both hotels are externally managed by third-party hotel operators, in which the Company have contractual obligations under the management agreements. Management Agreement Springmaid Beach Resort The consolidated joint venture entity through which the Company leases the operations for Springmaid Beach Resort has entered into a management agreement with Doubletree Management LLC, an independent third-party hotel operator (the “Operator”) pursuant to which the Operator will manage and operate the Springmaid Beach Resort. The hotel was branded a DoubleTree by Hilton in September 2016 (the “Brand Commencement Date”). The management agreement expires on December 31 of the 20th full year following the Brand Commencement Date. Upon mutual agreement, the parties may extend the term of the agreement for two successive periods of five years each. If an event of default occurs and continues beyond any applicable notice and cure periods set forth in the management agreement, the non-defaulting party generally has, among other remedies, the option of terminating the management agreement upon written notice to the defaulting party with no termination fee payable to Doubletree. In addition, the Company has the right to terminate the management agreement without the payment of a termination fee if Doubletree fails to achieve certain criteria relating to the performance of the hotel for any two consecutive years following the Brand Commencement Date. Under certain circumstances following a casualty or condemnation event, either party may terminate the management agreement provided Doubletree receives a termination fee an amount equal to two years of the base fee. The Company is permitted to terminate the management agreement upon a sale, lease or other transfer of the Springmaid Beach Resort any time so long as the buyer is approved for, and enters into a DoubleTree by Hilton franchise agreement for the balance of the agreement’s term. Finally, the Company is restricted in its ability to assign the management agreement upon a sale, lease or other transfer the Springmaid Beach Resort unless the transferee is approved by Doubletree to assume the management agreement. Pursuant to the management agreement the Operator receives the following fees: • a base fee, which is a percentage of total operating revenue that starts at 2.5% and increases to 2.75% in the second year following the Brand Commencement Date and further increases in the third year following the Brand Commencement Date and thereafter to 3.0%; • a campground area management fee, which is 2% of any campground revenue; • an incentive fee, which is 15% of operating cash flow (after deduction for capital renewals reserve and the joint venture owner’s priority, which is 12% of the joint venture owner’s total investment); • an additional services fee in the amount reasonably determined by the Operator from time to time; and • a brand services fee in the amount of 4% of total rooms revenue, and an other brand services fee in an amount determined by the Operator from time to time. The management agreement contains specific standards for the operation and maintenance of the hotel, which allows the Operator to maintain uniformity in the system created by the Operator’s franchise. Such standards generally regulate the appearance of the hotel, quality and type of goods and services offered, signage and protection of trademarks. Compliance with the management agreement will require the Company to make significant expenditures for capital improvements. During the three months ended March 31, 2021, the Company incurred $0.1 million of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. Q&C Hotel A wholly owned subsidiary of the joint venture through which the Company leases the operations of the Q&C Hotel (“Q&C Hotel Operations”) has entered into a management agreement with Encore Hospitality, LLC (“Encore Hospitality”), an affiliate of the joint venture partner, pursuant to which Encore Hospitality will manage and operate the Q&C Hotel. The management agreement expires on December 17, 2035. Subject to certain conditions, Encore Hospitality may extend the term of the agreement for a period of five years. Pursuant to the management agreement Encore Hospitality will receive a base fee, which is 4.0% of gross revenue (as defined in the management agreement). During the three months ended March 31, 2021, the Company incurred $22,000 of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. Q&C Hotel Operations has also entered into a franchise agreement with Marriott International (“Marriott”) pursuant to which Marriott has granted Q&C Hotel Operations a limited, non-exclusive license to establish and operate the Q&C Hotel using certain of Marriott’s proprietary marks and systems and the hotel was branded as a Marriott Autograph Collection hotel on May 25, 2016. The franchise agreement will expire on May 25, 2041. Pursuant to the franchise agreement, Q&C Hotel Operations pays Marriott a monthly franchise fee equal to a percent of gross room sales on a sliding scale that is initially 2% and increases to 5% on May 25, 2019 and a monthly marketing fund contribution fee equal to 1.5% of the Q&C Hotel’s gross room sales. In addition, the franchise agreement requires the maintenance of a reserve account to fund all renovations at the hotel based on a percentage of gross revenues which starts at 2% of gross revenues and increases to 5% of gross revenues on May 25, 2019. Q&C Hotel Operations is also responsible for the payment of certain other fees, charges and costs as set forth in the agreement. During the three months ended March 31, 2021, the Company incurred $0.1 million of fees related to the Marriott franchise agreement, which are included in hotel expenses on the accompanying consolidated statement of operations. In addition, in connection with the execution of the franchise agreement, SOR US Properties II is providing an unconditional guarantee that all Q&C Hotel Operations’ obligations under the franchise agreement will be punctually paid and performed. Finally, certain transfers of the Q&C Hotel or an ownership interest therein are subject to a notice and consent requirement, and the franchise agreement further provides Marriott with a right of first refusal with respect to a sale of the hotel to a competitor of Marriott. Lease Obligations As of March 31, 2021, the Company’s lease and rights to a leasehold interest with respect to 210 West 31st, which was accounted for as a finance lease, are included in the consolidated balance sheet as follows: Right-of-use asset (included in real estate held for investment, net) $ 9,258 Lease obligation (included in other liabilities) 9,298 Remaining lease term 92.8 years Discount rate 4.8 % The components of lease expense were as follows: Interest on lease obligation 114 As of March 31, 2021, the Company had a leasehold interest expiring on 2114. Future minimum lease payments owed by the Company under the finance lease as of March 31, 2021 are as follows (in thousands): April 1, 2021 through December 31, 2021 $ 270 2022 360 2023 360 2024 360 2025 393 Thereafter 52,563 Total expected minimum lease obligations 54,306 Less: Amount representing interest (1) (45,008) Present value of net minimum lease payments (2) $ 9,298 _____________________ (1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition. (2) The present value of net minimum lease payments are presented in other liabilities in the accompanying consolidated balance sheets. Paycheck Protection Program On February 10, 2021 and March 13, 2021, the Company, through wholly owned subsidiaries of joint ventures, entered into Paycheck Protection Program Promissory (“PPP”) notes for the Q&C Hotel and Springmaid Beach Resort and received funding of $0.6 million and $1.8 million, respectively. The PPP notes are supplementing payroll costs for the third-party managers of the joint ventures. In accordance with the requirements of the CARES Act, at least 60% of the proceeds used to date have been used to pay eligible payroll costs. Under the requirements of the CARES Act, the loan may be fully forgiven if (i) proceeds are used to pay eligible payroll costs, rent, mortgage interest and utilities and (ii) full-time employee headcount and salaries are either maintained during the applicable twenty-four-week period after loan origination. Any forgiveness of the loan will be subject to approval by the U.S. Small Business Administration (the “SBA”) and will require the Company to apply for such treatment in the future. While the Company may apply for forgiveness of the PPP notes in accordance with the requirements and limitations under the CARES Act and the SBA regulations and requirements, no assurance can be given that any portion of the PPP notes will be forgiven. As of March 31, 2021 and December 31, 2020, the PPP notes balance was $3.9 million and $1.5 million and recorded in other liabilities in the accompanying consolidated balance sheets, respectively. 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 March 31, 2021. 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 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 2020 Annual Report on Form 10-K, including those related to impairments of real estate assets and investments in unconsolidated affiliates, collectability assessments on operating lease receivables. While the results of our current analyses did not result in any material adjustments to amounts as of and during the three months ended March 31, 2021, circumstances related to the COVID-19 pandemic may result in recording impairments and lease modifications or adjustments to rental revenues for lease payments deemed not probably of collection in future periods. Legal Matters

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Notes Payable Refinancing On April 6, 2021, the Company refinanced the PORT Mortgage Loan 3 and the Battery Point Trust Mortgage Loan with a mortgage loan from unaffiliated lenders (the “Refinancing”) for borrowings up to $60.0 million. At closing, $51.4 million of the loan was funded and the remaining $8.6 million was available for future disbursements, subject to certain terms and conditions contained in the loan documents. The Refinancing is interest only with an annual fixed rate of 3.90% and has a maturity date of April 10, 2026. In connection with the execution of the Refinancing, Pacific Oak SOR Equity Holdings X LLC, a wholly owned subsidiary, is providing an unconditional guarantee and will be held liable, as a primary obligor for the Company’s obligations under the Refinancing. Subsequent Acquisitions

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
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 three months ended March 31, 2021, the Company had redeemed $0.9 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 March 2021 redemption date, except for 12,719,485 shares totaling $117.0 million due to the limitations under the share redemption program. The Company recorded $11,000 and $0.9 million of redeemable common stock payable on the Company’s balance sheet as of March 31, 2021 and December 31, 2020, respectively, related to unfulfilled redemption requests received in good order under the share redemption program. Based on the twelfth amended and restated share redemption program, the Company had $11,000 available for redemptions in the remainder of 2021, 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.
Segments	The Company operates in three reportable business segments: opportunistic real estate and real estate-related investments, single-family homes, and hotels, which is how the Company's management manages the business. In general, the Company intends to hold its investments in opportunistic real estate and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company’s management views opportunistic real estate and other real estate-related assets as similar investments and aggregated into one reportable business segment. The Company owns single-family homes in 17 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. Additionally, the Company owns two hotels and are aggregated into one reportable business segment due to the nature of the hotel business with short-term stays.
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 Series A convertible redeemable preferred shares of Pacific Oak Residential Trust, Inc. (“PORT”) 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 months ended March 31, 2021, 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 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 three months ended March 31, 2021, 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 March 31, 2021, 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.
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)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Schedule of Real Estate Investments	The following table summarizes the Company’s real estate held for investment as of March 31, 2021 and December 31, 2020, respectively (in thousands): March 31, 2021 December 31, 2020 Land $ 303,645 $ 302,444 Buildings and improvements 1,163,659 1,157,397 Tenant origination and absorption costs 56,243 57,594 Total real estate, cost 1,523,547 1,517,435 Accumulated depreciation and amortization (119,200) (104,412) Total real estate, net $ 1,404,347 $ 1,413,023
Schedule of Future Minimum Rental Income for Company's Properties	As of March 31, 2021, the future minimum rental income from the Company’s properties, excluding apartment leases, under non-cancelable operating leases was as follows (in thousands): April 1, 2021 through December 31, 2021 $ 59,224 2022 69,001 2023 57,401 2024 49,699 2025 39,294 Thereafter 90,444 $ 365,063
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 Insurance 28 $ 8,456 12.3 % Computer Systems 31 7,689 11.2 % $ 16,145 23.5 %
Schedule of Hotel Revenue and Expense	The following table provides detailed information regarding the Company’s hotel revenues and expenses for its two hotel properties during the three months ended March 31, 2021 (in thousands): Hotel revenues: Room $ 1,673 Food, beverage and convention services 296 Campground 243 Other 363 Hotel revenues $ 2,575 Hotel expenses: Room $ 723 Food, beverage and convention services 320 General and administrative 502 Sales and marketing 369 Repairs and maintenance 445 Utilities 243 Property taxes and insurance 565 Other 223 Hotel expenses $ 3,390
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table summarizes the Company’s contract liabilities, which are comprised of hotel advanced deposits and deferred proceeds received from the buyers of the Park Highlands land sales and another developer for the value of land that was contributed to a master association that is consolidated by the Company, which are included in other liabilities in the accompanying consolidated balance sheets, as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Contract liability $ 3,526 $ 3,369 Revenue recognized in the period from: Amounts included in contract liability at the beginning of the period $ 70 $ —

TENANT ORIGINATION AND ABSORP_2

TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Cost $ 56,243 $ 57,594 $ 4,159 $ 4,159 $ (8,142) $ (8,732) Accumulated Amortization (20,927) (17,088) (1,236) (1,002) 2,240 2,270 Net Amount $ 35,316 $ 40,506 $ 2,923 $ 3,157 $ (5,902) $ (6,462)
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 months ended March 31, 2021 and 2020 were as follows (in thousands): Tenant Origination and Above-Market Below-Market For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2021 2020 2021 2020 2021 2020 Amortization $ (5,222) $ (1,736) $ (234) $ (92) $ 560 $ 269

REAL ESTATE EQUITY SECURITIES (

REAL ESTATE EQUITY SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 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 $ 46,200 64,165,352 $ 44,274 Franklin Street Properties Corp. 6,915,089 37,687 6,915,089 30,219 Plymouth Industrial REIT, Inc. 613,085 10,330 1,560,660 23,410 71,693,526 $ 94,217 72,641,101 $ 97,903
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 months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Net gain (loss) recognized during the period on real estate equity securities $ 10,753 $ (26,454) Less net gain recognized during the period on real estate equity securities sold during the period (225) (364) Unrealized gain (loss) recognized during the reporting period on real estate equity securities held at the end of the period $ 10,528 $ (26,818)

NOTES AND BOND PAYABLE (Tables)

NOTES AND BOND PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2021
Notes and Bonds Payable [Abstract]
Schedule of Long-term Debt Instruments	As of March 31, 2021 and December 31, 2020, the Company’s notes and bonds payable consisted of the following (dollars in thousands): Book Value as of Book Value as of Contractual Interest Rate as of March 31, 2021 Effective Interest Rate at March 31, 2021 (1) Payment Type (2) Maturity Date (3) Richardson Portfolio Mortgage Loan $ 35,573 $ 35,832 One-Month LIBOR + 2.50% 2.61% Principal & Interest 11/01/2021 Park Centre Mortgage Loan 26,185 26,185 One-Month LIBOR + 1.75% 1.86% Interest Only 06/27/2022 1180 Raymond Mortgage Loan (4) 29,748 29,848 One-Month LIBOR + 2.50% (5) 3.50% Principal & Interest 12/01/2021 1180 Raymond Bond Payable 5,815 5,870 6.50% 6.50% Principal & Interest 09/01/2036 Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures (6) 190,931 181,198 4.25% 4.25% (6) 03/01/2023 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures (6) 76,019 79,078 3.93% 3.93% (6) 01/31/2026 Crown Pointe Mortgage Loan (4) 52,886 53,072 One-Month LIBOR + 2.60% 2.71% Principal & Interest 02/13/2022 City Tower Mortgage Loan (4) 98,530 94,167 One-Month LIBOR + 1.55% 1.66% Interest Only 03/05/2021 (7) The Marq Mortgage Loan 62,257 62,257 One-Month LIBOR + 1.55% 1.66% Interest Only 06/06/2021 Eight & Nine Corporate Centre Mortgage Loan 48,845 47,066 One-Month LIBOR + 1.60% 1.71% Interest Only 06/08/2021 Georgia 400 Center Mortgage Loan 61,154 59,690 One-Month LIBOR + 1.55% 1.66% Interest Only 05/22/2023 PORT Mortgage Loan 1 51,304 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 12,000 6.50% 6.50% Interest Only 03/31/2021 (8) Battery Point Trust Mortgage Loan 38,485 38,608 One-Month LIBOR + 2.50% (5) 3.50% Interest Only 03/20/2022 (8) Springmaid Beach Resort Mortgage Loan 57,015 57,015 One-month LIBOR + 2.25% (9) 5.77% Principal & Interest 08/10/2022 Q&C Hotel Mortgage Loan 25,000 25,000 One-month LIBOR + 2.50% (10) 4.50% Principal & Interest 12/23/2022 Lincoln Court Mortgage Loan (4) 34,922 34,416 One-month LIBOR + 1.75% 1.86% Principal & Interest 06/01/2021 Lofts at NoHo Commons Mortgage Loan 74,536 74,536 One-month LIBOR + 2.18% (11) 3.93% Interest Only 09/09/2021 210 West 31st Street Mortgage Loan (4) 13,850 15,050 One-month LIBOR + 3.00% 3.11% Principal & Interest 06/16/2021 Oakland City Center Mortgage Loan 97,063 96,782 One-month LIBOR + 1.75% 1.86% Principal & Interest 09/01/2022 Madison Square Mortgage Loan 20,891 16,822 One-month LIBOR + 4.05% (12) 5.05% Interest Only 10/09/2021 Margin Loan (13) 10,000 — (13) 0.85% Interest Only (13) Total Notes and Bonds Payable principal outstanding 1,133,532 1,106,377 Discount on Notes and Bonds Payable, net (14) (3,806) (2,851) Deferred financing costs, net (4,699) (4,458) Total Notes and Bonds Payable, net $ 1,125,027 $ 1,099,068 _____________________ (1) Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2021. Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2021 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at March 31, 2021, where applicable. (2) Represents the payment type required under the loan as of March 31, 2021. 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. (3) Represents the initial maturity date or the maturity date as extended as of March 31, 2021; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown. (4) The Company’s notes and bond’s payable are generally non-recourse. These mortgage loans have guarantees over certain balances whereby the Company would be required to make guaranteed payments in the event that the Company turned the property over to the lender. The guarantees are typically 25% of the outstanding loan balance. As of March 31, 2021, the guaranteed amount in the aggregate was $67.9 million. (5) These mortgage loans have a LIBOR floor of 1%. (6) See “ – Israeli Bond Financing” below. (7) Subsequent to March 31, 2021, the Company extended the maturity of the City Tower Mortgage Loan to March 5, 2022. (8) Subsequent to March 31, 2021, the Company refinanced the PORT Mortgage Loan 3 and the Battery Point Trust loan. See Note 15, “Subsequent Events”. (9) The interest rate is variable at the higher of one-month LIBOR + 2.25% or 5.77%. (10) The interest rate is variable at the higher of one-month LIBOR + 2.5% or 4.5%. Principal payments will commence on January 1, 2022. (11) The LIBOR rate is variable at the higher of one-month LIBOR or 1.75%. (12) The Madison Square Mortgage Loan bears interest at a floating rate of 405 basis points over one-month LIBOR, but at no point shall the interest rate be less than 5.05%. (13) On February 19, 2021, the Company received a $10.0 million Margin Loan that is due on demand and is collateralized by the Company’s Franklin Street Properties Corp. real estate equity securities. The Company must maintain a coverage ratio of approximately 30%. The interest rate charged on the Margin Loan is the bank’s margin rate. (14) Represents the unamortized premium/discount on notes and bonds payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and 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 March 31, 2021 (in thousands): April 1, 2021 through December 31, 2021 $ 443,911 2022 389,746 2023 156,875 2024 25,610 2025 76,933 Thereafter 40,457 $ 1,133,532

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table summarizes the notional amounts and other information related to the Company’s derivative instruments as of March 31, 2021. 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 07/25/2019 08/10/2021 $ 65,325 One-month LIBOR at 4.00% Interest rate cap 07/25/2019 08/10/2021 $ 1,675 One-month LIBOR at 4.00% Interest rate cap 08/30/2019 09/15/2021 $ 75,950 One-month LIBOR at 3.50% Interest rate cap 10/15/2020 10/15/2021 $ 26,200 One-month LIBOR at 3.00% Interest rate cap 02/12/2021 02/14/2022 $ 47,715 One-month LIBOR at 3.00% Interest rate cap 06/21/2019 05/22/2023 $ 51,252 One-month LIBOR at 4.00%
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 March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 December 31, 2020 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 6 $ 6 7 $ 1

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, which carrying amounts do not approximate the fair values (in thousands): March 31, 2021 December 31, 2020 Face Value Carrying Amount Fair Value Face Value Carrying Amount Fair Value Financial liabilities (Level 3): Notes and bond payable $ 866,582 $ 863,342 $ 869,876 $ 846,101 $ 842,112 $ 846,608 Financial liabilities (Level 1): Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures $ 190,931 $ 187,382 $ 191,553 $ 181,198 $ 179,786 $ 178,450 Pacific Oak SOR (BVI) Holdings, Ltd. Series B Debentures $ 76,019 $ 74,303 $ 71,355 $ 79,078 $ 77,170 $ 69,433
Fair Value, Assets Measured on Recurring Basis	As of March 31, 2021, 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 $ 94,217 $ 94,217 $ — $ — Asset derivative - interest rate caps $ 6 $ — $ 6 $ — As of December 31, 2020, 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 $ 97,903 $ 97,903 $ — $ — Asset derivative - interest rate caps $ 1 $ — $ 1 $ —

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Costs	Pursuant to the terms of the Advisory Agreement, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2021 and 2020, respectively, and any related amounts payable as of March 31, 2021 and December 31, 2020 (in thousands): Incurred Payable as of 2021 2020 March 31, 2021 December 31, 2020 Expensed Asset management fees $ 3,852 $ 2,106 $ 5,061 $ 2,837 Property management fees (1) 120 — — — Reimbursable operating expenses (2) — 93 — — Change in subordinated performance fee due upon termination to affiliate (3) 461 — (3) (3) Capitalized Acquisition fees on real estate (4) 20 — 20 — Acquisition fees on real estate equity securities — 99 5 5 Acquisition fee on investment in unconsolidated entities 29 — 29 — $ 4,482 $ 2,298 $ 5,115 $ 2,842 _____________________ (1) Property management fees are for single-family homes under Battery Point and paid to DayMark. These fees are included in the line item “Operating, maintenance, and management cost” in the consolidated statement of operations. (2) The Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $71,000 for the three months ended March 31, 2020 and were the only employee costs reimbursed under the Advisory Agreement during these periods. There were no employee cost reimbursements during the three months ended March 31, 2021. 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. (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. (4) Acquisition fees associated with asset acquisitions are capitalized, while costs associated with business combinations expensed as incurred.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Unconsolidated Joint Ventures	As of March 31, 2021 and December 31, 2020, the Company’s investments in unconsolidated entities were composed of the following (dollars in thousands): Number of Properties as of March 31, 2021 Investment Balance at Joint Venture Location Ownership % March 31, 2021 December 31, 2020 110 William Joint Venture 1 New York, New York 60.0% $ — — 353 Sacramento Joint Venture 1 San Francisco, California 55.0% 50,807 49,665 Pacific Oak Opportunity Zone Fund I 3 Various N/A 25,077 24,996 PORT II OP LP 7 Southaven, Mississippi N/A 5,005 5,005 $ 80,889 $ 79,666
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): March 31, 2021 December 31, 2020 Assets: Real estate assets, net of accumulated depreciation and amortization $ 244,042 $ 246,166 Other assets 44,101 44,004 Total assets $ 288,143 $ 290,170 Liabilities and equity: Notes payable, net $ 318,238 $ 316,421 Other liabilities 4,557 5,532 Partners’ deficit (34,652) (31,783) Total liabilities and equity $ 288,143 $ 290,170 Three Months Ended March 31, 2021 2020 Revenues $ 8,093 $ 7,982 Expenses: Operating, maintenance, and management 1,993 2,302 Real estate taxes and insurance 1,956 1,823 Depreciation and amortization 3,129 2,643 Interest expense 3,896 3,926 Total expenses 10,974 10,694 Total other income 12 22 Net loss $ (2,869) $ (2,690) Company’s share of net loss (1) $ (1,721) $ (1,614) _____________________ (1) The Company suspended the equity method of accounting and did not record the Company's share of losses for both of the three months ended March 31, 2021 and 2020.
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): March 31, 2021 December 31, 2020 Assets: Real estate assets, net of accumulated depreciation and amortization $ 181,186 $ 182,318 Other assets 22,001 19,810 Total assets $ 203,187 $ 202,128 Liabilities and equity: Notes payable, net $ 109,856 $ 109,783 Other liabilities 7,345 7,639 Partners’ capital 85,986 84,706 Total liabilities and equity $ 203,187 $ 202,128 Three Months Ended March 31, 2021 2020 Revenues $ 4,639 $ 4,887 Expenses: Operating, maintenance, and management 772 680 Real estate taxes and insurance 759 753 Depreciation and amortization 1,867 1,603 Interest expense 869 1,321 Total expenses 4,267 4,357 Net income $ 372 $ 530 Company’s equity in income of unconsolidated joint venture $ 243 $ 328

SUPPLEMENTAL CASH FLOW AND SI_2

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2021
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): Three Months Ended March 31, 2021 2020 Supplemental Disclosure of Cash Flow Information: Interest paid, net of capitalized interest of $559 and $901 for the three months ended March 31, 2021 and 2020, respectively $ 11,227 $ 8,184 Supplemental Disclosure of Significant Noncash Transactions: Accrued improvements to real estate 3,906 2,699 Redeemable common stock payable 11 623 Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan — 262

REPORTING SEGMENTS (Tables)

REPORTING SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The selected financial information for reporting segments for the three months ended March 31, 2021 and 2020 are as follows (in thousands): Three Months Ended March 31, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 31,063 $ 5,306 $ 2,575 $ 38,944 Total expenses (31,594) (6,184) (5,651) (43,429) Total other income 10,504 23 — 10,527 Net income (loss) $ 9,973 $ (855) $ (3,076) $ 6,042 Three Months Ended March 31, 2020 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total revenues $ 21,752 $ 2,849 $ — $ 24,601 Total expenses (12,896) (3,540) — (16,436) Total other loss (25,804) — — (25,804) Net loss $ (16,948) $ (691) $ — $ (17,639) Total assets and goodwill related to the reporting segments as of March 31, 2021 and December 31, 2020 are as follows (in thousands): March 31, 2021 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total assets $ 1,420,296 $ 194,889 $ 146,868 $ 1,762,053 Goodwill 12,297 — 4,045 16,342 December 31, 2020 Strategic Opportunistic Properties Single-Family Homes Hotels Total Total assets $ 1,404,509 $ 182,486 $ 144,670 $ 1,731,665 Goodwill 12,297 — 4,045 16,342

PORT MEZZANINE EQUITY (Tables)

PORT MEZZANINE EQUITY (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Stock by Class	The following is a reconciliation of the Company’s noncontrolling cumulative convertible redeemable preferred stock for the three months ended March 31, 2021 and 2020 (dollars in thousands): Series A Preferred Stock Series B Preferred Stock Shares Amounts Shares Amounts Balance, December 31, 2020 15,000 $ 15,134 125 $ 99 Dividends Available Upon Redemption — 225 — — Dividends Paid — (225) — — Balance, March 31, 2021 15,000 $ 15,134 125 $ 99 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 — 365 — — Dividends Paid — (140) — — Balance, March 31, 2020 15,000 $ 15,134 125 $ 99
Schedule of Redeemable Non-controlling Interest Activities	The following table summarizes the redeemable non-controlling interest activity related to the PORT OP equity units held by BPT Holdings for the three months ended March 31, 2021 (in thousands): December 31, 2020 $ 2,968 Net loss attributable to redeemable noncontrolling interest (32) March 31, 2021 $ 2,936

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Cost	As of March 31, 2021, the Company’s lease and rights to a leasehold interest with respect to 210 West 31st, which was accounted for as a finance lease, are included in the consolidated balance sheet as follows: Right-of-use asset (included in real estate held for investment, net) $ 9,258 Lease obligation (included in other liabilities) 9,298 Remaining lease term 92.8 years Discount rate 4.8 % The components of lease expense were as follows: Interest on lease obligation 114
Schedule of Finance Lease, Liability, Fiscal Year Maturity	As of March 31, 2021, the Company had a leasehold interest expiring on 2114. Future minimum lease payments owed by the Company under the finance lease as of March 31, 2021 are as follows (in thousands): April 1, 2021 through December 31, 2021 $ 270 2022 360 2023 360 2024 360 2025 393 Thereafter 52,563 Total expected minimum lease obligations 54,306 Less: Amount representing interest (1) (45,008) Present value of net minimum lease payments (2) $ 9,298 _____________________ (1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition. (2) The present value of net minimum lease payments are presented in other liabilities in the accompanying consolidated balance sheets.

ORGANIZATION (Details)

ORGANIZATION (Details)

Mar. 04, 2021USD ($)

Mar. 04, 2021ILS (₪)

Oct. 05, 2020$ / sharesshares

Feb. 16, 2020USD ($)

Jan. 22, 2020USD ($)

Nov. 01, 2019

Mar. 08, 2016USD ($)

Mar. 08, 2016ILS (₪)

Mar. 08, 2016ILS (₪)

Mar. 07, 2016ILS (₪)

Mar. 01, 2016ILS (₪)

Mar. 31, 2021USD ($)ainvestmentpropertyportfoliounit$ / sharesshares

Mar. 31, 2020USD ($)shares

Nov. 14, 2012USD ($)shares

Mar. 31, 2021USD ($)ainvestmentpropertyportfoliounit$ / sharesshares

Dec. 31, 2020USD ($)$ / sharesshares

Mar. 27, 2020shares

Feb. 19, 2020USD ($)investmentpropertyinstrument

Feb. 16, 2020ILS (₪)

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

Common stock, shares issued (in shares)

97,966,439

97,966,439

98,054,582

55,249

220,994

Period of termination of advisory agreement without cause or penalty

60 days

Issuance of common stock | $

$ 262,000

$ 561,700,000

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

$ 76,500,000

Redemptions of common stock | $

$ 853,000

$ 468,000

288,500,000

Common stock, value, issued | $

$ 979,000

$ 979,000

$ 979,000

$ 500,000

$ 2,000,000

Preferred stock, shares issued (in shares)

0

0

0

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

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Conversion of stock, shares issued (in shares)

28,973,905

Number of investments in equity securities | investment

3

3

Number of investments in unconsolidated joint venture | investment

4

4

POSOR II

Organizational Structure [Line Items]

Number of investments in equity securities | investment

2

Real estate loans assumed | $

$ 331,800,000

Number of investments in unconsolidated joint venture | instrument

2

Office Properties

Organizational Structure [Line Items]

Number of real estate properties | property

9

9

Number of real estate properties consolidated | property

9

9

Office Portfolio

Organizational Structure [Line Items]

Number of real estate properties consolidated | portfolio

1

1

Office Buildings, Portfolio

Organizational Structure [Line Items]

Number of real estate properties consolidated | property

4

4

Undeveloped Land, Portfolio

Organizational Structure [Line Items]

Real estate area of undeveloped land | a

14

14

Apartment Property

Organizational Structure [Line Items]

Number of real estate properties consolidated | property

2

2

Undeveloped Land

Organizational Structure [Line Items]

Real estate area of undeveloped land | a

1,000

1,000

Number of investments in real estate | investment

3

3

Residential Home Portfolio

Organizational Structure [Line Items]

Number of real estate properties | portfolio

1

1

Number of units in real estate property | unit

1,786

1,786

Hotel

Organizational Structure [Line Items]

Number of real estate properties | property

2

2

Hotel | POSOR II

Organizational Structure [Line Items]

Number of real estate properties | property

2

Office/ Retail Property

Organizational Structure [Line Items]

Number of real estate properties | property

1

1

Office/ Retail Property | POSOR II

Organizational Structure [Line Items]

Number of real estate properties | property

1

Series A Debentures | Bonds Payable

Organizational Structure [Line Items]

Maximum borrowing capacity | ₪

₪ 250,000,000

₪ 1,000,000,000

Contractual interest rate, percentage

4.25%

Proceeds from issuance of debt

$ 74,200,000

₪ 245,300,000

$ 249,200,000

₪ 970,200,000

₪ 970,200,000

₪ 127,700,000

₪ 842,500,000

Series B Debentures | Bonds Payable

Organizational Structure [Line Items]

Maximum borrowing capacity

$ 74,100,000

₪ 254,100,000

Contractual interest rate, percentage

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

Maximum | Series A Debentures | Bonds Payable

Organizational Structure [Line Items]

Contractual interest rate, percentage

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)

24,645

56,584,976

Issuance of common stock | $

$ 0

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

6,851,969

Redemptions of common stock (in shares)

88,143

44,025

24,129,688

Redemptions of common stock | $

$ 0

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

Stock offering, shares authorized for issuance, value | $

$ 1,000,000,000

POSOR II

Organizational Structure [Line Items]

Preferred 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	3 Months Ended		136 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock	$ 853	$ 468	$ 288,500
Redeemable common stock payable	11		11	$ 864
Remaining authorized repurchase amount	11		$ 11
Common Stock
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock	0
Number of shares non-redeemable due to limitation (in shares)		12,719,485
Number of shares non-redeemable due to limitation		$ 117,000
Common Stock | Share Redemption Program
Summary of Significant Accounting Policies [Line Items]
Redemptions of common stock	$ 900

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)propertysegmentmarket$ / shares	Mar. 31, 2020$ / shares	May 07, 2021USD ($)
Segment Reporting Information [Line Items]
Maturities, next 12 months | $	$ 389,746
Number of reportable segments	3
Distributions declared per common share (in dollars per share) | $ / shares	$ 0	$ 0.008600
Subsequent Event
Segment Reporting Information [Line Items]
Maturities, next 12 months | $			$ 580,000
Hotel
Segment Reporting Information [Line Items]
Number of real estate properties | property	2
Single-Family Homes
Segment Reporting Information [Line Items]
Number of reportable segments	1
Single family home markets | market	17
Hotels
Segment Reporting Information [Line Items]
Number of reportable segments	1

REAL ESTATE HELD FOR INVESTME_3

REAL ESTATE HELD FOR INVESTMENT - Additional Information (Details) ft² in Millions	Mar. 31, 2021ft²apropertyportfoliounitroom
Real Estate Properties [Line Items]
Percentage of portfolio occupied	76.00%
Office Properties
Real Estate Properties [Line Items]
Number of real estate properties	9
Number of real estate properties consolidated	9
Undeveloped Land, Portfolio
Real Estate Properties [Line Items]
Real estate area of undeveloped land | a	14
Rentable square feet | ft²	3.8
Apartment Property
Real Estate Properties [Line Items]
Number of real estate properties consolidated	2
Apartment Building
Real Estate Properties [Line Items]
Rentable square feet | ft²	0.5
Percentage of portfolio occupied	89.00%
Number of units in real estate property | unit	609
Residential Home Portfolio
Real Estate Properties [Line Items]
Number of real estate properties | portfolio	1
Rentable square feet | ft²	2.5
Percentage of portfolio occupied	94.00%
Number of units in real estate property | unit	1,786
Office/ Retail Property
Real Estate Properties [Line Items]
Number of real estate properties	1
Hotel
Real Estate Properties [Line Items]
Number of real estate properties	2
Number of rooms | room	649

REAL ESTATE HELD FOR INVESTME_4

REAL ESTATE HELD FOR INVESTMENT - Schedule of Real Estate Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Total real estate, cost	$ 1,523,547	$ 1,517,435
Accumulated depreciation and amortization	(119,200)	(104,412)
Total real estate, net	1,404,347	1,413,023
Land
Real Estate Properties [Line Items]
Total real estate, cost	303,645	302,444
Buildings and improvements
Real Estate Properties [Line Items]
Total real estate, cost	1,163,659	1,157,397
Tenant origination and absorption costs
Real Estate Properties [Line Items]
Total real estate, cost	$ 56,243	$ 57,594

REAL ESTATE HELD FOR INVESTME_5

REAL ESTATE HELD FOR INVESTMENT - Operating Leases, Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)tenant	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Operating Leased Assets [Line Items]
Recognition of deferred revenue, net of discontinued operations	$ 1,100	$ 1,000
Deferred rent receivables	20,900		$ 19,200
Incentive to lessee	$ 5,100		4,700
Number of tenants | tenant	300
Adjustments to rental income	$ 700	$ 200
Other Liabilities
Operating Leased Assets [Line Items]
Security deposit liability	$ 5,800		$ 5,700
Maximum
Operating Leased Assets [Line Items]
Operating lease, term	14 years 4 months 24 days
Weighted Average
Operating Leased Assets [Line Items]
Operating lease, term	4 years 1 month 6 days
Apartment Building
Operating Leased Assets [Line Items]
Operating lease, term	1 year

REAL ESTATE HELD FOR INVESTME_6

REAL ESTATE HELD FOR INVESTMENT - Future Minimum Rental Income (Details) $ in Thousands	Mar. 31, 2021USD ($)
Real Estate [Abstract]
April 1, 2021 through December 31, 2021	$ 59,224
2022	69,001
2023	57,401
2024	49,699
2025	39,294
Thereafter	90,444
Future minimum rental income	$ 365,063

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	3 Months Ended
	Mar. 31, 2021USD ($)tenant
Concentration Risk [Line Items]
Number of tenants | tenant	300
Annualized Base Rent | $	$ 16,145
Percentage of Annualized Base Rent	23.50%
Insurance
Concentration Risk [Line Items]
Number of tenants | tenant	28
Annualized Base Rent | $	$ 8,456
Percentage of Annualized Base Rent	12.30%
Computer Systems
Concentration Risk [Line Items]
Number of tenants | tenant	31
Annualized Base Rent | $	$ 7,689
Percentage of Annualized Base Rent	11.20%

REAL ESTATE HELD FOR INVESTME_8

REAL ESTATE HELD FOR INVESTMENT - Hotel Revenue and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Hotel expenses:
General and administrative	$ 1,869	$ 2,546
Hotel
Revenues:
Revenue	2,575
Hotel expenses:
Expenses	3,390
General and administrative	502
Sales and marketing	369
Repairs and maintenance	445
Property taxes and insurance	565
Hotel | Room
Revenues:
Revenue	1,673
Hotel expenses:
Expenses	723
Hotel | Food, beverage and convention services
Revenues:
Revenue	296
Hotel expenses:
Expenses	320
Hotel | Campground
Revenues:
Revenue	243
Hotel | Utilities
Hotel expenses:
Expenses	243
Hotel | Other
Revenues:
Revenue	363
Hotel expenses:
Expenses	$ 223

REAL ESTATE HELD FOR INVESTME_9

REAL ESTATE HELD FOR INVESTMENT - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Product Liability Contingency [Line Items]
Amounts included in contract liability at the beginning of the period	$ 1,085	$ 1,027
Other Liabilities
Product Liability Contingency [Line Items]
Contract liability	3,526		$ 3,369
Amounts included in contract liability at the beginning of the period	$ 70		$ 0

REAL ESTATE HELD FOR INVESTM_10

REAL ESTATE HELD FOR INVESTMENT - Geographic Concentration Risk (Details)	3 Months Ended
	Mar. 31, 2021
Concentration Risk [Line Items]
Concentration risk, percentage	23.50%
California | Assets, Total
Concentration Risk [Line Items]
Concentration risk, percentage	29.00%

REAL ESTATE HELD FOR INVESTM_11

REAL ESTATE HELD FOR INVESTMENT - Recent Real Estate Acquisition (Details) - Single-Family Home Portfolio - Single Family $ in Millions	Mar. 17, 2021USD ($)property	Mar. 31, 2021
Business Acquisition [Line Items]
Number of real estate properties acquired | property	21
Purchase price | $	$ 2
Ownership percentage		96.10%

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
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]
Tenant Origination And Absorption Costs, Cost	$ 56,243		$ 57,594
Tenant Origination and Absorption Costs, Accumulated Amortization	(20,927)		(17,088)
Tenant Origination and Absorption Costs, Net Amount	35,316		40,506
Tenant Origination and Absorption Costs, Amortization	(5,222)	$ (1,736)
Above-Market Lease Assets, Cost	4,159		4,159
Above-Market Lease Assets, Accumulated Amortization	(1,236)		(1,002)
Above-Market Lease Assets, Net Amount	2,923		3,157
Above-Market Lease Assets, Amortization	(234)	(92)
Below-Market Lease Liabilities, Cost	(8,142)		(8,732)
Below-Market Lease Liabilities, Accumulated Amortization	2,240		2,270
Below-Market Lease Liabilities, Net Amount	(5,902)		$ (6,462)
Below-Market Lease Liabilities, Amortization	$ 560	$ 269

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
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Housing Subsidy Intangible Asset	$ 1,900		$ 2,000
Depreciation and amortization	17,001	$ 8,984
Tax abatement asset	$ 1,300		$ 1,600
Housing subsidy intangible asset
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Remaining amortization period	27 years 8 months 12 days
Depreciation and amortization	$ 18
Property Tax Abatement Intangible Asset
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]
Remaining amortization period	1 year 10 months 24 days
Depreciation and amortization	$ 300	$ 100

REAL ESTATE EQUITY SECURITIES -

REAL ESTATE EQUITY SECURITIES - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)investment	Mar. 31, 2020USD ($)
Investments, Debt and Equity Securities [Abstract]
Number of investments in equity securities | investment	3
Dividend income from real estate equity securities | $	$ 2.8	$ 1.1

REAL ESTATE EQUITY SECURITIES_2

REAL ESTATE EQUITY SECURITIES - Shares Owned (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Number of Shares Owned (in shares)	71,693,526	72,641,101
Total Carrying Value	$ 94,217	$ 97,903
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	$ 46,200	$ 44,274
Franklin Street Properties Corp.
Debt Securities, Available-for-sale [Line Items]
Number of Shares Owned (in shares)	6,915,089	6,915,089
Total Carrying Value	$ 37,687	$ 30,219
Plymouth Industrial REIT, Inc.
Debt Securities, Available-for-sale [Line Items]
Number of Shares Owned (in shares)	613,085	1,560,660
Total Carrying Value	$ 10,330	$ 23,410

REAL ESTATE EQUITY SECURITIES_3

REAL ESTATE EQUITY SECURITIES - Portion of Gain and Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Net gain (loss) recognized during the period on real estate equity securities	$ 10,753	$ (26,454)
Less net gain recognized during the period on real estate equity securities sold during the period	(225)	(364)
Unrealized gain (loss) recognized during the reporting period on real estate equity securities held at the end of the period	$ 10,528	$ (26,818)

NOTES AND BOND PAYABLE - Schedu

NOTES AND BOND PAYABLE - Schedule of Long-term Debt Instruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Feb. 19, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total Notes and Bonds Payable principal outstanding	$ 1,133,532,000		$ 1,106,377,000
Discount on Notes and Bonds Payable, net	(3,806,000)		(2,851,000)
Deferred financing costs, net	(4,699,000)		(4,458,000)
Notes and Bond Payable, Net	1,125,027,000		1,099,068,000
Mortgages | Richardson Portfolio Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 35,573,000		35,832,000
Interest rate, effective percentage	2.61%
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	$ 26,185,000		26,185,000
Interest rate, effective percentage	1.86%
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	$ 29,748,000		29,848,000
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	$ 5,815,000		5,870,000
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	$ 190,931,000		181,198,000
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	$ 76,019,000		79,078,000
Contractual interest rate, percentage	3.93%
Interest rate, effective percentage	3.93%
Mortgages | Crown Pointe Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 52,886,000		53,072,000
Interest rate, effective percentage	2.71%
Guarantees as percent of outstanding loan balance	25.00%
Amount under guarantees	$ 67,900,000
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	$ 98,530,000		94,167,000
Interest rate, effective percentage	1.66%
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	$ 62,257,000		62,257,000
Interest rate, effective percentage	1.66%
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	$ 48,845,000		47,066,000
Interest rate, effective percentage	1.71%
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	$ 61,154,000		59,690,000
Interest rate, effective percentage	1.66%
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	$ 51,304,000		51,362,000
Contractual interest rate, percentage	4.74%
Interest rate, effective percentage	4.74%
Mortgages | PORT Mortgage Loan 2
Debt Instrument [Line Items]
Notes payable, net	$ 10,523,000		10,523,000
Contractual interest rate, percentage	4.72%
Interest rate, effective percentage	4.72%
Mortgages | PORT Mortgage Loan 3
Debt Instrument [Line Items]
Notes payable, net	$ 12,000,000		12,000,000
Contractual interest rate, percentage	650.00%
Interest rate, effective percentage	6.50%
Mortgages | Battery Point Trust Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 38,485,000		38,608,000
Interest rate, effective percentage	3.50%
Mortgages | Battery Point Trust Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Mortgages | Battery Point Trust Mortgage Loan | One-month LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Mortgages | Springmaid Beach Resort Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 57,015,000		57,015,000
Interest rate, effective percentage	5.77%
Mortgages | Springmaid Beach Resort Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Mortgages | Springmaid Beach Resort Mortgage Loan | One-month LIBOR | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Mortgages | Q&C Hotel Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 25,000,000		25,000,000
Interest rate, effective percentage	4.50%
Mortgages | Q&C Hotel Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Mortgages | Lincoln Court Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 34,922,000		34,416,000
Interest rate, effective percentage	1.86%
Mortgages | Lincoln Court Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Mortgages | Lofts at NoHo Commons Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 74,536,000		74,536,000
Interest rate, effective percentage	3.93%
Mortgages | Lofts at NoHo Commons Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Interest rate, effective percentage	1.75%
Mortgages | Lofts at NoHo Commons Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.18%
Mortgages | 210 West 31st Street Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 13,850,000		15,050,000
Interest rate, effective percentage	3.11%
Mortgages | 210 West 31st Street Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Mortgages | Oakland City Center Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 97,063,000		96,782,000
Interest rate, effective percentage	1.86%
Mortgages | Oakland City Center Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Mortgages | Madison Square Mortgage Loan
Debt Instrument [Line Items]
Notes payable, net	$ 20,891,000		16,822,000
Interest rate, effective percentage	5.05%
Mortgages | Madison Square Mortgage Loan | Maximum
Debt Instrument [Line Items]
Contractual interest rate, percentage	5.05%
Mortgages | Madison Square Mortgage Loan | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	4.05%
Mortgages | Margin Loan
Debt Instrument [Line Items]
Notes payable, net	$ 10,000,000		$ 0
Interest rate, effective percentage	85.00%
Face amount		$ 10,000,000
Coverage ratio		30.00%

NOTES AND BOND PAYABLE - Additi

NOTES AND BOND PAYABLE - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	May 07, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Interest expense	$ 9,941	$ 6,796
Amortization of deferred financing costs	813	885
Interest capitalized	559	901
Interest payable	3,600			$ 6,200
Maturities, next 12 months	389,746
Subsequent Event
Debt Instrument [Line Items]
Maturities, next 12 months			$ 580,000
Maturities, next 12 months with extension option			$ 340,500
Undeveloped Land
Debt Instrument [Line Items]
Interest capitalized	$ 600	$ 900

NOTES AND BOND PAYABLE - Sche_2

NOTES AND BOND PAYABLE - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Mar. 31, 2021USD ($)
Notes and Bonds Payable [Abstract]
April 1, 2021 through December 31, 2021	$ 443,911
2022	389,746
2023	156,875
2024	25,610
2025	76,933
Thereafter	40,457
Notes and bond payable outstanding	$ 1,133,532

NOTES AND BOND PAYABLE - Recent

NOTES AND BOND PAYABLE - Recent Bond Financing (Details) - Bonds Payable $ in Millions	Mar. 04, 2021ILS (₪)	Mar. 04, 2021USD ($)	Feb. 16, 2020ILS (₪)	Mar. 08, 2016ILS (₪)	Mar. 08, 2016ILS (₪)	Mar. 08, 2016USD ($)	Mar. 07, 2016ILS (₪)	Mar. 02, 2016ILS (₪)	Mar. 01, 2016ILS (₪)	Feb. 16, 2020USD ($)
Series A Debentures
Debt Instrument [Line Items]
Maximum borrowing capacity	₪ 250,000,000							₪ 1,000,000,000
Interest rate during period					4.25%	4.25%
Proceeds from issuance of debt	₪ 245,300,000	$ 74.2		₪ 970,200,000	₪ 970,200,000	$ 249.2	₪ 127,700,000		₪ 842,500,000
Contractual interest rate, percentage								4.25%
Series A Debentures | Maximum
Debt Instrument [Line Items]
Interest rate during period								4.25%
Contractual interest rate, percentage								4.25%
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%
Percent of discount at issuance	1.90%

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - Not Designated as Hedging Instrument	Mar. 31, 2021USD ($)instrument	Dec. 31, 2020USD ($)instrument
Interest rate caps
Derivative [Line Items]
Number of Instruments | instrument	6
Notional Value	$ 65,325,000
Interest rate caps | Prepaid expenses and other assets
Derivative [Line Items]
Number of Instruments | instrument	6	7
Derivative Asset, Fair Value	$ 6,000	$ 1,000
Interest rate caps | One-month LIBOR
Derivative [Line Items]
Reference Rate	4.00%
Interest rate cap
Derivative [Line Items]
Notional Value	$ 1,675,000
Interest rate cap | One-month LIBOR
Derivative [Line Items]
Reference Rate	4.00%
Interest rate cap
Derivative [Line Items]
Notional Value	$ 75,950,000
Interest rate cap | One-month LIBOR
Derivative [Line Items]
Reference Rate	3.50%
Interest rate cap
Derivative [Line Items]
Notional Value	$ 26,200,000
Interest rate cap | One-month LIBOR
Derivative [Line Items]
Reference Rate	3.00%
Interest rate cap
Derivative [Line Items]
Notional Value	$ 47,715,000
Interest rate cap | One-month LIBOR
Derivative [Line Items]
Reference Rate	3.00%
Interest rate cap
Derivative [Line Items]
Notional Value	$ 51,252,000
Interest rate cap | One-month LIBOR
Derivative [Line Items]
Reference Rate	4.00%

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Face Value, Carrying Amounts and Fair Value (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Face Value	$ 866,582,000	$ 846,101,000
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	190,931,000	181,198,000
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	76,019,000	79,078,000
Carrying Amount | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	863,342,000	842,112,000
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	187,382,000	179,786,000
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	74,303,000	77,170,000
Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and bond payable, Value	869,876,000	846,608,000
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	191,553,000	178,450,000
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	$ 71,355,000	$ 69,433,000

FAIR VALUE DISCLOSURES - Sche_2

FAIR VALUE DISCLOSURES - Schedule of Assets and Liabilities at Fair Value (Details) - Recurring Basis - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate equity securities	$ 94,217	$ 97,903
Asset derivative		1
Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	6
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	94,217	97,903
Asset derivative		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
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		1
Significant Other Observable Inputs (Level 2) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	6
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
Significant Unobservable Inputs (Level 3) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset derivative	$ 0

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - shares	Nov. 01, 2019	Mar. 31, 2021	Dec. 31, 2020	Mar. 27, 2020
Related Party Transactions [Abstract]
Period of termination of advisory agreement without cause or penalty	60 days
Related Party Transaction [Line Items]
Preferred stock, shares issued (in shares)		0	0
KBS Capital Advisors LLC
Related Party Transaction [Line Items]
Preferred stock, shares issued (in shares)				3,411,737

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Costs (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Payable as of	$ 5,115,000		$ 2,842,000
Payment for administrative fees		$ 71,000	0
Pacific Oak Capital Advisors LLC
Related Party Transaction [Line Items]
Capitalized	4,482,000	2,298,000
Payable as of	5,115,000		2,842,000
Pacific Oak Capital Advisors LLC | Asset management fees
Related Party Transaction [Line Items]
Expensed	3,852,000	2,106,000
Payable as of	5,061,000		2,837,000
Pacific Oak Capital Advisors LLC | Property management fees
Related Party Transaction [Line Items]
Expensed	120,000	0
Payable as of	0		0
Pacific Oak Capital Advisors LLC | Reimbursable operating expenses
Related Party Transaction [Line Items]
Expensed	0	93,000
Payable as of	0		0
Pacific Oak Capital Advisors LLC | Change in subordinated performance fee due upon termination to affiliate
Related Party Transaction [Line Items]
Expensed	461,000	0
Pacific Oak Capital Advisors LLC | Acquisition fees on real estate
Related Party Transaction [Line Items]
Capitalized	20,000	0
Payable as of	20,000		0
Pacific Oak Capital Advisors LLC | Acquisition fees on real estate equity securities
Related Party Transaction [Line Items]
Capitalized	0	99,000
Payable as of	5,000		5,000
Pacific Oak Capital Advisors LLC | Acquisition fee on investment in unconsolidated entities
Related Party Transaction [Line Items]
Capitalized	29,000	$ 0
Payable as of	$ 29,000		$ 0

RELATED PARTY TRANSACTIONS - In

RELATED PARTY TRANSACTIONS - Investment in Pacific Oak Opportunity Zone Fund I (Details) - Pacific Oak Opportunity Zone Fund I $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)unit	Dec. 31, 2019USD ($)unit
Schedule of Equity Method Investments [Line Items]
Number of units in real estate property | unit		7	91
Investments			$ 20,600
Investments, fair value		$ 1,500
Acquisition fee, percent of purchase price fee	1.50%
Investment, purchase price, benchmark	$ 25,000
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%
Waived asset management fees	$ 200
Asset management fees receivable	$ 400
POSOR II Merger
Schedule of Equity Method Investments [Line Items]
Number of units in real estate property | unit		13
Investments		$ 2,900
Investments, fair value		$ 3,000

RELATED PARTY TRANSACTIONS - PO

RELATED PARTY TRANSACTIONS - PORT II (Details) - USD ($) $ in Millions	Aug. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments		$ 5
Insufficient fund fees, percent	50.00%
Application fee collected, percent	100.00%
PORT II OP LP | Tier 1
Schedule of Equity Method Investments [Line Items]
Base fee, percent of rent collections per year	8.00%
PORT II OP LP | Tier 1 | Maximum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 50
PORT II OP LP | Tier 2
Schedule of Equity Method Investments [Line Items]
Base fee, percent of rent collections per year	7.00%
PORT II OP LP | Tier 2 | Maximum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 75
PORT II OP LP | Tier 2 | Minimum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 50
PORT II OP LP | Tier 3
Schedule of Equity Method Investments [Line Items]
Base fee, percent of rent collections per year	6.00%
PORT II OP LP | Tier 3 | Minimum
Schedule of Equity Method Investments [Line Items]
Base fee, benchmark of rent collections per year	$ 75
PORT II OP LP | PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments			$ 5
Investment in PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Ownership %		96.10%
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Financing fee as percent of original principal amount of any indebtedness		0.50%

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Subordinated Performance Fee Due Upon Termination to KBS Capital Advisors (Details) - KBS Capital Advisors LLC - Subordinated Performance Fee Due Upon Termination	3 Months Ended
	Mar. 31, 2021shares
Related Party Transaction [Line Items]
Issuance of restricted stock (in shares)	3,411,737
Period of redemption after vesting	60 days
Termination fee as percent of liquidation proceeds, percent	50.00%
Percent of total operating expenses in four consecutive quarters	2.00%
Percent of total operating expenses in four consecutive quarters, benchmark	25.00%
After November 1, 2024
Related Party Transaction [Line Items]
Period of redemption of remaining shares	60 days

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED ENTITIES - Investments in Unconsolidated Joint Ventures (Details) $ in Thousands	Mar. 31, 2021USD ($)property	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 80,889	$ 79,666
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	$ 50,807	49,665
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	3
Investment Balance	$ 25,077	24,996
Pacific Oak Residential Trust II, Inc.
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	7
Investment Balance	$ 5,005	$ 5,005

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED ENTITIES - Investments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)unit	Dec. 31, 2019USD ($)unit	May 02, 2014ft²
Schedule of Equity Method Investments [Line Items]
Income from unconsolidated joint venture	$ 0	$ 52,000
Investments in unconsolidated entities	80,889,000		$ 79,666,000
Equity in income of unconsolidated entities	169,000	$ 328,000
110 William JV Partner
Schedule of Equity Method Investments [Line Items]
Income from unconsolidated joint venture	$ 0
110 William Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage	60.00%
Rentable square feet | ft²					928,157
Area of land | ft²					0.8
Investments in unconsolidated entities	$ 0		0
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%
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	25,077,000		$ 24,996,000
Investments				$ 20,600,000
Number of units in real estate property | unit			7	91
Acquisition related costs	$ 200,000

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED ENTITIES - Summarized Financial Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Real estate assets, net of accumulated depreciation and amortization	$ 1,404,347,000		$ 1,413,023,000
Total assets	1,762,053,000		1,731,665,000
Other liabilities	37,283,000		34,738,000
Total liabilities, mezzanine equity and equity	1,762,053,000		1,731,665,000
Income Statement [Abstract]
Revenues	38,944,000	$ 24,601,000
Real estate taxes and insurance	5,289,000	3,428,000
Depreciation and amortization	17,001,000	8,984,000
Interest expense	9,941,000	6,796,000
Total expenses	43,429,000	16,436,000
Net income (loss) attributable to common stockholders	6,512,000	(17,972,000)
110 William Joint Venture
Income Statement [Abstract]
Loss from equity method investments	0	0
110 William Joint Venture
Balance Sheet Related Disclosures [Abstract]
Real estate assets, net of accumulated depreciation and amortization	244,042,000		246,166,000
Other assets	44,101,000		44,004,000
Total assets	288,143,000		290,170,000
Notes payable, net	318,238,000		316,421,000
Other liabilities	4,557,000		5,532,000
Partners’ deficit	(34,652,000)		(31,783,000)
Total liabilities, mezzanine equity and equity	288,143,000		290,170,000
Income Statement [Abstract]
Revenues	8,093,000	7,982,000
Expenses	1,993,000	2,302,000
Real estate taxes and insurance	1,956,000	1,823,000
Depreciation and amortization	3,129,000	2,643,000
Interest expense	3,896,000	3,926,000
Total expenses	10,974,000	10,694,000
Total other income	12,000	22,000
Net income (loss) attributable to common stockholders	(2,869,000)	(2,690,000)
Company’s share of net loss	(1,721,000)	(1,614,000)
353 Sacramento Joint Venture
Balance Sheet Related Disclosures [Abstract]
Real estate assets, net of accumulated depreciation and amortization	181,186,000		182,318,000
Other assets	22,001,000		19,810,000
Total assets	203,187,000		202,128,000
Notes payable, net	109,856,000		109,783,000
Other liabilities	7,345,000		7,639,000
Partners’ deficit	85,986,000		84,706,000
Total liabilities, mezzanine equity and equity	203,187,000		$ 202,128,000
Income Statement [Abstract]
Revenues	4,639,000	4,887,000
Expenses	772,000	680,000
Real estate taxes and insurance	759,000	753,000
Depreciation and amortization	1,867,000	1,603,000
Interest expense	869,000	1,321,000
Total expenses	4,267,000	4,357,000
Net income (loss) attributable to common stockholders	372,000	530,000
Company’s equity in income (loss) of unconsolidated joint venture	$ 243,000	$ 328,000

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED ENTITIES - Investment in 353 Sacramento Joint Venture (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Jul. 06, 2017ft²a
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%
Payments to acquire investments | $	$ 0.9
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 ENTITIES - Investment in Pacific Oak Opportunity Zone Fund I (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)property	Dec. 31, 2020USD ($)unit	Dec. 31, 2019USD ($)unit
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 80,889	$ 79,666
Pacific Oak Opportunity Zone Fund I
Schedule of Equity Method Investments [Line Items]
Number of units in real estate property | unit		7	91
Investments			$ 20,600
Investments, fair value		$ 1,500
Investments in unconsolidated entities	25,077	$ 24,996
Acquisition related costs	$ 200
Number of joint venture with real estate under development | property	3
Gain (Loss) on Investments	$ 200
Pacific Oak Opportunity Zone Fund I | POSOR II Merger
Schedule of Equity Method Investments [Line Items]
Number of units in real estate property | unit		13
Investments		$ 2,900
Investments, fair value		$ 3,000

INVESTMENT IN UNCONSOLIDATED _8

INVESTMENT IN UNCONSOLIDATED ENTITIES - PORT II (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments	$ 5
PORT II OP LP | PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments		$ 5
Investment in PORT II OP LP
Schedule of Equity Method Investments [Line Items]
Ownership %	96.10%

SUPPLEMENTAL CASH FLOW AND SI_3

SUPPLEMENTAL CASH FLOW AND SIGNIFICANT NONCASH TRANSACTION DISCLOSURES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest of $559 and $901 for the three months ended March 31, 2021 and 2020, respectively	$ 11,227	$ 8,184
Interest capitalized	559	901
Supplemental Disclosure of Significant Noncash Transactions:
Accrued improvements to real estate	3,906	2,699
Redeemable common stock payable	11	623
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan	$ 0	$ 262

REPORTING SEGMENTS (Details)

REPORTING SEGMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Income Statement [Abstract]
Total revenues	$ 38,944	$ 24,601
Total expenses	(43,429)	(16,436)
Total other income (loss)	10,527	(25,804)
Net income (loss)	6,042	(17,639)
Assets and Liabilities held for Sale
Assets	1,762,053		$ 1,731,665
Goodwill	16,342		16,342
Strategic Opportunistic Properties
Income Statement [Abstract]
Total revenues	31,063	21,752
Total expenses	(31,594)	(12,896)
Total other income (loss)	10,504	(25,804)
Net income (loss)	9,973	(16,948)
Assets and Liabilities held for Sale
Assets	1,420,296		1,404,509
Goodwill	$ 12,297		12,297
Single-Family Homes
Segment Reporting [Abstract]
Number of reportable segments | segment	1
Income Statement [Abstract]
Total revenues	$ 5,306	2,849
Total expenses	(6,184)	(3,540)
Total other income (loss)	23	0
Net income (loss)	(855)	(691)
Assets and Liabilities held for Sale
Assets	194,889		182,486
Goodwill	$ 0		0
Hotels
Segment Reporting [Abstract]
Number of reportable segments | segment	1
Income Statement [Abstract]
Total revenues	$ 2,575	0
Total expenses	(5,651)	0
Total other income (loss)	0	0
Net income (loss)	(3,076)	$ 0
Assets and Liabilities held for Sale
Assets	146,868		144,670
Goodwill	$ 4,045		$ 4,045

PORT MEZZANINE EQUITY - Additio

PORT MEZZANINE EQUITY - Additional Information (Details) $ / shares in Units, $ in Thousands

Jul. 01, 2020USD ($)portfolioshares

Nov. 22, 2019USD ($)$ / sharesshares

Nov. 06, 2019USD ($)$ / sharesshares

Mar. 31, 2020USD ($)

Nov. 14, 2012USD ($)

Dec. 31, 2022$ / shares

Nov. 04, 2022$ / shares

Dec. 31, 2021$ / shares

Nov. 04, 2021$ / shares

Mar. 31, 2021shares

Dec. 31, 2020shares

Nov. 04, 2020$ / shares

Class of Stock [Line Items]

Preferred stock, shares authorized (in shares) | shares

10,000,000

10,000,000

Issuance of common stock | $

$ 262

$ 561,700

Battery Point Trust Inc.

Class of Stock [Line Items]

Shares acquired during period (in shares) | shares

1,000,000

Battery Point Trust Inc. | Single Family

Class of Stock [Line Items]

Number of real estate properties | portfolio

559

BPT Holdings, LLC | Subsidiaries | Battery Point Trust Inc.

Class of Stock [Line Items]

Common equity units received in transaction (in shares) | shares

510,816

Percent of outstanding common equity units received in transaction

4.50%

Common equity units received in transaction, value | $

$ 3,000

Preferred Class A | Pacific Oak Residential Trust, Inc.

Class of Stock [Line Items]

Issuance of common stock (in shares) | shares

15,000

Preferred stock, shares authorized (in shares) | shares

25,000,000

Issuance of common stock (in dollars per share) | $ / shares

$ 1,000

Issuance of common stock | $

$ 15,000

Dividend rate, percentage

6.00%

Percent of outstanding shares as benchmark for redemption

10.00%

Preferred stock, redemption price (in dollars per share) | $ / shares

$ 1,120

Conversion price of preferred stock into common stock (in dollars per share) | $ / shares

$ 1,120

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

Class of Stock [Line Items]

Issuance of common stock (in dollars per share) | $ / shares

$ 1,120

$ 1,000

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) | shares

125

Issuance of common stock (in dollars per share) | $ / shares

$ 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) | $ / shares

$ 1,000

$ 1,050

PORT MEZZANINE EQUITY - Schedul

PORT MEZZANINE EQUITY - Schedule (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Balance	$ 519,712	$ 277,388	$ 277,388
Balance	$ 525,581	$ 258,900	$ 519,712	$ 277,388
Preferred Stock | Series A Preferred Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)	15,000	15,000	15,000	15,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Balance	$ 15,134	$ 14,909	$ 14,909
Dividends Available Upon Redemption	225	365
Dividends Paid	(225)	(140)
Balance	$ 15,134	$ 15,134	$ 15,134	$ 14,909
Preferred Stock | Series B Preferred Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)	125	125	125	125
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Roll Forward]
Balance	$ 99	$ 99	$ 99
Dividends Available Upon Redemption	0	0
Dividends Paid	0	0
Balance	$ 99	$ 99	$ 99	$ 99

PORT MEZZANINE EQUITY - Redeema

PORT MEZZANINE EQUITY - Redeemable Non-controlling Interest Activities (Details) - Subsidiaries - Battery Point Trust Inc. - BPT Holdings, LLC $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Roll Forward]
Beginning balance	$ 2,968
Net loss attributable to redeemable noncontrolling interest	(32)
Ending balance	$ 2,936

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)property
Loss Contingencies [Line Items]
Remaining lease term	92 years 9 months 18 days
Encore Hospitality, LLC | Q and C Hotel
Loss Contingencies [Line Items]
Fees incurred to management agreement	$ 22
Term agreement, extension period	5 years
Base fee as percentage of gross revenue	4.00%
Marriott International | Q and C Hotel
Loss Contingencies [Line Items]
Brand services fee as percent of total room revenue	2.00%
Management agreement, fees accrued	$ 100
Brand services fee as percent of total room revenue, after three years	5.00%
Monthly marketing fund contribution fees as percent of gross room sales	1.50%
Doubletree Management LLC | Springmaid Beach Resort
Loss Contingencies [Line Items]
Base fee as percentage of total operating revenue in year one	2.50%
Base fee as percentage of total operating revenue in year wo	2.75%
Base fee as percentage of total operating revenue, thereafter	3.00%
Management fee as percent of any campground revenue	2.00%
Incentive fee as percent of operating cash flow	15.00%
Percent of total investments	12.00%
Brand services fee as percent of total room revenue	4.00%
Fees incurred to management agreement	$ 100
Hotel
Loss Contingencies [Line Items]
Number of real estate properties acquired | property	2

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Right-of-use asset (included in real estate held for investment, net)	$ 9,258
Lease obligation (included in other liabilities)	$ 9,298
Remaining lease term	92 years 9 months 18 days
Discount rate	4.80%
Interest on lease obligation	$ 114

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 270
2022	360
2023	360
2024	360
2025	393
Thereafter	52,563
Total expected minimum lease obligations	54,306
Less: Amount representing interest	(45,008)
Present value of net minimum lease payments	$ 9,298

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Paycheck Protection Program (Details) - USD ($) $ in Millions	Mar. 13, 2021	Feb. 10, 2021	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities
Real Estate [Line Items]
PPP balance			$ 3.9	$ 1.5
Hotel | Q and C Hotel
Real Estate [Line Items]
Funding received		$ 0.6
Hotel | Springmaid Beach Resort
Real Estate [Line Items]
Funding received	$ 1.8

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Apr. 06, 2021USD ($)property	Mar. 17, 2021USD ($)property
Single Family | Single-Family Home Portfolio
Subsequent Event [Line Items]
Number of real estate properties acquired | property		21
Purchase price		$ 2,000,000
Subsequent Event | Single Family | Single-Family Home Portfolio
Subsequent Event [Line Items]
Number of real estate properties acquired | property	23
Purchase price	$ 2,000,000
Subsequent Event | Mortgages | Refinancing
Subsequent Event [Line Items]
Face amount	60,000,000
Amount outstanding	51,400,000
Unused borrowing capacity, amount	$ 8,600,000
Contractual interest rate, percentage	3.90%